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 |
BNY Mellon Funds Trust (Exact name of Registrant as specified in charter) |
c/o The Dreyfus Corporation 200 Park Avenue New York, New York 10166 (Address of principal executive offices) (Zip code) |
Michael A. Rosenberg, Esq. 200 Park Avenue New York, New York 10166 (Name and address of agent for service) |
Registrant's telephone number, including area code: | (212) 922-6000 | |
Date of fiscal year end: | 8/31 | |
Date of reporting period: | 2/28/2009 |
1
FORM N-CSR |
Item 1. | Reports to Stockholders. |
2
The BNY Mellon Funds
BNY Mellon Large Cap Stock Fund |
BNY Mellon Income Stock Fund |
BNY Mellon Mid Cap Stock Fund |
BNY Mellon Small Cap Stock Fund |
BNY Mellon U.S. Core Equity 130/30 Fund |
BNY Mellon International Fund |
BNY Mellon Emerging Markets Fund |
BNY Mellon International Appreciation Fund |
BNY Mellon Balanced Fund |
SEMIANNUAL REPORT | February 28, 2009 |
DISCUSSION OF FUND PERFORMANCE |
For the period of September 1, 2008, through February 28, 2009, as provided by Sean P. Fitzgibbon, Portfolio Manager
Fund and Market Performance Overview
For the six-month period ended February 28, 2009, BNY Mellon Large Cap Stock Fund’s Class M shares produced a total return of –42.93%, and Investor shares returned –42.95%.1 For the same period, the total return of the Standard & Poor’s 500 Composite Stock Price Index (the “S&P 500 Index”), the fund’s benchmark, was –41.79%.2
Large-cap stocks declined sharply over the reporting period amid a deepening U.S. recession and an intensifying global financial crisis. The fund underper-formed its benchmark, primarily due to relatively weak stock selections in the information technology, energy, telecommunications services and consumer staples sectors.
The Fund’s Investment Approach
The fund seeks capital appreciation.To pursue its goal, the fund normally invests at least 80% of its assets in stocks of large-cap companies. We choose stocks through a disciplined investment process that uses computer modeling techniques to identify and rank companies based on value, growth and other financial characteristics. Also, we use fundamental analysis to select the most attractive of the higher ranked securities, drawing on a variety of internal and Wall Street research sources. We also attempt to manage risks by diversifying the fund’s investments across companies and industries, maintaining weightings and risk characteristics that generally are similar to those of the S&P 500 Index.
Financial Crisis and Recession Roiled Stock Markets
Stocks declined sharply across all industry groups and capitalization ranges in the midst of a global financial crisis and a deep U.S. recession. Slumping home values, rising unemployment and plunging consumer confidence exacerbated an ongoing economic slowdown, producing one of the most severe downturns since the Great Depression. In late November, the National Bureau of Economic Research officially declared that the United States has been mired in a recession since late 2007.
Meanwhile, a credit crisis that began in the sub-prime mortgage market in 2007 escalated into a global financial crisis over the summer of 2008, pushing a number of major financial institutions over the brink of insolvency. Despite aggressive efforts by monetary and government authorities to forestall further deterioration, massive deleveraging pressures among investors punished stocks indiscriminately, seemingly regardless of underlying fundamentals, wiping out a decade or more of stock market appreciation by the reporting period’s end.
Lack of Exposure to Some Better Performers Hurt Returns
The fund’s lagging performance compared to its benchmark stemmed primarily from its lack of exposure to stocks that fared relatively well for the S&P 500 Index. In the information technology area, the fund did not own International Business Machines and Google, preventing it from participating in the stocks’ relative strength. Among energy stocks, the fund did
The Funds 3
DISCUSSION OF FUND PERFORMANCE (continued)
not own industry giant ExxonMobil, which held up well despite a relatively rich valuation. Results in the consumer staples sector were hampered by lack of exposure to benchmark components Procter & Gamble,The Coca-Cola Company and Anheuser-Busch.
Some individual holdings in these three sectors also disappointed. Despite the potential benefit of litigation settlement with wireless telephone company QUAL-COMM, technology company Nokia declined sharply. In the energy sector, the fund’s results were hindered by integrated energy company ConocoPhillips and oil services provider ENSCO International. ENSCO was sold during the reporting period. In the telecommunications services sector, lack of exposure to Verizon hurt the fund’s relative performance, as did an underweighted position in the sector. Many still consider the telecommunications sector to be a defensive play, but we believe this view ignores major changes to the business model. Finally, in the consumer staples sector, cosmetics leader Estee Lauder fell sharply as declining sales of luxury products overshadowed the potential benefits of management’s restructuring program, prompting us to sell the stock.
On the other hand, relatively bright spots during the reporting period included the consumer discretionary sector, where we focused on companies that we believed would hold up better in the downturn. For example, discount retailers Family Dollar Stores and Ross Stores benefited from increased demand for low-cost goods from budget-conscious consumers, as did restaurant chains McDonald’s and Darden Restaurants. Similarly,
the fund’s holdings in the financials sector fared better than the benchmark’s financial component as we emphasized companies such as insurer Chubb and banking giant JPMorgan Chase & Co. that we regarded as better positioned to weather the financial crisis. Conversely, the fund did not own some of the more severely affected financial institutions, including troubled insurer American International Group.
Preparing for an Eventual Recovery
As of the reporting period’s end, the financial crisis has persisted, economic weakness has accelerated and stock prices have continued to decline. Consequently, we have maintained a relatively defensive posture. However, equity markets currently appear to reflect extremely bearish investor sentiment, and today’s depressed valuations may provide opportunities to invest in fundamentally sound companies that could rally in the early stages of an eventual rebound, including semiconductor manufacturers, well-managed retailers and certain industrial companies.
March 16, 2009
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 the monthly reinvestment of |
dividends and, where applicable, capital gain distributions.The Standard & | |
Poor’s 500 Composite Stock Price Index is a widely accepted, unmanaged | |
index of U.S. stock market performance. Index return does not reflect fees and | |
expenses associated with operating a mutual fund. |
4
DISCUSSION OF FUND PERFORMANCE |
For the period of September 1, 2008, through February 28, 2009, as provided by Brian Ferguson, Portfolio Manager
Fund and Market Performance Overview
For the six-month period ended February 28, 2009, BNY Mellon Income Stock Fund’s Class M shares produced a total return of –42.24%, and its Investor shares produced a total return of –42.31%.1 In comparison, the Russell 1000 Value Index (the “Index”), the fund’s benchmark, provided a total return of –44.71%.2
A global financial crisis and a severe U.S. economic slowdown contributed to broad and steep stock market declines. Although the fund posted a substantial loss in this challenging environment, it produced higher returns than its benchmark, primarily due to the relative success of our security selection strategy.
The Fund’s Investment Approach
The fund seeks total return consisting of capital appreciation and income.To pursue its goal,the fund normally invests at least 80% of its assets in stocks.The fund seeks to focus on dividend-paying stocks and other investment techniques that produce income. We choose stocks through a disciplined investment process that combines quantitative modeling techniques, fundamental analysis and risk management.While we attempt to manage risks by diversifying broadly across companies and industries, the fund may at times overweight certain sectors in an attempt to earn higher yields. The fund may also use derivatives as a substitute for taking a position in an underlying asset, to increase returns or income, or as part of a hedging strategy.
Financial Crisis and Recession Roiled Equity Markets
Stocks plummeted during the reporting period as a global credit crisis intensified, a U.S. recession deepened and investor uncertainty grew. Slumping housing markets, rising unemployment, plunging consumer confidence and the failures of several major financial
institutions exacerbated an ongoing economic slowdown, leading to indiscriminate selling pressure that dominated the equity markets over the first half of the reporting period. By the start of 2009, the markets appeared to begin to differentiate between fundamentally sound companies and those with less favorable characteristics. However, market averages continued to fall through the end of the reporting period.
Our “Bottom-Up” Approach Cushioned Losses
The fund’s absolute performance suffered along with the overall market under these difficult conditions. However, our bottom-up security selection process produced positive contributions to the fund’s relative performance, enabling it to outperform its benchmark.
Most notably, the fund’s performance in the hard-hit financials sector was aided by reduced exposure to the more severely compromised banks, such as Citigroup, and through overweighted positions in diversified financial companies with less exposure to the credit crisis, including Northern Trust. In non-banking financial industries,lack of exposure to troubled insurer American International Group and overweighted positions in The Chubb Corporation and Fidelity National Financial bolstered the fund’s relative results.
In the industrials sector, robust exposure to defensively positioned companies, such as integrated services providerWaste Management, Inc., contributed positively to the fund’s relative performance, as did underweighted exposure to General Electric, which was hurt by its credit services division. Moreover, some consumer discretionary companies benefited when Americans delayed major purchases in the struggling economy. For example, retailer Home Depot outperformed when patrons increasingly focused on renovating their existing homes instead of purchasing new properties. The home improvement chain also benefited from effective cost-cutting.
The Funds 5
DISCUSSION OF FUND PERFORMANCE (continued)
As is to be expected under extremely volatile market conditions, the fund encountered some disappointments during the reporting period. A relatively small position in the telecommunication services sector detracted from relative performance, primarily due to underexposure to industry leader Verizon. These stocks rose given safe haven status resulting in valuation premiums that made them less attractive to us. Underweighted exposure to the energy sector and most specifically ExxonMobil also proved detrimental.
Finding Attractive Valuations Outside Defensive Stocks
As 2009 unfolds, we believe that recent relative strength among traditionally defensive stocks may moderate as their valuations have reached richer levels. Our research has uncovered what we believe to be attractive valuations among certain stocks that may have been punished too severely in the downturn. In addition, we have continued to focus on companies whose products appeal to value-conscious consumers, and we have explored
pharmaceutical firms poised to engage in mergers-and-acquisitions activity as a means to achieve cost savings and cushion the effects of upcoming patent expirations. We have retained the fund’s underweighted exposure to banks and life insurance companies, and we have increased the fund’s exposure to property-and-casualty insurers, insurance brokers and title insurance companies, as we believe their businesses allow for greater relative growth opportunity in today’s volatile marketplace.
March 16, 2009
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 the reinvestment of net dividends and, where applicable, capital gain distributions.The Russell 1000 Value Index is an unmanaged index which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Index return does not reflect fees and expenses associated with operating a mutual fund. |
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DISCUSSION OF
FUND PERFORMANCE
For the period of September 1,2008,through February 28,2009
Fund and Market Performance Overview
For the six-month period ended February 28, 2009, BNY Mellon Mid Cap Stock Fund’s Class M shares produced a total return of –43.24%, Investor shares returned –43.28% and Dreyfus Premier shares returned –43.47%.1 In comparison, the Standard & Poor’s MidCap 400 Index (“S&P 400 Index”), the fund’s benchmark, produced a total return of –44.32%, and the average return of all funds in the Lipper Mid-Cap Core category was –43.86% for the same period.2
Midcap stocks declined sharply along with other capitalization ranges over the reporting period as an intensifying financial crisis and a severe recession depressed investor sentiment.The fund produced slightly higher returns than its benchmark and Lipper category average, which we attribute mainly to our “bottom-up” security selection strategy.
On March 16, 2009, Stephen Mozur became the primary portfolio manager of the fund. Previously, Mr. Mozur was an additional portfolio manager of the fund.
The Fund’s Investment Approach
The fund seeks capital appreciation by normally investing at least 80% of its assets in stocks of domestic companies with market capitalizations generally in the range of companies included in the S&P 400 Index at the time of purchase. The fund invests in growth and value stocks, which are chosen through a disciplined investment process that combines computer modeling techniques, fundamental analysis and risk management. Based on fundamental analysis, the investment adviser generally selects the most attractive securities, drawing on a variety of sources, including internal as well as Wall Street research, and company management. Finally, we manage risk by diversifying across companies and
industries. Our goal is to keep those risks at levels that are similar to those of the S&P 400 Index.
Financial Crisis and Recession Roiled Stock Markets
Stocks declined sharply and broadly across all industry groups and capitalization ranges in the midst of a global financial crisis and a deep U.S.recession.Slumping home values, rising unemployment and plunging consumer confidence exacerbated an ongoing economic slowdown, producing one of the most severe downturns since the Great Depression. Meanwhile, a credit crisis that originated in 2007 in the U.S. sub-prime mortgage market escalated into a global financial crisis over the summer of 2008, pushing a number of major financial institutions over the brink of insolvency. Despite aggressive efforts by monetary and government authorities to forestall further deterioration on both the economic and credit-market fronts, equity investors responded negatively, wiping out a decade or more of stock market appreciation by the reporting period’s end.
Bottom-Up Approach Helped Cushion Losses
Although the fund declined sharply in this difficult environment, losses were cushioned compared to the benchmark by our security selection strategy, which produced better-than-average results in six of the S&P 400 Index’s 10 economic sectors. Relative results were particularly beneficial in the consumer discretionary sector, where we focused on companies with products or services that tend to remain in demand during downturns. Low-price retailer Dollar Tree, discount travel company Priceline and budget dining chain Darden Restaurants fared relatively well as cost-conscious consumers turned to inexpensive goods. Similarly, auto parts retailer O’Reilly Automotive benefited as consumers sought to extend the life of their vehicles rather than purchase new ones.
The Funds 7
DISCUSSION OF FUND PERFORMANCE (continued)
In the hard-hit financial sector, we maintained relatively light exposure to banks, instead emphasizing insurance companies that we regarded as relatively insensitive to credit market conditions. For example, insurer Fidelity National Financial achieved strong results in its title insurance business, which benefited from low interest rates and the need for title searches and insurance for foreclosed properties.The fund’s health care investments emphasized midcap biotechnology companies, such as Cephalon, which investors regarded as potential acquisition targets for large pharmaceutical developers seeking future growth opportunities. The fund’s position in fertilizer producer Terra Industries boosted performance in the materials sector when the company received a takeover offer from a larger rival. Finally, in the industrials sector, United Airlines, which was sold during the reporting period, more than doubled in value when fuel costs fell.
Laggards during the reporting period included stocks in the utilities sector, where the fund held no exposure to two of the sector’s better performing companies. In the consumer staples sector, nutritional supplements seller Herbalife encountered concerns regarding the health of its global markets. Technology company CommScope suffered from diminished customer demand, prompting us to sell the fund’s position. We also eliminated the fund’s holdings of telecommunications services provider NII Holdings, which saw its revenues per user decline.
Maintaining a Defensive Posture
As of the reporting period’s end, the financial crisis has persisted, economic weakness has accelerated and stock prices have continued to decline.Therefore, we intend to maintain a relatively defensive strategy. We recently increased the number of fund holdings to approximately 160 stocks in an attempt to mitigate the effects on the broader portfolio of unexpected declines in individual positions.When choosing stocks, we have placed greater emphasis on companies with robust cash flows that may tide them over until the economy and credit markets recover. In our view, these are prudent strategies in a bear market of historic proportions.
March 16, 2009
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. | |
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. | |
2 | SOURCE: LIPPER INC. — Reflects reinvestment of dividends and, |
where applicable, capital gain distributions. The Standard & Poor’s MidCap | |
400 Index is a widely accepted, unmanaged total return index measuring the | |
performance of the midsize company segment of the U. S. stock market. Index | |
return does not reflect the fees and expenses associated with operating a | |
mutual fund. |
8
DISCUSSION OF FUND PERFORMANCE |
For the period of September 1, 2008, through February 28, 2009, as provided by Dwight E. Cowden, Portfolio Manager
Fund and Market Performance Overview
For the six-month period ended February 28, 2009, BNY Mellon Small Cap Stock Fund’s Class M shares produced a total return of –43.96%, and Investor shares returned –43.69%.1 In comparison, the fund’s benchmark, the Standard & Poor’s SmallCap 600 Index (the “Index”), produced a total return of –46.38% for the same period.2
Small-cap stocks declined sharply amid an intensifying global financial crisis and a weakening U.S. economy. Although we are never satisfied with negative absolute returns, especially of this magnitude, we nonetheless are pleased that the fund produced higher returns than its benchmark in this challenging investment environment, primarily due to our security selection strategy in the consumer discretionary, materials and information technology sectors.
The Fund’s Investment Approach
The fund seeks capital appreciation.To pursue its goal, the fund normally invests at least 80% of its assets in stocks of small capitalization companies whose market capitalizations generally are in the range of companies included in the Index at the time of purchase. We choose growth and value stocks using a disciplined process that combines computer modeling, fundamental analysis and risk management. We use a computer model to rank stocks within an industry or sector based on valuation, earnings growth and the company’s financial profile. We examine the fundamentals of the higher-ranked securities, and we select those we believe to be the most attractive.We use portfolio construction techniques to manage sector and industry risks, and we attempt to keep those risks at levels that are similar to those of the Index.
Financial Crisis and Recession Roiled Stock Markets
Stocks declined sharply across all industry groups and capitalization ranges as slumping home values, rising unemployment and plunging consumer confidence exacerbated an ongoing economic slowdown, producing one of the most severe downturns since the Great Depression. In late November, the National Bureau of Economic Research officially declared that the United States has been mired in a recession since late 2007.
Meanwhile, a credit crunch that began in 2007 escalated into a global financial crisis over the summer of 2008, pushing a number of major financial institutions over the brink of insolvency. Despite aggressive efforts by government and monetary authorities to forestall further deterioration, equity investors generally responded negatively. Although every small-cap market sector declined during the reporting period, the utilities, consumer staples and health care sectors held up relatively well, while the energy and materials sectors posted weaker results.
Security Selection Strategies Supported Relative Performance
In this highly challenging market environment, our security selection strategy proved relatively effective in the consumer discretionary sector. Discount retailers Family Dollar, which was sold during the reporting period, and Dollar Tree benefited from rising demand from budget-minded consumers for low-cost goods. Similarly, consumers seeking to extend the life of their vehicles helped support the financial results of auto parts seller O’Reilly Automotive. Children’s clothing company Carter’s also fared relatively well, as its products are less discretionary compared to the average retailer.
The fund’s relative performance in the materials sector benefited from an overall underweighted exposure
The Funds 9
DISCUSSION OF FUND PERFORMANCE (continued)
and strong stock selection. Fertilizer producer Terra Industries received an acquisition offer, while demand remained strong. Overweighting the packaging industry also bolstered the fund’s relative performance, where Silgan Holdings experienced better-than-expected volume growth and earnings stability than its peers. Our positions in both Terra and Silgan were sold during the reporting period.
In the technology sector, ON Semiconductor benefited from cost cutting efforts, including factory shutdowns and bonus curtailments. Comtech Telecom performed well after receiving several large contracts, including the company’s largest ever from the U.S. Army. Synaptics continued to enjoy strong demand for the touch screens used in mobile phones and scrolling keypads.
Disappointments during the reporting period stemmed partly from an underweighted position in gas utilities early in the reporting period, as the industry performed relatively well in the difficult market environment. In addition, relatively heavy exposure to airlines and weak stock selections in the industrials sector hurt performance. Despite declining fuel costs and reduced industry capacity, United Airlines lost value due to concerns regarding credit levels and customer demand.Laser manufacturer II-VI Inc. reported disappointing sales and earnings after performing strongly during previous reporting periods. Corrections Corp. slid amid concerns over contract pricing and delays in a prison contract in California, and was sold during the reporting period.
Finding Opportunities in Distressed Markets
As of the reporting period’s end, we believe the recession, financial crisis, hedge fund liquidations and slowdowns in housing and consumer markets are likely to keep market volatility at elevated levels.Therefore, we have maintained the fund’s generally neutral market-capitalization and sector allocation strategies, with modestly underweighted positions in weaker areas.We have established a slight bias toward growth stocks,as growth has become harder to find in the slowing economy. Moreover, we have continued to focus on companies that we believe may benefit from consumer’s preference for inexpensive goods, mergers-and-acquisitions activity among biotechnology companies and the health care sector’s relative lack of sensitivity to economic trends.
March 16, 2009
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. Return figures provided reflect the absorption of | |
certain | fund expenses by The Dreyfus Corporation pursuant to an agreement | |
in | effect through September 30, 2010, 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: LIPPER INC. — Reflects the reinvestment of dividends and, | |
where | applicable, capital gain distributions.The Standard & Poor’s SmallCap | |
600 | Index is a broad-based index and a widely accepted, unmanaged index of | |
overall | small-cap stock market performance.The index does not take into | |
account | fees and expenses to which the fund is subject. |
10
DISCUSSION OF FUND PERFORMANCE |
For the period of September 1, 2008, through February 29, 2009, as provided by Sean P. Fitzgibbon and Jeffrey D. McGrew, Portfolio Managers
Fund and Market Performance Overview
For the six-month period ended February 28, 2009, BNY Mellon U.S. Core Equity 130/30 Fund’s Class M shares produced a total return of –42.00%, and Investor shares returned –42.14%.1 For the same period, the fund’s benchmark, the Standard & Poor’s 500 Composite Stock Price Index (the “S&P 500 Index”) produced a –41.79% total return.2
Large-cap stocks declined sharply over the reporting period amid a deepening U.S. recession and an intensifying global financial crisis.The fund was flat versus its benchmark, primarily due to relatively weak stock selections in the consumer staples, telecommunications services and energy sectors which offset solid contributions from consumer discretionary, financials, and utilities holdings.
The Fund’s Investment Approach
The fund seeks capital appreciation, normally investing at least 80% of its assets in stocks of large-cap companies. We choose stocks through a disciplined investment process that uses computer modeling techniques to identify and rank companies based on value, growth and other financial characteristics. The portfolio managers supplement and confirm this information using fundamental analysis, and generally buy “long” the most attractive of the higher ranked securities and sell “short” those stocks identified by the computer model and fundamental analysis as being likely to underperform. Normally, up to 130% of the fund’s assets will be in long positions, and approximately 30% of the fund’s assets will be in short positions. However, the fund’s short positions may range in value from approximately
25% to 35% of the fund’s assets.We also attempt to mitigate risks by diversifying the fund’s investments across companies and industries, maintaining weightings and risk characteristics that generally are similar to those of the S&P 500 Index.
Financial Crisis and Recession Roiled Stock Markets
Stocks declined sharply across all industry groups and capitalization ranges in the midst of a global financial crisis and a deep U.S. recession. Slumping home values, rising unemployment and plunging consumer confidence contributed to one of the most severe downturns since the Great Depression. In late November, the National Bureau of Economic Research officially declared that the United States has been mired in a recession since late 2007.
Meanwhile, an ongoing credit crisis escalated into a global financial crisis over the summer of 2008, pushing a number of major financial institutions over the brink of insolvency. Despite aggressive efforts by monetary and government authorities to forestall further deterioration, massive deleveraging pressures among investors punished stocks indiscriminately, seemingly regardless of underlying fundamentals, wiping out a decade or more of stock market appreciation by the reporting period’s end.
Some Long and Short Positions Undermined Returns
The fund’s relative performance was constrained by disappointments among some individual holdings and short positions. In the consumer staples sector, cosmetics leader Estee Lauder fell sharply as declining sales of luxury products overshadowed the potential benefits of management’s restructuring program. Results in the sector also were hampered by short positions in Hormel
The Funds 11
DISCUSSION OF FUND PERFORMANCE (continued)
Foods, Hershey and spirits producer Brown-Forman. Our short position in Hershey was closed out during the reporting period. In the telecommunications services sector, a short position in Verizon hurt the fund’s relative performance, as did an underweighted position in the sector. Many still consider the telecommunications sector to be a defensive play, but we believe this view ignores major changes to the business model. Finally, among energy stocks, the fund did not own industry giant ExxonMobil, which held up well despite a relatively rich valuation. The fund’s results also were hindered by long positions in integrated energy producer ConocoPhillips and oil services provider Nabors Industries. Our position in Nabors Industries was sold during the reporting period.
On the other hand, relatively bright spots included the consumer discretionary sector, where we focused on companies that we believed would hold up better in the downturn. For example, discount retailers Family Dollar Stores and Ross Stores benefited from increased demand for low-cost goods from budget-conscious consumers, as did restaurant chains McDonald’s and Darden Restaurants. Short positions in motorcycle manufacturer Harley-Davidson, retailer Nordstrom and residential construction supplier Mohawk Industries also bolstered results. All three of these positions were closed out during the reporting period.
The fund’s holdings in the financials sector fared better than the benchmark’s financial component as we emphasized companies – such as insurer Chubb, banking giant JPMorgan Chase & Co., bank holding company Northern Trust and credit card processor Visa – that we
regarded as better positioned to weather the financial crisis. The fund also benefited from a short position in troubled insurer American International Group, which was covered during the reporting period. In the utilities sector, regulated power producers PG&E, American Electric Power and Sempra Energy enjoyed protection from rising credit costs. Among materials stocks, short positions in metals producers U.S. Steel and Alcoa fared well as commodity prices fell, and a long position in fertilizer maker Mosaic rebounded from earlier weakness.
Preparing for an Eventual Recovery
As of the reporting period’s end, the financial crisis has persisted, economic weakness has accelerated and stock prices have continued to decline. Consequently, we have maintained a relatively defensive posture. However, equity markets currently appear to reflect extremely bearish investor sentiment, and today’s depressed valuations may provide opportunities to invest in fundamentally sound companies that could rally in the early stages of an eventual rebound, including semiconductor manufacturers, well-managed retailers and certain industrial companies.
March 16, 2009
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 the monthly reinvestment of dividends and, where applicable, capital gain distributions.The Standard & Poor’s 500 Composite Stock Price Index is a widely accepted, unmanaged index of U.S. stock market performance. Index return does not reflect fees and expenses associated with operating a mutual fund. |
12
DISCUSSION OF FUND PERFORMANCE |
For the period of September 1, 2008, through February 28, 2009, as provided by D. Kirk Henry andWilliam S. Patzer, Portfolio Managers
Fund and Market Performance Overview
For the six-month period ended February 28, 2009, BNY Mellon International Fund’s Class M shares produced a total return of –40.65%, and Investor shares produced a total return of –40.72%.1 In comparison, the fund’s benchmark, the Morgan Stanley Capital International Europe, Australasia, Far East Index (“MSCI EAFE Index” or the “Index”), produced a total return of –44.58% for the same period.2
International equities fell sharply during the reporting period due to a global economic slowdown and an intensifying financial crisis.While we are never satisfied with negative absolute returns, especially of this magnitude, we nonetheless are pleased that the fund produced higher returns than its benchmark, largely due to the success of our stock selection strategy in Europe.
The Fund’s Investment Approach
The fund seeks long-term capital growth. To pursue this goal, the fund normally invests at least 65% of its total assets in equity securities of foreign issuers.
Since June 30, 2005, the fund generally invests most of its cash inflows (purchases of fund shares and reinvested distributions) in accordance with a core investment style. The fund’s portfolio as of June 30, 2005, will continue to be managed in accordance with the value-oriented investment style. Pursuant to the core investment style, under normal circumstances, at least 80% of the fund’s cash inflows allocated to this style are invested in equity securities of companies located in the foreign countries represented in the MSCI EAFE Index and Canada.
The allocation of cash inflows and outflows will be at the discretion of the investment adviser depending on the circumstances; however, under normal circumstances, generally between 90% and 100% of cash inflows will be allocated to the core investment style.We believe that by implementing a core investment style with respect to such assets, the fund may take advantage of investment opportunities in international markets that may not fall within the value-oriented investment style previously employed for the fund’s entire portfolio.
The fund will continue to invest in stocks that appear to be undervalued (as measured by their price/earnings ratios), but stocks purchased pursuant to the core investment style may have value and/or growth char-acteristics.The core investment style portfolio manager employs a “bottom-up” investment approach, which emphasizes individual stock selection. The core investment style stock selection process is designed to produce a diversified portfolio that, relative to the MSCI EAFE Index, has a below-average price/earnings ratio and an above-average earnings growth trend.
The fund’s investment approach for the portion of the fund using the value-oriented investment style is research-driven and risk-averse.When selecting stocks, we identify potential investments through extensive quantitative and fundamental research. Emphasizing individual stock selection over economic or industry trends, the fund focuses on three key factors: value, business health and business momentum.
International Equities Tumbled in Global Economic Downturn
International equities lost substantial value during the reporting period as investor sentiment was depressed by an intensifying recession and a global financial crisis.
The Funds 13
DISCUSSION OF FUND PERFORMANCE (continued)
Rising unemployment and plummeting housing prices in many international markets dampened consumer spending and business investment.At the same time,the effects of the financial crisis were particularly severe among European banks, which reported massive write-downs among assets tied to troubled U.S. housing markets.
European Equities Supported Fund’s Relative Performance
Although the fund declined along with international markets during the reporting period, our security selection process enabled it to produce higher returns than its benchmark.The fund’s positive relative performance stemmed primarily from its holdings in the United Kingdom, France and Germany. Top performers in the United Kingdom included Centrica, a residential and corporate gas distributor; Unilever, a top maker of packaged consumer goods; and Vodafone, the world’s leading wireless telephone services carrier. In addition, as commodities prices slumped during the reporting period, the fund’s relative performance benefited from limited exposure to metals-and-mining giants BHP Billiton and Rio Tinto.
In France, the fund’s relative performance was most aided by pharmaceutical giant Sanofi-Aventis, France Telecom and integrated oil company TOTAL. Munich Re (Munchener Ruckversicherungs), Germany’s reinsurance company, fared well due to firmer pricing ability in a consolidating industry; and MTU Aero Engines, an aircraft engine component manufacturer that advanced due to service contracts for military vehicles.
On the other hand, disappointments stemmed from Bank of China Hong Kong Holdings, which was caught up in the global financial downdraft; Finnish cellular phone maker Nokia, which was adversely affected by a sharp decline in global sales; and Japan’s Nomura Holdings, a financial institution that suffered after acquiring Lehman Brothers’Asian business.
Protecting Capital in a Turbulent Market
In this challenging environment, we have focused our efforts on cushioning declines through investments in companies that, in our judgment, have solid capital structures, positive cash flows, the flexibility to reduce costs and the ability to deliver earnings growth during economic expansions.We believe that stocks with these characteristics are likely to lead the international markets higher in an eventual rebound.
March 16, 2009
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. Return figures provided reflect the absorption of certain fund expenses by the investment adviser pursuant to an undertaking which is voluntary, not contractual, and may be terminated at any time. |
2 | SOURCE: LIPPER INC. — Reflects reinvestment of net dividends and, where applicable, capital gain distributions.The Morgan Stanley Capital International Europe,Australasia, Far East (MSCI EAFE) Index is an unmanaged index composed of a sample of companies representative of the market structure of European and Pacific Basin countries. Index return does not reflect fees and expenses associated with operating a mutual fund. |
14
DISCUSSION OF FUND PERFORMANCE |
For the period of September 1, 2008, through February 28, 2009, as provided by D. Kirk Henry andWilliam S. Patzer, Portfolio Managers
Fund and Market Performance Overview
For the six-month period ended February 28, 2009, BNY Mellon Emerging Markets Fund’s Class M shares produced a total return of –45.11%, and Investor shares returned –45.20%.1 In comparison, the Morgan Stanley Capital International Emerging Markets Index (the “Index”), the fund’s benchmark, provided a total return of –47.21% for the same period.2
Emerging markets plummeted along with most of the world’s equity markets during the reporting period as a global economic slowdown and financial crisis intensified.While we are never satisfied with negative absolute returns, especially of this magnitude, we are pleased that the fund produced higher returns than its benchmark, due primarily to better-than-average stock selections in South Africa, Russia and Brazil.
The Fund’s Investment Approach
The fund seeks long-term capital growth.To pursue its goal, the fund invests at least 80% of its assets in equity securities of companies organized, or with a majority of assets or operations, in countries considered to be emerging markets.
Since June 30, 2005, the fund generally invests most of its cash inflows (purchases of fund shares and reinvested distributions) in accordance with a core investment style. The fund’s portfolio as of June 30, 2005, was invested in companies the investment adviser considered to be “value” companies. Pursuant to the core investment style, under normal circumstances, at least 80% of the fund’s cash inflows allocated to this style are invested in equity securities of companies located in the foreign countries represented in the Index.
The allocation of cash inflows and outflows will be at the discretion of the investment adviser depending on
the circumstances; however, under normal circumstances, generally between 90% to 100% of cash inflows will be allocated to the core investment style.We believe that by implementing a core investment style with respect to such assets, the fund may take advantage of investment opportunities in emerging markets that may not fall within the value-oriented investment style previously employed for the fund’s entire portfolio.
The fund will continue to invest in stocks that appear to be undervalued (as measured by their price/earnings ratios), but stocks purchased pursuant to the core investment style may have value and/or growth char-acteristics.The core investment style portfolio manager employs a “bottom-up” investment approach, which emphasizes individual stock selection. The core investment style 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.
When choosing stocks for the portion of the fund using the value-oriented investment style, we use a research-driven and risk-averse approach.We identify potential investments through extensive quantitative and fundamental research. Emphasizing individual stock selection rather than economic and industry trends, we focus on three key factors: value, business health and business momentum.
Emerging Markets Plunged in Global Financial Crisis
In October 2007, almost a year before the start of the reporting period, emerging equity markets surged to record highs, with stocks in China and India trading at unprecedented levels. Some analysts suggested that emerging markets had “decoupled” from their industrialized counterparts, and that emerging economies could continue their brisk growth even in the event of a recession in the United States and Europe.This theory was proved incorrect over the summer of 2008,
The Funds 15
DISCUSSION OF FUND PERFORMANCE (continued)
when both developed and emerging market stocks fell sharply as a credit crunch escalated into a full-blown financial crisis. As market conditions deteriorated, many highly leveraged institutional investors were forced to de-lever their portfolios, leading to broadly lower stock prices and severely constrained credit availability.
All Sectors Retracted Sharply Amid Market Turbulence
As a result of these developments, all countries and market sectors tracked by the Index posted double-digit, negative absolute returns over the reporting period. Nonetheless, the fund received positive contributions to relative performance from its overweighted positions in South Africa’s AngloGold Ashanti and Gold Fields Limited, which fared well as investors flocked to the traditional safe haven of precious metals. In Russia, the fund’s underweighted position in commodities stocks also aided performance. Russian wireless telecommunications provider Mobile TeleSystems and Brazilian telecommunications companies Tele Norte Leste Participações and Telemig Celular Participações also benefited the fund, as did overweighted exposure to Brazilian utilities.
On the other hand, the fund’s lack of exposure to a major Israeli pharmaceutical company hurt performance, and adverse currency movements in Mexico undermined returns from several consumer-related stocks.
Finding Value-Oriented Buying Opportunities
While the global recession and financial crisis have created serious economic headwinds for all equity markets, valuations have reached historical lows, and the emerging markets currently appear to reflect investors’ low expectations. While investors are slowly appearing to change their investment sentiment toward emerging markets, a sustainable upward trend appears unlikely over the near term. Over the longer term, however, we intend to take advantage of the investment opportunities that we believe were punished too severely in the downturn, potentially positioning the fund for the potential to outperform in an eventual rebound.
March 16, 2009
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 gross dividends and, where applicable, capital gain distributions.The Morgan Stanley Capital International Emerging Markets Index is a market capitalization-weighted index composed of companies representative of the market structure of 26 emerging market countries in Europe, Latin America and the Pacific Basin. |
Index return does not reflect fees and expenses associated with operating a mutual fund. |
16
DISCUSSION OF FUND PERFORMANCE |
For the period of January 1, 2009, through February 28, 2009, as provided by Denise Krisko, Portfolio Manager
Note to Shareholders: Effective January 1, 2009, the fund changed its fiscal year-end from December 31 to August 31, which is consistent with all of the funds comprising the BNY Mellon Funds Trust.
Fund and Market Performance Overview
For the two-month period ended February 28, 2009, BNY Mellon International Appreciation Fund’s Class M and Investor shares both produced a total return of –22.34%.1 In comparison, the total return of the Morgan Stanley Capital International Europe, Australasia and Far East Index (the “MSCI EAFE Index” or “Index”), the fund’s benchmark, was –19.07%.2
We attribute the fund’s underperformance relative to the benchmark Index to significant pricing differences between the common stock shares of the companies comprising the MSCI EAFE Index, and the pricing of the related Depositary Receipts (DRs) in which the fund invests.
The Fund’s Investment Approach
The fund seeks long-term capital appreciation. To pursue its goal, the fund normally invests at least 80% of its assets in equity securities, including DRs, common stocks, preferred stocks, convertible securities, equity securities in foreign investment funds or trusts, and other equity investments.
The fund invests primarily in DRs representing the local shares of non-U.S. companies, in particular, American Depositary Receipts (ADRs). In selecting securities, we screen the MSCI EAFE Index universe of approximately 1,000 issuers for the availability of issuers with a DR facility.The investment adviser then
uses a proprietary mathematical algorithm to reflect the characteristics of the developed markets that takes into consideration risk characteristics, including country weights, sector weights, and sector weights within each country. As a result of this process, we expect to hold ADRs representing 200 to 300 foreign issuers. The fund’s country allocation is expected to be within 5% of that of the MSCI EAFE Index, and under normal circumstances, the fund will invest in at least 10 different countries.The fund will generally not invest in securities from developing countries because they are not included in the MSCI EAFE Index.
ADR Price Dislocations Hurt Fund Performance
The reporting period began with continuing and ominous themes: heightened volatility throughout the international equity markets; a global credit crunch and concerns surrounding the state of the U.S. economy. And so far in 2009, an unprecedented Fed rate cut and concerted stimulus efforts around the world have done very little to calm a very skeptical global marketplace. As the markets continue to operate under a cloud of caution and fear in anticipation of the next negative media report, even traditional bellwethers have not been immune to price depreciation, as technical factors continue to dominate over fundamentals.
While the companies that offer ADRs tend to be larger, higher-quality companies, the recent and abrupt bear-market swing caused significant price dislocations between such ADRs and their underlying equity counterparts — which comprise the MSCI EAFE Index –– resulting in the main cause for the fund’s underperformance compared to its benchmark Index. Notwithstanding such valuation discrepancies, the fund’s performance, on a gross valuation basis, was in line with that of its benchmark Index.
The Funds 17
DISCUSSION OF FUND PERFORMANCE (continued)
Sector and Country Attribution Overview
Generally, there was no significant variation between the fund and the Index with regard to sector and/or country attribution. As financials remained one of the weakest sectors across virtually all of the developed markets, euro-denominated industrials and consumer discretionary companies hurt the fund’s performance on a nominal basis year-to-date, as the recent U.S. dollar surge continued to devalue euro-based assets.The fund’s performance was also affected by speculation in the oil and natural gas commodities markets, which hurt some of our seasoned industrials, as well as a late February sell-off within the healthcare sector caused by lowered guidance reports and several high-profile merger-and-acquisition situations.
On a country allocation basis, the U.K. and Japan provided some defensive positioning, despite similar DR price dislocations, while EU markets such as those based in France, Germany and Finland hurt the fund’s performance during the reporting period.
The Fund’s Current Investment Strategy
We are encouraged by the unprecedented and coordinated global efforts to shore up the financial markets; however, we believe more time will be needed for the markets to
regain confidence. With that said, we are currently not compelled, nor do we believe it prudent, to vary our current investment approach given the recent sell-off.
We will continue to seek to match the risk and return characteristics of the MSCI EAFE Index as closely as possible while generally incorporating only securities represented by an ADR or the equivalent. However, if the metrics are favorable, we may also seek to invest in companies that have fallen out of favor within certain markets and/or sectors that we believe may have been oversold or punished too severely.
March 16, 2009
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. Return figures provided reflect the absorption of certain fund expenses by BNY Mellon Fund Advisors pursuant to an agreement in effect through September 30, 2010, 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: LIPPER INC. — Reflects reinvestment of net dividends and, where applicable, capital gain distributions.The Morgan Stanley Capital International Europe,Australasia, Far East (MSCI EAFE) Index is an unmanaged index composed of a sample of companies representative of the market structure of European and Pacific Basin countries. Index return does not reflect fees and expenses associated with operating a mutual fund. |
18
DISCUSSION OF FUND PERFORMANCE |
For the period of September 1, 2008, through February 28, 2009, as provided by Sean P. Fitzgibbon and John F. Flahive, Portfolio Managers
Fund and Market Performance Overview
For the six-month period ended February 28, 2009, BNY Mellon Balanced Fund’s Class M shares produced a total return of –25.34%, and Investor shares returned –25.34%.1 In comparison, the fund’s benchmark, a blended index composed of 60% Standard & Poor’s 500 Composite Stock Price Index (“S&P 500 Index”) and 40% Barclays Capital U.S.Aggregate Index, produced a –24.33% total return for the same period.2 Separately, the S&P 500 Index and the Barclays Capital U.S. Aggregate Index produced total returns of –41.79% and 1.88%, respectively, for the same period.
Large-cap stocks and higher-yielding sectors of the bond market declined sharply over the reporting period amid a deepening U.S. recession and an intensifying global financial crisis. The fund produced slightly lower returns than its benchmark, primarily due to some relatively weak stock selections. The fund’s bond component fared relatively well through a bias toward higher-quality securities.
The Fund’s Investment Approach
The fund seeks long-term growth of principal in conjunction with current income. To pursue its goal, the fund may invest in equity securities, income producing bonds, BNY Mellon Small Cap Stock Fund, BNY Mellon Mid Cap Stock Fund, BNY Mellon International Fund and BNY Mellon Emerging Markets Fund (collectively, the “BNY Mellon Funds”). The fund has established target allocations of 60% to equity securities and 40% to bonds and money market instruments. The fund may deviate from these targets
within ranges of 15% above or below the target amount. The fund’s investments in each of the BNY Mellon Funds are subject to a separate limit of 20% of the fund’s total assets, as is the fund’s investment in money market instruments.
In the fund’s equity portfolio, individual stocks are chosen using a computer model, fundamental analysis and risk management techniques. Our computer model identifies and ranks stocks within each industry or sector based on value, earnings growth and the financial health of the company.
In the fund’s fixed-income portfolio, investments in debt securities must be of investment-grade quality at the time of purchase3 or, if unrated, deemed of comparable quality by the investment adviser. Generally, the fund’s average effective portfolio duration of bonds will not exceed eight years.We choose debt securities based on their yields, credit quality, the level of interest rates and inflation, general economic and financial trends and our outlook for the securities markets.
Financial Crisis and Recession Roiled Financial Markets
Stocks declined sharply in the midst of a global financial crisis and a U.S. recession, while most bond market sectors — with the notable exception of U.S. government securities — lost value to a more modest degree. Slumping home values, rising unemployment and plunging consumer confidence contributed to one of the most severe recessions since the Great Depression. Meanwhile, an escalating financial crisis led to the failures of major financial institutions. Despite aggressive government efforts to forestall further deterioration, massive deleveraging pressures among investors punished stocks and higher-yielding bonds, seemingly regardless of their underlying fundamentals.
The Funds 19
DISCUSSION OF FUND PERFORMANCE (continued)
Stock Selection Strategy Hurt Returns
The fund’s equity investments produced disappointing results in a handful of market sectors. In the information technology sector, lack of exposure to International Business Machines and Google, which was sold during the reporting period, prevented the fund from participating in their relative strength. Despite the potential benefit of a major litigation settlement, Nokia declined sharply. Among energy stocks, the fund did not own ExxonMobil, which held up well, but participated in losses posted by ConocoPhillips and ENSCO International, which was sold during the reporting period. In the telecommunications services sector, lack of exposure to Verizon and an underweighted position in the sector weighed on the fund’s relative performance. In the consumer staples sector, Estee Lauder fell sharply, exacerbating the effects of not owning Procter & Gamble,The Coca-Cola Company and Anheuser-Busch.
Relatively bright spots included the consumer discretionary sector, where Family Dollar Stores, Ross Stores, McDonald’s and Darden Restaurants benefited from increased consumer demand for lower-cost goods and services. In the financials sector,The Chubb Corporation and JPMorgan Chase proved to be relatively insulated from the financial crisis, while the fund did not own American International Group and other beleaguered financial institutions.
The fund’s bond portfolio benefited from an underweighted position in corporate bonds, where an emphasis on shorter maturities also helped mitigate the sector’s declines. Among mortgage-backed securities, we focused
mainly on high-quality mortgage pass-throughs, avoiding the sub-prime and structured products at the epicenter of the credit crisis.A bias toward high-quality, short-maturity asset-backed securities also supported the fund’s relative performance. Finally, a longer-than-average effective duration enabled the fund to participate more fully in the benefits of declining interest rates.
Preparing for an Eventual Recovery
As of the reporting period’s end, the financial crisis and economic weakness have persisted.Consequently,we have maintained a relatively defensive posture in the fund’s stock and bond portfolios.However,we believe both markets currently appear to reflect extremely bearish investor sentiment, and today’s depressed valuations may provide opportunities to invest in fundamentally sound securities that could rally in an eventual rebound.
March 16, 2009
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 dividends and, where applicable, capital gain distributions.The Standard & Poor’s 500 Composite Stock Price Index is a widely accepted, unmanaged index of U.S. stock market performance.The Barclays Capital U.S.Aggregate Index is a widely accepted, unmanaged total return index of corporate, U.S. government and U.S. government agency debt instruments, mortgage-backed securities and asset- backed securities with an average maturity of 1-10 years.The indices’ returns do not reflect the fees and expenses associated with operating a mutual fund. |
3 | The fund may continue to own investment-grade bonds (at the time of purchase), which are subsequently downgraded to below investment grade. |
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 redemptions 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 BNY Mellon equity fund from September 1, 2008 to February 28, 2009. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.
Expenses and Value of a $1,000 Investment | |||
assuming actual returns for the six months ended February 28, 2009 | |||
Dreyfus | |||
Class M Shares | Investor Shares | Premier Shares | |
BNY Mellon Large Cap Stock Fund | |||
Expenses paid per $1,000† | $ 3.12 | $ 4.09 | — |
Ending value (after expenses) | $ 570.70 | $ 570.50 | — |
BNY Mellon Income Stock Fund | |||
Expenses paid per $1,000† | $ 3.40 | $ 4.38 | — |
Ending value (after expenses) | $ 577.60 | $ 576.90 | — |
BNY Mellon Mid Cap Stock Fund | |||
Expenses paid per $1,000† | $ 3.58 | $ 4.55 | $ 7.45 |
Ending value (after expenses) | $ 567.60 | $ 567.20 | $565.30 |
BNY Mellon Small Cap Stock Fund | |||
Expenses paid per $1,000† | $ 3.83 | $ 4.77 | — |
Ending value (after expenses) | $ 560.40 | $ 563.10 | — |
BNY Mellon U.S. Core Equity 130/30 Fund | |||
Expenses paid per $1,000† | $ 7.99 | $ 9.12 | — |
Ending value (after expenses) | $ 580.00 | $ 578.60 | — |
BNY Mellon International Fund | |||
Expenses paid per $1,000† | $ 3.99 | $ 4.94 | — |
Ending value (after expenses) | $ 593.50 | $ 592.80 | — |
BNY Mellon Emerging Markets Fund | |||
Expenses paid per $1,000† | $ 6.68 | $ 7.68 | — |
Ending value (after expenses) | $ 548.90 | $ 548.00 | |
BNY Mellon International Appreciation Fund | |||
Expenses paid per $1,000† | $ 2.58 | $ 3.54 | — |
Ending value (after expenses) | $ 552.60 | $ 552.40 | |
BNY Mellon Balanced Fund | |||
Expenses paid per $1,000† | $ 2.60 | $ 3.68 | — |
Ending value (after expenses) | $ 746.60 | $ 746.60 | — |
† Expenses are equal to the BNY Mellon Large Cap Stock Fund’s annualized expense ratio of ..80% for Class M and 1.05% for Investor Shares, BNY Mellon Income Stock |
Fund .87% for Class M and 1.12% for Investor Shares, BNY Mellon Mid Cap Stock Fund .92% for Class M, 1.17% for Investor Shares and 1.92% for Dreyfus Premier |
Shares, BNY Mellon Small Cap Stock Fund .99% for Class M and 1.23% for Investor Shares, BNY Mellon U.S. Core Equity 130/30 Fund 2.04% for Class M and |
2.33% for Investor Shares, BNY Mellon International Fund 1.01% for Class M and 1.25% for Investor Shares, BNY Mellon Emerging Markets Fund 1.74% for Class M and |
2.00% for Investor Shares, BNY Mellon International Appreciation Fund .67% for Class M and .92% for Investor Shares and BNY Mellon Balanced Fund .60% for Class M |
and .85% for Investor Shares, multiplied by the respective fund’s average account value over the period,multiplied by 181/365 (to reflect the one-half year period). |
The Funds 21
COMPARING YOUR FUND’S EXPENSES WITH THOSE OF OTHER FUNDS (Unaudited)
Using the SEC’s method to compare expenses
The Securities and Exchange Commission (SEC) has established guidelines to help investors assess fund expenses. Per these guidelines, the table below shows your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return.You can use this information to compare the ongoing expenses (but not transaction expenses or total cost) of investing in the fund with those of other funds.All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.
Expenses and Value of a $1,000 Investment | |||
assuming a hypothetical 5% annualized return for the six months ended February 28, 2009 | |||
Dreyfus | |||
Class M Shares | Investor Shares | Premier Shares | |
BNY Mellon Large Cap Stock Fund | |||
Expenses paid per $1,000† | $ 4.01 | $ 5.26 | — |
Ending value (after expenses) | $1,020.83 | $1,019.59 | — |
BNY Mellon Income Stock Fund | |||
Expenses paid per $1,000† | $ 4.36 | $ 5.61 | — |
Ending value (after expenses) | $1,020.48 | $1,019.24 | — |
BNY Mellon Mid Cap Stock Fund | |||
Expenses paid per $1,000† | $ 4.61 | $ 5.86 | $ 9.59 |
Ending value (after expenses) | $1,020.23 | $1,018.99 | $1,015.27 |
BNY Mellon Small Cap Stock Fund | |||
Expenses paid per $1,000† | $ 4.96 | $ 6.16 | — |
Ending value (after expenses) | $1,019.89 | $1,018.70 | — |
BNY Mellon U.S. Core Equity 130/30 Fund | |||
Expenses paid per $1,000† | $ 10.19 | $ 11.63 | — |
Ending value (after expenses) | $1,014.68 | $1,013.24 | — |
BNY Mellon International Fund | |||
Expenses paid per $1,000† | $ 5.06 | $ 6.26 | — |
Ending value (after expenses) | $1,019.79 | $1,018.60 | — |
BNY Mellon Emerging Markets Fund | |||
Expenses paid per $1,000† | $ 8.70 | $ 9.99 | — |
Ending value (after expenses) | $1,016.17 | $1,014.88 | — |
BNY Mellon International Appreciation Fund | |||
Expenses paid per $1,000† | $ 3.36 | $ 4.61 | — |
Ending value (after expenses) | $1,021.47 | $1,020.23 | — |
BNY Mellon Balanced Fund | |||
Expenses paid per $1,000† | $ 3.01 | $ 4.26 | — |
Ending value (after expenses) | $1,021.82 | $1,020.58 | — |
† Expenses are equal to the BNY Mellon Large Cap Stock Fund’s annualized expense ratio of ..80% for Class M and 1.05% for Investor Shares, BNY Mellon Income Stock |
Fund .87% for Class M and 1.12% for Investor Shares, BNY Mellon Mid Cap Stock Fund .92% for Class M, 1.17% for Investor Shares and 1.92% for Dreyfus Premier |
Shares, BNY Mellon Small Cap Stock Fund .99% for Class M and 1.23% for Investor Shares, BNY Mellon U.S. Core Equity 130/30 Fund 2.04% for Class M and |
2.33% for Investor Shares, BNY Mellon International Fund 1.01% for Class M and 1.25% for Investor Shares, BNY Mellon Emerging Markets Fund 1.74% for Class M and |
2.00% for Investor Shares, BNY Mellon International Appreciation Fund .67% for Class M and .92% for Investor Shares and BNY Mellon Balanced Fund .60% for Class M |
and .85% for Investor Shares, multiplied by the respective fund’s average account value over the period,multiplied by 181/365 (to reflect the one-half year period). |
22
STATEMENT OF INVESTMENTS February 28, 2009 (Unaudited) |
BNY Mellon Large Cap Stock Fund | |||||
Common Stocks—99.3% | Shares | Value ($) | Shares | Value ($) | |
Consumer Discretionary—8.1% | Financial (continued) | ||||
Darden Restaurants | 233,876 a | 6,347,395 | Franklin Resources | 130,350 | 5,970,030 |
Family Dollar Stores | 232,970 a | 6,392,697 | JPMorgan Chase & Co. | 732,616 | 16,740,276 |
Home Depot | 440,500 | 9,202,045 | KeyCorp | 838,710 a | 5,879,357 |
Mattel | 598,170 a | 7,082,333 | MetLife | 205,780 | 3,798,699 |
McDonald’s | 257,970 | 13,478,932 | Northern Trust | 151,930 | 8,439,711 |
News, Cl. B | 1,225,800 a | 7,673,508 | Wells Fargo & Co. | 674,970 a | 8,167,137 |
OfficeMax | 639,950 | 2,444,609 | 88,874,372 | ||
Omnicom Group | 395,950 | 9,514,679 | Health Care—16.1% | ||
Ross Stores | 466,070 | 13,758,386 | Aetna | 309,360 | 7,384,423 |
Time Warner | 973,780 | 7,429,941 | Amgen | 264,790 a,b | 12,956,175 |
83,324,525 | Baxter International | 387,010 | 19,702,679 | ||
Consumer Staples—12.6% | Biogen Idec | 109,290 b | 5,031,712 | ||
Coca-Cola Enterprises | 662,450 | 7,604,926 | Cephalon | 76,190 a,b | 4,997,302 |
Colgate-Palmolive | 347,450 | 20,909,541 | Covidien | 213,320 | 6,755,844 |
CVS Caremark | 746,150 | 19,205,901 | Gilead Sciences | 239,920 b | 10,748,416 |
Energizer Holdings | 225,900 b | 9,530,721 | Hospira | 207,120 a,b | 4,805,184 |
Estee Lauder, Cl. A | 136,529 a | 3,092,382 | Life Technologies | 241,330 b | 7,034,770 |
Kroger | 347,070 | 7,173,937 | McKesson | 129,350 | 5,305,937 |
Lorillard | 192,100 | 11,226,324 | Medtronic | 317,090 | 9,382,693 |
Molson Coors Brewing, Cl. B | 201,070 | 7,083,696 | Novartis, ADR | 383,700 | 13,909,125 |
PepsiCo | 192,597 | 9,271,620 | Pfizer | 1,434,170 | 17,654,633 |
Philip Morris International | 393,919 | 13,184,469 | Schering-Plough | 565,400 | 9,832,305 |
Procter & Gamble | 1 | 48 | St. Jude Medical | 260,290 b | 8,631,216 |
Wal-Mart Stores | 435,274 | 21,432,892 | Vertex Pharmaceuticals | 305,240 a,b | 9,227,405 |
129,716,457 | Wyeth | 295,940 | 12,080,271 | ||
Energy—14.1% | 165,440,090 | ||||
Anadarko Petroleum | 180,260 | 6,300,087 | Industrial—8.9% | ||
Chevron | 413,120 | 25,080,515 | Cooper Industries, Cl. A | 196,510 | 4,144,396 |
ConocoPhillips | 603,840 | 22,553,424 | Dover | 174,500 | 4,352,030 |
Hess | 393,010 | 21,493,717 | Emerson Electric | 165,180 | 4,418,565 |
Marathon Oil | 509,900 | 11,865,373 | FedEx | 134,020 | 5,791,004 |
National Oilwell Varco | 565,970 b | 15,128,378 | Fluor | 249,780 | 8,305,185 |
Occidental Petroleum | 420,270 | 21,799,405 | General Electric | 1,187,076 | 10,102,017 |
Williams | 406,640 | 4,595,032 | Goodrich | 251,480 | 8,334,047 |
XTO Energy | 482,965 | 15,290,672 | L-3 Communications Holdings | 144,100 | 9,748,365 |
144,106,603 | Parker Hannifin | 249,070 | 8,311,466 | ||
Exchange Traded Funds—2.2% | Raytheon | 170,220 | 6,803,693 | ||
Standard & Poor’s Depository | Republic Services | 411,410 | 8,187,059 | ||
Receipts (Tr. Ser. 1) | 309,650 a | 22,892,425 | Textron | 398,080 a | 2,249,152 |
Financial—8.7% | Tyco International | 546,520 | 10,957,726 | ||
Ameriprise Financial | 390,860 | 6,230,308 | 91,704,705 | ||
Charles Schwab | 529,160 | 6,725,624 | Information Technology—20.0% | ||
Chubb | 481,060 | 18,780,582 | Accenture, Cl. A | 206,780 | 6,035,908 |
First Horizon National | 887,966 a | 8,142,648 | Akamai Technologies | 430,010 b | 7,778,881 |
The Funds 23
STATEMENT OF INVESTMENTS (Unaudited) (continued) |
BNY Mellon Large Cap Stock Fund (continued) | |||||
Common Stocks (continued) | Shares | Value ($) | Shares | Value ($) | |
Information Technology (continued) | Utilities—3.9% | ||||
Apple | 117,990 b | 10,537,687 | American Electric Power | 555,270 | 15,575,324 |
Broadcom, Cl. A | 469,060 b | 7,716,037 | Exelon | 201,950 | 9,536,079 |
Cisco Systems | 1,468,074 b | 21,389,838 | Sempra Energy | 349,630 | 14,534,119 |
EMC | 802,960 b | 8,431,080 | 39,645,522 | ||
Intel | 800,270 | 10,195,440 | Total Common Stocks | ||
International Business Machines | 252,590 | 23,245,858 | (cost $1,267,655,469) | 1,018,940,607 | |
Juniper Networks | 769,680 b | 10,937,152 | |||
Lam Research | 407,170 b | 7,964,245 | Other Investment—.8% | ||
Microsoft | 1,351,986 | 21,834,574 | Registered Investment Company; | ||
Motorola | 2,060,460 a | 7,252,819 | Dreyfus Institutional Preferred | ||
National Semiconductor | 536,810 | 5,851,229 | Plus Money Market Fund | ||
Nokia, ADR | 857,770 | 8,028,727 | (cost $7,756,000) | 7,756,000 c 7,756,000 | |
Oracle | 954,600 b | 14,834,484 | |||
QUALCOMM | 483,500 | 16,163,405 | Investment of Cash Collateral | ||
Symantec | 454,950 b | 6,291,958 | for Securities Loaned—5.4% | ||
Visa, Cl. A | 189,080 a | 10,722,727 | Registered Investment Company; | ||
205,212,049 | Dreyfus Institutional Cash | ||||
Materials—2.6% | Advantage Plus Fund | ||||
Cia Vale do Rio Doce, ADR | 695,050 a | 8,959,195 | (cost $55,564,639) | 55,564,639 c 55,564,639 | |
Freeport-McMoRan Copper & Gold | 103,370 | 3,144,515 | Total Investments | ||
Mosaic | 215,650 | 9,283,733 | (cost $1,330,976,108) | 105.5% | 1,082,261,246 |
Pactiv | 327,150 b | 5,178,785 | |||
Liabilities, Less Cash | |||||
26,566,228 | |||||
and Receivables | (5.5%) | (56,865,910) | |||
Telecommunication Services—2.1% | |||||
AT & T | 902,719 | 21,457,631 | Net Assets | 100.0% | 1,025,395,336 |
ADR—American Depositary Receipts |
a All or a portion of these securities are on loan.At February 28, 2009, the total market value of the fund’s securities on loan is $51,840,147 and the total market value of the |
collateral held by the fund is $55,564,639. |
b Non-income producing security. |
c Investment in affiliated money market mutual fund. |
Portfolio Summary (Unaudited) † | |||
Value (%) | Value (%) | ||
Information Technology | 20.0 | Money Market Investments | 6.2 |
Health Care | 16.1 | Utilities | 3.9 |
Energy | 14.1 | Materials | 2.6 |
Consumer Staples�� | 12.6 | Exchange Traded Funds | 2.2 |
Industrial | 8.9 | Telecommunication Services | 2.1 |
Financial | 8.7 | ||
Consumer Discretionary | 8.1 | 105.5 |
† Based on net assets. |
See notes to financial statements. |
24
STATEMENT OF INVESTMENTS |
February 28, 2009 (Unaudited) |
BNY Mellon Income Stock Fund | |||||
Common Stocks—99.3% | Shares | Value ($) | Shares | Value ($) | |
Consumer Discretionary—11.0% | Financial (continued) | ||||
Carnival | 24,490 | 479,024 | Morgan Stanley | 54,800 | 1,070,792 |
Home Depot | 217,550 | 4,544,620 | Northern Trust | 19,970 | 1,109,334 |
Johnson Controls | 42,360 | 482,057 | Prudential Financial | 20,920 | 343,297 |
McDonald’s | 10,420 | 544,445 | Travelers Cos. | 41,711 | 1,507,853 |
News, Cl. A | 347,970 | 1,934,713 | Wells Fargo & Co. | 124,260 | 1,503,546 |
Omnicom Group | 44,180 | 1,061,645 | 20,343,209 | ||
Time Warner | 202,710 | 1,546,677 | Health Care—11.1% | ||
10,593,181 | Abbott Laboratories | 47,880 | 2,266,639 | ||
Consumer Staples—13.1% | AmerisourceBergen | 18,450 | 585,972 | ||
Cadbury, ADR | 37,540 | 1,150,226 | Baxter International | 11,860 | 603,793 |
CVS Caremark | 77,870 | 2,004,374 | Merck & Co. | 67,480 | 1,633,016 |
Kraft Foods, Cl. A | 75,300 | 1,715,334 | Pfizer | 311,738 | 3,837,495 |
Lorillard | 27,000 | 1,577,880 | UnitedHealth Group | 36,680 | 720,762 |
PepsiCo | 40,140 | 1,932,340 | Wyeth | 25,399 | 1,036,787 |
Philip Morris International | 80,790 | 2,704,041 | 10,684,464 | ||
Wal-Mart Stores | 31,030 | 1,527,917 | Industrial—5.9% | ||
12,612,112 | Eaton | 22,120 | 799,638 | ||
Energy—15.7% | General Electric | 207,552 | 1,766,268 | ||
Chevron | 67,286 | 4,084,933 | Honeywell International | 22,540 | 604,748 |
Devon Energy | 12,040 | 525,787 | Illinois Tool Works | 15,490 | 430,622 |
Exxon Mobil | 36,376 | 2,469,930 | Lockheed Martin | 10,170 | 641,829 |
Marathon Oil | 20,630 | 480,060 | Norfolk Southern | 12,860 | 407,919 |
Occidental Petroleum | 86,160 | 4,469,119 | Waste Management | 37,960 a | 1,024,920 |
XTO Energy | 96,347 | 3,050,346 | 5,675,944 | ||
15,080,175 | Information Technology—7.6% | ||||
Exchange Traded Funds—.4% | Accenture, Cl. A | 16,450 | 480,176 | ||
iShares Russell 1000 Value Index Fund | 10,350 a | 393,507 | Cisco Systems | 91,120 b | 1,327,618 |
Financial—21.1% | Hewlett-Packard | 25,560 | 742,007 | ||
Aflac | 14,640 | 245,366 | Intel | 43,910 | 559,413 |
Ameriprise Financial | 16,890 | 269,227 | Microsoft | 99,860 | 1,612,739 |
Bank of America | 110,308 | 435,717 | Nokia, ADR | 180,740 | 1,691,726 |
Chubb | 41,520 | 1,620,941 | QUALCOMM | 27,660 | 924,674 |
Fidelity National Financial, Cl. A | 112,170 | 1,858,657 | 7,338,353 | ||
Franklin Resources | 42,000 | 1,923,600 | Materials—2.8% | ||
Goldman Sachs Group | 14,950 | 1,361,646 | Air Products & Chemicals | 9,720 | 449,550 |
JPMorgan Chase & Co. | 206,199 | 4,711,647 | Freeport-McMoRan Copper & Gold | 27,870 | 847,805 |
Marsh & McLennan Cos. | 38,100 | 683,133 | Monsanto | 6,430 | 490,416 |
MetLife | 63,400 | 1,170,364 | Packaging Corp. of America | 85,230 a | 902,586 |
Moody’s | 29,420 a | 528,089 | 2,690,357 |
The Funds 25
BNY Mellon Income Stock Fund (continued) | |||||
Common Stocks (continued) | Shares | Value ($) | Other Investment—.6% | Shares | Value ($) |
Telecommunication Services—3.6% | Registered Investment Company; | ||||
AT & T | 84,885 | 2,017,716 | Dreyfus Institutional Preferred | ||
Verizon Communications | 9,240 | 263,617 | Plus Money Market Fund | ||
(cost $561,000) | 561,000 c | 561,000 | |||
Windstream | 155,602 | 1,160,791 | |||
3,442,124 | Investment of Cash Collateral | ||||
Utilities—7.0% | for Securities Loaned—3.7% | ||||
Entergy | 30,230 | 2,037,200 | Registered Investment Company; | ||
Exelon | 50,870 | 2,402,081 | Dreyfus Institutional Cash | ||
FPL Group | 12,130 | 549,853 | Advantage Plus Fund | ||
NRG Energy | 37,840 a,b | 715,176 | (cost $3,585,781) | 3,585,781 c | 3,585,781 |
Questar | 34,880 | 1,005,590 | Total Investments (cost $139,548,177) | 103.6% | 99,710,107 |
6,709,900 | |||||
Liabilities, Less Cash and Receivables | (3.6%) | (3,457,109) | |||
Total Common Stocks | |||||
(cost $135,401,396) | 95,563,326 | Net Assets | 100.0% | 96,252,998 |
ADR—American Depositary Receipts |
a All or a portion of these securities are on loan.At February 28, 2009, the total market value of the fund’s securities on loan is $3,247,201 and the total market value of the |
collateral held by the fund is $3,585,781. |
b Non-income producing security. |
c Investment in affiliated money market mutual fund. |
Portfolio Summary (Unaudited) † | |||
Value (%) | Value (%) | ||
Financial | 21.1 | Industrial | 5.9 |
Energy | 15.7 | Money Market Investments | 4.3 |
Consumer Staples | 13.1 | Telecommunication Services | 3.6 |
Health Care | 11.1 | Materials | 2.8 |
Consumer Discretionary | 11.0 | Exchange Traded Funds | .4 |
Information Technology | 7.6 | ||
Utilities | 7.0 | 103.6 |
† Based on net assets. |
See notes to financial statements. |
26
STATEMENT OF INVESTMENTS |
February 28, 2009 (Unaudited) |
BNY Mellon Mid Cap Stock Fund | |||||
Common Stocks—97.9% | Shares | Value ($) | Shares | Value ($) | |
Consumer Discretionary—15.3% | Energy (continued) | ||||
Advance Auto Parts | 128,400 | 4,911,300 | Range Resources | 143,900 | 5,118,523 |
American Eagle Outfitters | 261,900 | 2,556,144 | Superior Energy Services | 358,200 b | 4,724,658 |
BorgWarner | 272,000 | 4,692,000 | Ultra Petroleum | 107,100 b | 3,763,494 |
Brinker International | 203,900 | 2,242,900 | Weatherford International | 378,000 a,b | 4,033,260 |
Darden Restaurants | 294,900 | 8,003,586 | 50,142,130 | ||
Deckers Outdoor | 63,700 a,b | 2,628,899 | Exchange Traded Funds—2.0% | ||
DeVry | 84,700 | 4,400,165 | SPDR KBW Regional Banking | 341,000 a | 6,206,200 |
Dick’s Sporting Goods | 112,900 b | 1,394,315 | SPDR S&P Biotech | 190,200 a | 8,802,456 |
Dollar Tree | 216,700 a,b | 8,412,294 | 15,008,656 | ||
Interpublic Group of Cos. | 1,024,000 b | 3,901,440 | Financial—17.2% | ||
ITT Educational Services | 32,500 b | 3,688,750 | Affiliated Managers Group | 53,000 b | 1,906,940 |
LKQ | 363,130 a,b | 4,902,255 | Alexandria Real Estate Equities | 107,900 a | 4,311,684 |
Macy’s | 622,000 | 4,895,140 | AMB Property | 115,900 a | 1,380,369 |
MDC Holdings | 153,400 | 3,870,282 | Aspen Insurance Holdings | 158,400 | 3,451,536 |
O’Reilly Automotive | 286,100 a,b | 9,544,296 | BancorpSouth | 210,700 a | 3,925,341 |
Priceline.com | 103,300 a,b | 8,766,038 | Bank of Hawaii | 133,000 | 4,261,320 |
Regal Entertainment Group, Cl. A | 693,600 a | 7,102,464 | City National | 64,200 a | 2,059,536 |
Ross Stores | 196,100 | 5,788,872 | Cullen/Frost Bankers | 181,100 | 7,794,544 |
Ryland Group | 191,210 a | 2,701,797 | Digital Realty Trust | 168,100 a | 5,024,509 |
Strayer Education | 34,900 a | 5,924,275 | Endurance Specialty Holdings | 116,300 a | 2,601,631 |
Toll Brothers | 198,500 a,b | 3,146,225 | Everest Re Group | 66,400 | 4,324,632 |
Tupperware Brands | 82,300 | 1,167,014 | Federal Realty Investment Trust | 71,700 a | 2,949,021 |
Urban Outfitters | 368,600 a,b | 6,133,504 | Fidelity National Financial, Cl. A | 626,000 | 10,372,820 |
Warnaco Group | 176,500 b | 3,821,225 | Hudson City Bancorp | 242,400 | 2,513,688 |
114,595,180 | Lazard, Cl. A | 141,500 a | 3,435,620 | ||
Consumer Staples—3.6% | Liberty Property Trust | 204,900 | 3,743,523 | ||
Clorox | 117,600 | 5,715,360 | Nationwide Health Properties | 400,000 a | 8,104,000 |
Dr. Pepper Snapple Group | 273,600 b | 3,844,080 | New York Community Bancorp | 609,500 | 6,003,575 |
Energizer Holdings | 78,300 b | 3,303,477 | Old Republic International | 907,460 a | 8,239,737 |
Herbalife | 239,000 | 3,259,960 | Raymond James Financial | 169,500 a | 2,366,220 |
Hormel Foods | 229,600 | 7,308,168 | Rayonier | 324,186 a | 8,623,348 |
Pepsi Bottling Group | 197,700 | 3,657,450 | Realty Income | 157,800 a | 2,766,234 |
27,088,495 | Regency Centers | 83,300 a | 2,247,434 | ||
Energy—6.7% | Reinsurance Group of America | 218,000 | 5,929,600 | ||
Comstock Resources | 63,200 b | 1,923,176 | RenaissanceRe Holdings | 120,900 | 5,444,127 |
Concho Resources | 231,800 b | 4,624,410 | Synovus Financial | 475,000 | 1,653,000 |
Consol Energy | 127,500 | 3,474,375 | TCF Financial | 311,900 a | 3,823,894 |
Denbury Resources | 310,800 b | 4,003,104 | Validus Holdings | 92,500 | 2,214,450 |
Exterran Holdings | 91,600 a,b | 1,657,960 | W.R. Berkley | 165,900 | 3,452,379 |
FMC Technologies | 254,600 b | 6,744,354 | Waddell & Reed | ||
Forest Oil | 222,100 b | 3,149,378 | Financial, Cl. A | 292,400 | 4,128,688 |
PetroHawk Energy | 406,900 b | 6,925,438 | 129,053,400 |
The Funds 27
STATEMENT OF INVESTMENTS (Unaudited) (continued) |
BNY Mellon Mid Cap Stock Fund (continued) | |||||
Common Stocks (continued) | Shares | Value ($) | Shares | Value ($) | |
Health Care—11.2% | Industrial (continued) | ||||
AMERIGROUP | 194,800 b | 4,827,144 | Shaw Group | 108,700 b | 2,537,058 |
Beckman Coulter | 135,700 | 6,084,788 | SPX | 118,000 | 5,225,040 |
Coventry Health Care | 186,100 b | 2,143,872 | Stericycle | 46,800 b | 2,245,464 |
DaVita | 136,500 b | 6,404,580 | Textron | 545,600 a | 3,082,640 |
Edwards Lifesciences | 83,400 b | 4,637,874 | URS | 133,500 b | 4,127,820 |
Gen-Probe | 72,000 b | 2,921,040 | Wabtec | 99,700 a | 2,667,972 |
Hologic | 852,508 a,b | 9,650,391 | 105,699,787 | ||
Laboratory Corp. of America Holdings | 54,600 a,b | 3,003,546 | Information Technology—12.4% | ||
Life Technologies | 72,600 b | 2,116,290 | Amphenol, Cl. A | 209,820 | 5,333,624 |
Lincare Holdings | 235,200 b | 4,955,664 | Arrow Electronics | 408,000 b | 6,785,040 |
Omnicare | 372,200 | 9,651,146 | Broadridge Financial Solutions | 455,400 | 7,277,292 |
Perrigo | 260,050 a | 5,224,405 | Equinix | 59,700 a,b | 2,770,677 |
Pharmaceutical | F5 Networks | 298,900 a,b | 5,978,000 | ||
Product Development | 318,500 | 7,640,815 | FLIR Systems | 166,200 a,b | 3,392,142 |
Resmed | 113,200 b | 4,174,816 | Global Payments | 223,500 | 6,856,980 |
United Therapeutics | 75,600 a,b | 5,073,516 | Intersil, Cl. A | 523,200 | 5,289,552 |
Vertex Pharmaceuticals | 177,100 a,b | 5,353,733 | Lam Research | 331,700 a,b | 6,488,052 |
83,863,620 | Lender Processing Services | 238,800 | 6,254,172 | ||
Industrial—14.1% | McAfee | 188,600 b | 5,271,370 | ||
Alliant Techsystems | 80,900 a,b | 5,716,394 | NCR | 282,200 b | 2,235,024 |
AMETEK | 266,450 | 7,050,267 | ON Semiconductor | 1,021,300 b | 3,737,958 |
Brink’s | 144,800 | 3,456,376 | Palm | 155,400 a,b | 1,125,096 |
Cooper Industries, Cl. A | 104,700 | 2,208,123 | SAIC | 561,000 b | 10,608,510 |
Corrections Corp. of America | 348,600 b | 3,702,132 | Synopsys | 483,400 b | 9,005,742 |
Delta Air Lines | 191,600 a,b | 963,748 | Western Digital | 314,900 b | 4,301,534 |
Donaldson | 118,000 | 2,880,380 | 92,710,765 | ||
Dun & Bradstreet | 55,000 | 4,068,350 | Materials—6.5% | ||
FTI Consulting | 68,100 a,b | 2,488,374 | Airgas | 119,700 | 3,685,563 |
Goodrich | 68,200 | 2,260,148 | Cliffs Natural Resources | 158,800 a | 2,450,284 |
Granite Construction | 44,000 a | 1,565,520 | Commercial Metals | 141,300 a | 1,442,673 |
IDEX | 291,800 | 5,637,576 | Crown Holdings | 311,400 b | 6,564,312 |
JB Hunt Transport Services | 272,200 a | 5,547,436 | FMC | 169,000 | 6,832,670 |
JetBlue Airways | 420,700 b | 1,602,867 | Freeport-McMoRan Copper & Gold | 80,300 | 2,442,726 |
Joy Global | 223,600 | 3,904,056 | Martin Marietta Materials | 101,400 a | 7,763,184 |
Kansas City Southern | 147,500 b | 2,609,275 | Packaging Corp. of America | 288,400 | 3,054,156 |
KBR | 229,600 | 2,892,960 | Scotts Miracle-Gro, Cl. A | 95,100 a | 2,656,143 |
Manpower | 130,600 | 3,641,128 | Sensient Technologies | 244,900 | 4,946,980 |
MSC Industrial Direct, Cl. A | 71,100 | 2,174,949 | Steel Dynamics | 413,700 | 3,454,395 |
Pentair | 143,600 | 2,996,932 | Terra Industries | 137,700 | 3,551,283 |
Quanta Services | 437,200 b | 7,694,720 | 48,844,369 | ||
Republic Services | 104,780 | 2,085,122 | Telecommunication Services—1.3% | ||
Roper Industries | 209,600 | 8,666,960 | SBA Communications, Cl. A | 278,400 a,b | 5,785,152 |
28
BNY Mellon Mid Cap Stock Fund (continued) | |||||
Common Stocks (continued) | Shares | Value ($) | Other Investment—1.9% | Shares | Value ($) |
Telecommunication Services (continued) | Registered Investment Company; | ||||
Telephone & Data Systems | 141,200 | 4,165,400 | Dreyfus Institutional Preferred | ||
9,950,552 | Plus Money Market Fund | ||||
Utilities—7.6% | (cost $13,913,000) | 13,913,000 c | 13,913,000 | ||
Alliant Energy | 237,600 | 5,495,688 | Investment of Cash Collateral | ||
DPL | 418,700 a | 8,415,870 | for Securities Loaned—20.8% | ||
Eqt | 97,800 | 3,007,350 | Registered Investment Company; | ||
MDU Resources Group | 393,560 | 5,958,498 | Dreyfus Institutional Cash | ||
Northeast Utilities | 203,500 | 4,458,685 | Advantage Plus Fund | ||
NV Energy | 763,500 | 7,077,645 | (cost $156,144,358) | 156,144,358 c | 156,144,358 |
ONEOK | 268,700 | 6,002,758 | |||
Total Investments | |||||
UGI | 290,300 | 6,964,297 | (cost $1,176,361,158) | 120.6% | 903,462,117 |
Wisconsin Energy | 227,700 | 9,067,014 | |||
Liabilities, Less Cash | |||||
56,447,805 | and Receivables | (20.6%) | (154,400,377) | ||
Total Common Stocks | |||||
(cost $1,006,303,800) | 733,404,759 | Net Assets | 100.0% | 749,061,740 |
a All or a portion of these securities are on loan.At February 28, 2009, the total market value of the fund’s securities on loan is $148,159,260 and the total market value of the |
collateral held by the fund is $156,180,508 consisting of cash collateral of $156,144,358 and U.S. Government and agency securities valued at $36,150. |
b Non-income producing security. |
c Investment in affiliated money market mutual fund. |
Portfolio Summary (Unaudited) † | |||
Value (%) | Value (%) | ||
Money Market Investments | 22.7 | Energy | 6.7 |
Financial | 17.2 | Materials | 6.5 |
Consumer Discretionary | 15.3 | Consumer Staples | 3.6 |
Industrial | 14.1 | Exchange Traded Funds | 2.0 |
Information Technology | 12.4 | Telecommunication Services | 1.3 |
Health Care | 11.2 | ||
Utilities | 7.6 | 120.6 |
† Based on net assets. |
See notes to financial statements. |
The Funds 29
STATEMENT OF INVESTMENTS |
February 28, 2009 (Unaudited) |
BNY Mellon Small Cap Stock Fund | |||||
Common Stocks—95.9% | Shares | Value ($) | Shares | Value ($) | |
Consumer Discretionary—14.3% | Consumer Staples (continued) | ||||
Aaron Rents | 86,000 | 2,066,580 | TreeHouse Foods | 86,480 a,b | 2,308,151 |
BJ’s Restaurants | 52,300 a | 650,089 | WD-40 | 54,000 | 1,328,940 |
BorgWarner | 62,400 | 1,076,400 | 10,757,078 | ||
Buckle | 69,400 b | 1,646,862 | Energy—4.1% | ||
Capella Education | 34,900 a,b | 1,935,554 | Atwood Oceanics | 95,750 a | 1,463,060 |
Carter’s | 227,550 a,b | 3,711,340 | Bristow Group | 75,500 a,b | 1,528,875 |
CEC Entertainment | 45,860 a,b | 1,070,831 | CARBO Ceramics | 57,380 b | 1,994,529 |
Coinstar | 126,210 a,b | 3,299,129 | Dril-Quip | 102,160 a | 2,147,403 |
Coldwater Creek | 457,612 a,b | 773,364 | Holly | 61,300 | 1,428,903 |
Deckers Outdoor | 48,450 a | 1,999,532 | Lufkin Industries | 32,600 | 1,070,910 |
Dollar Tree | 35,900 a | 1,393,638 | Oil States International | 76,700 a | 1,021,644 |
Domino’s Pizza | 193,141 a | 1,319,153 | Penn Virginia | 74,890 b | 1,037,227 |
Foot Locker | 107,700 | 894,987 | SEACOR Holdings | 43,900 a,b | 2,630,049 |
Gymboree | 56,730 a | 1,459,096 | St. Mary Land & Exploration | 121,090 b | 1,644,402 |
Hibbett Sports | 48,550 a,b | 680,671 | Stone Energy | 74,340 a | 294,386 |
Hillenbrand | 178,700 | 2,996,799 | World Fuel Services | 50,700 | 1,470,807 |
Iconix Brand Group | 374,160 a,b | 3,030,696 | 17,732,195 | ||
Jack in the Box | 107,500 a | 2,089,800 | Exchange Traded Funds—2.3% | ||
JAKKS Pacific | 174,200 a,b | 2,207,114 | iShares Nasdaq Biotechnology | ||
Jo-Ann Stores | 106,000 a,b | 1,276,240 | Index Fund | 58,540 b | 3,692,118 |
LKQ | 237,080 a,b | 3,200,580 | SPDR KBW Regional Banking | 115,600 b | 2,103,920 |
Men’s Wearhouse | 171,200 b | 1,828,416 | SPDR S&P Biotech | 87,700 b | 4,058,756 |
Meritage Homes | 77,000 a,b | 763,840 | 9,854,794 | ||
Monro Muffler Brake | 79,400 | 1,868,282 | Financial—16.4% | ||
O’Reilly Automotive | 61,330 a,b | 2,045,969 | Bank of Hawaii | 41,200 | 1,320,048 |
Panera Bread, Cl. A | 27,280 a,b | 1,201,411 | BioMed Realty Trust | 132,440 | 1,129,713 |
Pinnacle Entertainment | 390,400 a,b | 2,931,904 | Boston Private Financial Holdings | 290,100 | 1,006,647 |
Pool | 92,970 b | 1,233,712 | Cash America International | 78,300 | 1,127,520 |
Regal Entertainment Group, Cl. A | 120,400 b | 1,232,896 | Community Bank System | 112,340 b | 1,922,137 |
Strayer Education | 9,200 b | 1,561,700 | DiamondRock Hospitality | 184,000 | 568,560 |
Texas Roadhouse, Cl. A | 188,000 a | 1,541,600 | Douglas Emmett | 90,900 | 683,568 |
Tiffany & Co. | 46,100 b | 877,744 | EastGroup Properties | 45,400 | 1,116,386 |
Tractor Supply | 52,270 a,b | 1,632,915 | Endurance Specialty Holdings | 67,050 | 1,499,908 |
Warnaco Group | 90,700 a | 1,963,655 | Entertainment Properties Trust | 102,670 | 1,530,810 |
WMS Industries | 72,637 a,b | 1,316,909 | Extra Space Storage | 315,970 b | 1,981,132 |
Wolverine World Wide | 11,130 | 168,731 | First BanCorp/Puerto Rico | 107,270 | 446,243 |
60,948,139 | First Midwest Bancorp | 116,840 b | 878,637 | ||
Consumer Staples—2.5% | First Niagara Financial Group | 174,070 | 2,022,693 | ||
Casey’s General Stores | 99,800 | 1,987,018 | Greenhill & Co. | 40,610 b | 2,623,406 |
Chattem | 39,500 a,b | 2,505,485 | Hancock Holding | 48,800 b | 1,383,968 |
Corn Products International | 42,000 | 847,140 | Home Properties | 64,100 b | 1,701,214 |
Fresh Del Monte Produce | 94,800 a | 1,780,344 | IBERIABANK | 10,450 | 451,440 |
30
BNY Mellon Small Cap Stock Fund (continued) | |||||
Common Stocks (continued) | Shares | Value ($) | Shares | Value ($) | |
Financial (continued) | Health Care (continued) | ||||
Investment Technology Group | 118,500 a | 2,307,195 | HealthSpring | 40,900 a | 331,290 |
Kilroy Realty | 55,300 b | 1,029,133 | HMS Holdings | 81,200 a | 2,466,856 |
LaSalle Hotel Properties | 152,100 b | 809,172 | Immucor | 43,410 a,b | 974,120 |
Mid-America Apartment Communities | 56,630 | 1,463,886 | King Pharmaceuticals | 343,090 a,b | 2,518,281 |
National Penn Bancshares | 152,310 b | 1,128,617 | Landauer | 12,100 | 605,121 |
National Retail Properties | 190,500 b | 2,737,485 | LHC Group | 71,100 a,b | 1,417,023 |
Old National Bancorp | 146,490 b | 1,709,538 | Lincare Holdings | 126,140 a | 2,657,770 |
optionsXpress Holdings | 130,200 | 1,285,074 | Magellan Health Services | 81,700 a | 2,709,172 |
Portfolio Recovery Associates | 48,000 a,b | 1,082,880 | Martek Biosciences | 65,790 a,b | 1,232,247 |
PrivateBancorp | 89,630 b | 1,116,790 | MEDNAX | 78,780 a | 2,331,888 |
ProAssurance | 109,755 a | 5,245,191 | Meridian Bioscience | 160,775 b | 3,225,147 |
Prosperity Bancshares | 115,280 b | 2,941,946 | NuVasive | 12,305 a,b | 348,847 |
Realty Income | 48,900 b | 857,217 | PAREXEL International | 84,600 a | 775,782 |
RenaissanceRe Holdings | 35,900 | 1,616,577 | PharMerica | 152,200 a | 2,553,916 |
S&T Bancorp | 44,700 b | 1,014,243 | Phase Forward | 94,100 a | 1,303,285 |
Senior Housing Properties Trust | 146,550 | 1,849,461 | Regeneron Pharmaceuticals | 96,900 a | 1,380,825 |
Signature Bank | 68,040 a,b | 1,701,680 | Varian | 12,970 a | 293,511 |
Stifel Financial | 44,700 a | 1,472,418 | West Pharmaceutical Services | 116,740 | 3,583,918 |
Susquehanna Bancshares | 146,470 b | 1,284,542 | 52,472,489 | ||
Texas Capital Bancshares | 104,300 a,b | 1,015,882 | Industrial—17.9% | ||
Tower Group | 102,900 | 2,098,131 | AAR | 41,700 a,b | 551,274 |
Trustco Bank | 274,764 b | 1,662,322 | ABM Industries | 84,300 | 1,030,989 |
UMB Financial | 68,070 | 2,581,895 | Actuant, Cl. A | 98,400 | 1,012,536 |
Umpqua Holdings | 187,900 b | 1,597,150 | Aerovironment | 23,330 a,b | 728,363 |
United Bankshares | 109,600 b | 1,687,840 | American Science & Engineering | 17,500 | 1,062,075 |
Waddell & Reed Financial, Cl. A | 72,700 | 1,026,524 | Applied Industrial Technologies | 95,800 | 1,544,296 |
Wintrust Financial | 89,000 | 1,108,940 | Arkansas Best | 50,700 b | 883,194 |
Zenith National Insurance | 62,100 | 1,365,579 | Astec Industries | 46,700 a,b | 1,037,674 |
70,191,338 | Axsys Technologies | 25,000 a | 830,250 | ||
Health Care—12.3% | Baldor Electric | 103,600 b | 1,264,956 | ||
Amedisys | 77,300 a,b | 2,528,483 | Belden | 95,500 | 1,018,985 |
American Medical Systems Holdings | 112,200 a | 1,161,270 | Brady, Cl. A | 95,100 | 1,629,063 |
AMERIGROUP | 165,880 a,b | 4,110,506 | Briggs & Stratton | 96,100 b | 1,170,498 |
AmSurg | 149,400 a | 2,333,628 | CLARCOR | 59,300 b | 1,563,148 |
CardioNet | 44,300 | 1,107,500 | Curtiss-Wright | 119,470 b | 3,176,707 |
Catalyst Health Solutions | 55,400 a | 1,167,832 | Delta Air Lines | 245,000 a,b | 1,232,350 |
Centene | 74,100 a | 1,258,218 | EMCOR Group | 106,700 a | 1,644,247 |
Cooper | 81,100 | 1,783,389 | Esterline Technologies | 48,100 a | 1,218,854 |
Coventry Health Care | 116,100 a | 1,337,472 | FTI Consulting | 27,300 a | 997,542 |
Cubist Pharmaceuticals | 114,850 a | 1,632,019 | Gardner Denver | 98,900 a | 1,871,188 |
Dionex | 27,300 a | 1,277,367 | Geo Group | 103,500 a | 1,223,370 |
Haemonetics | 38,700 a,b | 2,065,806 | Gibraltar Industries | 94,200 b | 617,952 |
The Funds 31
STATEMENT OF INVESTMENTS (Unaudited) (continued) |
BNY Mellon Small Cap Stock Fund (continued) | |||||
Common Stocks (continued) | Shares | Value ($) | Shares | Value ($) | |
Industrial (continued) | Information | ||||
Griffon | 126,300 a | 918,201 | Technology (continued) | ||
Healthcare Services Group | 142,300 b | 2,187,151 | Concur Technologies | 87,780 a,b | 1,842,502 |
Heartland Express | 107,000 b | 1,323,590 | CSG Systems International | 133,500 a | 1,804,920 |
Hub Group, Cl. A | 92,100 a | 1,654,116 | CyberSource | 145,500 a | 1,792,560 |
II-VI | 154,090 a | 2,767,456 | Cypress Semiconductor | 556,900 a,b | 3,096,364 |
Insituform Technologies, Cl. A | 151,400 a | 1,844,052 | Digital River | 12,190 a | 291,585 |
Kaydon | 99,990 b | 2,499,750 | Epicor Software | 237,000 a | 665,970 |
Kirby | 73,440 a,b | 1,618,618 | EPIQ Systems | 58,600 a,b | 988,582 |
Landstar System | 48,950 | 1,549,268 | Equinix | 34,030 a,b | 1,579,332 |
Lennox International | 80,480 | 2,084,432 | F5 Networks | 51,900 a,b | 1,038,000 |
Moog, Cl. A | 131,100 a,b | 3,048,075 | FEI | 89,900 a | 1,286,469 |
Orbital Sciences | 111,930 a | 1,583,810 | Harmonic | 508,310 a | 2,765,206 |
Regal-Beloit | 57,500 | 1,649,100 | Hittite Microwave | 34,300 a | 945,994 |
Robbins & Myers | 62,640 | 1,010,383 | Informatica | 377,955 a | 4,875,620 |
Simpson Manufacturing | 68,900 | 1,072,084 | Itron | 68,370 a,b | 3,053,404 |
Sykes Enterprises | 78,300 a | 1,249,668 | ManTech International, Cl. A | 30,750 a | 1,604,228 |
Teledyne Technologies | 51,730 a | 1,185,134 | Micros Systems | 146,130 a | 2,349,770 |
Tetra Tech | 90,800 a | 2,033,920 | Microsemi | 166,320 a,b | 1,681,495 |
Textron | 274,500 | 1,550,925 | MKS Instruments | 74,380 a | 936,444 |
Toro | 55,010 b | 1,203,069 | MTS Systems | 31,300 | 739,932 |
TrueBlue | 137,800 a | 968,734 | ON Semiconductor | 241,800 a | 884,988 |
UAL | 263,500 a,b | 1,293,785 | Plexus | 77,870 a | 1,000,630 |
Valmont Industries | 39,000 b | 1,698,840 | Riverbed Technology | 122,200 a,b | 1,279,434 |
Wabtec | 58,675 b | 1,570,143 | Skyworks Solutions | 281,390 a,b | 1,829,035 |
Watsco | 59,000 a,b | 2,025,470 | Starent Networks | 81,700 a,b | 1,291,677 |
Watson Wyatt Worldwide, Cl. A | 122,710 | 6,026,288 | Stratasys | 84,700 a,b | 770,770 |
Watts Water Technologies, Cl. A | 94,200 b | 1,598,574 | Synaptics | 96,300 a,b | 1,998,225 |
76,524,147 | Tekelec | 126,500 a,b | 1,550,890 | ||
Information Technology—16.3% | Varian Semiconductor | ||||
Anixter International | 83,860 a,b | 2,466,323 | Equipment Associates | 196,045 a,b | 3,577,821 |
ANSYS | 59,700 a | 1,204,149 | Websense | 81,900 a | 914,004 |
Ariba | 138,400 a | 1,211,000 | Wright Express | 78,600 a | 1,150,704 |
Arris Group | 452,600 a | 2,769,912 | 69,841,147 | ||
Avid Technology | 95,300 a,b | 949,188 | Materials—2.2% | ||
Bankrate | 67,500 a,b | 1,505,250 | AK Steel Holding | 175,200 | 1,082,736 |
Benchmark Electronics | 101,500 a | 991,655 | Eagle Materials | 82,600 b | 1,575,182 |
Blackbaud | 70,300 | 719,872 | H.B. Fuller | 95,200 b | 1,085,280 |
CACI International, Cl. A | 59,000 a | 2,523,430 | Rock-Tenn, Cl. A | 77,010 b | 2,126,246 |
Cogent | 111,200 a | 1,156,480 | Scotts Miracle-Gro, Cl. A | 46,800 | 1,307,124 |
Cognex | 89,300 b | 982,300 | Sensient Technologies | 62,600 | 1,264,520 |
Cohu | 97,286 b | 824,012 | Texas Industries | 59,700 b | 961,170 |
Comtech Telecommunications | 78,090 a,b | 2,951,021 | 9,402,258 |
32
BNY Mellon Small Cap Stock Fund (continued) | |||||
Common Stocks (continued) | Shares | Value ($) | Other Investment—3.1% | Shares | Value ($) |
Telecommunication Services—1.1% | Registered Investment Company; | ||||
Alaska Communications Systems Group | 312,120 b | 1,963,235 | Dreyfus Institutional Preferred | ||
SBA Communications, Cl. A | 141,130 a,b | 2,932,681 | Plus Money Market Fund | ||
4,895,916 | (cost $13,270,000) | 13,270,000 c | 13,270,000 | ||
Utilities—6.5% | Investment of Cash Collateral | ||||
Atmos Energy | 173,570 | 3,789,033 | for Securities Loaned—26.3% | ||
Cleco | 178,600 b | 3,664,872 | Registered Investment Company; | ||
El Paso Electric | 280,200 a | 3,959,226 | Dreyfus Institutional Cash | ||
Laclede Group | 42,600 | 1,686,108 | Advantage Plus Fund | ||
New Jersey Resources | 192,650 | 6,756,236 | (cost $112,414,702) | 112,414,702 c | 112,414,702 |
Northwest Natural Gas | 44,900 | 1,838,655 | |||
Total Investments | |||||
Piedmont Natural Gas | 156,100 b | 3,768,254 | (cost $728,632,433) | 125.3% | 535,966,247 |
South Jersey Industries | 61,000 b | 2,199,660 | |||
Liabilities, Less Cash | |||||
27,662,044 | |||||
and Receivables | (25.3%) | (108,112,921) | |||
Total Common Stocks | |||||
(cost $602,947,731) | 410,281,545 | Net Assets | 100.0% | 427,853,326 |
a Non-income producing security. |
b All or a portion of these securities are on loan.At February 28, 2009, the total market value of the fund’s securities on loan is $105,664,814 and the total market value of the |
collateral held by the fund is $112,414,702. |
c Investment in affiliated money market mutual fund. |
Portfolio Summary (Unaudited) † | |||
Value (%) | Value (%) | ||
Money Market Investments | 29.4 | Energy | 4.1 |
Industrial | 17.9 | Consumer Staples | 2.5 |
Financial | 16.4 | Exchange Traded Funds | 2.3 |
Information Technology | 16.3 | Materials | 2.2 |
Consumer Discretionary | 14.3 | Telecommunication Services | 1.1 |
Health Care | 12.3 | ||
Utilities | 6.5 | 125.3 |
† Based on net assets. |
See notes to financial statements. |
The Funds 33
STATEMENT OF INVESTMENTS |
February 28, 2009 (Unaudited) |
BNY Mellon U.S. Core Equity 130/30 Fund | |||||
Common Stocks—129.8% | Shares | Value ($) | Shares | Value ($) | |
Consumer Discretionary—16.8% | Financial—9.4% | ||||
Darden Restaurants | 31,205 a | 846,904 | Ameriprise Financial | 26,020 | 414,759 |
Family Dollar Stores | 28,810 a | 790,546 | Charles Schwab | 36,650 a | 465,821 |
Home Depot | 40,110 a | 837,898 | Chubb | 36,220 a | 1,414,029 |
Kohl’s | 9,660 b | 339,452 | First Horizon National | 62,273 a | 571,043 |
Lowe’s Cos. | 49,420 a | 782,813 | Franklin Resources | 8,690 | 398,002 |
Macy’s | 34,390 a | 270,649 | JPMorgan Chase & Co. | 49,770 a | 1,137,245 |
Mattel | 40,210 a | 476,086 | KeyCorp | 59,560 a | 417,516 |
McDonald’s | 17,720 a | 925,870 | MetLife | 13,690 | 252,717 |
News, Cl. A | 119,880 a | 666,533 | Northern Trust | 10,110 | 561,610 |
OfficeMax | 45,140 a | 172,435 | Wells Fargo & Co. | 46,990 a | 568,579 |
Omnicom Group | 45,720 a | 1,098,652 | 6,201,321 | ||
Rent-A-Center | 43,820 a,b | 767,726 | Health Care—23.5% | ||
Ross Stores | 43,860 a | 1,294,747 | Aetna | 50,040 a | 1,194,455 |
Staples | 18,700 | 298,265 | Amgen | 18,140 a,b | 887,590 |
Time Warner | 96,280 a | 734,616 | Baxter International | 30,030 a | 1,528,827 |
Visa, Cl. A | 13,150 | 745,737 | Biogen Idec | 7,310 b | 336,552 |
11,048,929 | Cephalon | 12,060 a,b | 791,015 | ||
Consumer Staples—18.2% | Covidien | 38,350 a | 1,214,545 | ||
Coca-Cola Enterprises | 53,270 a | 611,540 | Gilead Sciences | 26,240 a,b | 1,175,552 |
Colgate-Palmolive | 34,220 a | 2,059,360 | Hospira | 28,630 a,b | 664,216 |
CVS Caremark | 78,870 a | 2,030,114 | Life Technologies | 23,550 a,b | 686,482 |
Energizer Holdings | 27,240 a,b | 1,149,256 | McKesson | 21,120 a | 866,342 |
Estee Lauder, Cl. A | 15,310 a | 346,771 | Medco Health Solutions | 9,520 b | 386,322 |
Kroger | 22,490 a | 464,868 | Novartis, ADR | 20,110 a | 728,988 |
Lorillard | 17,400 | 1,016,856 | Pfizer | 92,920 a | 1,143,845 |
Molson Coors Brewing, Cl. B | 30,030 a | 1,057,957 | Schering-Plough | 56,140 a | 976,275 |
Philip Morris International | 48,684 a | 1,629,453 | St. Jude Medical | 27,290 a,b | 904,936 |
Wal-Mart Stores | 31,930 a | 1,572,233 | Thermo Fisher Scientific | 7,280 a,b | 263,973 |
11,938,408 | Vertex Pharmaceuticals | 29,560 a,b | 893,599 | ||
Energy—15.1% | Wyeth | 19,750 | 806,195 | ||
Anadarko Petroleum | 15,570 a | 544,171 | 15,449,709 | ||
Chevron | 41,480 a | 2,518,251 | Industrial—11.4% | ||
ConocoPhillips | 40,050 a | 1,495,868 | Dover | 21,800 | 543,692 |
Hess | 15,600 | 853,164 | Emerson Electric | 11,330 a | 303,077 |
Marathon Oil | 38,740 a | 901,480 | FedEx | 15,230 a | 658,088 |
National Oilwell Varco | 20,830 a,b | 556,786 | Fluor | 26,460 a | 879,795 |
Newfield Exploration | 15,350 b | 296,715 | General Electric | 86,510 a | 736,200 |
Occidental Petroleum | 21,270 a | 1,103,275 | Goodrich | 16,470 a | 545,816 |
Williams | 25,900 a | 292,670 | L-3 Communications Holdings | 10,470 a | 708,295 |
XTO Energy | 42,077 a | 1,332,158 | Parker Hannifin | 17,040 | 568,625 |
9,894,538 | Raytheon | 22,220 a | 888,133 |
34
BNY Mellon U.S. Core Equity 130/30 Fund (continued) | |||||
Common Stocks (continued) | Shares | Value ($) | Shares | Value ($) | |
Industrial (continued) | Information Technology (continued) | ||||
Republic Services | 30,245 a | 601,876 | Symantec | 55,760 a,b | 771,161 |
Textron | 20,460 a | 115,599 | 15,823,321 | ||
Tyco International | 46,450 a | 931,323 | Materials—3.0% | ||
7,480,519 | Airgas | 6,180 | 190,282 | ||
Information Technology—24.1% | Freeport-McMoRan Copper & Gold | 9,570 | 291,119 | ||
Accenture, Cl. A | 14,040 a | 409,828 | Mosaic | 22,900 a | 985,845 |
Akamai Technologies | 56,220 a,b | 1,017,020 | Pactiv | 31,780 a,b | 503,077 |
Amphenol, Cl. A | 12,330 | 313,429 | 1,970,323 | ||
Apple | 8,250 a,b | 736,808 | Telecommunication Services—3.0% | ||
BMC Software | 16,720 b | 495,414 | AT & T | 61,290 a | 1,456,863 |
Broadcom, Cl. A | 31,510 a,b | 518,340 | Metropcs Communications | 33,256 a,b | 482,212 |
Cisco Systems | 98,980 a,b | 1,442,139 | 1,939,075 | ||
EMC | 53,680 a,b | 563,640 | Utilities—5.3% | ||
Intel | 54,460 a | 693,820 | American Electric Power | 37,880 a | 1,062,534 |
International Business Machines | 16,370 | 1,506,531 | PG & E | 37,810 a | 1,445,098 |
Juniper Networks | 77,500 a,b | 1,101,275 | Sempra Energy | 24,040 a | 999,343 |
Lam Research | 40,200 a,b | 786,312 | 3,506,975 | ||
Microsoft | 90,810 a | 1,466,582 | |||
Total Investments | |||||
Motorola | 243,100 a | 855,712 | |||
(cost $115,112,643) | 129.8% | 85,253,118 | |||
National Semiconductor | 36,590 a | 398,831 | |||
Nokia, ADR | 56,940 a | 532,958 | Liabilities, Less Cash | ||
and Receivables | (29.8%) | (19,573,355) | |||
Oracle | 72,590 a,b | 1,128,049 | |||
QUALCOMM | 32,470 a | 1,085,472 | Net Assets | 100.0% | 65,679,763 |
ADR—American Depositary Receipts |
a | Partially held by a broker as collateral for open short positions. |
b | Non-income producing security. |
Portfolio Summary (Unaudited) † | |||
Value (%) | Value (%) | ||
Information Technology | 24.1 | Financial | 9.4 |
Health Care | 23.5 | Utilities | 5.3 |
Consumer Staples | 18.2 | Materials | 3.0 |
Consumer Discretionary | 16.8 | Telecommunication Services | 3.0 |
Energy | 15.1 | ||
Industrial | 11.4 | 129.8 |
† Based on net assets. |
See notes to financial statements. |
The Funds 35
STATEMENT OF SECURITIES SOLD SHORT |
February 28, 2009 (Unaudited) |
BNY Mellon U.S. Core Equity 130/30 Fund | |||||
Common Stocks—31.4% | Shares | Value ($) | Shares | Value ($) | |
Consumer Discretionary—6.8% | Exchange Traded Funds—5.1% | ||||
AutoNation | 55,650 a | 555,387 | Standard & Poor’s Depository | ||
Bed Bath & Beyond | 32,710 a | 696,723 | Receipts (Tr. Ser. 1) | 41,820 | 3,091,753 |
Gentex | 43,470 | 347,760 | Technology Select | ||
NIKE, Cl. B | 8,960 | 372,109 | Sector SPDR Fund | 18,820 | 265,738 |
Sally Beauty Holdings | 91,640 a | 354,647 | 3,357,491 | ||
Sears Holdings | 14,740 a | 541,842 | Industrials—2.2% | ||
Target | 11,490 | 325,282 | Deere & Co. | 14,260 | 392,007 |
Tim Hortons | 29,230 | 689,828 | ITT | 12,540 | 468,369 |
Walt Disney | 36,200 | 607,074 | Trinity Industries | 200,010 | 147,674 |
4,490,652 | W.W. Grainger | 6,950 | 459,812 | ||
Consumer Staples—5.3% | 1,467,862 | ||||
Brown-Forman, Cl. B | 21,302 | 915,560 | Information Technology—4.1% | ||
General Mills | 15,870 | 832,858 | Automatic Data Processing | 10,600 | 361,990 |
Hain Celestial Group | 18,890 a | 265,971 | Dell | 42,860 a | 365,596 |
Hormel Foods | 20,980 | 667,794 | Ebay | 22,460 a | 244,140 |
Tootsie Roll Industries | 36,100 | 773,262 | Telefonaktiebolaget | ||
3,455,445 | LM Ericsson, ADR | 39,880 | 325,421 | ||
Energy—.5% | FactSet Research Systems | 10,890 | 419,700 | ||
EOG Resources | 5,960 | 298,238 | Nuance Communications | 23,240 a | 205,906 |
Health Care—5.6% | Paychex | 11,130 | 245,528 | ||
Charles River Laboratories International | 13,590 a | 337,032 | Research In Motion | 6,250 a | 249,625 |
DENTSPLY International | 21,060 | 486,907 | SAP, ADR | 7,640 | 245,550 |
Dionex | 9,740 a | 455,735 | 2,663,456 | ||
Gen-Probe | 5,880 a | 238,552 | Materials—1.8% | ||
IDEXX Laboratories | 22,870 a | 688,387 | Alcoa | 11,760 | 73,265 |
Lincare Holdings | 15,500 a | 326,585 | Ecolab | 11,670 | 370,872 |
Medicis Pharmaceutical, Cl. A | 21,480 | 242,294 | Sigma-Aldrich | 15,650 | 558,705 |
Stryker | 10,300 | 346,801 | Vulcan Materials | 4,990 | 206,637 |
Techne | 6,470 | 316,059 | 1,209,479 | ||
Wright Medical Group | 18,100 a | 264,441 | Total Securities Sold Short | ||
3,702,793 | (proceeds $26,942,435) | 31.4% | 20,645,416 |
ADR—American Depositary Receipts |
a Non-income producing security. |
Portfolio Summary (Unaudited) † | |||
Value (%) | Value (%) | ||
Consumer Discretionary | 6.8 | Industrial | 2.2 |
Health Care | 5.6 | Materials | 1.8 |
Consumer Staples | 5.3 | Energy | 0.5 |
Exchange Traded Funds | 5.1 | ||
Information Technology | 4.1 | 31.4 |
† Based on net assets. |
See notes to financial statements. |
36
STATEMENT OF INVESTMENTS |
February 28, 2009 (Unaudited) |
BNY Mellon International Fund | |||||
Common Stocks—95.1% | Shares | Value ($) | Shares | Value ($) | |
Australia—2.4% | Germany—7.8% | ||||
Amcor | 1,217,227 | 3,411,945 | Adidas | 46,230 | 1,348,570 |
Bendigo and Adelaide Bank | 74,290 | 303,786 | Allianz | 37,551 | 2,553,068 |
BHP Billiton | 235,560 | 4,286,103 | Bayerische Motoren Werke | 207,910 | 5,205,657 |
CFS Retail Property Trust | 1,028,880 | 1,107,061 | Daimler | 123,740 | 2,825,250 |
Computershare | 292,639 | 1,303,727 | Deutsche Lufthansa | 122,150 | 1,347,243 |
CSL | 68,710 | 1,594,759 | Deutsche Post | 471,395 | 4,565,743 |
Insurance Australia Group | 747,791 | 1,625,874 | Deutsche Telekom | 351,191 | 4,258,547 |
National Australia Bank | 287,173 | 3,240,015 | E.ON | 383,000 | 9,910,028 |
Westfield Group | 200,304 | 1,356,822 | Hochtief | 33,474 | 933,605 |
Westpac Banking | 195,011 | 2,078,381 | Lanxess | 108,810 | 1,629,115 |
20,308,473 | Merck | 25,110 | 1,892,800 | ||
Belgium—.7% | MTU Aero Engines Holding | 159,205 | 4,139,572 | ||
Delhaize Group | 73,290 | 4,271,688 | Muenchener | ||
Groupe Bruxelles Lambert | 22,470 | 1,452,802 | Rueckversicherungs | 62,890 | 7,730,495 |
5,724,490 | Rheinmetall | 27,020 | 891,304 | ||
Denmark—.2% | RWE | 116,569 | 7,384,575 | ||
Novo Nordisk, Cl. B | 37,280 | 1,820,625 | Salzgitter | 41,814 | 2,620,266 |
Finland—2.2% | SAP | 44,790 | 1,448,804 | ||
Nokia | 1,442,604 | 13,753,020 | Siemens | 52,340 | 2,676,055 |
UPM-Kymmene | 701,209 | 4,987,047 | Software | 25,290 | 1,603,068 |
18,740,067 | ThyssenKrupp | 122,310 | 2,201,828 | ||
France—11.4% | 67,165,593 | ||||
AXA | 108,350 | 1,007,814 | Greece—1.9% | ||
BNP Paribas | 132,789 | 4,375,236 | Coca-Cola | ||
Cap Gemini | 53,293 | 1,551,902 | Hellenic Bottling | 331,799 | 4,038,122 |
Carrefour | 191,709 | 6,507,364 | Public Power | 799,400 | 12,140,989 |
CNP Assurances | 21,120 | 1,368,195 | 16,179,111 | ||
Credit Agricole | 629,564 | 6,217,423 | Hong Kong—2.6% | ||
France Telecom | 371,859 | 8,396,056 | BOC Hong Kong Holdings | 8,014,600 | 7,945,350 |
GDF SUEZ | 72,198 | 2,314,766 | Cheung Kong Holdings | 138,000 | 1,116,785 |
Lagardere | 82,227 | 2,695,207 | Henderson Land | ||
Development | 337,000 | 1,118,262 | |||
Sanofi-Aventis | 480,152 | 24,905,450 | |||
Hutchison Whampoa | 1,122,700 | 5,847,402 | |||
Scor | 80,120 | 1,602,806 | |||
Johnson Electric Holdings | 9,499,500 | 1,684,791 | |||
Technip | 37,960 | 1,247,367 | |||
Link REIT | 723,600 | 1,376,277 | |||
Teleperformance | 53,220 | 1,484,331 | |||
Swire Pacific, Cl. A | 156,000 | 950,794 | |||
Total | 505,612 | 24,024,262 | |||
Yue Yuen | |||||
Unibail-Rodamco | 16,296 | 2,070,778 | Industrial Holdings | 1,271,000 | 2,364,562 |
Vivendi | 315,382 | 7,582,682 | 22,404,223 | ||
97,351,639 |
The Funds 37
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon International Fund (continued) | |||||
Common Stocks (continued) | Shares | Value ($) | Shares | Value ($) | |
Ireland—.3% | Japan (continued) | ||||
CRH | 62,455 | 1,298,507 | Matsumotokiyoshi Holdings | 93,400 | 1,678,465 |
Ryanair Holdings, ADR | 46,700 a | 1,113,328 | Mediceo Paltac Holdings | 346,700 | 3,646,223 |
2,411,835 | Mitsubishi Chemical Holdings | 1,295,000 | 4,379,079 | ||
Italy—3.4% | Mitsubishi Rayon | 1,079,000 | 1,953,211 | ||
Banco Popolare | 437,080 | 1,680,331 | Mitsubishi UFJ Financial Group | 2,713,200 | 12,339,347 |
Buzzi Unicem | 77,058 | 722,907 | Mitsumi Electric | 102,600 | 1,255,933 |
Enel | 235,010 | 1,175,348 | Murata Manufacturing | 87,600 | 3,322,817 |
ENI | 431,934 | 8,684,677 | NGK Spark Plug | 541,100 | 4,181,603 |
Finmeccanica | 386,954 | 4,959,565 | Nippon Express | 1,459,000 | 4,197,845 |
Fondiaria-SAI | 60,800 | 710,669 | Nippon Telegraph & Telephone | 48,300 | 2,070,799 |
Intesa Sanpaolo | 972,090 | 2,385,860 | Nippon Yusen | 393,800 | 1,627,787 |
Mediaset | 1,033,608 | 4,615,725 | Nissan Motor | 756,200 | 2,332,459 |
Parmalat | 1,106,160 | 2,054,417 | Nissin Foods Holdings | 41,800 | 1,256,667 |
Unipol Gruppo Finanziario | 2,552,771 | 2,297,753 | Nomura Holdings | 833,700 | 3,457,346 |
29,287,252 | Nomura Research Institute | 190,600 | 2,987,466 | ||
Japan—24.8% | Omron | 391,900 | 4,512,421 | ||
Aeon | 753,100 | 4,442,985 | Pacific Metals | 188,000 | 717,154 |
Air Water | 101,000 | 855,974 | Rakuten | 3,101 | 1,590,597 |
Astellas Pharma | 208,900 | 6,933,760 | Ricoh | 394,800 | 4,453,296 |
Bank of Kyoto | 138,000 | 1,193,728 | Rohm | 108,400 | 5,193,810 |
Bridgestone | 162,900 | 2,196,248 | Sega Sammy Holdings | 169,600 | 1,443,056 |
Canon | 167,651 | 4,234,124 | Sekisui Chemical | 330,700 | 1,404,943 |
Central Japan Railway | 1,355 | 8,198,762 | Sharp | 398,000 | 3,098,477 |
Chiba Bank | 201,000 | 945,984 | Shimamura | 75,500 | 3,871,441 |
Chiyoda | 727,500 | 2,865,066 | Shin-Etsu Chemical | 39,700 | 1,770,128 |
Chubu Electric Power | 115,400 | 2,848,957 | Shinko Electric Industries | 92,200 | 844,551 |
Chuo Mitsui Trust Holdings | 1,188,700 | 3,590,199 | Sumitomo | 280,900 | 2,339,971 |
Daihatsu Motor | 150,000 | 1,132,435 | Sumitomo Electric Industries | 349,900 | 2,705,288 |
Daiichi Sankyo | 116,300 | 1,848,888 | Sumitomo Heavy Industries | 670,100 | 1,751,730 |
Daito Trust Construction | 26,800 | 842,665 | Sumitomo Mitsui | ||
Daiwa House Industry | 649,000 | 4,218,371 | Financial Group | 273,100 | 8,703,308 |
Dentsu | 213,600 | 3,093,666 | Suruga Bank | 146,000 | 1,120,678 |
Honda Motor | 136,700 | 3,284,019 | Takashimaya | 588,000 | 3,017,362 |
Japan Real Estate Investment | 108 | 804,641 | Takata | 355,000 | 2,226,439 |
JS Group | 387,800 | 4,143,668 | Takeda Pharmaceutical | 85,200 | 3,441,763 |
JSR | 117,500 | 1,373,296 | Tokai Rika | 161,400 | 1,287,524 |
KDDI | 2,100 | 10,958,033 | Tokyo Electron | 127,800 | 4,263,390 |
Keihin | 281,200 | 2,676,098 | Tokyo Gas | 1,737,400 | 6,954,347 |
Kubota | 284,000 | 1,349,219 | Toyo Engineering | 587,000 | 1,581,636 |
Lawson | 63,300 | 2,736,982 | Toyota Motor | 245,700 | 7,846,236 |
Leopalace21 | 38,800 | 214,532 | Yamaguchi Financial Group | 169,000 | 1,469,287 |
38
BNY Mellon International Fund (continued) | |||||
Common Stocks (continued) | Shares | Value ($) | Shares | Value ($) | |
Japan (continued) | Switzerland (continued) | ||||
Yamaha Motor | 395,200 | 3,357,150 | Ciba Holding | 40,595 | 1,648,993 |
Yamato Holdings | 312,000 | 3,044,637 | Clariant | 696,464 a | 2,619,517 |
211,679,967 | Credit Suisse Group | 112,070 | 2,770,496 | ||
Netherlands—2.9% | Julius Baer Holding | 146,690 | 3,415,682 | ||
Aegon | 337,515 | 1,231,878 | Nestle | 724,610 | 23,747,957 |
European Aeronautic | Novartis | 558,512 | 20,376,366 | ||
Defence and Space | 134,607 | 1,989,753 | Roche Holding | 104,590 | 11,890,815 |
Koninklijke Ahold | 199,600 | 2,241,957 | Syngenta | 10,390 | 2,224,811 |
Koninklijke DSM | 144,462 | 3,336,838 | UBS | 540,204 a | 5,107,198 |
KONINKLIJKE KPN | 149,740 | 1,935,344 | Zurich Financial Services | 9,990 | 1,424,398 |
Koninklijke Philips Electronics | 182,610 | 2,948,198 | 81,354,816 | ||
Koninklijke Vopak | 46,230 | 1,545,200 | United Kingdom—20.2% | ||
Royal Dutch Shell, Cl. A | 397,705 | 8,767,862 | Anglo American | 564,570 | 8,090,456 |
Wereldhave | 13,740 | 930,951 | AstraZeneca | 67,140 | 2,155,916 |
24,927,981 | Aviva | 369,210 | 1,527,540 | ||
Norway—.3% | BAE Systems | 349,660 | 1,859,627 | ||
Prosafe | 326,020 a | 1,182,879 | BP | 3,739,560 | 23,997,277 |
Tandberg | 138,600 | 1,790,626 | Carnival | 84,370 | 1,729,626 |
2,973,505 | Centrica | 2,487,626 | 9,633,265 | ||
Singapore—1.6% | Charter International | 410,790 | 2,464,081 | ||
CapitaLand | 548,000 | 691,149 | Friends Provident | 3,096,696 | 3,138,723 |
Capitaland (Rights) | 263,500 a | 115,768 | GlaxoSmithKline | 875,694 | 13,401,433 |
DBS Group Holdings | 2,026,266 | 10,147,983 | HSBC Holdings | 1,608,004 | 11,308,652 |
Oversea-Chinese Banking | 1,057,000 | 3,030,419 | IG Group Holdings | 237,160 | 909,908 |
13,985,319 | Kingfisher | 1,262,910 | 2,287,094 | ||
Spain—1.2% | Old Mutual | 5,794,792 | 3,442,763 | ||
Banco Santander | 574,157 | 3,566,645 | Persimmon | 269,120 | 1,326,298 |
Criteria Caixacorp | 286,000 | 804,919 | Reckitt Benckiser Group | 38,610 | 1,489,082 |
Mapfre | 414,480 | 851,239 | Regus | 1,504,830 | 1,055,613 |
Repsol | 60,380 | 935,400 | Rexam | 177,380 | 665,949 |
Telefonica | 238,480 | 4,447,313 | Rio Tinto | 30,650 | 790,252 |
10,605,516 | Royal Dutch Shell, Cl. A | 481,291 | 10,645,287 | ||
Sweden—1.2% | Royal Dutch Shell, Cl. B | 378,550 | 8,042,264 | ||
Elekta, Cl. B | 179,950 | 1,977,934 | Shire | 97,420 | 1,162,452 |
Nordea Bank | 236,610 | 1,190,025 | Tesco | 2,645,785 | 12,620,620 |
Sandvik | 736,920 | 3,968,138 | Thomas Cook Group | 1,223,170 | 3,738,573 |
Svenska Cellulosa, Cl. B | 492,830 | 3,214,620 | Unilever | 720,931 | 14,118,903 |
10,350,717 | Vodafone Group | 13,488,464 | 24,176,197 | ||
Switzerland—9.5% | WPP | 1,421,838 | 7,439,755 | ||
Adecco | 147,050 | 4,502,570 | 173,217,606 | ||
Baloise Holding | 28,540 | 1,626,013 |
The Funds 39
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon International Fund (continued) | |||||
Common Stocks (continued) | Shares | Value ($) | Other Investment—1.2% | Shares | Value ($) |
United States—.5% | Registered | ||||
iShares MSCI EAFE Index Fund | 111,860 | 3,879,305 | Investment Company; | ||
Total Common Stocks | Dreyfus Institutional | ||||
(cost $1,305,401,395) | 814,368,040 | Preferred Plus | |||
Money Market Fund | |||||
(cost $10,300,000) | 10,300,000 b | 10,300,000 | |||
Preferred Stocks—1.2% | |||||
Germany | Total Investments | ||||
Fresenius | 30,350 | 1,539,047 | (cost $1,335,205,707) | 97.5% | 835,289,265 |
Henkel & Co. | 383,924 | 9,082,178 | Cash and Receivables (Net) | 2.5% | 21,146,146 |
Total Preferred Stocks | |||||
Net Assets | 100.0% | 856,435,411 | |||
(cost $19,504,312) | 10,621,225 |
ADR—American Depositary Receipts |
a | Non-income producing security. |
b | Investment in affiliated money market mutual fund. |
Portfolio Summary (Unaudited) † | |||
Value (%) | Value (%) | ||
Financial | 15.4 | Materials | 6.4 |
Health Care | 11.5 | Utilities | 6.1 |
Consumer Discretionary | 10.6 | Information Technology | 5.2 |
Consumer Staples | 10.5 | Insurance | 3.1 |
Energy | 10.2 | Money Market Investment | 1.2 |
Industrial | 9.7 | Index | .5 |
Telecommunication Services | 7.1 | 97.5 |
† Based on net assets. |
See notes to financial statements. |
40
STATEMENT OF INVESTMENTS February 28, 2009 (Unaudited) |
BNY Mellon Emerging Markets Fund | |||||
Common Stocks—90.2% | Shares | Value ($) | Shares | Value ($) | |
Brazil—8.4% | China (continued) | ||||
Banco Itau Holding Financeira, ADR | 176,437 | 1,619,692 | Shanda Interactive | ||
Centrais Eletricas Brasileiras | 198,603 | 2,175,880 | Entertainment, ADR | 52,450 a | 1,721,409 |
Cia de Saneamento Basico do | Sinopec Shanghai | ||||
Estado de Sao Paulo | 88,308 | 887,733 | Petrochemical, Cl. H | 6,462,000 | 1,442,363 |
Cia de Saneamento Basico | Sinotrans, Cl. H | 10,687,600 | 1,579,137 | ||
do Estado de Sao Paulo, ADR | 4,690 | 93,425 | TPV Technology | 6,660,000 | 1,719,729 |
Cia de Saneamento de Minas Gerais | 232,900 | 2,024,752 | Weiqiao Textile, Cl. H | 5,498,900 | 1,430,808 |
Cia Energetica de Minas Gerais, ADR | 40,240 | 549,678 | Yanzhou Coal Mining, ADR | 8,500 | 48,280 |
Cia Vale do Rio Doce, ADR | 239,570 | 3,088,057 | Yanzhou Coal Mining, Cl. H | 2,044,000 | 1,145,196 |
Empresa Brasileira de | Zhejiang Expressway, Cl. H | 2,278,000 | 1,472,040 | ||
Aeronautica, ADR | 112,380 | 1,214,828 | ZTE, Cl. H | 535,800 | 1,763,006 |
Grendene | 383,200 | 1,898,854 | 48,048,617 | ||
Medial Saude | 337,600 | 954,326 | Egypt—.6% | ||
Petroleo Brasileiro (Preferred), ADR | 555,990 | 12,443,056 | Commercial International Bank | 81,482 | 504,897 |
Redecard | 124,700 | 1,303,630 | Telecom Egypt | 796,265 | 2,091,618 |
Souza Cruz | 41,700 | 836,999 | 2,596,515 | ||
Tele Norte Leste Participacoes, ADR | 420,008 | 5,090,497 | Hong Kong—8.6% | ||
Telemig Celular Participacoes (Rights) | 248 a | 643 | Belle International Holdings | 437,000 | 183,995 |
Unibanco—Uniao de Bancos | Chaoda Modern | ||||
Brasileiros (Units) | 196,600 | 1,035,862 | Agriculture Holdings | 2,284,320 | 1,310,184 |
Unibanco—Uniao de Bancos | China Agri-Industries Holdings | 3,578,519 a | 1,601,139 | ||
Brasileiros, ADR | 46,740 | 2,445,904 | China Mobile | 1,134,900 | 9,768,220 |
Votorantim Celulose e Papel, ADR | 207,870 a | 993,619 | China Mobile, ADR | 118,340 | 5,130,039 |
38,657,435 | China Pharmaceutical Group | 3,314,000 | 1,152,076 | ||
China—10.4% | China Power International | ||||
Aluminum Corp. of China, Cl. H | 698,500 | 327,653 | Development | 18,017,400 | 3,496,181 |
Anhui Expressway, Cl. H | 3,248,000 | 1,309,098 | China Unicom (Hong Kong) | 2,954,514 | 2,610,513 |
Bank of China, Cl. H | 23,553,000 | 6,474,767 | CNOOC | 721,000 | 622,667 |
Bosideng International Holdings | 22,254,000 | 1,502,545 | CNOOC, ADR | 31,080 | 2,670,704 |
China BlueChemical, Cl. H | 1,966,000 | 932,736 | Cosco Pacific | 3,624,000 | 2,621,009 |
China Construction Bank, Cl. H | 6,143,000 | 3,070,029 | Denway Motors | 7,494,700 | 2,236,016 |
China COSCO Holdings, Cl. H | 1,743,000 | 923,408 | Global Bio-Chem Technology Group | 9,338,800 | 1,036,571 |
China Molybdenum, Cl. H | 1,442,000 | 527,647 | Nine Dragons Paper Holdings | 4,173,000 | 1,113,384 |
China Petroleum & Chemical, Cl. H | 3,226,000 | 1,661,150 | NWS Holdings | 705,469 | 896,364 |
China Telecom, Cl. H | 3,517,000 | 1,171,547 | Shanghai Industrial Holdings | 905,280 | 2,038,955 |
Dongfang Electric, Cl. H | 823,800 | 1,490,966 | Texwinca Holdings | 3,319,600 | 1,444,234 |
Guangshen Railway, Cl. H | 1,892,000 | 556,587 | 39,932,251 | ||
Huaneng Power International, Cl. H | 4,286,200 | 2,773,215 | Hungary—.6% | ||
Industrial & Commercial | Magyar Telekom Telecommunications | 595,270 | 1,379,410 | ||
Bank of China, Cl. H | 9,185,000 | 3,694,793 | Richter Gedeon | 15,520 | 1,611,160 |
PetroChina, ADR | 24,100 | 1,707,967 | 2,990,570 | ||
PetroChina, Cl. H | 10,718,000 | 7,602,541 |
The Funds 41
STATEMENT OF INVESTMENTS (Unaudited) (continued) |
BNY Mellon Emerging Markets Fund (continued) | |||||
Common Stocks (continued) | Shares | Value ($) | Shares | Value ($) | |
India—7.3% | Israel (continued) | ||||
Andhra Bank | 1,172,640 | 978,529 | Israel Discount Bank, Cl. A | 2,304,796 | 1,542,983 |
Axis Bank | 48,370 | 325,503 | Partner Communications | 71,253 | 1,046,355 |
Bank of India | 407,290 | 1,779,681 | Teva Pharmaceutical | ||
Bharat Petroleum | 325,727 | 2,433,947 | Industries, ADR | 86,250 | 3,845,025 |
Bharti Airtel | 113,380 a | 1,396,795 | 9,186,874 | ||
Canara Bank | 156,600 | 502,846 | Luxembourg—.1% | ||
Dr. Reddy’s Laboratories | 72,310 | 546,392 | Evraz Group, GDR | 37,530 b | 334,017 |
Grasim Industries | 60,901 | 1,590,689 | Malaysia—5.2% | ||
Hindalco Industries | 173,111 | 129,432 | AMMB Holdings | 308,162 | 204,665 |
Hindalco Industries, GDR | 1,436,660 b | 1,084,378 | Gamuda | 4,327,700 | 2,294,181 |
Hindustan Petroleum | 437,303 | 2,287,024 | Genting | 2,793,200 | 2,593,340 |
ICICI Bank, ADR | 36,050 | 449,183 | Hong Leong Bank | 1,989,100 | 2,806,981 |
India Cements | 992,024 | 1,873,164 | KLCC Property Holdings | 2,345,500 | 1,862,092 |
Indian Bank | 160,180 | 268,786 | Malayan Banking | 4,301,450 | 5,882,997 |
Infosys Technologies | 34,610 | 823,832 | Resorts World | 334,800 | 198,648 |
Jet Airways India | 106,806 a | 293,022 | RHB Capital | 2,028,200 | 2,036,214 |
Mahanagar Telephone Nigam | 1,670,426 | 2,081,099 | Sime Darby | 2,210,200 | 3,349,319 |
Mahanagar Telephone Nigam, ADR | 185,360 | 519,008 | Tenaga Nasional | 1,632,000 | 2,824,403 |
Mahindra & Mahindra | 228,111 | 1,367,977 | 24,052,840 | ||
Oil & Natural Gas | 135,152 | 1,805,134 | Mexico—3.7% | ||
Reliance Industries | 58,061 | 1,418,695 | America Movil, ADR, Ser. L | 257,610 | 6,563,903 |
State Bank of India | 44,490 | 885,866 | Consorcio ARA | 3,142,300 | 773,711 |
State Bank of India, GDR | 88,660 b | 3,581,864 | Embotelladoras Arca | 1,339,100 | 2,154,166 |
Steel Authority of India | 1,195,132 | 1,751,237 | Fomento Economico Mexicano, ADR | 73,060 | 1,683,302 |
Sterlite Industries (India) | 49,310 | 233,539 | Gruma, Cl. B | 1,550,066 a | 496,672 |
Sterlite Industries (India), ADR | 223,960 | 1,030,216 | Grupo Aeroportuario | ||
Tata Chemicals | 265,530 | 637,919 | del Sureste, Cl. B | 289,000 | 836,449 |
Tata Consultancy Services | 178,162 | 1,658,548 | Grupo Continental | 1,603,790 | 2,264,050 |
33,734,305 | Grupo Modelo, Ser. C | 627,700 | 1,627,569 | ||
Indonesia—1.4% | Kimberly-Clark de Mexico, Cl. A | 268,400 | 845,557 | ||
Bank Central Asia | 2,980,000 | 577,223 | 17,245,379 | ||
Gudang Garam | 5,648,200 | 2,415,488 | Peru—.2% | ||
Kalbe Farma | 25,984,000 | 1,393,675 | Credicorp | 22,730 | 829,872 |
Telekomunikasi Indonesia | 4,423,400 | 2,304,484 | Philippines—.5% | ||
6,690,870 | ABS-CBN Holdings | 1,178,500 | 306,196 | ||
Israel—2.0% | Bank of the Philippine Islands | 1,385,961 | 970,042 | ||
Bank Hapoalim | 625,840 a | 1,112,771 | Metropolitan Bank & Trust | 619,100 | 260,131 |
Bank Leumi Le-Israel | 342,440 | 606,408 | Union Bank of the Philippines | 1,653,700 | 700,079 |
Elbit Systems | 23,379 | 1,033,332 | 2,236,448 |
42
BNY Mellon Emerging Markets Fund (continued) | |||||
Common Stocks (continued) | Shares | Value ($) | Shares | Value ($) | |
Poland—.9% | South Korea—11.7% | ||||
Bank Pekao | 37,020 | 784,944 | CJ Home Shopping | 39,134 | 1,137,195 |
Polski Koncern Naftowy Orlen | 153,390 | 864,500 | Hana Financial Group | 59,025 | 692,953 |
Polskie Gornictwo | Hanwha Chemical | 276,953 | 1,218,730 | ||
Naftowe I Gazownictwo | 989,480 | 933,957 | Honam Petrochemical | 25,280 a | 764,866 |
Telekomunikacja Polska | 326,270 | 1,579,978 | Hyundai Heavy Industries | 9,376 | 1,060,640 |
4,163,379 | Hyundai Marine & Fire Insurance | 136,890 | 925,177 | ||
Russia—5.1% | Hyundai Mobis | 17,842 | 851,074 | ||
Cherepovets MK Severstal, GDR | 108,050 b | 392,222 | Hyundai Motor | 46,662 | 1,475,398 |
Gazprom, ADR | 815,810 | 10,597,372 | Kangwon Land | 111,010 | 892,769 |
LUKOIL, ADR | 235,250 | 7,537,410 | KB Financial Group | 171,403 a | 3,258,040 |
MMC Norilsk Nickel, ADR | 411,913 | 1,935,991 | KB Financial Group, ADR | 48,890 c | 920,110 |
Mobile Telesystems, ADR | 123,140 | 2,917,187 | Korea Electric Power | 251,425 a | 3,897,327 |
VTB Bank, GDR | 258,380 b | 276,467 | KT | 9,620 | 233,527 |
23,656,649 | KT & G | 24,084 | 1,232,955 | ||
South Africa—7.3% | KT, ADR | 328,240 c | 3,945,445 | ||
ABSA Group | 125,390 | 1,104,375 | Kumho Tire | 246,540 a | 578,554 |
AngloGold Ashanti, ADR | 162,637 | 4,851,462 | LG | 34,892 | 910,987 |
Aveng | 304,661 | 776,350 | LG Chem | 20,340 | 1,115,590 |
FirstRand | 2,588,460 | 3,086,684 | LG Fashion | 73,050 | 742,785 |
Fountainhead Property Trust | 904,870 | 491,612 | Lotte Shopping | 23,100 | 2,441,972 |
Gold Fields | 135,120 | 1,397,332 | POSCO | 26,606 | 5,386,008 |
Gold Fields, ADR | 103,490 | 1,053,528 | Samsung Electronics | 45,973 | 14,210,963 |
Growthpoint Properties | 553,130 | 736,229 | Shinhan Financial Group | 136,612 a | 2,037,509 |
JD Group | 357,888 | 1,045,153 | Shinhan Financial Group (Rights) | 20,950 a | 43,718 |
Metropolitan Holdings | 1,149,490 | 1,242,200 | SK Telecom | 3,329 | 404,914 |
MTN Group | 245,229 | 2,087,055 | SK Telecom, ADR | 298,360 | 3,995,040 |
Nampak | 2,001,704 | 2,555,367 | 54,374,246 | ||
Naspers, Cl. N | 88,910 | 1,354,987 | Taiwan—9.5% | ||
Nedbank Group | 485,290 | 3,613,862 | Au Optronics | 1,900,000 | 1,382,441 |
Remgro | 136,540 | 895,854 | China Motor | 2,809,413 | 909,867 |
Sanlam | 502,061 | 759,178 | Chinatrust Financial Holding | 6,057,294 | 1,814,060 |
Sappi | 781,647 | 1,469,697 | Chungwa Telecom | 343,460 | 528,839 |
Sasol | 70,753 | 1,764,449 | Compal Electronics | 10,130,011 | 5,703,361 |
Sasol, ADR | 20,900 | 525,217 | First Financial Holding | 1,507,456 | 592,863 |
Standard Bank Group | 80,210 | 515,948 | Formosa Plastics | 768,900 | 1,047,471 |
Steinhoff | Giant Manufacturing | 565,000 | 1,071,824 | ||
International Holdings | 222,206 | 246,725 | HON HAI Precision Industry | 1,294,000 | 2,554,082 |
Telkom | 213,710 | 2,095,225 | Lite-On Technology | 1,948,900 | 1,131,087 |
33,668,489 |
The Funds 43
STATEMENT OF INVESTMENTS (Unaudited) (continued) |
BNY Mellon Emerging Markets Fund (continued) | |||||
Common Stocks (continued) | Shares | Value ($) | Shares | Value ($) | |
Taiwan (continued) | Turkey (continued) | ||||
Mega Financial Holding | 6,036,000 | 1,619,477 | Turk Sise ve Cam Fabrikalari | 2,400,103 a | 1,341,155 |
Nan Ya Printed Circuit Board | 1,026,971 | 2,011,079 | Turkcell Iletisim Hizmet | 506,790 | 2,518,896 |
Nien Hsing Textile | 1,046,000 | 227,515 | Turkcell Iletisim Hizmet, ADR | 9,270 | 114,206 |
Powertech Technology | 544,000 | 816,947 | Turkiye Garanti Bankasi | 989,020 a | 1,204,206 |
Quanta Computer | 3,428,902 | 3,441,982 | Turkiye Is Bankasi, Cl. C | 348,785 | 672,910 |
SinoPac Financial Holdings | 15,237,225 | 2,489,573 | 9,899,848 | ||
Taiwan Mobile | 1,280,999 | 1,667,962 | United Kingdom—.2% | ||
Taiwan Semiconductor | JKX Oil & Gas | 250,007 | 741,768 | ||
Manufacturing | 3,300,615 | 4,137,989 | United States—.4% | ||
Taiwan Semiconductor | iShares MSCI Emerging | ||||
Manufacturing, ADR | 469,819 | 3,542,435 | Markets Index Fund | 44,090 | 936,031 |
Tong Yang Industry | 3,177,648 | 1,335,434 | Patni Computer Systems, ADR | 185,700 | 844,935 |
Unimicron Technology | 1,708,000 | 749,396 | 1,780,966 | ||
United Microelectronics | 15,842,397 | 3,461,353 | Total Common Stocks | ||
Yageo | 10,993,960 | 1,658,669 | (cost $660,074,986) | 417,272,773 | |
43,895,706 | |||||
Thailand—4.0% | Preferred Stocks—5.8% | ||||
Bangkok Bank | 869,200 | 1,762,210 | Brazil | ||
Charoen Pokphand Foods | 29,025,600 | 2,696,032 | Banco Bradesco | 51,300 | 444,054 |
Electricity Generating | 991,600 | 1,930,578 | Banco Itau Holding Financeira | 44,100 | 409,392 |
Kasikornbank | 2,990,300 | 3,638,912 | Bradespar | 83,400 | 781,199 |
Krung Thai Bank | 21,916,400 | 2,484,503 | Braskem, Cl. A | 720,500 | 1,620,929 |
PTT | 182,700 | 777,089 | Cia de Bebidas das Americas | 27,000 | 1,082,642 |
Siam Cement | 830,200 | 2,251,483 | Cia de Tecidos do Norte | ||
Thai Airways International | 3,731,100 | 785,053 | de Minas—Coteminas | 821,960 a | 1,168,631 |
Thai Oil | 1,178,500 | 751,131 | Cia Energetica de Minas Gerais | 209,243 | 2,909,312 |
Thai Union Frozen Products | 2,780,400 | 1,478,738 | Cia Paranaense de Energia, Cl. B | 317,300 | 2,958,848 |
18,555,729 | Cia Vale do Rio Doce, Cl. A | 481,200 | 5,398,761 | ||
Turkey—2.1% | Gerdau | 130,400 | 690,334 | ||
Haci Omer Sabanci Holding | 751,547 | 1,087,469 | Klabin | 558,100 | 718,804 |
Selcuk Ecza Deposu | Petroleo Brasileiro | 693,600 | 7,657,038 | ||
Ticaret ve Sanayi | 1,730,814 | 1,720,532 | Telemig Celular Participacoes | 2,709 | 51,883 |
Tupras Turkiye Petrol Rafine | 136,060 | 1,240,474 |
44
BNY Mellon Emerging Markets Fund (continued) | |||||
Investment of Cash Collateral | Principal | ||||
Preferred Stocks (continued) | Shares | Value ($) | for Securities Loaned—.6% | Amount ($) | Value ($) |
Brazil (continued) | Registered | ||||
Usinas Siderurgicas | Investment Company; | ||||
de Minas Gerais, Cl. A | 74,750 | 810,516 | Dreyfus Institutional Cash | ||
Total Preferred Stocks | Advantage Plus Fund | ||||
(cost $37,480,249) | 26,702,343 | (cost $2,598,015) | 2,598,015 d | 2,598,015 | |
Total Investments | |||||
Other Investment—2.3% | (cost $710,903,250) | 98.9% | 457,323,131 | ||
Registered Investment Company; | Cash and | ||||
Dreyfus Institutional Preferred | Receivables (Net) | 1.1% | 5,086,668 | ||
Plus Money Market Fund | |||||
(cost $10,750,000) | 10,750,000 d | 10,750,000 | Net Assets | 100.0% | 462,409,799 |
ADR—American Depositary Receipts GDR—Global Depositary Receipts
a Non-income producing security. |
b Securities exempt from registration under Rule 144A of the Securities Act of 1933.These securities may be resold in transactions exempt from registration, normally to qualified |
institutional buyers.At February 28, 2009, these securities amounted to $5,668,948 or 1.2% of net assets. |
c All or a portion of these securities are on loan.At February 28, 2009, the total market value of the fund’s securities on loan is $2,432,777 and the total market value of the |
collateral held by the fund is $2,598,015. |
d Investment in affiliated money market mutual fund. |
Portfolio Summary (Unaudited) † | |||
Value (%) | Value (%) | ||
Financial | 19.0 | Industrial | 5.5 |
Energy | 14.7 | Consumer Staples | 4.9 |
Telecommunication Services | 13.7 | Money Market Investments | 2.9 |
Information Technology | 11.8 | Health Care | 2.4 |
Materials | 11.5 | Exchange Traded Funds | .2 |
Consumer Discretionary | 6.7 | ||
Utilities | 5.6 | 98.9 |
† Based on net assets. |
See notes to financial statements. |
The Funds 45
STATEMENT OF INVESTMENTS February 28, 2009 (Unaudited) |
BNY Mellon International Appreciation Fund | |||||
Common Stocks—99.2% | Shares | Value ($) | Shares | Value ($) | |
Consumer Discretionary—10.1% | Consumer Discretionary (continued) | ||||
Adidas, ADR | 15,800 | 230,996 | Zon Multimedia Servicos de | ||
Bridgestone, ADR | 22,000 | 591,800 | Telecomunicacoes e | ||
British Sky Broadcasting Group, ADR | 15,075 | 401,598 | Multimedia, ADR | 5,535 a | 26,572 |
Bulgari, ADR | 13,775 a | 224,811 | 21,064,840 | ||
Casio Computer, ADR | 5,900 | 411,845 | Consumer Staples—11.8% | ||
Compass Group, ADR | 65,400 | 287,760 | Aeon, ADR | 54,000 | 320,220 |
Dailmer | 36,600 | 827,892 | Ajinomoto, ADR | 8,100 | 560,448 |
Denso, ADR | 6,750 | 507,330 | British American Tobacco, ADR | 31,800 | 1,623,072 |
Electrolux, ADR | 31,100 | 428,869 | Cadbury, ADR | 12,543 | 384,318 |
Fiat, ADR | 48,300 | 219,765 | Coca Cola Hellenic Bottling, ADR | 18,850 | 222,053 |
Honda Motor, ADR | 65,200 | 1,540,676 | Coca-Cola Amatil, ADR | 69,750 | 791,662 |
Husqvarna, ADR | 37,650 | 267,315 | Delhaize Group, ADR | 18,600 | 1,083,264 |
Intercontinental Hotels Group, ADR | 38,270 | 262,150 | Diageo, ADR | 21,320 | 991,167 |
Kingfisher, ADR | 111,626 | 394,040 | Foster’s Group, ADR | 170,100 | 586,845 |
Ladbrokes, ADR | 83,611 | 203,175 | Groupe Danone, ADR | 101,500 | 963,235 |
Loxottica Group, ADR | 11,000 | 143,110 | Heineken, ADR | 21,050 | 282,070 |
LVMH Moet Hennessy | Henkel & Co., ADR | 17,600 | 413,600 | ||
Louis Vuitton, ADR | 39,500 | 454,490 | Hitachi, ADR | 14,300 | 351,923 |
Marks & Spencer Group, ADR | 45,750 | 339,007 | Imperial Tobacco Group, ADR | 17,600 | 841,808 |
Marui Group, ADR | 32,500 | 270,725 | J. Sainsbury, ADR | 15,475 | 289,692 |
Mediaset, ADR | 32,800 | 434,928 | Kao, ADR | 3,700 | 683,279 |
Nissan Motor, ADR | 64,500 | 390,870 | Kirin Holdings, ADR | 61,000 | 574,010 |
Panasonic Electric Works, ADR | 6,000 | 359,100 | Koninklijke Ahold, ADR | 49,680 | 553,435 |
Panasonic, ADR | 82,000 | 942,180 | L’Oreal, ADR | 118,500 | 1,540,500 |
Pearson, ADR | 40,800 | 380,256 | Nestle, ADR | 136,650 | 4,442,491 |
Peugeot, ADR | 17,400 | 303,630 | Sabmiller, ADR | 37,700 | 544,765 |
Publicis Groupe, ADR | 24,500 | 568,400 | Shiseido, ADR | 33,000 | 475,200 |
Reed Elsevier, ADR | 12,443 | 370,926 | Tate & Lyle, ADR | 12,425 | 189,108 |
Sega Sammy Holdings, ADR | 160,000 | 329,600 | Tesco, ADR | 94,268 | 1,341,434 |
Sharp, ADR | 63,000 | 479,430 | Toyo Suisan Kaisha, ADR | 4,600 | 1,095,406 |
Sodexo, ADR | 29,100 | 1,347,912 | Unilever (NY Shares) | 58,300 | 1,114,113 |
Sony, ADR | 42,400 | 702,144 | Unilever, ADR | 45,020 | 867,986 |
TABCORP Holdings, ADR | 10,340 | 421,445 | Yamazaki Baking, ADR | 10,500 | 1,328,529 |
Television Broadcasts, ADR | 68,000 | 449,480 | 24,455,633 | ||
Thomson Reuters, ADR | 1,472 | 182,984 | Energy—9.5% | ||
Toyota Motor, ADR | 51,650 | 3,261,181 | BG Group, ADR | 25,620 | 1,831,830 |
Valeo, ADR | 50,000 | 312,000 | BP, ADR | 106,046 | 4,067,924 |
Volkswagen, ADR | 24,500 | 1,200,500 | ENI, ADR | 53,192 | 2,128,212 |
Wolters Kluwer, ADR | 21,800 | 344,658 | Repsol YPF, ADR | 44,100 | 671,202 |
WPP, ADR | 9,640 | 249,290 | Royal Dutch Shell, ADR | 112,765 | 4,885,583 |
46
BNY Mellon International Appreciation Fund (continued) | |||||
Common Stocks (continued) | Shares | Value ($) | Shares | Value ($) | |
Energy (continued) | Financial (continued) | ||||
Santos, ADR | 13,475 | 518,787 | ING Groep, ADR | 70,700 | 318,857 |
StatoilHydro, ADR | 60,005 | 999,683 | Intesa Sanpaolo, ADR | 192,048 | 2,780,855 |
Technip, ADR | 11,800 | 385,034 | Legal & General Group, ADR | 96,400 | 280,524 |
Total, ADR | 76,624 | 3,616,653 | Lend Lease, ADR | 205,200 | 656,640 |
Woodside Petroleum, ADR | 28,805 | 659,635 | Lloyds Banking Group, ADR | 106,708 | 346,801 |
19,764,543 | Mitsubishi Estate, ADR | 6,200 | 635,748 | ||
Financial—19.4% | Mitsubishi Financial Group, ADR | 390,868 | 1,747,180 | ||
Aegon (NY Shares) | 59,800 | 211,094 | Mitsui Sumitoto Insurance Group | ||
Allianz, ADR | 209,000 | 1,383,580 | Holdings, ADR | 46,400 | 533,600 |
Allied Irish Banks, ADR | 20,050 | 22,456 | Mizuho Financial Group, ADR | 500,000 | 1,885,000 |
Alpha Bank, ADR | 121,900 | 177,974 | National Australia Bank, ADR | 117,600 | 1,328,880 |
Australian & New Zealand | National Bank of Greece, ADR | 138,320 | 315,370 | ||
Banking Group, ADR | 101,400 | 860,886 | Nomura Holdings, ADR | 98,000 | 400,820 |
AXA, ADR | 75,500 | 685,540 | ORIX, ADR | 12,000 | 118,560 |
Banco Bilbao Vizcaya Argentaria, ADR | 170,400 | 1,221,768 | Promise, ADR | 52,000 | 339,040 |
Banco Santander, ADR | 324,400 | 1,952,888 | Prudential, ADR | 59,900 | 482,195 |
Bank of Yokohama, ADR | 10,300 | 438,059 | Shinsei Bank, ADR | 113,000 | 192,100 |
Barclays, ADR | 98,550 | 506,547 | Shizuoka Bank, ADR | 4,700 | 417,906 |
BNP Paribas, ADR | 70,000 | 1,120,700 | Sino Land, ADR | 46,000 | 180,619 |
British Land, ADR | 57,600 | 382,464 | Social Generale, ADR | 119,445 | 735,781 |
Capitaland, ADR | 108,500 | 260,400 | Sumitomo Mitsui Financial Group, ADR | 315,000 | 982,800 |
Cheung Kong Holdings, ADR | 76,000 | 619,400 | Sumitomo Trust & Banking, ADR | 95,000 | 307,800 |
City Developments, ADR | 106,000 | 312,700 | Sun Hung Kai Properties, ADR | 65,000 | 499,850 |
Commerzbank, ADR | 43,300 | 157,179 | Suruga Bank, ADR | 5,600 | 437,263 |
Commonwealth Bank of Australia, ADR | 23,800 a | 1,359,297 | Swire Pacific, ADR | 76,000 | 459,800 |
Credit Suisse Group, ADR | 45,150 | 1,090,824 | Swiss Reinsurance, ADR | 16,914 | 208,888 |
Daiwa House Industry, ADR | 5,300 | 344,500 | Tokio Marine Holdings, ADR | 32,450 | 730,125 |
Daiwa Securities Group, ADR | 9,900 | 336,600 | Tokyu Land, ADR | 12,700 | 292,044 |
Danske Bank, ADR | 61,600 | 190,344 | UBS | 117,704 b | 1,065,221 |
Deutsche Bank | 26,023 | 665,148 | United Overseas Bank, ADR | 34,000 | 430,440 |
DNB NOR, ADR | 4,400 a | 160,068 | Westpac Banking, ADR | 23,520 | 1,261,613 |
Erste Group Bank, ADR | 20,000 | 94,400 | Zurich Financial Services, ADR | 63,700 | 894,985 |
Fortis, ADR | 150,300 | 223,947 | 40,487,358 | ||
Friends of Provident, ADR | 46,860 | 466,726 | Health Care—9.7% | ||
Governor & Co of the Bank of | AstraZeneca, ADR | 55,269 | 1,745,948 | ||
Ireland, ADR | 17,250 | 20,527 | Bayer, ADR | 32,600 | 1,568,060 |
Hang Seng Bank, ADR | 40,400 | 452,480 | Cie Generale d’Opitique Essilor | ||
HSBC Holdings, ADR | 87,340 | 3,039,432 | International, ADR | 34,000 | 593,640 |
Hypo Real Estate Holdings, ADR | 33,300 | 41,625 | Eisai, ADR | 39,000 | 1,202,760 |
Hysan Development, ADR | 145,000 | 420,500 | Elan, ADR | 25,400 b | 156,972 |
The Funds 47
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon International Appreciation Fund (continued) | |||||
Common Stocks (continued) | Shares | Value ($) | Shares | Value ($) | |
Health Care (continued) | Industrial (continued) | ||||
Fresenius Medical Care, ADR | 13,600 | 551,616 | Mitsubishi Electric, ADR | 12,400 | 484,220 |
GlaxoSmithKline, ADR | 94,351 | 2,842,796 | Mitsubishi, ADR | 35,000 | 854,350 |
Novartis, ADR | 91,260 | 3,308,175 | Mitsui & Co., ADR | 3,500 | 632,485 |
Novo Nordisk, ADR | 28,800 | 1,394,496 | MTR, ADR | 14,000 | 308,700 |
Novozymes, ADR | 1,400 | 103,390 | Neptune Orient Lines, ADR | 83,750 | 260,010 |
Olympus, ADR | 73,000 | 969,440 | Nippon Yusen Kabus, ADR | 76,000 | 616,360 |
Roche Holding, ADR | 116,360 | 3,263,898 | NSK, ADR | 9,400 | 288,298 |
Sanofi-Aventis, ADR | 79,600 | 2,039,352 | Orkla, ADR | 38,100 | 228,600 |
Smith & Nephew, ADR | 12,300 | 434,559 | Rolls-Royce Group, ADR | 15,740 | 321,096 |
20,175,102 | Ryanair Holdings, ADR | 11,600 b | 276,544 | ||
Industrial—11.7% | Sandvik, ADR | 76,900 | 403,725 | ||
ABB, ADR | 100,310 | 1,208,735 | Secom, ADR | 6,500 | 439,725 |
Air France, ADR | 43,600 | 397,196 | Siemens, ADR | 33,142 | 1,677,648 |
All Nippon Airways, ADR | 160,000 | 1,104,000 | SKF, ADR | 53,900 | 455,455 |
Amada, ADR | 24,500 | 481,763 | Sumitomo Electric | ||
Asahi Glass, ADR | 83,000 | 362,710 | Industries, ADR | 6,800 | 536,522 |
Atlas Copco, Cl. A, ADR | 69,200 | 479,556 | Sumitomo, ADR | 62,000 | 525,760 |
Atlas Copco, Cl. B, ADR | 77,500 | 485,150 | Taisei, ADR | 19,500 | 348,765 |
Bae Systems, ADR | 33,825 | 711,678 | TNT, ADR | 25,700 | 370,337 |
British Airways, ADR | 10,540 | 206,373 | Tomkins, ADR | 40,425 | 257,912 |
Dai Nippon Printing, ADR | 53,000 | 446,790 | Toppan Printing, ADR | 14,800 | 392,200 |
Deutsche Lufthansa, ADR | 42,700 | 467,565 | Toto, ADR | 4,600 | 194,396 |
European Aeronautic Defence | Verbund-Oesterreichische | ||||
and Space, ADR | 37,400 | 544,918 | Elektrizitaetswirtschafts, ADR | 65,500 | 407,456 |
Experian, ADR | 34,970 | 206,673 | Vestas Wind Systems, ADR | 22,200 b | 324,564 |
Hutchison Whampoa, ADR | 18,200 | 472,290 | Volvo, ADR | 114,700 | 479,446 |
Invensys, ADR | 144,010 | 316,822 | Weinerberger, ADR | 52,500 | 82,425 |
ITOCHU, ADR | 11,200 | 500,192 | Wolseley, ADR | 42,100 | 105,671 |
Japan Airlines, ADR | 160,200 b | 1,488,258 | 24,279,383 | ||
Kajima, ADR | 18,000 | 369,000 | Information Technology—5.0% | ||
Kawasaki Heavy Industries, ADR | 54,000 | 362,880 | Advantest, ADR | 18,500 | 220,150 |
Keppel, ADR | 69,000 | 386,400 | Alcatel-Lucent, ADR | 110,400 b | 144,624 |
Komatsu, ADR | 13,250 | 538,612 | Alps Electric, ADR | 43,500 | 244,518 |
Koninklijke Philips Electronics | Canon, ADR | 41,500 | 1,042,065 | ||
(NY Shares) | 39,100 | 625,209 | Computershare, ADR | 82,600 | 355,180 |
Kubota, ADR | 16,600 | 391,594 | Dassault Systemes, ADR | 9,400 | 327,778 |
Marubeni, ADR | 6,700 | 211,050 | Fujifilm Holdings, ADR | 29,000 | 535,050 |
Metso, ADR | 24,300 | 241,299 | Fujitsu, ADR | 20,600 | 345,050 |
48
BNY Mellon International Appreciation Fund (continued) | |||||
Common Stocks (continued) | Shares | Value ($) | Shares | Value ($) | |
Information Technology (continued) | Materials (continued) | ||||
Kyocera, ADR | 8,300 | 479,740 | Rio Tinto, ADR | 7,975 | 813,450 |
NEC, ADR | 110,000 | 262,616 | Solvay, ADR | 6,400 | 363,520 |
Nidec, ADR | 43,600 | 445,156 | Stora Enso, ADR | 55,600 | 228,516 |
Nintendo, ADR | 31,200 | 1,099,800 | Sumitomo Metal Industries, ADR | 22,400 | 425,152 |
Nokia, ADR | 146,000 | 1,366,560 | Svenska Cellulosa, ADR | 62,700 | 409,431 |
Omron, ADR | 34,000 | 384,200 | Syngenta, ADR | 24,250 | 1,038,385 |
Ricoh, ADR | 9,400 | 528,750 | Taiheiyo Cement, ADR | 24,800 | 357,380 |
SAP, ADR | 34,180 | 1,098,545 | Teijin, ADR | 16,100 | 273,700 |
TDK, ADR | 11,000 | 357,280 | Toray Industries, ADR | 11,600 | 443,120 |
Telefonaktiebolaget LM Ericsson, ADR | 109,200 | 891,072 | UPM-Kymmene, ADR | 43,400 | 304,234 |
Trend Micro, ADR | 13,000 | 289,900 | 16,444,217 | ||
10,418,034 | Telecommunications—7.4% | ||||
Materials—7.9% | BT Group, ADR | 27,910 | 356,969 | ||
Air Liquide, ADR | 47,414 | 701,727 | Deutsche Telekom, ADR | 98,000 | 1,175,020 |
Akzo Nobel, ADR | 7,900 | 277,685 | France Telecom, ADR | 65,200 | 1,463,740 |
Alumina, ADR | 48,575 | 148,154 | Hellenic Telecommunications | ||
Amcor, ADR | 31,750 | 351,472 | Organization, ADR | 20,600 | 129,780 |
Anglo American, ADR | 92,316 | 652,674 | Koninklijke KPN, ADR | 67,800 | 869,196 |
ArcelorMittal | 33,224 | 642,220 | Nippon Telegraph & Telephone, ADR | 57,400 | 1,215,732 |
Asahi Kasei, ADR | 11,400 | 358,530 | NTT Docomo, ADR | 71,800 | 1,103,566 |
BASF, ADR | 35,100 | 968,409 | Portugal Telecom, ADR | 26,300 | 211,452 |
BHP Billiton, ADR | 98,849 | 3,406,414 | Singapore Telecommunications, ADR | 32,935 | 516,091 |
Boral, ADR | 37,450 | 270,831 | Swisscom, ADR | 10,000 | 298,800 |
CRH, ADR | 19,300 | 390,246 | Telecom Corp New Zealand, ADR | 33,973 | 197,723 |
Intalcementi, ADR | 28,500 | 256,452 | Telecom Italia, ADR | 96,069 | 1,043,307 |
James Hardie Industries, ADR | 23,680 | 247,574 | Telefonica, ADR | 51,675 | 2,871,063 |
Johnson Matthey, ADR | 6,650 | 190,523 | Telenor, ADR | 12,400 | 193,192 |
Kobe Steel, ADR | 51,600 | 304,440 | Telstra, ADR | 49,100 | 546,974 |
Koninklijke DSM, ADR | 16,000 | 90,880 | Vodafone Group, ADR | 181,023 | 3,213,158 |
Lafarge, ADR | 14,824 | 159,803 | 15,405,763 | ||
Newcrest Mining, ADR | 18,047 | 358,233 | Utilities—6.7% | ||
Nippon Steel, ADR | 23,100 | 612,150 | Centrica, ADR | 60,345 | 956,468 |
Nisshin Steel, ADR | 12,350 | 383,708 | CLP Holdings, ADR | 114,000 | 843,600 |
Nitto Denko, ADR | 2,000 | 361,680 | E.ON, ADR | 87,927 | 2,257,965 |
Norsk Hydro, ADR | 43,500 | 137,895 | Energias de Portugal, ADR | 19,220 | 616,001 |
Oji Paper, ADR | 8,400 | 306,600 | GDF Suez, ADR | 68,249 | 2,188,156 |
Rexam, ADR | 11,220 | 209,029 | Hong Kong & China Gas, ADR | 283,800 | 422,862 |
The Funds 49
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon International Appreciation Fund (continued) | |||||
Common Stocks (continued) | Shares | Value ($) | Other Investment—.3% | Shares | Value ($) |
Utilities (continued) | Registered | ||||
Iberdrola, ADR | 64,150 | 1,680,730 | Investment Company; | ||
International Power, ADR | 11,920 | 403,492 | Dreyfus Institutional | ||
National Grid, ADR | 22,788 | 1,015,433 | Preferred Plus | ||
Money Market Fund | |||||
RWE, ADR | 24,200 | 1,526,052 | (cost $642,000) | 642,000 c | 642,000 |
Scottish & Southern Energy, ADR | 53,700 | 896,790 | |||
United Utilities Group, ADR | 29,865 | 431,848 | Total Investments | ||
Veolia Enviroment, ADR | 28,500 | 613,605 | (cost $366,238,506) | 99.5% | 206,989,875 |
13,853,002 | Cash and Receivables (Net) | .5% | 1,072,454 | ||
Total Common Stocks | |||||
(cost $365,596,506) | 206,347,875 | Net Assets | 100.0% | 208,062,329 |
ADR—American Depositary Receipts |
a Securities exempt from registration under Rule 144A of the Securities Act of 1933.These securities may be resold in transactions exempt from registration, normally to qualified |
institutional buyers.At February 28, 2009, these securities amounted to $1,770,748 or 0.9% of net assets. |
b Non-income producing security. |
c Investment in affiliated money market mutual fund. |
Portfolio Summary (Unaudited) † | |||
Value (%) | Value (%) | ||
Financial | 19.4 | Materials | 7.9 |
Consumer Staples | 11.8 | Telecommunications | 7.4 |
Industrial | 11.7 | Utilities | 6.7 |
Consumer Discretionary | 10.1 | Information Technology | 5.0 |
Health Care | 9.7 | Money Market Investment | .3 |
Energy | 9.5 | 99.5 |
† Based on net assets. |
See notes to financial statements. |
50
BNY Mellon Balanced Fund | |||||
Common Stocks—33.0% | Shares | Value ($) | Shares | Value ($) | |
Consumer Discretionary—2.7% | Exchange Traded Funds—.2% | ||||
Darden Restaurants | 17,675 | 479,700 | Standard & Poor’s Depository | ||
Family Dollar Stores | 17,970 a | 493,097 | Receipts (Tr. Ser. 1) | 5,050 | 373,347 |
Home Depot | 33,140 | 692,295 | Financial—3.0% | ||
Mattel | 45,160 | 534,694 | Ameriprise Financial | 29,550 | 471,027 |
McDonald’s | 19,890 | 1,039,253 | Charles Schwab | 39,830 | 506,239 |
News, Cl. B | 86,170 a | 539,424 | Chubb | 36,680 | 1,431,987 |
OfficeMax | 50,130 | 191,497 | First Horizon National | 65,287 a | 598,682 |
Omnicom Group | 30,170 | 724,985 | Franklin Resources | 9,860 | 451,588 |
Ross Stores | 34,470 | 1,017,554 | JPMorgan Chase & Co. | 55,252 | 1,262,508 |
Time Warner | 73,720 | 562,484 | KeyCorp | 66,010 | 462,730 |
6,274,983 | MetLife | 15,540 | 286,868 | ||
Consumer Staples—4.3% | Northern Trust | 11,490 | 638,270 | ||
Coca-Cola Enterprises | 50,500 | 579,740 | Wells Fargo & Co. | 53,270 | 644,567 |
Colgate-Palmolive | 26,480 | 1,593,566 | 6,754,466 | ||
CVS Caremark | 56,890 | 1,464,348 | Health Care—5.4% | ||
Energizer Holdings | 17,160 b | 723,980 | Aetna | 23,500 | 560,945 |
Estee Lauder, Cl. A | 10,410 | 235,787 | Amgen | 19,960 b | 976,643 |
Kroger | 26,180 | 541,141 | Baxter International | 28,660 | 1,459,080 |
Lorillard | 14,520 | 848,549 | Biogen Idec | 8,260 b | 380,290 |
Molson Coors Brewing, Cl. B | 15,330 | 540,076 | Cephalon | 5,830 a,b | 382,389 |
PepsiCo | 14,690 | 707,177 | Covidien | 16,252 | 514,701 |
Philip Morris International | 30,160 | 1,009,455 | Gilead Sciences | 18,360 b | 822,528 |
Procter & Gamble | 1 | 48 | Hospira | 15,850 b | 367,720 |
Wal-Mart Stores | 33,190 | 1,634,276 | Life Technologies | 17,690 b | 515,664 |
9,878,143 | McKesson | 9,730 | 399,125 | ||
Energy—4.7% | Medtronic | 22,490 | 665,479 | ||
Anadarko Petroleum | 13,730 | 479,863 | Novartis, ADR | 30,770 | 1,115,413 |
Chevron | 31,490 | 1,911,758 | Pfizer | 108,180 | 1,331,696 |
ConocoPhillips | 41,500 | 1,550,025 | Schering-Plough | 43,070 | 748,987 |
Hess | 29,830 | 1,631,403 | St. Jude Medical | 19,020 b | 630,703 |
Marathon Oil | 38,700 | 900,549 | Vertex Pharmaceuticals | 22,370 b | 676,245 |
National Oilwell Varco | 42,950 b | 1,148,054 | Wyeth | 22,370 | 913,143 |
Occidental Petroleum | 31,890 | 1,654,134 | 12,460,751 | ||
Williams | 31,010 | 350,413 | Industrial—3.0% | ||
XTO Energy | 34,000 | 1,076,440 | Cooper Industries, Cl. A | 14,000 | 295,260 |
10,702,639 | Dover | 13,000 | 324,220 |
The Funds 51
STATEMENT OF INVESTMENTS (Unaudited) (continued) |
BNY Mellon Balanced Fund (continued) | |||||
Common Stocks (continued) | Shares | Value ($) | Shares | Value ($) | |
Industrial (continued) | Information | ||||
Emerson Electric | 12,730 | 340,528 | Technology (continued) | ||
FedEx | 10,040 | 433,828 | Motorola | 156,310 | 550,211 |
Fluor | 18,990 | 631,418 | National Semiconductor | 40,700 | 443,630 |
General Electric | 91,490 | 778,580 | Nokia, ADR | 65,070 | 609,055 |
Goodrich | 17,260 | 571,996 | Oracle | 69,560 b | 1,080,962 |
L-3 Communications Holdings | 11,410 | 771,887 | QUALCOMM | 36,680 | 1,226,212 |
Parker Hannifin | 19,180 | 640,037 | Symantec | 34,370 b | 475,337 |
Raytheon | 13,110 | 524,007 | Visa, Cl. A | 14,410 | 817,191 |
Republic Services | 31,680 | 630,432 | 15,514,419 | ||
Textron | 27,150 | 153,398 | Materials—.9% | ||
Tyco International | 41,652 | 835,122 | Cia Vale do Rio Doce, ADR | 52,980 a | 682,912 |
6,930,713 | Freeport-McMoRan Copper & Gold | 7,880 | 239,710 | ||
Information Technology—6.8% | Mosaic | 16,620 | 715,491 | ||
Accenture, Cl. A | 15,530 | 453,320 | Pactiv | 25,700 b | 406,831 |
Akamai Technologies | 32,590 b | 589,553 | 2,044,944 | ||
Apple | 8,940 b | 798,431 | Telecommunication Services—.7% | ||
Broadcom, Cl. A | 35,640 b | 586,278 | AT & T | 67,737 | 1,610,108 |
Cisco Systems | 112,150 b | 1,634,026 | Utilities—1.3% | ||
EMC | 60,660 b | 636,930 | American Electric Power | 41,890 | 1,175,014 |
Intel | 60,350 | 768,859 | Exelon | 13,870 | 654,941 |
International Business Machines | 19,050 | 1,753,172 | Sempra Energy | 26,880 | 1,117,402 |
Juniper Networks | 58,390 b | 829,722 | 2,947,357 | ||
Lam Research | 30,940 b | 605,186 | Total Common Stocks | ||
Microsoft | 102,560 | 1,656,344 | (cost $95,138,494) | 75,491,870 |
52
BNY Mellon Balanced Fund (continued) | ||||
Coupon | Maturity | Principal | ||
Bonds and Notes—47.1% | Rate (%) | Date | Amount ($) | Value ($) |
Asset—Backed Ctfs.—.3% | ||||
CIT Equipment Collateral, Ser. 2006-VT2, Cl. A4 | 5.05 | 4/20/14 | 585,000 | 576,034 |
Asset-Backed Ctfs./Auto Receivables—1.7% | ||||
Franklin Auto Trust, Ser. 2007-1, Cl. A4 | 5.03 | 2/16/15 | 735,000 | 701,637 |
Harley-Davidson Motorcycle Trust, Ser. 2005-3, Cl. A2 | 4.41 | 6/15/12 | 131,290 | 127,450 |
Harley-Davidson Motorcycle Trust, Ser. 2007-1, Cl. A4 | 5.21 | 6/17/13 | 440,000 | 420,628 |
Honda Auto Receivables Owner Trust, Ser. 2006-3, Cl. A4 | 5.11 | 4/15/12 | 815,000 | 821,980 |
Household Automotive Trust, Ser. 2007-1, Cl. A4 | 5.33 | 11/17/13 | 420,000 | 380,066 |
Hyundai Auto Receivables Trust, Ser. 2006-B, Cl. A4 | 5.15 | 5/15/13 | 470,000 | 466,955 |
Nissan Auto Lease Trust, Ser. 2006-A, Cl. A4 | 5.10 | 7/16/12 | 975,000 | 967,374 |
3,886,090 | ||||
Auto Parts & Equipment—.3% | ||||
Johnson Controls, Sr. Unscd. Notes | 5.50 | 1/15/16 | 1,080,000 | 799,393 |
Banks—1.5% | ||||
Bank of America, Sub. Notes | 5.49 | 3/15/19 | 1,000,000 | 712,489 |
Citigroup, Sr. Unscd. Notes | 6.13 | 11/21/17 | 470,000 | 402,081 |
Goldman Sachs Group, Sub. Notes | 6.75 | 10/1/37 | 600,000 | 427,697 |
HSBC Holdings, Sub. Notes | 6.50 | 9/15/37 | 500,000 | 436,490 |
JPMorgan Chase & Co., Sr. Unscd. Notes | 5.38 | 10/1/12 | 535,000 | 535,442 |
Morgan Stanley, Sub. Notes | 4.75 | 4/1/14 | 730,000 | 612,771 |
PNC Funding, Bank Gtd. Notes | 4.50 | 3/10/10 | 275,000 | 270,367 |
3,397,337 | ||||
Commercial & Professional Services—.5% | ||||
Seminole Tribe of Florida, Notes | 5.80 | 10/1/13 | 1,260,000 c | 1,179,659 |
Commercial Mortgage Pass-Through Ctfs.—.7% | ||||
Citigroup/Deutsche Bank Commercial | ||||
Mortgage Trust, Ser. 2007-CD4, Cl. A2B | 5.21 | 12/11/49 | 455,000 | 351,915 |
Credit Suisse Mortgage Capital Certificates, Ser. 2007-C2, Cl. A2 | 5.45 | 1/15/49 | 585,000 d | 436,789 |
CWCapital Cobalt, Ser. 2007-C2, Cl. A2 | 5.33 | 4/15/47 | 705,000 | 546,331 |
LB-UBS Commercial Mortgage Trust, Ser. 2007-C2, Cl. A2 | 5.30 | 2/15/40 | 315,000 | 242,821 |
1,577,856 | ||||
Diversified Financial Services—2.5% | ||||
AEP Texas Central Transition Funding, Sr. Scd. Bonds, Ser. A-4 | 5.17 | 1/1/20 | 915,000 | 927,950 |
Agua Caliente Band of Cahuilla Indians, Sr. Scd. Notes | 6.08 | 10/1/16 | 365,000 c | 346,739 |
Agua Caliente Band of Cahuilla Indians, Sr. Scd. Notes | 6.44 | 10/1/16 | 455,000 c | 443,589 |
The Funds 53
STATEMENT OF INVESTMENTS (Unaudited) (continued) |
BNY Mellon Balanced Fund (continued) | ||||
Coupon | Maturity | Principal | ||
Bonds and Notes (continued) | Rate (%) | Date | Amount ($) | Value ($) |
Diversified Financial Services (continued) | ||||
AXA Financial, Sr. Unscd. Notes | 7.75 | 8/1/10 | 840,000 | 831,578 |
Blackrock, Sr. Unscd. Notes | 6.25 | 9/15/17 | 710,000 | 676,257 |
CIT Group, Sr. Unscd. Notes | 5.40 | 3/7/13 | 600,000 | 368,849 |
General Electric Capital, Sr. Unscd. Notes | 5.63 | 9/15/17 | 795,000 | 694,011 |
HSBC Finance, Sr. Unscd. Notes | 5.00 | 6/30/15 | 240,000 | 207,663 |
International Lease Finance, Sr. Unscd. Notes | 5.75 | 6/15/11 | 855,000 | 593,470 |
John Deere Capital, Sr. Unscd. Notes | 7.00 | 3/15/12 | 535,000 | 573,223 |
5,663,329 | ||||
Electric Utilities—.3% | ||||
Hydro-Quebec, Gov’t. Gtd. Bonds, Ser. IF | 8.00 | 2/1/13 | 580,000 | 669,700 |
Food & Beverages—.5% | ||||
Diageo Finance, Gtd. Notes | 5.50 | 4/1/13 | 435,000 | 446,463 |
General Mills, Sr. Unscd. Notes | 5.65 | 2/15/19 | 135,000 | 135,141 |
Pepsico, Sr. Unscd. Notes | 7.90 | 11/1/18 | 565,000 | 680,163 |
1,261,767 | ||||
Foreign/Governmental—.4% | ||||
United Mexican States, Sr. Unscd. Notes | 5.63 | 1/15/17 | 825,000 a | 799,838 |
United Mexican States, Sr. Unscd. Notes | 6.63 | 3/3/15 | 185,000 a | 194,713 |
994,551 | ||||
Health Care—.2% | ||||
Aetna, Sr. Unscd. Notes | 5.75 | 6/15/11 | 545,000 | 537,076 |
Industrials—.5% | ||||
CRH America, Gtd. Notes | 5.30 | 10/15/13 | 615,000 | 475,477 |
United Technologies, Notes | 6.13 | 7/15/38 | 575,000 | 600,427 |
1,075,904 | ||||
Media & Telecommunications—1.9% | ||||
AT & T, Sr. Unscd. Notes | 6.50 | 9/1/37 | 420,000 | 388,885 |
Cisco Systems, Sr. Unscd. Notes | 5.50 | 2/22/16 | 465,000 | 482,128 |
Comcast, Gtd. Notes | 5.90 | 3/15/16 | 735,000 | 693,872 |
News America Holdings, Gtd. Debs. | 7.60 | 10/11/15 | 365,000 | 350,415 |
News America, Gtd. Notes | 6.15 | 3/1/37 | 350,000 | 273,130 |
SBC Communications, Sr. Unscd. Notes | 5.88 | 8/15/12 | 695,000 | 721,562 |
Time Warner Cable, Gtd. Debs. | 7.30 | 7/1/38 | 385,000 | 352,212 |
Time Warner, Gtd. Debs. | 6.50 | 11/15/36 | 315,000 | 270,331 |
Verizon Communications, Sr. Unscd. Notes | 5.50 | 2/15/18 | 850,000 | 805,774 |
4,338,309 |
54
BNY Mellon Balanced Fund (continued) | ||||
Coupon | Maturity | Principal | ||
Bonds and Notes (continued) | Rate (%) | Date | Amount ($) | Value ($) |
Oil & Gas—.2% | ||||
Devon Financing, Gtd. Notes | 6.88 | 9/30/11 | 430,000 | 452,799 |
Property & Casualty Insurance—.2% | ||||
MetLife, Notes | 7.72 | 2/15/19 | 420,000 | 405,939 |
Real Estate—.3% | ||||
Simon Property Group, Sr. Unscd. Notes | 5.75 | 5/1/12 | 750,000 | 680,153 |
Residential Mortgage Pass-Through Ctfs.—.4% | ||||
WaMu Mortgage Pass Through Certificates, Ser. 2003-S4, Cl. 4A1 | 4.00 | 2/25/32 | 119,666 | 108,064 |
WaMu Mortgage Pass Through Certificates, Ser. 2004-AR9, Cl. A6 | 4.13 | 8/25/34 | 745,000 d | 718,357 |
826,421 | ||||
Retail—.3% | ||||
Wal-Mart Stores, Sr. Unscd. Notes | 6.50 | 8/15/37 | 590,000 | 633,799 |
Technology—.8% | ||||
International Business Machines, Sr. Unscd. Debs. | 7.00 | 10/30/25 | 320,000 a | 345,451 |
Intuit, Sr. Unscd. Notes | 5.40 | 3/15/12 | 710,000 | 662,987 |
Oracle, Sr. Unscd. Notes | 5.75 | 4/15/18 | 765,000 | 774,957 |
1,783,395 | ||||
U.S. Government Agencies—5.2% | ||||
Federal Farm Credit Banks, Bonds | 3.88 | 8/25/11 | 430,000 | 453,425 |
Federal Farm Credit Banks, Bonds | 5.25 | 9/13/10 | 635,000 | 668,887 |
Federal Home Loan Banks, Bonds | 3.63 | 10/18/13 | 1,090,000 | 1,128,620 |
Federal Home Loan Banks, Bonds | 5.33 | 3/6/12 | 355,000 | 355,161 |
Federal Home Loan Banks, Bonds | 5.65 | 4/20/22 | 1,175,000 | 1,205,762 |
Federal Home Loan Mortgage Corp., Notes | 3.88 | 9/30/11 | 1,400,000 e | 1,422,205 |
Federal Home Loan Mortgage Corp., Notes | 5.50 | 3/22/22 | 660,000 e | 679,412 |
Federal Home Loan Mortgage Corp., Notes | 5.90 | 6/15/22 | 1,175,000 e | 1,219,740 |
Federal National Mortgage Association, Notes | 4.00 | 8/18/11 | 1,580,000 e | 1,602,856 |
Federal National Mortgage Association, Notes | 5.25 | 3/5/14 | 2,030,000 e | 2,100,786 |
Federal National Mortgage Association, Notes | 5.38 | 4/11/22 | 1,010,000 e | 1,026,358 |
11,863,212 | ||||
U.S. Government Agencies/Mortgage-Backed—18.9% | ||||
Federal Home Loan Mortgage Corp.: | ||||
4.50%, 3/1/21 | 152,935 e | 156,010 | ||
5.00%, 6/1/28—7/1/28 | 1,264,015 e | 1,288,721 | ||
5.50%, 6/1/34—1/1/38 | 3,130,731 e | 3,212,506 | ||
5.77%, 4/1/37 | 808,854 d,e | 840,543 | ||
6.00%, 7/1/37—9/1/38 | 4,674,499 e | 4,845,239 | ||
7.00%, 8/1/29—8/1/36 | 211,926 e | 225,537 |
The Funds 55
STATEMENT OF INVESTMENTS (Unaudited) (continued) |
BNY Mellon Balanced Fund (continued) | ||||
Coupon | Maturity | Principal | ||
Bonds and Notes (continued) | Rate (%) | Date | Amount ($) | Value ($) |
U.S. Government Agencies/Mortgage-Backed (continued) | ||||
Federal National Mortgage Association: | ||||
4.50%, 1/1/36 | 884,237 e | 888,224 | ||
5.00%, 2/1/36 | 440,207 e | 448,933 | ||
5.50%, 7/1/35—3/1/38 | 9,454,660 e | 9,704,781 | ||
5.69%, 4/1/37 | 990,655 d,e | 1,018,911 | ||
5.97%, 5/1/37 | 1,084,003 d,e | 1,125,770 | ||
6.00%, 4/1/33—12/1/37 | 3,940,889 e | 4,083,870 | ||
6.02%, 8/1/37 | 1,811,668 d,e | 1,881,589 | ||
6.50%, 10/1/36—4/1/38 | 3,325,778 e | 3,483,296 | ||
7.00%, 6/1/32 | 113,721 e | 121,576 | ||
7.50%, 7/1/32 | 95,513 e | 102,078 | ||
Government National Mortgage Association I: | ||||
5.00%, 11/15/34—4/15/38 | 4,769,912 | 4,881,939 | ||
5.50%, 2/15/36 | 728,854 | 750,467 | ||
6.00%, 10/15/33—10/15/38 | 2,075,057 | 2,149,888 | ||
6.50%, 4/15/38—8/15/38 | 1,760,430 | 1,838,226 | ||
7.00%, 5/15/23—11/15/23 | 215,309 | 233,293 | ||
9.00%, 12/15/09 | 1,070 | 1,078 | ||
43,282,475 | ||||
U.S. Government Securities—9.5% | ||||
U.S. Treasury Inflation Protected Securities, Notes | 0.63 | 4/15/13 | 562,378 f | 547,441 |
U.S. Treasury Inflation Protected Securities, Notes | 1.38 | 7/15/18 | 1,068,315 f | 997,206 |
U.S. Treasury Inflation Protected Securities, Bonds | 2.38 | 1/15/17 | 1,350,996 a,f | 1,345,508 |
U.S. Treasury Inflation Protected Securities, Notes | 2.38 | 1/15/27 | 1,350,996 a,f | 1,305,821 |
U.S. Treasury Notes | 3.75 | 11/15/18 | 300,000 a | 317,977 |
U.S. Treasury Notes | 4.25 | 1/15/11 | 2,855,000 a | 3,033,552 |
U.S. Treasury Notes | 4.25 | 8/15/13 | 3,295,000 a | 3,644,837 |
U.S. Treasury Notes | 4.25 | 11/15/13 | 255,000 a | 282,990 |
U.S. Treasury Notes | 4.50 | 5/15/17 | 1,175,000 a | 1,311,319 |
U.S. Treasury Notes | 4.63 | 8/31/11 | 280,000 | 303,713 |
U.S. Treasury Notes | 4.63 | 2/29/12 | 4,060,000 a | 4,442,212 |
U.S. Treasury Notes | 5.13 | 5/15/16 | 3,530,000 a | 4,097,836 |
21,630,412 | ||||
Total Bonds and Notes | ||||
(cost $107,766,319) | 107,515,610 |
56
BNY Mellon Balanced Fund (continued) | |||||
Investment of Cash Collateral | Principal | ||||
Other Investment—19.7% | Shares | Value ($) | for Securities Loaned—9.1% | Amount ($) | Value ($) |
Registered Investment Company: | Registered Investment Company; | ||||
BNY Mellon Emerging Markets Fund | 1,560,741 g | 7,944,174 | Dreyfus Institutional Cash | ||
BNY Mellon International Fund | 2,313,777 g | 15,432,890 | Advantage Plus Fund | ||
BNY Mellon Mid Cap Stock Fund | 1,796,937 g | 11,212,888 | (cost $20,845,042) | 20,845,042 h | 20,845,042 |
BNY Mellon Small Cap Stock Fund | 1,000,582 g | 6,333,684 | Total Investments | ||
Dreyfus Institutional Preferred | (cost $309,997,343) | 108.9% | 248,743,158 | ||
Plus Money Market Fund | 3,967,000 h | 3,967,000 | |||
Liabilities, Less Cash and Receivables | (8.9%) | (20,272,504) | |||
Total Other Investment | |||||
(cost $86,247,488) | 44,890,636 | Net Assets | 100.0% | 228,470,654 |
ADR—American Depositary Receipts |
a All or a portion of these securities are on loan.At February 28, 2009, the total market value of the fund’s securities on loan is $20,459,645 and the total market value of the |
collateral held by the fund is $21,294,901, consisting of cash collateral of $20,845,042 and U.S. Government and Agency securities valued at $449,859. |
b Non-income producing security. |
c Securities exempt from registration under Rule 144A of the Securities Act of 1933.These securities may be resold in transactions exempt from registration, normally to qualified |
institutional buyers.At February 28, 2009, these securities amounted to $1,969,987 or .9% of net assets. |
d Variable rate security—interest rate subject to periodic change. |
e On September 7, 2008, the Federal Housing Finance Agency (FHFA) placed Federal National Mortgage Association and Federal Home Loan Mortgage Corporation into |
conservatorship with FHFA as the conservator.As such, the FHFA will oversee the continuing affairs of these companies. |
f Principal amount for accrual purposes is periodically adjusted based on changes in the Consumer Price Index. |
g Investment in affiliated mutual fund. |
h Investment in affiliated money market mutual fund. |
Portfolio Summary (Unaudited) † | |||
Value (%) | Value (%) | ||
U.S. Government & Agencies | 33.6 | Industrial | 3.0 |
Affiliated Mutual Funds | 17.9 | Asset/Mortgage-Backed | 2.7 |
Money Market Investments | 10.9 | Consumer Discretionary | 2.7 |
Corporate Bonds | 10.4 | Utilities | 1.3 |
Information Technology | 6.8 | Materials | .9 |
Health Care | 5.4 | Telecommunication Services | .7 |
Energy | 4.7 | Foreign/Governmental | .4 |
Consumer Staples | 4.3 | Exchange Traded Funds | .2 |
Financial | 3.0 | 108.9 | |
† Based on net assets. | |||
See notes to financial statements. |
The Funds 57
STATEMENTS OF ASSETS AND LIABILITIES February 28, 2009 (Unaudited) |
BNY Mellon | BNY Mellon | BNY Mellon | BNY Mellon | |
Large Cap | Income | Mid Cap | Small Cap | |
Stock Fund | Stock Fund | Stock Fund | Stock Fund | |
Assets ($): | ||||
Investments in securities—See Statement of Investments† | ||||
(including securities on loan)††—Note 2(b): | ||||
Unaffiliated issuers | 1,018,940,607 | 95,563,326 | 733,404,759 | 410,281,545 |
Affiliated issuers | 63,320,639 | 4,146,781 | 170,057,358 | 125,684,702 |
Cash | 15,598,453 | — | 4,208,280 | 3,356,105 |
Receivable for investment securities sold | 21,819,218 | 742,941 | 23,774,734 | 6,305,469 |
Dividends and interest receivable | 3,958,219 | 444,078 | 1,109,997 | 270,591 |
Receivable for shares of Beneficial Interest subscribed | 661,859 | 117,762 | 490,876 | 378,837 |
Prepaid expenses | 17,204 | 11,242 | 22,243 | 15,806 |
1,124,316,199 | 101,026,130 | 933,068,247 | 546,293,055 | |
Liabilities ($): | ||||
Due to The Dreyfus Corporation and affiliates—Note 4(c) | 569,859 | 62,429 | 504,524 | 321,500 |
Due to Administrator—Note 4(a) | 108,454 | 10,760 | 81,237 | 46,694 |
Cash overdraft due to Custodian | — | 323,397 | — | — |
Liability for securities on loan—Note 2(b) | 55,564,639 | 3,585,781 | 156,144,358 | 112,414,702 |
Payable for investment securities purchased | 41,342,562 | 738,450 | 26,727,919 | 5,015,275 |
Payable for shares of Beneficial Interest redeemed | 1,293,790 | 24,560 | 499,739 | 502,859 |
Accrued expenses | 41,559 | 27,755 | 48,730 | 138,699 |
98,920,863 | 4,773,132 | 184,006,507 | 118,439,729 | |
Net Assets ($) | 1,025,395,336 | 96,252,998 | 749,061,740 | 427,853,326 |
Composition of Net Assets ($): | ||||
Paid-in capital | 1,589,315,118 | 159,370,170 | 1,321,726,527 | 793,495,110 |
Accumulated undistributed (distributions in | ||||
excess of) investment income—net | (6,927) | 65,480 | 1,165,561 | (45,525) |
Accumulated net realized gain (loss) on investments | (315,197,993) | (23,344,582) | (300,931,307) | (172,930,073) |
Accumulated net unrealized appreciation | ||||
(depreciation) on investments | (248,714,862) | (39,838,070) | (272,899,041) | (192,666,186) |
Net Assets ($) | 1,025,395,336 | 96,252,998 | 749,061,740 | 427,853,326 |
Net Asset Value Per Share | ||||
Class M Shares | ||||
Net Assets ($) | 1,019,729,185 | 95,545,908 | 733,109,905 | 423,384,712 |
Shares Outstanding | 208,793,423 | 25,606,115 | 117,408,835 | 66,841,407 |
Net Asset Value Per Share ($) | 4.88 | 3.73 | 6.24 | 6.33 |
Investor Shares | ||||
Net Assets ($) | 5,666,151 | 707,090 | 15,327,494 | 4,468,614 |
Shares Outstanding | 1,158,232 | 187,909 | 2,471,888 | 721,910 |
Net Asset Value Per Share ($) | 4.89 | 3.76 | 6.20 | 6.19 |
Dreyfus Premier Shares | ||||
Net Assets ($) | — | — | 624,341 | — |
Shares Outstanding | — | — | 106,357 | — |
Net Asset Value Per Share ($) | — | — | 5.87 | — |
† Investments at cost ($): | ||||
Unaffiliated issuers | 1,267,655,469 | 135,401,396 | 1,006,303,800 | 602,947,731 |
Affiliated issuers | 63,320,639 | 4,146,781 | 170,057,358 | 125,684,702 |
††Value of securities on loan ($) | 51,840,147 | 3,247,201 | 148,159,260 | 105,664,814 |
See notes to financial statements. |
58
BNY Mellon | BNY Mellon | BNY Mellon | BNY Mellon | BNY Mellon | |
U.S. Core Equity | International | Emerging | International | Balanced | |
130/30 Fund | Fund | Markets Fund | Appreciation Fund | Fund | |
Assets ($): | |||||
Investments in securities—See | |||||
Statement of Investments† (including | |||||
securities on loan)††—Note 2(b): | |||||
Unaffiliated issuers | 85,253,118 | 824,989,265 | 443,975,116 | 206,347,875 | 183,007,480 |
Affiliated issuers | — | 10,300,000 | 13,348,015 | 642,000 | 65,735,678 |
Cash | — | 7,739,840 | 5,927,823 | 12,319 | — |
Cash denominated in foreign currencies††† | — | 4,416,536 | 6,314,111 | — | — |
Receivable for investment securities sold | 2,569,654 | 10,308,331 | 2,091,437 | — | 1,648,409 |
Receivable for shares of Beneficial | |||||
Interest subscribed | 541,419 | 684,842 | 853,959 | 196,185 | 250 |
Dividends and interest receivable | 280,317 | 4,512,344 | 956,403 | 831,656 | 1,406,759 |
Paydowns receivable | — | — | — | — | 7 |
Unrealized appreciation on foreign | |||||
currency exchange contracts—Note 2(e) | — | 7,384 | 11,040 | — | — |
Other assets | — | — | — | 455,227 | — |
Prepaid expenses | 19,849 | 13,722 | 13,732 | 15,669 | 8,840 |
88,664,357 | 862,972,264 | 473,491,636 | 208,500,931 | 251,807,423 | |
Liabilities ($): | |||||
Due to The Dreyfus Corporation | |||||
and affiliates—Note 4(c) | 67,737 | 1,295,634 | 1,495,990 | 92,182 | 94,479 |
Due to Administrator—Note 4(a) | 7,343 | 92,698 | 47,400 | 22,946 | 19,196 |
Due to Broker | 29,419 | — | — | — | — |
Cash overdraft due to Custodian | 131,537 | — | — | — | 507,381 |
Securities sold short, at value (proceeds | |||||
$26,942,435)—See Statement of | |||||
Securities Sold Short | 20,645,416 | — | — | — | — |
Payable for investment securities purchased | 1,683,173 | 4,239,463 | 6,662,702 | — | 1,758,513 |
Payable for shares of Beneficial | |||||
Interest redeemed | 308,482 | 823,095 | 219,508 | 254,560 | 64,462 |
Payable to brokers for proceeds on | |||||
securities sold short | 55,722 | — | — | — | — |
Dividends payable on securities sold short | 13,405 | — | — | — | — |
Interest payable—Note 3 | 53 | — | — | — | — |
Liability for securities on loan—Note 2(b) | — | — | 2,598,015 | — | 20,845,042 |
Unrealized depreciation on foreign currency | |||||
exchange contracts—Note 2(e) | — | 22,083 | 12,598 | — | — |
Accrued expenses | 42,307 | 63,880 | 45,624 | 68,914 | 47,696 |
22,984,594 | 6,536,853 | 11,081,837 | 438,602 | 23,336,769 | |
Net Assets ($) | 65,679,763 | 856,435,411 | 462,409,799 | 208,062,329 | 228,470,654 |
The Funds 59
STATEMENTS OF ASSETS AND LIABILITIES (continued) |
BNY Mellon | BNY Mellon | BNY Mellon | BNY Mellon | BNY Mellon | ||
U.S. Core Equity | International | Emerging | International | Balanced | ||
130/30 Fund | Fund | Markets Fund | Appreciation Fund | Fund | ||
Composition of Net Assets ($): | ||||||
Paid-in capital | 149,376,023 | 1,940,871,223 | 997,823,540 | 404,815,092 | 303,363,634 | |
Accumulated undistributed | ||||||
investment income—net | 91,789 | 9,793,005 | 2,143,846 | 990,013 | 3,435,990 | |
Accumulated net realized gain | ||||||
(loss) on investments | (60,225,543) | (594,055,168) | (283,843,214) | (38,494,145) | (17,074,785) | |
Accumulated net unrealized appreciation | ||||||
(depreciation) on investments | — | — | — | (159,248,631) | (61,254,185) | |
Accumulated net unrealized appreciation | ||||||
(depreciation) on investments and | ||||||
foreign currency transactions | — | (500,173,649) | (253,714,373) | — | — | |
Accumulated net unrealized appreciation | ||||||
(depreciation) on investments | ||||||
and securities sold short | (23,562,506) | — | — | — | — | |
Net Assets ($) | 65,679,763 | 856,435,411 | 462,409,799 | 208,062,329 | 228,470,654 | |
Net Asset Value Per Share | ||||||
Class M Shares | ||||||
Net Assets ($) | 65,663,417 | 852,913,770 | 459,928,799 | 205,548,475 | 224,877,422 | |
Shares Outstanding | 10,084,746 | 127,821,075 | 90,303,044 | 28,148,062 | 29,633,285 | |
Net Asset Value Per Share ($) | 6.51 | 6.67 | 5.09 | 7.30 | 7.59 | |
Investor Shares | ||||||
Net Assets ($) | 16,346 | 3,521,641 | 2,481,000 | 2,513,854 | 3,593,232 | |
Shares Outstanding | 2,524 | 499,207 | 474,213 | 347,641 | 470,882 | |
Net Asset Value Per Share ($) | 6.48 | 7.05 | 5.23 | 7.23 | 7.63 | |
† | Investments at cost ($): | |||||
Unaffiliated issuers | 115,112,643 | 1,324,905,707 | 697,555,235 | 365,596,506 | 202,904,813 | |
Affiliated issuers | — | 10,300,000 | 13,348,015 | 642,000 | 107,092,530 | |
†† | Value of securities on loan ($) | — | — | 2,432,777 | — | 20,459,645 |
††† Cash denominated in foreign | ||||||
currencies (cost) ($) | — | 4,482,246 | 6,420,477 | — | — |
See notes to financial statements. |
60
STATEMENTS OF OPERATIONS Six Months Ended February 28, 2009 (Unaudited) |
BNY Mellon | BNY Mellon | BNY Mellon | BNY Mellon | |
Large Cap | Income | Mid Cap | Small Cap | |
Stock Fund | Stock Fund | Stock Fund | Stock Fund | |
Investment Income ($): | ||||
Income: | ||||
Cash dividends (net of $266,129 and $5,540 foreign taxes | ||||
withheld at source for BNY Mellon Large Cap Stock Fund | ||||
and BNY Mellon Small Cap Stock Fund, respectively): | ||||
Unaffiliated issuers | 16,339,024 | 2,536,964 | 8,323,867 | 5,211,670 |
Affiliated issuers | 92,148 | 810 | 95,965 | 85,273 |
Income from securities lending | 261,914 | 17,735 | 984,529 | 1,264,657 |
Total Income | 16,693,086 | 2,555,509 | 9,404,361 | 6,561,600 |
Expenses: | ||||
Investment advisory fees—Note 4(a) | 4,003,968 | 438,332 | 3,616,463 | 2,376,108 |
Administration fees—Note 4(a) | 803,865 | 87,970 | 628,624 | 364,788 |
Custodian fees—Note 4(c) | 47,006 | 9,064 | 48,689 | 38,454 |
Trustees’ fees and expenses—Note 4(d) | 43,405 | 5,051 | 34,455 | 19,672 |
Registration fees | 17,413 | 14,231 | 20,092 | 25,328 |
Auditing fees | 12,555 | 19,646 | 20,252 | 20,949 |
Legal fees | 11,954 | 1,737 | 6,270 | 11,648 |
Shareholder servicing costs—Note 4(c) | 9,295 | 1,396 | 40,340 | 10,067 |
Prospectus and shareholders’ reports | 3,364 | 2,503 | 25,388 | 6,958 |
Interest expense—Note 3 | 1,295 | 3,050 | 4,403 | 238 |
Loan commitment fees—Note 3 | 200 | 383 | 2,483 | 1,550 |
Distribution fees—Note 4(b) | — | — | 3,126 | — |
Miscellaneous | 11,954 | 7,788 | 12,499 | 8,459 |
Total Expenses | 4,966,274 | 591,151 | 4,463,084 | 2,884,219 |
Less—reduction in investment advisory fee | ||||
due to undertaking—Note 4(a) | — | — | — | (110,207) |
Less—reduction in fees due to | ||||
earnings credits—Note 2(b) | (257) | (98) | (8,577) | (8,364) |
Net Expenses | 4,966,017 | 591,053 | 4,454,507 | 2,765,648 |
Investment Income—Net | 11,727,069 | 1,964,456 | 4,949,854 | 3,795,952 |
Realized and Unrealized Gain (Loss) | ||||
on Investments—Note 5 ($): | ||||
Net realized gain (loss) on investments | (314,748,901) | (27,710,160) | (299,160,403) | (150,747,384) |
Net realized gain (loss) on options transactions | — | 44,175 | — | — |
Net Realized Gain (Loss) | (314,748,901) | (27,665,985) | (299,160,403) | (150,747,384) |
Net unrealized appreciation | ||||
(depreciation) on investments | (448,401,948) | — | (365,802,388) | (212,239,813) |
Net unrealized appreciation (depreciation) | ||||
on investments and options transactions | — | (52,462,839) | — | — |
Net Realized and Unrealized | ||||
Gain (Loss) on Investments | (763,150,849) | (80,128,824) | (664,962,791) | (362,987,197) |
Net (Decrease) in Net Assets | ||||
Resulting from Operations | (751,423,780) | (78,164,368) | (660,012,937) | (359,191,245) |
See notes to financial statements. |
The Funds 61
STATEMENTS OF OPERATIONS (continued) |
BNY Mellon | BNY Mellon | BNY Mellon | |
U.S. Core Equity | International | Emerging | |
130/30 Fund | Fund | Markets Fund | |
Investment Income ($): | |||
Income: | |||
Cash dividends (net of $10,701, $939,049 and $669,061 | |||
foreign taxes withheld at source for BNY Mellon U.S. Core Equity | |||
130/30 Fund, BNY Mellon International Fund and BNY Mellon | |||
Emerging Markets Fund, respectively): | |||
Unaffiliated issuers | 1,602,614 | 15,902,007 | 7,434,343 |
Affiliated issuers | 7,628 | 44,349 | 27,278 |
Interest | 83,025 | 80,745 | 3,333 |
Income from securities lending | — | — | 3,722 |
Total Income | 1,693,267 | 16,027,101 | 7,468,676 |
Expenses: | |||
Investment advisory fees—Note 4(a) | 415,729 | 5,222,238 | 3,501,618 |
Interest on securities sold short | 276,910 | — | — |
Dividends on securities sold short | 236,352 | — | — |
Administration fees—Note 4(a) | 67,694 | 800,867 | 396,505 |
Custodian fees—Note 4(c) | 14,658 | 969,304 | 1,259,476 |
Registration fees | 14,170 | 15,682 | 16,791 |
Auditing fees | 7,900 | 13,024 | 57,288 |
Legal fees | 6,783 | 5,063 | 7,837 |
Prospectus and shareholders’ reports | 6,736 | 1,936 | 3,617 |
Interest expense—Note 3 | 4,876 | 25,825 | 12,549 |
Trustees’ fees and expenses—Note 4(d) | 3,686 | 38,319 | 24,156 |
Loan commitment fees—Note 3 | 241 | 200 | 200 |
Shareholder servicing costs—Note 4(c) | 165 | 5,974 | 5,617 |
Miscellaneous | 4,574 | 44,316 | 28,779 |
Total Expenses | 1,060,474 | 7,142,748 | 5,314,433 |
Less—reduction in investment advisory fee due to undertaking—Note 4(a) | — | (926,265) | — |
Less—reduction in fees due to earnings credits—Note 2(b) | (61) | (769) | (1,712) |
Net Expenses | 1,060,413 | 6,215,714 | 5,312,721 |
Investment Income—Net | 632,854 | 9,811,387 | 2,155,955 |
Realized and Unrealized Gain (Loss) | |||
on Investments—Note 5 ($): | |||
Net realized gain (loss) on investments and foreign currency transactions | — | (604,337,913) | (312,604,712) |
Net realized gain (loss) on financial futures | (124,453) | — | — |
Net realized gain (loss) on foreign currency exchange contracts | — | (1,683,695) | (1,421,092) |
Net realized gain (loss) on investments: | |||
Long transactions | (64,594,230) | — | — |
Short sale transactions | 16,789,381 | — | — |
Net Realized Gain (Loss) | (47,929,302) | (606,021,608) | (314,025,804) |
Net unrealized appreciation (depreciation) | |||
on investments and foreign currency transactions | — | (133,715,651) | (181,951,804) |
Net unrealized appreciation (depreciation) | |||
on investments and securities sold short | (18,982,603) | — | — |
Net Realized and Unrealized Gain (Loss) on Investments | (66,911,905) | (739,737,259) | (495,977,608) |
Net (Decrease) in Net Assets Resulting from Operations | (66,279,051) | (729,925,872) | (493,821,653) |
See notes to financial statements. |
62
BNY Mellon International Appreciation Fund | BNY Mellon | ||
Two Months Ended | Year Ended | Balanced | |
February 28, 2009a | December 31, 2008b | Fund | |
Investment Income ($): | |||
Income: | |||
Cash dividends (net of $124,930 and $21,257 foreign | |||
taxes withheld at source for BNY Mellon International | |||
Appreciation Fund and BNY Mellon Balanced Fund, respectively): | |||
Unaffiliated issuers | 932,791 | 16,708,901 | 2,557,785 |
Affiliated issuers | 185 | 14,281 | 13,329 |
Interest | — | — | 2,813,616 |
Income from securities lending | — | 744,309 | 102,238 |
Total Income | 932,976 | 17,467,491 | 5,486,968 |
Expenses: | |||
Investment advisory fees—Note 4(a) | 194,297 | 2,191,507 | 566,805 |
Administration fees—Note 4(a) | 51,172 | 466,293 | 134,942 |
Prospectus and shareholders’ reports | 6,353 | 35,202 | 3,058 |
Auditing fees | 4,760 | 23,690 | 14,678 |
Trustees’ fees and expenses—Note 4(d) | 4,565 | 15,387 | 8,742 |
Legal fees | 3,824 | 10,152 | 2,948 |
Custodian fees—Note 4(c) | 2,349 | 69,040 | 18,312 |
Shareholder servicing costs—Note 4(c) | 2,181 | 111,472 | 6,045 |
Registration fees | 1,735 | 31,593 | 14,066 |
Interest expense—Note 3 | 894 | 3,851 | — |
Loan commitment fees—Note 3 | 140 | — | 200 |
Distribution fees | — | 8,519 | — |
Miscellaneous | 2,996 | 120,792 | 14,345 |
Total Expenses | 275,266 | 3,087,498 | 784,141 |
Less—reduction in investment advisory fee due to undertaking—Note 4(a) | (12,476) | (136,009) | — |
Less—reduction in fees due to earnings credits—Note 2(b) | (241) | (719) | (235) |
Net Expenses | 262,549 | 2,950,770 | 783,906 |
Investment Income—Net | 670,427 | 14,516,721 | 4,703,062 |
Realized and Unrealized Gain (Loss) | |||
on Investments—Note 5 ($): | |||
Net realized gain (loss) on investments: | |||
Unaffiliated issuers | (584,893) | 4,306,492 | (20,984,479) |
Net realized gain on distributions from affiliated issuers | — | — | 3,308,957 |
Net Realized Gain (Loss) | (584,893) | 4,306,492 | (17,675,522) |
Net unrealized appreciation (depreciation) on investments: | |||
Unaffiliated issuers | (59,970,145) | (239,798,814) | (34,534,485) |
Affiliated issuers | — | — | (33,125,765) |
Net Realized and Unrealized Gain (Loss) on Investments | (60,555,038) | (235,492,322) | (85,335,772) |
Net (Decrease) in Net Assets Resulting from Operations | (59,884,611) | (220,975,601) | (80,632,710) |
a The fund has changed its fiscal year end from December 31 to August 31. |
b Represents information from the fund’s predecessor, BNY Hamilton International Equity Fund, through September 12, 2008. |
See notes to financial statements. |
The Funds 63
STATEMENT OF CASH FLOWS Six Months Ended February 28, 2009 (Unaudited) |
BNY Mellon U.S. Core Equity 130/30 Fund | ||
Cash Flows from Operating Activities ($): | ||
Purchases of portfolio securities | (94,651,396) | |
Proceeds from sales of portfolio securities | 150,127,059 | |
Proceeds from securities sold short | (13,416,670) | |
Net sale of short—term securities | 10,723,000 | |
Dividends received | 1,831,709 | |
Interest and dividends paid | (587,751) | |
Operating expenses paid | (146,282) | |
Paid to The Dreyfus Corporation | (474,713) | |
Realized loss from future transactions | (124,453) | 53,280,503 |
Cash Flows from Financing Activites ($): | ||
Net beneficial interest transactions | (48,220,445) | |
Dividends paid | (900,545) | |
Cash at beginning of period | (4,291,050) | |
Cash at end of period | (131,537) | |
Reconciliation of Net Increase in Net Assets Resulting from | ||
Operations to Net Cash Used by Operating Activities ($): | ||
Net Decrease in Net Assets Resulting from Operations | (66,279,051) | |
Adjustments to reconcile net increase in net assets resulting | ||
from operations to net cash used by operating activities ($): | ||
Purchases of portfolio securities | (94,651,396) | |
Proceeds from sales of portfolio securities | 150,127,059 | |
Proceeds from securities sold short | (13,416,670) | |
Net sale of short—term securities | 10,723,000 | |
Decrease in interest and dividends payable on | ||
securities sold short and loan commitment fees | (69,372) | |
Decrease in accrued operating expenses | (31,916) | |
Increase in prepaid expenses | 12,001 | |
Decrease in Due from The Dreyfus Corporation | (59,046) | |
Net realized loss on investments | 47,929,302 | |
Net unrealized depreciation on investments | 18,982,603 | |
Increase in dividends and income receivable | 138,442 | |
Realized loss from futures transactions | (124,453) | |
Net Cash Used by Operating Activities | 53,280,503 | |
See notes to financial statements. |
64
STATEMENTS OF CHANGES IN NET ASSETS |
BNY Mellon Large Cap Stock Fund | BNY Mellon Income Stock Fund | |||
Six Months Ended | Six Months Ended | |||
February 28, 2009 | Year Ended | February 28, 2009 | Year Ended | |
(Unaudited) | August 31, 2008 | (Unaudited) | August 31, 2008 | |
Operations ($): | ||||
Investment income—net | 11,727,069 | 21,793,998 | 1,964,456 | 5,497,469 |
Net realized gain (loss) on investments | (314,748,901) | 42,707,422 | (27,665,985) | 23,653,013 |
Net unrealized appreciation (depreciation) on investments | (448,401,948) | (255,434,623) | (52,462,839) | (66,771,228) |
Net Increase (Decrease) in Net Assets | ||||
Resulting from Operations | (751,423,780) | (190,933,203) | (78,164,368) | (37,620,746) |
Dividends to Shareholders from ($): | ||||
Investment income—net: | ||||
Class M Shares | (12,087,811) | (21,697,143) | (2,111,704) | (5,380,112) |
Investor Shares | (61,422) | (102,171) | (14,240) | (24,312) |
Net realized gain on investments: | ||||
Class M Shares | (17,032,712) | (292,549,129) | (11,235,958) | (68,094,883) |
Investor Shares | (105,660) | (1,786,575) | (88,530) | (355,903) |
Total Dividends | (29,287,605) | (316,135,018) | (13,450,432) | (73,855,210) |
Beneficial Interest Transactions ($): | ||||
Net proceeds from shares sold: | ||||
Class M Shares | 216,050,657 | 348,280,071 | 9,339,191 | 14,558,053 |
Investor Shares | 2,271,359 | 6,025,431 | 136,263 | 959,671 |
Dividends reinvested: | ||||
Class M Shares | 14,232,485 | 219,092,628 | 8,427,024 | 45,986,015 |
Investor Shares | 152,001 | 1,629,824 | 90,001 | 343,443 |
Cost of shares redeemed: | ||||
Class M Shares | (184,960,582) | (283,003,054) | (30,623,421) | (165,171,342) |
Investor Shares | (2,155,903) | (6,626,069) | (275,183) | (1,011,025) |
Increase (Decrease) in Net Assets from | ||||
Beneficial Interest Transactions | 45,590,017 | 285,398,831 | (12,906,125) | (104,335,185) |
Total Increase (Decrease) in Net Assets | (735,121,368) | (221,669,390) | (104,520,925) | (215,811,141) |
Net Assets ($): | ||||
Beginning of Period | 1,760,516,704 | 1,982,186,094 | 200,773,923 | 416,585,064 |
End of Period | 1,025,395,336 | 1,760,516,704 | 96,252,998 | 200,773,923 |
Undistributed (distributions in | ||||
excess of) investment income—net | (6,927) | 415,237 | 65,480 | 226,968 |
Capital Share Transactions (Shares): | ||||
Class M Shares | ||||
Shares sold | 37,373,198 | 35,913,810 | 1,998,383 | 1,733,256 |
Shares issued for dividends reinvested | 2,420,758 | 21,978,940 | 1,771,205 | 5,484,101 |
Shares redeemed | (30,624,405) | (28,751,330) | (5,781,078) | (18,698,275) |
Net Increase (Decrease) in Shares Outstanding | 9,169,551 | 29,141,420 | (2,011,490) | (11,480,918) |
Investor Shares | ||||
Shares sold | 361,039 | 579,957 | 26,410 | 104,995 |
Shares issued for dividends reinvested | 25,895 | 164,416 | 18,694 | 40,671 |
Shares redeemed | (347,695) | (635,660) | (50,593) | (113,307) |
Net Increase (Decrease) in Shares Outstanding | 39,239 | 108,713 | (5,489) | 32,359 |
See notes to financial statements. |
The Funds 65
STATEMENTS OF CHANGES IN NET ASSETS (continued) |
BNY Mellon Mid Cap Stock Fund | BNY Mellon Small Cap Stock Fund | |||
Six Months Ended | Six Months Ended | |||
February 28, 2009 | Year Ended | February 28, 2009 | Year Ended | |
(Unaudited) | August 31, 2008 | (Unaudited) | August 31, 2008 | |
Operations ($): | ||||
Investment income—net | 4,949,854 | 4,583,702 | 3,795,952 | 1,749,953 |
Net realized gain (loss) on investments | (299,160,403) | 49,153,737 | (150,747,384) | (10,963,249) |
Net unrealized appreciation (depreciation) on investments | (365,802,388) | (138,222,392) | (212,239,813) | (48,570,551) |
Net Increase (Decrease) in Net Assets | ||||
Resulting from Operations | (660,012,937) | (84,484,953) | (359,191,245) | (57,783,847) |
Dividends to Shareholders from ($): | ||||
Investment income—net: | ||||
Class M Shares | (6,574,644) | (4,706,351) | (5,358,722) | — |
Investor Shares | (78,833) | — | (46,091) | — |
Net realized gain on investments: | ||||
Class M Shares | (1,133,559) | (290,742,198) | (849,554) | (93,553,168) |
Investor Shares | (25,430) | (6,187,293) | (9,218) | (779,053) |
Dreyfus Premier Shares | (1,126) | (585,373) | — | — |
Total Dividends | (7,813,592) | (302,221,215) | (6,263,585) | (94,332,221) |
Beneficial Interest Transactions ($): | ||||
Net proceeds from shares sold: | ||||
Class M Shares | 174,705,041 | 358,126,989 | 82,715,536 | 215,247,987 |
Investor Shares | 2,949,321 | 6,563,714 | 1,013,276 | 2,534,593 |
Dreyfus Premier Shares | — | 21,513 | — | — |
Net assets received in connection | ||||
with reorganization—Note 1 | — | — | 233,386,437 | — |
Dividends reinvested: | ||||
Class M Shares | 2,178,655 | 194,264,082 | 1,546,581 | 64,066,796 |
Investor Shares | 94,020 | 5,593,861 | 52,887 | 715,704 |
Dreyfus Premier Shares | 796 | 484,613 | — | — |
Cost of shares redeemed: | ||||
Class M Shares | (329,556,654) | (342,230,172) | (154,102,307) | (165,452,779) |
Investor Shares | (4,001,003) | (10,854,203) | (8,218,214) | (3,661,275) |
Dreyfus Premier Shares | (491,708) | (1,774,328) | — | — |
Increase (Decrease) in Net Assets from | ||||
Beneficial Interest Transactions | (154,121,532) | 210,196,069 | 156,394,196 | 113,451,026 |
Total Increase (Decrease) in Net Assets | (821,948,061) | (176,510,099) | (209,060,634) | (38,665,042) |
Net Assets ($): | ||||
Beginning of Period | 1,571,009,801 | 1,747,519,900 | 636,913,960 | 675,579,002 |
End of Period | 749,061,740 | 1,571,009,801 | 427,853,326 | 636,913,960 |
Undistributed (distributions in excess of) | ||||
investment income—net | 1,165,561 | 2,869,184 | (45,525) | 1,563,336 |
66
BNY Mellon Mid Cap Stock Fund | BNY Mellon Small Cap Stock Fund | |||
Six Months Ended | Six Months Ended | |||
February 28, 2009 | Year Ended | February 28, 2009 | Year Ended | |
(Unaudited) | August 31, 2008 | (Unaudited) | August 31, 2008 | |
Capital Share Transactions: | ||||
Class M Shares | ||||
Shares sold | 24,156,753 | 29,990,811 | 9,993,753 | 17,812,671 |
Shares issued in connection with reorganization—Note 1 | — | — | 20,518,617 | — |
Shares issued for dividends reinvested | 337,253 | 15,433,934 | 208,154 | 5,048,605 |
Shares redeemed | (45,785,674) | (27,138,793) | (19,240,813) | (12,720,300) |
Net Increase (Decrease) in Shares Outstanding | (21,291,668) | 18,285,952 | 11,479,711 | 10,140,976 |
Investor Sharesa | ||||
Shares sold | 388,439 | 527,609 | 410,133 | 218,973 |
Shares issued in connection with reorganization—Note 1 | — | — | 408,812 | — |
Shares issued for dividends reinvested | 14,633 | 448,282 | 7,275 | 57,952 |
Shares redeemed | (523,751) | (880,979) | (445,822) | (303,798) |
Net Increase (Decrease) in Shares Outstanding | (120,679) | 94,912 | 380,398 | (26,873) |
Dreyfus Premier Sharesa | ||||
Shares sold | — | 1,728 | — | — |
Shares issued for dividends reinvested | 131 | 40,861 | — | — |
Shares redeemed | (54,234) | (150,984) | — | — |
Net Increase (Decrease) in Shares Outstanding | (54,103) | (108,395) | — | — |
a During the period ended February 28, 2009, 41,515 Dreyfus Premier shares of BNY Mellon Mid Cap Stock Fund representing $400,315 were automatically converted to |
39,219 Investor shares and during the period ended August 31, 2008, 100,441 Dreyfus Premier shares of BNY Mellon Mid Cap Stock Fund representing $1,191,638 were |
automatically converted to 95,597 Investor shares. |
See notes to financial statements. |
The Funds 67
STATEMENTS OF CHANGES IN NET ASSETS (continued) |
BNY Mellon U.S. Core Equity 130/30 Fund | BNY Mellon International Fund | |||
Six Months Ended | Six Months Ended | |||
February 28, 2009 | Year Ended | February 28, 2009 | Year Ended | |
(Unaudited) | August 31, 2008 | (Unaudited) | August 31, 2008 | |
Operations ($): | ||||
Investment income—net | 632,854 | 645,774 | 9,811,387 | 54,238,686 |
Net realized gain (loss) on investments | (47,929,302) | (12,231,599) | (606,021,608) | 95,378,216 |
Net unrealized appreciation (depreciation) on investments | (18,982,603) | (5,136,786) | (133,715,651) | (603,850,995) |
Net Increase (Decrease) in Net Assets | ||||
Resulting from Operations | (66,279,051) | (16,722,611) | (729,925,872) | (454,234,093) |
Dividends to Shareholders from ($): | ||||
Investment income—net: | ||||
Class M Shares | (1,196,997) | — | (50,802,501) | (42,716,813) |
Investor Shares | (1,527) | — | (168,272) | (205,294) |
Net realized gain on investments: | ||||
Class M Shares | — | — | (31,798,143) | (345,711,591) |
Investor Shares | — | — | (122,033) | (1,860,329) |
Total Dividends | (1,198,524) | — | (82,890,949) | (390,494,027) |
Beneficial Interest Transactions ($): | ||||
Net proceeds from shares sold: | ||||
Class M Shares | 18,961,259 | 186,351,055 | 196,975,826 | 556,922,492 |
Investor Shares | 91,231 | 4,745 | 3,201,159 | 13,032,304 |
Dividends reinvested: | ||||
Class M Shares | 296,540 | — | 30,979,191 | 230,869,383 |
Investor Shares | 1,439 | — | 229,502 | 1,480,972 |
Cost of shares redeemed: | ||||
Class M Shares | (66,919,568) | (14,890,330) | (567,063,424) | (781,527,245) |
Investor Shares | (90,210) | — | (4,003,436) | (17,717,637) |
Increase (Decrease) in Net Assets from | ||||
Beneficial Interest Transactions | (47,659,309) | 171,465,470 | (339,681,182) | 3,060,269 |
Total Increase (Decrease) in Net Assets | (115,136,884) | 154,742,859 | (1,152,498,003) | (841,667,851) |
Net Assets ($): | ||||
Beginning of Period | 180,816,647 | 26,073,788 | 2,008,933,414 | 2,850,601,265 |
End of Period | 65,679,763 | 180,816,647 | 856,435,411 | 2,008,933,414 |
Undistributed investment income—net | 91,789 | 657,459 | 9,793,005 | 50,952,391 |
Capital Share Transactions (Shares): | ||||
Class M Shares | ||||
Shares sold | 2,301,443 | 15,033,402 | 24,317,013 | 39,270,402 |
Shares issued for dividends reinvested | 38,362 | — | 3,653,716 | 15,684,061 |
Shares redeemed | (8,122,460) | (1,228,454) | (65,429,856) | (51,208,464) |
Net Increase (Decrease) in Shares Outstanding | (5,782,655) | 13,804,948 | (37,459,127) | 3,745,999 |
Investor Shares | ||||
Shares sold | 13,675 | 376 | 357,087 | 829,908 |
Shares issued for dividends reinvested | 187 | — | 25,586 | 95,731 |
Shares redeemed | (12,514) | — | (405,362) | (1,149,216) |
Net Increase (Decrease) in Shares Outstanding | 1,348 | 376 | (22,689) | (223,577) |
See notes to financial statements. |
68
BNY Mellon Emerging Markets Fund | BNY Mellon International Appreciation Fund | |||||
Six Months Ended | Two Months Ended | |||||
February 28, 2009 | Year Ended | February 28, 2009 | Year Ended December 31, | |||
(Unaudited) | August 31, 2008 | (Unaudited)a | 2008b | 2007b | ||
Operations ($): | ||||||
Investment income—net | 2,155,955 | 15,488,397 | 670,427 | 14,516,721 | 13,096,461 | |
Net realized gain (loss) on investments | (314,025,804) | 331,099,598 | (584,893) | 4,306,492 | 26,632,323 | |
Net unrealized appreciation | ||||||
(depreciation) on investments | (181,951,804) | (442,376,656) | (59,970,145) | (239,798,814) | 8,151,462 | |
Net Increase (Decrease) in Net Assets | ||||||
Resulting from Operations | (493,821,653) | (95,788,661) | (59,884,611) | (220,975,601) | 47,880,246 | |
Dividends to Shareholders from ($): | ||||||
Investment income—net: | ||||||
Class M Shares | (19,833,608) | (12,065,738) | — | (14,464,661) | (12,711,910) | |
Investor Shares | (126,913) | (65,696) | — | (129,203) | (116,978) | |
Net realized gain on investments: | ||||||
Class M Shares | (205,073,816) | (353,792,959) | — | — | — | |
Investor Shares | (1,571,681) | (2,618,833) | — | — | — | |
Total Dividends | (226,606,018) | (368,543,226) | — | (14,593,864) | (12,828,888) | |
Beneficial Interest Transactions ($): | ||||||
Net proceeds from shares sold: | ||||||
Class M Shares | 155,790,230 | 205,477,859 | 1,778,559 | 433,260,379 | 96,494,246 | |
Investor Shares | 1,247,860 | 8,072,091 | 63,366 | 296,509 | 68,584 | |
Dividends reinvested: | ||||||
Class M Shares | 154,735,342 | 243,684,211 | — | 1,972,462 | 1,872,498 | |
Investor Shares | 1,218,293 | 2,132,234 | — | 126,953 | 115,643 | |
Cost of shares redeemed: | ||||||
Class M Shares | (275,881,033) | (367,680,477) | (4,455,369) | (480,007,312) | (43,956,150) | |
Investor Shares | (2,606,178) | (10,890,865) | (11,881) | (521,761) | (313,523) | |
Increase (Decrease) in Net Assets from | ||||||
Beneficial Interest Transactions | 34,504,514 | 80,795,053 | (2,625,325) | (44,872,770) | 54,281,298 | |
Total Increase (Decrease) in Net Assets | (685,923,157) | (383,536,834) | (62,509,936) | (280,442,235) | 89,332,656 | |
Net Assets ($): | ||||||
Beginning of Period | 1,148,332,956 | 1,531,869,790 | 270,572,265 | 551,014,500 | 461,681,844 | |
End of Period | 462,409,799 | 1,148,332,956 | 208,062,329 | 270,572,265 | 551,014,500 | |
Undistributed investment income—net | 2,143,846 | 19,948,412 | 990,013 | 319,586 | 396,729 | |
Capital Share Transactions (Shares): | ||||||
Class M Shares | ||||||
Shares sold | 24,838,747 | 10,294,485 | 218,783 | 31,399,895 | 5,899,901 | |
Shares issued for dividends reinvested | 26,817,217 | 12,117,564 | — | 165,654 | 114,386 | |
Shares redeemed | (28,910,278) | (17,134,264) | (529,957) | (36,005,253) | (2,640,766) | |
Net Increase (Decrease) in | ||||||
Shares Outstanding | 22,745,686 | 5,277,785 | (311,174) | (4,439,704) | 3,373,521 | |
Investor Shares | ||||||
Shares sold | 139,011 | 393,724 | 7,513 | 25,050 | 4,271 | |
Shares issued for dividends reinvested | 205,446 | 104,881 | — | 10,623 | 7,157 | |
Shares redeemed | (291,694) | (518,065) | (1,431) | (37,585) | (19,466) | |
Net Increase (Decrease) in Shares Outstanding | 52,763 | (19,460) | 6,082 | (1,912) | (8,038) |
a The fund has changed its fiscal year end from December 31 to August 31. |
b Represents information from the fund’s predecessor, BNY Hamilton International Equity Fund, through September 12, 2008. |
See notes to financial statements. |
The Funds 69
STATEMENTS OF CHANGES IN NET ASSETS (continued) |
BNY Mellon Balanced Fund | ||
Six Months Ended | ||
February 28, 2009 | Year Ended | |
(Unaudited) | August 31, 2008 | |
Operations ($): | ||
Investment income—net | 4,703,062 | 8,735,920 |
Net realized gain (loss) on investments | (17,675,522) | 18,436,829 |
Net unrealized appreciation (depreciation) on investments | (67,660,250) | (40,618,563) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (80,632,710) | (13,445,814) |
Dividends to Shareholders from ($): | ||
Investment income—net: | ||
Class M Shares | (4,966,352) | (10,238,937) |
Investor Shares | (72,802) | (116,860) |
Net realized gain on investments: | ||
Class M Shares | (12,607,030) | (32,629,458) |
Investor Shares | (202,398) | (387,034) |
Total Dividends | (17,848,582) | (43,372,289) |
Beneficial Interest Transactions ($): | ||
Net proceeds from shares sold: | ||
Class M Shares | 9,867,445 | 17,823,560 |
Investor Shares | 733,245 | 1,685,536 |
Dividends reinvested: | ||
Class M Shares | 11,227,670 | 28,856,395 |
Investor Shares | 266,201 | 497,307 |
Cost of shares redeemed: | ||
Class M Shares | (16,759,432) | (31,106,354) |
Investor Shares | (740,216) | (922,749) |
Increase (Decrease) in Net Assets from | ||
Beneficial Interest Transactions | 4,594,913 | 16,833,695 |
Total Increase (Decrease) in Net Assets | (93,886,379) | (39,984,408) |
Net Assets ($): | ||
Beginning of Period | 322,357,033 | 362,341,441 |
End of Period | 228,470,654 | 322,357,033 |
Undistributed investment income—net | 3,435,990 | 3,772,082 |
Capital Share Transactions (Shares): | ||
Class M Shares | ||
Shares sold | 1,161,664 | 1,523,216 |
Shares issued for dividends reinvested | 1,345,753 | 2,443,405 |
Shares redeemed | (1,934,437) | (2,647,673) |
Net Increase (Decrease) in Shares Outstanding | 572,980 | 1,318,948 |
Investor Shares | ||
Shares sold | 82,921 | 140,512 |
Shares issued for dividends reinvested | 31,572 | 42,003 |
Shares redeemed | (81,780) | (74,207) |
Net Increase (Decrease) in Shares Outstanding | 32,713 | 108,308 |
See notes to financial statements. |
70
FINANCIAL HIGHLIGHTS
The following tables describe the performance for each share class of each BNY Mellon equity fund for the fiscal periods indicated. All information (except portfolio turnover rate) reflects financial results for a single fund share.Total return shows how much your investment in each fund would have increased (or decreased) during the period, assuming you had reinvested all dividends and distributions.These figures have been derived from each fund’s financial statements.
Class M Shares | ||||||
Six Months Ended | ||||||
February 28, 2009 | Year Ended August 31, | |||||
BNY Mellon Large Cap Stock Fund | (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 8.77 | 11.56 | 10.31 | 9.79 | 8.74 | 8.16 |
Investment Operations: | ||||||
Investment income—neta | .06 | .11 | .09 | .10 | .11 | .07 |
Net realized and unrealized | ||||||
gain (loss) on investments | (3.80) | (1.05) | 1.49 | .52 | 1.05 | .58 |
Total from Investment Operations | (3.74) | (.94) | 1.58 | .62 | 1.16 | .65 |
Distributions: | ||||||
Dividends from investment income—net | (.06) | (.12) | (.08) | (.10) | (.11) | (.07) |
Dividends from net realized gain on investments | (.09) | (1.73) | (.25) | — | — | — |
Total Distributions | (.15) | (1.85) | (.33) | (.10) | (.11) | (.07) |
Net asset value, end of period | 4.88 | 8.77 | 11.56 | 10.31 | 9.79 | 8.74 |
Total Return (%) | (42.93)b | (9.95) | 15.60 | 6.32 | 13.27 | 7.95 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | .80c | .80 | .80 | .80 | .80 | .81 |
Ratio of net expenses to average net assets | .80c,d | .80d | .79 | .80d | .80d | .81 |
Ratio of net investment income to average net assets | 1.91c | 1.15 | .76 | .96 | 1.13 | .77 |
Portfolio Turnover Rate | 51.38b | 56.13 | 77.46 | 19.08 | 23.49 | 43.52 |
Net Assets, end of period ($ x 1,000) | 1,019,729 | 1,750,688 | 1,970,482 | 1,766,105 | 1,733,531 | 1,545,002 |
a | Based on average shares outstanding at each month end. |
b | Not annualized. |
c | Annualized. |
d | Expense waivers and/or reimbursements amounted to less than .01%. |
See notes to financial statements. |
The Funds 71
FINANCIAL HIGHLIGHTS (continued) |
Investor Shares | ||||||
Six Months Ended | ||||||
February 28, 2009 | Year Ended August 31, | |||||
BNY Mellon Large Cap Stock Fund | (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 8.78 | 11.58 | 10.33 | 9.82 | 8.76 | 8.16 |
Investment Operations: | ||||||
Investment income—neta | .05 | .09 | .06 | .07 | .08 | .06 |
Net realized and unrealized | ||||||
gain (loss) on investments | (3.80) | (1.07) | 1.50 | .51 | 1.06 | .58 |
Total from Investment Operations | (3.75) | (.98) | 1.56 | .58 | 1.14 | .64 |
Distributions: | ||||||
Dividends from investment income—net | (.05) | (.09) | (.06) | (.07) | (.08) | (.04) |
Dividends from net realized gain on investments | (.09) | (1.73) | (.25) | — | — | — |
Total Distributions | (.14) | (1.82) | (.31) | (.07) | (.08) | (.04) |
Net asset value, end of period | 4.89 | 8.78 | 11.58 | 10.33 | 9.82 | 8.76 |
Total Return (%) | (42.95)b | (10.26) | 15.29 | 5.95 | 13.08 | 7.88 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.05c | 1.05 | 1.05 | 1.06 | 1.05 | 1.06 |
Ratio of net expenses to average net assets | 1.05c,d | 1.05d | 1.04 | 1.06d | 1.05d | 1.06 |
Ratio of net investment income to average net assets | 1.63c | .89 | .51 | .72 | .87 | .59 |
Portfolio Turnover Rate | 51.38b | 56.13 | 77.46 | 19.08 | 23.49 | 43.52 |
Net Assets, end of period ($ x 1,000) | 5,666 | 9,829 | 11,704 | 7,629 | 3,985 | 3,356 |
a | Based on average shares outstanding at each month end. |
b | Not annualized. |
c | Annualized. |
d | Expense waivers and/or reimbursements amounted to less than .01%. |
See notes to financial statements. |
72
Class M Shares | ||||||
Six Months Ended | ||||||
February 28, 2009 | Year Ended August 31, | |||||
BNY Mellon Income Stock Fund | (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 7.22 | 10.61 | 10.43 | 9.92 | 9.50 | 8.56 |
Investment Operations: | ||||||
Investment income—neta | .07 | .16 | .19 | .22 | .21 | .16 |
Net realized and unrealized | ||||||
gain (loss) on investments | (3.01) | (1.35) | 1.04 | .75 | 1.27 | 1.09 |
Total from Investment Operations | (2.94) | (1.19) | 1.23 | .97 | 1.48 | 1.25 |
Distributions: | ||||||
Dividends from investment income—net | (.08) | (.16) | (.19) | (.22) | (.20) | (.17) |
Dividends from net realized gain on investments | (.47) | (2.04) | (.86) | (.24) | (.86) | (.14) |
Total Distributions | (.55) | (2.20) | (1.05) | (.46) | (1.06) | (.31) |
Net asset value, end of period | 3.73 | 7.22 | 10.61 | 10.43 | 9.92 | 9.50 |
Total Return (%) | (42.24)b | (13.79) | 12.11 | 10.00 | 16.23 | 14.68 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | .87c | .84 | .81 | .81 | .82 | .83 |
Ratio of net expenses to average net assets | .87c,d | .84d | .81 | .81d | .82d | .83 |
Ratio of net investment income to average net assets | 2.91c | 1.87 | 1.81 | 2.14 | 2.12 | 1.75 |
Portfolio Turnover Rate | 30.33b | 33.02 | 62.06 | 40.75 | 34.61 | 52.47 |
Net Assets, end of period ($ x 1,000) | 95,546 | 199,367 | 414,866 | 421,266 | 394,977 | 274,881 |
a | Based on average shares outstanding at each month end. |
b | Not annualized. |
c | Annualized. |
d | Expense waivers and/or reimbursements amounted to less than .01%. |
See notes to financial statements. |
The Funds 73
FINANCIAL HIGHLIGHTS (continued) |
Investor Shares | ||||||
Six Months Ended | ||||||
February 28, 2009 | Year Ended August 31, | |||||
BNY Mellon Income Stock Fund | (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 7.27 | 10.67 | 10.49 | 9.98 | 9.53 | 8.58 |
Investment Operations: | ||||||
Investment income—neta | .07 | .14 | .17 | .19 | .18 | .14 |
Net realized and unrealized | ||||||
gain (loss) on investments | (3.03) | (1.36) | 1.04 | .75 | 1.29 | 1.08 |
Total from Investment Operations | (2.96) | (1.22) | 1.21 | .94 | 1.47 | 1.22 |
Distributions: | ||||||
Dividends from investment income—net | (.08) | (.14) | (.17) | (.19) | (.16) | (.13) |
Dividends from net realized gain on investments | (.47) | (2.04) | (.86) | (.24) | (.86) | (.14) |
Total Distributions | (.55) | (2.18) | (1.03) | (.43) | (1.02) | (.27) |
Net asset value, end of period | 3.76 | 7.27 | 10.67 | 10.49 | 9.98 | 9.53 |
Total Return (%) | (42.31)b | (14.03) | 11.78 | 9.68 | 16.00 | 14.26 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.12c | 1.09 | 1.06 | 1.06 | 1.07 | 1.08 |
Ratio of net expenses to average net assets | 1.12c,d | 1.09d | 1.06 | 1.06d | 1.07d | 1.08 |
Ratio of net investment income to average net assets | 2.67c | 1.62 | 1.55 | 1.92 | 1.88 | 1.49 |
Portfolio Turnover Rate | 30.33b | 33.02 | 62.06 | 40.75 | 34.61 | 52.47 |
Net Assets, end of period ($ x 1,000) | 707 | 1,407 | 1,719 | 1,468 | 1,092 | 756 |
a | Based on average shares outstanding at each month end. |
b | Not annualized. |
c | Annualized. |
d | Expense waivers and/or reimbursements amounted to less than .01%. |
See notes to financial statements. |
74
Class M Shares | ||||||
Six Months Ended | ||||||
February 28, 2009 | Year Ended August 31, | |||||
BNY Mellon Mid Cap Stock Fund | (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 11.11 | 14.19 | 14.26 | 14.80 | 12.29 | 11.07 |
Investment Operations: | ||||||
Investment income—neta | .04 | .03 | .06 | .08 | .04 | .04 |
Net realized and unrealized | ||||||
gain (loss) on investments | (4.84) | (.53) | 2.17 | 1.21 | 3.33 | 1.21 |
Total from Investment Operations | (4.80) | (.50) | 2.23 | 1.29 | 3.37 | 1.25 |
Distributions: | ||||||
Dividends from investment income—net | (.06) | (.04) | (.08) | (.01) | (.04) | (.03) |
Dividends from net realized gain on investments | (.01) | (2.54) | (2.22) | (1.82) | (.82) | — |
Total Distributions | (.07) | (2.58) | (2.30) | (1.83) | (.86) | (.03) |
Net asset value, end of period | 6.24 | 11.11 | 14.19 | 14.26 | 14.80 | 12.29 |
Total Return (%) | (43.24)b | (5.67) | 16.76 | 9.14 | 28.41 | 11.33 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | .92c | .90 | .90 | .91 | .91 | .91 |
Ratio of net expenses to average net assets | .92c,d | .90d | .90d | .91d | .91 | .91 |
Ratio of net investment income to average net assets | 1.03c | .28 | .42 | .51 | .26 | .34 |
Portfolio Turnover Rate | 66.71b | 121.12 | 112.31 | 93.33 | 83.57 | 69.03 |
Net Assets, end of period ($ x 1,000) | 733,110 | 1,540,821 | 1,708,747 | 1,560,575 | 1,458,952 | 1,159,657 |
a | Based on average shares outstanding at each month end. |
b | Not annualized. |
c | Annualized. |
d | Expense waivers and/or reimbursements amounted to less than .01%. |
See notes to financial statements. |
The Funds 75
FINANCIAL HIGHLIGHTS (continued) |
Investor Shares | ||||||
Six Months Ended | ||||||
February 28, 2009 | Year Ended August 31, | |||||
BNY Mellon Mid Cap Stock Fund | (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 11.00 | 14.07 | 14.16 | 14.73 | 12.24 | 11.03 |
Investment Operations: | ||||||
Investment income—neta | .03 | .00b | .02 | .04 | .00b | .01 |
Net realized and unrealized | ||||||
gain (loss) on investments | (4.79) | (.53) | 2.15 | 1.21 | 3.32 | 1.21 |
Total from Investment Operations | (4.76) | (.53) | 2.17 | 1.25 | 3.32 | 1.22 |
Distributions: | ||||||
Dividends from investment income—net | (.03) | — | (.04) | — | (.01) | (.01) |
Dividends from net realized gain on investments | (.01) | (2.54) | (2.22) | (1.82) | (.82) | — |
Total Distributions | (.04) | (2.54) | (2.26) | (1.82) | (.83) | (.01) |
Net asset value, end of period | 6.20 | 11.00 | 14.07 | 14.16 | 14.73 | 12.24 |
Total Return (%) | (43.28)c | (5.94) | 16.44 | 8.93 | 28.05 | 11.02 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.17d | 1.15 | 1.15 | 1.15 | 1.15 | 1.16 |
Ratio of net expenses to average net assets | 1.17d,e | 1.15e | 1.15e | 1.15e | 1.15 | 1.16 |
Ratio of net investment income to average net assets | .79d | .03 | .16 | .26 | .02 | .10 |
Portfolio Turnover Rate | 66.71c | 121.12 | 112.31 | 93.33 | 83.57 | 69.03 |
Net Assets, end of period ($ x 1,000) | 15,327 | 28,520 | 35,139 | 30,433 | 26,445 | 21,810 |
a | Based on average shares outstanding at each month end. |
b | Amount represents less than $.01 per share. |
c | Not annualized. |
d | Annualized. |
e | Expense waivers and/or reimbursements amounted to less than .01%. |
See notes to financial statements. |
76
Dreyfus Premier Shares | ||||||
Six Months Ended | ||||||
February 28, 2009 | Year Ended August 31, | |||||
BNY Mellon Mid Cap Stock Fund | (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 10.40 | 13.52 | 13.74 | 14.44 | 12.09 | 10.96 |
Investment Operations: | ||||||
Investment income (loss)—neta | .00b | (.09) | (.07) | (.07) | (.09) | (.08) |
Net realized and unrealized | ||||||
gain (loss) on investments | (4.52) | (.49) | 2.07 | 1.19 | 3.26 | 1.21 |
Total from Investment Operations | (4.52) | (.58) | 2.00 | 1.12 | 3.17 | 1.13 |
Distributions: | ||||||
Dividends from net realized gain on investments | (.01) | (2.54) | (2.22) | (1.82) | (.82) | — |
Net asset value, end of period | 5.87 | 10.40 | 13.52 | 13.74 | 14.44 | 12.09 |
Total Return (%) | (43.47)c | (6.63) | 15.58 | 8.13 | 27.11 | 10.31 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.92d | 1.90 | 1.90 | 1.90 | 1.88 | 1.91 |
Ratio of net expenses to average net assets | 1.92d,e | 1.90e | 1.90e | 1.90e | 1.88 | 1.91 |
Ratio of net investment income | ||||||
(loss) to average net assets | .04d | (.73) | (.53) | (.48) | (.71) | (.65) |
Portfolio Turnover Rate | 66.71c | 121.12 | 112.31 | 93.33 | 83.57 | 69.03 |
Net Assets, end of period ($ x 1,000) | 624 | 1,669 | 3,635 | 6,170 | 8,113 | 9,682 |
a | Based on average shares outstanding at each month end. |
b | Amount represents less than $.01 per share. |
c | Not annualized. |
d | Annualized. |
e | Expense waivers and/or reimbursements amounted to less than .01%. |
See notes to financial statements. |
The Funds 77
FINANCIAL HIGHLIGHTS (continued) |
Class M Shares | ||||||
Six Months Ended | ||||||
February 28, 2009 | Year Ended August 31, | |||||
BNY Mellon Small Cap Stock Fund | (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 11.44 | 14.82 | 15.39 | 17.18 | 14.92 | 13.17 |
Investment Operations: | ||||||
Investment income (loss)—neta | .06 | .03 | .00b | (.01) | (.01) | (.02) |
Net realized and unrealized | ||||||
gain (loss) on investments | (5.08) | (1.15) | 1.83 | .80 | 2.66 | 1.77 |
Total from Investment Operations | (5.02) | (1.12) | 1.83 | .79 | 2.65 | 1.75 |
Distributions: | ||||||
Dividends from investment income—net | (.08) | — | — | — | — | — |
Dividends from net realized gain on investments | (.01) | (2.26) | (2.40) | (2.58) | (.39) | — |
Total Distributions | (.09) | (2.26) | (2.40) | (2.58) | (.39) | — |
Net asset value, end of period | 6.33 | 11.44 | 14.82 | 15.39 | 17.18 | 14.92 |
Total Return (%) | (43.96)c | (9.07) | 12.53 | 5.04 | 17.86 | 13.29 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.03d | 1.01 | 1.01 | 1.01 | 1.01 | 1.02 |
Ratio of net expenses to average net assets | .99d | 1.01e | 1.00 | 1.01e | 1.01e | 1.02e |
Ratio of net investment income | ||||||
(loss) to average net assets | 1.36d | .28 | .02 | (.08) | (.07) | (.11) |
Portfolio Turnover Rate | 66.52c | 132.19 | 167.04 | 108.79 | 148.54 | 91.71 |
Net Assets, end of period ($ x 1,000) | 423,385 | 633,118 | 670,238 | 667,241 | 797,808 | 747,637 |
a | Based on average shares outstanding at each month end. |
b | Amount represents less than $.01 per share. |
c | Not annualized. |
d | Annualized. |
e | Expense waivers and/or reimbursements amounted to less than .01%. |
See notes to financial statements. |
78
Investor Shares | ||||||
Six Months Ended | ||||||
February 28, 2009 | Year Ended August 31, | |||||
BNY Mellon Small Cap Stock Fund | (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 11.11 | 14.50 | 15.13 | 16.97 | 14.78 | 13.08 |
Investment Operations: | ||||||
Investment income (loss)—neta | .04 | .00b | (.03) | (.05) | (.05) | (.05) |
Net realized and unrealized | ||||||
gain (loss) on investments | (4.88) | (1.13) | 1.80 | .79 | 2.63 | 1.75 |
Total from Investment Operations | (4.84) | (1.13) | 1.77 | .74 | 2.58 | 1.70 |
Distributions: | ||||||
Dividends from investment income—net | (.07) | — | — | — | — | — |
Dividends from net realized gain on investments | (.01) | (2.26) | (2.40) | (2.58) | (.39) | — |
Total Distributions | (.08) | (2.26) | (2.40) | (2.58) | (.39) | — |
Net asset value, end of period | 6.19 | 11.11 | 14.50 | 15.13 | 16.97 | 14.78 |
Total Return (%) | (43.69)c | (9.36) | 12.33 | 4.78 | 17.55 | 13.00 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.28d | 1.26 | 1.26 | 1.26 | 1.26 | 1.26 |
Ratio of net expenses to average net assets | 1.23d | 1.26e | 1.25 | 1.26e | 1.26e | 1.26e |
Ratio of net investment income | ||||||
(loss) to average net assets | 1.09d | .02 | (.23) | (.35) | (.33) | (.35) |
Portfolio Turnover Rate | 66.52c | 132.19 | 167.04 | 108.79 | 148.54 | 91.71 |
Net Assets, end of period ($ x 1,000) | 4,469 | 3,795 | 5,341 | 6,618 | 4,692 | 3,310 |
a | Based on average shares outstanding at each month end. |
b | Amount represents less than $.01 per share. |
c | Not annualized. |
d | Annualized. |
e | Expense waivers and/or reimbursements amounted to less than .01%. |
See notes to financial statements. |
The Funds 79
FINANCIAL HIGHLIGHTS (continued) |
Class M Shares | |||
Six Months Ended | |||
February 28, 2009 | Year Ended August 31, | ||
BNY Mellon U.S. Core Equity 130/30 Fund | (Unaudited) | 2008 | 2007a |
Per Share Data ($): | |||
Net asset value, beginning of period | 11.39 | 12.64 | 12.50 |
Investment Operations: | |||
Investment income (loss)—netb | .05 | .07 | (.00)c |
Net realized and unrealized | |||
gain (loss) on investments | (4.82) | (1.32) | .14 |
Total from Investment Operations | (4.77) | (1.25) | .14 |
Distributions: | |||
Dividends from investment income—net | (.11) | — | — |
Net asset value, end of period | 6.51 | 11.39 | 12.64 |
Total Return (%) | (42.00)d | (9.89) | 1.12d |
Ratios/Supplemental Data (%): | |||
Ratio of total expenses to average net assets | 2.04e | 2.39f | .50d |
Ratio of net expenses to average net assets | 2.04e,g | 2.28f | .28d |
Ratio of net investment income | |||
(loss) to average net assets | 1.22e | .58 | (.03)d |
Portfolio Turnover Rate | 68.17d | 163.66 | 11.94d |
Net Assets, end of period ($ x 1,000) | 65,663 | 180,803 | 26,064 |
a | From August 1, 2007 (commencement of operations) to August 31, 2007. |
b | Based on average shares outstanding at each month end. |
c | Amount represents less than $.01 per share. |
d | Not annualized. |
e | Annualized. |
f | Higher costs are due to borrowing costs associated with the 130/30 fund structure. |
g | Expense waivers and/or reimbursements amounted to less than .01%. |
See notes to financial statements. |
80
Investor Shares | |||
Six Months Ended | |||
February 28, 2009 | Year Ended August 31, | ||
BNY Mellon U.S. Core Equity 130/30 Fund | (Unaudited) | 2008 | 2007a |
Per Share Data ($): | |||
Net asset value, beginning of period | 11.36 | 12.63 | 12.50 |
Investment Operations: | |||
Investment income (loss)—netb | .03 | .02 | (.00)c |
Net realized and unrealized | |||
gain (loss) on investments | (4.80) | (1.29) | .13 |
Total from Investment Operations | (4.77) | (1.27) | .13 |
Distributions: | |||
Dividends from investment income—net | (.11) | — | — |
Net asset value, end of period | 6.48 | 11.36 | 12.63 |
Total Return (%) | (42.14)d | (10.06) | 1.04d |
Ratios/Supplemental Data (%): | |||
Ratio of total expenses to average net assets | 2.33e | 2.81f | .50d |
Ratio of net expenses to average net assets | 2.33e,g | 2.71f | .28d |
Ratio of net investment income | |||
(loss) to average net assets | .73e | .16 | (.03)d |
Portfolio Turnover Rate | 68.17d | 163.66 | 11.94d |
Net Assets, end of period ($ x 1,000) | 16 | 13 | 10 |
a | From August 1, 2007 (commencement of operations) to August 31, 2007. |
b | Based on average shares outstanding at each month end. |
c | Amount represents less than $.01 per share. |
d | Not annualized. |
e | Annualized. |
f | Higher costs are due to borrowing costs associated with the 130/30 fund structure. |
g | Expense waivers and/or reimbursements amounted to less than .01%. |
See notes to financial statements. |
The Funds 81
FINANCIAL HIGHLIGHTS (continued) |
Class M Shares | ||||||
Six Months Ended | ||||||
February 28, 2009 | Year Ended August 31, | |||||
BNY Mellon International Fund | (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 12.11 | 17.56 | 17.77 | 16.20 | 14.29 | 11.77 |
Investment Operations: | ||||||
Investment income—neta | .07 | .33 | .28 | .28 | .22 | .20 |
Net realized and unrealized | ||||||
gain (loss) on investments | (4.84) | (3.14) | 1.92 | 3.02 | 2.52 | 2.51 |
Total from Investment Operations | (4.77) | (2.81) | 2.20 | 3.30 | 2.74 | 2.71 |
Distributions: | ||||||
Dividends from investment income—net | (.41) | (.29) | (.30) | (.23) | (.20) | (.19) |
Dividends from net realized gain on investments | (.26) | (2.35) | (2.11) | (1.50) | (.63) | — |
Total Distributions | (.67) | (2.64) | (2.41) | (1.73) | (.83) | (.19) |
Net asset value, end of period | 6.67 | 12.11 | 17.56 | 17.77 | 16.20 | 14.29 |
Total Return (%) | (40.65)b | (18.61) | 12.93 | 21.86 | 19.51 | 23.15 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.16c | 1.10 | 1.08 | 1.10 | 1.09 | 1.11 |
Ratio of net expenses to average net assets | 1.01c | 1.06 | 1.08d | 1.10d | 1.09 | 1.10 |
Ratio of net investment income to average net assets | 1.60c | 2.22 | 1.59 | 1.68 | 1.40 | 1.46 |
Portfolio Turnover Rate | 52.72b | 78.35 | 72.83 | 70.02 | 44.92 | 45.60 |
Net Assets, end of period ($ x 1,000) | 852,914 | 2,002,307 | 2,836,968 | 2,534,753 | 1,857,398 | 1,265,004 |
a | Based on average shares outstanding at each month end. |
b | Not annualized. |
c | Annualized. |
d | Expense waivers and/or reimbursements amounted to less than .01%. |
See notes to financial statements. |
82
Investor Shares | ||||||
Six Months Ended | ||||||
February 28, 2009 | Year Ended August 31, | |||||
BNY Mellon International Fund | (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 12.70 | 18.29 | 18.41 | 16.74 | 14.74 | 12.13 |
Investment Operations: | ||||||
Investment income—neta | .06 | .28 | .23 | .26 | .24 | .49 |
Net realized and unrealized | ||||||
gain (loss) on investments | (5.10) | (3.26) | 2.03 | 3.11 | 2.55 | 2.20 |
Total from Investment Operations | (5.04) | (2.98) | 2.26 | 3.37 | 2.79 | 2.69 |
Distributions: | ||||||
Dividends from investment income—net | (.35) | (.26) | (.27) | (.20) | (.16) | (.08) |
Dividends from net realized gain on investments | (.26) | (2.35) | (2.11) | (1.50) | (.63) | — |
Total Distributions | (.61) | (2.61) | (2.38) | (1.70) | (.79) | (.08) |
Net asset value, end of period | 7.05 | 12.70 | 18.29 | 18.41 | 16.74 | 14.74 |
Total Return (%) | (40.72)b | (18.87) | 12.73 | 21.49 | 19.24 | 22.28 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.40c | 1.35 | 1.33 | 1.36 | 1.34 | 1.35 |
Ratio of net expenses to average net assets | 1.25c | 1.32 | 1.32 | 1.36d | 1.34 | 1.35d |
Ratio of net investment income to average net assets | 1.27c | 1.82 | 1.26 | 1.50 | 1.50 | 2.63 |
Portfolio Turnover Rate | 52.72b | 78.35 | 72.83 | 70.02 | 44.92 | 45.60 |
Net Assets, end of period ($ x 1,000) | 3,522 | 6,627 | 13,634 | 9,256 | 3,466 | 900 |
a | Based on average shares outstanding at each month end. |
b | Not annualized. |
c | Annualized. |
d | Expense waivers and/or reimbursements amounted to less than .01%. |
See notes to financial statements. |
The Funds 83
FINANCIAL HIGHLIGHTS (continued) |
Class M Shares | ||||||
Six Months Ended | ||||||
February 28, 2009 | Year Ended August 31, | |||||
BNY Mellon Emerging Markets Fund | (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 16.89 | 24.42 | 24.53 | 22.69 | 17.98 | 14.92 |
Investment Operations: | ||||||
Investment income—neta | .03 | .23 | .25 | .29 | .32 | .25 |
Net realized and unrealized | ||||||
gain (loss) on investments | (7.09) | (1.45) | 7.18 | 4.96 | 6.09 | 3.16 |
Total from Investment Operations | (7.06) | (1.22) | 7.43 | 5.25 | 6.41 | 3.41 |
Distributions: | ||||||
Dividends from investment income—net | (.42) | (.21) | (.22) | (.44) | (.12) | (.12) |
Dividends from net realized gain on investments | (4.32) | (6.10) | (7.32) | (2.97) | (1.58) | (.23) |
Total Distributions | (4.74) | (6.31) | (7.54) | (3.41) | (1.70) | (.35) |
Net asset value, end of period | 5.09 | 16.89 | 24.42 | 24.53 | 22.69 | 17.98 |
Total Return (%) | (45.11)b | (9.11) | 35.81 | 24.59 | 36.62 | 22.93 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.74c | 1.53 | 1.50 | 1.52 | 1.51 | 1.51 |
Ratio of net expenses to average net assets | 1.74c,d | 1.52 | 1.50d | 1.52 | 1.51d | 1.50 |
Ratio of net investment income to average net assets | .71c | 1.11 | 1.05 | 1.18 | 1.52 | 1.39 |
Portfolio Turnover Rate | 50.27b | 63.60 | 60.72 | 49.06 | 42.97 | 46.36 |
Net Assets, end of period ($ x 1,000) | 459,929 | 1,141,146 | 1,521,024 | 1,312,055 | 1,337,801 | 1,001,344 |
a | Based on average shares outstanding at each month end. |
b | Not annualized. |
c | Annualized. |
d | Expense waivers and/or reimbursements amounted to less than .01%. |
See notes to financial statements. |
84
Investor Shares | ||||||
Six Months Ended | ||||||
February 28, 2009 | Year Ended August 31, | |||||
BNY Mellon Emerging Markets Fund | (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 17.05 | 24.60 | 24.65 | 22.79 | 18.08 | 15.00 |
Investment Operations: | ||||||
Investment income—neta | .02 | .20 | .15 | .26 | .30 | .17 |
Net realized and unrealized | ||||||
gain (loss) on investments | (7.17) | (1.50) | 7.27 | 4.96 | 6.09 | 3.22 |
Total from Investment Operations | (7.15) | (1.30) | 7.42 | 5.22 | 6.39 | 3.39 |
Distributions: | ||||||
Dividends from investment income—net | (.35) | (.15) | (.15) | (.39) | (.10) | (.08) |
Dividends from net realized gain on investments | (4.32) | (6.10) | (7.32) | (2.97) | (1.58) | (.23) |
Total Distributions | (4.67) | (6.25) | (7.47) | (3.36) | (1.68) | (.31) |
Net asset value, end of period | 5.23 | 17.05 | 24.60 | 24.65 | 22.79 | 18.08 |
Total Return (%) | (45.20)b | (9.29) | 35.52 | 24.29 | 36.26 | 22.68 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 2.00c | 1.78 | 1.75 | 1.78 | 1.72 | 1.84 |
Ratio of net expenses to average net assets | 2.00c,d | 1.78d | 1.74 | 1.78 | 1.72d | 1.83 |
Ratio of net investment income to average net assets | .45c | .96 | .65 | 1.07 | 1.48 | 1.14 |
Portfolio Turnover Rate | 50.27b | 63.60 | 60.72 | 49.06 | 42.97 | 46.36 |
Net Assets, end of period ($ x 1,000) | 2,481 | 7,187 | 10,846 | 11,761 | 4,557 | 3,424 |
a | Based on average shares outstanding at each month end. |
b | Not annualized. |
c | Annualized. |
d | Expense waivers and/or reimbursements amounted to less than .01%. |
See notes to financial statements. |
The Funds 85
FINANCIAL HIGHLIGHTS (continued) |
Class M Shares | ||||||
Six Months Ended | ||||||
February 28, 2009 | Year Ended December 31, | |||||
BNY Mellon International Appreciation Fund† | (Unaudited)a | 2008 | 2007 | 2006 | 2005 | 2004 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 9.40 | 16.58 | 15.46 | 12.62 | 11.32 | 9.89 |
Investment Operations: | ||||||
Investment income—netb | .02 | .45 | .41 | .30 | .20 | .14 |
Net realized and unrealized | ||||||
gain (loss) on investments | (2.12) | (7.17) | 1.10 | 2.81 | 1.29 | 1.42 |
Total from Investment Operations | (2.10) | (6.72) | 1.51 | 3.11 | 1.49 | 1.56 |
Distributions: | ||||||
Dividends from investment income—net | — | (.46) | (.39) | (.27) | (.19) | (.13) |
Net asset value, end of period | 7.30 | 9.40 | 16.58 | 15.46 | 12.62 | 11.32 |
Total Return (%) | (22.34)c | (41.12) | 9.79 | 24.68 | 13.14 | 15.85 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | .71d | .70 | .69 | .68 | .84 | 1.08 |
Ratio of net expenses to average net assets | .67d | .67 | .69 | .68 | .84 | 1.08 |
Ratio of net investment income to average net assets | 1.73d | 3.32 | 2.45 | 2.14 | 1.71 | 1.37 |
Portfolio Turnover Rate | —c | 10.62 | 11 | 15 | 11 | 31 |
Net Assets, end of period ($ x 1,000) | 205,548 | 267,393 | 545,392 | 456,316 | 308,769 | 219,404 |
† Represents information for Institutional shares of the fund’s predecessor, BNY Hamilton International Equity Fund, through September 12, 2008. |
a The fund has changed its fiscal year end from December 31 to August 31. |
b Based on average shares outstanding at each month end. |
c Not annualized. |
d Annualized. |
See notes to financial statements. |
86
Investor Shares | ||||||
Six Months Ended | ||||||
February 28, 2009 | Year Ended December 31, | |||||
BNY Mellon International Appreciation Fund† | (Unaudited)a | 2008 | 2007 | 2006 | 2005 | 2004 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 9.31 | 16.37 | 15.27 | 12.47 | 11.19 | 9.77 |
Investment Operations: | ||||||
Investment income—netb | .02 | .40 | .36 | .27 | .17 | .13 |
Net realized and unrealized | ||||||
gain (loss) on investments | (2.10) | (7.06) | 1.09 | 2.77 | 1.26 | 1.39 |
Total from Investment Operations | (2.08) | (6.66) | 1.45 | 3.04 | 1.43 | 1.52 |
Distributions: | ||||||
Dividends from investment income—net | — | (.40) | (.35) | (.24) | (.15) | (.10) |
Net asset value, end of period | 7.23 | 9.31 | 16.37 | 15.27 | 12.47 | 11.19 |
Total Return (%) | (22.34)c | (41.21) | 9.50 | 24.38 | 12.81 | 15.61 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | .96d | .95 | .94 | .93 | 1.10 | 1.35 |
Ratio of net expenses to average net assets | .92d | .92 | .94 | .93 | 1.10 | 1.35 |
Ratio of net investment income to average net assets | 1.49d | 3.02 | 2.20 | 1.92 | 1.49 | 1.25 |
Portfolio Turnover Rate | —c | 10.62 | 11 | 15 | 11 | 31 |
Net Assets, end of period ($ x 1,000) | 2,514 | 3,179 | 5,623 | 5,366 | 4,431 | 4,384 |
† Represents information for Class A shares of the fund’s predecessor, BNY Hamilton International Equity Fund, through September 12, 2008. |
a The fund has changed its fiscal year end from December 31 to August 31. |
b Based on average shares outstanding at each month end. |
c Not annualized. |
d Annualized. |
See notes to financial statements. |
The Funds 87
FINANCIAL HIGHLIGHTS (continued) |
Class M Shares | ||||||
Six Months Ended | ||||||
February 28, 2009 | Year Ended August 31, | |||||
BNY Mellon Balanced Fund | (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 10.93 | 12.91 | 13.17 | 12.79 | 11.56 | 10.79 |
Investment Operations: | ||||||
Investment income—neta | .16 | .30 | .29 | .27 | .22 | .20 |
Net realized and unrealized | ||||||
gain (loss) on investments | (2.88) | (.73) | 1.21 | .64 | 1.25 | .78 |
Total from Investment Operations | (2.72) | (.43) | 1.50 | .91 | 1.47 | .98 |
Distributions: | ||||||
Dividends from investment income—net | (.17) | (.36) | (.32) | (.30) | (.24) | (.21) |
Dividends from net realized gain on investments | (.45) | (1.19) | (1.44) | (.23) | — | — |
Total Distributions | (.62) | (1.55) | (1.76) | (.53) | (.24) | (.21) |
Net asset value, end of period | 7.59 | 10.93 | 12.91 | 13.17 | 12.79 | 11.56 |
Total Return (%) | (25.34)b | (3.99) | 12.09 | 7.22 | 12.78 | 9.13 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | .60c | .58 | .58 | .60 | .58 | .59 |
Ratio of net expenses to average net assets | .60c,d | .58d | .58d | .60 | .58 | .59d |
Ratio of net investment income to average net assets | 3.65c | 2.51 | 2.26 | 2.10 | 1.81 | 1.77 |
Portfolio Turnover Rate | 35.36b | 51.92e | 89.78e | 64.43e | 62.64e | 61.77e |
Net Assets, end of period ($ x 1,000) | 224,877 | 317,545 | 358,068 | 342,110 | 351,525 | 342,326 |
a Based on average shares outstanding at each month end. |
b Not annualized. |
c Annualized. |
d Expense waivers and/or reimbursements amounted to less than .01%. |
e The portfolio turnover rates excluding mortgage dollar roll transactions for the periods ended August 31, 2008, 2007, 2006, 2005 and 2004 were 51.44%, 75.75%, 61.53%, |
45.79% and 55.45%, respectively. |
See notes to financial statements. |
88
Investor Shares | ||||||
Six Months Ended | ||||||
February 28, 2009 | Year Ended August 31, | |||||
BNY Mellon Balanced Fund | (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 10.98 | 12.96 | 13.21 | 12.83 | 11.57 | 10.79 |
Investment Operations: | ||||||
Investment income—neta | .15 | .27 | .26 | .24 | .18 | .17 |
Net realized and unrealized | ||||||
gain (loss) on investments | (2.89) | (.74) | 1.21 | .63 | 1.26 | .77 |
Total from Investment Operations | (2.74) | (.47) | 1.47 | .87 | 1.44 | .94 |
Distributions: | ||||||
Dividends from investment income—net | (.16) | (.32) | (.28) | (.26) | (.18) | (.16) |
Dividends from net realized gain on investments | (.45) | (1.19) | (1.44) | (.23) | — | — |
Total Distributions | (.61) | (1.51) | (1.72) | (.49) | (.18) | (.16) |
Net asset value, end of period | 7.63 | 10.98 | 12.96 | 13.21 | 12.83 | 11.57 |
Total Return (%) | (25.34)b | (4.29) | 11.73 | 6.93 | 12.55 | 8.76 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | .85c | .81 | .86 | .85 | .85 | .85 |
Ratio of net expenses to average net assets | .85c,d | .81d | .86d | .85 | .85 | .85d |
Ratio of net investment income to average net assets | 3.41c | 2.28 | 1.98 | 1.86 | 1.45 | 1.45 |
Portfolio Turnover Rate | 35.36b | 51.92e | 89.78e | 64.43e | 62.64e | 61.77e |
Net Assets, end of period ($ x 1,000) | 3,593 | 4,812 | 4,274 | 3,727 | 1,848 | 665 |
a Based on average shares outstanding at each month end. |
b Not annualized. |
c Annualized. |
d Expense waivers and/or reimbursements amounted to less than .01%. |
e The portfolio turnover rates excluding mortgage dollar roll transactions for the periods ended August 31, 2008, 2007, 2006, 2005 and 2004 were 51.44%, 75.75%, 61.53%, |
45.79% and 55.45%, respectively. |
See notes to financial statements. |
The Funds 89
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1—General:
BNY Mellon Funds Trust (the “Trust”) was organized as a Massachusetts business trust which is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company and operates as a series company currently comprised of twenty-one series including the following diversified equity funds and balanced fund: BNY Mellon Large Cap Stock Fund, BNY Mellon Income Stock Fund, BNY Mellon Mid Cap Stock Fund, BNY Mellon Small Cap Stock Fund, BNY Mellon U.S. Core Equity 130/30 Fund, BNY Mellon International Fund, BNY Mellon Emerging Markets Fund, BNY Mellon International Appreciation Fund and BNY Mellon Balanced Fund (each,a“fund”and collectively,the“funds”).BNY Mellon Large Cap Stock Fund, BNY Mellon Mid Cap Stock Fund, BNY Mellon Small Cap Stock Fund and BNY Mellon U.S. Core Equity 130/30 Fund seek capital appreciation and BNY Mellon Income Stock Fund seeks 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 International Appreciation Fund seeks long-term capital appreciation. BNY Mellon Balanced Fund seeks long-term growth of principal in conjunction with current income.
BNY Mellon Fund Advisers, a division of The Dreyfus Corporation (the “Manager” or “Dreyfus”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”), serves as each fund’s investment adviser (“Investment Adviser”). The Bank of NewYork Mellon, a subsidiary of BNY Mellon and an affiliate of Dreyfus, serves as administrator for the funds pursuant to an Administration Agreement with the Trust (the “Administration Agreement”). The Bank of NewYork Mellon has entered into a Sub-Administration Agreement with Dreyfus pursuant to which The Bank of New York Mellon pays Dreyfus for performing certain administrative services. MBSC Securities Corporation
(the “Distributor”), a wholly-owned subsidiary of Dreyfus, is the distributor of each fund’s shares, which are sold without a sales charge.
As of the close of business on September 12, 2008, pursuant to an Agreement and Plan of Reorganization previously approved by the Trust’s Board, all of the assets, subject to the liabilities, of BNY Hamilton Small Cap Growth Fund (the “Small Cap Growth Fund”), a series of BNY Hamilton Funds, Inc. were transferred to BNY Mellon Small Cap Stock Fund (the “Acquiring Fund”) in exchange for the corresponding class of shares of Beneficial Interest of the Acquiring Fund of equal value. Shareholders of Institutional and Class A shares of the Small Cap Growth Fund received Class M and Investor shares of the Acquiring Fund, respectively, in each case in an equal amount to the aggregate net asset value of their investment in the Small Cap Growth Fund at the time of the exchange. The net asset value of the Acquiring Fund’s shares on the close of business on September 12, 2008, after the reorganization, was $11.16 for Class M shares and $10.84 for Investor shares, and a total of 6,473,576 Class M shares and 283,476 Investor shares, representing net assets of $75,321,838 (including $1,191,135 net unrealized appreciation on investments) were issued to the Small Cap Growth Fund shareholders in the exchange. The exchange was a tax-free event to shareholders of the Small Cap Growth Fund.
As of the close of business on September 12, 2008, pursuant to an Agreement and Plan of Reorganization previously approved by the Trust’s Board, all of the assets, subject to the liabilities, of BNY Hamilton Small Cap Core Equity Fund (the “Small Cap Core Equity Fund”), a series of BNY Hamilton Funds, Inc. were transferred to BNY Mellon Small Cap Stock Fund (the “Acquiring Fund”) in exchange for the corresponding class of shares of Beneficial Interest of the Acquiring Fund of equal value. Shareholders of Institutional and Class A shares of the Small Cap Core Equity Fund received Class M and Investor shares of the Acquiring Fund, respectively, in each
90
case in an equal amount to the aggregate net asset value of their investment in the Small Cap Core Equity Fund at the time of the exchange. The net asset value of the Acquiring Fund’s shares on the close of business on September 12, 2008, after the reorganization, was $11.16 for Class M shares and $10.84 for Investor shares, and a total of 14,045,041 Class M shares and 125,336 Investor shares, representing net assets of $158,064,599 (including $1,296,509 net unrealized depreciation on investments) were issued to the Small Cap Core Equity Fund shareholders in the exchange. The exchange was a tax-free event to shareholders of the Small Cap Core Equity Fund.
The Trust is authorized to issue an unlimited number of shares of Beneficial Interest, par value $.001 per share, in each of the Class M and Investor class shares of each fund and in the Dreyfus Premier class shares of BNY Mellon Mid Cap Stock Fund. Dreyfus Premier shares of BNY Mellon Mid Cap Stock Fund are subject to a contingent deferred sales charge (“CDSC”) imposed on redemptions of Dreyfus Premier shares made within six years of purchase and automatically convert to Investor class shares after six years. BNY Mellon Mid Cap Stock Fund does not offer Dreyfus Premier shares, except in connection with dividend reinvestment and permitted exchanges of Dreyfus Premier shares. Each class of shares has similar rights and privileges, except with respect to the expenses borne by and the shareholder services offered to each class, the shareholder services plan applicable to the Investor shares and Dreyfus Premier shares and the Rule 12b- 1 plan applicable to the Dreyfus Premier shares, the allocation of certain transfer agency costs and certain voting rights. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.
As of February 28, 2009, MBC Investments Corp., an indirect subsidiary of BNY Mellon, held 800 Investor shares of BNY Mellon U.S. Core Equity 130/30 Fund.
TheTrust accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that series’ operations; expenses that are applicable to all series are allocated among them on a pro rata basis.
The funds’ financial statements are prepared in accordance with U.S. generally accepted accounting principles, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
NOTE 2—Significant Accounting Policies:
(a) Portfolio valuation: 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. 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, except for open short positions, where the asked price is 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. When market quotations or official clos ing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of the 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 values, the funds may value these investments at fair value as determined in accordance with the procedures approved by the Trust’s 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 indi-
The Funds 91
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
cators, such as prices of relevant ADRs and futures contracts. For other securities that are fair valued by the Trust’s Board, certain factors may be considered such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which securities are purchased and sold and public trading in similar securities of the issuer or comparable issuers. Financial 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. Options traded over-the-counter are priced at the mean between the bid and asked price. Investments denominated in foreign currencies are translated to U.S. dollars at the prevailing rates of exchange. Forward currency exchange contracts are valued at the forward r ate.
BNY Mellon Balanced Fund
Most debt securities are valued each business day by an independent pricing service (the “Service”) approved by the Trust’s Board. 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. Debt securities for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Other debt securities (which constitute a majority of the portfolio securities) are valued as determined by the Service, based on methods which include consideration of: yields or prices of securities of comparable quality, coup on, maturity and type; indications as to values from dealers; and general market conditions. Restricted securities, as well as securities or other assets for which recent market quotations are not readily available, that are not valued by a pricing service approved by the Trust’s Board, or are determined
by the fund not to reflect accurately fair value, are valued at fair value as determined in good faith under the direction of the Trust’s Board. The factors that may be considered when fair valuing a security include fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold and public trading in similar securities of the issuer or comparable issuers.
The funds adopted Statement of Financial Accounting Standards No. 157 “Fair Value Measurements” (“FAS 157”). FAS 157 establishes an authoritative definition of fair value, sets out a framework for measuring fair value, and requires additional disclosures about fair value measurements.
Various inputs are used in determining the value of each fund’s investments relating to FAS 157.These inputs are summarized in the three broad levels listed below.
Level 1—quoted prices in active markets for identi- cal investments. Level 2—other significant observable inputs (includ- ing quoted prices for similar securities, 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.
Tables 1, 1a and 1b summarize the inputs used as of February 28, 2009 in valuing each fund’s investments.
(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 recorded on the ex-dividend date and interest income, including accretion of discount and amortization of premium on investments, is recognized on the accrual basis.
92
Table 1. | |||||||
Investments in Securities | |||||||
Level 2—Other | Level 3—Significant | ||||||
Level 1—Quoted | Significant | Unobservable | |||||
Prices | Observable Inputs | Inputs | |||||
Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Total | |
BNY Mellon Large | |||||||
Cap Stock Fund | 1,082,261,246 | — | — | — | — | — | 1,082,261,246 |
BNY Mellon Income | |||||||
Stock Fund | 99,710,107 | — | — | — | — | — | 99,710,107 |
BNY Mellon Mid Cap | |||||||
Stock Fund | 903,462,117 | — | — | — | — | — | 903,462,117 |
BNY Mellon Small | |||||||
Cap Stock Fund | 535,966,247 | — | — | — | — | — | 535,966,247 |
BNY Mellon U.S. Core | |||||||
Equity 130/30 Fund | 85,253,118 | — | — | — | — | — | 85,253,118 |
BNY Mellon | |||||||
International Fund | 567,027,051 | — | 268,262,214 | — | — | — | 835,289,265 |
BNY Mellon Emerging | |||||||
Markets Fund | 216,191,915 | — | 241,131,216 | — | — | — | 457,323,131 |
BNY Mellon | |||||||
International | |||||||
Appreciation Fund | 100,040,634 | — | 106,949,241 | — | — | — | 206,989,875 |
BNY Mellon | |||||||
Balanced Fund | 141,227,548 | — | 107,515,610 | — | — | — | 248,743,158 |
Table 1a. | |||||||
Other Financial Instruments ($)† | |||||||
Level 2—Other | Level 3—Significant | ||||||
Level 1—Quoted | Significant | Unobservable | |||||
Prices | Observable Inputs | Inputs | |||||
Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Total | |
BNY Mellon | |||||||
International Fund | — | — | 7,384 | (22,083) | — | — | (14,699) |
BNY Mellon Emerging | |||||||
Markets Fund | — | — | 11,040 | (12,598) | — | — | (1,558) |
† Other financial instruments include derivative instruments, such as futures, forward currency exchange contracts, swap contracts and any options contracts.
Table 1b. | |||||||
Investments in Securities Sold, Not Yet Purchased ($) | |||||||
Level 2—Other | Level 3—Significant | ||||||
Level 1—Quoted | Significant | Unobservable | |||||
Prices | Observable Inputs | Inputs | |||||
Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Total | |
BNY Mellon U.S. Core | |||||||
Equity 130/30 Fund | (20,645,416) | — | — | — | — | — | (20,645,416) |
The Funds 93
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
The funds have arrangements with the custodian and cash management bank whereby the funds may receive earnings credits when positive cash balances are maintained, which are used to offset custody and cash management fees. For financial reporting purposes, the funds include net earnings credits as an expense offset in the Statement of Operations.
BNY Mellon International Fund, BNY Mellon Emerging Markets Fund and BNY Mellon International Appreciation Fund
Investing in foreign markets 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.
Pursuant to a securities lending agreement withThe Bank of New York Mellon, the funds may lend securities to qualified institutions. It is the funds’ policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by Dreyfus, U.S. Government and Agency securities or letters of credit.The funds are entitled to receive all income on securities loaned, in addition to income earned as a result of the lending transaction. Although each security loaned is fully collateralized, the funds bear the risk of delay in recovery of, or loss of rights in, the securities loaned should a borrower fail to return the securities in a t imely manner. Table 2 summarizes the amountThe Bank of NewYork Mellon earned from each relevant fund from lending portfolio securities pursuant to the securities lending agreement during the period ended February 28, 2009.
Table 2. | |
BNY Mellon Large Cap Stock Fund | $112,249 |
BNY Mellon Income Stock Fund | 7,601 |
BNY Mellon Mid Cap Stock Fund | 328,176 |
BNY Mellon Small Cap Stock Fund | 421,552 |
BNY Mellon Emerging Markets Fund | 2,004 |
BNY Mellon Balanced Fund | 43,816 |
(c) Affiliated issuers: Investments in other investment companies advised by Dreyfus are defined as “affiliated” in the Act.
(d) Foreign currency transactions: BNY Mellon Emerging Markets Fund, BNY Mellon International Fund and BNY Mellon International Appreciation 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 and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the fund’s 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 investments are included with net realized and unrealized gain or loss on investments.
(e) Foreign currency exchange contracts: Certain funds may enter into forward currency exchange contracts to hedge their exposure to changes in foreign currency exchange rates on their foreign portfolio holdings and to settle foreign currency transactions.When executing forward currency exchange contracts, a 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 for-
94
ward currency exchange contracts, a fund would incur 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.The fund realizes a gain if the value of the contract decreases between those dates.With respect to purchases of forward currency exchange contracts, a fund would incur 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.A fund realizes a gain if the value of the contract increases between those dates. The fund is also exposed to credit risk associated with counterparty nonperformance on these forward currency exchange contracts, which is typically limited to the unrealized gain on each open contract.As of February 28, 2009, there were no open forward currency exchange contracts. Funds may also enter into foreign exchange contracts at the prevailing spot rate in order t o facilitate the settlement of purchases and sales of foreign securities. Table 3 summarizes open foreign exchange contracts for BNY Mellon International Fund and BNY Mellon Emerging Markets Fund at February 28, 2009.
(f) Concentration of risk: BNY Mellon U. S. Core Equity 130/30 Fund enters into short sales. Short sales involve selling a security the fund does not own in antic-
ipation that the security’s price will decline. Short sales may involve substantial risk and “leverage”.The fund may be required to buy the security sold short at a time when the security has appreciated in value, thus resulting in a loss to the fund. Short positions in stocks involve more risk than long positions in stocks. In theory, stocks sold short have unlimited risk. BNY Mellon Balanced 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 company, 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.
(g) Dividends to shareholders: Dividends payable to shareholders are recorded by the funds on the ex-dividend date. BNY Mellon Large Cap Stock Fund, BNY Mellon Income Stock Fund and BNY Mellon Balanced Fund declare and pay dividends from investment income-net
Table 3. | ||||
BNY Mellon International Fund | ||||
Foreign | Unrealized | |||
Currency | Appreciation | |||
Foreign Currency Exchange Contracts | Amounts | Cost ($) | Value ($) | (Depreciation) ($) |
Purchases: | ||||
Australian Dollars, expiring 3/3/2009 | 83,274 | 53,354 | 53,250 | (104) |
British Pounds, expiring 3/3/2009 | 338,774 | 481,127 | 484,988 | 3,861 |
Japanese Yen, expiring 3/3/2009 | 40,875,865 | 417,442 | 418,832 | 1,390 |
Swiss Franc, expiring 3/3/2009 | 456,926 | 390,368 | 390,585 | 217 |
Sales: | Proceeds ($) | |||
British Pounds, expiring 3/2/2009 | 435,375 | 625,198 | 623,282 | 1,916 |
British Pounds, expiring 3/3/2009 | 303,699 | 431,313 | 434,775 | (3,462) |
Euro, expiring 3/3/2009 | 1,163,012 | 1,470,978 | 1,474,407 | (3,429) |
Japanese Yen, expiring 3/2/2009 | 76,188,322 | 776,165 | 780,658 | (4,493) |
Japanese Yen, expiring 3/2/2009 | 126,725,461 | 1,291,009 | 1,298,483 | (7,474) |
Japanese Yen, expiring 3/3/2009 | 91,782,757 | 937,324 | 940,445 | (3,121) |
Total | (14,699) |
The Funds 95
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
Table 3 (continued) | ||||
BNY Mellon Emerging Markets Fund | ||||
Foreign | Unrealized | |||
Currency | Appreciation | |||
Foreign Currency Exchange Contracts | Amounts | Cost ($) | Value ($) | (Depreciation) ($) |
Purchases: | ||||
Brazilian Real, expiring 3/2/2009 | 8,478 | 3,525 | 3,545 | 20 |
Brazilian Real, expiring 3/2/2009 | 14,369 | 5,975 | 6,009 | 34 |
Brazilian Real, expiring 3/2/2009 | 13,132 | 5,460 | 5,491 | 31 |
Brazilian Real, expiring 3/2/2009 | 26,055 | 10,834 | 10,895 | 61 |
Brazilian Real,expiring 3/2/2009 | 18,068 | 7,513 | 7,555 | 42 |
Brazilian Real, expiring 3/2/2009 | 36,022 | 14,978 | 15,063 | 85 |
Brazilian Real, expiring 3/2/2009 | 6,806 | 2,830 | 2,846 | 16 |
Brazilian Real, expiring 3/2/2009 | 13,502 | 5,614 | 5,646 | 32 |
Brazilian Real, expiring 3/2/2009 | 150,463 | 62,563 | 62,918 | 355 |
Brazilian Real, expiring 3/2/2009 | 23,140 | 9,622 | 9,676 | 54 |
Brazilian Real, expiring 3/2/2009 | 45,726 | 19,013 | 19,121 | 108 |
Brazilian Real, expiring 3/2/2009 | 96,839 | 40,266 | 40,495 | 229 |
Brazilian Real, expiring 3/2/2009 | 23,436 | 9,745 | 9,800 | 55 |
Brazilian Real, expiring 3/2/2009 | 50,412 | 20,962 | 21,081 | 119 |
Brazilian Real, expiring 3/2/2009 | 88,282 | 36,708 | 36,916 | 208 |
Brazilian Real, expiring 3/2/2009 | 186,309 | 77,467 | 77,908 | 441 |
Brazilian Real, expiring 3/2/2009 | 19,972 | 8,304 | 8,352 | 48 |
Brazilian Real, expiring 3/2/2009 | 39,487 | 16,419 | 16,512 | 93 |
Brazilian Real, expiring 3/2/2009 | 13,296 | 5,528 | 5,560 | 32 |
Brazilian Real, expiring 3/2/2009 | 28,705 | 11,936 | 12,004 | 68 |
Brazilian Real, expiring 3/2/2009 | 11,957 | 4,972 | 5,000 | 28 |
Brazilian Real, expiring 3/2/2009 | 24,301 | 10,104 | 10,162 | 58 |
Brazilian Real, expiring 3/2/2009 | 127,497 | 53,013 | 53,315 | 302 |
Brazilian Real, expiring 3/2/2009 | 263,837 | 109,704 | 110,328 | 624 |
Brazilian Real, expiring 3/2/2009 | 12,105 | 5,033 | 5,062 | 29 |
Brazilian Real, expiring 3/2/2009 | 25,357 | 10,543 | 10,603 | 60 |
Brazilian Real, expiring 3/2/2009 | 14,585 | 6,065 | 6,099 | 34 |
Brazilian Real, expiring 3/2/2009 | 28,272 | 11,755 | 11,822 | 67 |
Brazilian Real, expiring 3/3/2009 | 279,482 | 115,752 | 117,688 | 1,936 |
Brazilian Real, expiring 3/4/2009 | 65,098 | 27,272 | 27,222 | (50) |
Brazilian Real, expiring 3/4/2009 | 22,804 | 9,553 | 9,536 | (17) |
Brazilian Real, expiring 3/4/2009 | 57,620 | 24,139 | 24,095 | (44) |
Brazilian Real, expiring 3/4/2009 | 38,953 | 16,319 | 16,289 | (30) |
Brazilian Real, expiring 3/4/2009 | 20,010 | 8,383 | 8,368 | (15) |
Brazilian Real, expiring 3/4/2009 | 35,782 | 14,990 | 14,963 | (27) |
Brazilian Real, expiring 3/4/2009 | 268,702 | 112,569 | 112,362 | (207) |
Brazilian Real, expiring 3/4/2009 | 34,233 | 14,342 | 14,315 | (27) |
Brazilian Real, expiring 3/4/2009 | 380,730 | 159,502 | 159,208 | (294) |
Brazilian Real, expiring 3/4/2009 | 43,265 | 18,125 | 18,092 | (33) |
Brazilian Real, expiring 3/4/2009 | 52,483 | 21,987 | 21,946 | (41) |
Brazilian Real, expiring 3/4/2009 | 38,137 | 15,977 | 15,948 | (29) |
Brazilian Real, expiring 3/4/2009 | 75,934 | 31,811 | 31,753 | (58) |
Brazilian Real, expiring 3/4/2009 | 51,737 | 21,675 | 21,635 | (40) |
Egyptian Pound, expiring 3/2/2009 | 81,994 | 14,617 | 14,642 | 25 |
Egyptian Pound, expiring 3/2/2009 | 19,988 | 3,563 | 3,569 | 6 |
Hong Kong Dollar, expiring 3/2/2009 | 1,683,939 | 217,134 | 217,135 | 1 |
Indian Rupee, expiring 3/2/2009 | 11,795,805 | 229,178 | 230,657 | 1,479 |
96
Table 3 (continued) | ||||
BNY Mellon Emerging Markets Fund (continued) | ||||
Foreign | Unrealized | |||
Currency | Appreciation | |||
Foreign Currency Exchange Contracts | Amounts | Cost ($) | Value ($) | (Depreciation) ($) |
Purchases (continued): | ||||
Indonesian Rupiah, expiring 3/2/2009 | 107,555,390 | 8,941 | 8,978 | 37 |
Indonesian Rupiah, expiring 3/2/2009 | 107,805,805 | 8,961 | 8,999 | 38 |
Indonesian Rupiah, expiring 3/3/2009 | 49,482,992 | 4,095 | 4,130 | 35 |
Indonesian Rupiah, expiring 3/3/2009 | 49,432,908 | 4,090 | 4,126 | 36 |
Israeli Shekel, expiring 3/2/2009 | 77,150 | 18,496 | 18,512 | 16 |
Malaysian Ringgit, expiring 3/2/2009 | 101,464 | 27,268 | 27,367 | 99 |
Malaysian Ringgit, expiring 3/2/2009 | 115,317 | 30,991 | 31,104 | 113 |
Malaysian Ringgit, expiring 3/2/2009 | 158,508 | 42,598 | 42,753 | 155 |
Malaysian Ringgit, expiring 3/3/2009 | 48,208 | 12,994 | 13,003 | 9 |
Malaysian Ringgit, expiring 3/3/2009 | 55,043 | 14,836 | 14,846 | 10 |
Malaysian Ringgit, expiring 3/3/2009 | 74,917 | 20,193 | 20,207 | 14 |
Mexican Peso, expiring 3/2/2009 | 544,824 | 36,575 | 35,773 | (802) |
Poland Zloty, expiring 3/2/2009 | 99,618 | 27,108 | 27,255 | 147 |
Poland Zloty, expiring 3/2/2009 | 119,691 | 32,570 | 32,746 | 176 |
Poland Zloty, expiring 3/3/2009 | 46,322 | 12,517 | 12,673 | 156 |
Poland Zloty, expiring 3/3/2009 | 774,599 | 209,317 | 211,923 | 2,606 |
South African Rand, expiring 3/2/2009 | 3,129,988 | 317,956 | 309,746 | (8,210) |
South Korean Won, expiring 3/2/2009 | 46,518,756 | 30,661 | 30,336 | (325) |
South Korean Won, expiring 3/2/2009 | 27,742,751 | 18,285 | 18,092 | (193) |
South Korean Won, expiring 3/2/2009 | 10,274,815 | 6,772 | 6,700 | (72) |
South Korean Won, expiring 3/2/2009 | 10,547,642 | 6,952 | 6,878 | (74) |
South Korean Won, expiring 3/2/2009 | 9,827,178 | 6,477 | 6,409 | (68) |
South Korean Won, expiring 3/2/2009 | 11,927,296 | 7,861 | 7,778 | (83) |
South Korean Won, expiring 3/2/2009 | 8,974,757 | 5,915 | 5,853 | (62) |
South Korean Won, expiring 3/2/2009 | 9,559,458 | 6,301 | 6,234 | (67) |
South Korean Won, expiring 3/2/2009 | 12,398,861 | 8,172 | 8,086 | (86) |
South Korean Won, expiring 3/2/2009 | 12,313,458 | 8,116 | 8,030 | (86) |
South Korean Won, expiring 3/2/2009 | 13,936,103 | 9,185 | 9,088 | (97) |
South Korean Won, expiring 3/2/2009 | 8,486,171 | 5,593 | 5,534 | (59) |
South Korean Won, expiring 3/2/2009 | 9,760,198 | 6,433 | 6,365 | (68) |
Thai Baht, expiring 3/2/2009 | 426,786 | 11,888 | 11,798 | (90) |
Thai Baht, expiring 3/2/2009 | 1,037,775 | 28,907 | 28,688 | (219) |
Thai Baht, expiring 3/3/2009 | 205,682 | 5,717 | 5,686 | (31) |
Thai Baht, expiring 3/3/2009 | 494,179 | 13,735 | 13,661 | (74) |
Turkish Lira, expiring 3/2/2009 | 68,883 | 40,414 | 40,517 | 103 |
Sales: | Proceeds ($) | |||
Brazilian Real, expiring 3/2/2009 | 18,603 | 7,729 | 7,779 | (50) |
Brazilian Real, expiring 3/3/2009 | 60,238 | 24,928 | 25,190 | (262) |
Brazilian Real, expiring 3/4/2009 | 55,062 | 23,038 | 23,025 | 13 |
Hong Kong Dollar, expiring 3/2/2009 | 52,006 | 6,707 | 6,706 | 1 |
Malaysian Ringgit, expiring 3/4/2009 | 357,522 | 95,979 | 96,432 | (453) |
South African Rand, expiring 3/2/2009 | 155,835 | 15,830 | 15,422 | 408 |
South African Rand, expiring 3/3/2009 | 426,740 | 42,212 | 42,231 | (19) |
South Korean Won, expiring 3/2/2009 | 12,899,368 | 8,500 | 8,412 | 88 |
South Korean Won, expiring 3/3/2009 | 5,328,034 | 3,339 | 3,475 | (136) |
Total | (1,558) |
The Funds 97
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
monthly. BNY Mellon Mid Cap Stock Fund, BNY Mellon Small Cap Stock Fund, BNY Mellon U.S. Core Equity 130/30 Fund, BNY Mellon International Fund, BNY Mellon Emerging Markets Fund and BNY Mellon International Appreciation Fund declare and pay dividends from investment income-net annually.With respect to each series, dividends from net realized capital gains, if any, are normally declared and paid annually, but the funds 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 that fund, it is the policy of the fund not to distribute such gains. Income and capital gain distributions are determined in accordance with income tax regulations,which may differ from U.S.generally accepted accounting principles.
(h) 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 series is treated as a single entity for the purpose of determining such qualification.
As of and during the period ended February 28, 2009, the funds did not have any liabilities for any uncertain tax positions.The funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the period, the funds did not incur any interest or penalties.
Each of the tax years in the three-year period ended August 31, 2008, and December 31, 2008 as to BNY Mellon International Appreciation Fund, remains subject to examination by the Internal Revenue Service and state taxing authorities.
BNY Mellon U.S. Core Equity 130/30 Fund has an unused capital loss carryover of $114,430 available for federal income tax purposes to be applied against future net securities profits, if any, realized subsequent to August 31, 2008. If not applied the carryover expires in fiscal 2016.
BNY Mellon International Appreciation Fund has an unused capital loss carryover of $31,707,825 available for federal income tax purposes to be applied against future net securities profits, if any, realized subsequent to December 31, 2008. If not applied, $21,219,717 of the carryover expires in fiscal 2010 and $10,488,108 expires in fiscal 2011.
Table 4 summarizes each relevant fund’s tax character of distributions paid to shareholders during the fiscal year ended August 31, 2008. BNY Mellon International
Table 4. | ||
Ordinary | Long-Term | |
Income ($) | Capital Gains ($) | |
BNY Mellon Large Cap Stock Fund | 37,171,503 | 278,963,515 |
BNY Mellon Income Stock Fund | 9,525,578 | 64,329,632 |
BNY Mellon Mid Cap Stock Fund | 33,891,042 | 268,330,173 |
BNY Mellon Small Cap Stock Fund | 33,001,662 | 61,330,559 |
BNY Mellon International Fund | 140,810,918 | 249,683,109 |
BNY Mellon Emerging Markets Fund | 97,625,851 | 270,917,375 |
BNY Mellon International Appreciation Fund | 14,593,864 | — |
BNY Mellon Balanced Fund | 12,186,661 | 31,185,628 |
98
Appreciation Fund’s tax character of distributions paid to shareholders is based on fiscal year end December 31, 2008.The tax character of current year distributions will be determined at the end of the current fiscal year.
NOTE 3—Bank Lines of Credit:
The funds participate with other Dreyfus-managed funds in a $300 million unsecured line of credit provided by The Bank of New York Mellon (the “BNYM Facility”) primarily to be utilized for temporary or emergency purposes, including the financing of redemptions.The terms of the BNYM Facility limit the amount of individual fund borrowings. Interest is charged to the funds based on prevailing market rates in effect at the time of borrowing. Effective October 15, 2008, in connection therewith, each fund has agreed to pay facility fees on its pro rata portion of the BNYM Facility. During the period ended February 28, 2009, BNY Mellon International Appreciation Fund and BNY Mellon Balanced Fund did not borrow under the BNYM Facility.
The average daily amount of borrowings outstanding under the BNYM Facility during the period ended February 28, 2009 for BNY Mellon Large Cap Stock Fund was approximately $283,100, with a related weighted average annualized interest rate of .92%.
The average daily amount of borrowings outstanding under the BNYM Facility during the period ended February 28, 2009 for BNY Mellon Income Stock Fund was approximately $446,000 with a related weighted average annualized interest rate of 1.38%.
The average daily amount of borrowings outstanding under the BNYM Facility during the period ended February 28, 2009 for BNY Mellon Mid Cap Stock Fund was approximately $776,500 with a related weighted average annualized interest rate of 1.14%.
The average daily amount of borrowings outstanding under the BNYM Facility during the period ended February 28, 2009 for BNY Mellon Small Cap Stock Fund was approximately $38,900 with a related weighted average annualized interest rate of 1.24%.
The average daily amount of borrowings outstanding under the BNYM Facility during the period ended February 28, 2009 for BNY Mellon U.S. Core Equity 130/30 Fund was approximately $835,800 with a related weighted average annualized interest rate of 1.18%. Prime broker fees charged on the fund are included in interest expense.
The average daily amount of borrowings outstanding under the BNYM Facility during the period ended February 28, 2009 for BNY Mellon International Fund was approximately $4,300,800, with a related weighted average annualized interest rate of 1.23%.
The average daily amount of borrowings outstanding under the BNYM Facility during the period ended February 28, 2009 for BNY Mellon Emerging Markets Fund was approximately $2,209,900, with a related weighted average annualized interest rate of 1.15%.
Effective October 15, 2008, in addition to its participation in the BNYM Facility, BNY Mellon International Appreciation Fund participates with other Dreyfus-managed funds in a $145 million unsecured credit facility led by Citibank N.A. (the “Citibank Facility”), to be utilized primarily for temporary or emergency purposes, including the financing of redemptions. In connection therewith, BNY Mellon International Appreciation Fund has agreed to pay its pro rata portion of facility fees for its participation in the Citibank Facility. Interest is charged to BNY Mellon International Appreciation Fund based on rates determined pursuant to the terms of the Citibank Facility at the time of borrowing.
The Funds 99
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
The average daily amount of borrowings outstanding under the Citibank Facility during the period ended February 28, 2009 for BNY Mellon International Appreciation Fund was approximately $459,000, with a related weighted average annualized interest rate of 1.21%.
NOTE 4—Investment Advisory Fee, Administration Fee and Other Transactions With Affiliates:
(a) Fees payable by the funds pursuant to the provisions of an Investment Advisory Agreement with the Investment Adviser are payable monthly, computed on the average daily value of each fund’s net assets at the following annual rates: .65% of BNY Mellon Large Cap Stock Fund, .65% of BNY Mellon Income Stock Fund, .75% of BNY Mellon Mid Cap Stock Fund, .85% of BNY Mellon Small Cap Stock Fund, .80% of BNY Mellon U.S. Core Equity 130/30 Fund, .85% of BNY Mellon International Fund, 1.15% of BNY Mellon Emerging Markets Fund, .50% of BNY Mellon International Appreciation Fund and .65% (equity investments), .40% (debt securities) and .15% (money market investments and other underlying BNY Mellon funds) of BNY Mellon Balanced Fund.
For BNY Mellon Small Cap Stock Fund, the Investment Adviser has agreed through September 30, 2010, to waive receipt of its fees and/or assume the expenses of the fund so that the direct expenses of Class M shares and Investor shares of the fund, exclusive of taxes, interest, brokerage commissions, commitment fees on borrowings and extraordinary expenses, do not exceed an annual rate of .99% and 1.24% of the value of the average daily net assets of their respective class. The reduction in investment advisory fee, pursuant to the undertaking, amounted to $110,207 during the period ended February 28, 2009.
For BNY Mellon International Fund, the Investment Adviser has agreed from September 1, 2008 through
February 28, 2009 to waive receipt of .15% of the fund’s investment advisory fee. This waiver is voluntary, not contractual, and may be terminated at any time. The reduction in investment advisory fee, pursuant to the undertaking, amounted to $926,265 during the period ended February 28, 2009.
For BNY Mellon International Appreciation Fund, the Investment Adviser contractually agreed until, September 30, 2010, to waive receipt of its fees and/or assume the 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, do not exceed .67% of the value of the average daily net assets of their respective class. The reduction in investment advisory fee, pursuant to the undertaking, amounted to $12,476 during the period January 1, 2009 through February 28, 2009.
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 Balanced Fund, which are invested in cash or money market instruments or shares of certain other series of the Trust.
The Bank of New York Mellon has entered into a Sub-Administration Agreement with Dreyfus pursuant to which The Bank of New York Mellon pays Dreyfus for performing certain administrative services.
100
During the period ended February 28, 2009, the Distributor retained $480 from CDSCs on redemptions of BNY Mellon Mid Cap Stock Fund’s Dreyfus Premier shares.
(b) BNY Mellon Mid Cap Stock Fund has adopted a Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the Act for distributing its Dreyfus Premier shares. BNY Mellon Mid Cap Stock Fund pays the Distributor a fee at an annual rate of .75% of the value of the fund’s average daily net assets attributable to its Dreyfus Premier shares. During the period ended February 28, 2009, BNY Mellon Mid Cap Stock Fund’s Dreyfus Premier shares were charged $3,126 pursuant to the Plan.
(c) The funds have adopted a Shareholder Services Plan with respect to their Investor shares and BNY Mellon Mid Cap Stock Fund has adopted a Shareholder Services Plan with respect to its Dreyfus Premier shares. Each fund pays the Distributor for the provision of certain services to holders of Investor shares and Dreyfus Premier shares a fee at an annual rate of .25% of the value of the average daily net assets attributable to Investor shares and Dreyfus Premier shares, respectively. 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 t o compensate service agents (certain banks, securities brokers or dealers and other financial institutions) in respect of these services. Table 5 summarizes the amounts Investor shares and Dreyfus Premier shares were charged during the period ended February 28, 2009, pursuant to the Shareholder Services
Plan. Additional fees included in shareholder servicing costs in the Statements of Operations include fees paid to the transfer agent.
Table 5. | |
BNY Mellon Large Cap Stock Fund | $ 8,881 |
BNY Mellon Income Stock Fund | 1,215 |
BNY Mellon Mid Cap Stock Fund, | |
Investor shares | 23,866 |
BNY Mellon Mid Cap Stock Fund, | |
Dreyfus Premier shares | 1,042 |
BNY Mellon Small Cap Stock Fund | 6,831 |
BNY Mellon U.S. Core Equity 130/30 Fund | 57 |
BNY Mellon International Fund | 5,148 |
BNY Mellon Emerging Markets Fund | 4,831 |
BNY Mellon International Appreciation Fund | 1,157 |
BNY Mellon Balanced Fund | 4,902 |
The funds compensate The Bank of New York Mellon under a cash management agreement for performing cash management services related to fund subscriptions and redemptions. Table 6 summarizes the amount each fund was charged during the period ended February 28, 2009, pursuant to the cash management agreement. These fees were offset by earnings credits pursuant to the cash management agreement.
Table 6. | |
BNY Mellon Large Cap Stock Fund | $ 244 |
BNY Mellon Income Stock Fund | 98 |
BNY Mellon Mid Cap Stock Fund | 8,577 |
BNY Mellon Small Cap Stock Fund | 2,058 |
BNY Mellon U.S. Core Equity 130/30 Fund | 61 |
BNY Mellon International Fund | 441 |
BNY Mellon Emerging Markets Fund | 408 |
BNY Mellon International Appreciation Fund | 241 |
BNY Mellon Balanced Fund | 54 |
The Funds 101
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
The funds also compensate The Bank of New York Mellon under a custody agreement for providing custodial services for the funds. Table 7 summarizes the amount each fund was charged during the period ended February 28, 2009, pursuant to the custody agreement.
Table 7. | |
BNY Mellon Large Cap Stock Fund | $47,006 |
BNY Mellon Income Stock Fund | 9,064 |
BNY Mellon Mid Cap Stock Fund | 48,689 |
BNY Mellon Small Cap Stock Fund | 38,454 |
BNY Mellon U.S. Core Equity 130/30 Fund | 14,658 |
BNY Mellon International Fund | 969,304 |
BNY Mellon Emerging Markets Fund | 1,259,476 |
BNY Mellon International Appreciation Fund | 2,349 |
BNY Mellon Balanced Fund | 18,312 |
During the period ended February 28, 2009, each fund was charged $2,394 for services performed by the Chief Compliance Officer.
Table 8 summarizes the components of “Due to the Dreyfus Corporation and affiliates” in the Statements of Assets and Liabilities for each fund.
(d) Each trustee who is not an “affiliated person” as defined in the Act receives from the Trust an annual fee
of $68,000 and an attendance fee of $7,500 for each in-person meeting attended and $500 for telephone meetings and is reimbursed for travel and out-of-pocket expenses.The Chairman of the Trust’s Board receives an additional annual fee of $15,000 and the Chairman of the Trust’s Audit Committee receives an additional annual fee of $10,000.
NOTE 5—Securities Transactions:
Table 9 summarizes each fund’s aggregate amount of purchases and sales (including paydowns) of investment securities and securities sold short, excluding short-term securities, options transactions, financial futures and foreign currency exchange contracts, during the period ended February 28, 2009.
BNY Mellon U.S. Core Equity 130/30 Fund is engaged in short selling which obligates the fund to replace the security borrowed by purchasing the security at current market value.The fund would incur a loss if the price of the security increases between the date of the short sale and the date on which the fund replaces the borrowed security.The fund would realize a gain if the price of the security declines between those dates. Until the fund replaces the borrowed security, the fund will maintain
Table 8. | ||||||
Investment | Rule 12b-1 | Shareholder | Chief | Less Expense | ||
Advisory | Distribution | Services | Custodian | Compliance | Reimbursement | |
Fees ($) | Plan Fees ($) | Plan Fees ($) | Fees ($) | Officer Fees ($) | Fees ($) | |
BNY Mellon Large Cap Stock Fund | 534,876 | — | 1,135 | 31,853 | 1,995 | — |
BNY Mellon Income Stock Fund | 53,067 | — | 147 | 7,220 | 1,995 | — |
BNY Mellon Mid Cap Stock Fund | 462,285 | 396 | 3,344 | 36,504 | 1,995 | — |
BNY Mellon Small Cap Stock Fund | 301,144 | — | 934 | 32,634 | 1,995 | 15,207 |
BNY Mellon U.S. Core Equity 130/30 Fund | 47,450 | — | 3 | 18,289 | 1,995 | — |
BNY Mellon International Fund | 597,833 | — | 676 | 800,939 | 1,995 | 105,809 |
BNY Mellon Emerging Markets Fund | 413,593 | — | 495 | 1,079,907 | 1,995 | — |
BNY Mellon International Appreciation Fund | 87,050 | — | 521 | 14,053 | 1,995 | 11,437 |
BNY Mellon Balanced Fund | 79,656 | — | 729 | 12,099 | 1,995 | — |
102
daily a segregated account with a broker or custodian, of permissible liquid assets sufficient to cover its short position. Securities sold short at February 28, 2009, and their related market values and proceeds, are set forth in the Statement of Securities Sold Short for BNY Mellon U.S. Core Equity 130/30 Fund.
BNY Mellon U.S. Core Equity 130/30 Fund may invest in financial futures contracts in order to gain exposure to or protect against changes in the market. The fund is exposed to market risk as a result of changes in the value of the underlying financial instruments.These investments require initial margin deposits with a broker, 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. Investments in financial futures require the fund to “mark to market” on a daily basis, which reflects the change in the market value of the contract at the close of each day’s trading. Accordingly, variation margin payments are received or made to reflect daily unrealized gains or losses. When the contracts are closed, the fund recognizes a realized gain or loss. At February 28, 2009, there were no open financial futures contrac ts outstanding.
BNY Mellon Income Stock Fund may purchase and write (sell) put and call options in order to gain exposure to or to protect against changes in the market.
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 would incur 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 would realize 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 would incur 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 would realize a loss, if the price of the financial instrument decreases between those dates.
Table 9. | ||
Purchases ($) | Sales ($) | |
BNY Mellon Large Cap Stock Fund | 722,199,768 | 654,822,053 |
BNY Mellon Income Stock Fund | 42,529,353 | 66,777,380 |
BNY Mellon Mid Cap Stock Fund | 671,692,564 | 810,691,483 |
BNY Mellon Small Cap Stock Fund | 593,132,004 | 449,292,897 |
BNY Mellon International Fund | 662,574,440 | 1,064,126,502 |
BNY Mellon Emerging Markets Fund | 319,832,843 | 487,506,543 |
BNY Mellon International Appreciation Fund | — | 6,819,328 |
BNY Mellon Balanced Fund | 92,457,284 | 101,533,908 |
BNY Mellon U.S. Core Equity 130/30 Fund | ||
Long transactions | 95,201,950 | 152,696,713 |
Short sale transactions | 68,716,218 | 56,996,613 |
Total | 163,918,168 | 209,693,326 |
The Funds 103
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
Table 10 summarizes BNY Mellon Income Stock Fund’s call/put options written for the period ended February 28, 2009.
Table 11 summarizes accumulated net unrealized depreciation on investments for each fund at February 28, 2009.
At February 28, 2009, the cost of investments for each fund for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statements of Investments).
The Financial Accounting Standards Board released Statement of Financial Accounting Standards No. 161
“Disclosures about Derivative Instruments and Hedging Activities” (“FAS 161”). FAS 161 requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of gains and losses on derivative instruments and disclosures about credit-risk-related contingent features in derivative agreements. The application of FAS 161 is required for fiscal years and interim periods beginning after November 15, 2008. At this time, management is evaluating the implications of FAS 161 and its impact on the financial statements and the accompanying notes has not yet been determined.
Table 10. | ||||
Face Amount | Options Terminated | |||
Covered by | Premiums | Net Realized | ||
Contracts ($) Received ($) | Cost ($) | Gain (Loss) ($) | ||
Contracts outstanding August 31, 2008 | 75,600 | 74,187 | ||
Contracts written | 4,300 | 18,360 | ||
Contracts terminated: | ||||
Contracts closed | 17,400 | 21,228 | 48,372 | (27,144) |
Contracts expired | 62,500 | 71,319 | — | 71,319 |
Total contracts terminated | 79,900 | 92,547 | 48,372 | 44,175 |
Contracts outstanding February 28, 2009 | — | — | ||
Table 11. | ||||
Gross | Gross | |||
Appreciation ($) | Depreciation ($) | Net ($) | ||
BNY Mellon Large Cap Stock Fund | 42,793,633 | 291,508,495 | (248,714,862) | |
BNY Mellon Income Stock Fund | 4,934,954 | 44,773,024 | (39,838,070) | |
BNY Mellon Mid Cap Stock Fund | 9,640,908 | 282,539,949 | (272,899,041) | |
BNY Mellon Small Cap Stock Fund | 4,118,217 | 196,784,403 | (192,666,186) | |
BNY Mellon U.S. Core Equity 130/30 Fund | 921,222 | 30,780,747 | (29,859,525) | |
BNY Mellon International Fund | 4,980,096 | 504,896,538 | (499,916,442) | |
BNY Mellon Emerging Markets Fund | 10,285,087 | 263,865,206 | (253,580,119) | |
BNY Mellon International Appreciation Fund | 7,972,455 | 167,221,086 | (159,248,631) | |
BNY Mellon Balanced Fund | 5,527,646 | 66,781,831 | (61,254,185) |
104
NOTES
The BNY Mellon Funds
BNY Mellon Bond Fund |
BNY Mellon Intermediate Bond Fund |
BNY Mellon Intermediate U.S. Government Fund |
BNY Mellon Short-Term U.S. Government Securities Fund |
SEMIANNUAL REPORT | February 28, 2009 |
DISCUSSION OF FUND PERFORMANCE |
For the period of September 1, 2008, through February 28, 2009, as provided by John F. Flahive, Portfolio Manager and Director of Fixed Income
Fund and Market Performance Overview
For the six-month period ended February 28, 2009, BNY Mellon Bond Fund’s Class M shares produced a total return of 2.77%, and Investor shares returned 2.63%.1 In comparison, the fund’s benchmark, the Barclays Capital U.S. Aggregate Index (the “Index”), produced a total return of 1.88%, and the average return of funds reported in the Lipper Intermediate Investment Grade Debt category was –4.70% for the same period.2
With the notable exception of U.S.Treasury securities, most sectors of the U.S. bond market encountered difficulties over the reporting period as a global financial crisis intensified and a U.S. recession deepened. The fund produced higher returns than its benchmark, primarily due to relatively light exposure to corporate bonds, a bias toward higher-quality securities across market sectors and an average duration that was modestly longer than industry averages.
The Fund’s Investment Approach
The fund seeks total return (consisting of capital appreciation and current income). To pursue its goal, the fund actively manages bond market and maturity exposure and invests at least 80% of its assets in bonds, such as U.S. Treasury and government agency bonds, corporate bonds, mortgage-related securities and foreign corporate and government bonds. The fund’s investments in bonds must be rated investment-grade quality at the time of purchase3 or, if unrated, deemed
of comparable quality by the investment adviser. Generally, the average effective duration of the fund’s portfolio will not exceed eight years.
Financial Crisis and Recession Sparked Heightened Volatility
A credit crunch that began in the sub-prime mortgage market in 2007 developed into a full-blown global financial crisis over the summer of 2008, leading to the failures of several major financial institutions and sending repercussions throughout the world’s credit markets. As the crisis came close to spinning out of control in September, very difficult liquidity conditions in various markets, including the interbank lending market, nearly led to the collapse of the global banking system. Unprecedented interventions by government and monetary authorities, which pumped billions of dollars of liquidity into the system and rescued a number of struggling corporations, helped thaw frozen credit markets. These efforts included the Troubled Asset Relief Program (“TARP”) and aggressive reductions of short-term interest rates by the Federal Reserve Board, which cut its target for the overnight federal funds rate to the unprecedented low level of 0% to 0.25%.
Meanwhile, slumping housing markets, rising unemployment and sharply lower consumer confidence exacerbated a downturn in the U.S. economy. Commodity prices that had soared over the first half of 2008 plummeted during the reporting period as demand softened for energy and construction materials worldwide. In November, the National Bureau of Economic Research officially declared that the U.S. economy has been mired in recession since late 2007.
The Funds 3
DISCUSSION OF FUND PERFORMANCE (continued)
As market conditions deteriorated, many highly leveraged institutional investors were forced to de-lever their portfolios, selling their more liquid investments to raise cash for margin calls and redemption requests. Consequently, selling pressure intensified even among fundamentally sound fixed-income securities, leading to broadly lower prices for corporate bonds, asset-backed securities, mortgage-backed securities and the sovereign debt of developing nations. Lower-rated bonds were particularly hard-hit. U.S.Treasury securities were a notable exception, gaining considerable value as risk-averse investors flocked to the relatively safe haven provided by U.S. government-backed investments.
Defensive Posture Cushioned Effects of Market Turbulence
The fund benefited over the reporting period from a relatively defensive investment posture.A market-neutral weighting in U.S.Treasury securities enabled the fund to participate fully in their strength, as investors flocked to the traditional safe haven of government-backed investments. At the same time, an underweighted position in corporate bonds, where we emphasized shorter maturities, helped mitigate declines in the corporate sector.Among mortgage-backed securities, which comprise a substantial portion of the benchmark, we focused mainly on high-quality mortgage pass-through securities, avoiding the sub-prime and structured mortgage products at the epicenter of the credit crisis. We maintained a slightly overweighted position in asset-backed securities, where a bias toward high-quality and shorter
maturities supported the fund’s relative performance. Finally, we set the fund’s average duration in a range we considered longer than industry averages, which enabled the fund to participate more fully in the benefits of declining short-term interest rates.
Maintaining a Cautious Investment Posture
As of the reporting period’s end, the financial crisis has persisted, the recession has intensified and financial markets have remained volatile.Therefore, we intend to maintain a relatively defensive investment posture, including a bias toward quality in our security selection strategy. However, we believe that some of the higher yielding areas of the U.S. bond market may have been punished too severely in the downturn, and we remain watchful for opportunities to participate in an eventual market rebound.
March 16, 2009
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. Return figures reflect the absorption | |
of certain fund expenses by BNY Mellon Fund Advisers pursuant to an | |
agreement in effect through September 30, 2010, 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: LIPPER INC. — Reflects reinvestment of dividends and, where |
applicable, capital gain distributions.The Barclays Capital U.S. Aggregate | |
Index is a widely accepted, unmanaged total return index of corporate, U.S. | |
government and U.S. government agency debt instruments, mortgage-backed | |
securities and asset-backed securities with an average maturity of 1-10 years. | |
3 | The fund may continue to own investment-grade bonds (at the time of |
purchase), which are subsequently downgraded to below investment grade. |
4
DISCUSSION OF FUND PERFORMANCE |
For the period of September 1, 2008, through February 28, 2009, as provided by John F. Flahive, Portfolio Manager and Director of Fixed Income
Fund and Market Performance Overview
For the six-month period ended February 28, 2009, BNY Mellon Intermediate Bond Fund’s Class M shares produced a total return of 2.17%, and Investor shares produced a total return of 2.03%.1 In comparison, the fund’s benchmark, the Barclays Capital Intermediate Government/Credit Bond Index (the “Index”), produced a total return of 1.65%, and the average return of funds reported in the Lipper Short-Intermediate Investment Grade Debt category was –2.23% for the same period.2
With the notable exception of U.S.Treasury securities, most sectors of the U.S. bond market encountered difficulties over the reporting period as a global financial crisis intensified and a U.S. recession deepened. The fund produced higher returns than its benchmark, primarily due to its relatively light exposure to corporate bonds and an average duration that was longer than industry averages.
The Fund’s Investment Approach
The fund seeks total return (consisting of capital appreciation and current income). To pursue its goal, the fund actively manages bond market and maturity exposure and invests at least 80% of its assets in bonds, such as U.S. government and agency bonds, corporate bonds, mortgage-related securities, foreign corporate and government bonds and municipal bonds. The fund’s investments in bonds must be rated investment grade at the time of purchase3 or, if unrated, deemed
of comparable quality by the investment adviser. Generally, the fund’s average effective portfolio maturity will be between 3 and 10 years, and the average effective duration of the fund’s portfolio will be between 2.5 and 5.5 years.
When managing the fund, we use a disciplined process to select securities and manage risk. We generally choose bonds based on yield, credit quality, the level of interest rates and inflation, general economic and financial trends and our outlook for the securities markets. Our management process also includes computer modeling and scenario testing of possible changes in market conditions.
Financial Crisis and Recession Sparked Heightened Volatility
A credit crunch that began in the sub-prime mortgage market in 2007 developed into a full-blown global financial crisis over the summer of 2008, leading to the failures of several major financial institutions and sending repercussions throughout the world’s credit markets. As the crisis came close to spinning out of control in September, very difficult liquidity conditions in various markets, including the interbank lending market, nearly led to the collapse of the global banking system. Unprecedented interventions by government and monetary authorities, which pumped billions of dollars of liquidity into the system and rescued a number of struggling corporations, helped thaw frozen credit markets. These efforts included the Troubled Asset Relief Program (“TARP”) and aggressive reductions of short-term interest rates by the Federal Reserve Board, which cut its target for the overnight federal funds rate to the unprecedented low level of 0% to 0.25%.
The Funds 5
DISCUSSION OF FUND PERFORMANCE (continued)
Meanwhile, slumping housing markets, rising unemployment and sharply lower consumer confidence exacerbated a downturn in the U.S. economy. Commodity prices that had soared over the first half of 2008 plummeted during the reporting period as demand softened for energy and construction materials worldwide. In November, the National Bureau of Economic Research officially declared that the U.S. economy has been mired in recession since late 2007.
As market conditions deteriorated, many highly leveraged institutional investors were forced to de-lever their portfolios, selling their more liquid investments to raise cash for margin calls and redemption requests. Consequently, selling pressure intensified even among fundamentally sound fixed-income securities, leading to broadly lower prices for corporate bonds, asset-backed securities, mortgage-backed securities and the sovereign debt of developing nations. Lower-rated bonds were particularly hard-hit. U.S. Treasury securities were a notable exception, gaining considerable value as risk-averse investors flocked to the relatively safe haven provided by U.S. government-backed investments.
Defensive Posture Cushioned Effects of Market Turbulence
The fund benefited over the reporting period from a relatively defensive investment posture. A market-neutral weighting in U.S.Treasury securities enabled the fund to participate fully in their strength, while an underweighted position in corporate bonds helped mitigate declines in the corporate sector. Among mortgage-backed securities, we focused mainly on high-quality mortgage pass-through
securities,avoiding the sub-prime and structured mortgage products at the epicenter of the credit crisis.We maintained a slightly overweighted position in asset-backed securities, where a bias toward high quality and shorter maturities supported the fund’s relative performance. Finally, we set the fund’s average duration in a range we considered longer than industry averages, which benefited results as short-term interest rates declined.
Maintaining a Cautious Investment Posture
As of the reporting period’s end, the financial crisis has persisted, the recession has intensified and financial markets have remained volatile. Therefore, we intend to maintain a relatively defensive investment posture. However, we believe that some of the higher yielding areas of the U.S. bond market may have been punished too severely in the downturn, and we remain watchful for opportunities to participate in an eventual market rebound.
March 16, 2009
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. – Reflects reinvestment of dividends and, where |
applicable, capital gain distributions. The Barclays Capital Intermediate | |
Government/Credit Bond Index is a widely accepted, unmanaged index of | |
government and credit bond market performance composed of U. S. | |
government,Treasury and agency securities, fixed-income securities and | |
nonconvertible investment-grade credit debt, with an average maturity of | |
1-10 years. Index return does not reflect the fees and expenses associated | |
with operating a mutual fund. | |
3 | The fund may continue to own investment-grade bonds (at the time of |
purchase), which are subsequently downgraded to below investment grade. |
6
DISCUSSION OF FUND PERFORMANCE |
For the period of December 31, 2008, through February 28, 2009, as provided by John F. Flahive, Portfolio Manager and Director of Fixed Income
Note to Shareholders: Effective January 1, 2009, the fund changed its fiscal year end from December 31 to August 31, which is consistent with all of the funds comprising the BNY Mellon Funds Trust.
Fund and Market Performance Overview
For the two-month period ended February 28, 2009, BNY Mellon Intermediate U.S. Government Fund’s Class M and Investor shares achieved total returns of –0.75% and –0.79%, respectively.1 In comparison, the fund’s benchmark, the Barclays Capital U.S. Government Intermediate Bond Index (the “Index”), achieved a total return of –1.44%.2
Virtually all sectors of the U.S. bond market have encountered difficulties so far in 2009, as a global financial crisis intensified and the U.S. recession appeared to deepen. Despite nominally negative performance, the fund did produce returns that were less affected by the market downturn, as compared to its benchmark Index, which we attribute to the fund’s “bulleted” yield-curve strategy and the fund’s defensive duration strategy.
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. This objective may be changed without shareholder approval.To pursue its goal, the fund normally invests at least 80% of its assets in securities issued or guaranteed by the U.S. government or its agencies or instrumentalities. The fund allocates broadly among U.S. Treasury obligations, direct U.S. government agency debt obligations, and U.S. government agency mortgage-
backed securities, including mortgage pass-through securities and collateralized mortgage obligations (CMOs). The securities in which the fund invests include those backed by the full faith and credit of the U.S. government and those that are neither insured nor guaranteed by the U.S. government.
Under normal market conditions, the fund maintains an average effective portfolio maturity between three and ten years. The fund attempts to manage interest rate risk by adjusting its duration.
The fund may invest in individual bonds of any maturity or duration and does not expect to target any specific range of duration.
Financial Crisis and Recession Continued to Lurk in 2009
So far, the efforts of theTroubled Asset Relief Program and aggressive reductions of short-term interest rates by the Federal Reserve Board (“Fed”) have not had the desired impact in significantly improving the current market environment.Treasuries were particularly hard-hit during most of January as yield volatility on the 10-year note and supply fears stirred a sell-off of intermediate- and long-term government securities.
On January 28, the Fed maintained its already accommodative monetary policy and reinforced its expectations of unprecedented overnight rate range of 0% to 0.25%. Despite near-zero overnight rates, investor confidence continued to erode, and selling pressures intensified among corporate bonds, asset-backed securities, mortgage-backed securities. As a result, the 10-year note climbed as high as 3% in early February, which artificially flattening out the long-end of the yield curve to an extent. However, Treasuries subse-
The Funds 7
DISCUSSION OF FUND PERFORMANCE (continued)
quently rallied as investors sought relative safe havens and transitioned back to seeking reward over risk, accepting near-zero yields offered by most shorter-term Treasuries.
Yield-Curve and Duration Strategies Mitigated Market Turbulence
The U.S. Treasury market was especially volatile throughout January 2009, and we attribute the fund’s overall performance to a “bulleted” yield-curve strategy during this time, targeting maturities in the two- to five-year range.A relatively defensive investment posture early in the month also benefited the fund’s portfolio, as shorter-term assets generally were less severely impacted than longer-term assets by price and yield volatility. By February, we had raised the fund’s duration slightly to be in line with industry averages in anticipation of a longer-maturity rally but maintained our “bulleted” positioning, which we believe was suitable given the current yield curve dynamics.
Among mortgage-backed securities, we focused mainly on high-quality mortgage pass-through securities, avoiding the sub-prime and structured mortgage products at the epicenter of the credit crisis.We also maintained an overweight position in corporate back debt, where a bias toward high quality and shorter maturities supported the fund’s relative performance.
The Fund’s Outlook
As of the end of the reporting period, the financial crisis has persisted, the recession has intensified and financial markets have remained volatile.We believe that supply issues will continue to weight heavily on many Treasury investors’ mind, so we will closely monitor the fund’s duration and alter our strategy as necessary. We will continue to maintain our current yield-curve strategies and should nominal Treasuries remain overpriced, we may seek alternative opportunities in government-backed assets should valuations appear favorable.
March 16, 2009
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. Return figures provided reflect the | |
absorption of certain fund expenses by BNY Mellon Fund Advisors pursuant | |
to an agreement in effect through September 30, 2010, at which time it may | |
be extended, modified or terminated. Had these expenses not been absorbed, | |
the fund’s returns would have been lower. | |
2 | SOURCE: LIPPER INC. – Reflects reinvestment of dividends and, where |
applicable, capital gain distributions.The Barclays Capital U.S. Government | |
Intermediate Bond Index is a widely accepted, unmanaged index of | |
government bond market performance composed of U.S.Treasury and agency | |
securities with maturities of 1-10 years. Index return does not reflect the fees | |
and expenses associated with operating a mutual fund. |
8
DISCUSSION OF FUND PERFORMANCE |
For the period of September 1, 2008, through February 28, 2009, as provided by Lawrence R. Dunn, CFA, Portfolio Manager
Fund and Market Performance Overview
For the six-month period ended February 28, 2009, BNY Mellon Short-Term U.S. Government Securities Fund’s Class M shares achieved a total return of 3.74%, and the fund’s Investor shares achieved a total return of 3.60%.1 In comparison, the Barclays Capital 1-3 Year U.S. Government Index (the “Index”), the fund’s benchmark, achieved a total return of 3.42%, and the funds reported in the Lipper Short U.S. Government category provided an average return of 1.68% for the same period.2
U.S. government securities represented one of very few asset classes that fared well during the reporting period amid a severe U.S. economic downturn and global financial crisis.The fund produced higher returns than its benchmark and Lipper category average, primarily due to our security selection strategies.
The Fund’s Investment Approach
The fund seeks to provide as high a level of current income as is consistent with the preservation of capital. To pursue this goal, the fund invests at least 80% of its assets in securities issued or guaranteed by the U.S. government or its agencies or instrumentalities and in repurchase agreements.The fund may invest up to 35% of its net assets in mortgage-related securities issued by U.S. government agencies or instrumentalities, such as mortgage pass-through securities issued by the Government National Mortgage Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”). The fund may also invest in collateralized mortgage obligations
(“CMOs”), including stripped mortgage-backed securities. Generally, the fund’s average effective portfolio maturity and the average effective duration of the fund’s portfolio will be less than three years.
When choosing securities, we typically first examine U.S. and global economic conditions and other market factors to estimate long- and short-term interest rates. Using a research-driven investment process, we then seek to identify what we believe are potentially profitable sectors before they are widely perceived by the market.We also seek to identify underpriced or mispriced securities that appear likely to perform well over time.
Global Financial Crisis Sparked Broad Market Declines
A credit crunch that began in 2007 developed into a full-blown global financial crisis over the summer of 2008, sending repercussions throughout the world’s credit markets. As the crisis came close to spinning out of control in September, difficult liquidity conditions in various markets nearly led to the collapse of the global banking system. Government and monetary authorities pumped billions of dollars of liquidity into the system and rescued a number of struggling corporations to help thaw frozen credit markets.These efforts included the Troubled Asset Relief Program (“TARP”) and aggressive reductions of short-term interest rates by the Federal Reserve Board, which cut its target for the overnight federal funds rate to the unprecedented low level of 0% to 0.25%.
Meanwhile, slumping housing markets, rising unemployment and sharply lower consumer confidence exacerbated a downturn in the U.S. economy. In late November, the National Bureau of Economic Research officially declared that the U.S. economy has been mired in recession since late 2007.
The Funds 9
DISCUSSION OF FUND PERFORMANCE (continued)
Deteriorating market conditions and deleveraging pressures on institutional investors led to broadly lower prices for corporate bonds, asset-backed securities and mortgage-backed securities. U.S. Treasury securities were a notable exception, gaining considerable value as risk-averse investors flocked to traditional safe havens. U.S. government agency securities also fared relatively well, but they generally trailed direct obligations of the U.S.Treasury.
Allocation Strategies Bolstered Performance
The fund’s defensive investment posture helped it participate more fully than its benchmark in the relative strength of U.S. Treasury securities early in the reporting period, when market volatility was particularly severe. Conversely, underweighted exposure to mortgage-backed securities and, to a lesser extent, U.S. government agency debentures supported the fund’s relative performance.
After the Federal Deposit Insurance Corporation (“FDIC”) began to insure some bank-issued bonds in November 2008, we redeployed assets from U.S.Treasury securities to FDIC-insured bank paper with maturities in the three- to four-year range, enabling the fund to capture higher yields. We also increased the fund’s holdings of U.S. government agency securities, which, in our view, were more attractively valued than Treasuries. This shift benefited the fund’s relative performance through the remainder of the reporting period.
Because we set the fund’s interest rate strategies in positions that were roughly in line with the benchmark, neither the fund’s duration stance nor its yield-curve positioning had a material influence on performance.
Anticipating a Return to Fundamentals
As of the reporting period’s end, the financial crisis has persisted, and the recession has deepened. Therefore, heightened market volatility is likely to continue. However, we expect yields of longer-term U.S. government securities to rise as the federal government issues massive amounts of debt to fund its economic stimulus programs, and we are prepared to reduce the fund’s average duration and place greater emphasis on “callable” U.S. government agency securities that, in our judgment, should benefit from such an environment.
March 16, 2009
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. – Reflects reinvestment of dividends and, where |
applicable, capital gain distributions.The Barclays Capital 1-3Year U.S. | |
Government Index is a widely accepted, unmanaged index of government | |
bond market performance composed of U.S.Treasury and agency securities with | |
maturities of 1-3 years. Index return does not reflect the fees and expenses | |
associated with operating a mutual fund. |
10
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 advisor.
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 BNY Mellon Fixed Income Fund from September 1, 2008 to February 28, 2009. It also shows how much as $1,000 investment would be worth at the close of the period assuming actual returns and expenses.
Expenses and Value of a $1,000 Investment | ||
assuming actual returns for the six months ended February 28, 2009 | ||
Class M Shares | Investor Shares | |
BNY Mellon Bond Fund | ||
Expenses paid per $1,000† | $ 2.82 | $ 4.07 |
Ending value (after expenses) | $1,027.70 | $1,026.30 |
BNY Mellon Intermediate Bond Fund | ||
Expenses paid per $1,000† | $ 2.81 | $ 4.06 |
Ending value (after expenses) | $1,021.70 | $1,020.30 |
BNY Mellon Intermediate U.S. Government Fund | ||
Expenses paid per $1,000† | $ 3.21 | $ 4.45 |
Ending value (after expenses) | $ 992.50 | $ 992.10 |
BNY Mellon Short-Term U.S. Government Securities Fund | ||
Expenses paid per $1,000† | $ 2.88 | $ 4.14 |
Ending value (after expenses) | $1,037.40 | $1,036.00 |
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 costs) of investing in the fund with those of other funds. All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.
Expenses and Value of a $1,000 Investment | ||
assuming a hypothetical 5% annualized return for the six months ended February 28, 2009 | ||
Class M Shares | Investor Shares | |
BNY Mellon Bond Fund | ||
Expenses paid per $1,000† | $ 2.81 | $ 4.06 |
Ending value (after expenses) | $1,022.02 | $1,020.78 |
BNY Mellon Intermediate Bond Fund | ||
Expenses paid per $1,000† | $ 2.81 | $ 4.06 |
Ending value (after expenses) | $1,022.02 | $1,020.78 |
BNY Mellon Intermediate U.S. Government Fund | ||
Expenses paid per $1,000† | $ 3.26 | $ 4.51 |
Ending value (after expenses) | $1,021.57 | $1,020.33 |
BNY Mellon Short-Term U.S. Government Securities Fund | ||
Expenses paid per $1,000† | $ 2.86 | $ 4.11 |
Ending value (after expenses) | $1,021.97 | $1,020.73 |
† Expenses are equal to the BNY Mellon Bond Fund annualized expense ratio of .56% for Class M and .81% for Investor shares, BNY Mellon Intermediate Bond Fund .56% |
for Class M and .81% for Investor shares, BNY Mellon Intermediate U.S. Government Fund .65% for Class M and .90% for Investor shares and BNY Mellon Short-Term |
U.S. Government Securities Fund .57% for Class M and .82% for Investor shares, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
STATEMENT OF INVESTMENTS February 28, 2009 (Unaudited) |
BNY Mellon Bond Fund | ||||
Coupon | Maturity | Principal | ||
Bonds and Notes—98.3% | Rate (%) | Date | Amount ($) | Value ($) |
Aerospace & Defense—.6% | ||||
United Technologies, Notes | 6.13 | 7/15/38 | 7,080,000 | 7,393,085 |
Asset—Backed Ctfs.—.6% | ||||
CIT Equipment Collateral, Ser. 2006-VT2, Cl. A4 | 5.05 | 4/20/14 | 8,530,000 | 8,399,265 |
Asset-Backed Ctfs./Auto Receivables—3.8% | ||||
Daimler Chrysler Auto Trust, Ser. 2006-C, Cl. A4 | 4.98 | 11/8/11 | 1,495,000 | 1,453,897 |
Ford Credit Auto Owner Trust, Ser. 2007-A, Cl. A4A | 5.47 | 6/15/12 | 755,000 | 709,621 |
Franklin Auto Trust, Ser. 2007-1, Cl. A4 | 5.03 | 2/16/15 | 5,865,000 | 5,598,776 |
Harley-Davidson Motorcycle Trust, Ser. 2005-3, Cl. A2 | 4.41 | 6/15/12 | 1,832,476 | 1,778,883 |
Harley-Davidson Motorcycle Trust, Ser. 2007-1, Cl. A4 | 5.21 | 6/17/13 | 5,210,000 | 4,980,622 |
Honda Auto Receivables Owner Trust, Ser. 2007-1, Cl. A4 | 5.09 | 7/18/13 | 1,470,000 | 1,480,176 |
Honda Auto Receivables Owner Trust, Ser. 2006-3, Cl. A4 | 5.11 | 4/15/12 | 7,935,000 | 8,002,962 |
Household Automotive Trust, Ser. 2007-1, Cl. A4 | 5.33 | 11/17/13 | 6,465,000 | 5,850,308 |
Hyundai Auto Receivables Trust, Ser. 2006-B, Cl. A4 | 5.15 | 5/15/13 | 3,600,000 | 3,576,674 |
Nissan Auto Lease Trust, Ser. 2006-A, Cl. A4 | 5.10 | 7/16/12 | 12,774,000 | 12,674,087 |
USAA Auto Owner Trust, Ser. 2006-4 Cl. A4 | 4.98 | 10/15/12 | 2,809,000 | 2,817,937 |
48,923,943 | ||||
Auto Parts & Equipment—.6% | ||||
Johnson Controls, Sr. Unscd. Notes | 5.50 | 1/15/16 | 9,681,000 | 7,165,673 |
Banks—3.2% | ||||
Bank of America, Sub. Notes | 5.49 | 3/15/19 | 14,300,000 | 10,188,593 |
BankAmerica Capital II, Bank Gtd. Secs., Ser. 2 | 8.00 | 12/15/26 | 6,775,000 | 4,036,294 |
Citigroup, Sr. Unscd. Notes | 5.10 | 9/29/11 | 1,653,000 | 1,476,813 |
Citigroup, Sr. Sub. Bonds | 6.00 | 10/31/33 | 846,000 | 489,427 |
Citigroup, Sr. Unscd. Notes | 6.13 | 11/21/17 | 3,135,000 | 2,681,971 |
Goldman Sachs Group, Sub. Notes | 5.63 | 1/15/17 | 1,381,000 | 1,109,298 |
Goldman Sachs Group, Sub. Notes | 6.75 | 10/1/37 | 3,980,000 | 2,837,056 |
HSBC Holdings, Sub. Notes | 6.50 | 9/15/37 | 6,300,000 | 5,499,774 |
JPMorgan Chase & Co., Sr. Unscd. Notes | 5.38 | 10/1/12 | 2,846,000 | 2,848,354 |
Morgan Stanley, Sub. Notes | 4.75 | 4/1/14 | 9,410,000 | 7,898,876 |
PNC Funding, Bank Gtd. Notes | 4.50 | 3/10/10 | 2,825,000 | 2,777,402 |
41,843,858 | ||||
Building & Construction—.4% | ||||
CRH America, Gtd. Notes | 5.30 | 10/15/13 | 5,930,000 | 4,584,679 |
Commercial & Professional Services—.7% | ||||
Seminole Tribe of Florida, Notes | 5.80 | 10/1/13 | 10,246,000 a | 9,592,684 |
Commercial Mortgage Pass-Through Ctfs.—1.4% | ||||
Banc of America Commercial Mortgage, Ser. 2004-4, Cl. A3 | 4.13 | 7/10/42 | 2,675,313 | 2,603,949 |
Bear Stearns Commercial Mortgage Securities, | ||||
Ser. 2005-T20, Cl. A1 | 4.94 | 10/12/42 | 641,681 | 635,955 |
Citigroup/Deutsche Bank Commercial Mortgage | ||||
Trust, Ser. 2005-CD1, Cl. A1 | 5.05 | 7/15/44 | 1,262,629 | 1,254,479 |
Citigroup/Deutsche Bank Commercial Mortgage | ||||
Trust, Ser. 2007-CD4, Cl. A2B | 5.21 | 12/11/49 | 3,390,000 | 2,621,961 |
12
BNY Mellon Bond Fund (continued) | ||||
Coupon | Maturity | Principal | ||
Bonds and Notes (continued) | Rate (%) | Date | Amount ($) | Value ($) |
Commercial Mortgage Pass-Through Ctfs. (continued) | ||||
Credit Suisse Mortgage Capital Certificates, Ser. 2007-C2, Cl. A2 | 5.45 | 1/15/49 | 4,610,000 b | 3,442,046 |
CWCapital Cobalt, Ser. 2007-C2, Cl. A2 | 5.33 | 4/15/47 | 4,780,000 | 3,704,204 |
GE Capital Commercial Mortgage, Ser. 2003-C1, Cl. A2 | 4.09 | 1/10/38 | 1,054,936 | 1,025,573 |
LB-UBS Commercial Mortgage Trust, Ser. 2007-C2, Cl. A2 | 5.30 | 2/15/40 | 4,225,000 | 3,256,878 |
18,545,045 | ||||
Diversified Financial Services—4.8% | ||||
AEP Texas Central Transition Funding, Sr. Scd. Bonds, Ser. A-4 | 5.17 | 1/1/20 | 7,090,000 | 7,190,347 |
Agua Caliente Band of Cahuilla Indians, Sr. Scd. Notes | 6.08 | 10/1/16 | 2,409,000 a | 2,288,478 |
Agua Caliente Band of Cahuilla Indians, Scd. Notes | 6.35 | 10/1/15 | 2,010,000 a | 1,699,716 |
Agua Caliente Band of Cahuilla Indians, Sr. Scd. Notes | 6.44 | 10/1/16 | 2,860,000 a | 2,788,271 |
AXA Financial, Sr. Unscd. Notes | 7.75 | 8/1/10 | 6,815,000 | 6,746,673 |
Bear Stearns, Sr. Unscd. Notes | 4.50 | 10/28/10 | 3,935,000 | 3,906,377 |
Blackrock, Sr. Unscd. Notes | 6.25 | 9/15/17 | 6,630,000 | 6,314,909 |
CIT Group, Sr. Unscd. Notes | 5.40 | 2/13/12 | 838,000 | 632,968 |
CIT Group, Sr. Unscd. Notes | 5.40 | 3/7/13 | 4,100,000 | 2,520,471 |
Countrywide Home Loans, Gtd. Notes, Ser. K | 5.63 | 7/15/09 | 2,855,000 | 2,852,865 |
Countrywide Home Loans, Gtd. Notes, Ser. H | 6.25 | 4/15/09 | 1,435,000 | 1,437,094 |
General Electric Capital, Sr. Unscd. Notes | 5.63 | 9/15/17 | 10,070,000 | 8,790,808 |
Goldman Sachs Capital I, Gtd. Cap. Secs. | 6.35 | 2/15/34 | 1,152,000 c | 680,837 |
HSBC Finance, Sr. Unscd. Notes | 5.00 | 6/30/15 | 2,410,000 | 2,085,282 |
International Lease Finance, Sr. Unscd. Notes | 5.75 | 6/15/11 | 5,645,000 | 3,918,291 |
John Deere Capital, Sr. Unscd. Notes | 7.00 | 3/15/12 | 6,255,000 | 6,701,882 |
Merrill Lynch & Co., Sr. Unscd. Notes, Ser. CPI | 2.23 | 3/2/09 | 1,130,000 b | 1,130,000 |
61,685,269 | ||||
Electric Utilities—.8% | ||||
Emerson Electric, Sr. Unscd. Notes | 5.00 | 12/15/14 | 3,500,000 | 3,522,796 |
Hydro-Quebec, Gov’t. Gtd. Bonds, Ser. IF | 8.00 | 2/1/13 | 3,920,000 | 4,526,248 |
Southern California Edison, First Mortgage Bonds, Ser. 04-F | 4.65 | 4/1/15 | 2,200,000 | 2,174,960 |
10,224,004 | ||||
Food & Beverages—1.2% | ||||
Diageo Finance, Gtd. Notes | 5.50 | 4/1/13 | 5,765,000 | 5,916,914 |
General Mills, Sr. Unscd. Notes | 5.65 | 2/15/19 | 1,635,000 | 1,636,712 |
Pepsico, Sr. Unscd. Notes | 7.90 | 11/1/18 | 6,930,000 | 8,342,535 |
15,896,161 | ||||
Foreign/Governmental—.6% | ||||
United Mexican States, Sr. Unscd. Notes | 5.63 | 1/15/17 | 5,975,000 c | 5,792,763 |
United Mexican States, Sr. Unscd. Notes | 6.63 | 3/3/15 | 1,480,000 c | 1,557,700 |
7,350,463 | ||||
Health Care—.4% | ||||
Aetna, Sr. Unscd. Notes | 5.75 | 6/15/11 | 5,490,000 | 5,410,181 |
Information Technology—1.6% | ||||
International Business Machines, Sr. Unscd. Debs. | 7.00 | 10/30/25 | 3,272,000 c | 3,532,235 |
The Funds 13
STATEMENT OF INVESTMENTS (Unaudited) (continued) |
BNY Mellon Bond Fund (continued) | ||||
Coupon | Maturity | Principal | ||
Bonds and Notes (continued) | Rate (%) | Date | Amount ($) | Value ($) |
Information Technology (continued) | ||||
Intuit, Sr. Unscd. Notes | 5.40 | 3/15/12 | 6,505,000 | 6,074,271 |
Oracle, Sr. Unscd. Notes | 5.75 | 4/15/18 | 10,410,000 | 10,545,497 |
20,152,003 | ||||
Media & Telecommunications—4.1% | ||||
AT & T, Sr. Unscd. Notes | 6.50 | 9/1/37 | 6,490,000 | 6,009,202 |
AT & T, Sr. Unscd. Notes | 6.80 | 5/15/36 | 1,650,000 | 1,598,210 |
Cisco Systems, Sr. Unscd. Notes | 5.50 | 2/22/16 | 5,550,000 | 5,754,440 |
Comcast, Gtd. Notes | 5.90 | 3/15/16 | 8,975,000 | 8,472,786 |
Global Crossings | 0.00 | 5/15/49 | 1,401,000 d | 0 |
News America Holdings, Gtd. Debs. | 7.60 | 10/11/15 | 3,750,000 | 3,600,154 |
News America Holdings, Gtd. Debs. | 9.25 | 2/1/13 | 904,000 | 951,802 |
News America, Gtd. Notes | 6.15 | 3/1/37 | 2,375,000 | 1,853,381 |
SBC Communications, Sr. Unscd. Notes | 5.88 | 8/15/12 | 5,995,000 | 6,224,123 |
Time Warner Cable, Gtd. Debs. | 7.30 | 7/1/38 | 3,945,000 | 3,609,028 |
Time Warner, Gtd. Notes | 5.50 | 11/15/11 | 1,905,000 | 1,887,796 |
Time Warner, Gtd. Debs. | 6.50 | 11/15/36 | 2,115,000 | 1,815,082 |
Verizon Communications, Sr. Unscd. Notes | 5.50 | 2/15/18 | 10,545,000 | 9,996,333 |
Verizon Wireless Capital, Sr. Unscd. Notes | 8.50 | 11/15/18 | 1,500,000 a | 1,691,417 |
Williams Communications Group, Sr. Notes | 0.00 | 10/1/09 | 1,406,000 d | 0 |
53,463,754 | ||||
Oil & Gas—.5% | ||||
Devon Financing, Gtd. Notes | 6.88 | 9/30/11 | 5,860,000 | 6,170,709 |
Property & Casualty Insurance—.5% | ||||
American International Group, Sr. Unscd. Notes | 5.60 | 10/18/16 | 1,492,000 | 818,526 |
MetLife, Notes | 7.72 | 2/15/19 | 5,240,000 | 5,064,575 |
5,883,101 | ||||
Real Estate—.5% | ||||
Simon Property Group, Sr. Unscd. Notes | 5.75 | 5/1/12 | 7,255,000 | 6,579,342 |
Residential Mortgage Pass-Through Ctfs.—1.1% | ||||
GMAC Mortgage Corporation Loan Trust, Ser. 2004-J2, Cl. A2 | 0.97 | 6/25/34 | 1,897,902 b | 1,390,660 |
JP Morgan Mortgage Trust, Ser. 2005-A5, Cl. 3A1 | 5.37 | 8/25/35 | 5,771,348 b | 5,183,438 |
WaMu Mortgage Pass Through Certificates, Ser. 2003-S4, Cl. 4A1 | 4.00 | 2/25/32 | 840,924 | 759,388 |
WaMu Mortgage Pass Through Certificates, Ser. 2004-AR9, Cl. A6 | 4.13 | 8/25/34 | 4,510,000 b | 4,348,711 |
Wells Fargo Mortgage Backed Securities Trust, Ser. 2004-N, Cl. A6 | 4.00 | 8/25/34 | 3,235,000 b | 3,154,640 |
14,836,837 | ||||
Retail—.6% | ||||
Wal-Mart Stores, Sr. Unscd. Notes | 6.50 | 8/15/37 | 7,250,000 | 7,788,204 |
U.S. Government Agencies—7.5% | ||||
Federal Farm Credit Banks, Bonds | 3.88 | 8/25/11 | 2,000,000 | 2,108,954 |
Federal Home Loan Banks, Bonds | 3.63 | 10/18/13 | 11,670,000 | 12,083,480 |
14
BNY Mellon Bond Fund (continued) | ||||
Coupon | Maturity | Principal | ||
Bonds and Notes (continued) | Rate (%) | Date | Amount ($) | Value ($) |
U.S. Government Agencies (continued) | ||||
Federal Home Loan Banks, Bonds | 5.33 | 3/6/12 | 9,095,000 | 9,099,120 |
Federal Home Loan Banks, Bonds | 5.65 | 4/20/22 | 8,000,000 | 8,209,440 |
Federal Home Loan Mortgage Corp., Notes | 3.88 | 9/30/11 | 20,740,000 e | 21,068,957 |
Federal Home Loan Mortgage Corp., Notes | 5.50 | 3/22/22 | 4,440,000 e | 4,570,589 |
Federal Home Loan Mortgage Corp., Notes | 5.90 | 6/15/22 | 9,485,000 e | 9,846,160 |
Federal National Mortgage Association, Notes | 5.25 | 3/5/14 | 18,865,000 e | 19,522,823 |
Federal National Mortgage Association, Notes | 5.38 | 4/11/22 | 9,855,000 e | 10,014,612 |
96,524,135 | ||||
U.S. Government Agencies/Mortgage-Backed—41.1% | ||||
Federal Home Loan Mortgage Corp.: | ||||
4.00%, 5/1/19 | 1 e | 1 | ||
4.50%, 3/1/21—1/1/34 | 6,178,246 e | 6,258,011 | ||
5.00%, 6/1/18—8/1/37 | 25,790,211 e | 26,275,744 | ||
5.07%, 10/1/35 | 4,522,187 b,e | 4,659,120 | ||
5.50%, 10/1/33—1/1/38 | 73,676,454 e | 75,604,500 | ||
5.77%, 4/1/37 | 7,492,868 b,e | 7,786,427 | ||
5.80%, 1/1/37 | 2,589,666 b,e | 2,685,459 | ||
5.81%, 11/1/36 | 3,039,628 b,e | 3,149,935 | ||
5.91%, 4/1/37 | 1,152,883 b,e | 1,198,806 | ||
5.95%, 11/1/36 | 2,319,119 b,e | 2,390,147 | ||
6.00%, 3/1/33—9/1/38 | 52,242,952 e | 54,161,148 | ||
6.50%, 6/1/14—1/1/33 | 6,200,023 e | 6,534,015 | ||
7.00%, 11/1/26—8/1/36 | 4,082,472 e | 4,342,659 | ||
7.50%, 9/1/11—7/1/31 | 140,751 e | 150,350 | ||
9.25%, 8/1/11 | 10,277 e | 10,932 | ||
Multiclass Mortgage Participation Ctfs., | ||||
Ser. 2985, Cl. JP, 4.50%, 10/15/15 | 400,965 e | 402,452 | ||
Multiclass Mortgage Participation Ctfs., | ||||
Ser. R002, Cl. AH, 4.75%, 7/15/15 | 1,444,723 e | 1,467,610 | ||
Multiclass Mortgage Participation Ctfs., | ||||
Ser. R004, Cl. AL, 5.13%, 12/15/13 | 646,696 e | 662,216 | ||
Federal National Mortgage Association: | ||||
4.50%, 1/1/36 | 7,945,002 e | 7,980,826 | ||
4.59%, 3/1/35 | 3,103,670 b,e | 3,145,628 | ||
4.91%, 9/1/35 | 5,284,336 b,e | 5,397,636 | ||
4.98%, 10/1/35 | 5,246,393 b,e | 5,394,429 | ||
5.00%, 3/1/21—2/1/36 | 7,289,058 e | 7,484,205 | ||
5.50%, 4/1/18—3/1/38 | 78,624,474 e | 80,700,193 | ||
5.69%, 4/1/37 | 8,972,384 b,e | 9,228,291 | ||
5.97%, 5/1/37 | 7,615,849 b,e | 7,909,287 | ||
6.00%, 4/1/33—6/1/38 | 55,377,539 e,f | 57,381,835 | ||
6.02%, 8/1/37 | 8,933,705 b,e | 9,278,501 | ||
6.50%, 4/1/17—4/1/38 | 36,651,625 e | 38,387,888 | ||
7.00%, 4/1/09—10/1/32 | 2,033,375 e | 2,173,701 | ||
7.50%, 7/1/32 | 489,696 e | 523,355 | ||
8.50%, 9/1/30 | 466 e | 509 |
The Funds 15
STATEMENT OF INVESTMENTS (Unaudited) (continued) |
BNY Mellon Bond Fund (continued) | ||
Principal | ||
Bonds and Notes (continued) | Amount ($) | Value ($) |
U.S. Government Agencies/Mortgage-Backed (continued) | ||
Government National Mortgage Association I: | ||
5.00% | 13,345,000 g | 13,609,818 |
5.00%, 11/15/34—4/15/38 | 35,596,185 | 36,433,848 |
5.50%, 2/15/36 | 5,426,963 | 5,587,892 |
6.00%, 3/15/09—10/15/38 | 20,899,998 | 21,653,080 |
6.50%, 4/15/24—8/15/38 | 19,947,869 | 20,831,505 |
7.00%, 11/15/22—5/15/31 | 604,952 | 655,276 |
7.50%, 9/15/22—4/15/24 | 96,751 | 104,398 |
8.00%, 2/15/23—11/15/30 | 54,769 | 59,072 |
9.00%, 12/15/09—9/15/16 | 42,274 | 45,311 |
9.50%, 9/15/09—5/15/20 | 3,615 | 3,856 |
7.00%, 12/15/23 | 265,141 | 287,288 |
531,997,160 | ||
U.S. Government Securities—21.7% | ||
U.S. Treasury Bonds: | ||
6.25%, 8/15/23 | 7,620,000 c | 9,547,624 |
7.13%, 2/15/23 | 3,014,000 c | 4,041,117 |
U.S. Treasury Inflation Protected Securities: | ||
Notes, 0.63%, 4/15/13 | 6,748,541 c,h | 6,569,286 |
Notes, 1.38%, 7/15/18 | 11,605,119 c,h | 10,832,659 |
Notes, 2.38%, 1/15/17 | 13,176,121 c,h | 13,122,600 |
Notes, 2.38%, 1/15/27 | 13,160,473 h | 12,720,413 |
U.S. Treasury Notes: | ||
3.88%, 5/15/18 | 10,250,000 c | 10,983,521 |
4.25%, 1/15/11 | 52,735,000 c | 56,033,047 |
4.25%, 8/15/13 | 42,290,000 c | 46,780,014 |
4.25%, 11/15/13 | 24,695,000 c | 27,405,671 |
4.50%, 5/15/17 | 8,430,000 c | 9,408,015 |
4.63%, 8/31/11 | 14,000,000 c | 15,185,632 |
4.63%, 2/29/12 | 22,820,000 c | 24,968,298 |
5.13%, 5/15/16 | 28,855,000 c | 33,496,615 |
281,094,512 | ||
Total Bonds and Notes | ||
(cost $1,281,619,636) | 1,271,504,067 | |
Preferred Stocks—.0% | Shares | Value ($) |
Media & Telecommunications | ||
XO Holdings, Conv. | ||
(cost $0) | 1,270 i | 0 |
Common Stocks—.0% | ||
Media & Telecommunications | ||
Above Net (warrants 9/8/2010) | 858 i | 15,401 |
XO Holdings | 635 i | 108 |
16
BNY Mellon Bond Fund (continued) | ||
Commons Stocks (continued) | Shares | Value ($) |
Media & Telecommunications (continued) | ||
XO Holdings, Cl. B (warrants 1/16/10) | 953 i | 0 |
XO Holdings, Cl. C (warrants 1/16/10) | 953 i | 0 |
Total Common Stocks | ||
(cost $0) | 15,509 | |
Other Investment—2.7% | ||
Registered Investment Company; | ||
Dreyfus Institutional Preferred | ||
Plus Money Market Fund (cost $34,953,000) | 34,953,000 j | 34,953,000 |
Investment of Cash Collateral for Securities Loaned—16.9% | ||
Registered Investment Company; | ||
Dreyfus Institutional Cash Advantage Plus Fund | ||
(cost $219,240,612) | 219,240,612 j | 219,240,612 |
Total Investments (cost $1,535,813,248) | 117.9% | 1,525,713,188 |
Liabilities, Less Cash and Receivables | (17.9%) | (232,086,685) |
Net Assets | 100.0% | 1,293,626,503 |
a Securities exempt from registration under Rule 144A of the Securities Act of 1933.These securities may be resold in transactions exempt from registration, normally to qualified |
institutional buyers. At February 28, 2009, these securities amounted to $18,060,566 or 1.4% of net assets. |
b Variable rate security—interest rate subject to periodic change. |
c All or a portion of these securities are on loan. At February 28, 2009, the total market value of the fund’s securities on loan is $232,059,311 and the total market value of the |
collateral held by the fund is $239,054,629, consisting of cash collateral of $219,240,612, U.S. Government and Agency securities valued at $9,965,167, and Letters of Credit |
valued at $9,848,850. |
d Non-income producing—security in default. |
e On September 7, 2008, the Federal Housing Finance Agency (FHFA) placed Federal National Mortgage Association and Federal Home Loan Mortgage Corporation into |
conservatorship with FHFA as the conservator. As such, the FHFA will oversee the continuing affairs of these companies. |
f Purchased on a delayed delivery basis. |
g Purchased on a forward commitment basis. |
h Principal amount for accrual purposes is periodically adjusted based on changes in the Consumer Price Index. |
i Non-income producing security. |
j Investment in affiliated money market mutual fund. |
Portfolio Summary (Unaudited) † | |||
Value (%) | Value (%) | ||
U.S. Government & Agencies | 70.3 | Foreign/Governmental | .6 |
Corporate Bonds | 20.5 | Preferred Stocks | .0 |
Money Market Investments | 19.6 | Common Stocks | .0 |
Asset/Mortgage-Backed | 6.9 | 117.9 | |
† Based on net assets. | |||
See notes to financial statements. |
The Funds 17
STATEMENT OF INVESTMENTS February 28, 2009 (Unaudited) |
BNY Mellon Intermediate Bond Fund | ||||
Coupon | Maturity | Principal | ||
Bonds and Notes—97.6% | Rate (%) | Date | Amount ($) | Value ($) |
Aerospace & Defense—.7% | ||||
General Dynamics, Gtd. Notes | 5.25 | 2/1/14 | 3,050,000 | 3,236,791 |
United Technologies, Sr. Unscd. Notes | 6.13 | 2/1/19 | 1,860,000 | 1,977,338 |
5,214,129 | ||||
Asset-Backed Ctfs./Auto Receivables—2.9% | ||||
Harley-Davidson Motorcycle Trust, Ser. 2005-3, Cl. A2 | 4.41 | 6/15/12 | 1,312,902 | 1,274,505 |
Harley-Davidson Motorcycle Trust, Ser. 2007-1, Cl. A4 | 5.21 | 6/17/13 | 2,020,000 | 1,931,067 |
Honda Auto Receivables Owner Trust, Ser. 2007-1, Cl. A4 | 5.09 | 7/18/13 | 2,395,000 | 2,411,579 |
Honda Auto Receivables Owner Trust, Ser. 2006-3, Cl. A4 | 5.11 | 4/15/12 | 4,670,000 | 4,709,998 |
Household Automotive Trust, Ser. 2007-1, Cl. A4 | 5.33 | 11/17/13 | 2,125,000 | 1,922,955 |
Hyundai Auto Receivables Trust, Ser. 2006-B, Cl. A4 | 5.15 | 5/15/13 | 2,680,000 | 2,662,635 |
Nissan Auto Lease Trust, Ser. 2006-A, Cl. A4 | 5.10 | 7/16/12 | 6,575,000 | 6,523,573 |
21,436,312 | ||||
Asset-Backed Ctfs./Other—.4% | ||||
CIT Equipment Collateral, Ser. 2006-VT2, Cl. A4 | 5.05 | 4/20/14 | 3,185,000 | 3,136,185 |
Automotive, Trucks & Parts—.7% | ||||
Johnson Controls, Sr. Unscd. Notes | 5.25 | 1/15/11 | 5,080,000 a | 4,656,155 |
Johnson Controls, Sr. Unscd. Notes | 5.50 | 1/15/16 | 635,000 | 470,014 |
5,126,169 | ||||
Bank & Finance—15.6% | ||||
Agua Caliente Band of Cahuilla Indians, Sr. Scd. Notes | 6.08 | 10/1/16 | 1,796,000 b | 1,706,146 |
Agua Caliente Band of Cahuilla Indians, Scd. Notes | 6.35 | 10/1/15 | 990,000 b | 837,174 |
Agua Caliente Band of Cahuilla Indians, Sr. Scd. Notes | 6.44 | 10/1/16 | 2,185,000 b | 2,130,200 |
AXA Financial, Sr. Unscd. Notes | 7.75 | 8/1/10 | 3,625,000 | 3,588,656 |
Bank of America, Sub. Notes | 5.42 | 3/15/17 | 8,900,000 | 6,352,366 |
BankAmerica Capital II, Bank Gtd. Secs., Ser. 2 | 8.00 | 12/15/26 | 4,975,000 | 2,963,921 |
Bear Stearns, Sr. Unscd. Notes | 4.50 | 10/28/10 | 3,200,000 | 3,176,723 |
Caterpillar Financial Service, Sr. Unscd. Notes | 6.20 | 9/30/13 | 4,975,000 | 5,027,640 |
CIT Group, Sr. Unscd. Notes | 5.40 | 3/7/13 | 3,730,000 | 2,293,014 |
Citigroup, Sub. Notes | 5.00 | 9/15/14 | 4,400,000 | 3,032,731 |
Citigroup, Sr. Unscd. Notes | 6.13 | 11/21/17 | 2,840,000 | 2,429,600 |
Countrywide Home Loans, Gtd. Notes, Ser. K | 5.63 | 7/15/09 | 2,380,000 | 2,378,220 |
Countrywide Home Loans, Gtd. Notes, Ser. H | 6.25 | 4/15/09 | 1,200,000 | 1,201,751 |
Daimler Finance North America, Gtd. Notes | 6.50 | 11/15/13 | 3,935,000 | 3,661,266 |
General Electric Capital, Sr. Unscd. Notes, Ser. A | 5.88 | 2/15/12 | 5,265,000 | 5,267,016 |
Goldman Sachs Group, Sr. Unscd. Notes | 4.75 | 7/15/13 | 5,400,000 | 4,947,205 |
Household Finance, Sr. Unscd. Notes | 6.38 | 11/27/12 | 8,108,000 | 7,773,302 |
International Lease Finance, Sr. Unscd. Notes | 5.75 | 6/15/11 | 7,205,000 | 5,001,113 |
John Deere Capital, Sr. Unscd. Notes | 7.00 | 3/15/12 | 5,805,000 | 6,219,732 |
JPMorgan Chase & Co., Sr. Unscd. Notes | 5.38 | 10/1/12 | 4,110,000 | 4,113,399 |
Merrill Lynch & Co., Sr. Unscd. Notes | 5.45 | 2/5/13 | 7,580,000 | 6,772,775 |
Morgan Stanley, Sr. Unscd. Notes | 6.75 | 4/15/11 | 5,895,000 | 5,922,034 |
NYSE Euronext, Sr. Unscd. Notes | 4.80 | 6/28/13 | 5,305,000 | 5,102,386 |
Private Export Funding, Scd. Notes | 4.38 | 3/15/19 | 15,935,000 | 15,941,836 |
18
BNY Mellon Intermediate Bond Fund (continued) | ||||
Coupon | Maturity | Principal | ||
Bonds and Notes (continued) | Rate (%) | Date | Amount ($) | Value ($) |
Bank & Finance (continued) | ||||
Prudential Financial, Sr. Unscd. Notes | 6.00 | 12/1/17 | 3,295,000 | 2,766,004 |
Wells Fargo & Co., Sub. Notes | 6.38 | 8/1/11 | 5,240,000 | 5,266,053 |
115,872,263 | ||||
Biotechnology—.4% | ||||
Amgen, Sr. Notes | 5.70 | 2/1/19 | 2,905,000 | 2,934,242 |
Building & Construction—.5% | ||||
CRH America, Gtd. Notes | 5.30 | 10/15/13 | 4,930,000 | 3,811,546 |
Commercial & Professional Services—.7% | ||||
Seminole Tribe of Florida, Notes | 5.80 | 10/1/13 | 5,765,000 b | 5,397,406 |
Commercial Mortgage Pass-Through Ctfs.—.6% | ||||
LB-UBS Commercial Mortgage Trust, | ||||
Ser. 2007-C2, Cl. A2 | 5.30 | 2/15/40 | 6,125,000 | 4,721,510 |
Food & Beverages—2.3% | ||||
Coca-Cola, Sr. Unscd. Notes | 5.35 | 11/15/17 | 4,880,000 | 5,098,644 |
Diageo Finance, Gtd. Notes | 5.50 | 4/1/13 | 4,275,000 | 4,387,651 |
McDonald’s, Sr. Unscd. Notes | 5.80 | 10/15/17 | 4,460,000 | 4,779,505 |
Pepsico, Sr. Unscd. Notes | 7.90 | 11/1/18 | 2,365,000 | 2,847,056 |
17,112,856 | ||||
Foreign/Governmental—1.4% | ||||
Hydro-Quebec, Gov’t. Gtd. Bonds, Ser. IF | 8.00 | 2/1/13 | 3,200,000 | 3,694,896 |
Nova Scotia Province, Bonds | 5.13 | 1/26/17 | 5,430,000 | 5,814,010 |
United Mexican States, Sr. Unscd. Notes | 6.63 | 3/3/15 | 1,064,000 | 1,119,860 |
10,628,766 | ||||
Health Care—2.2% | ||||
Aetna, Sr. Unscd. Notes | 5.75 | 6/15/11 | 4,245,000 | 4,183,282 |
Astrazeneca, Sr. Unscd. Notes | 5.90 | 9/15/17 | 5,895,000 | 6,222,821 |
GlaxoSmithKline Capital, Gtd. Notes | 5.65 | 5/15/18 | 5,853,000 | 6,036,632 |
16,442,735 | ||||
Industrials—2.8% | ||||
Devon Financing, Gtd. Notes | 6.88 | 9/30/11 | 4,575,000 | 4,817,576 |
Emerson Electric, Sr. Unscd. Notes | 4.63 | 10/15/12 | 3,000,000 | 3,077,919 |
Progress Energy, Sr. Unscd. Notes | 6.85 | 4/15/12 | 4,398,000 | 4,538,692 |
Vulcan Materials, Sr. Unscd. Notes | 5.60 | 11/30/12 | 5,710,000 | 5,549,098 |
XTO Energy, Sr. Unscd. Notes | 5.50 | 6/15/18 | 2,565,000 | 2,352,036 |
20,335,321 | ||||
Media & Telecommunications—6.2% | ||||
AT&T, Notes | 5.80 | 2/15/19 | 5,095,000 | 4,956,925 |
Cisco Systems, Sr. Unscd. Notes | 5.50 | 2/22/16 | 7,135,000 | 7,397,825 |
Comcast, Gtd. Notes | 5.90 | 3/15/16 | 5,135,000 | 4,847,661 |
News America, Gtd. Notes | 5.30 | 12/15/14 | 5,260,000 | 4,959,801 |
Time Warner Cable, Gtd. Notes | 8.75 | 2/14/19 | 3,325,000 | 3,555,193 |
Time Warner, Gtd. Notes | 5.50 | 11/15/11 | 6,625,000 | 6,565,170 |
Verizon Communications, Sr. Unscd. Notes | 8.75 | 11/1/18 | 6,530,000 | 7,480,781 |
The Funds 19
STATEMENT OF INVESTMENTS (Unaudited) (continued) |
BNY Mellon Intermediate Bond Fund (continued) | ||||
Coupon | Maturity | Principal | ||
Bonds and Notes (continued) | Rate (%) | Date | Amount ($) | Value ($) |
Media & Telecommunications (continued) | ||||
Vodafone Group, Sr. Unscd. Notes | 7.75 | 2/15/10 | 6,165,000 | 6,409,017 |
46,172,373 | ||||
Real Estate Investment Trusts—1.3% | ||||
Mack-Cali Realty, Sr. Unscd. Notes | 7.75 | 2/15/11 | 5,280,000 | 4,697,621 |
Simon Property Group, Sr. Unscd. Notes | 5.75 | 5/1/12 | 5,680,000 | 5,151,022 |
9,848,643 | ||||
Retailing—.9% | ||||
Wal-Mart Stores, Sr. Unscd. Notes | 4.55 | 5/1/13 | 4,675,000 | 4,901,588 |
Xerox, Sr. Unscd. Notes | 5.50 | 5/15/12 | 1,955,000 | 1,813,480 |
6,715,068 | ||||
Software & Services—1.6% | ||||
Intuit, Sr. Unscd. Notes | 5.40 | 3/15/12 | 5,115,000 | 4,776,310 |
Oracle, Sr. Unscd. Notes | 5.75 | 4/15/18 | 7,000,000 | 7,091,112 |
11,867,422 | ||||
Transportation—.4% | ||||
United Parcel Service, Sr. Unscd. Notes | 4.50 | 1/15/13 | 2,725,000 | 2,878,728 |
U.S. Government Agencies—21.4% | ||||
Federal Farm Credit Banks, Bonds | 2.25 | 4/24/12 | 12,935,000 | 12,903,206 |
Federal Farm Credit Banks, Bonds | 2.63 | 4/21/11 | 11,000,000 | 11,228,250 |
Federal Farm Credit Banks, Bonds | 3.40 | 2/7/13 | 15,800,000 | 16,322,206 |
Federal Farm Credit Banks, Bonds | 4.75 | 5/7/10 | 10,375,000 | 10,791,805 |
Federal Farm Credit Banks, Bonds | 5.25 | 9/13/10 | 6,770,000 | 7,131,288 |
Federal Home Loan Banks, Bonds | 3.50 | 7/16/10 | 5,245,000 | 5,354,201 |
Federal Home Loan Banks, Bonds | 3.63 | 10/18/13 | 6,850,000 | 7,092,702 |
Federal Home Loan Banks, Bonds | 4.25 | 6/14/13 | 7,500,000 | 8,015,332 |
Federal Home Loan Banks, Bonds | 5.00 | 12/11/09 | 6,460,000 | 6,659,362 |
Federal Home Loan Banks, Bonds | 5.13 | 9/10/10 | 7,315,000 | 7,706,550 |
Federal National Mortgage Association, Notes | 2.88 | 10/12/10 | 15,745,000 c | 16,127,619 |
Federal National Mortgage Association, Notes | 4.00 | 8/18/11 | 16,090,000 c | 16,322,758 |
Federal National Mortgage Association, Notes | 4.75 | 3/12/10 | 20,270,000 c | 20,937,896 |
Federal National Mortgage Association, Notes | 5.25 | 3/5/14 | 11,855,000 c | 12,268,384 |
158,861,559 | ||||
U.S. Government Agencies/Mortgage-Backed—.2% | ||||
Federal Home Loan Mortgage Corp.: | ||||
4.85%, 11/1/32 | 127,763 c,d | 128,341 | ||
REMIC, Ser. 2134, Cl. PM, 5.50%, 3/15/14 | 884,129 c | 914,003 | ||
1,042,344 | ||||
U.S. Government Securities—34.4% | ||||
U.S. Treasury Inflation Protected Securities: | ||||
Notes, 0.63%, 4/15/13 | 3,901,811 a,e | 3,798,171 | ||
Notes, 1.38%, 7/15/18 | 7,590,401 a,e | 7,085,169 | ||
Notes, 2.38%, 1/15/17 | 14,501,036 a,e | 14,442,133 |
20
BNY Mellon Intermediate Bond Fund (continued) | ||
Principal | ||
Bonds and Notes (continued) | Amount ($) | Value ($) |
U.S. Government Securities (continued) | ||
U.S. Treasury Notes: | ||
4.25%, 1/15/11 | 65,500,000 a | 69,596,370 |
4.25%, 8/15/13 | 18,950,000 a | 20,961,959 |
4.25%, 11/15/13 | 11,640,000 a | 12,917,676 |
4.50%, 11/15/15 | 10,250,000 a | 11,548,870 |
4.63%, 8/31/11 | 30,095,000 a | 32,643,685 |
4.63%, 2/29/12 | 44,555,000 a | 48,749,452 |
4.88%, 8/15/16 | 125,000 a | 142,744 |
5.13%, 5/15/16 | 29,280,000 a | 33,989,981 |
255,876,210 | ||
Total Bonds and Notes | ||
(cost $726,200,359) | 725,431,787 | |
Other Investment—1.2% | Shares | Value ($) |
Registered Investment Company; | ||
Dreyfus Institutional Preferred Plus Money Market Fund | ||
(cost $8,667,000) | 8,667,000 f | 8,667,000 |
Investment of Cash Collateral for Securities Loaned—26.7% | ||
Registered Investment Company; | ||
Dreyfus Institutional Cash Advantage Plus Fund | ||
(cost $198,796,978) | 198,796,978 f | 198,796,978 |
Total Investments (cost $933,664,337) | 125.5% | 932,895,765 |
Liabilities, Less Cash and Receivables | (25.5%) | (189,548,094) |
Net Assets | 100.0% | 743,347,671 |
a All or a portion of these securities are on loan. At February 28, 2009, the total market value of the fund’s securities on loan is $218,575,871 and the total market value of the |
collateral held by the fund is $225,658,733, consisting of cash collateral of $198,796,978 and U.S. Government and Agency securities valued at $26,861,755. |
b Securities exempt from registration under Rule 144A of the Securities Act of 1933.These securities may be resold in transactions exempt from registration, normally to qualified |
institutional buyers. At February 28, 2009, these securities amounted to $10,070,926 or 1.4% of net assets. |
c On September 7, 2008, the Federal Housing Finance Agency (FHFA) placed Federal National Mortgage Association and Federal Home Loan Mortgage Corporation into |
conservatorship with FHFA as the conservator. As such, the FHFA will oversee the continuing affairs of these companies. |
d Variable rate security—interest rate subject to periodic change. |
e Principal amount for accrual purposes is periodically adjusted based on changes in the Consumer Price Index. |
f Investment in affiliated money market mutual fund. |
Portfolio Summary (Unaudited) † | |||
Value (%) | Value (%) | ||
U.S. Government & Agencies | 56.0 | Asset/Mortgage-Backed | 3.9 |
Corporate Bonds | 36.3 | Foreign/Governmental | 1.4 |
Money Market Investments | 27.9 | 125.5 | |
† Based on net assets. | |||
See notes to financial statements. |
The Funds 21
STATEMENT OF INVESTMENTS February 28, 2009 (Unaudited) |
BNY Mellon Intermediate U.S. Government Fund | ||||
Coupon | Maturity | Principal | ||
Bonds and Notes—97.8% | Rate (%) | Date | Amount ($) | Value ($) |
Banks—5.9% | ||||
Bank of America, Gtd. Notes | 3.13 | 6/15/12 | 1,500,000 | 1,539,616 |
Goldman Sachs Group, Gtd. Notes | 3.25 | 6/15/12 | 400,000 | 414,318 |
JPMorgan Chase & Co., Gtd. Notes | 3.13 | 12/1/11 | 1,400,000 | 1,441,462 |
Key Bank, Gtd. Notes | 3.20 | 6/15/12 | 1,500,000 | 1,545,081 |
Regions Bank, Gtd. Notes | 3.25 | 12/9/11 | 1,500,000 | 1,539,132 |
Wells Fargo & Co., Gtd. Notes | 3.00 | 12/9/11 | 875,000 | 898,873 |
7,378,482 | ||||
Diversified Financial Services—2.8% | ||||
General Electric Capital, Gtd. Notes | 3.00 | 12/9/11 | 1,500,000 | 1,534,410 |
Private Export Funding, Scd. Notes | 4.38 | 3/15/19 | 2,000,000 | 2,000,858 |
3,535,268 | ||||
U.S. Government Agencies—25.1% | ||||
Federal Farm Credit Banks, Bonds | 3.88 | 8/25/11 | 1,500,000 | 1,581,716 |
Federal Home Loan Banks, Bonds | 3.63 | 10/18/13 | 2,105,000 | 2,179,582 |
Federal Home Loan Banks, Bonds | 4.25 | 6/14/13 | 1,040,000 | 1,111,459 |
Federal Home Loan Banks, Bonds | 4.88 | 12/13/13 | 6,710,000 | 7,360,072 |
Federal Home Loan Banks, Bonds | 5.63 | 6/9/17 | 3,620,000 | 4,085,405 |
Federal Home Loan Mortgage Corp., Notes | 4.00 | 7/28/11 | 1,190,000 a | 1,202,694 |
Federal National Mortgage Association, Notes | 1.75 | 3/23/11 | 5,500,000 a | 5,522,990 |
Federal National Mortgage Association, Notes | 2.50 | 2/17/12 | 3,250,000 a | 3,253,338 |
Federal National Mortgage Association, Notes | 3.55 | 6/16/10 | 1,185,000 a | 1,193,928 |
Federal National Mortgage Association, Sub. Notes | 5.13 | 1/2/14 | 725,000 a | 742,354 |
Federal National Mortgage Association, Bonds | 6.00 | 5/15/11 | 2,700,000 a | 2,956,257 |
31,189,795 | ||||
U.S. Government Agencies/Mortgage-Backed—14.9% | ||||
Federal Home Loan Mortgage Corp.: | ||||
4.01%, 1/1/17 | 379,786 a,b | 380,107 | ||
4.02%, 1/1/21 | 129,638 a,b | 130,268 | ||
4.28%, 1/1/34 | 256,792 a,b | 254,608 | ||
4.71%, 6/1/34 | 589,994 a,b | 579,015 | ||
5.16%, 9/1/33 | 205,759 a,b | 210,106 | ||
5.23%, 6/1/32 | 35,177 a,b | 35,351 | ||
5.75%, 2/1/30 | 4,004 a,b | 4,020 | ||
6.50%, 1/1/11—7/1/17 | 566,638 a | 593,598 | ||
7.00%, 2/1/11—6/1/25 | 986,568 a | 1,056,161 | ||
7.50%, 10/1/10—9/1/28 | 370,710 a | 395,915 | ||
8.00%, 12/1/11—2/1/30 | 395,912 a | 419,641 | ||
8.50%, 8/17/11—4/1/20 | 38,950 a | 40,799 |
22
BNY Mellon Intermediate U.S. Government Fund (continued) | ||
Principal | ||
Bonds and Notes (continued) | Amount ($) | Value ($) |
U.S. Government Agencies/Mortgage-Backed (continued) | ||
Federal Home Loan Mortgage Corp. (continued): | ||
Mulitclass Mortgage Participation Ctfs., | ||
Ser. 2695, Cl. UA, 5.50%, 9/15/14 | 1,169,428 a | 1,210,557 |
Mulitclass Mortgage Participation Ctfs., | ||
Ser. 1627, Cl. PJ, 6.00%, 3/15/23 | 430,150 a | 433,575 |
Mulitclass Mortgage Participation Ctfs., | ||
Ser. 2123, Cl. PE, 6.00%, 12/15/27 | 8,203 a | 8,198 |
Mulitclass Mortgage Participation Ctfs., | ||
Ser. 1602, Cl. H, 6.50%, 10/15/23 | 557,938 a | 585,298 |
Federal National Mortgage Association: | ||
3.14%, 6/1/33 | 206,427 a,b | 199,654 |
3.55%, 5/1/34 | 263,089 a,b | 262,834 |
3.78%, 8/1/33 | 85,086 a,b | 85,117 |
4.36%, 11/1/34 | 379,609 a,b | 383,079 |
4.40%, 9/1/33 | 99,941 a,b | 100,162 |
4.48%, 10/1/31 | 261,120 a,b | 261,991 |
4.49%, 10/1/33 | 129,534 a,b | 129,494 |
4.52%, 4/1/33 | 228,882 a,b | 231,892 |
4.73%, 10/1/34 | 157,763 a,b | 160,794 |
4.75%, 1/1/29 | 285,794 a,b | 289,418 |
4.81%, 6/1/33 | 560,949 a,b | 565,582 |
5.04%, 8/1/33 | 267,564 a,b | 273,640 |
5.09%, 10/1/19 | 158,769 a,b | 159,869 |
5.11%, 2/1/33 | 97,301 a,b | 98,933 |
5.24%, 9/1/33 | 298,890 a,b | 305,326 |
5.25%, 4/1/30 | 32,638 a,b | 33,206 |
5.36%, 2/1/36 | 139,716 a,b | 141,670 |
5.42%, 1/1/27 | 274,205 a,b | 277,722 |
5.45%, 6/1/34 | 225,965 a,b | 225,730 |
5.80%, 3/1/36 | 178,044 a,b | 183,423 |
6.18%, 4/1/40 | 346,487 a,b | 356,734 |
6.87%, 7/1/22 | 130,902 a | 139,465 |
7.00%, 9/1/19—5/1/29 | 587,568 a | 628,147 |
7.50%, 5/1/09—11/1/29 | 221,444 a | 237,920 |
7.81%, 12/1/24 | 37,097 a,b | 38,983 |
8.00%, 6/1/15—10/1/29 | 651,348 a | 691,404 |
8.50%, 10/1/26 | 102,577 a | 111,368 |
9.00%, 4/1/16—3/1/22 | 13,862 a | 15,158 |
Principal Only, Ser. 1993-253, Cl. H, 0.00%, 11/25/23 | 25,532 a | 21,206 |
Ser. 1992-136, Cl. PK, 6.00%, 8/25/22 | 133,829 a | 141,226 |
Ser. 1993-178, Cl. PK, 6.50%, 9/25/23 | 1,823,641 a | 1,943,022 |
Ser. 1992-172, Cl. M, 7.00%, 9/25/22 | 29,923 a | 31,619 |
The Funds 23
STATEMENT OF INVESTMENTS (Unaudited) (continued) |
BNY Mellon Intermediate U.S. Government Fund (continued) | ||
Principal | ||
Bonds and Notes (continued) | Amount ($) | Value ($) |
U.S. Government Agencies/Mortgage-Backed (continued) | ||
Federal National Mortgage Association (continued): | ||
Ser. 1993-149, Cl. M, 7.00%, 8/25/23 | 504,183 a | 542,405 |
Ser. 1993-255, Cl. E, 7.10%, 12/25/23 | 1,192,392 a | 1,286,514 |
Ser. 1988-15, Cl. A, 9.00%, 6/25/18 | 188,054 a | 207,559 |
Government National Mortgage Association I: | ||
6.50%, 5/15/13—7/15/24 | 329,732 | 345,760 |
7.00%, 6/15/13—11/15/26 | 70,364 | 75,382 |
7.50%, 4/15/23—6/15/24 | 27,927 | 30,177 |
7.68%, 1/15/22 | 138,229 | 147,596 |
8.00%, 7/15/28 | 7,703 | 8,331 |
8.50%, 2/15/20 | 2,172 | 2,351 |
9.00%, 3/15/17—4/15/18 | 50,194 | 54,152 |
9.50%, 5/15/19 | 1,088 | 1,195 |
Government National Mortgage Association II: | ||
4.13%, 10/20/22 | 19,243 b | 19,356 |
4.63%, 8/20/30 | 199,448 b | 199,439 |
5.38%, 2/20/24 | 147,123 b | 149,000 |
6.50%, 10/20/33 | 276,986 | 291,122 |
7.50%, 11/20/15—9/20/25 | 127,989 | 136,381 |
8.50%, 12/20/26 | 29,617 | 32,056 |
18,591,781 | ||
U.S. Government Securities—49.1% | ||
U.S. Treasury Bonds; | ||
7.25%, 5/15/16 | 2,800,000 | 3,557,095 |
U.S. Treasury Inflation Protected Securities: | ||
Notes, 0.63%, 4/15/13 | 642,007 c | 624,954 |
Notes, 1.38%, 7/15/18 | 34,147 c | 31,874 |
Notes, 2.38%, 1/15/17 | 3,202,747 c | 3,189,737 |
U.S. Treasury Notes: | ||
1.75%, 11/15/11 | 1,500,000 | 1,518,290 |
3.50%, 2/15/18 | 2,250,000 | 2,341,935 |
3.75%, 11/15/18 | 1,250,000 | 1,324,904 |
4.00%, 11/15/12 | 5,000,000 | 5,435,160 |
4.13%, 8/15/10 | 4,725,000 | 4,959,039 |
4.25%, 1/15/11 | 12,790,000 | 13,589,887 |
4.25%, 8/15/13 | 8,870,000 | 9,811,746 |
4.63%, 8/31/11 | 5,165,000 | 5,602,414 |
4.63%, 2/29/12 | 4,825,000 | 5,279,230 |
5.13%, 5/15/16 | 3,375,000 | 3,917,903 |
61,184,168 | ||
Total Bonds and Notes | ||
(cost $119,125,909) | 121,879,494 |
24
BNY Mellon Intermediate U.S. Government Fund (continued) | ||
Other Investment—1.1% | Shares | Value ($) |
Registered Investment Company; | ||
Dreyfus Institutional Preferred Plus Money Market Fund | ||
(cost $1,413,000) | 1,413,000 d | 1,413,000 |
Total Investments (cost $120,538,909) | 98.9% | 123,292,494 |
Cash and Receivables (Net) | 1.1% | 1,307,640 |
Net Assets | 100.0% | 124,600,134 |
a On September 7, 2008, the Federal Housing Finance Agency (FHFA) placed Federal National Mortgage Association and Federal Home Loan Mortgage Corporation into |
conservatorship with FHFA as the conservator. As such, the FHFA will oversee the continuing affairs of these companies. |
b Variable rate security—interest rate subject to periodic change. |
c Principal amount for accrual purposes is periodically adjusted based on changes in the Consumer Price Index. |
d Investment in affiliated money market mutual fund. |
Portfolio Summary (Unaudited) † | |||
Value (%) | Value (%) | ||
U.S. Government & Agencies | 89.1 | Money Market Investment | 1.1 |
Corporate Bonds | 8.7 | 98.9 | |
† Based on net assets. | |||
See notes to financial statements. |
The Funds 25
STATEMENT OF INVESTMENTS February 28, 2009 (Unaudited) |
BNY Mellon Short-Term U.S. Government Securities Fund | ||||
Coupon | Maturity | Principal | ||
Bonds and Notes—96.4% | Rate (%) | Date | Amount ($) | Value ($) |
Banks—6.3% | ||||
Bank of America, Gtd. Notes | 3.13 | 6/15/12 | 1,875,000 | 1,924,521 |
Goldman Sachs Group, Gtd. Notes | 3.25 | 6/15/12 | 400,000 | 414,318 |
JPMorgan Chase & Co., Gtd. Notes | 3.13 | 12/1/11 | 1,750,000 a | 1,801,828 |
Key Bank, Gtd. Notes | 3.20 | 6/15/12 | 2,000,000 | 2,060,108 |
Regions Bank, Gtd. Notes | 3.25 | 12/9/11 | 1,875,000 | 1,923,915 |
Wells Fargo & Co., Gtd. Notes | 3.00 | 12/9/11 | 1,000,000 a | 1,027,284 |
9,151,974 | ||||
Diversified Financial Services—1.1% | ||||
General Electric Capital, Gtd. Notes | 3.00 | 12/9/11 | 1,635,000 | 1,672,507 |
U.S. Government Agencies—33.5% | ||||
Federal Farm Credit Bank, Bonds | 2.25 | 4/24/12 | 2,795,000 | 2,788,130 |
Federal Farm Credit Banks, Bonds | 2.63 | 4/21/11 | 2,000,000 | 2,041,500 |
Federal Farm Credit Banks, Bonds | 3.75 | 12/6/10 | 3,525,000 | 3,654,537 |
Federal Farm Credit Banks, Bonds | 3.88 | 8/25/11 | 1,010,000 | 1,065,022 |
Federal Home Loan Banks, Bonds | 3.38 | 10/6/10 | 1,100,000 | 1,111,454 |
Federal Home Loan Banks, Bonds | 4.38 | 10/22/10 | 4,060,000 | 4,236,707 |
Federal Home Loan Banks, Bonds | 4.88 | 11/18/11 | 2,770,000 | 2,986,265 |
Federal Home Loan Mortgage Corp., Notes | 2.13 | 3/23/12 | 3,910,000 b | 3,909,703 |
Federal Home Loan Mortgage Corp., Notes | 2.45 | 2/17/12 | 3,470,000 b | 3,472,085 |
Federal Home Loan Mortgage Corp., Notes | 4.00 | 7/28/11 | 1,620,000 b | 1,637,281 |
Federal Home Loan Mortgage Corp., Notes | 4.13 | 7/14/11 | 1,260,000 b | 1,274,438 |
Federal National Mortgage Association, Notes | 1.75 | 3/23/11 | 6,450,000 b | 6,476,961 |
Federal National Mortgage Association, Notes | 2.50 | 2/17/12 | 3,955,000 b | 3,959,062 |
Federal National Mortgage Association, Notes | 2.88 | 10/12/10 | 3,765,000 b | 3,856,493 |
Federal National Mortgage Association, Notes | 3.55 | 6/16/10 | 1,425,000 b | 1,435,736 |
Federal National Mortgage Association, Notes | 3.80 | 2/25/11 | 5,034,000 b | 5,087,758 |
48,993,132 | ||||
U.S. Government Agencies/Mortgage-Backed—3.8% | ||||
Federal Home Loan Mortgage Corp.: | ||||
4.00%, 3/1/10 | 610,690 b | 616,871 | ||
4.85%, 11/1/32 | 31,999 b,c | 32,144 | ||
5.00%, 4/1/09 | 47,858 b | 48,315 | ||
REMIC, Ser. 3020, Cl. MA, 5.50%, 4/15/27 | 785,750 b | 800,847 | ||
REMIC, Ser. 2495, Cl. UC, 5.00%, 7/15/32 | 95,355 b | 98,479 | ||
REMIC, Ser. 1648, Cl. E, 6.00%, 9/15/23 | 738,791 b | 749,508 | ||
REMIC, Ser. 1961, Cl. H, 6.50%, 5/15/12 | 128,430 b | 128,377 |
26
BNY Mellon Short-Term U.S. Government Securities Fund (continued) | ||
Principal | ||
Bonds and Notes (continued) | Amount ($) | Value ($) |
U.S. Government Agencies/Mortgage-Backed (continued) | ||
Federal National Mortgage Association: | ||
4.50%, 1/1/10 | 137,263 b | 138,818 |
Whole Loan, Ser. 2003-W19, | ||
Cl. 1A4, 4.78%, 11/25/33 | 143,025 b | 142,853 |
4.89%, 5/1/32 | 34,565 b,c | 35,255 |
4.93%, 3/1/32 | 6,628 b,c | 6,716 |
5.13%, 6/1/32 | 133,632 b,c | 134,211 |
5.28%, 6/1/32 | 169,385 b,c | 172,510 |
5.31%, 4/1/32 | 8,113 b,c | 8,264 |
5.50%, 6/1/09 | 24,783 b | 25,024 |
Ser. 2002-T11, Cl. A 4.77%, 4/25/12 | 356,455 b | 356,242 |
REMIC, Ser. 2002-73, Cl. AM, 5.00%, 12/25/15 | 706,257 b | 707,263 |
Ser. 2002-T3, Cl. A 5.14%, 12/25/11 | 623,472 b | 633,642 |
Ser. 2001-T6, Cl. A 5.70%, 5/25/11 | 29,375 b | 30,390 |
Ser. 2002-T3, Cl. B 5.76%, 12/25/11 | 270,000 b | 289,807 |
REMIC, Ser. 1994-86, Cl. PJ, 6.00%, 6/25/09 | 24,547 b | 24,569 |
Ser. 2001-T2, Cl. B 6.02%, 11/25/10 | 360,000 b | 379,675 |
Government National Mortgage Association I | ||
6.00%, 4/15/09 | 1,263 | 1,270 |
5,561,050 | ||
U.S. Government Securities—51.7% | ||
Federal Farm Credit Banks, Bonds, 3.00%, 3/3/11 | 4,195,000 | 4,307,388 |
U.S. Treasury Notes: | ||
2.75%, 7/31/10 | 10,750,000 a | 11,044,367 |
3.50%, 2/15/10 | 12,250,000 a | 12,567,741 |
4.13%, 8/15/10 | 8,260,000 a | 8,669,134 |
4.25%, 1/15/11 | 5,250,000 a | 5,578,335 |
4.38%, 12/15/10 | 5,000,000 a | 5,314,065 |
4.50%, 5/15/10 | 12,500,000 a | 13,063,488 |
4.50%, 11/15/10 | 5,000,000 a | 5,308,595 |
5.75%, 8/15/10 | 9,000,000 a | 9,657,423 |
75,510,536 | ||
Total Bonds and Notes | ||
(cost $138,226,553) | 140,889,199 | |
Other Investment—2.2% | Shares | Value ($) |
Registered Investment Company; | ||
Dreyfus Institutional Preferred Plus Money Market Fund | ||
(cost $3,238,000) | 3,238,000 d | 3,238,000 |
The Funds 27
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Short-Term U.S. Government Securities Fund (continued) | ||
Investment of Cash Collateral for Securities Loaned—31.5% | Shares | Value ($) |
Registered Investment Company; | ||
Dreyfus Institutional Cash Advantage Plus Fund | ||
(cost $46,011,658) | 46,011,658 d | 46,011,658 |
Total Investments (cost $187,476,211) | 130.1% | 190,138,857 |
Liabilities, Less Cash and Receivables | (30.1%) | (44,063,898) |
Net Assets | 100.0% | 146,074,959 |
a All or a portion of these securities are on loan. At February 28, 2009, the total market value of the fund’s securities on loan is $44,845,458 and the total market value of the |
collateral held by the fund is $46,011,658. |
b On September 7, 2008, the Federal Housing Finance Agency (FHFA) placed Federal National Mortgage Association and Federal Home Loan Mortgage Corporation into |
conservatorship with FHFA as the conservator. As such, the FHFA will oversee the continuing affairs of these companies. |
c Variable rate security—interest rate subject to periodic change. |
d Investment in affiliated money market mutual fund. |
Portfolio Summary (Unaudited) † | |||
Value (%) | Value (%) | ||
U.S. Government & Agencies | 89.0 | Corporate Bonds | 7.4 |
Money Market Investments | 33.7 | 130.1 | |
† Based on net assets. | |||
See notes to financial statements. |
28
STATEMENT OF ASSETS AND LIABILITIES February 28, 2009 (Unaudited) |
BNY Mellon | BNY Mellon | |||
BNY Mellon | BNY Mellon | Intermediate | Short-Term | |
Bond | Intermediate | U.S. Government | U.S. Government | |
Fund | Bond Fund | Fund | Securities Fund | |
Assets ($): | ||||
Investments in securities—See Statement of Investments†—Note 2(c) | ||||
(including securities loaned)††—Note 2(b): | ||||
Unaffiliated issuers | 1,271,519,576 | 725,431,787 | 121,879,494 | 140,889,199 |
Affiliated issuers | 254,193,612 | 207,463,978 | 1,413,000 | 49,249,658 |
Cash | — | — | 161,112 | 40,326 |
Dividend and interest receivable | 12,195,045 | 9,309,610 | 942,460 | 806,520 |
Receivable for investment securities sold | 578,105 | — | — | — |
Receivable for shares of Beneficial Interest subscribed | 1,553,483 | 1,882,524 | 248,406 | 1,194,200 |
Other receivables | — | — | 76,136 | — |
Prepaid expenses | 21,445 | 18,351 | 12,422 | 12,500 |
1,540,061,266 | 944,106,250 | 124,733,030 | 192,192,403 | |
Liabilities ($): | ||||
Due to The Dreyfus Corporation and affiliates—Note 4(b) | 434,492 | 254,802 | 49,547 | 44,023 |
Due to Administrator—Note 4(a) | 133,575 | 76,991 | 12,701 | 14,278 |
Cash overdraft due to Custodian | 1,915,095 | 1,129,449 | — | — |
Liability for securities on loan—Note 2(b) | 219,240,612 | 198,796,978 | — | 46,011,658 |
Payable for investment securities purchased | 24,180,831 | — | — | — |
Payable for shares of Beneficial Interest redeemed | 494,662 | 470,344 | 11,406 | 25,367 |
Accrued expenses | 35,496 | 30,015 | 59,242 | 22,118 |
246,434,763 | 200,758,579 | 132,896 | 46,117,444 | |
Net Assets ($) | 1,293,626,503 | 743,347,671 | 124,600,134 | 146,074,959 |
Composition of Net Assets ($): | ||||
Paid-in capital | 1,311,608,622 | 758,293,286 | 121,905,665 | 151,849,879 |
Accumulated distributions in excess of investment income—net | (2,206,053) | (1,031,668) | (378,611) | (363,168) |
Accumulated net realized gain (loss) on investments | (5,676,006) | (13,145,375) | 319,495 | (8,074,398) |
Accumulated net unrealized appreciation | ||||
(depreciation) on investments | (10,100,060) | (768,572) | 2,753,585 | 2,662,646 |
Net Assets ($) | 1,293,626,503 | 743,347,671 | 124,600,134 | 146,074,959 |
Net Asset Value Per Share | ||||
Class M Shares | ||||
Net Assets ($) | 1,286,787,586 | 740,503,785 | 119,223,453 | 145,848,464 |
Shares Outstanding | 103,524,571 | 59,972,698 | 11,567,254 | 11,745,907 |
Net Asset Value Per Share ($) | 12.43 | 12.35 | 10.31 | 12.42 |
Investor Shares | ||||
Net Assets ($) | 6,838,917 | 2,843,886 | 5,376,681 | 226,495 |
Shares Outstanding | 551,179 | 230,316 | 522,205 | 18,235 |
Net Asset Value Per Share ($) | 12.41 | 12.35 | 10.30 | 12.42 |
† Investments at cost ($): | ||||
Unaffiliated issuers | 1,281,619,636 | 726,200,359 | 119,125,909 | 138,226,553 |
Affiliated issuers | 254,193,612 | 207,463,978 | 1,413,000 | 49,249,658 |
††Value of securities loaned ($) | 232,059,311 | 218,575,871 | — | 44,845,458 |
See notes to financial statements. |
The Funds 29
STATEMENT OF OPERATIONS Six Months Ended February 28, 2009 (Unaudited) |
BNY Mellon | ||
BNY Mellon | Intermediate | |
Bond Fund | Bond Fund | |
Investment Income ($): | ||
Income: | ||
Interest | 29,654,270 | 15,975,654 |
Income from securities lending | 995,262 | 978,744 |
Dividends; | ||
Affiliated issuers | 72,270 | 32,268 |
Total Income | 30,721,802 | 16,986,666 |
Expenses: | ||
Investment advisory fee—Note 4(a) | 2,573,168 | 1,517,955 |
Administration fee—Note 4(a) | 841,467 | 496,149 |
Professional fees | 43,351 | 18,492 |
Custodian fees—Note 4(b) | 40,273 | 29,055 |
Trustees’ fees and expenses—Note 4(c) | 35,716 | 26,557 |
Registration fees | 15,678 | 19,742 |
Shareholder servicing costs—Note 4(b) | 8,928 | 2,634 |
Prospectus and shareholders’ reports | 5,150 | 5,297 |
Loan commitment fees—Note 3 | 100 | 100 |
Miscellaneous | 31,359 | 17,761 |
Total Expenses | 3,595,190 | 2,133,742 |
Less—reduction in fees due to earnings credit—Note 2(b) | (4,180) | (86) |
Net Expenses | 3,591,010 | 2,133,656 |
Investment Income—Net | 27,130,792 | 14,853,010 |
Realized and Unrealized Gain (Loss) on Investments—Note 5 ($): | ||
Net realized gain (loss) on investments | 15,837,064 | 9,641,005 |
Net unrealized appreciation (depreciation) on investments | (9,942,710) | (8,822,113) |
Net Realized and Unrealized Gain (Loss) on Investments | 5,894,354 | 818,892 |
Net Increase in Net Assets Resulting from Operations | 33,025,146 | 15,671,902 |
See notes to financial statements. |
30
BNY Mellon Intermediate | ||
U.S. Government Fund | ||
Two Months Ended | ||
February 28, 2009 | Year Ended | |
(Unaudited)a | December 31, 2008b | |
Investment Income ($): | ||
Income: | ||
Interest | 233,275 | 5,602,869 |
Dividends; | ||
Affiliated issuers | 499 | 4,013 |
Total Income | 233,774 | 5,606,882 |
Expenses: | ||
Investment advisory fee—Note 4(a) | 101,925 | 587,395 |
Administration fee—Note 4(a) | 26,845 | 128,744 |
Trustees’ fees and expenses—Note 4(c) | 4,573 | 17,837 |
Professional fees | 4,221 | 24,829 |
Prospectus and shareholders’ reports | 4,062 | 6,129 |
Shareholder servicing costs—Note 4(b) | 2,928 | 37,670 |
Registration fees | 1,652 | 34,229 |
Custodian fees—Note 4(b) | 1,494 | 30,041 |
Loan commitment fees—Note 3 | 63 | — |
Distribution fees | — | 10,574 |
Miscellaneous | 5,547 | 34,313 |
Total Expenses | 153,310 | 911,761 |
Less—reduction in investment advisory fees | ||
due to undertaking—Note 4(a) | (17,973) | (132,395) |
Less—reduction in fees due to | ||
earnings credit—Note 2(b) | (172) | (481) |
Net Expenses | 135,165 | 778,885 |
Investment Income—Net | 98,609 | 4,827,997 |
Realized and Unrealized Gain (Loss) on Investments—Note 5 ($): | ||
Net realized gain (loss) on investments | 672,401 | 1,949,660 |
Net unrealized appreciation (depreciation) on investments | (1,795,140) | 2,702,619 |
Net Realized and Unrealized Gain (Loss) on Investments | (1,122,739) | 4,652,279 |
Net Increase (Decrease) in Net Assets Resulting from Operations | (1,024,130) | 9,480,276 |
a The fund has changed its fiscal year end from December 31 to August 31. |
b Represents information for the fund’s predecessor, BNY Hamilton Intermediate Government Fund, through September 12, 2008. |
See notes to financial statements. |
The Funds 31
STATEMENT OF OPERATIONS (continued) |
BNY Mellon | |
Short-Term | |
U.S. Government | |
Securities Fund | |
Investment Income ($): | |
Income: | |
Interest | 2,238,120 |
Income from securities lending | 245,618 |
Dividends; | |
Affiliated issuers | 14,589 |
Total Income | 2,498,327 |
Expenses: | |
Investment advisory fee—Note 4(a) | 244,359 |
Administration fee—Note 4(a) | 91,313 |
Professional fees | 16,421 |
Custodian fees—Note 4(b) | 5,997 |
Trustees’ fees and expenses—Note 4(c) | 4,973 |
Registration fees | 17,445 |
Shareholder servicing costs—Note 4(b) | 679 |
Prospectus and shareholders’ reports | 4,180 |
Loan commitment fees—Note 3 | 100 |
Miscellaneous | 10,693 |
Total Expenses | 396,160 |
Less—reduction in fees due to | |
earnings credit—Note 2(b) | (60) |
Net Expenses | 396,100 |
Investment Income—Net | 2,102,227 |
Realized and Unrealized Gain (Loss) on Investments—Note 5 ($): | |
Net realized gain (loss) on investments | 2,130,706 |
Net unrealized appreciation (depreciation) on investments | 896,079 |
Net Realized and Unrealized Gain (Loss) on Investments | 3,026,785 |
Net Increase in Net Assets Resulting from Operations | 5,129,012 |
See notes to financial statements. |
32
STATEMENT OF CHANGES IN NET ASSETS |
BNY Mellon Bond Fund | BNY Mellon Intermediate Bond Fund | |||
Six Months Ended | Six Months Ended | |||
February 28, 2009 | Year Ended | February 28, 2009 | Year Ended | |
(Unaudited) | August 31, 2008 | (Unaudited) | August 31, 2008 | |
Operations ($): | ||||
Investment income—net | 27,130,792 | 47,121,754 | 14,853,010 | 35,177,322 |
Net realized gain (loss) on investments | 15,837,064 | 6,283,577 | 9,641,005 | 5,518,623 |
Net unrealized appreciation (depreciation) on investments | (9,942,710) | 5,224,152 | (8,822,113) | 6,356,485 |
Net Increase (Decrease) in Net Assets | ||||
Resulting from Operations | 33,025,146 | 58,629,483 | 15,671,902 | 47,052,430 |
Dividends to Shareholders from ($): | ||||
Investment income—net: | ||||
Class M Shares | (30,344,385) | (47,780,845) | (16,916,562) | (36,721,118) |
Investor Shares | (135,179) | (188,423) | (45,080) | (67,882) |
Total Dividends | (30,479,564) | (47,969,268) | (16,961,642) | (36,789,000) |
Beneficial Interest Transactions ($): | ||||
Net proceeds from shares sold: | ||||
Class M Shares | 117,747,012 | 221,829,437 | 75,301,226 | 198,388,346 |
Investor Shares | 2,594,362 | 2,495,001 | 1,425,127 | 2,622,243 |
Net assets received in connection | ||||
with reorganization—Note 1 | 350,017,847 | — | — | — |
Dividends reinvested: | ||||
Class M Shares | 4,371,215 | 6,175,094 | 3,319,866 | 6,785,054 |
Investor Shares | 112,313 | 137,300 | 48,230 | 64,610 |
Cost of shares redeemed: | ||||
Class M Shares | (181,938,591) | (187,604,496) | (122,664,251) | (154,644,870) |
Investor Shares | (716,286) | (3,837,335) | (249,405) | (3,017,144) |
Increase (Decrease) in Net Assets from | ||||
Beneficial Interest Transactions | 292,187,872 | 39,195,001 | (42,819,207) | 50,198,239 |
Total Increase (Decrease) in Net Assets | 294,733,454 | 49,855,216 | (44,108,947) | 60,461,669 |
Net Assets ($): | ||||
Beginning of Period | 998,893,049 | 949,037,833 | 787,456,618 | 726,994,949 |
End of Period | 1,293,626,503 | 998,893,049 | 743,347,671 | 787,456,618 |
Undistributed (distributions in excess of) | ||||
investment income—net | (2,206,053) | 1,142,719 | (1,031,668) | 1,076,964 |
Capital Share Transactions (Shares): | ||||
Class M Shares | ||||
Shares sold | 9,471,957 | 17,793,146 | 6,074,058 | 15,947,733 |
Shares issued in connection with reorganization—Note 1 | 27,975,747 | — | — | — |
Shares issued for dividends reinvested | 354,987 | 495,793 | 271,155 | 545,539 |
Shares redeemed | (14,658,218) | (15,077,630) | (9,922,278) | (12,418,444) |
Net Increase (Decrease) in Shares Outstanding | 23,144,473 | 3,211,309 | (3,577,065) | 4,074,828 |
Investor Shares | ||||
Shares sold | 210,411 | 201,629 | 115,961 | 211,227 |
Shares issued in connection with reorganization—Note 1 | 108,612 | — | — | — |
Shares issued for dividends reinvested | 9,128 | 11,049 | 3,927 | 5,201 |
Shares redeemed | (57,777) | (310,213) | (20,262) | (244,187) |
Net Increase (Decrease) in Shares Outstanding | 270,374 | (97,535) | 99,626 | (27,759) |
See notes to financial statements. |
The Funds 33
STATEMENT OF CHANGES IN NET ASSETS (continued) |
BNY Mellon Intermediate U.S. Government Fund | |||
Two Months Ended | |||
February 28, 2009 | Year Ended | Year Ended | |
(Unaudited)a | December 31, 2008b | December 31, 2007b | |
Operations ($): | |||
Investment income—net | 98,609 | 4,827,997 | 4,789,807 |
Net realized gain (loss) on investments | 672,401 | 1,949,660 | 875,278 |
Net unrealized appreciation (depreciation) on investments | (1,795,140) | 2,702,619 | 1,780,688 |
Net Increase (Decrease) in Net Assets | |||
Resulting from Operations | (1,024,130) | 9,480,276 | 7,445,773 |
Dividends to Shareholders from ($): | |||
Investment income—net: | |||
Class M Shares | (484,736) | (4,101,999) | (5,036,821) |
Investor Shares | (21,173) | (208,291) | (271,390) |
Total Dividends | (505,909) | (4,310,290) | (5,308,211) |
Beneficial Interest Transactions ($): | |||
Net proceeds from shares sold: | |||
Class M Shares | 2,906,402 | 86,183,073 | 20,252,610 |
Investor Shares | 5,080 | 332,350 | 97,266 |
Dividends reinvested: | |||
Class M Shares | 242,483 | 2,049,935 | 2,409,418 |
Investor Shares | 18,631 | 190,880 | 243,918 |
Cost of shares redeemed: | |||
Class M Shares | (3,435,845) | (78,823,733) | (21,719,917) |
Investor Shares | (868,561) | (505,041) | (760,998) |
Increase (Decrease) in Net Assets from | |||
Beneficial Interest Transactions | (1,131,810) | 9,427,464 | 522,297 |
Total Increase (Decrease) in Net Assets | (2,661,849) | 14,597,450 | 2,659,859 |
Net Assets ($): | |||
Beginning of Period | 127,261,983 | 112,664,533 | 110,004,674 |
End of Period | 124,600,134 | 127,261,983 | 112,664,533 |
Undistributed (distributions in excess of) | |||
investment income—net | (378,611) | 28,689 | — |
Capital Share Transactions (Shares): | |||
Class M Shares | |||
Shares sold | 280,572 | 8,579,424 | 2,064,135 |
Shares issued for dividends reinvested | 23,509 | 203,055 | 245,431 |
Shares redeemed | (331,287) | (7,859,101) | (2,212,165) |
Net Increase (Decrease) in Shares Outstanding | (27,206) | 923,378 | 97,401 |
Investor Shares | |||
Shares sold | 490 | 32,504 | 9,889 |
Shares issued for dividends reinvested | 1,808 | 18,926 | 24,871 |
Shares redeemed | (83,745) | (50,126) | (77,375) |
Net Increase (Decrease) in Shares Outstanding | (81,447) | 1,304 | (42,615) |
a The fund has changed its fiscal year end from December 31 to August 31. |
b Represents information for the fund’s predecessor, BNY Hamilton Intermediate Government Fund, through September 12, 2008. |
See notes to financial statements. |
34
BNY Mellon Short-Term | ||
U.S. Government Securities Fund | ||
Six Months Ended | ||
February 28, 2009 | Year Ended | |
(Unaudited) | August 31, 2008 | |
Operations ($): | ||
Investment income—net | 2,102,227 | 4,988,126 |
Net realized gain (loss) on investments | 2,130,706 | 1,045,781 |
Net unrealized appreciation (depreciation) on investments | 896,079 | 1,405,504 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 5,129,012 | 7,439,411 |
Dividends to Shareholders from ($): | ||
Investment income—net: | ||
Class M Shares | (2,552,024) | (5,610,253) |
Investor Shares | (6,653) | (6,948) |
Total Dividends | (2,558,677) | (5,617,201) |
Beneficial Interest Transactions ($): | ||
Net proceeds from shares sold: | ||
Class M Shares | 31,702,958 | 28,624,431 |
Investor Shares | 647,845 | 337,771 |
Dividends reinvested: | ||
Class M Shares | 463,946 | 1,058,288 |
Investor Shares | 5,591 | 5,813 |
Cost of shares redeemed: | ||
Class M Shares | (22,738,713) | (26,272,918) |
Investor Shares | (527,612) | (392,564) |
Increase (Decrease) in Net Assets | ||
from Beneficial Interest Transactions | 9,554,015 | 3,360,821 |
Total Increase (Decrease) in Net Assets | 12,124,350 | 5,183,031 |
Net Assets ($): | ||
Beginning of Period | 133,950,609 | 128,767,578 |
End of Period | 146,074,959 | 133,950,609 |
Undistributed (distributions in excess of) | ||
investment income—net | (363,168) | 93,282 |
Capital Share Transactions (Shares): | ||
Class M Shares | ||
Shares sold | 2,559,885 | 2,343,294 |
Shares issued for dividends reinvested | 37,484 | 86,711 |
Shares redeemed | (1,830,331) | (2,149,337) |
Net Increase (Decrease) in Shares Outstanding | 767,038 | 280,668 |
Investor Shares | ||
Shares sold | 52,449 | 27,802 |
Shares issued for dividends reinvested | 451 | 477 |
Shares redeemed | (42,362) | (32,199) |
Net Increase (Decrease) in Shares Outstanding | 10,538 | (3,920) |
See notes to financial statements. |
The Funds 35
FINANCIAL HIGHLIGHTS
The following tables describe the performance for each share class of each BNY Mellon Fixed Income 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 the period, assuming you had reinvested all dividends and distributions.These figures have been derived from each fund’s financial statements.
Class M Shares | ||||||
Six Months Ended | ||||||
February 28, 2009 | Year Ended August 31, | |||||
BNY Mellon Bond Fund | (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 12.38 | 12.24 | 12.23 | 12.66 | 12.79 | 12.92 |
Investment Operations: | ||||||
Investment income—neta | .26 | .60 | .57 | .52 | .48 | .49 |
Net realized and unrealized | ||||||
gain (loss) on investments | .08 | .15 | .04 | (.38) | (.07) | .21 |
Total from Investment Operations | .34 | .75 | .61 | .14 | .41 | .70 |
Distributions: | ||||||
Dividends from investment income—net | (.29) | (.61) | (.60) | (.57) | (.54) | (.56) |
Dividends from net realized gain on investments | — | — | — | — | — | (.27) |
Total Distributions | (.29) | (.61) | (.60) | (.57) | (.54) | (.83) |
Net asset value, end of period | 12.43 | 12.38 | 12.24 | 12.23 | 12.66 | 12.79 |
Total Return (%) | 2.77b | 6.17 | 5.06 | 1.20 | 3.30 | 5.63 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | .56c | .55 | .56 | .56 | .56 | .56 |
Ratio of net expenses to average net assets | .56c,d | .55d | .56d | .56d | .56 | .56d |
Ratio of net investment income | ||||||
to average net assets | 4.22c | 4.78 | 4.67 | 4.27 | 3.81 | 3.79 |
Portfolio Turnover Rate | 32.30b | 60.76 | 134.49 | 104.53e | 151.34e | 133.00e |
Net Assets, end of period ($ x 1,000) | 1,286,788 | 995,421 | 944,416 | 885,994 | 839,804 | 819,664 |
a Based on average shares outstanding at each month end. |
b Not annualized. |
c Annualized. |
d Expense waivers and/or reimbursements amounted to less than .01%. |
e The portfolio turnover rates excluding mortgage dollar roll transactions for the periods ended August 31, 2006, 2005 and 2004, were 101.12%, 104.24% and 106.10%, |
respectively. |
See notes to financial statements. |
36
Investor Shares | ||||||
Six Months Ended | ||||||
February 28, 2009 | Year Ended August 31, | |||||
BNY Mellon Bond Fund | (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 12.36 | 12.21 | 12.21 | 12.63 | 12.77 | 12.90 |
Investment Operations: | ||||||
Investment income—neta | .25 | .56 | .53 | .49 | .45 | .50 |
Net realized and unrealized | ||||||
gain (loss) on investments | .07 | .16 | .04 | (.37) | (.08) | .17 |
Total from Investment Operations | .32 | .72 | .57 | .12 | .37 | .67 |
Distributions: | ||||||
Dividends from investment income—net | (.27) | (.57) | (.57) | (.54) | (.51) | (.53) |
Dividends from net realized gain on investments | — | — | — | — | — | (.27) |
Total Distributions | (.27) | (.57) | (.57) | (.54) | (.51) | (.80) |
Net asset value, end of period | 12.41 | 12.36 | 12.21 | 12.21 | 12.63 | 12.77 |
Total Return (%) | 2.63b | 5.81 | 4.82 | 1.01 | 2.98 | 5.29 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | .81c | .80 | .81 | .80 | .81 | .81 |
Ratio of net expenses to average net assets | .81c,d | .80d | .81d | .80d | .81 | .81d |
Ratio of net investment income | ||||||
to average net assets | 3.94c | 4.52 | 4.42 | 4.02 | 3.56 | 3.52 |
Portfolio Turnover Rate | 32.30b | 60.76 | 134.49 | 104.53e | 151.34e | 133.00e |
Net Assets, end of period ($ x 1,000) | 6,839 | 3,472 | 4,621 | 3,319 | 2,704 | 3,068 |
a Based on average shares outstanding at each month end. |
b Not annualized. |
c Annualized. |
d Expense waivers and/or reimbursements amounted to less than .01%. |
e The portfolio turnover rates excluding mortgage dollar roll transactions for the periods ended August 31, 2006, 2005 and 2004, were 101.12%, 104.24% and 106.10%, |
respectively. |
See notes to financial statements. |
The Funds 37
FINANCIAL HIGHLIGHTS (continued) |
Class M Shares | ||||||
Six Months Ended | ||||||
February 28, 2009 | Year Ended August 31, | |||||
BNY Mellon Intermediate Bond Fund | (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 12.37 | 12.19 | 12.14 | 12.47 | 12.77 | 12.97 |
Investment Operations: | ||||||
Investment income—neta | .24 | .55 | .53 | .46 | .41 | .42 |
Net realized and unrealized | ||||||
gain (loss) on investments | .01 | .21 | .09 | (.26) | (.22) | .14 |
Total from Investment Operations | .25 | .76 | .62 | .20 | .19 | .56 |
Distributions: | ||||||
Dividends from investment income—net | (.27) | (.58) | (.57) | (.53) | (.49) | (.52) |
Dividends from net realized gain on investments | — | — | — | — | — | (.24) |
Total Distributions | (.27) | (.58) | (.57) | (.53) | (.49) | (.76) |
Net asset value, end of period | 12.35 | 12.37 | 12.19 | 12.14 | 12.47 | 12.77 |
Total Return (%) | 2.17b | 6.19 | 5.22 | 1.69 | 1.53 | 4.45 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | .56c | .55 | .56 | .56 | .57 | .57 |
Ratio of net expenses to average net assets | .56c,d | .55d | .56 | .56 | .57 | .57d |
Ratio of net investment income | ||||||
to average net assets | 3.91c | 4.43 | 4.36 | 3.79 | 3.23 | 3.26 |
Portfolio Turnover Rate | 27.34b | 53.28 | 84.24 | 86.50 | 112.51e | 109.19 |
Net Assets, end of period ($ x 1,000) | 740,504 | 785,841 | 725,064 | 656,120 | 569,233 | 524,590 |
a Based on average shares outstanding at each month end. |
b Not annualized. |
c Annualized. |
d Expense waivers and/or reimbursements amounted to less than .01%. |
e The portfolio turnover rate excluding mortgage dollar roll transactions for the period ended August 31, 2005 was 111.52%. |
See notes to financial statements. |
38
Investor Shares | ||||||
Six Months Ended | ||||||
February 28, 2009 | Year Ended August 31, | |||||
BNY Mellon Intermediate Bond Fund | (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 12.36 | 12.19 | 12.14 | 12.47 | 12.77 | 13.02 |
Investment Operations: | ||||||
Investment income—neta | .22 | .53 | .48 | .43 | .37 | .55 |
Net realized and unrealized | ||||||
gain (loss) on investments | .03 | .18 | .11 | (.26) | (.21) | (.07)b |
Total from Investment Operations | .25 | .71 | .59 | .17 | .16 | .48 |
Distributions: | ||||||
Dividends from investment income—net | (.26) | (.54) | (.54) | (.50) | (.46) | (.49) |
Dividends from net realized gain on investments | — | — | — | — | — | (.24) |
Total Distributions | (.26) | (.54) | (.54) | (.50) | (.46) | (.73) |
Net asset value, end of period | 12.35 | 12.36 | 12.19 | 12.14 | 12.47 | 12.77 |
Total Return (%) | 2.03c | 5.91 | 4.96 | 1.43 | 1.30 | 3.88 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | .81d | .80 | .81 | .81 | .81 | .82 |
Ratio of net expenses to average net assets | .81d,e | .80e | .81 | .81 | .81 | .82e |
Ratio of net investment income | ||||||
to average net assets | 3.62d | 4.19 | 4.10 | 3.55 | 3.00 | 3.01 |
Portfolio Turnover Rate | 27.34c | 53.28 | 84.24 | 86.50 | 112.51f | 109.19 |
Net Assets, end of period ($ x 1,000) | 2,844 | 1,616 | 1,931 | 681 | 547 | 455 |
a Based on average shares outstanding at each month end. |
b In addition to the net realized and unrealized gain on investments as shown in the Statement of Operations, this amount includes a decrease in net asset value per share resulting |
from the timing of issuances and redemptions of shares in relation to fluctuating market values for the fund’s investments. |
c Not annualized. |
d Annualized. |
e Expense waivers and/or reimbursements amounted to less than .01%. |
f The portfolio turnover rate excluding mortgage dollar roll transactions for the period ended August 31, 2005 was 111.52%. |
See notes to financial statements. |
The Funds 39
FINANCIAL HIGHLIGHTS (continued) |
Class M Shares† | ||||||
Two Months Ended | ||||||
February 28, 2009 | Year Ended December 31, | |||||
BNY Mellon Intermediate U.S. Government Fund | (Unaudited)a | 2008 | 2007 | 2006 | 2005 | 2004 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 10.43 | 9.99 | 9.81 | 9.94 | 10.15 | 10.28 |
Investment Operations: | ||||||
Investment income—netb | .01 | .42 | .42 | .42 | .39 | .37 |
Net realized and unrealized | ||||||
gain (loss) on investments | (.09) | .39 | .23 | (.08) | (.14) | (.05) |
Total from Investment Operations | (.08) | .81 | .65 | .34 | .25 | .32 |
Distributions: | ||||||
Dividends from investment income—net | (.04) | (.37) | (.47) | (.47) | (.46) | (.45) |
Net asset value, end of period | 10.31 | 10.43 | 9.99 | 9.81 | 9.94 | 10.15 |
Total Return (%) | (.75)c | 8.31 | 6.80 | 3.58 | 2.51 | 3.18 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | .74d | .76 | .77 | .78 | .78 | .86 |
Ratio of net expenses to average net assets | .65d | .65 | .65 | .65 | .65 | .72 |
Ratio of net investment income | ||||||
to average net assets | .50d | 4.12 | 4.31 | 4.27 | 3.88 | 3.65 |
Portfolio Turnover Rate | 19.09c | 85.47 | 57 | 21 | 29 | 8 |
Net Assets, end of period ($ x 1,000) | 119,223 | 120,970 | 106,650 | 103,686 | 114,209 | 111,963 |
† Represents information for Institutional shares of the fund’s predecessor, BNY Hamilton Intermediate Government Fund, through September 12, 2008. |
a The fund has changed its fiscal year end from December 31 to August 31. |
b Based on average shares outstanding at each month end. |
c Not annualized. |
d Annualized. |
See notes to financial statements. |
40
Investor Shares† | ||||||
Two Months Ended | ||||||
February 28, 2009 | Year Ended December 31, | |||||
BNY Mellon Intermediate U.S. Government Fund | (Unaudited)a | 2008 | 2007 | 2006 | 2005 | 2004 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 10.42 | 9.98 | 9.80 | 9.93 | 10.14 | 10.27 |
Investment Operations: | ||||||
Investment income—netb | .00c | .39 | .40 | .39 | .36 | .35 |
Net realized and unrealized | ||||||
gain (loss) on investments | (.08) | .40 | .23 | (.07) | (.14) | (.06) |
Total from Investment Operations | (.08) | .79 | .63 | .32 | .22 | .29 |
Distributions: | ||||||
Dividends from investment income—net | (.04) | (.35) | (.45) | (.45) | (.43) | (.42) |
Net asset value, end of period | 10.30 | 10.42 | 9.98 | 9.80 | 9.93 | 10.14 |
Total Return (%) | (.79)d | 8.06 | 6.53 | 3.32 | 2.25 | 2.92 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | .99e | 1.01 | 1.02 | 1.03 | 1.03 | 1.11 |
Ratio of net expenses to average net assets | .90e | .90 | .90 | .90 | .90 | .98 |
Ratio of net investment income | ||||||
to average net assets | .21e | 3.87 | 4.06 | 4.02 | 3.62 | 3.39 |
Portfolio Turnover Rate | 19.09d | 85.47 | 57 | 21 | 29 | 8 |
Net Assets, end of period ($ x 1,000) | 5,377 | 6,292 | 6,015 | 6,319 | 7,161 | 10,505 |
† Represents information for Class A shares of the fund’s predecessor, BNY Hamilton Intermediate Government Fund, through September 12, 2008. |
a The fund has changed its fiscal year end from December 31 to August 31. |
b Based on average shares outstanding at each month end. |
c Amount represents less than $.01. |
d Not annualized. |
e Annualized. |
See notes to financial statements. |
The Funds 41
FINANCIAL HIGHLIGHTS (continued) |
Class M Shares | ||||||
Six Months Ended | ||||||
BNY Mellon Short-Term | February 28, 2009 | Year Ended August 31, | ||||
U.S. Government Securities Fund | (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 12.19 | 12.02 | 11.99 | 12.14 | 12.47 | 12.70 |
Investment Operations: | ||||||
Investment income—neta | .18 | .46 | .56 | .39 | .28 | .25 |
Net realized and unrealized | ||||||
gain (loss) on investments | .27 | .23 | .03 | (.06) | (.16) | (.01) |
Total from Investment Operations | .45 | .69 | .59 | .33 | .12 | .24 |
Distributions: | ||||||
Dividends from investment income—net | (.22) | (.52) | (.56) | (.48) | (.45) | (.45) |
Dividends from net realized gain on investments | — | — | — | — | — | (.02) |
Total Distributions | (.22) | (.52) | (.56) | (.48) | (.45) | (.47) |
Net asset value, end of period | 12.42 | 12.19 | 12.02 | 11.99 | 12.14 | 12.47 |
Total Return (%) | 3.74b | 5.83 | 5.05 | 2.78 | 1.00 | 1.97 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | .57c | .55 | .55 | .54 | .55 | .55 |
Ratio of net expenses to average net assets | .57c,d | .55d | .55 | .54 | .55d | .55d |
Ratio of net investment income | ||||||
to average net assets | 3.01c | 3.79 | 4.65 | 3.24 | 2.25 | 1.97 |
Portfolio Turnover Rate | 64.45b | 84.77 | 127.30 | 85.97 | 69.11 | 44.76 |
Net Assets, end of period ($ x 1,000) | 145,848 | 133,857 | 128,628 | 131,885 | 161,963 | 176,301 |
a | Based on average shares outstanding at each month end. |
b | Not annualized. |
c | Annualized. |
d | Expense waivers and/or reimbursements amounted to less than .01%. |
See notes to financial statements. |
42
Investor Shares | ||||||
Six Months Ended | ||||||
BNY Mellon Short-Term | February 28, 2009 | Year Ended August 31, | ||||
U.S. Government Securities Fund | (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 12.20 | 12.02 | 12.00 | 12.14 | 12.47 | 12.73 |
Investment Operations: | ||||||
Investment income—neta | .20 | .45 | .49 | .41 | .23 | .37 |
Net realized and unrealized | ||||||
gain (loss) on investments | .23 | .22 | .06 | (.10) | (.14) | (.19) |
Total from Investment Operations | .43 | .67 | .55 | .31 | .09 | .18 |
Distributions: | ||||||
Dividends from investment income—net | (.21) | (.49) | (.53) | (.45) | (.42) | (.42) |
Dividends from net realized gain on investments | — | — | — | — | — | (.02) |
Total Distributions | (.21) | (.49) | (.53) | (.45) | (.42) | (.44) |
Net asset value, end of period | 12.42 | 12.20 | 12.02 | 12.00 | 12.14 | 12.47 |
Total Return (%) | 3.60b | 5.55 | 4.67 | 2.62 | .78 | 1.46 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | .82c | .79 | .80 | .77 | .81 | .78 |
Ratio of net expenses to average net assets | .82c,d | .79d | .80 | .77 | .81d | .78d |
Ratio of net investment income | ||||||
to average net assets | 3.03c | 3.61 | 4.51 | 3.25 | 1.99 | 1.74 |
Portfolio Turnover Rate | 64.45b | 84.77 | 127.30 | 85.97 | 69.11 | 44.76 |
Net Assets, end of period ($ x 1,000) | 226 | 94 | 140 | 281 | 20 | 11 |
a | Based on average shares outstanding at each month end. |
b | Not annualized. |
c | Annualized. |
d | Expense waivers and/or reimbursements amounted to less than .01%. |
See notes to financial statements. |
The Funds 43
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1—General:
BNY Mellon Funds Trust (the “Trust”) was organized as a Massachusetts business trust which is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company and operates as a series company currently comprised of twenty one series including the following diversified fixed income funds: BNY Mellon Bond Fund, BNY Mellon Intermediate Bond Fund, BNY Mellon Intermediate U.S. Government Fund and BNY Mellon Short-Term U.S. Government Securities Fund (each, a “fund” and collectively, the “funds”). BNY Mellon Bond Fund’s and BNY Mellon Intermediate Bond Fund’s investment objective is to seek total return (consisting of capital appreciation and current income). BNY Mellon Intermediate U.S. Government Fund’s and BNY Mellon Short-Term U.S. Government Securities Fund’s investment objective is to seek to provide as high a level of current income as is consistent with the preservation of capital.
On September 9, 2008, the Trust’s Board of Trustees approved a change in the fiscal year end of BNY Mellon Intermediate U.S. Government Fund from December 31st to August 31st.
As of the close of business on September 12, 2008, pursuant to an Agreement and Plan of Reorganization previously approved by the Trust’s Board of Trustees, all of the assets, subject to the liabilities, of BNY Hamilton Core Bond Fund, a series of BNY Hamilton Funds, Inc., were transferred to the BNY Mellon Bond Fund in exchange for the corresponding class of shares of Beneficial Interest of the BNY Mellon Bond Fund of equal value. Shareholders of Institutional and Class A shares of the BNY Hamilton Core Bond Fund received Class M and Investor shares of the fund, respectively, in each case in an amount equal to the net asset value of their investment in the BNY Hamilton Core Bond Fund at the time of the exchange.The net asset value of the BNY Mellon Bond Fund’s shares on the close of business September 12, 2008, after the reorganization, was $12.46 for Class M share and $12.44 for Investor shares, and a total of $27,975,747 Class
M shares and 108,612 Investor shares, representing net assets of $350,017,848 (including $3,889,798 net unrealized appreciation on investments) were issued to shareholders of the BNY Hamilton Core Bond in the exchange. The exchange was a tax-free event to the shareholders of the BNY Hamilton Core Bond Fund.
BNY Mellon Fund Advisers, a division of The Dreyfus Corporation (the “Manager” or “Dreyfus”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”), serves as each fund’s investment adviser (“Investment Adviser”). The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of Dreyfus, serves as administrator for the funds pursuant to an Administration Agreement with the Trust (the “Administration Agreement”). The Bank of New York Mellon has entered into a Sub-Administration Agreement with Dreyfus pursuant to which The Bank of New York Mellon pays Dreyfus for performing certain administrative services. MBSC Securities Corporation (the “Distributor”), a wholly-owned subsidiary of Dreyfus, is the distributor of each fund’s shares, which are sold without a sales charge.
The Trust is authorized to issue an unlimited number of shares of beneficial interest, par value $.001 per share, in each of the Class M and Investor class shares of each fund. Each class of shares has similar rights and privileges, except with respect to the expenses borne by and the shareholder services offered to each class and the shareholder services plan applicable to the Investor shares 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 daily for each class of shares based upon relative proportion of net assets of each class.
TheTrust accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that series’ operations; expenses that are applicable to all series are allocated among them on a pro rata basis.
44
The funds’ financial statements are prepared in accordance with U.S. generally accepted accounting principles, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
NOTE 2—Significant Accounting Policies:
(a) Portfolio valuation: 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 Board of Trustees. Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Other investments (which constitute a majority of the portfolio securities) are valued as determined by the Service, based on methods which include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. Restricted securities, as well as securities or other assets for which recent market quotations are not readily available, that are not valued by a pricing service approved by the fund’s Board of Trustees, or are determined by the fund not to reflect accurately fair value, are valued at fair value as determined in good faith under the direction of the Board of Trustees. The factors that may be considered when fair valuing a security include fundamen-
Table 1.
tal 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. Registered investment companies that are not traded on an exchange are valued at their net asset value.
The Funds adopted Statement of Financial Accounting Standards No. 157 “Fair Value Measurements” (“FAS 157”). FAS 157 establishes an authoritative definition of fair value, sets out a framework for measuring fair value, and requires additional disclosures about fair value measurements.
Various inputs are used in determining the value of the funds’ investments relating to FAS 157.These inputs are summarized in the three broad levels listed below.
Level 1—quoted prices in active markets for identical investments.
Level 2—other significant observable inputs (including quoted prices for similar securities, 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.
Table 1 is a summary of the inputs used as of February 28, 2009 in valuing the funds’ investments.
Investments in Securities | ||||
Level 1—Quoted | Level 2—Other Significant | Level 3—Significant | ||
Prices | Observable Inputs | Unobservable Inputs | Total | |
BNY Mellon Bond Fund | 254,209,121 | 1,271,504,067 | 0 | 1,525,713,188 |
BNY Mellon Intermediate Bond Fund | 207,463,978 | 725,431,787 | 0 | 932,895,765 |
BNY Mellon Intermediate | ||||
U.S. Government Fund | 1,413,000 | 121,879,494 | 0 | 123,292,494 |
BNY Mellon Short-Term | ||||
U.S. Government Securities Fund | 49,249,658 | 140,889,199 | 0 | 190,138,857 |
The Funds 45
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
(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 recorded 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.
The funds have arrangements with the custodian and cash management bank whereby the funds may receive earnings credits when positive cash balances are maintained, which are used to offset custody and cash management fees. For financial reporting purposes, the funds include net earnings credits as an expense offset in the Statement of Operations.
Pursuant to a securities lending agreement withThe Bank of NewYork Mellon, the funds may lend securities to certain qualified institutions. It is the funds’ policy, that at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by Dreyfus, U.S. Government and Agency securities or letters of credit. The funds are entitled to receive all income on securities loaned, in addition to income earned as a result of the lending transaction.Although each security loaned is fully collateralized, the funds bear the risk of delay in recovery of, or loss of rights in, the securities loaned should a borrower fail to return the securities in a timely manner. Table 2 summarizes the amount The Bank of New York Mellon earned from each relevant fund from lending fund portfolio securities pursuant to the securities lending agreement during the period ended February 28, 2009.
Table 2. | |
BNY Mellon Bond Fund | $535,910 |
BNY Mellon Intermediate Bond Fund | 527,016 |
BNY Mellon Short-Term U.S. | |
Government Securities Fund | 132,256 |
(c) Affiliated issuers: Investments in other investment companies advised by Dreyfus are defined as “affiliated” in the Act.
(d) Concentration of 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 the fund’s share price. In addition, the value of the debt securities may decline due to general market conditions that are not specifically related to a particular company, 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 to shareholders: Dividends payable to shareholders are recorded by the funds on the ex-dividend date. The funds declare and pay dividends from investment income-net monthly. With respect to each series, dividends from net realized capital gains, if any, are normally declared and paid annually, but the funds 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 that fund, it is the policy of the fund not to distribute such gains. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles.
(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 series is treated as a single entity for the purpose of determining such qualification.
46
As of and during the period ended February 28, 2009, the funds did not have any liabilities for any uncertain tax positions.The funds recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the period, the funds did not incur any interest or penalties.
Each of the tax years in the three-year period ended August 31, 2008, and December 31, 2008 as to BNY Mellon Intermediate U.S. Government Fund, remains subject to examination by the Internal Revenue Service and state taxing authorities.
Table 3 summarizes each fund’s unused capital loss carryover available for federal income tax purposes to be applied against future net securities profits, if any, realized subsequent to August 31, 2008.
Table 4 summarizes each fund’s tax character of distributions paid to shareholders during the fiscal year ended August 31, 2008.The tax character of current year distributions will be determined at the end of the current fiscal year.
Ordinary | |
Table 4. | Income ($) |
BNY Mellon Bond Fund | 47,969,268 |
BNY Mellon | |
Intermediate Bond Fund | 36,789,000 |
BNY Mellon Intermediate | |
U.S. Government Fund | 4,310,290† |
BNY Mellon Short-Term | |
U.S. Government Securities Fund | 5,617,201 |
† For the year ended December 31, 2008.
NOTE 3—Bank Lines of Credit:
The funds participate with other Dreyfus-managed funds in a $300 million unsecured line of credit provided by The Bank of New York Mellon (the “BNYM Facility”) primarily to be utilized for temporary or emergency purposes, including the financing of redemptions.The terms of the BNYM Facility agreement limit the amount of individual fund borrowings. Interest is charged to the fund based on prevailing market rates in effect at the time of borrowing. Effective October 15, 2008, in connection therewith, each fund has agreed to pay facility fees on its pro rata portion of the BNYM Facility. During the period ended February 28, 2009, the funds did not borrow under the BNYM Facility.
Effective October 15, 2008, BNY Mellon Intermediate U.S. Government Fund, in addition to its participation in the BNYM Facility, participates with other Dreyfus managed funds in a $145 million unsecured credit facility led by Citibank, N.A. (the “Citibank Facility”) to be utilized primarily for temporary or emergency purposes, including the financing of redemptions. In connection therewith, BNY Mellon Intermediate U.S. Government Fund has agreed to pay its pro rata portion of facility fees for its participation in the Citibank Facility. Interest is charged to the fund based on rates determined pursuant to the terms of the Citibank Facility at the time of borrowing. During the period ended February 28, 2009, BNY Mellon Intermediate U.S. Government Fund did not borrow under the Citibank Facility.
Table 3. | ||||||
Expiring in fiscal | 2012 ($)† | 2013 ($)† | 2014 ($)† | 2015 ($)† | 2016 ($)† | Total ($) |
BNY Mellon Bond Fund | 1,596,239 | 136,060 | 1,275,059 | 15,167,649 | 1,339,137 | 19,514,144 |
BNY Mellon Intermediate Bond Fund | — | 742,782 | 4,073,519 | 14,278,037 | — | 19,094,338 |
BNY Mellon Short-Term | ||||||
U.S. Government Securities Fund | — | 1,825,032 | 2,969,151 | 4,701,996 | — | 9,496,179 |
† If not applied, the carryovers expire in the above years. |
The Funds 47
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
NOTE 4—Investment Advisory Fee, Administration Fee and Other Transactions With Affiliates:
(a) Fees payable by the funds pursuant to the provisions of an Investment Advisory Agreement with the Investment Adviser are payable monthly, computed on the average daily value of each fund’s net assets at the following annual rates: .40% of the BNY Mellon Bond Fund, .40% of the BNY Mellon Intermediate Bond Fund, .50% of the BNY Mellon Intermediate U.S. Government Fund and .35% of the BNY Mellon Short-Term U.S. Government Securities Fund.
The Investment Adviser has contractually agreed, until September 30, 2010, to waive receipt of its fees and/or assume expenses of BNY Mellon Bond Fund so that the direct expenses of Class M shares and Investor shares of the Fund (excluding taxes, interest, brokerage commissions, commitment fees on borrowings and extraordinary expenses) do not exceed .69% and .94%, respectively.
The Investment Adviser has contractually agreed, until September 30, 2010, to waive receipt of its fees and/or assume the expenses of BNY Mellon Intermediate U.S. Government 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 .65%. The reduction in investment advisory fee, pursuant to the undertaking, amount to $17,973 during the period ended February 28, 2009.
Pursuant to the Administration Agreement withThe 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 Bank of New York Mellon has entered into a Sub-Administration Agreement with Dreyfus pursuant to
which The Bank of New York Mellon pays Dreyfus for performing certain administrative services.
(b) The funds have adopted a Shareholder Services Plan with respect to its Investor shares pursuant to which each fund pays the Distributor for the provision of certain services to holders of Investor shares a fee at an annual rate of .25% of the value of the average daily net assets attributable to Investor shares. 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) in respect of these services.
Table 5 summarizes the amounts Investor shares were charged during the period ended February 28, 2009, pursuant to the Shareholder Services Plan. Additional fees included in shareholder servicing costs in the Statement of Operations include fees paid to the transfer agent.
Table 5. | |
BNY Mellon Bond Fund | $7,390 |
BNY Mellon Intermediate Bond | 2,548 |
BNY Mellon Intermediate U.S. | |
Government Fund | 2,494 |
BNY Mellon Short-Term U.S. | |
Government Securities Fund | 474 |
The funds compensate The Bank of New York Mellon under a cash management agreement for performing cash management services related to fund subscriptions and redemptions.
Table 6 summarizes the amount each fund was charged during the period ended February 28, 2009, pursuant to the cash management agreement.These fees were offset by earnings credits pursuant to the cash management agreement.
48
Table 6. | |
BNY Mellon Bond Fund | $764 |
BNY Mellon Intermediate Bond Fund | 86 |
BNY Mellon Intermediate U.S. | |
Government Fund | 172 |
BNY Mellon Short-Term U.S. | |
Government Securities Fund | 60 |
The funds also compensate The Bank of New York Mellon under a custody agreement for providing custodial services for the funds.
Table 7 summarizes the amount each fund were charged during the period ended February 28, 2009, pursuant to the custody agreement.
Table 7. | |
BNY Mellon Bond Fund | $40,273 |
BNY Mellon Intermediate Bond Fund | 29,055 |
BNY Mellon Intermediate U.S. | |
Government Fund | 1,494 |
BNY Mellon Short-Term U.S. | |
Government Securities Fund | 5,997 |
During the period ended February 28, 2009 each fund was charged $2,394 for services performed by the Chief Compliance Officer.
Table 8 summarizes the components of “Due to The Dreyfus Corporation and affiliates” in the Statement of Assets and Liabilities for each fund.
(c) Each trustee who is not an “affiliated person” as defined in the Act receives from the Trust an annual fee of $68,000 and an attendance fee of $7,500 for each in-person meeting attended and $500 for telephone meetings and is reimbursed for travel and out-of-pocket expenses.The Chairman of the Trust’s Board receives an additional annual fee of $15,000 and the Chairman of the Trust’s Audit Committee receives an additional annual fee of $10,000.
NOTE 5—Securities Transactions:
Table 9 summarizes each fund’s aggregate amount of purchases and sales of investment securities (including paydowns) excluding short-term securities, during the period ended February 28, 2009.
Table 8. | |||||
Investment | Chief | Shareholder | |||
Advisory | Compliance | Services | Custodian | Expense | |
Fees ($) | Officer Fees ($) | Plan Fees ($) | Fees ($) | Reimbursement ($) | |
BNY Mellon Bond Fund | 405,396 | 1,995 | 1,308 | 25,793 | — |
BNY Mellon Intermediate Bond Fund | 233,665 | 1,995 | 459 | 18,683 | — |
BNY Mellon Intermediate | |||||
U.S. Government Fund | 48,182 | 1,995 | 1,165 | 7,651 | 9,446 |
BNY Mellon Short-Term | |||||
U.S. Government Securities Fund | 37,955 | 1,995 | 73 | 4,000 | — |
Table 9. | |||||
Purchases ($) | Sales ($) | ||||
BNY Mellon Bond Fund | 686,392,118 | 402,293,334 | |||
BNY Mellon Intermediate Bond Fund | 205,389,490 | 267,823,658 | |||
BNY Mellon Intermediate U.S. Government Fund | 24,122,447 | 23,405,077 | |||
BNY Mellon Short-Term U.S. Government Securities Fund | 95,627,710 | 88,741,769 |
The Funds 49
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
Table 10 summarizes the cost of investments for federal income tax purposes and accumulated net unrealized appreciation (depreciation) on investments for each fund at February 28, 2009.
At February 28, 2009, the cost of investments for each fund for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments).
The Financial Accounting Standards Board released Statement of Financial Accounting Standards No. 161 “Disclosures about Derivative Instruments and Hedging
Activities” (“FAS 161”). FAS 161 requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of gains and losses on derivative instruments and disclosures about credit-risk-related contingent features in derivative agreements. The application of FAS 161 is required for fiscal years and interim periods beginning after November 15, 2008. At this time, management is evaluating the implications of FAS 161 and its impact on the financial statements and the accompanying notes has not yet been determined.
Table 10. | ||||
Cost of | Gross | Gross | ||
Investments ($) | Appreciation ($) | (Depreciation) ($) | Net ($) | |
BNY Mellon Bond Fund | 1,535,813,248 | 28,661,863 | 38,761,923 | (10,100,060) |
BNY Mellon Intermediate Bond Fund | 933,664,337 | 21,873,865 | 22,642,437 | (768,572) |
BNY Mellon Intermediate | ||||
U.S. Government Fund | 120,538,909 | 3,361,893 | 608,308 | 2,753,585 |
BNY Mellon Short-Term U.S. | ||||
Government Securities Fund | 187,476,211 | 2,681,461 | 18,815 | 2,662,646 |
50
The BNY Mellon Funds
BNY Mellon National Intermediate Municipal Bond Fund |
BNY Mellon National Short-Term Municipal Bond Fund |
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund |
BNY Mellon Massachusetts Intermediate Municipal Bond Fund |
BNY Mellon New York Intermediate Tax-Exempt Bond Fund |
BNY Mellon Municipal Opportunities Fund |
SEMIANNUAL REPORT | February 28, 2009 |
DISCUSSION OF FUND PERFORMANCE |
For the period of September 1, 2008, through February 28, 2009, as provided by John F. Flahive and Mary Collette O’Brien, Portfolio Managers
Fund and Market Performance Overview
For the six-month period ended February 28, 2009, BNY Mellon National Intermediate Municipal Bond Fund’s Class M shares produced a total return of –0.01%, Investor shares produced a total return of –0.13% and Dreyfus Premier shares produced a total return of –0.30%.1 In comparison, the Barclays Capital 7-Year Municipal Bond Index and the Merrill Lynch 2-17 Year Municipal Bond Index, the fund’s former and current benchmarks, produced total returns of 3.40% and 2.46%, respectively, for the same period.2
Like most other asset classes, municipal bonds encountered heightened volatility over the reporting period as a global financial crisis intensified and a U.S. recession deepened.The fund produced lower returns than its benchmark, primarily due to lagging results from its higher-yielding holdings and bonds with longer maturities.
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 assets in municipal bonds that provide income exempt from federal income tax. The fund may occasionally, including for temporary defensive purposes, invest in taxable bonds. The fund’s investments in municipal and taxable bonds must be rated investment grade at the time of purchase or, if unrated, deemed of comparable quality by the investment adviser.3 Generally, the fund’s average effective portfolio maturity will be between three and 10 years, and the average effective duration of the fund’s portfolio will not exceed eight years.
Rather than focusing on economic or market trends, we search for securities that, in our opinion, will help us enhance the fund’s yield without sacrificing quality. We use a more tactical approach with respect to the fund’s average duration. If we expect the supply of securities to increase temporarily, we may reduce the fund’s average duration to make cash available for the purchase of higher-yielding securities. This is due to the fact that yields generally tend to rise if issuers are competing for investor interest. If we expect demand to surge at a time when we anticipate little issuance and therefore lower yields, we may increase the fund’s average duration to maintain current yields for as long as practical. At other times, we typically try to maintain a neutral average duration.
Financial Crisis and Recession Sparked Heightened Volatility
The reporting period proved to be one of the most difficult in memory, as an intensifying credit crisis and a severe recession roiled most financial markets, including municipal bonds. Slumping home values, rising unemployment and plunging consumer confidence contributed to one of the worst recessions since the Great Depression, putting pressure on the fiscal conditions of most states and municipalities. A credit crunch that originated in the sub-prime mortgage market escalated over the summer of 2008 into a global financial crisis that pushed a number of large financial institutions, including major municipal bond insurers and dealers, to the brink of insolvency.These developments sparked a “flight to quality” in which investors fled riskier assets in favor of traditional safe havens, especially U.S.Treasury securities.
While municipal bonds were adversely affected by widespread selling pressure, they generally fared far better than riskier assets such as equities and high yield corporate bonds. Nonetheless, yield differences
The Funds 3
DISCUSSION OF FUND PERFORMANCE (continued)
between municipal bonds and comparable Treasuries moved toward historically wide levels. Market volatility was particularly severe over the first half of the reporting period, when deleveraging among institutional investors resulted in widespread selling pressure even for credit-worthy securities. A subsequent market rally helped the municipal bond market regain some of its previous losses as investors took advantage of attractive values among bonds from fundamentally sound issuers.
Interest Rate and Security Selection Strategies Detracted
Although the fund participated in the second-half market rally, its relative performance for the reporting period overall was dampened by its overweighted position in lower-rated, higher yielding municipal bonds, including those backed by revenues from health care facilities and the states’ settlement of litigation with U.S. tobacco companies. In addition, the fund held relatively heavy exposure to bonds in the five- to eight-year maturity range, which underperformed longer- and shorter-maturity securities as short-term interest rates declined. Moreover, we had positioned the fund for narrower yield differences through a “barbell” yield-curve strategy that balanced 12- to 18-year municipal bonds with securities maturing in three to four years. The fund’s longer-term holdings lagged market averages when long-term yields did not fall along with short-term rates.
Maintaining a Cautious Investment Posture
As of the reporting period’s end, the financial crisis has persisted, the recession has intensified and financial
markets have remained volatile.Therefore, we intend to maintain a relatively defensive investment posture, including an average duration we consider shorter than industry averages. However, we believe that many of the fund’s holdings have been punished too severely in the downturn, and we believe they have the potential to gain value when market conditions improve. Indeed, in our judgment, these holdings position the fund well for full participation in an eventual market rebound.
March 16, 2009
1 | Total return includes reinvestment of dividends and any capital gains paid and |
does not take into consideration the applicable contingent deferred sales charges | |
imposed on redemptions in the case of Premier shares. 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. Return figures provided | |
reflects the absorption of certain fund expenses by the investment adviser | |
pursuant to an undertaking in effect until September 30, 2010, 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: LIPPER INC. — Reflects reinvestment of dividends and, where |
applicable, capital gain distributions.The Barclays Capital 7-Year Municipal | |
Bond Index is an unmanaged total return performance benchmark for the | |
investment-grade, geographically unrestricted 7-year tax-exempt bond market, | |
consisting of municipal bonds with maturities of 6-8 years.The Merrill Lynch | |
2-17Year Municipal Bond Index in a broad-based, unmanaged, market- | |
weighted index of investment grade municipal bonds maturing in the 2-17 | |
year range. Index returns do not reflect the fees and expenses associated with | |
operating a mutual fund. In the future shareholder reports, the fund’s | |
performance will no longer be compared to the Barclays Capital 7-Year | |
Municipal Bond Index because the Merrill Lynch 2-17Year Municipal Bond | |
Index is more reflective of the fund’s portfolio maturity profile. | |
3 | The fund may continue to own investment-grade bonds (at the time of |
purchase), which are subsequently downgraded to below investment grade. |
4
DISCUSSION OF FUND PERFORMANCE |
For the period of September 1, 2008, through February 28, 2009, as provided by Timothy J. Sanville and Jeremy N. Baker, Portfolio Managers
Fund and Market Performance Overview
For the six-month period ended February 28, 2009, BNY Mellon National Short-Term Municipal Bond Fund’s Class M shares produced a total return of 1.06%, and Investor shares produced a total return of 0.86%.1 In comparison, the Barclays Capital 3-Year Municipal Index and the Merrill Lynch 1-5 Year Municipal Bond Index, the fund’s former and current benchmarks, produced total returns of 3.16% and 3.19%, respectively, for the same period.2
Like most other asset classes, municipal bonds encountered heightened volatility over the reporting period as a global financial crisis intensified and a U.S. recession deepened.The fund produced lower returns than its benchmark, primarily due to its relatively short average duration and lagging results from its lower-rated holdings.
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 assets in municipal bonds that provide income exempt from federal income tax.The fund occasionally may invest in taxable bonds, including for temporary defensive purposes.The fund’s investments in municipal and taxable bonds must be rated investment grade at the time of purchase or, if unrated, deemed of comparable quality by the investment adviser.3 Generally, the average effective portfolio
maturity and the average effective portfolio duration of the fund’s portfolio will be less than three years.
Rather than focusing on economic or market trends, we search for securities that, in our opinion, will help us enhance the fund’s yield without sacrificing quality. We use a more tactical approach with respect to the fund’s average duration. If we expect the supply of securities to increase temporarily, we may reduce the fund’s average duration to make cash available for the purchase of higher yielding securities. This is due to the fact that yields generally tend to rise if issuers are competing for investor interest. If we expect demand to surge at a time when we anticipate little issuance and therefore lower yields, we may increase the fund’s average duration to maintain current yields for as long as practical. At other times, we typically try to maintain a neutral average duration.
Financial Crisis and Recession Sparked Heightened Volatility
The reporting period proved to be one of the most difficult in memory, as an intensifying credit crisis and a severe recession roiled most financial markets, including municipal bonds. Slumping home values, rising unemployment and plunging consumer confidence contributed to one of the longest and deepest recessions since the Great Depression, putting pressure on the fiscal conditions of most states and municipal-ities.A credit crunch that originated in the sub-prime mortgage market escalated over the summer of 2008 into a global financial crisis that pushed a number of large financial institutions, including major municipal bond insurers and dealers, to the brink of insolvency. These developments sparked a “flight to quality” in
The Funds 5
DISCUSSION OF FUND PERFORMANCE (continued)
which investors fled riskier assets in favor of traditional safe havens, especially U.S.Treasury securities.
While municipal bonds were adversely affected by widespread selling pressure, they generally fared far better than riskier assets such as equities and high yield corporate bonds. In addition, as short-term interest rates fell, short-term municipal bonds typically encountered less volatility than their longer-term counterparts. Nonetheless, yield differences between municipal bonds and comparable Treasuries moved toward historically wide levels, when deleveraging among institutional investors resulted in widespread selling pressure even for creditworthy securities. A subsequent market rally helped the municipal bond market regain some of its previous losses as investors took advantage of attractive values among bonds from fundamentally sound issuers.
Interest Rate and Security Selection Strategies Detracted
Although the fund participated in the second-half market rally, its relative performance for the reporting period overall was dampened by its holdings of lower-rated, higher yielding municipal bonds, including those backed by revenues from industrial development projects, health care facilities and the states’ settlement of litigation with U.S. tobacco companies. In addition, we set the fund’s average maturity in a range that was modestly shorter than industry averages. However, this positioning detracted from relative performance as it prevented the fund from participating more fully in the benefits of falling short-term interest rates.
Maintaining a Cautious Investment Posture
As of the reporting period’s end, the financial crisis has persisted, the recession has intensified and financial markets have remained volatile. Therefore, we intend to maintain a relatively defensive investment posture, including an average duration we consider shorter than industry averages. Moreover, we believe that some of the fund’s holdings have been punished too severely in the downturn, and we believe they have the potential to regain value when market conditions improve. Indeed, in our judgment, these holdings position the fund well for full participation in an eventual market rebound.
March 16, 2009
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. — Reflects reinvestment of dividends and, where |
applicable, capital gain distributions.The Barclays Capital 3-Year Municipal | |
Index is an unmanaged total return performance benchmark for the investment- | |
grade, geographically unrestricted 3-year tax-exempt bond market, consisting of | |
municipal bonds with maturities of 2-4 years.The Merrill Lynch 1-5Year | |
Municipal Bond Index is a broad-based, unmanaged, market-weighted index of | |
investment grade municipal bonds maturing in the 1- to (but not including) | |
5-year range. Index returns do not reflect the fees and expenses associated | |
with operating a mutual fund. In the future shareholder reports, the fund’s | |
performance will no longer be compared to the Barclays Municipal 3-Year | |
Municipal Index because the Merrill Lynch 1-5Year Municipal Bond Index | |
is more reflective of the fund’s portfolio maturity profile. | |
3 | The fund may continue to own investment-grade bonds (at the time of |
purchase), which are subsequently downgraded to below investment grade. |
6
DISCUSSION OF FUND PERFORMANCE |
For the period of September 1, 2008, through February 28, 2009, as provided by Mary Collette O’Brien and Jeremy N. Baker, Portfolio Managers
Fund and Market Performance Overview
For the six-month period ended February 28, 2009, BNY Mellon Pennsylvania Intermediate Municipal Bond Fund’s Class M shares produced a total return of –0.48%, and Investor shares returned –0.53%.1 In comparison, the Barclays Capital 7-Year Municipal Bond Index and the Merrill Lynch 2-17 Year Municipal Bond Index, the fund’s former and current benchmarks, produced total returns of 3.40% and 2.46%, respectively, for the same period.2
Like most other asset classes, municipal bonds encountered heightened volatility over the reporting period as a global financial crisis intensified and a U.S. recession deepened. The fund produced lower returns than its benchmark, primarily due to lagging results from its higher-yielding holdings and longer-term bonds.
The Fund’s Investment Approach
The fund seeks as high a level of income exempt from federal and Pennsylvania state income taxes as is consistent with the preservation of capital.To pursue its goal, the fund normally invests at least 80% of its assets in municipal bonds, the interest from which is exempt from federal and Pennsylvania state personal income taxes.The fund may also invest in municipal bonds that are exempt from federal income taxes, but not Pennsylvania personal income taxes, and in taxable bonds.The fund’s investments in municipal and taxable bonds must be rated investment grade at the time of purchase or, if unrated, deemed of comparable quality by the investment adviser.3 Generally, the fund’s average effective portfolio maturity will be between three and 10 years, and the average effective duration of the fund’s portfolio will not exceed eight years.
Rather than focusing on economic or market trends, we search for securities that, in our opinion, will help us enhance the fund’s yield without sacrificing quality. We use a more tactical approach with respect to the fund’s average duration. If we expect the supply of securities to increase temporarily, we may reduce the fund’s average duration to make cash available for the purchase of higher yielding securities. This is due to the fact that yields generally tend to rise if issuers are competing for investor interest. If we expect demand to surge at a time when we anticipate little issuance and therefore lower yields, we may increase the fund’s average duration to maintain current yields for as long as practical. At other times, we typically try to maintain a neutral average duration.
Financial Crisis and Recession Sparked Volatility
Slumping home values, rising unemployment and plunging consumer confidence contributed to one of the worst recessions since the Great Depression, putting pressure on the fiscal condition of Pennsylvania and most other states and municipalities during the reporting period. A credit crunch that originated in the sub-prime mortgage market escalated over the summer of 2008 into a global financial crisis that pushed a number of large financial institutions, including major municipal bond insurers and dealers, to the brink of insolvency. These developments sparked a “flight to quality” in which investors fled riskier assets in favor of traditional safe havens, especially U.S.Treasury securities.
As economic and credit concerns intensified, yield differences between municipal bonds and comparable Treasuries moved toward historically wide levels. Market volatility was particularly severe over the first half of the reporting period, when deleveraging among institutional investors resulted in widespread selling pressure even for creditworthy securities. A subsequent market rally helped the municipal bond market regain some of
The Funds 7
DISCUSSION OF FUND PERFORMANCE (continued)
its previous losses as investors took advantage of attractive values among bonds from fundamentally sound issuers.
Interest Rate and Security Selection Strategies Detracted
Although the fund participated in the second-half market rally, its relative performance for the reporting period overall was dampened by its positions in lower-rated, higher yielding municipal bonds, including those backed by revenues from industrial development programs, health care facilities and Pennsylvania’s settlement of litigation with U.S. tobacco companies. Modest holdings of bonds issued outside of Pennsylvania, including Puerto Rico, also dampened relative returns. In addition, the fund held relatively heavy exposure to bonds in the five- to eight-year maturity range, which underperformed other maturity ranges as short-term interest rates declined. Moreover, we had positioned the fund for narrower yield differences through a “barbell” yield-curve strategy that balanced 12- to 18-year municipal bonds with securities maturing in three to four years. The fund’s longer-term holdings lagged market averages when long-term yields did not fall along with short-term rates.
Maintaining a Cautious Investment Posture
As of the reporting period’s end, the financial crisis has persisted, the recession has intensified and financial
markets have remained volatile. Therefore, we intend to maintain a relatively defensive investment posture, including an average duration we consider shorter than industry averages. However, we believe that many of the fund’s holdings have been punished too severely in the downturn, and we believe they have the potential to gain value when market conditions improve. Indeed, in our judgment, these holdings position the fund well for full participation in an eventual market rebound.
March 16, 2009
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: LIPPER INC. — Reflects reinvestment of dividends and, where |
applicable, capital gain distributions.The Barclays Capital 7-Year Municipal | |
Bond Index is an unmanaged total return performance benchmark for the | |
investment-grade, geographically unrestricted 7-year tax-exempt bond market, | |
consisting of municipal bonds with maturities of 6-8 years.The Merrill Lynch | |
2-17Year Municipal Bond Index is a broad-based, unmanaged, market- | |
weighted index of investment grade municipal bonds maturing in the 2-17 | |
year range. Index returns do not reflect the fees and expenses associated with | |
operating a mutual fund. In the future shareholder reports, the fund’s | |
performance will no longer be compared to the Barclays Capital 7-Year | |
Municipal Bond Index is more reflective of the fund’s portfolio maturity profile. | |
3 | The fund may continue to own investment-grade bonds (at the time of |
purchase), which are subsequently downgraded to below investment grade. |
8
DISCUSSION OF FUND PERFORMANCE |
For the period of September 1, 2008, through February 28, 2009, as provided by John F. Flahive and Mary Collette O’Brien, Portfolio Managers
Fund and Market Performance Overview
For the six-month period ended February 28, 2009, BNY Mellon Massachusetts Intermediate Municipal Bond Fund’s Class M shares produced a total return of 1.64%, Investor shares produced a total return of 1.52% and Dreyfus Premier shares produced a total return of 1.35%.1 In comparison, the Barclays Capital 7-Year Municipal Bond Index and the Merrill Lynch 2-17 Year Municipal Bond Index, the fund’s former and current benchmarks, produced total returns of 3.40% and 2.46%, respectively, for the same period.2
Like most other asset classes, municipal bonds encountered heightened volatility over the reporting period as a global financial crisis intensified and a U.S. recession deepened. The fund produced lower returns than its benchmark, primarily due to lagging performance from its holdings of longer-term bonds.
The Fund’s Investment Approach
The fund seeks as high a level of income exempt from federal and Massachusetts state income taxes as is consistent with the preservation of capital.To pursue its goal, the fund normally invests at least 80% of its assets in municipal bonds, the interest from which is exempt from federal and Massachusetts state personal income taxes. The fund may also invest in municipal bonds that are exempt from federal income taxes, but not Massachusetts personal income taxes, and in taxable bonds.The fund’s investments in municipal and taxable bonds must be rated investment grade at the time of purchase or, if unrated, deemed of comparable quality by the investment adviser.3 Generally, the fund’s average effective portfolio maturity will be between three and 10 years, and the average effective duration of the fund’s portfolio will not exceed eight years.
Rather than focusing on economic or market trends, we search for securities that, in our opinion, will help us enhance the fund’s yield without sacrificing quality.We use a more tactical approach with respect to the fund’s average duration. If we expect the supply of securities to increase temporarily, we may reduce the fund’s average duration to make cash available for the purchase of higher yielding securities.This is because yields generally tend to rise if issuers are competing for investor interest. If we expect demand to surge at a time when we anticipate little issuance and therefore lower yields, we may increase the fund’s average duration to maintain current yields for as long as practical.At other times, we typically try to maintain a neutral average duration.
Financial Crisis and Recession Sparked Volatility
Slumping home values, rising unemployment and plunging consumer confidence contributed to one of the worst recessions since the Great Depression, putting pressure on the fiscal condition of Massachusetts and most other states and municipalities during the reporting period. A credit crunch that originated in the sub-prime mortgage market escalated over the summer of 2008 into a global financial crisis that pushed a number of large financial institutions, including major municipal bond insurers and dealers, to the brink of insolvency. These developments sparked a “flight to quality” in which investors fled riskier assets in favor of traditional safe havens, especially U.S.Treasury securities.
As economic and credit concerns intensified, yield differences between municipal bonds and comparable Treasuries moved toward historically wide levels. Market volatility was particularly severe over the first half of the reporting period, when deleveraging among institutional investors resulted in widespread selling pressure even for creditworthy securities. A subsequent market rally helped the municipal bond market regain some of its previous losses as investors took advantage of attractive values among bonds from fundamentally sound issuers.
The Funds 9
DISCUSSION OF FUND PERFORMANCE (continued)
Interest Rate and Security Selection Strategies Detracted
Although the fund participated in the market rally during the second half of the reporting period, its relative performance for the period overall was dampened by its relatively heavy exposure to bonds in the five- to eight-year maturity range, which underperformed other maturity ranges as short-term interest rates declined. Moreover, we had positioned the fund for narrower yield differences through a “barbell” yield-curve strategy that balanced 12- to 18-year municipal bonds with securities maturing in three to four years.The fund’s longer-term holdings lagged market averages when long-term yields did not fall along with short-term rates.
While the fund held modest positions in lower-rated bonds backed by revenues from health care facilities, their effect on the fund’s overall performance was offset to a large degree by better results from bonds for which money has been set aside for redemption on their earliest available call dates.
Maintaining a Cautious Investment Posture
As of the reporting period’s end, the financial crisis has persisted, the recession has intensified and financial markets have remained volatile. Therefore, we intend to maintain a relatively defensive investment posture,
including an average duration we consider shorter than industry averages. However, we believe that many of the fund’s holdings have been punished too severely in the downturn, and we believe they have the potential to gain value when market conditions improve. Indeed, in our judgment, these holdings position the fund well for full participation in an eventual market rebound.
March 16, 2009
1 | Total return includes reinvestment of dividends and any capital gains paid and |
does not take into consideration the applicable contingent deferred sales charges | |
imposed on redemptions in the case of Premier shares. 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 fully taxable. | |
2 | SOURCE: LIPPER INC. — Reflects reinvestment of dividends and, where |
applicable, capital gain distributions.The Barclays Capital 7-Year Municipal | |
Bond Index is an unmanaged total return performance benchmark for the | |
investment-grade, geographically unrestricted 7-year tax-exempt bond market, | |
consisting of municipal bonds with maturities of 6-8 years.The Merrill Lynch | |
2-17Year Municipal Bond Index is a broad-based, unmanaged, market- | |
weighted index of investment grade municipal bonds measuring in the 2-17 | |
year range. Index returns do not reflect the fees and expenses associated with | |
operating a mutual fund. In the future shareholder reports, the fund’s | |
performance will no longer be compared to the Barclays Capital 7-Year | |
Municipal Bond Index because the Merrill Lynch 2-17Year Municipal Bond | |
Index is more reflective of the fund’s portfolio maturity range. | |
3 | The fund may continue to own investment-grade bonds (at the time of |
purchase), which are subsequently downgraded to below investment grade. |
10
DISCUSSION OF FUND PERFORMANCE |
For the period of January 1, 2009, through February 28, 2009, as provided by John F. Flahive, Portfolio Manager and Director of Fixed Income
Note to Shareholders: Effective January 1, 2009, the fund changed its fiscal year end from December 31 to August 31, which is consistent with all of the funds comprising the BNY Mellon Funds Trust.
Fund and Market Performance Overview
For the two-month period ended February 28, 2009, BNY Mellon New York Intermediate Tax-Exempt Bond Fund’s Class M and Investor shares achieved total returns of 2.49 % and 2.36%, respectively.1 In comparison, the Merrill Lynch 2-17-Year Municipal Bond Index (the “Index”), the fund’s benchmark, achieved a total return of 2.90% for the same two-month period.2
Like most other asset classes, municipal bonds encountered heightened volatility in 2009 as a global financial crisis and concerns surrounding the severity of the U.S. economic downturn continued to intensify. The fund produced returns that were generally in line with the benchmark, which we attribute to our duration strategy.
The Fund’s Investment Approach
The fund seeks as high a level of income exempt from federal, New York state and New York city income taxes as is consistent with the preservation of capital. This objective may be changed without shareholder approval.To pursue its goal, the fund normally invests at least 80% of its assets in municipal bonds that provide income exempt from federal, New York state and NewYork city personal income taxes.These municipal bonds include those issued by NewYork state and New York city as well as those issued by U.S. territories and possessions.3 Generally, the fund’s average effective portfolio maturity will be between three and 10 years.
Rather than focusing on economic or market trends, we search for securities that, in our opinion, will help
us enhance the fund’s yield without sacrificing quality. We use a more tactical approach with respect to the fund’s average duration. If we expect the supply of securities to increase temporarily, we may reduce the fund’s average duration to make cash available for the purchase of higher yielding securities.This is because yields generally tend to rise if issuers are competing for investor interest. If we expect demand to surge at a time when we anticipate little issuance and therefore lower yields, we may increase the fund’s average duration to maintain current yields for as long as practical. At other times, we typically try to maintain a neutral average duration.
Financial Crisis and Volatility Continued into 2009
Slumping property values, turmoil on Wall Street and plunging consumer confidence have contributed to one of the worst recessions of our generation, and have continued to put significant pressure on the fiscal conditions of New York state and the city of New York.A credit crunch that originated in the sub-prime mortgage market escalated over the summer of 2008 into a global financial crisis that pushed a number of large financial institutions, including major municipal bond insurers and dealers, to the brink of insolvency. These developments sparked a “flight to quality” in which investors fled riskier assets in favor of traditional safe havens, especially U.S. Treasury securities. Only recently have we seen investors’ willingness to look at other asset types with better risk/reward characteristics, such as high-quality municipals.
Duration Strategy Helped to Mitigate Technical Factors
For the two-month reporting period, and in 2009 so far, we’ve avoided the full brunt of the municipal bond market downturn in February due to our slightly longer-than-average duration. After the rate cut dur-
The Funds 11
DISCUSSION OF FUND PERFORMANCE (continued)
ing the FOMC’s meeting late January, longer-term bonds rallied while the yield curve steepened from two to ten years. We also had positioned the fund using a “bulleted” yield-curve strategy, targeting maturities in the six- to ten-year range.
In addition, the fund benefited from our focus on high-quality bonds, which performed much better than lower-quality bonds (with similar maturities) in January and February. We attribute this underperformance of lower-quality New York bonds to unfavorable yield “spreads,” which made them less attractive, especially given the recent increase in supply.
Our New York Municipal Outlook
As February 2009 ended, the financial crisis has persisted and city, state and local issuers continue to be heavily scrutinized. In addition, the recent yield volatility in the Treasury market has undoubtedly affected the municipal bond market. Therefore, we intend to maintain an average duration that we consider to be in line with industry averages, and will consider adjusting this strategy as market conditions evolve. Since NewYork issuers have
been particularly hard-hit, we will also maintain our focus on unenhanced high-quality bonds with strong cash flows and high coupons, which generally have held up well during market downturns.
March 16, 2009
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-NewYork residents, and some income may be subject to the | |
federal alternative minimum tax (AMT) for certain investors. Capital gains, if | |
any, are fully taxable. Return figures provided reflect the absorption of certain | |
fund expenses by BNY Mellon Fund Advisors pursuant to an agreement in | |
effect through September 30, 2010, at which time it may be extended, | |
modified or terminated. Had these expenses not been absorbed, the fund’s | |
returns would have been lower. | |
2 | SOURCE: BLOOMBERG, LP. — Reflects reinvestment of dividends and, |
where applicable, capital gain distributions.The Merrill Lynch 2-17-Year | |
Municipal Bond Index is an unmanaged total return performance benchmark | |
for the investment-grade, geographically unrestricted tax-exempt bond market, | |
consisting of municipal bonds with maturities ranging from 2 to 17 years. | |
Index return does not reflect the fees and expenses associated with operating a | |
mutual fund. | |
3 | The fund may continue to own investment-grade bonds (at the time of |
purchase), which are subsequently downgraded to below investment grade. |
12
DISCUSSION OF FUND PERFORMANCE |
For the period commencing with the fund’s inception on October 15, 2008, through February 28, 2009, as provided by John F. Flahive, Portfolio Manager and Director of Fixed Income
Fund and Market Performance Overview
For the fund’s reporting period ended February 28, 2009, BNY Mellon Municipal Opportunities Fund’s Class M shares and Investor shares returned 14.08% and 13.98%, respectively.1 In comparison, the Barclays Capital Municipal Bond Index (the “Index”), the fund’s benchmark, achieved a total return of 11.60% for the same period.2
While municipal bonds generally encountered heightened volatility over the past several months, the fund produced higher returns than its benchmark Index, which we attribute primarily to our individual security selection strategy in constructing the fund’s portfolio since inception.
The Fund’s Investment Approach
The fund seeks to maximize total return consisting of high current income exempt from federal income tax and capital appreciation.This objective may be changed without shareholder approval. To pursue its goal, the fund normally invests at least 80% of its assets in U.S. dollar-denominated fixed-income securities that provide income exempt from federal income tax (municipal bonds).While the fund typically invests in a diversified portfolio of municipal bonds, it may invest up to 20% of its assets in taxable fixed-income securities, including taxable municipal bonds and non-U.S. dollar-denominated foreign debt securities such as Brady bonds and sovereign debt obligations.
We will seek to deliver value-added excess returns (“alpha”) by applying an investment approach designed to identify and exploit relative value opportunities within the municipal bond market 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.
Financial Crisis and Recession Sparked Heightened Volatility
The reporting period proved to be one of the most difficult in memory, as an intensifying credit crisis and a severe recession roiled most financial markets, including municipal bonds. Slumping home values, rising unemployment and plunging consumer confidence contributed to one of the worst recessions during our experiences, putting pressure on the fiscal conditions of most states and municipalities.
While municipal bonds were adversely affected by widespread selling pressure, they generally fared far better than riskier assets such as equities and high yield corporate bonds. Nonetheless, yield differences between municipal bonds and comparable Treasuries moved toward historically wide levels. Market volatility was particularly severe over the first half of the reporting period, when deleveraging among institutional investors resulted in widespread selling pressure even for creditworthy securities. A subsequent market rally helped the municipal bond market regain some of its previous losses as investors took advantage of attractive values among bonds from fundamentally sound issuers.
The Funds 13
DISCUSSION OF FUND PERFORMANCE (continued)
Value-Added Security Selection Strategies Boosted Fund Performance
The timing of the fund’s launch could not have been more favorable given the current investment environ-ment.The fund’s accumulating asset base in October and November 2008 consequently provided for a defensive positioning, while the subsequent sell-off allowed us to invest in high-quality, longer-dated names at a relative discount as compared to before the fund’s inception date. We maintained a conservative focus on individual issuers with strong credit.We added alpha to the fund’s portfolio by investing in high-coupon revenue bonds, particularly health care and utilities projects, as well as in seasoned “AAA” university issuers such as Harvard and Duke.
In addition, we maintained a yield-curve strategy that was slightly longer than the benchmark Index, a move that helped bolster the fund’s performance over the last three months.
Our Current Strategy
As of the end of the reporting period, the financial crisis has persisted, the recession has intensified and financial markets have remained volatile.We have already seen an
increase in bond-market supply, and anticipate additional supply increases throughout 2009 as many municipalities will continue to bridge budget shortfalls with new issuances at prevailing lower coupon rates.With that said, we believe that there will be sufficient investment opportunities, despite the anticipated supply glut, and we will continue to seek high-quality issuers that fit within our criteria for delivering alpha.
March 16, 2009
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. Return figures provided reflect the absorption of certain fund expenses | |
by BNY Mellon Fund Advisors pursuant to an agreement in effect through | |
December 31, 2009, at which time it may be extended, modified or | |
terminated. Had these expenses not been absorbed, the fund’s returns would | |
have been lower. | |
2 | SOURCE: LIPPER INC. — Reflects reinvestment of dividends and, where |
applicable, capital gain distributions.The Barclays Capital Municipal Bond | |
Index is an unmanaged total return performance benchmark for the investment- | |
grade, geographically unrestricted tax-exempt bond market. Index return does | |
not reflect the fees and expenses associated with operating a mutual fund. |
14
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 redemptions 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 BNY Mellon municipal bond fund from September 1, 2008 to February 28, 2009. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.
Expenses and Value of a $1,000 Investment | |||
assuming actual returns for the six months ended February 28, 2009 | |||
Dreyfus | |||
Class M Shares | Investor Shares | Premier Shares | |
BNY Mellon National Intermediate | |||
Municipal Bond Fund | |||
Expenses paid per $1,000† | $ 2.58 | $ 3.77 | $ 6.24 |
Ending value (after expenses) | $ 999.90 | $ 998.70 | $ 997.00 |
BNY Mellon National Short-Term | |||
Municipal Bond Fund | |||
Expenses paid per $1,000† | $ 2.74 | $ 4.03 | — |
Ending value (after expenses) | $1,010.60 | $1,008.60 | — |
BNY Mellon Pennsylvania | |||
Intermediate Municipal Bond Fund | |||
Expenses paid per $1,000† | $ 3.31 | $ 4.55 | — |
Ending value (after expenses) | $ 995.20 | $ 994.70 | — |
BNY Mellon Massachusetts | |||
Intermediate Municipal Bond Fund | |||
Expenses paid per $1,000† | $ 2.70 | $ 3.95 | $ 6.39 |
Ending value (after expenses) | $1,016.40 | $1,015.20 | $1,013.50 |
BNY Mellon New York | |||
Intermediate Tax-Exempt Bond Fund | |||
Expenses paid per $1,000† | $ 2.96 | $ 4.21 | — |
Ending value (after expenses) | $1,024.10 | $1,021.90 | — |
BNY Mellon Municipal | |||
Opportunities Fund††† | |||
Expenses paid per $1,000†† | $ 3.01 | $ 4.02 | — |
Ending value (after expenses) | $1,140.80 | $1,139.80 | — |
† | Expenses are equal to the BNY Mellon National Intermediate Municipal Bond Fund annualized expense ratio of .52% for Class M, .76% for Investor shares and 1.26% for |
Dreyfus Premier shares, BNY Mellon National Short-Term Municipal Bond Fund .55% for Class M and .81% for Investor shares, BNY Mellon Pennsylvania Intermediate | |
Municipal Bond Fund .67% for Class M and .92% for Investor shares, BNY Mellon Massachusetts Intermediate Municipal Bond Fund .54% for Class M, .79% for Investor | |
shares and 1.28% for Dreyfus Premier shares and BNY Mellon NewYork Intermediate Tax-Exempt Bond Fund .59% for Class M and .84% for Investor shares, multiplied by | |
the respective fund’s average account value over the period, multiplied by 181/365 (to reflect the one-half year period). | |
†† | Expenses are equal to the BNY Mellon Municipal Opportunities Fund’s annualized expense ratio of .75% for Class M and 1.00% for Investor shares, multiplied by the |
average account value over the period, multiplied by 137/365 (to reflect the actual days in the period). | |
††† | From October 15, 2008 (commencement of initial offering) to February 28, 2009 for Class M and Investor Shares. |
The Funds 15
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 investores 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 actual returns for the six months ended February 28, 2009† | |||
Dreyfus | |||
Class M Shares | Investor Shares | Premier Shares | |
BNY Mellon National Intermediate | |||
Municipal Bond Fund | |||
Expenses paid per $1,000†† | $ 2.61 | $ 3.81 | $ 6.31 |
Ending value (after expenses) | $1,022.22 | $1,021.03 | $1,018.55 |
BNY Mellon National Short-Term | |||
Municipal Bond Fund | |||
Expenses paid per $1,000†† | $ 2.76 | $ 4.06 | — |
Ending value (after expenses) | $1,022.07 | $1,020.78 | — |
BNY Mellon Pennsylvania | |||
Intermediate Municipal Bond Fund | |||
Expenses paid per $1,000†† | $ 3.36 | $ 4.61 | — |
Ending value (after expenses) | $1,021.47 | $1,020.23 | — |
BNY Mellon Massachusetts | |||
Intermediate Municipal Bond Fund | |||
Expenses paid per $1,000†† | $ 2.71 | $ 3.96 | $ 6.41 |
Ending value (after expenses) | $1,022.12 | $1,020.88 | $1,018.45 |
BNY Mellon New York | |||
Intermediate Tax-Exempt Bond Fund | |||
Expenses paid per $1,000†† | $ 2.96 | $ 4.21 | — |
Ending value (after expenses) | $1,021.87 | $1,020.63 | — |
BNY Mellon Municipal | |||
Opportunities Fund | |||
Expenses paid per $1,000†† | $ 3.76 | $ 5.01 | — |
Ending value (after expenses) | $1,021.08 | $1,019.84 | — |
† | Please note that while BNY Mellon Municipal Opportunities Fund commenced operations on October 15, 2008, the hypothetical expenses paid by the fund’s Class M and |
Investor shares during the period reflect projected activity for the full six-month period for purposes of comparability.This projection assumes that the fund’s annualized expense ratios | |
were those in effect during the period October 15, 2008 to February 28, 2009. | |
†† Expenses are equal to the BNY Mellon National Intermediate Municipal Bond Fund annualized expense ratio of .52% for Class M, .76% for Investor shares and 1.26% for | |
Dreyfus Premier shares, BNY Mellon National Short-Term Municipal Bond Fund .55% for Class M and .81% for Investor shares, BNY Mellon Pennsylvania Intermediate | |
Municipal Bond Fund .67% for Class M and .92% for Investor shares, BNY Mellon Massachusetts Intermediate Municipal Bond Fund .54% for Class M, .79% for Investor | |
shares and 1.28% for Dreyfus Premier shares, BNY Mellon NewYork Intermediate Tax-Exempt Bond Fund .59% for Class M, .84% for Investor shares and BNY Mellon | |
Municipal Opportunities Bond Fund .75% for Class M and 1.00% for Investor shares, multiplied by the respective fund’s average account value over the period, multiplied by | |
181/365 (to reflect the one-half year period). |
16
STATEMENT OF INVESTMENTS February 28, 2009 (Unaudited) |
BNY Mellon National Intermediate Municipal Bond Fund | ||||
Long-Term Municipal | Coupon | Maturity | Principal | |
Investments—92.4% | Rate (%) | Date | Amount ($) | Value ($) |
Alabama—2.0% | ||||
Alabama Public School and College Authority, | ||||
Capital Improvement Bonds | 5.63 | 7/1/13 | 3,000,000 | 3,085,980 |
Birmingham Special Care Facilities Financing Authority-Baptist | ||||
Medical Centers, Revenue (Baptist Health System, Inc.) | 5.00 | 11/15/15 | 5,260,000 | 4,471,789 |
Jefferson County, Limited Obligation School Warrants | 5.25 | 1/1/15 | 1,180,000 | 744,745 |
Jefferson County, Limited Obligation School Warrants | 5.25 | 1/1/16 | 4,810,000 | 2,988,261 |
Jefferson County, Limited Obligation School Warrants | 5.00 | 1/1/24 | 13,500,000 | 10,589,670 |
Montgomery BMC Special Care Facilities Financing | ||||
Authority, Revenue (Baptist Health) (Insured; MBIA, Inc.) | 5.00 | 11/15/14 | 2,500,000 | 2,832,775 |
Alaska—.1% | ||||
Anchorage, Electric Utility Revenue (Insured; MBIA, Inc.) | 8.00 | 12/1/10 | 1,000,000 | 1,104,010 |
Arizona—3.8% | ||||
Arizona Board of Regents, Arizona State University | ||||
System Revenue (Polytechnic Campus Project) | 6.00 | 7/1/25 | 2,500,000 | 2,792,425 |
Arizona Board of Regents, Arizona State University | ||||
System Revenue (Polytechnic Campus Project) | 6.00 | 7/1/26 | 1,000,000 | 1,109,710 |
Arizona Board of Regents, Arizona State University | ||||
System Revenue (Polytechnic Campus Project) | 6.00 | 7/1/28 | 1,100,000 | 1,204,445 |
Arizona Transportation Board, Highway Revenue | 5.00 | 7/1/26 | 5,000,000 | 5,206,150 |
Maricopa County Unified School District | ||||
�� (Paradise Valley) (Insured; MBIA, Inc.) | 6.35 | 7/1/10 | 550,000 | 582,499 |
Maricopa County Unified School District | ||||
(Paradise Valley) (Insured; MBIA, Inc.) | 7.00 | 7/1/11 | 1,905,000 | 2,107,673 |
Maricopa County Unified School District (Scottsdale School) | 6.60 | 7/1/12 | 1,250,000 | 1,447,837 |
Phoenix, GO | 6.25 | 7/1/16 | 1,250,000 | 1,540,037 |
Phoenix Civic Improvement Corporation, Transit Excise | ||||
Tax Revenue (Light Rail Project) (Insured; AMBAC) | 5.00 | 7/1/16 | 6,000,000 | 6,603,840 |
Salt River Project Agricultural Improvement and | ||||
Power District, Electric System Revenue | 5.00 | 1/1/10 | 1,000,000 | 1,035,090 |
Salt Verde Financial Corporation, Senior Gas Revenue | 5.25 | 12/1/28 | 5,000,000 | 3,657,200 |
Salt Verde Financial Corporation, Senior Gas Revenue | 5.50 | 12/1/29 | 3,060,000 | 2,268,745 |
Salt Verde Financial Corporation, Senior Gas Revenue | 5.00 | 12/1/32 | 2,500,000 | 1,655,300 |
Scottsdale Industrial Development Authority, | ||||
HR (Scottsdale Healthcare) | 5.70 | 12/1/11 | 1,000,000 a | 1,114,020 |
Tucson, GO | 5.00 | 7/1/12 | 1,265,000 | 1,404,492 |
University Medical Center Corporation, HR | 5.25 | 7/1/16 | 2,310,000 | 2,181,241 |
University of Arizona Board of Regents, System Revenue | 6.20 | 6/1/16 | 10,000,000 | 11,644,200 |
California—12.9% | ||||
Agua Caliente Band, Cahuilla Indians Revenue | 5.60 | 7/1/13 | 1,815,000 | 1,633,246 |
Alameda Corridor Transportation Authority, | ||||
Revenue (Insured; AMBAC) | 0/5.25 | 10/1/21 | 5,000,000 b | 4,204,100 |
California, Economic Recovery Bonds | 5.00 | 7/1/15 | 5,000,000 | 5,319,850 |
California, Economic Recovery Bonds | 5.00 | 7/1/16 | 15,400,000 | 15,787,464 |
The Funds 17
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Intermediate Municipal Bond Fund (continued) | ||||
Long-Term Municipal | Coupon | Maturity | Principal | |
Investments (continued) | Rate (%) | Date | Amount ($) | Value ($) |
California (continued) | ||||
California, GO | 5.00 | 11/1/11 | 655,000 a | 718,745 |
California, GO | 5.00 | 11/1/12 | 345,000 | 363,095 |
California, GO | 5.50 | 6/1/20 | 270,000 | 272,395 |
California, GO | 5.25 | 11/1/26 | 10,500,000 | 10,503,465 |
California, GO | 5.50 | 11/1/33 | 3,900,000 | 3,894,423 |
California, GO (Insured; FGIC) | 5.75 | 3/1/09 | 80,000 | 80,035 |
California, GO (Various Purpose) | 5.00 | 2/1/14 | 1,825,000 a | 2,090,191 |
California County Tobacco Securitization Agency, | ||||
Tobacco Settlement Asset-Backed Bonds | ||||
(Golden Gate Tobacco Funding Corporation) | 4.50 | 6/1/21 | 3,265,000 | 2,445,061 |
California County Tobacco Securitization Agency, | ||||
Tobacco Settlement Asset-Backed Bonds | ||||
(Los Angeles County Securitization Corporation) | 0/5.25 | 6/1/21 | 1,250,000 b | 791,725 |
California Department of Water Resources, | ||||
Power Supply Revenue (Insured; FSA) | 5.00 | 5/1/21 | 10,000,000 | 10,541,100 |
California Educational Facilities Authority, Revenue | ||||
(University of Southern California) | 5.25 | 10/1/38 | 2,500,000 | 2,552,775 |
California Educational Facilities Authority, Revenue | ||||
(University of Southern California) | 5.25 | 10/1/39 | 5,000,000 | 5,101,750 |
California Health Facilities Financing Authority, | ||||
Revenue (Providence Health and Services) | 6.25 | 10/1/24 | 8,500,000 | 9,104,010 |
California Health Facilities Financing Authority, | ||||
Revenue (Providence Health and Services) | 6.25 | 10/1/28 | 4,000,000 | 4,195,240 |
California Health Facilities Financing Authority, | ||||
Revenue (Providence Health and Services) | 6.50 | 10/1/38 | 3,500,000 | 3,684,695 |
California Infrastructure and Economic Development Bank, | ||||
Clean Water State Revolving Fund Revenue | 5.00 | 10/1/17 | 2,500,000 | 2,708,775 |
California Municipal Finance Authority, SWDR | ||||
(Waste Management, Inc. Project) | 4.10 | 9/1/09 | 1,000,000 | 986,530 |
California State Public Works Board, LR (Department | ||||
of General Services) (Capitol East End Complex—Blocks | ||||
171-174 and 225) (Insured; AMBAC) | 5.25 | 12/1/19 | 5,000,000 | 5,081,000 |
California Statewide Communities Development Authority, | ||||
Insured Revenue (Saint Joseph Health System) (Insured; FSA) | 4.50 | 7/1/18 | 4,670,000 | 4,797,117 |
California Statewide Communities Development Authority, | ||||
MFHR (Equity Residential/Parkview Terrace Club Apartments) | 5.20 | 6/15/09 | 3,000,000 | 3,000,180 |
California Statewide Communities Development Authority, | ||||
Mortgage Revenue (Methodist Hospital of Southern | ||||
California Project) (Collateralized; FHA) | 6.25 | 8/1/24 | 5,000,000 | 5,195,750 |
California Statewide Communities Development Authority, | ||||
Revenue (Daughters of Charity Health System) | 5.25 | 7/1/24 | 3,470,000 | 2,516,271 |
California Statewide Communities Development Authority, | ||||
Revenue (Daughters of Charity Health System) | 5.25 | 7/1/35 | 8,000,000 | 5,097,040 |
California Statewide Communities Development Authority, | ||||
Revenue (The California Endowment) | 5.25 | 7/1/15 | 1,740,000 | 1,920,682 |
18
BNY Mellon National Intermediate Municipal Bond Fund (continued) | ||||
Long-Term Municipal | Coupon | Maturity | Principal | |
Investments (continued) | Rate (%) | Date | Amount ($) | Value ($) |
California (continued) | ||||
Foothill/Eastern Transportation Corridor Agency, | ||||
Toll Road Revenue (Insured; MBIA, Inc.) | 0/5.80 | 1/15/20 | 1,505,000 b | 1,490,401 |
Foothill/Eastern Transportation Corridor Agency, | ||||
Toll Road Revenue (Insured; MBIA, Inc.) | 0/5.88 | 1/15/26 | 8,000,000 b | 7,324,160 |
Golden State Tobacco Securitization Corporation, | ||||
Enhanced Tobacco Settlement Asset-Backed Bonds | 5.00 | 6/1/18 | 590,000 | 565,462 |
Golden State Tobacco Securitization Corporation, | ||||
Tobacco Settlement Asset-Backed Bonds | 4.50 | 6/1/27 | 11,180,000 | 8,339,609 |
Hesperia Public Financing Authority, Revenue | ||||
(Redevelopment and Housing Projects) (Insured; XLCA) | 5.00 | 9/1/37 | 4,450,000 | 3,559,733 |
Kern High School District, GO (Insured; MBIA, Inc.) | 6.40 | 2/1/12 | 2,750,000 | 2,951,245 |
Los Angeles Unified School District, GO (Insured; MBIA, Inc.) | 5.75 | 7/1/16 | 2,000,000 | 2,334,220 |
Oakland Joint Powers Financing Authority, LR | ||||
(Oakland Convention Centers) (Insured; AMBAC) | 5.50 | 10/1/13 | 1,500,000 | 1,640,370 |
Sacramento County Water Financing Authority, Revenue (Sacramento | ||||
County Water Agency Zones 40 and 41 Water System Project) | 2.03 | 6/1/34 | 8,000,000 c | 3,820,000 |
Sacramento Municipal Utility District, Electric Revenue | 5.30 | 7/1/12 | 720,000 | 764,482 |
Sacramento Municipal Utility District, Electric Revenue (Insured; FGIC) | 5.25 | 5/15/13 | 3,530,000 | 3,857,902 |
San Jose Redevelopment Agency, Tax Allocation Revenue | ||||
(Merged Area Redevelopment Project) (Insured; MBIA, Inc.) | 6.00 | 8/1/09 | 205,000 | 209,824 |
San Jose Redevelopment Agency, Tax Allocation Revenue | ||||
(Merged Area Redevelopment Project) (Insured; MBIA, Inc.) | 6.00 | 8/1/09 | 420,000 | 425,796 |
Southern California Public Power Authority, | ||||
Gas Project Revenue (Project Number One) | 5.00 | 11/1/28 | 1,000,000 | 662,860 |
Southern California Public Power Authority, | ||||
Gas Project Revenue (Project Number One) | 5.00 | 11/1/29 | 2,835,000 | 1,860,979 |
Southern California Public Power Authority, Power Project | ||||
Revenue (San Juan Unit 3) (Insured; FSA) | 5.50 | 1/1/13 | 3,010,000 | 3,376,528 |
Southern California Public Power Authority, Power Project | ||||
Revenue (San Juan Unit 3) (Insured; FSA) | 5.50 | 1/1/14 | 2,000,000 | 2,266,220 |
Westside Unified School District, GO (Insured; AMBAC) | 6.00 | 8/1/14 | 385,000 | 449,561 |
Colorado—5.8% | ||||
Adams County, FHA Insured Mortgage Revenue | ||||
(Platte Valley Medical Center Project) (Insured; MBIA, Inc.) | 5.00 | 2/1/31 | 3,400,000 | 2,954,600 |
Colorado Department of Transportation, | ||||
Transportation RAN (Insured; MBIA, Inc.) | 5.25 | 6/15/10 | 1,000,000 | 1,053,750 |
Colorado Educational and Cultural Facilities Authority, | ||||
Revenue (Regis University Project) (Insured; Radian) | 5.00 | 6/1/22 | 1,000,000 | 839,990 |
Colorado Health Facilities Authority, Health Facilities Revenue | ||||
(The Evangelical Lutheran Good Samaritan Society Project) | 5.25 | 6/1/31 | 1,000,000 | 771,910 |
Colorado Health Facilities Authority, | ||||
Revenue (Catholic Health Initiatives) | 6.00 | 10/1/23 | 2,000,000 | 2,118,780 |
Colorado Health Facilities Authority, | ||||
Revenue (Catholic Health Initiatives) | 6.25 | 10/1/33 | 2,000,000 | 2,068,360 |
The Funds 19
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Intermediate Municipal Bond Fund (continued) | ||||
Long-Term Municipal | Coupon | Maturity | Principal | |
Investments (continued) | Rate (%) | Date | Amount ($) | Value ($) |
Colorado (continued) | ||||
Colorado Health Facilities Authority, Revenue | ||||
(Vail Valley Medical Center Project) | 5.00 | 1/15/20 | 1,250,000 | 1,125,575 |
Colorado Housing and Finance Authority, SFMR | 4.90 | 11/1/11 | 1,210,000 | 1,248,756 |
Colorado Housing Finance Authority (Single Family Program) | 6.75 | 4/1/15 | 70,000 | 71,356 |
Colorado Housing Finance Authority (Single Family Program) | 6.05 | 10/1/16 | 95,000 | 98,957 |
Colorado Housing Finance Authority (Single Family Program) | 6.70 | 10/1/16 | 35,000 | 36,528 |
Colorado Housing Finance Authority (Single Family Program) | 6.80 | 11/1/28 | 10,000 | 10,240 |
Colorado Housing Finance Authority | ||||
(Single Family Program) (Collateralized; FHA) | 6.75 | 10/1/21 | 220,000 | 233,092 |
Colorado Housing Finance Authority | ||||
(Single Family Program) (Collateralized; FHA) | 7.15 | 10/1/30 | 50,000 | 51,180 |
Denver City and County, Airport System | ||||
Revenue (Insured; Assured Guaranty) | 5.25 | 11/15/19 | 4,445,000 | 4,407,306 |
E-470 Public Highway Authority, | ||||
Senior Revenue (Insured; MBIA, Inc.) | 0/5.00 | 9/1/16 | 3,565,000 b | 3,437,908 |
E-470 Public Highway Authority, | ||||
Senior Revenue (Insured; MBIA, Inc.) | 5.25 | 9/1/16 | 5,000,000 | 4,671,450 |
E-470 Public Highway Authority, | ||||
Senior Revenue (Insured; MBIA, Inc.) | 0/5.00 | 9/1/17 | 3,500,000 b | 3,357,900 |
Jefferson County School District, GO (Insured; MBIA, Inc.) | 6.50 | 12/15/10 | 1,500,000 | 1,638,030 |
Northwest Parkway Public Highway Authority, | ||||
Revenue (Insured; AMBAC) | 0/5.45 | 6/15/16 | 7,690,000 a,b | 8,028,975 |
Northwest Parkway Public Highway Authority, | ||||
Revenue (Insured; AMBAC) | 0/5.70 | 6/15/16 | 7,345,000 a,b | 7,748,020 |
Northwest Parkway Public Highway Authority, | ||||
Revenue (Insured; FSA) | 0/5.55 | 6/15/16 | 10,960,000 a,b | 11,490,464 |
Public Authority for Colorado Energy, Natural Gas Purchase Revenue | 5.75 | 11/15/18 | 3,250,000 | 2,777,158 |
Public Authority for Colorado Energy, Natural Gas Purchase Revenue | 6.13 | 11/15/23 | 4,645,000 | 3,894,972 |
University of Colorado, Enterprise System Revenue | 5.50 | 6/1/10 | 500,000 | 527,015 |
University of Colorado Regents, Enterprise | ||||
System Revenue (Insured; FGIC) | 4.75 | 6/1/16 | 2,000,000 | 2,104,700 |
University of Colorado Regents, Participation Interest | ||||
(Sempra Energy Colorado, Inc., Lease, Development | ||||
and Operating Agreement) (Insured; MBIA, Inc.) | 6.00 | 12/1/22 | 5,000,000 | 5,236,950 |
Connecticut—.4% | ||||
Connecticut, GO (Insured; AMBAC) | 5.25 | 6/1/18 | 1,500,000 | 1,762,320 |
Connecticut Health and Educational Facilities Authority, Revenue | ||||
(Connecticut State University System Issue) (Insured; FSA) | 5.00 | 11/1/14 | 1,260,000 | 1,433,313 |
Connecticut Health and Educational Facilities | ||||
Authority, Revenue (Yale University Issue) | 5.13 | 7/1/27 | 2,300,000 | 2,305,612 |
District of Columbia—.8% | ||||
District of Columbia, GO (Insured; FSA) | 1.65 | 6/1/16 | 5,000,000 c | 4,802,100 |
Metropolitan Washington Airports Authority, | ||||
Airport System Revenue (Insured; FGIC) | 5.75 | 10/1/14 | 2,270,000 | 2,395,599 |
20
BNY Mellon National Intermediate Municipal Bond Fund (continued) | ||||
Long-Term Municipal | Coupon | Maturity | Principal | |
Investments (continued) | Rate (%) | Date | Amount ($) | Value ($) |
District of Columbia (continued) | ||||
Metropolitan Washington Airports Authority, | ||||
Airport System Revenue (Insured; MBIA, Inc.) | 5.25 | 10/1/12 | 2,470,000 | 2,498,183 |
Florida—5.9% | ||||
Florida Department of Transportation, | ||||
State Infrastructure Bank Revenue | 5.00 | 7/1/19 | 4,220,000 | 4,589,292 |
Florida Department of Transportation, | ||||
State Infrastructure Bank Revenue | 5.00 | 7/1/20 | 2,500,000 | 2,674,075 |
Florida Hurricane Catastrophe Fund Finance Corporation, Revenue | 5.00 | 7/1/11 | 5,000,000 | 5,170,600 |
Florida Municipal Loan Council, Revenue (Insured; MBIA, Inc.) | 5.75 | 11/1/15 | 520,000 | 553,363 |
Hillsborough County Aviation Authority, Revenue | ||||
(Tampa International Airport) (Insured; AMBAC) | 5.13 | 10/1/20 | 3,540,000 | 3,655,085 |
Hillsborough County Aviation Authority, Revenue | ||||
(Tampa International Airport) (Insured; AMBAC) | 5.13 | 10/1/21 | 3,675,000 | 3,761,473 |
Hillsborough County Educational Facilities Authority, | ||||
Revenue (University of Tampa Project) (Insured; Radian) | 5.75 | 4/1/18 | 2,710,000 | 2,759,159 |
JEA, Saint Johns River Power Park System, Revenue | 5.00 | 10/1/15 | 2,750,000 | 2,873,970 |
Lee County, Airport Revenue (Insured; FSA) | 5.88 | 10/1/19 | 3,000,000 | 3,037,650 |
Miami-Dade County, Aviation Revenue, Miami | ||||
International Airport (Hub of the Americas) | 5.00 | 10/1/10 | 3,000,000 | 3,057,180 |
Miami-Dade County, Subordinate Special Obligation Bonds | 0/5.00 | 10/1/22 | 2,000,000 b | 1,518,620 |
Miami-Dade County, Subordinate Special | ||||
Obligation Bonds (Insured; MBIA, Inc.) | 0/5.00 | 10/1/35 | 2,500,000 b | 2,105,150 |
Orlando and Orange County Expressway Authority, | ||||
Expressway Revenue (Insured; AMBAC) | 5.00 | 7/1/13 | 4,710,000 | 5,052,134 |
Orlando Utilities Commission, Utility System Revenue | 1.14 | 10/1/16 | 13,400,000 c | 11,216,202 |
Orlando Utilities Commission, Water and Electric Revenue | 5.25 | 10/1/20 | 2,260,000 | 2,392,481 |
Palm Beach County, Public Improvement Revenue | 5.38 | 11/1/28 | 2,500,000 | 2,584,625 |
Sarasota County, Limited Ad Valorem Tax Bonds | ||||
(Environmentally Sensitive Lands and Parkland Program) | 5.25 | 10/1/25 | 6,895,000 | 7,152,459 |
Seminole Tribe, Special Obligation Revenue | 5.75 | 10/1/22 | 5,000,000 | 3,878,350 |
Seminole Tribe, Special Obligation Revenue | 5.50 | 10/1/24 | 2,000,000 | 1,469,380 |
Seminole Tribe, Special Obligation Revenue | 5.25 | 10/1/27 | 6,500,000 | 4,462,250 |
Georgia—3.6% | ||||
Burke County Development Authority, PCR | ||||
(Oglethorpe Power Corporation Vogtle Project) | 7.00 | 1/1/23 | 6,000,000 | 6,472,680 |
Burke County Development Authority, PCR (Oglethorpe | ||||
Power Corporation Vogtle Project) (Insured; MBIA, Inc.) | 4.75 | 4/1/11 | 17,500,000 | 18,050,200 |
Chatham County Hospital Authority, HR Improvement | ||||
(Memorial Health University Medical Center, Inc.) | 6.13 | 1/1/24 | 2,480,000 | 2,014,132 |
Crisp County Development Authority, EIR | ||||
(International Paper Company Project) | 5.55 | 2/1/15 | 1,000,000 | 858,860 |
Fulton County Development Authority, Revenue (Spelman College) | 5.00 | 6/1/24 | 2,010,000 | 2,024,995 |
Georgia, GO | 5.40 | 11/1/10 | 1,000,000 | 1,071,840 |
The Funds 21
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Intermediate Municipal Bond Fund (continued) | ||||
Long-Term Municipal | Coupon | Maturity | Principal | |
Investments (continued) | Rate (%) | Date | Amount ($) | Value ($) |
Georgia (continued) | ||||
Main Street Natural Gas Inc., Gas Project Revenue | 6.38 | 7/15/38 | 1,335,000 d | 401,955 |
Municipal Electric Authority of Georgia, GO | ||||
(Project One Subordinated Bonds) | 5.75 | 1/1/20 | 5,000,000 | 5,504,250 |
Private Colleges and Universities Authority, | ||||
Revenue (Emory University) | 5.00 | 9/1/18 | 2,000,000 | 2,205,500 |
Putnam County Development Authority, | ||||
PCR (Georgia Power Company) | 5.10 | 6/1/23 | 6,120,000 | 6,107,209 |
Illinois—5.2% | ||||
Chicago, Gas Supply Revenue (The Peoples Gas | ||||
Light and Coke Company Project) | 4.75 | 6/30/14 | 1,000,000 | 1,019,580 |
Chicago, GO (Insured; FSA) | 5.00 | 1/1/14 | 5,000,000 | 5,574,100 |
Chicago, GO (Modern Schools Across | ||||
Chicago Program) (Insured; AMBAC) | 5.00 | 12/1/17 | 1,110,000 | 1,214,429 |
Chicago, SFMR (Collateralized: FNMA and GNMA) | 4.70 | 10/1/17 | 100,000 | 97,716 |
Chicago Metropolitan Water Reclamation | ||||
District, GO Capital Improvement | 7.25 | 12/1/12 | 8,500,000 | 10,224,480 |
Cook County, GO Capital Improvement (Insured; AMBAC) | 5.00 | 11/15/25 | 5,000,000 | 5,040,250 |
DuPage, Cook and Will Counties Community | ||||
College District Number 502, GO | 5.25 | 6/1/16 | 5,980,000 | 6,610,711 |
Illinois, GO | 5.00 | 1/1/17 | 7,500,000 | 8,496,450 |
Illinois, GO (Fund for Infrastructure, Roads, School and Transit) | 5.25 | 10/1/15 | 3,000,000 | 3,288,030 |
Illinois Finance Authority, Gas Supply Revenue (The Peoples Gas | ||||
Light and Coke Company Project) (Insured; AMBAC) | 4.30 | 6/1/16 | 2,500,000 | 2,577,575 |
Illinois Health Facilities Authority, Revenue | ||||
(Loyola University Health System) | 5.75 | 7/1/11 | 1,530,000 | 1,599,385 |
Illinois Housing Development Authority, MFHR | ||||
(Lifelink Developments) (Collateralized; GNMA) | 4.13 | 10/20/16 | 1,015,000 | 979,719 |
Lake County Community Unitary School | ||||
District Number 60, GO (Insured; FSA) | 5.63 | 12/1/11 | 3,150,000 | 3,239,271 |
Metropolitan Pier and Exposition Authority, | ||||
Dedicated State Tax Revenue (Insured; AMBAC) | 5.38 | 6/1/14 | 5,000,000 | 5,039,450 |
Regional Transportation Authority, GO (Insured; FGIC) | 7.75 | 6/1/09 | 1,000,000 | 1,018,070 |
Regional Transportation Authority, GO (Insured; FGIC) | 7.75 | 6/1/10 | 1,620,000 | 1,751,722 |
Regional Transportation Authority, GO (Insured; FGIC) | 7.75 | 6/1/12 | 1,890,000 | 2,226,231 |
Will County School District Number 161, GO (Insured; FGIC) | 5.00 | 1/1/23 | 4,355,000 | 4,431,953 |
Indiana—.7% | ||||
Indiana Finance Authority, Acquisition Revenue | ||||
(National Collegiate Athletic Association Project) | 5.00 | 5/1/15 | 1,000,000 | 1,113,350 |
Indiana Health Facility Financing Authority, HR | ||||
(The Methodist Hospitals, Inc.) | 5.25 | 9/15/10 | 650,000 | 647,120 |
Indiana Health Facility Financing Authority, HR | ||||
(The Methodist Hospitals, Inc.) | 5.25 | 9/15/11 | 750,000 | 741,112 |
Indiana Municipal Power Agency, Power Supply | ||||
System Revenue (Insured; AMBAC) | 5.13 | 1/1/20 | 4,045,000 | 4,118,053 |
22
BNY Mellon National Intermediate Municipal Bond Fund (continued) | ||||
Long-Term Municipal | Coupon | Maturity | Principal | |
Investments (continued) | Rate (%) | Date | Amount ($) | Value ($) |
Indiana (continued) | ||||
Indiana University Trustees, Student Fee Revenue | ||||
(Indiana University) (Insured; MBIA, Inc.) | 5.00 | 8/1/11 | 1,425,000 | 1,541,223 |
Iowa—.3% | ||||
Muscatine, Electric Revenue (Insured; AMBAC) | 5.50 | 1/1/11 | 3,000,000 | 3,177,330 |
Kansas—.4% | ||||
Wyandotte County/Kansas City Unified Government, | ||||
Utility System Revenue (Insured; AMBAC) | 5.65 | 9/1/22 | 5,000,000 | 5,455,450 |
Kentucky—1.3% | ||||
Kentucky Housing Corporation, Housing Revenue | 4.80 | 7/1/20 | 3,000,000 | 2,910,450 |
Kentucky Property and Buildings Commission, Revenue (Insured; FSA) | 6.00 | 2/1/10 | 2,000,000 a | 2,098,620 |
Kentucky Turnpike Authority, EDR | ||||
(Revitalization’s Projects) (Insured; AMBAC) | 5.50 | 7/1/12 | 1,250,000 | 1,393,825 |
Louisville and Jefferson County Metropolitan Sewer District, | ||||
Sewer and Drainage System Revenue (Insured; MBIA, Inc.) | 5.50 | 5/15/34 | 10,000,000 | 10,098,200 |
Louisiana—.4% | ||||
Louisiana Citizens Property Insurance Corporation, | ||||
Assessment Revenue (Insured; AMBAC) | 5.25 | 6/1/13 | 5,000,000 | 5,098,150 |
Maine—.4% | ||||
Maine Housing Authority, Mortgage Purchase Bonds | 4.75 | 11/15/21 | 2,950,000 | 2,852,443 |
Maine Housing Authority, Mortgage Purchase Bonds | 5.30 | 11/15/23 | 715,000 | 716,266 |
Maine Municipal Bond Bank, GO (Insured; FSA) | 5.88 | 11/1/09 | 1,660,000 a | 1,737,007 |
Maryland—.6% | ||||
Maryland Health and Higher Educational Facilities Authority, Revenue | ||||
(University of Maryland Medical System Issue) (Insured; AMBAC) | 5.25 | 7/1/28 | 5,000,000 | 4,817,350 |
University System of Maryland, Auxiliary Facility and Tuition Revenue | 5.00 | 4/1/17 | 2,405,000 | 2,608,752 |
Massachusetts—4.0% | ||||
Massachusetts, Consolidated Loan (Insured; MBIA, Inc.) | 5.50 | 10/1/20 | 3,285,000 | 3,835,566 |
Massachusetts Development Finance Agency, Revenue (Combined | ||||
Jewish Philanthropies of Greater Boston, Inc. Project) | 4.75 | 2/1/15 | 3,620,000 | 3,875,862 |
Massachusetts Health and Educational Facilities Authority, | ||||
Revenue (Harvard University Issue) | 5.50 | 11/15/36 | 9,000,000 | 9,548,550 |
Massachusetts Health and Educational Facilities Authority, | ||||
Revenue (Massachusetts Institute of Technology Issue) | 5.00 | 7/1/38 | 3,000,000 | 3,040,680 |
Massachusetts Health and Educational Facilities Authority, | ||||
Revenue (Simmons College Issue) | 7.50 | 10/1/22 | 2,000,000 | 2,089,420 |
Massachusetts Health and Educational Facilities Authority, | ||||
Revenue (Simmons College Issue) | 8.00 | 10/1/29 | 5,000,000 | 5,215,850 |
Massachusetts Health and Educational Facilties Authority, | ||||
Revenue (Simmons College Issue) | 8.00 | 10/1/39 | 1,500,000 | 1,550,475 |
Massachusetts Housing Finance Agency, Housing Revenue | 5.13 | 12/1/34 | 350,000 | 311,017 |
Massachusetts Municipal Wholesale Electric Company, | ||||
Power Supply Project Revenue (Nuclear Project | ||||
Number 4 Issue) (Insured; MBIA, Inc.) | 5.25 | 7/1/12 | 2,000,000 | 2,115,940 |
The Funds 23
STATEMENT OF INVESTMENTS (Unaudited) (continued) | ||||
BNY Mellon National Intermediate Municipal Bond Fund (continued) | ||||
Long-Term Municipal | Coupon | Maturity | Principal | |
Investments (continued) | Rate (%) | Date | Amount ($) | Value ($) |
Massachusetts (continued) | ||||
Massachusetts Port Authority, Revenue | 5.75 | 7/1/10 | 1,325,000 | 1,407,349 |
Massachusetts School Building Authority, Dedicated | ||||
Sales Tax Revenue (Insured; AMBAC) | 5.00 | 8/15/20 | 10,000,000 | 10,902,500 |
Massachusetts Water Pollution Abatement | ||||
Trust (Pooled Loan Program) | 5.25 | 8/1/17 | 275,000 | 308,319 |
Massachusetts Water Pollution Abatement Trust, | ||||
Water Pollution Abatement Revenue (MWRA Program) | 5.75 | 8/1/29 | 5,000,000 | 5,087,100 |
Weston, GO | 5.63 | 3/1/10 | 650,000 a | 688,916 |
Michigan—1.6% | ||||
Detroit, Water Supply System Revenue (Second Lien) (Insured; FGIC) | 5.75 | 7/1/22 | 7,000,000 | 7,552,930 |
Michigan Municipal Bond Authority, | ||||
Clean Water Revolving Fund Revenue | 5.25 | 10/1/18 | 2,000,000 | 2,117,100 |
Michigan Municipal Bond Authority, | ||||
Clean Water Revolving Fund Revenue | 5.00 | 10/1/21 | 5,000,000 | 5,178,650 |
Michigan Municipal Bond Authority, | ||||
Drinking Water Revolving Fund Revenue | 5.50 | 10/1/15 | 1,000,000 | 1,172,360 |
Michigan Tobacco Settlement Finance Authority, | ||||
Tobacco Settlement Asset-Backed Bonds | 5.13 | 6/1/22 | 5,000,000 | 3,649,950 |
Minnesota—1.7% | ||||
Minneapolis, Health Care System Revenue (Fairview Health Services) | 6.63 | 11/15/28 | 12,000,000 | 12,675,960 |
Minnesota Higher Education Facilities | ||||
Authority, Revenue (Macalester College) | 5.00 | 3/1/14 | 1,410,000 | 1,577,170 |
University of Minnesota Regents, Special Purpose | ||||
Revenue (State Supported Stadium Debt) | 5.00 | 8/1/19 | 6,300,000 | 6,940,080 |
Mississippi—.2% | ||||
Mississippi Home Corporation, SFMR | ||||
(Collateralized: FHLMC, FNMA and GNMA) | 4.38 | 12/1/18 | 2,745,000 | 2,659,109 |
Mississippi State University Educational Building | ||||
Corporation, Revenue (Insured; MBIA, Inc.) | 5.25 | 8/1/16 | 400,000 | 458,716 |
Missouri—.6% | ||||
Curators of the University of Missouri, System Facilities Revenue | 5.00 | 11/1/12 | 2,000,000 | 2,217,680 |
Missouri Environmental Improvement and Energy | ||||
Resource Authority, Water Pollution Control Revenue | ||||
(State Revolving Fund Program—Master Trust) | 5.50 | 7/1/14 | 1,250,000 | 1,450,725 |
Missouri Health and Educational Facilities Authority, | ||||
Educational Facilities Revenue (The Washington University) | 5.38 | 3/15/39 | 2,500,000 | 2,608,175 |
Missouri Housing Development Commission, SFMR (Homeownership | ||||
Loan Program) (Collateralized: FNMA and GNMA) | 5.05 | 9/1/24 | 755,000 | 727,624 |
Nebraska—.4% | ||||
Nebraska Investment Finance Authority, SFHR | ||||
(Collateralized: FHLMC, FNMA and GNMA) | 4.70 | 9/1/21 | 1,490,000 | 1,428,716 |
Nebraska Investment Finance Authority, SFHR | ||||
(Collateralized: FHLMC, FNMA and GNMA) | 5.25 | 9/1/22 | 950,000 | 950,256 |
Omaha City, GO (City of Omaha Convention Center/Arena Project) | 6.50 | 12/1/16 | 1,000,000 | 1,275,120 |
Omaha Public Power District, Electric Revenue | 7.63 | 2/1/12 | 1,350,000 | 1,498,743 |
24
BNY Mellon National Intermediate Municipal Bond Fund (continued) | ||||
Long-Term Municipal | Coupon | Maturity | Principal | |
Investments (continued) | Rate (%) | Date | Amount ($) | Value ($) |
Nevada—.8% | ||||
Clark County School District, GO (Insured; FGIC) | 5.00 | 6/15/20 | 10,000,000 | 10,356,800 |
New Hampshire—.3% | ||||
Nashua, Capital Improvement Bonds | 5.50 | 7/15/12 | 560,000 a | 631,540 |
New Hampshire, Turnpike System Revenue (Insured; FSA) | 5.25 | 10/1/17 | 2,100,000 | 2,285,934 |
New Hampshire Business Finance Authority, PCR | ||||
(Central Maine Power Company) | 5.38 | 5/1/14 | 1,000,000 | 951,480 |
New Jersey—3.9% | ||||
Garden State Preservation Trust, Open Space and Farmland | ||||
Preservation Revenue (Insured; FSA) | 5.13 | 11/1/16 | 1,000,000 | 1,154,800 |
Garden State Preservation Trust, Open Space and Farmland | ||||
Preservation Revenue (Insured; FSA) | 5.80 | 11/1/17 | 2,500,000 | 2,943,300 |
Garden State Preservation Trust, Open Space and Farmland | ||||
Preservation Revenue (Insured; FSA) | 5.80 | 11/1/18 | 5,000,000 | 5,843,900 |
Garden State Preservation Trust, Open Space and Farmland | ||||
Preservation Revenue (Insured; FSA) | 5.80 | 11/1/19 | 5,000,000 | 5,790,150 |
Garden State Preservation Trust, Open Space and Farmland | ||||
Preservation Revenue (Insured; FSA) | 5.80 | 11/1/23 | 5,000,000 | 5,542,650 |
Gloucester County Improvement Authority, Solid Waste Resource | ||||
Recovery Revenue (Waste Management, Inc. Project) | 6.85 | 12/1/09 | 4,000,000 | 4,016,600 |
Gloucester County Improvement Authority, Solid Waste Resource | �� | |||
Recovery Revenue (Waste Management, Inc. Project) | 7.00 | 12/1/09 | 1,000,000 | 1,002,960 |
New Jersey, GO | 6.00 | 2/15/11 | 1,000,000 | 1,086,370 |
New Jersey Economic Development Authority, Cigarette Tax Revenue | 5.38 | 6/15/15 | 4,400,000 | 4,121,040 |
New Jersey Economic Development Authority, Cigarette Tax Revenue | 5.50 | 6/15/24 | 4,000,000 | 3,140,760 |
New Jersey Economic Development Authority, Cigarette Tax Revenue | 5.50 | 6/15/31 | 1,000,000 | 719,110 |
New Jersey Economic Development Authority, | ||||
School Facilities Construction Revenue | 5.00 | 3/1/17 | 2,000,000 | 2,124,680 |
New Jersey Economic Development Authority, | ||||
School Facilities Construction Revenue | 5.00 | 3/1/18 | 1,000,000 | 1,052,520 |
New Jersey Economic Development Authority, | ||||
Transportation Project Sublease Revenue | ||||
(New Jersey Transit Corporation | ||||
Light Rail Transit System Project) (Insured; FSA) | 5.88 | 5/1/09 | 1,000,000 a | 1,009,570 |
New Jersey Educational Facilities Authority, | ||||
Revenue (Rowan University Issue) (Insured; FGIC) | 5.25 | 7/1/11 | 100,000 a | 110,048 |
New Jersey Educational Facilities Authority, Revenue | ||||
(Rowan University Issue) (Insured; FGIC) | 5.25 | 6/30/13 | 900,000 | 961,704 |
New Jersey Highway Authority, Senior Parkway | ||||
Revenue (Garden State Parkway) (Insured; FGIC) | 5.00 | 1/1/10 | 1,110,000 | 1,151,114 |
New Jersey Transit Corporation, COP (Federal Transit | ||||
Administration Grants) (Insured; AMBAC) | 6.00 | 9/15/10 | 2,000,000 a | 2,150,540 |
New Jersey Turnpike Authority, | ||||
Turnpike Revenue (Insured; FGIC) | 5.00 | 1/1/19 | 1,000,000 | 1,044,330 |
Tobacco Settlement Financing Corporation of New Jersey, | ||||
Tobacco Settlement Asset-Backed Bonds | 4.50 | 6/1/23 | 4,610,000 | 3,436,525 |
The Funds 25 |
STATEMENT OF INVESTMENTS (Unaudited) (continued) | ||||
BNY Mellon National Intermediate Municipal Bond Fund (continued) | ||||
Long-Term Municipal | Coupon | Maturity | Principal | |
Investments (continued) | Rate (%) | Date | Amount ($) | Value ($) |
New Mexico—.3% | ||||
New Mexico Finance Authority, Revenue | ||||
(Public Project Revolving Fund) (Insured; AMBAC) | 5.25 | 6/1/17 | 1,000,000 | 1,103,380 |
New Mexico Highway Commission, Tax Revenue | 6.00 | 6/15/10 | 2,000,000 a | 2,131,780 |
New York—12.9% | ||||
Albany Industrial Development Agency, Civic Facility | ||||
Revenue (Saint Peter’s Hospital of the City of Albany Project) | 5.75 | 11/15/22 | 1,000,000 | 898,530 |
Dutchess County Industrial Development Agency, IDR (IBM Project) | 5.45 | 12/1/09 | 2,500,000 | 2,546,625 |
Greece Central School District, GO (Insured; FGIC) | 6.00 | 6/15/10 | 225,000 | 240,129 |
Greece Central School District, GO (Insured; FGIC) | 6.00 | 6/15/11 | 950,000 | 1,053,673 |
Greece Central School District, GO (Insured; FGIC) | 6.00 | 6/15/12 | 950,000 | 1,088,766 |
Greece Central School District, GO (Insured; FGIC) | 6.00 | 6/15/13 | 950,000 | 1,123,308 |
Greece Central School District, GO (Insured; FGIC) | 6.00 | 6/15/14 | 950,000 | 1,142,859 |
Greece Central School District, GO (Insured; FGIC) | 6.00 | 6/15/15 | 950,000 | 1,161,508 |
Long Island Power Authority, Electric System General Revenue | 5.25 | 12/1/12 | 4,000,000 | 4,310,120 |
Long Island Power Authority, Electric System General Revenue | 6.00 | 5/1/33 | 7,500,000 | 7,902,225 |
Long Island Power Authority, Electric System | ||||
General Revenue (Insured; FGIC) | 5.25 | 12/1/20 | 10,000,000 | 10,258,200 |
Long Island Power Authority, Electric System | ||||
General Revenue (Insured; FGIC) | 5.00 | 12/1/23 | 7,500,000 | 7,877,400 |
Metropolitan Transportation Authority, Commuter Facilities Revenue | 5.50 | 7/1/11 | 1,000,000 | 1,013,360 |
Metropolitan Transportation Authority, | ||||
Dedicated Tax Fund Revenue (Insured; FGIC) | 5.25 | 4/1/13 | 2,000,000 | 2,025,860 |
Metropolitan Transportation Authority, | ||||
State Service Contract Revenue | 5.50 | 7/1/16 | 5,000,000 | 5,604,650 |
Metropolitan Transportation Authority, | ||||
State Service Contract Revenue | 5.75 | 1/1/18 | 1,500,000 | 1,705,815 |
Metropolitan Transportation Authority, Transit | ||||
Facilities Revenue (Insured; FGIC) | 0.00 | 7/1/11 | 1,000,000 e | 960,640 |
Metropolitan Transportation Authority, Transportation Revenue | 6.50 | 11/15/28 | 12,000,000 | 13,258,920 |
Monroe County, Public Improvement GO | 6.00 | 6/1/11 | 115,000 | 115,972 |
New York City, GO | 5.75 | 8/1/10 | 820,000 a | 883,452 |
New York City, GO | 5.75 | 8/1/13 | 830,000 | 880,680 |
New York City, GO (Insured; XLCA) | 5.50 | 8/1/10 | 2,000,000 | 2,109,960 |
New York City Municipal Water Finance Authority, Water and | ||||
Sewer System Second General Resolution Revenue | 5.00 | 6/15/40 | 6,000,000 | 5,783,640 |
New York City Municipal Water Finance Authority, Water and | ||||
Sewer System Second General Resolution Revenue | 5.50 | 6/15/40 | 3,500,000 | 3,623,585 |
New York City Transitional Finance Authority, Building Aid Revenue | 5.25 | 1/15/27 | 17,500,000 | 17,700,725 |
New York City Transitional Finance Authority, | ||||
Future Tax Secured Revenue | 6.13 | 5/15/10 | 175,000 a | 187,941 |
New York City Transitional Finance Authority, | ||||
Future Tax Secured Revenue | 5.38 | 11/15/21 | 1,050,000 | 1,095,276 |
New York City Transitional Finance Authority, | ||||
Future Tax Secured Revenue | 5.50/14.00 | 11/1/26 | 3,000,000 f | 3,174,780 |
26
BNY Mellon National Intermediate Municipal Bond Fund (continued) | ||||
Long-Term Municipal | Coupon | Maturity | Principal | |
Investments (continued) | Rate (%) | Date | Amount ($) | Value ($) |
New York (continued) | ||||
New York City Trust for Cultural Resources, | ||||
Revenue (The Museum of Modern Art) | 5.00 | 4/1/31 | 1,000,000 | 989,400 |
New York Liberty Development Corporation, Revenue | ||||
(Goldman Sachs Headquarters Issue) | 5.00 | 10/1/15 | 1,000,000 | 975,950 |
New York Local Government Assistance Corporation, Revenue | 6.00 | 4/1/12 | 2,595,000 | 2,789,755 |
New York State Dormitory Authority, Revenue | ||||
(Consolidated City University System) (Insured; FSA) | 5.75 | 7/1/18 | 200,000 | 229,136 |
New York State Dormitory Authority, Third General Resolution | ||||
Revenue (State University Educational Facilities Issue) | 5.25 | 5/15/12 | 3,800,000 | 4,025,150 |
New York State Environmental Facilities Corporation, State Clean | ||||
Water and Drinking Water Revolving Funds Revenue | ||||
(New York City Municipal Water Finance Authority Project) | 5.00 | 6/15/21 | 2,000,000 | 2,069,520 |
New York State Mortgage Agency, Homeowner Mortgage Revenue | 5.00 | 10/1/18 | 1,500,000 | 1,512,255 |
New York State Power Authority, Revenue | 5.00 | 11/15/12 | 2,000,000 a | 2,254,020 |
New York State Thruway Authority, Highway and | ||||
Bridge Trust Fund Bonds (Insured; FSA) | 6.00 | 4/1/10 | 1,000,000 a | 1,068,460 |
New York State Thruway Authority, Second General | ||||
Highway and Bridge Trust Fund Bonds | 5.00 | 4/1/15 | 5,000,000 | 5,576,650 |
New York State Thruway Authority, Second General | ||||
Highway and Bridge Trust Fund Bonds | 5.00 | 4/1/16 | 5,000,000 | 5,593,300 |
New York State Thruway Authority, Second General | ||||
Highway and Bridge Trust Fund Bonds | 5.00 | 4/1/21 | 5,000,000 | 5,289,600 |
New York State Thruway Authority, Second General | ||||
Highway and Bridge Trust Fund Bonds | 5.00 | 4/1/24 | 10,000,000 | 10,213,200 |
New York State Thruway Authority, Second General | ||||
Highway and Bridge Trust Fund Bonds (Insured; AMBAC) | 5.00 | 4/1/25 | 3,000,000 | 3,044,220 |
New York State Thruway Authority, Second General | ||||
Highway and Bridge Trust Fund Bonds (Insured; FSA) | 5.00 | 4/1/24 | 4,500,000 | 4,606,560 |
New York State Urban Development Corporation, Correctional | ||||
and Youth Facilities Service Contract Revenue | 5.00 | 1/1/11 | 5,000,000 | 5,141,650 |
Tobacco Settlement Financing Corporation of | ||||
New York, Asset-Backed Revenue Bonds | ||||
(State Contingency Contract Secured) | 5.50 | 6/1/19 | 5,000,000 | 5,125,100 |
Tobacco Settlement Financing Corporation of New York, | ||||
Asset-Backed Revenue Bonds (State Contingency | ||||
Contract Secured) (Insured; MBIA, Inc.) | 5.50 | 6/1/18 | 2,000,000 | 2,052,800 |
North Carolina—2.9% | ||||
Charlotte, GO | 5.00 | 4/1/13 | 1,000,000 | 1,125,750 |
Concord, COP (Insured; MBIA, Inc.) | 5.50 | 6/1/11 | 1,000,000 | 1,071,200 |
Durham County, Public Improvement GO | 5.00 | 4/1/15 | 2,000,000 | 2,154,960 |
Guilford County, Public Improvement GO | 5.10 | 10/1/10 | 1,500,000 a | 1,624,920 |
JPMorgan Chase Putters/Drivers Trust (North Carolina Capital | ||||
Facilities Finance Agency, Revenue (Duke University Project)) | 15.00 | 10/1/16 | 2,750,000 c | 2,923,910 |
North Carolina Eastern Municipal Power | ||||
Agency, Power System Revenue | 5.38 | 1/1/16 | 1,500,000 | 1,550,850 |
The Funds 27
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Intermediate Municipal Bond Fund (continued) | ||||
Long-Term Municipal | Coupon | Maturity | Principal | |
Investments (continued) | Rate (%) | Date | Amount ($) | Value ($) |
North Carolina (continued) | ||||
North Carolina Eastern Municipal Power Agency, | ||||
Power System Revenue | 5.00 | 1/1/17 | 8,000,000 | 9,123,840 |
North Carolina Eastern Municipal Power Agency, | ||||
Power System Revenue | 5.25 | 1/1/20 | 5,000,000 | 4,997,600 |
North Carolina Eastern Municipal Power Agency, | ||||
Power System Revenue (Insured; FGIC) | 6.00 | 1/1/25 | 4,075,000 | 4,019,376 |
North Carolina Municipal Power Agency Number 1, | ||||
Catawba Electric Revenue | 5.50 | 1/1/13 | 4,055,000 | 4,458,878 |
Raleigh Durham Airport Authority, Revenue (Insured; FGIC) | 5.25 | 11/1/13 | 2,465,000 | 2,552,951 |
Wake County Industrial Facilities and Pollution Control Financing | ||||
Authority, PCR (Carolina Power and Light Company Project) | 5.38 | 2/1/17 | 1,000,000 | 1,041,580 |
Ohio—2.6% | ||||
Akron, Sanitary Sewer System Special Revenue (Insured; AMBAC) | 6.00 | 12/1/14 | 500,000 | 522,460 |
American Municipal Power—Ohio, Inc., Electricity | ||||
Purpose Revenue (Prepayment Issue) | 5.00 | 2/1/10 | 5,000,000 | 4,910,300 |
Buckeye Tobacco Settlement Financing Authority, | ||||
Tobacco Settlement Asset-Backed Bonds | 5.13 | 6/1/24 | 11,540,000 | 8,424,085 |
Cuyahoga County, Revenue (Cleveland Clinic | ||||
Health System Obligated Group) | 6.00 | 1/1/15 | 2,265,000 | 2,450,911 |
Cuyahoga County, Revenue (Cleveland Clinic | ||||
Health System Obligated Group) | 6.00 | 1/1/17 | 3,900,000 | 4,297,839 |
Cuyahoga County, Revenue (Cleveland Clinic | ||||
Health System Obligated Group) | 5.75 | 1/1/24 | 4,000,000 | 4,054,000 |
Montgomery BMC Special Care Facilities Financing Authority, | ||||
Revenue (Baptist Health) (Insured; MBIA, Inc.) | 5.00 | 11/15/13 | 1,365,000 | 1,538,232 |
Montgomery County, Revenue (Catholic Health Initiatives) | 6.00 | 10/1/23 | 3,055,000 | 3,236,436 |
Ohio, Revitalization Project Revenue (Insured; AMBAC) | 5.00 | 10/1/11 | 1,300,000 | 1,389,752 |
Ohio Housing Finance Agency, MFHR (Uptown Towers | ||||
Apartments Project) (Collateralized; GNMA) | 4.75 | 10/20/15 | 1,000,000 | 1,023,290 |
Toledo-Lucas County Port Authority, | ||||
Port Facilities Revenue (Cargill, Inc. Project) | 4.50 | 12/1/15 | 900,000 | 944,595 |
Oklahoma—.0% | ||||
Oklahoma Housing Finance Agency, SFMR (Collateralized; FNMA) | 6.80 | 9/1/16 | 15,000 | 15,419 |
Oregon—.4% | ||||
Eagle Point School District Number 9, GO | 5.63 | 6/15/11 | 1,500,000 a | 1,646,640 |
Jackson County School District Number 6, GO | ||||
(Central Point) (Insured; FGIC) | 5.75 | 6/15/10 | 2,265,000 a | 2,406,925 |
Portland, Convention Center Urban Renewal and | ||||
Redevelopment Bonds (Insured; AMBAC) | 5.75 | 6/15/18 | 1,150,000 | 1,190,549 |
Pennsylvania—.5% | ||||
Allegheny County Hospital Development Authority, | ||||
Revenue (University of Pittsburgh Medical Center) | 5.25 | 6/15/15 | 1,620,000 | 1,730,111 |
Philadelphia School District, GO (Insured; AMBAC) | 5.00 | 4/1/17 | 2,165,000 | 2,328,241 |
Swarthmore Borough Authority, Revenue (Swarthmore College) | 5.00 | 9/15/11 | 1,000,000 | 1,087,940 |
Swarthmore Borough Authority, Revenue (Swarthmore College) | 5.00 | 9/15/12 | 1,400,000 | 1,553,132 |
28
BNY Mellon National Intermediate Municipal Bond Fund (continued) | ||||
Long-Term Municipal | Coupon | Maturity | Principal | |
Investments (continued) | Rate (%) | Date | Amount ($) | Value ($) |
Rhode Island—.1% | ||||
Rhode Island Health and Educational Building | ||||
Corporation, Higher Educational Facility Revenue | ||||
(Providence College Issue) (Insured; XLCA) | 4.50 | 11/1/17 | 795,000 | 812,450 |
Rhode Island Health and Educational Building | ||||
Corporation, Higher Educational Facility | ||||
Revenue (Providence College Issue) (Insured; XLCA) | 5.00 | 11/1/22 | 250,000 | 251,225 |
South Carolina—2.6% | ||||
Greenville County School District, Installment Purchase | ||||
Revenue (Building Equity Sooner for Tomorrow) | 5.25 | 12/1/10 | 10,000,000 | 10,607,700 |
Greenville County School District, Installment Purchase | ||||
Revenue (Building Equity Sooner for Tomorrow) | 5.25 | 12/1/11 | 5,650,000 | 6,130,702 |
Greenville County School District, Installment Purchase | ||||
Revenue (Building Equity Sooner for Tomorrow) | 5.88 | 12/1/12 | 3,000,000 a | 3,482,280 |
Greenville County School District, Installment Purchase | ||||
Revenue (Building Equity Sooner for Tomorrow) | 5.50 | 12/1/18 | 3,000,000 | 3,383,790 |
Greenville County School District, Installment Purchase | ||||
Revenue (Building Equity Sooner for Tomorrow) | 5.00 | 12/1/24 | 1,000,000 | 1,009,280 |
Horry County School District, GO (Insured; | ||||
South Carolina State Department of Education) | 5.38 | 3/1/17 | 5,030,000 | 5,454,834 |
Newberry Investing in Children’s Education, | ||||
Installment Purchase Revenue (School District | ||||
of Newberry County, South Carolina Project) | 5.25 | 12/1/20 | 1,000,000 | 986,550 |
South Carolina Jobs and Economic Development | ||||
Authority, Hospital Facilities Revenue | ||||
(Georgetown Memorial Hospital) (Insured; Radian) | 5.25 | 2/1/21 | 1,250,000 | 1,151,363 |
Tennessee—.2% | ||||
Metropolitan Government of Nashville and Davidson | ||||
County Health and Educational Facilities Board, | ||||
Revenue (The Vanderbilt University) | 5.00 | 10/1/19 | 2,825,000 | 2,946,447 |
Texas—4.9% | ||||
Austin, Public Improvement Bonds | 5.00 | 9/1/12 | 3,000,000 a | 3,348,540 |
Cities of Dallas and Fort Worth, Dallas/Fort Worth International | ||||
Airport, Joint Revenue Bonds (Insured; XLCA) | 5.00 | 11/1/14 | 5,000,000 | 5,030,100 |
Cities of Dallas and Fort Worth, Dallas/Fort Worth International | ||||
Airport, Joint Revenue Improvement Bonds (Insured; FGIC) | 5.50 | 11/1/31 | 1,000,000 | 917,550 |
Dallas, GO | 5.00 | 2/15/27 | 2,500,000 | 2,576,475 |
Forney Independent School District, Unlimited Tax School | ||||
Building Bonds (Permanent School Fund Guarantee Program) | 5.75 | 8/15/33 | 1,000,000 | 1,063,750 |
Harris County Health Facilities Development Corporation, HR | ||||
(Memorial Hermann Healthcare System) | 7.00 | 12/1/27 | 5,000,000 | 5,313,450 |
Houston, Combined Utility System First Lien | ||||
Revenue (Insured; AMBAC) | 5.00 | 5/15/11 | 11,000,000 | 11,399,080 |
Katy Independent School District, Unlimited Tax Refunding | ||||
Bonds (Permanent School Fund Guarantee Program) | 0.00 | 2/15/16 | 1,505,000 e | 1,203,579 |
Klein Independent School District, Unlimited Tax Schoolhouse | ||||
Bonds (Permanent School Fund Guarantee Program) | 5.00 | 8/1/19 | 1,575,000 | 1,659,089 |
The Funds 29
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Intermediate Municipal Bond Fund (continued) | ||||
Long-Term Municipal | Coupon | Maturity | Principal | |
Investments (continued) | Rate (%) | Date | Amount ($) | Value ($) |
Texas (continued) | ||||
Lower Colorado River Authority, Junior Lien Revenue | ||||
(Seventh Supplemental Series) (Insured; FSA) | 5.00 | 1/1/15 | 1,135,000 | 1,304,671 |
Lower Colorado River Authority, Transmission Contract Revenue | ||||
(LCRA Transmission Services Corporation Project) (Insured; FGIC) | 5.00 | 5/15/20 | 2,500,000 | 2,525,925 |
Lower Colorado River Authority, Transmission Contract Revenue | ||||
(LCRA Transmission Services Corporation Project) (Insured; FGIC) | 5.00 | 5/15/21 | 2,500,000 | 2,511,250 |
Plano Independent School District, Unlimited Tax School | ||||
Building Bonds (Permanent School Guarantee Program) | 5.00 | 2/15/12 | 3,000,000 a | 3,298,950 |
Royse City Independent School District, Unlimited Tax School | ||||
Building Bonds (Permanent School Guarantee Program) | 0.00 | 8/15/14 | 3,260,000 e | 2,800,275 |
San Antonio, General Improvement Bonds | 5.90 | 2/1/10 | 500,000 a | 524,195 |
Socorro Independent School District, Unlimited Tax School | ||||
Building Bonds (Permanent School Fund Guarantee Program) | 5.38 | 8/15/11 | 1,560,000 a | 1,712,412 |
Socorro Independent School District, Unlimited Tax School | ||||
Building Bonds (Permanent School Fund Guarantee Program) | 5.38 | 8/15/19 | 90,000 | 94,188 |
Southwest Higher Educational Authority Inc., Higher Educational | ||||
Revenue (Southern Methodist University Project) (Insured; AMBAC) | 5.50 | 10/1/12 | 1,000,000 a | 1,136,250 |
Texas A&M University System Board of Regents, | ||||
Financing System Revenue | 5.38 | 5/15/15 | 810,000 | 868,118 |
Texas Department of Housing and Community Affairs, SFMR | ||||
(Collateralized: FNMA and GNMA and Insured; MBIA, Inc.) | 5.45 | 9/1/23 | 1,845,000 | 1,847,509 |
Texas Municipal Power Agency, Revenue (Insured; FGIC) | 4.40 | 9/1/11 | 2,750,000 | 2,755,775 |
Texas Tech University System Board of Regents, | ||||
Finance System and Improvement Revenue (Insured; AMBAC) | 5.00 | 2/15/12 | 2,000,000 | 2,180,000 |
Texas Water Development Board, State Revolving | ||||
Fund Subordinate Lien Revenue | 5.00 | 7/15/24 | 4,500,000 | 4,683,870 |
Utah—.1% | ||||
Intermountain Power Agency, Power Supply Revenue (Insured; FSA) | 6.25 | 7/1/09 | 750,000 | 763,597 |
Vermont—.5% | ||||
Burlington, Electric Revenue (Insured; MBIA, Inc.) | 6.25 | 7/1/11 | 2,000,000 | 2,165,140 |
Burlington, Electric Revenue (Insured; MBIA, Inc.) | 6.25 | 7/1/12 | 2,500,000 | 2,770,900 |
Vermont Housing Finance Agency, SFHR (Insured; FSA) | 4.85 | 5/1/11 | 685,000 | 688,055 |
Virginia—.4% | ||||
Chesterfield County Industrial Development Authority, PCR | ||||
(Virginia Electric and Power Company Project) | 5.88 | 6/1/17 | 2,500,000 | 2,596,525 |
Newport News Industrial Development Authority, IDR | ||||
(Virginia Advanced Shipbuilding and Carrier Integration Center) | 5.50 | 9/1/10 | 1,000,000 | 1,064,500 |
University of Virginia Rector and Visitors, General Revenue Pledge | 5.00 | 6/1/18 | 1,665,000 | 1,798,849 |
Washington—.6% | ||||
Energy Northwest, Electric Revenue (Project Number 1) (Insured; FSA) | 5.50 | 7/1/13 | 1,000,000 | 1,100,710 |
Seattle, Municipal Light and Power Revenue | 5.50 | 12/1/10 | 1,000,000 | 1,072,870 |
Washington, GO (Various Purpose) (Insured; AMBAC) | 5.00 | 1/1/17 | 5,000,000 | 5,728,000 |
West Virginia—.6% | ||||
Monongalia County Building Commission, HR | ||||
(Monongalia General Hospital) | 5.25 | 7/1/20 | 4,055,000 | 3,659,800 |
30
BNY Mellon National Intermediate Municipal Bond Fund (continued) | ||||
Long-Term Municipal | Coupon | Maturity | Principal | |
Investments (continued) | Rate (%) | Date | Amount ($) | Value ($) |
West Virginia (continued) | ||||
West Virginia Economic Development Authority, PCR | ||||
(Appalachian Power Company—Amos Project) | 4.85 | 9/4/13 | 1,000,000 | 971,880 |
West Virginia Economic Development Authority, PCR | ||||
(Appalachian Power Company—Amos Project) | 4.85 | 9/4/13 | 2,600,000 | 2,526,888 |
Wisconsin—1.0% | ||||
Wisconsin, Transportation Revenue (Insured; FGIC) | 5.00 | 7/1/18 | 11,825,000 | 12,959,727 |
U.S. Related—3.7% | ||||
Puerto Rico Commonwealth, Public Improvement GO | 5.00 | 7/1/12 | 2,000,000 | 1,920,480 |
Puerto Rico Commonwealth, Public | ||||
Improvement GO (Insured; MBIA, Inc.) | 6.25 | 7/1/11 | 950,000 | 978,852 |
Puerto Rico Commonwealth, Public | ||||
Improvement GO (Insured; MBIA, Inc.) | 6.25 | 7/1/13 | 1,380,000 | 1,425,568 |
Puerto Rico Commonwealth, Public | ||||
Improvement GO (Insured; MBIA, Inc.) | 5.50 | 7/1/20 | 5,500,000 | 5,189,195 |
Puerto Rico Commonwealth, Public | ||||
Improvement GO (Insured; MBIA, Inc.) | 5.50 | 7/1/20 | 5,000,000 | 4,717,450 |
Puerto Rico Electric Power Authority, | ||||
Power Revenue (Insured; MBIA, Inc.) | 5.25 | 7/1/15 | 2,000,000 | 1,978,100 |
Puerto Rico Electric Power Authority, | ||||
Power Revenue (Insured; MBIA, Inc.) | 5.00 | 7/1/17 | 3,940,000 | 3,795,244 |
Puerto Rico Government Development Bank, Senior Notes | 5.00 | 12/1/12 | 10,000,000 | 9,951,500 |
Puerto Rico Government Development Bank, Senior Notes | 5.00 | 12/1/13 | 4,000,000 | 3,906,760 |
Puerto Rico Highways and Transportation Authority, | ||||
Highway Revenue (Insured; MBIA, Inc.) | 6.25 | 7/1/09 | 85,000 | 86,684 |
Puerto Rico Highways and Transportation Authority, | ||||
Highway Revenue (Insured; MBIA, Inc.) | 6.25 | 7/1/09 | 65,000 | 65,790 |
Puerto Rico Highways and Transportation Authority, | ||||
Transportation Revenue (Insured; MBIA, Inc.) | 5.88 | 7/1/10 | 1,405,000 a | 1,505,851 |
Puerto Rico Highways and Transportation Authority, | ||||
Transportation Revenue (Insured; MBIA, Inc.) | 5.88 | 7/1/10 | 2,595,000 a | 2,767,126 |
Puerto Rico Housing Finance Authority, Capital Fund Program | ||||
Revenue (Puerto Rico Public Housing Administration Projects) | 5.00 | 12/1/11 | 580,000 | 629,892 |
Puerto Rico Housing Finance Authority, Capital Fund Program | ||||
Revenue (Puerto Rico Public Housing Administration Projects) | 5.00 | 12/1/11 | 420,000 | 446,636 |
Puerto Rico Public Buildings Authority, Government Facility Revenue | 5.50 | 7/1/14 | 1,000,000 | 988,330 |
Puerto Rico Public Buildings Authority, Government Facility Revenue | 5.50 | 7/1/15 | 995,000 | 979,259 |
Puerto Rico Public Buildings Authority, Government Facility Revenue | 5.50 | 7/1/15 | 5,000 | 5,928 |
Puerto Rico Public Buildings Authority, Government Facility Revenue | 5.50 | 7/1/16 | 1,995,000 | 1,946,083 |
Puerto Rico Public Buildings Authority, Government Facility Revenue | 5.50 | 7/1/16 | 5,000 | 5,995 |
Puerto Rico Public Buildings Authority, Government Facility Revenue | 5.75 | 7/1/17 | 5,000 | 6,141 |
Puerto Rico Public Buildings Authority, Government Facility Revenue | 5.75 | 7/1/17 | 1,940,000 | 1,914,586 |
Puerto Rico Public Buildings Authority, | ||||
Government Facility Revenue (Insured; AMBAC) | 6.25 | 7/1/10 | 750,000 | 773,588 |
Total Long-Term Municipal Investments | ||||
(cost $1,160,273,789) | 1,153,774,478 |
The Funds 31
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Intermediate Municipal Bond Fund (continued) | ||||
Short-Term Municipal | Coupon | Maturity | Principal | |
Investments—6.1% | Rate (%) | Date | Amount ($) | Value ($) |
Alaska—.7% | ||||
Alaska Industrial Development and Export Authority, | ||||
Revenue (Greater Fairbanks Community Hospital | ||||
Foundation Project) (Insured; FSA) | 1.12 | 3/7/09 | 10,000,000 g | 9,037,500 |
California—1.0% | ||||
Irvine Reassessment District, Limited Obligation Improvement | ||||
Bonds (Insured; FSA and Liquidity Facility; Dexia Credit Locale) | 1.25 | 3/1/09 | 12,600,000 g | 12,600,000 |
Colorado—.9% | ||||
Colorado Educational and Cultural Facilities Authority, Revenue | ||||
(National Jewish Federation Bond Program) (LOC; U.S. Bank NA) | 0.65 | 3/1/09 | 700,000 g | 700,000 |
Colorado Educational and Cultural Facilities Authority, Revenue | ||||
(National Jewish Federation Bond Program) (LOC; U.S. Bank NA) | 0.70 | 3/1/09 | 200,000 g | 200,000 |
Denver City and County, MFHR (Ogden Residences | ||||
Project) (LOC; Credit Lyonnais) | 1.00 | 3/1/09 | 900,000 g | 900,000 |
Pitkin County, IDR, Refunding (Aspen Skiing Company | ||||
Project) (LOC; JPMorgan Chase Bank) | 0.65 | 3/1/09 | 9,100,000 g | 9,100,000 |
Illinois—.3% | ||||
Illinois Finance Authority, Revenue (Resurrection | ||||
Health Care) (LOC; JPMorgan Chase Bank) | 0.75 | 3/1/09 | 4,215,000 g | 4,215,000 |
Kentucky—.3% | ||||
Trimble County, Lease Program Revenue (Kentucky | ||||
Association of Counties Leasing Trust) (LOC; U.S. Bank NA) | 0.60 | 3/1/09 | 4,000,000 g | 4,000,000 |
Maryland—.1% | ||||
Westminster, EDR (Carroll Lutheran Village, Inc.) | ||||
(LOC; Citizens Bank of Pennslyvania) | 0.60 | 3/1/09 | 900,000 g | 900,000 |
Massachusetts—.8% | ||||
Massachusetts Consolidated Loan | ||||
(Liquidity Facility; Dexia Credit Locale) | 1.20 | 3/1/09 | 7,790,000 g | 7,790,000 |
Massachusetts Health and Educational Facilities Authority, | ||||
Revenue (Capital Asset Program Issue) (LOC; Bank of America) | 0.60 | 3/1/09 | 1,400,000 g | 1,400,000 |
Massachusetts Health and Educational Facilities Authority, Revenue | ||||
(University of Massachusetts Issue) (LOC; Dexia Credit Locale) | 1.60 | 3/7/09 | 400,000 g | 400,000 |
Nebraska—.2% | ||||
Lancaster County Hospital Authority Number 1, | ||||
Health Facilities Revenue (Immanuel Health | ||||
Systems-Williamsburg Project) (LOC; Allied Irish Banks) | 1.00 | 3/1/09 | 2,900,000 g | 2,900,000 |
New York—.8% | ||||
New York City, GO Notes (LOC; Dexia Credit Locale) | 0.58 | 3/1/09 | 2,000,000 g | 2,000,000 |
New York City Transitional Finance Authority, Revenue | ||||
(New York City Recovery) (Liquidity Facility; Dexia Credit Locale) | 0.75 | 3/1/09 | 8,300,000 g | 8,300,000 |
Oregon—.2% | ||||
Multnomah County Hospital Facilities Authority, Revenue, | ||||
Refunding (Holladay Park Plaza Project) (LOC; Allied Irish Banks) | 0.70 | 3/1/09 | 2,300,000 g | 2,300,000 |
32
BNY Mellon National Intermediate Municipal Bond Fund (continued) | ||||
Short-Term Municipal | Coupon | Maturity | Principal | |
Investments (continued) | Rate (%) | Date | Amount ($) | Value ($) |
Pennsylvania—.1% | ||||
Lancaster County Hospital Authority, Health System | ||||
Revenue (The Lancaster General Hospital | ||||
Refunding Project) (LOC; Bank of America) | 0.52 | 3/1/09 | 700,000 g | 700,000 |
South Carolina—.2% | ||||
Charleston County, HR (CareAlliance Health | ||||
Services) (LOC; Bank of America) | 0.65 | 3/1/09�� | 2,400,000 g | 2,400,000 |
Tennessee—.1% | ||||
Chattanooga Health Educational and Housing Facility | ||||
Board, HR, Refunding (Siskin Hospital for Physical | ||||
Rehabilitation, Inc. Project) (LOC; Bank of America) | 0.60 | 3/1/09 | 500,000 g | 500,000 |
Montgomery County Public Building Authority, Pooled Financing | ||||
Revenue (Tennessee County Loan Pool) (LOC; Bank of America) | 0.60 | 3/1/09 | 300,000 g | 300,000 |
Washington—.0% | ||||
Washington Housing Finance Commission, Nonprofit Housing | ||||
Revenue (Franke Tobey Jones Project) (LOC; Wells Fargo Bank) | 0.90 | 3/1/09 | 400,000 g | 400,000 |
Wyoming—.4% | ||||
Sweetwater County, PCR, Refunding (Pacificorp | ||||
Projects) (LOC; Barclays Bank PLC) | 0.55 | 3/1/09 | 4,800,000 g | 4,800,000 |
Total Short-Term Municipal Investments (cost $75,205,000) | 75,842,500 | |||
Total Investments (cost $1,235,478,789) | 98.5% | 1,229,616,978 | ||
Cash and Receivables (Net) | 1.5% | 18,562,977 | ||
Net Assets | 100.0% | 1,248,179,955 |
a These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in |
escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date. |
b Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity. |
c Variable rate security—interest rate subject to periodic change. |
d Non-income producing—security in default. |
e Security issued with a zero coupon. Income is recognized through the accretion of discount. |
f Subject to interest rate change on November 1, 2011. |
g Variable rate demand note—rate shown is the interest rate in effect at February 28, 2009. Maturity date represents the next demand date, or the ultimate maturity date if earlier. |
The Funds 33
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Summary of Abbreviations | ||||||
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 | BIGI | Bond Investors Guaranty Insurance | |||
BPA | Bond Purchase Agreement | CGIC | Capital Guaranty Insurance Company | |||
CIC | Continental Insurance Company | CIFG | CDC Ixis Financial Guaranty | |||
CMAC | Capital Markets Assurance Corporation | COP | Certificate of Participation | |||
CP | Commercial Paper | EDR | Economic Development Revenue | |||
EIR | Environmental Improvement Revenue | 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 | |||
FSA | Financial Security Assurance | 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 | LOC | Letter of Credit | |||
LOR | Limited Obligation Revenue | LR | Lease Revenue | |||
MFHR | Multi-Family Housing Revenue | MFMR | Multi-Family Mortgage Revenue | |||
PCR | Pollution Control Revenue | PILOT | Payment in Lieu of Taxes | |||
RAC | Revenue Anticipation Certificates | RAN | Revenue Anticipation Notes | |||
RAW | Revenue Anticipation Warrants | RRR | Resources Recovery Revenue | |||
SAAN | State Aid Anticipation Notes | SBPA | Standby Bond Purchase Agreement | |||
SFHR | Single Family Housing Revenue | SFMR | Single Family Mortgage Revenue | |||
SONYMA | State of New York Mortgage Agency | SWDR | Solid Waste Disposal Revenue | |||
TAN | Tax Anticipation Notes | TAW | Tax Anticipation Warrants | |||
TRAN | Tax and Revenue Anticipation Notes | XLCA | XL Capital Assurance | |||
Summary of Combined Ratings (Unaudited) | ||||||
Fitch | or | Moody’s | or | Standard & Poor’s | Value (%)† | |
AAA | Aaa | AAA | 38.1 | |||
AA | Aa | AA | 32.8 | |||
A | A | A | 12.4 | |||
BBB | Baa | BBB | 11.1 | |||
F1 | MIG1/P1 | SP1/A1 | 5.4 | |||
Not Ratedh | Not Ratedh | Not Ratedh | .2 | |||
100.0 |
† Based on total investments. |
h Securities which, while not rated by Fitch, Moody’s and Standard & Poor’s, have been determined by the investment adviser to be of comparable quality to those rated securities in |
which the fund may invest. |
See notes to financial statements. |
34
STATEMENT OF INVESTMENTS February 28, 2009 (Unaudited) |
BNY Mellon National Short-Term Municipal Bond Fund | ||||
Long-Term Municipal | Coupon | Maturity | Principal | |
Investments—91.3% | Rate (%) | Date | Amount ($) | Value ($) |
Alabama—1.4% | ||||
Alabama Public School and College Authority, | ||||
Capital Improvement Bonds | 5.63 | 7/1/13 | 1,000,000 | 1,028,660 |
Jefferson County, Sewer Revenue Warrants (Insured; FSA) | 5.25 | 2/1/13 | 3,000,000 | 2,421,750 |
Arizona—4.6% | ||||
Arizona Transportation Board, Transportation Excise Tax | ||||
Revenue (Maricopa County Regional Area Road Fund) | 4.50 | 7/1/10 | 1,575,000 | 1,647,340 |
Chandler Industrial Development Authority, | ||||
IDR (Intel Corporation Project) | 4.38 | 12/1/10 | 5,200,000 | 5,101,512 |
Pima County, GO (Insured; FSA) | 4.00 | 7/1/13 | 1,000,000 | 1,016,880 |
University of Arizona Board of Regents, System Revenue | 6.20 | 6/1/16 | 3,000,000 | 3,493,260 |
California—6.0% | ||||
California, Economic Recovery Bonds | 5.00 | 1/1/11 | 1,775,000 | 1,860,679 |
California Department of Water Resources, Power Supply Revenue | 5.50 | 5/1/11 | 2,000,000 | 2,141,300 |
California Infrastructure and Economic Development | ||||
Bank, Revenue (The J. Paul Getty Trust) | 3.90 | 12/1/11 | 2,000,000 | 2,107,780 |
California Statewide Communities Development | ||||
Authority, MFHR (Clara Park/Cypress Sunrise/ | ||||
Wysong Plaza Apartments) (Collateralized; GNMA) | 4.55 | 1/20/16 | 1,335,000 | 1,383,140 |
Del Mar Race Track Authority, Revenue | 5.00 | 8/15/09 | 1,080,000 | 1,085,011 |
Golden State Tobacco Securitization Corporation, | ||||
Tobacco Settlement Asset-Backed Bonds | 5.00 | 6/1/11 | 1,005,000 | 990,267 |
Los Angeles Unified School District, GO (Insured; AMBAC) | 5.00 | 7/1/10 | 1,000,000 | 1,049,000 |
Sacramento County Sanitation Districts Financing Authority, Revenue | ||||
(Sacramento Regional County Sanitation District) (Insured; AMBAC) | 5.00 | 12/1/14 | 1,000,000 a | 1,161,620 |
San Bernardino County Housing Authority, MFHR | ||||
(Equity Residential/Redlands Lawn and Tennis Apartments) | 5.20 | 6/15/09 | 3,000,000 | 3,000,000 |
Colorado—1.1% | ||||
Black Hawk, Device Tax Revenue | 5.00 | 12/1/11 | 600,000 | 594,552 |
Colorado Health Facilities Authority, Health Facilities Revenue | ||||
(The Evangelical Lutheran Good Samaritan Society Project) | 3.75 | 6/1/09 | 1,000,000 | 1,002,020 |
Colorado Health Facilities Authority, Health Facilities Revenue | ||||
(The Evangelical Lutheran Good Samaritan Society Project) | 5.00 | 6/1/10 | 1,000,000 | 1,013,670 |
Connecticut—1.1% | ||||
Connecticut Health and Educational Facilities Authority, | ||||
Revenue (Ascension Health Credit Group) | 3.50 | 2/1/12 | 1,500,000 | 1,520,055 |
Connecticut Health and Educational Facilities Authority, | ||||
Revenue (Quinnipiac University Issue) (Insured; MBIA, Inc.) | 5.00 | 7/1/12 | 1,190,000 | 1,288,223 |
Florida—11.9% | ||||
Florida Department of Environmental Protection, | ||||
Florida Forever Revenue (Insured; FGIC) | 5.25 | 7/1/16 | 3,250,000 | 3,519,522 |
Florida Department of Environmental Protection, | ||||
Preservation 2000 Revenue (Insured; FSA) | 5.25 | 7/1/13 | 5,000,000 | 5,064,050 |
Florida Hurricane Catastrophe Fund Finance Corporation, Revenue | 5.00 | 7/1/10 | 3,000,000 | 3,080,820 |
Florida Rural Utility Financing Commission, Revenue | ||||
Notes (Public Projects Construction) | 4.00 | 2/1/11 | 1,250,000 | 1,259,700 |
The Funds 35
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Short-Term Municipal Bond Fund (continued) | ||||
Long-Term Municipal | Coupon | Maturity | Principal | |
Investments (continued) | Rate (%) | Date | Amount ($) | Value ($) |
Florida (continued) | ||||
Florida State Board of Education, Lottery Revenue (Insured; MBIA, Inc.) | 5.00 | 7/1/09 | 2,735,000 | 2,764,593 |
Florida State Board of Education, Public Education | ||||
Capital Outlay Bonds (Insured; FGIC) | 5.25 | 6/1/13 | 3,000,000 | 3,346,440 |
Miami-Dade County Health Facilities Authority, HR | ||||
(Miami Children’s Hospital Project) (Insured; AMBAC) | 5.50 | 8/15/11 | 2,450,000 | 2,694,902 |
Miami-Dade County School Board, COP (Master Lease | ||||
Purchase Agreement) (Insured; MBIA, Inc.) | 5.00 | 5/1/11 | 1,885,000 a | 2,051,238 |
Orlando-Orange County Expressway Authority, | ||||
Revenue (Insured; AMBAC) | 5.00 | 7/1/12 | 2,000,000 | 2,128,600 |
Palm Beach County School Board, COP (Master Lease | ||||
Purchase Agreement) (Insured; AMBAC) | 5.25 | 8/1/11 | 1,000,000 | 1,062,470 |
Palm Beach County School Board, COP (Master Lease | ||||
Purchase Agreement) (Insured; FGIC) | 5.00 | 8/1/11 | 2,200,000 | 2,230,316 |
Georgia—3.0% | ||||
Burke County Development Authority, PCR (Oglethorpe | ||||
Power Corporation Vogtle Project) | 6.50 | 4/1/11 | 2,000,000 | 2,009,720 |
Forsyth County, GO | 5.00 | 3/1/12 | 2,000,000 | 2,194,600 |
Georgia, GO | 4.00 | 1/1/15 | 2,000,000 | 2,183,740 |
Gwinnett County School District, GO | 5.00 | 2/1/11 | 1,000,000 | 1,072,050 |
Hawaii—.4% | ||||
Hawaii, GO (Insured; MBIA, Inc.) | 5.50 | 8/1/11 | 1,000,000 | 1,095,500 |
Idaho—1.1% | ||||
University of Idaho Regents, General Revenue (Insured; FSA) | 4.38 | 4/1/11 | 2,500,000 | 2,596,850 |
Illinois—6.4% | ||||
Chicago, Senior Lien Water Revenue (Insured; AMBAC) | 5.50 | 11/1/11 | 1,750,000 a | 1,934,485 |
Chicago, Senior Lien Water Revenue (Insured; AMBAC) | 5.50 | 11/1/11 | 1,000,000 a | 1,105,420 |
Illinois, GO (Fund for Infrastructure, Roads, | ||||
Schools and Transit) (Insured; FGIC) | 6.00 | 1/1/17 | 5,575,000 | 5,770,682 |
Illinois, GO (Fund for Infrastructure, Roads, | ||||
Schools and Transit) (Insured; FSA) | 5.25 | 10/1/11 | 2,000,000 | 2,189,580 |
Illinois, Sales Tax Revenue (Fund for Infrastructure, | ||||
Roads, Schools and Transit) | 5.50 | 6/15/13 | 1,100,000 | 1,178,067 |
Illinois Educational Facilities Authority, | ||||
Revenue (University of Chicago) | 4.05 | 7/1/09 | 1,000,000 | 1,009,960 |
Metropolitan Pier and Exposition Authority, | ||||
Dedicated State Tax Revenue (Insured; AMBAC) | 5.38 | 6/1/14 | 2,500,000 | 2,519,725 |
Indiana—1.4% | ||||
Indiana Health and Educational Facility Financing | ||||
Authority, HR (Clarian Health Obligated Group) | 5.00 | 2/15/11 | 1,000,000 | 1,012,390 |
Indiana Health Facility Financing Authority, HR | ||||
(The Methodist Hospitals, Inc.) | 5.25 | 9/15/09 | 2,415,000 | 2,409,880 |
Iowa—1.5% | ||||
Coralville, Annual Appropriation GO Urban Renewal | ||||
Bond Anticipation Project Notes | 4.25 | 6/1/09 | 1,085,000 | 1,093,919 |
36
BNY Mellon National Short-Term Municipal Bond Fund (continued) | ||||
Long-Term Municipal | Coupon | Maturity | Principal | |
Investments (continued) | Rate (%) | Date | Amount ($) | Value ($) |
Iowa (continued) | ||||
Iowa Higher Education Loan Authority, Private College | ||||
Facility Revenue (Grimmell College Project) | 2.10 | 12/1/11 | 2,500,000 | 2,507,125 |
Kentucky—1.8% | ||||
Kentucky Economic Development Finance Authority, | ||||
Health System Revenue (Norton Healthcare, Inc.) | 6.25 | 10/1/10 | 335,000 a | 363,438 |
Kentucky Economic Development Finance Authority, | ||||
Health System Revenue (Norton Healthcare, Inc.) | 6.25 | 10/1/12 | 665,000 | 678,473 |
Kentucky Property and Buildings Commission, | ||||
Revenue (Project Number 69) (Insured; FSA) | 5.25 | 8/1/14 | 1,450,000 | 1,549,310 |
Kentucky Property and Buildings Commission, | ||||
Revenue (Project Number 72) (Insured; MBIA, Inc.) | 5.38 | 10/1/11 | 1,550,000 a | 1,709,138 |
Louisiana—.8% | ||||
Louisiana Public Facilities Authority, Revenue | ||||
(Department of Public Safety Project) (Insured; FSA) | 5.00 | 8/1/10 | 1,765,000 | 1,854,980 |
Maryland—.4% | ||||
Maryland Health and Higher Educational | ||||
Facilities Authority, Revenue (The Johns Hopkins | ||||
Health System Obligated Group Issue) | 5.00 | 11/15/11 | 1,000,000 | 1,058,470 |
Massachusetts—6.4% | ||||
Massachusetts, Consolidated Loan (Insured; FGIC) | 5.25 | 11/1/12 | 2,000,000 a | 2,217,380 |
Massachusetts, Cosolidated Loan (Insured; FSA) | 5.50 | 11/1/12 | 2,000,000 | 2,264,900 |
Massachusetts, Federal Highway, GAN (Insured; FSA) | 5.75 | 6/15/12 | 2,000,000 | 2,137,440 |
Massachusetts Development Finance Agency, RRR | ||||
(Waste Management, Inc. Project) | 6.90 | 12/1/09 | 1,000,000 | 1,002,530 |
Massachusetts Health and Educational Facilities Authority, | ||||
Revenue (Milford Regional Medical Center Issue) | 5.00 | 7/15/09 | 340,000 | 338,535 |
Massachusetts Health and Educational Facilities Authority, | ||||
Revenue (Milford Regional Medical Center Issue) | 5.00 | 7/15/10 | 200,000 | 195,654 |
Massachusetts Health and Educational Facilities Authority, | ||||
Revenue (Northeastern University Issue) | 5.00 | 10/1/10 | 2,500,000 | 2,586,500 |
Massachusetts Health and Educational Facilities Authority, | ||||
Revenue (Simmons College Issue) | 6.13 | 10/1/14 | 1,000,000 | 1,019,090 |
Massachusetts Housing Finance Agency, Housing Revenue | 4.20 | 12/1/10 | 620,000 | 637,837 |
Massachusetts Water Pollution | ||||
Abatement Trust (Pool Program) | 5.00 | 8/1/12 | 3,000,000 a | 3,250,500 |
Minnesota—.9% | ||||
Northern Municipal Power Agency, Electric System Revenue | ||||
(Insured; Assured Guarranty) | 5.00 | 1/1/12 | 2,000,000 | 2,131,860 |
Mississippi—.8% | ||||
Mississippi Business Finance Corporation, SWDR | ||||
(Waste Management, Inc. Project) | 4.40 | 3/1/11 | 1,000,000 | 940,610 |
Mississippi Hospital Equipment and Facilities Authority, | ||||
Hospital Refunding and Improvement Revenue | ||||
(South Central Regional Medical Center) | 5.00 | 12/1/09 | 1,085,000 | 1,075,246 |
The Funds 37
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Short-Term Municipal Bond Fund (continued) | ||||
Long-Term Municipal | Coupon | Maturity | Principal | |
Investments (continued) | Rate (%) | Date | Amount ($) | Value ($) |
Missouri—1.3% | ||||
Bi-State Development Agency of the Missouri-Illinois Metropolitan | ||||
District, Subordinate Mass Transit Sales Tax Appropriation | ||||
Revenue (Metrolink Cross County Extension Project) | 3.95 | 10/1/09 | 1,000,000 | 1,019,900 |
Blue Springs Neighborhood Improvement District, Limited | ||||
GO Temporary Notes (South Area Sewer Improvement Project) | 4.13 | 3/1/09 | 1,000,000 | 1,000,340 |
Rockwood R-6 School District, GO | 5.00 | 2/1/12 | 1,035,000 | 1,136,596 |
Montana—1.4% | ||||
Montana Board of Regents of Higher Education, University of | ||||
Montana Facilities Improvement Revenue (Insured; MBIA, Inc.) | 5.75 | 5/15/10 | 350,000 a | 377,762 |
Montana Board of Regents of Higher Education, University of | ||||
Montana Facilities Improvement Revenue (Insured; MBIA, Inc.) | 5.75 | 5/15/24 | 3,000,000 | 3,133,380 |
Nevada—1.3% | ||||
Clark County, PCR (Southern California Edison Company) | 3.25 | 3/2/09 | 2,000,000 | 1,999,460 |
Truckee Meadows Water Authority, Water Revenue (Insured; FSA) | 5.50 | 7/1/15 | 1,000,000 | 1,073,900 |
New Hampshire—3.6% | ||||
Manchester, School Facilities Revenue (Insured; MBIA, Inc.) | 5.50 | 6/1/13 | 4,465,000 a | 5,064,516 |
New Hampshire Health and Education Facilities Authority, Revenue | ||||
(Center for Life Management Issue) (LOC; Ocean National Bank) | 4.05 | 7/1/11 | 2,505,000 | 2,526,368 |
Portsmouth, GO | 5.00 | 9/15/13 | 1,000,000 | 1,113,630 |
New Jersey—.1% | ||||
New Jersey Economic Development Authority, Cigarette Tax Revenue | 5.63 | 6/15/17 | 110,000 | 99,493 |
University of Medicine and Dentistry of New Jersey, | ||||
COP (Insured; MBIA, Inc.) | 6.75 | 12/1/09 | 240,000 | 240,617 |
New Mexico—1.2% | ||||
New Mexico Finance Authority, State Transportation | ||||
Subordinate Lien Revenue (Insured; AMBAC) | 5.00 | 6/15/11 | 2,750,000 | 2,958,560 |
New York—3.2% | ||||
Buffalo and Fort Erie Public Bridge Authority, Toll Bridge System | ||||
Revenue (Liquidity Facility; Bank of Nova Scotia) | 4.00 | 7/1/10 | 1,000,000 | 1,035,860 |
New York City, GO | 5.00 | 8/1/10 | 2,000,000 | 2,098,820 |
New York City Transitional Finance Authority, | ||||
Future Tax Secured Revenue | 5.50/14.00 | 11/1/26 | 1,500,000 b | 1,587,390 |
Troy Industrial Development Authority, Civic Facility | ||||
Revenue (Rensselaer Polytechnic Institute Project) | 5.00 | 9/1/10 | 3,000,000 | 3,092,670 |
North Carolina—2.2% | ||||
Charlotte, COP, Refunding (Convention Facility Project) | 5.00 | 8/1/10 | 3,000,000 | 3,160,830 |
North Carolina Eastern Municipal Power Agency, | ||||
Power System Revenue (Insured; Assured Guaranty) | 5.00 | 1/1/13 | 2,000,000 | 2,115,060 |
Ohio—3.0% | ||||
American Municipal Power—Ohio, Inc., | ||||
Electricity Purpose Revenue (Prepayment Issue) | 5.00 | 2/1/11 | 3,000,000 | 2,998,080 |
Buckeye Tobacco Settlement Financing Authority, | ||||
Tobacco Settlement Asset-Backed Bonds | 5.13 | 6/1/24 | 2,405,000 | 1,755,626 |
38
BNY Mellon National Short-Term Municipal Bond Fund (continued) | ||||
Long-Term Municipal | Coupon | Maturity | Principal | |
Investments (continued) | Rate (%) | Date | Amount ($) | Value ($) |
Ohio (continued) | ||||
Lorain County, Hospital Facilities Improvement | ||||
Revenue (Catholic Healthcare Partners) | 5.63 | 10/1/12 | 2,500,000 | 2,644,800 |
Pennsylvania—.6% | ||||
Pennsylvania, GO (Insured; FGIC) | 5.00 | 10/1/10 | 1,055,000 | 1,119,840 |
Sayre Health Care Facilities Authority, Revenue (Guthrie Health Issue) | 5.50 | 12/1/09 | 400,000 | 406,152 |
South Carolina—.7% | ||||
Horry County School District, GO (Insured; MBIA, Inc.) | 5.00 | 1/1/11 | 1,660,000 | 1,771,552 |
Tennessee—1.0% | ||||
Tennessee Energy Acquisition Corporation, Gas Project Revenue | 5.00 | 9/1/09 | 2,500,000 | 2,467,675 |
Texas—8.5% | ||||
Austin, Hotel Occupancy Tax Revenue (Convention | ||||
Center/Waller Creek Venue Project) (Insured; AMBAC) | 5.25 | 11/15/19 | 3,000,000 | 3,063,720 |
Austin, Water and Wastewater System Revenue | 4.00 | 11/15/13 | 1,500,000 | 1,615,620 |
Dallas Area Rapid Transit, Senior Lien | ||||
Sales Tax Revenue (Insured; AMBAC) | 5.38 | 12/1/13 | 2,135,000 | 2,319,742 |
Harris County, Toll Road Unlimited Tax and Subordinate Lien Revenue | 5.00 | 8/15/12 | 2,100,000 | 2,326,947 |
Harris County Cultural Education Facilities Finance | ||||
Corporation, Revenue (The Methodist Hospital System) | 5.25 | 12/1/12 | 1,000,000 | 1,067,110 |
Lower Colorado River Authority, Revenue (Insured; FSA) | 5.88 | 5/15/15 | 5,000,000 | 5,085,500 |
Montgomery County, Unlimited Tax Adjustable | ||||
Rate Road Bonds (Insured; FSA) | 5.00 | 9/1/10 | 1,050,000 | 1,097,533 |
North Texas Tollway Authority, First Tier System Revenue | 5.00 | 1/1/13 | 1,000,000 | 999,590 |
Port Arthur Independent School District, Unlimited | ||||
Tax School Building Bonds (Insured; AMBAC) | 5.25 | 2/15/18 | 1,000,000 | 1,015,090 |
Texas A & M University System Board of | ||||
Regents, Financing System Revenue | 5.00 | 5/15/13 | 1,375,000 c | 1,532,121 |
Texas Municipal Gas Acquisition and Supply | ||||
Corporation I, Gas Supply Revenue | 5.00 | 12/15/13 | 720,000 | 635,544 |
Virginia—6.0% | ||||
Louisa Industrial Development Authority, PCR | ||||
(Virginia Electric and Power Company Project) | 5.00 | 12/1/11 | 1,500,000 | 1,526,685 |
Pittsylvania County, GO School Notes | 4.50 | 2/1/11 | 1,500,000 | 1,526,490 |
Rappahannock Regional Jail Authority, Regional Jail Facility GAN | 4.25 | 12/1/09 | 3,000,000 | 3,006,240 |
Riverside Regional Jail Authority, Jail Facility Senior RAN | 4.25 | 7/1/10 | 3,000,000 | 3,035,400 |
Virginia College Building Authority, Educational Facilities | ||||
Revenue (21st Century College and Equipment Programs) | 5.00 | 2/1/11 | 2,500,000 | 2,676,800 |
Western Virginia Regional Jail Authority, Regional Jail Facility RAN | 4.13 | 12/1/09 | 3,000,000 | 3,008,760 |
Washington—1.9% | ||||
Seattle, Municipal Light and Power Improvement Revenue | 5.00 | 4/1/12 | 1,145,000 | 1,252,069 |
Washington, GO (Various Purpose) (Insured; AMBAC) | 5.00 | 7/1/12 | 3,000,000 | 3,317,370 |
Wisconsin—.4% | ||||
Wisconsin, GO (Insured; MBIA, Inc.) | 5.00 | 5/1/12 | 1,000,000 | 1,097,180 |
The Funds 39
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Short-Term Municipal Bond Fund (continued) | ||||
Long-Term Municipal | Coupon | Maturity | Principal | |
Investments (continued) | Rate (%) | Date | Amount ($) | Value ($) |
U.S. Related—3.9% | ||||
Puerto Rico Highways and Transportation Authority, | ||||
Highway Revenue (Insured; MBIA, Inc.) | 6.00 | 7/1/11 | 2,000,000 | 2,109,420 |
Puerto Rico Highways and Transportation Authority, | ||||
Transportation Revenue | 5.25 | 7/1/12 | 1,000,000 a | 1,108,200 |
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue | 4.50 | 7/1/10 | 4,105,000 | 4,113,662 |
University of Puerto Rico, University System Revenue | 5.00 | 6/1/13 | 2,315,000 | 2,267,681 |
Total Long-Term Municipal Investments (cost $222,991,982) | 223,808,305 | |||
Short-Term Municipal Investments—9.3% | ||||
California—1.0% | ||||
Irvine Reassessment District, Limited Obligation Improvement | ||||
Bonds (Insured; FSA and Liquidity Facility; Dexia Credit Locale) | 1.25 | 3/1/09 | 2,500,000 d | 2,500,000 |
Colorado—.2% | ||||
Colorado Educational and Cultural Facilities Authority, Revenue | ||||
(National Jewish Federation Bond Program) (LOC; Bank of America) | 0.65 | 3/1/09 | 500,000 d | 500,000 |
Colorado Health Facilities Authority, Revenue (The Visiting Nurse | ||||
Corporation of Colorado, Inc.) (LOC; Wells Fargo Bank) | 1.25 | 3/1/09 | 100,000 d | 100,000 |
Florida—.3% | ||||
Orange County Health Facilities Authority, HR | ||||
(Orlando Regional Healthcare System) (Insured; | ||||
FSA and Liquidity Facility; Dexia Credit Locale) | 1.25 | 3/1/09 | 750,000 d | 750,000 |
Idaho—2.5% | ||||
Power County, PCR (FMC Corporation Project) (LOC; Wachovia Bank) | 0.70 | 3/1/09 | 6,100,000 d | 6,100,000 |
Illinois—.5% | ||||
Illinois Finance Authority, Revenue (Resurrection | ||||
Health Care) (LOC; JPMorgan Chase Bank) | 0.75 | 3/1/09 | 1,300,000 d | 1,300,000 |
Massachusetts—3.0% | ||||
Massachusetts, Consolidated Loan | ||||
(Liquidity Facility; Dexia Credit Locale) | 1.20 | 3/1/09 | 5,800,000 d | 5,800,000 |
Massachusetts Health and Educational Facilities Authority, | ||||
Revenue (Capital Asset Program Issue) (LOC; Bank of America) | 0.60 | 3/1/09 | 1,200,000 d | 1,200,000 |
Pennsylvania—1.5% | ||||
Allegheny County Industrial Development Authority, | ||||
Senior Health and Housing Facilities Revenue | ||||
(Longwood at Oakmont, Inc.) (LOC; Allied Irish Banks) | 1.00 | 3/1/09 | 3,400,000 d | 3,400,000 |
Lancaster County Hospital Authority, Health Center Revenue | ||||
(Masonic Homes Project) (LOC; Wachovia Bank) | 0.55 | 3/1/09 | 300,000 d | 300,000 |
40
BNY Mellon National Short-Term Municipal Bond Fund (continued) | ||||
Short-Term Municipal | Coupon | Maturity | Principal | |
Investments (continued) | Rate (%) | Date | Amount ($) | Value ($) |
Washington—.3% | ||||
Washington Housing Finance Commission, Nonprofit Housing | ||||
Revenue (Franke Tobey Jones Project) (LOC; Wells Fargo Bank) | 0.90 | 3/1/09 | 100,000 d | 100,000 |
Washington Housing Finance Commission, | ||||
Nonprofit Housing Revenue (Rockwood Retirement | ||||
Communities Program) (LOC; Wells Fargo Bank) | 0.90 | 3/1/09 | 100,000 d | 100,000 |
Washington Housing Finance Commission, Nonprofit | ||||
Revenue (Local 82—J.A.T.C. Educational | ||||
Development Trust Project) (LOC; U.S. Bank NA) | 0.90 | 3/1/09 | 530,000 d | 530,000 |
Total Short-Term Municipal Investments (cost $22,680,000) | 22,680,000 | |||
Total Investments (cost $245,671,982) | 100.6% | 246,488,305 | ||
Liabilities, Less Cash and Receivables | (.6%) | (1,377,700) | ||
Net Assets | 100.0% | 245,110,605 |
a These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in |
escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date. |
b Subject to interest rate change on November 1, 2011. |
c Purchased on a delayed delivery basis. |
d Variable rate demand note—rate shown is the interest rate in effect at February 28, 2009. Maturity date represents the next demand date, or the ultimate maturity date if earlier. |
The Funds 41
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Summary of Abbreviations | ||||||
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 | BIGI | Bond Investors Guaranty Insurance | |||
BPA | Bond Purchase Agreement | CGIC | Capital Guaranty Insurance Company | |||
CIC | Continental Insurance Company | CIFG | CDC Ixis Financial Guaranty | |||
CMAC | Capital Markets Assurance Corporation | COP | Certificate of Participation | |||
CP | Commercial Paper | EDR | Economic Development Revenue | |||
EIR | Environmental Improvement Revenue | 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 | |||
FSA | Financial Security Assurance | 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 | LOC | Letter of Credit | |||
LOR | Limited Obligation Revenue | LR | Lease Revenue | |||
MFHR | Multi-Family Housing Revenue | MFMR | Multi-Family Mortgage Revenue | |||
PCR | Pollution Control Revenue | PILOT | Payment in Lieu of Taxes | |||
RAC | Revenue Anticipation Certificates | RAN | Revenue Anticipation Notes | |||
RAW | Revenue Anticipation Warrants | RRR | Resources Recovery Revenue | |||
SAAN | State Aid Anticipation Notes | SBPA | Standby Bond Purchase Agreement | |||
SFHR | Single Family Housing Revenue | SFMR | Single Family Mortgage Revenue | |||
SONYMA | State of New York Mortgage Agency | SWDR | Solid Waste Disposal Revenue | |||
TAN | Tax Anticipation Notes | TAW | Tax Anticipation Warrants | |||
TRAN | Tax and Revenue Anticipation Notes | XLCA | XL Capital Assurance | |||
Summary of Combined Ratings (Unaudited) | ||||||
Fitch | or | Moody’s | or | Standard & Poor’s | Value (%)† | |
AAA | Aaa | AAA | 39.4 | |||
AA | Aa | AA | 28.6 | |||
A | A | A | 9.9 | |||
BBB | Baa | BBB | 9.5 | |||
F1 | MIG1/P1 | SP1/A1 | 9.9 | |||
Not Ratede | Not Ratede | Not Ratede | 2.7 | |||
100.0 |
† Based on total investments. |
e Securities which, while not rated by Fitch, Moody’s and Standard & Poor’s, have been determined by the investment adviser to be of comparable quality to those rated securities in |
which the fund may invest. |
See notes to financial statements. |
42
STATEMENT OF INVESTMENTS February 28, 2009 (Unaudited) |
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | ||||
Long-Term Municipal | Coupon | Maturity | Principal | |
Investments—97.0% | Rate (%) | Date | Amount ($) | Value ($) |
Alabama—.9% | ||||
Jefferson County, Limited Obligation School Warrants | 5.25 | 1/1/15 | 2,500,000 | 1,577,850 |
Jefferson County, Limited Obligation School Warrants | 5.50 | 1/1/21 | 3,500,000 | 2,745,190 |
Arizona—.2% | ||||
University Medical Center Corporation, HR | 5.25 | 7/1/15 | 1,160,000 | 1,109,552 |
California—4.8% | ||||
Agua Caliente Band, Cahuilla Indians Revenue | 6.00 | 7/1/18 | 1,500,000 | 1,248,975 |
Alameda Corridor Transportation Authority, | ||||
Revenue (Insured; AMBAC) | 0/5.25 | 10/1/21 | 2,000,000 a | 1,681,640 |
California, GO | 5.50 | 6/1/20 | 110,000 | 110,976 |
California, GO | 5.50 | 11/1/33 | 6,300,000 | 6,290,991 |
California County Tobacco Securitization Agency, | ||||
Tobacco Settlement Asset-Backed Bonds | ||||
(Los Angeles County Securitization Corporation) | 0/5.25 | 6/1/21 | 1,250,000 a | 791,725 |
Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue | 5.75 | 1/15/40 | 2,000,000 | 1,439,400 |
Foothill/Eastern Transportation Corridor Agency, | ||||
Toll Road Revenue (Insured; MBIA, Inc.) | 0/5.88 | 1/15/27 | 6,000,000 a | 5,421,480 |
Foothill/Eastern Transportation Corridor Agency, | ||||
Toll Road Revenue (Insured; MBIA, Inc.) | 0/5.88 | 1/15/29 | 2,000,000 a | 1,764,060 |
Golden State Tobacco Securitization Corporation, Enhanced | ||||
Tobacco Settlement Asset-Backed Bonds (Insured; AMBAC) | 5.00 | 6/1/21 | 1,910,000 | 1,772,327 |
Golden State Tobacco Securitization Corporation, | ||||
Tobacco Settlement Asset-Backed Bonds | 4.50 | 6/1/27 | 4,205,000 | 3,136,678 |
Colorado—1.1% | ||||
Northwest Parkway Public Highway Authority, | ||||
Revenue (Insured; AMBAC) | 0/5.70 | 6/15/16 | 5,000,000 a,b | 5,274,350 |
Florida—.8% | ||||
Miami-Dade County, Subordinate Special Obligation | ||||
Bonds (Insured; MBIA, Inc.) | 0/5.00 | 10/1/35 | 2,000,000 a | 1,684,120 |
Seminole Tribe, Special Obligation Revenue | 5.50 | 10/1/24 | 3,000,000 | 2,204,070 |
Georgia—.5% | ||||
Burke County Development Authority, PCR (Oglethorpe | ||||
Power Corporation, Vogtle Project) (Insured; MBIA, Inc.) | 4.75 | 4/1/11 | 2,500,000 | 2,578,600 |
Massachusetts—.1% | ||||
Massachusetts Housing Finance Agency, Housing Revenue | 5.13 | 12/1/34 | 350,000 | 311,017 |
Michigan—1.2% | ||||
Detroit City School District, School Buildings and | ||||
Site Improvement Bonds (Insured; FGIC) | 5.25 | 5/1/17 | 2,000,000 | 2,182,260 |
Michigan Tobacco Settlement Finance Authority, | ||||
Tobacco Settlement Asset-Backed Bonds | 5.13 | 6/1/22 | 5,225,000 | 3,814,198 |
Missouri—.1% | ||||
Missouri Housing Development Commission, SFMR (Homeownership | ||||
Loan Program) (Collateralized: FNMA and GNMA) | 6.40 | 9/1/29 | 360,000 | 371,250 |
The Funds 43
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund (continued) | ||||
Long-Term Municipal | Coupon | Maturity | Principal | |
Investments (continued) | Rate (%) | Date | Amount ($) | Value ($) |
New Hampshire—.2% | ||||
New Hampshire Business Finance Authority, | ||||
PCR (Central Maine Power Company) | 5.38 | 5/1/14 | 1,015,000 | 965,752 |
New Jersey—1.8% | ||||
Garden State Preservation Trust, Open Space and | ||||
Farmland Preservation Revenue (Insured; FSA) | 5.80 | 11/1/21 | 2,000,000 | 2,261,020 |
Garden State Preservation Trust, Open Space and | ||||
Farmland Preservation Revenue (Insured; FSA) | 5.80 | 11/1/23 | 2,000,000 | 2,217,060 |
New Jersey Economic Development Authority, Cigarette Tax Revenue | 5.75 | 6/15/29 | 4,000,000 | 3,012,640 |
Tobacco Settlement Financing Corporation of | ||||
New Jersey, Tobacco Settlement Asset-Backed Bonds | 4.50 | 6/1/23 | 1,710,000 | 1,274,720 |
North Carolina—.6% | ||||
North Carolina Eastern Municipal Power Agency, | ||||
Power System Revenue | 5.30 | 1/1/15 | 1,500,000 | 1,554,420 |
North Carolina Eastern Municipal Power Agency, | ||||
Power System Revenue | 5.13 | 1/1/23 | 1,500,000 | 1,398,330 |
Ohio—2.0% | ||||
Buckeye Tobacco Settlement Financing Authority, | ||||
Tobacco Settlement Asset-Backed Bonds | 5.75 | 6/1/34 | 7,500,000 | 4,473,975 |
Cuyahoga County, Revenue (Cleveland Clinic Health System) | 6.00 | 1/1/16 | 5,000,000 | 5,510,050 |
Pennsylvania—68.5% | ||||
Allegheny County Hospital Development Authority, | ||||
Revenue (University of Pittsburgh Medical Center) | 5.00 | 6/15/14 | 5,000,000 | 5,259,550 |
Allegheny County Port Authority, Special | ||||
Transportation Revenue (Insured; FGIC) | 5.38 | 3/1/11 | 2,500,000 | 2,630,750 |
Allegheny County Port Authority, | ||||
Special Transportation Revenue (Insured; FGIC) | 5.50 | 3/1/14 | 2,500,000 | 2,613,725 |
Allegheny County Port Authority, | ||||
Special Transportation Revenue (Insured; FGIC) | 5.50 | 3/1/16 | 1,360,000 | 1,411,734 |
Allegheny County Sanitary Authority, | ||||
Sewer Revenue (Insured; MBIA, Inc.) | 5.00 | 12/1/18 | 2,560,000 | 2,685,286 |
Allegheny County Sanitary Authority, | ||||
Sewer Revenue (Insured; MBIA, Inc.) | 5.00 | 12/1/22 | 6,860,000 | 6,912,273 |
Allentown School District, GO | 5.00 | 2/15/22 | 5,875,000 | 6,082,211 |
Beaver County Industrial Development Authority, | ||||
PCR (Duquesne Light Company Project) (Insured; AMBAC) | 4.50 | 11/1/29 | 6,500,000 | 5,044,650 |
Blair County, GO (Insured; AMBAC) | 5.38 | 8/1/15 | 1,880,000 | 2,100,994 |
Blair County, GO (Insured; AMBAC) | 5.38 | 8/1/16 | 1,980,000 | 2,221,204 |
Central Bucks School District, GO | 5.00 | 5/15/23 | 5,000,000 | 5,314,150 |
Central Dauphin School District, GO (Insured; MBIA, Inc.) | 6.75 | 2/1/16 | 5,000,000 b | 6,354,100 |
Central Dauphin School District, GO (Insured; MBIA, Inc.) | 7.00 | 2/1/16 | 1,630,000 b | 2,096,050 |
Central Dauphin School District, GO (Insured; MBIA, Inc.) | 7.50 | 2/1/16 | 3,100,000 b | 4,079,817 |
Central York School District, GO (Insured; FGIC) | 5.00 | 6/1/12 | 2,305,000 | 2,490,622 |
Central York School District, GO (Insured; FGIC) | 5.50 | 6/1/12 | 80,000 b | 89,886 |
Central York School District, GO (Insured; FGIC) | 5.50 | 6/1/14 | 920,000 | 1,003,048 |
44
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund (continued) | ||||
Long-Term Municipal | Coupon | Maturity | Principal | |
Investments (continued) | Rate (%) | Date | Amount ($) | Value ($) |
Pennsylvania (continued) | ||||
Chester County, GO | 5.00 | 8/15/18 | 4,545,000 | 5,073,402 |
Chester County, GO | 5.00 | 7/15/25 | 5,000,000 | 5,324,950 |
Coatesville Area School District, GO (Insured; FSA) | 5.25 | 8/15/14 | 1,485,000 b | 1,723,550 |
Coatesville Area School District, GO (Insured; FSA) | 5.25 | 8/15/14 | 6,515,000 b | 7,561,570 |
Delaware County Authority, College Revenue (Haverford College) | 5.88 | 11/15/21 | 1,500,000 | 1,582,185 |
Delaware County Authority, College Revenue (Haverford College) | 5.75 | 11/15/25 | 3,000,000 | 3,154,020 |
Delaware County Authority, University Revenue | ||||
(Villanova University) (Insured; AMBAC) | 5.00 | 8/1/20 | 2,095,000 | 2,200,525 |
Delaware River Joint Toll Bridge Commission, | ||||
Bridge Revenue (Insured; MBIA, Inc.) | 5.25 | 7/1/17 | 1,485,000 | 1,659,384 |
East Stroudsburg Area School District, GO (Insured; FSA) | 7.50 | 9/1/16 | 2,500,000 b | 3,330,550 |
Easton Area School District, GO (Insured; FSA) | 7.50 | 4/1/18 | 1,000,000 | 1,255,040 |
Easton Area School District, GO (Insured; FSA) | 7.50 | 4/1/21 | 3,000,000 | 3,649,650 |
Easton Area School District, GO (Insured; FSA) | 7.50 | 4/1/22 | 3,000,000 | 3,621,840 |
Easton Area School District, GO (Insured; FSA) | 5.50 | 4/1/23 | 2,260,000 | 2,434,562 |
Erie County, GO (Insured; FGIC) | 5.50 | 9/1/22 | 1,640,000 | 1,821,745 |
Kennett Consolidated School District, GO (Insured; FGIC) | 5.50 | 2/15/12 | 1,310,000 b | 1,454,218 |
Lancaster County Solid Waste Management Authority, | ||||
Resource Recovery System Revenue (Insured; AMBAC) | 5.25 | 12/15/09 | 4,230,000 | 4,353,727 |
Lancaster County Solid Waste Management Authority, | ||||
Resource Recovery System Revenue (Insured; AMBAC) | 5.25 | 12/15/10 | 2,000,000 | 2,049,980 |
Lancaster Higher Education Authority, College Revenue | ||||
(Franklin and Marshall College Project) | 5.25 | 4/15/16 | 1,815,000 | 1,916,622 |
Lehigh County General Purpose Authority, | ||||
Revenue (Good Shepherd Group) | 5.25 | 11/1/14 | 3,255,000 | 3,480,116 |
Lehigh County Industrial Development | ||||
Authority, PCR (People Electric Utilities | ||||
Corporation Project) (Insured; FGIC) | 4.75 | 2/15/27 | 2,000,000 | 1,692,220 |
Lower Merion School District, GO | 5.00 | 9/1/22 | 2,980,000 | 3,235,028 |
Lower Merion School District, GO | 5.00 | 5/15/29 | 5,000,000 | 5,090,850 |
Montgomery County, GO | 5.00 | 9/15/10 | 1,165,000 | 1,236,205 |
Montgomery County, GO | 5.00 | 9/15/11 | 2,155,000 | 2,353,605 |
Muhlenberg School District, GO (Insured; FGIC) | 5.38 | 4/1/15 | 1,000,000 | 1,081,750 |
Owen J. Roberts School District, GO (Insured; FSA) | 5.50 | 8/15/12 | 1,440,000 b | 1,628,381 |
Parkland School District, GO (Insured; FGIC) | 5.38 | 9/1/14 | 3,110,000 | 3,450,918 |
Parkland School District, GO (Insured; FGIC) | 5.38 | 9/1/16 | 1,490,000 | 1,672,391 |
Pennsylvania, GO | 5.25 | 2/1/11 | 5,000,000 | 5,372,350 |
Pennsylvania Economic Development Financing Authority, | ||||
SWDR (Waste Management, Inc. Project) | 7.00 | 11/1/10 | 1,000,000 | 999,470 |
Pennsylvania Economic Development Financing Authority, | ||||
SWDR (Waste Management, Inc. Project) | 4.70 | 11/1/14 | 5,000,000 | 4,425,500 |
Pennsylvania Higher Educational Facilities Authority, | ||||
College Revenue (Lafayette College Project) | 6.00 | 5/1/30 | 5,000,000 | 5,114,750 |
The Funds 45
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund (continued) | ||||
Long-Term Municipal | Coupon | Maturity | Principal | |
Investments (continued) | Rate (%) | Date | Amount ($) | Value ($) |
Pennsylvania (continued) | ||||
Pennsylvania Higher Educational Facilities Authority, | ||||
Health Services Revenue (Allegheny Delaware | ||||
Valley Obligated Group Project) (Insured; MBIA, Inc.) | 5.60 | 11/15/10 | 2,000,000 | 1,965,780 |
Pennsylvania Higher Educational Facilities Authority, | ||||
Revenue (Bryn Mawr College) (Insured; AMBAC) | 5.25 | 12/1/12 | 3,000,000 | 3,358,410 |
Pennsylvania Higher Educational Facilities Authority, | ||||
Revenue (La Salle University) | 5.50 | 5/1/34 | 2,250,000 | 1,798,132 |
Pennsylvania Higher Educational Facilities Authority, | ||||
Revenue (State System of Higher Education) (Insured; AMBAC) | 5.75 | 6/15/10 | 3,045,000 | 3,200,995 |
Pennsylvania Higher Educational Facilities Authority, | ||||
Revenue (Temple University) (Insured; MBIA, Inc.) | 5.25 | 4/1/14 | 960,000 | 972,230 |
Pennsylvania Higher Educational Facilities Authority, | ||||
Revenue (Thomas Jefferson University) (Insured; AMBAC) | 5.25 | 9/1/17 | 1,700,000 | 1,893,511 |
Pennsylvania Higher Educational Facilities Authority, | ||||
Revenue (Thomas Jefferson University) (Insured; AMBAC) | 5.25 | 9/1/18 | 1,485,000 | 1,648,885 |
Pennsylvania Higher Educational Facilities Authority, | ||||
Revenue (University of Pennsylvania) | 5.00 | 9/1/19 | 4,000,000 c | 4,476,440 |
Pennsylvania Higher Educational Facilities Authority, | ||||
Revenue (University of Scranton) (Insured; AMBAC) | 5.75 | 5/1/11 | 1,690,000 b | 1,850,888 |
Pennsylvania Higher Educational Facilities Authority, | ||||
Revenue (UPMC Health System) | 5.00 | 1/15/10 | 1,630,000 | 1,663,171 |
Pennsylvania Higher Educational Facilities Authority, | ||||
Revenue (UPMC Health System) | 5.13 | 1/15/11 | 1,550,000 | 1,610,512 |
Pennsylvania Higher Educational Facilities Authority, | ||||
Revenue (UPMC Health System) | 6.00 | 1/15/22 | 2,500,000 | 2,553,075 |
Pennsylvania Higher Educational Facilities Authority, | ||||
Revenue (UPMC Health System) (Insured; FSA) | 5.25 | 8/1/12 | 3,000,000 | 3,070,350 |
Pennsylvania Housing Finance Agency, SFMR | 5.35 | 10/1/09 | 1,165,000 | 1,180,436 |
Pennsylvania Housing Finance Agency, SFMR | 5.45 | 10/1/10 | 3,025,000 | 3,055,583 |
Pennsylvania Housing Finance Agency, SFMR | 5.50 | 10/1/11 | 1,325,000 | 1,336,037 |
Pennsylvania Housing Finance Agency, SFMR | 5.55 | 10/1/12 | 325,000 | 329,537 |
Pennsylvania Industrial Development Authority, EDR (Insured; AMBAC) | 5.50 | 7/1/12 | 5,335,000 | 5,851,535 |
Pennsylvania Turnpike Commission, Oil Franchise | ||||
Tax Subordinated Revenue (Insured; MBIA, Inc.) | 5.25 | 12/1/13 | 2,500,000 b | 2,879,700 |
Pennsylvania Turnpike Commission, | ||||
Registration Fee Revenue (Insured; FSA) | 5.25 | 7/15/24 | 5,000,000 | 5,533,300 |
Pennsylvania Turnpike Commission, | ||||
Registration Fee Revenue (Insured; FSA) | 5.25 | 7/15/25 | 5,000,000 | 5,504,550 |
Pennsylvania Turnpike Commission, Turnpike Revenue | 5.50 | 6/1/15 | 1,500,000 | 1,619,040 |
Pennsylvania Turnpike Commission, | ||||
Turnpike Revenue (Insured; AMBAC) | 5.00 | 12/1/29 | 5,000,000 | 4,936,050 |
Pennsylvania Turnpike Commission, Turnpike Revenue (Insured; FGIC) | 5.50 | 12/1/11 | 2,510,000 | 2,736,126 |
Pennsylvania Turnpike Commission, Turnpike Revenue (Insured; FGIC) | 5.50 | 12/1/12 | 2,000,000 | 2,223,840 |
Pennsylvania Turnpike Commission, Turnpike Subordinate Revenue | 5.00 | 6/1/26 | 5,000,000 | 5,051,350 |
46
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund (continued) | ||||
Long-Term Municipal | Coupon | Maturity | Principal | |
Investments (continued) | Rate (%) | Date | Amount ($) | Value ($) |
Pennsylvania (continued) | ||||
Pennsylvania Turnpike Commission, Turnpike Subordinate | ||||
Revenue (Insured; Assured Guaranty) | 6.00 | 6/1/28 | 1,500,000 | 1,650,855 |
Perkiomen Valley School District, GO (Insured; FSA) | 5.25 | 3/1/13 | 540,000 | 571,120 |
Perkiomen Valley School District, GO (Insured; FSA) | 5.25 | 3/1/14 | 570,000 | 602,849 |
Philadelphia, GO (Insured; FSA) | 5.25 | 8/1/17 | 12,500,000 | 13,876,250 |
Philadelphia, Water and Wastewater Revenue (Insured; AMBAC) | 5.25 | 12/15/12 | 10,000,000 | 10,882,600 |
Philadelphia, Water and Wastewater Revenue (Insured; FSA) | 5.25 | 7/1/18 | 5,000,000 | 5,399,200 |
Philadelphia Authority for Industrial Development, Industrial and | ||||
Commercial Revenue (Girard Estates Facilities Leasing Project) | 5.00 | 5/15/19 | 2,400,000 | 2,406,000 |
Philadelphia Authority for Industrial Development, Revenue | ||||
(Cultural and Commercial Corridors Program) (Insured; FGIC) | 5.00 | 12/1/20 | 3,380,000 | 3,117,813 |
Philadelphia Authority for Industrial Development, Revenue | ||||
(Cultural and Commercial Corridors Program) (Insured; FGIC) | 5.00 | 12/1/22 | 3,150,000 | 2,793,546 |
Philadelphia School District, GO (Insured; AMBAC) | 5.00 | 4/1/17 | 5,000,000 | 5,377,000 |
Philadelphia School District, GO (Insured; FSA) | 5.75 | 2/1/11 | 4,000,000 | 4,319,080 |
Philadelphia School District, GO (Insured; FSA) | 5.50 | 2/1/12 | 1,310,000 b | 1,454,035 |
Philadelphia School District, GO (Insured; FSA) | 5.50 | 2/1/12 | 1,770,000 b | 1,964,612 |
Pittsburgh School District, GO (Insured; FSA) | 5.50 | 9/1/16 | 4,000,000 | 4,593,520 |
Pittsburgh School District, GO (Insured; FSA) | 5.50 | 9/1/18 | 1,000,000 | 1,146,670 |
Pocono Mountain School District, GO (Insured; FSA) | 5.00 | 9/1/22 | 5,270,000 | 5,560,482 |
Saint Mary Hospital Authority, Health System | ||||
Revenue (Catholic Health East Issue) | 5.00 | 11/15/21 | 1,000,000 | 944,550 |
Scranton-Lackawanna Health and Welfare Authority, Revenue | ||||
(Community Medical Center Project) (Insured; MBIA, Inc.) | 5.50 | 7/1/10 | 3,035,000 | 3,068,324 |
Scranton-Lackawanna Health and Welfare Authority, Revenue | ||||
(Community Medical Center Project) (Insured; MBIA, Inc.) | 5.50 | 7/1/11 | 3,195,000 | 3,228,995 |
State Public School Building Authority, School LR | ||||
(Richland School District Project) (Insured; FGIC) | 5.00 | 11/15/14 | 1,265,000 b | 1,457,407 |
State Public School Building Authority, School LR | ||||
(The School District of Philadelphia Project) (Insured; FSA) | 5.00 | 6/1/13 | 5,000,000 b | 5,648,500 |
State Public School Building Authority, School | ||||
Revenue (Tuscarora School District Project) (Insured; FSA) | 5.25 | 4/1/13 | 195,000 b | 219,997 |
State Public School Building Authority, School Revenue | ||||
(Tuscarora School District Project) (Insured; FSA) | 5.25 | 4/1/17 | 840,000 | 911,610 |
Susquehanna Area Regional Airport Authority, Airport System Revenue | 5.38 | 1/1/18 | 6,000,000 | 4,867,260 |
Susquehanna Area Regional Airport Authority, | ||||
Airport System Revenue (Insured; AMBAC) | 5.50 | 1/1/20 | 4,370,000 | 4,251,486 |
Susquehanna Area Regional Airport Authority, | ||||
Airport System Revenue (Insured; AMBAC) | 5.00 | 1/1/33 | 2,290,000 | 1,725,927 |
Swarthmore Borough Authority, College Revenue | 5.50 | 9/15/11 | 5,000,000 | 5,520,350 |
Swarthmore Borough Authority, College Revenue | 5.25 | 9/15/17 | 1,000,000 | 1,092,560 |
Twin Valley School District, GO (Insured; FSA) | 5.25 | 10/1/15 | 1,000,000 b | 1,175,180 |
University Area Joint Authority, Sewer Revenue (Insured; MBIA, Inc.) | 5.00 | 11/1/11 | 1,430,000 | 1,484,154 |
The Funds 47
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund (continued) | ||||
Long-Term Municipal | Coupon | Maturity | Principal | |
Investments (continued) | Rate (%) | Date | Amount ($) | Value ($) |
Pennsylvania (continued) | ||||
Upper Darby School District, GO (Insured; FGIC) | 5.00 | 5/1/18 | 2,870,000 | 3,125,459 |
Upper Merion Area School District, GO (Insured; MBIA, Inc.) | 5.00 | 2/15/19 | 1,165,000 | 1,254,856 |
West Mifflin Area School District, GO (Insured; FSA) | 5.50 | 4/1/24 | 1,060,000 | 1,132,864 |
Wilson School District, GO (Insured; FSA) | 5.38 | 5/15/12 | 1,785,000 b | 1,996,005 |
Wilson School District, GO (Insured; FSA) | 5.38 | 5/15/12 | 1,500,000 b | 1,677,315 |
York County, GO (Insured; AMBAC) | 5.00 | 6/1/17 | 1,100,000 | 1,201,750 |
York County Solid Waste and Refuse Authority, | ||||
Solid Waste System Revenue (Insured; FGIC) | 5.50 | 12/1/14 | 1,000,000 | 1,119,360 |
South Carolina—.5% | ||||
Greenville County School District, Installment Purchase | ||||
Revenue (Building Equity Sooner for Tomorrow) | 5.50 | 12/1/18 | 2,000,000 | 2,255,860 |
Texas—.4% | ||||
Cities of Dallas and Fort Worth, Dallas/Fort Worth International | ||||
Airport, Joint Revenue Improvement Bonds (Insured; FGIC) | 5.50 | 11/1/31 | 2,000,000 | 1,835,100 |
U.S. Related—13.3% | ||||
Puerto Rico Commonwealth, Public Improvement GO | 5.25 | 7/1/23 | 4,090,000 | 3,652,411 |
Puerto Rico Commonwealth, Public Improvement GO (Insured; FGIC) | 5.50 | 7/1/18 | 9,545,000 | 9,190,021 |
Puerto Rico Commonwealth, Public | ||||
Improvement GO (Insured; MBIA, Inc.) | 5.50 | 7/1/14 | 7,500,000 | 7,456,650 |
Puerto Rico Commonwealth, Public | ||||
Improvement GO (Insured; MBIA, Inc.) | 5.50 | 7/1/20 | 4,000,000 | 3,773,960 |
Puerto Rico Electric Power Authority, | ||||
Power Revenue (Insured; FSA) | 5.25 | 7/1/10 | 5,000,000 b | 5,344,600 |
Puerto Rico Electric Power Authority, | ||||
Power Revenue (Insured; MBIA, Inc.) | 5.25 | 7/1/14 | 7,875,000 | 7,849,091 |
Puerto Rico Electric Power Authority, | ||||
Power Revenue (Insured; MBIA, Inc.) | 5.50 | 7/1/17 | 6,000,000 | 5,977,740 |
Puerto Rico Electric Power Authority, | ||||
Power Revenue (Insured; MBIA, Inc.) | 5.50 | 7/1/19 | 2,290,000 | 2,288,031 |
Puerto Rico Government Development Bank, Senior Notes | 5.00 | 12/1/12 | 3,000,000 | 2,985,450 |
Puerto Rico Government Development Bank, Senior Notes | 5.00 | 12/1/13 | 3,000,000 | 2,930,070 |
Puerto Rico Highways and Transportation Authority, | ||||
Highway Revenue (Insured; FSA) | 5.50 | 7/1/13 | 1,500,000 | 1,587,240 |
Puerto Rico Highways and Transportation Authority, | ||||
Highway Revenue (Insured; MBIA, Inc.) | 5.50 | 7/1/13 | 4,000,000 | 4,017,280 |
Puerto Rico Highways and Transportation | ||||
Authority, Transportation Revenue | 5.25 | 7/1/10 | 4,000,000 | 4,047,160 |
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue | 5.00 | 7/1/21 | 5,000,000 | 4,439,750 |
Total Long-Term Municipal Investments (cost $485,975,423) | 478,319,198 |
48
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund (continued) | ||||
Short-Term Municipal | Coupon | Maturity | Principal | |
Investments—3.0% | Rate (%) | Date | Amount ($) | Value ($) |
Colorado—.7% | ||||
Pitkin County, IDR, Refunding (Aspen Skiing Company | ||||
Project) (LOC; JPMorgan Chase Bank) | 0.65 | 3/1/09 | 3,300,000 d | 3,300,000 |
Illinois—.3% | ||||
Illinois Finance Authority, Revenue (Resurrection | ||||
Health Care) (LOC; JPMorgan Chase Bank) | 0.75 | 3/1/09 | 1,720,000 d | 1,720,000 |
Oregon—.2% | ||||
Multnomah County Hospital Facilities Authority, Revenue, | ||||
Refunding (Holladay Park Plaza Project) (LOC; Allied Irish Banks) | 0.60 | 3/1/09 | 1,200,000 d | 1,200,000 |
Pennsylvania—1.8% | ||||
Allegheny County Industrial Development Authority, | ||||
Senior Health and Housing Facilities Revenue | ||||
(Longwood at Oakmont, Inc.) (LOC; Allied Irish Banks) | 1.00 | 3/1/09 | 900,000 d | 900,000 |
Delaware County Authority, Revenue (White Horse | ||||
Village Project) (LOC; Royal Bank of Scotland) | 0.55 | 3/1/09 | 3,700,000 d | 3,700,000 |
Delaware County Industrial Development Authority, EIR, | ||||
Refunding (Sunoco, Inc. (R&M)) (LOC; Bank of America) | 0.65 | 3/7/09 | 100,000 d | 100,000 |
Lancaster County Hospital Authority, Health System | ||||
Revenue (The Lancaster General Hospital | ||||
Refunding Project) (LOC; Bank of America) | 0.52 | 3/1/09 | 2,400,000 d | 2,400,000 |
Lehigh County General Purpose Authority, HR | ||||
(Lehigh Valley Health Network) (LOC; Bank of America) | 0.60 | 3/1/09 | 100,000 d | 100,000 |
Luzerne County, GO Notes (Insured; FSA and | ||||
Liquidity Facility; JPMorgan Chase Bank) | 1.85 | 3/7/09 | 1,000,000 d | 1,000,000 |
Philadelphia Authority for Industrial Development, Revenue (Fox Chase | ||||
Cancer Obligated Group) (LOC; Citizens Bank of Pennsylvania) | 0.55 | 3/1/09 | 300,000 d | 300,000 |
Vermont—.0% | ||||
Vermont Educational and Health Buildings Financing Agency, | ||||
HR (Mount Ascutney Hospital Project) (LOC; TD Banknorth NA) | 0.60 | 3/1/09 | 100,000 d | 100,000 |
Total Short-Term Municipal Investments (cost $14,820,000) | 14,820,000 | |||
Total Investments (cost $500,795,423) | 100.0% | 493,139,198 | ||
Cash and Receivables (Net) | .0% | 29,274 | ||
Net Assets | 100.0% | 493,168,472 |
a Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity. |
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 Purchased on a delayed delivery basis. |
d Variable rate demand note—rate shown is the interest rate in effect at February 28, 2009. Maturity date represents the next demand date, or the ultimate maturity date if earlier. |
The Funds 49
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Summary of Abbreviations | ||||||
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 | BIGI | Bond Investors Guaranty Insurance | |||
BPA | Bond Purchase Agreement | CGIC | Capital Guaranty Insurance Company | |||
CIC | Continental Insurance Company | CIFG | CDC Ixis Financial Guaranty | |||
CMAC | Capital Markets Assurance Corporation | COP | Certificate of Participation | |||
CP | Commercial Paper | EDR | Economic Development Revenue | |||
EIR | Environmental Improvement Revenue | 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 | |||
FSA | Financial Security Assurance | 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 | LOC | Letter of Credit | |||
LOR | Limited Obligation Revenue | LR | Lease Revenue | |||
MFHR | Multi-Family Housing Revenue | MFMR | Multi-Family Mortgage Revenue | |||
PCR | Pollution Control Revenue | PILOT | Payment in Lieu of Taxes | |||
RAC | Revenue Anticipation Certificates | RAN | Revenue Anticipation Notes | |||
RAW | Revenue Anticipation Warrants | RRR | Resources Recovery Revenue | |||
SAAN | State Aid Anticipation Notes | SBPA | Standby Bond Purchase Agreement | |||
SFHR | Single Family Housing Revenue | SFMR | Single Family Mortgage Revenue | |||
SONYMA | State of New York Mortgage Agency | SWDR | Solid Waste Disposal Revenue | |||
TAN | Tax Anticipation Notes | TAW | Tax Anticipation Warrants | |||
TRAN | Tax and Revenue Anticipation Notes | XLCA | XL Capital Assurance | |||
Summary of Combined Ratings (Unaudited) | ||||||
Fitch | or | Moody’s | or | Standard & Poor’s | Value (%)† | |
AAA | Aaa | AAA | 47.4 | |||
AA | Aa | AA | 27.0 | |||
A | A | A | 9.5 | |||
BBB | Baa | BBB | 13.3 | |||
F1 | MIG1/P1 | SP1/A1 | 2.8 | |||
100.0 | ||||||
† Based on total investments. | ||||||
See notes to financial statements. |
50
STATEMENT OF INVESTMENTS February 28, 2009 (Unaudited) |
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | ||||
Long-Term Municipal | Coupon | Maturity | Principal | |
Investments—97.1% | Rate (%) | Date | Amount ($) | Value ($) |
Massachusetts—87.8% | ||||
Ashland, GO (Insured; AMBAC) | 5.25 | 5/15/21 | 1,305,000 | 1,391,991 |
Auburn, GO (Insured; AMBAC) | 5.13 | 6/1/20 | 1,225,000 | 1,309,439 |
Bellingham, GO (Insured; AMBAC) | 5.38 | 3/1/14 | 1,685,000 | 1,810,280 |
Boston, GO | 5.75 | 2/1/10 | 2,000,000 | 2,094,660 |
Boston, GO | 5.00 | 3/1/21 | 2,000,000 | 2,190,300 |
Boston Economic Development and Industrial | ||||
Corporation, Public Parking Facility Bonds | 4.50 | 6/1/10 | 3,000,000 | 3,139,050 |
Boston Water and Sewer Commission, Revenue | 9.25 | 1/1/11 | 100,000 | 110,678 |
Boston Water and Sewer Commission, Revenue | 5.00 | 11/1/19 | 2,170,000 | 2,346,746 |
Boston Water and Sewer Commission, Revenue | 5.00 | 11/1/23 | 3,920,000 | 4,108,003 |
Brockton, GO (Municipal Purpose Loan) (Insured; AMBAC) | 5.00 | 6/1/19 | 1,430,000 | 1,540,596 |
Burlington, GO | 5.25 | 2/1/12 | 200,000 | 221,300 |
Burlington, GO | 5.25 | 2/1/13 | 250,000 | 282,187 |
Cambridge, GO (Municipal Purpose Loan) | 5.00 | 12/15/11 | 510,000 | 561,933 |
Cohasset, GO | 5.00 | 6/15/22 | 895,000 | 945,192 |
Cohasset, GO | 5.00 | 6/15/23 | 895,000 | 936,707 |
Everett, GO (Insured; FGIC) | 5.38 | 12/15/17 | 1,250,000 | 1,397,725 |
Haverhill, GO (State Qualified Municipal Purpose Loan) (Insured; FGIC) | 5.00 | 6/1/16 | 1,580,000 | 1,825,753 |
Haverhill, GO (State Qualified Municipal Purpose Loan) (Insured; FGIC) | 5.00 | 6/1/18 | 505,000 | 570,226 |
Hingham, GO (Municipal Purpose Loan) | 5.38 | 4/1/17 | 1,645,000 | 1,793,823 |
Holden, GO (Municipal Purpose Loan) (Insured; FGIC) | 6.00 | 3/1/10 | 1,000,000 a | 1,063,540 |
Hopedale, GO (Insured; AMBAC) | 5.00 | 11/15/19 | 650,000 | 705,770 |
Ipswich, GO (Insured; FGIC) | 5.00 | 11/15/14 | 500,000 | 570,275 |
Lynnfield, GO (Municipal Purpose Loan) | 5.00 | 7/1/20 | 505,000 | 539,072 |
Lynnfield, GO (Municipal Purpose Loan) | 5.00 | 7/1/21 | 525,000 | 552,074 |
Lynnfield, GO (Municipal Purpose Loan) | 5.00 | 7/1/22 | 585,000 | 618,058 |
Lynnfield, GO (Municipal Purpose Loan) | 5.00 | 7/1/23 | 585,000 | 613,010 |
Mansfield, GO (Insured; AMBAC) | 5.00 | 8/15/17 | 1,395,000 | 1,546,204 |
Marblehead, GO | 5.00 | 8/15/18 | 1,340,000 | 1,465,705 |
Marblehead, GO | 5.00 | 8/15/22 | 1,750,000 | 1,850,993 |
Mashpee, GO (Insured; FGIC) | 5.63 | 11/15/10 | 500,000 a | 543,900 |
Massachusetts, Consolidated Loan | 5.25 | 11/1/12 | 2,000,000 a | 2,209,920 |
Massachusetts, Consolidated Loan | 5.25 | 10/1/13 | 2,600,000 a | 2,913,846 |
Massachusetts, Consolidated Loan | 5.25 | 10/1/13 | 2,500,000 a | 2,801,775 |
Massachusetts, Consolidated Loan | 5.00 | 3/1/15 | 1,500,000 a | 1,727,250 |
Massachusetts, Consolidated Loan | 5.00 | 3/1/15 | 1,800,000 a | 2,072,700 |
Massachusetts, Consolidated Loan | 5.00 | 8/1/16 | 1,000,000 a | 1,166,060 |
Massachusetts, Consolidated Loan | 5.50 | 11/1/16 | 1,000,000 | 1,181,010 |
Massachusetts, Consolidated Loan | 5.00 | 8/1/20 | 4,000,000 | 4,433,080 |
Massachusetts, Consolidated Loan (Insured; FGIC) | 5.50 | 8/1/18 | 1,035,000 | 1,224,622 |
Massachusetts, Consolidated Loan (Insured; FSA) | 5.25 | 1/1/13 | 5,000,000 a | 5,521,150 |
Massachusetts, Consolidated Loan (Insured; FSA) | 5.25 | 8/1/22 | 5,825,000 | 6,350,532 |
The Funds 51
STATEMENT OF INVESTMENTS (Unaudited) (continued) |
BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued) | ||||
Long-Term Municipal | Coupon | Maturity | Principal | |
Investments (continued) | Rate (%) | Date | Amount ($) | Value ($) |
Massachusetts (continued) | ||||
Massachusetts, Consolidated Loan (Insured; MBIA, Inc.) | 5.50 | 1/1/12 | 1,300,000 | 1,436,955 |
Massachusetts, Consolidated Loan (Insured; MBIA, Inc.) | 5.00 | 8/1/12 | 420,000 a | 457,964 |
Massachusetts, Consolidated Loan (Insured; MBIA, Inc.) | 5.00 | 8/1/12 | 1,580,000 | 1,722,816 |
Massachusetts, Consolidated Loan (Insured; MBIA, Inc.) | 5.50 | 11/1/12 | 2,850,000 | 3,227,483 |
Massachusetts, Federal Highway, GAN (Insured; FSA) | 5.75 | 6/15/12 | 2,500,000 | 2,671,800 |
Massachusetts, Federal Highway, GAN (Insured; FSA) | 5.13 | 12/15/12 | 1,500,000 | 1,519,335 |
Massachusetts, GO (Insured; AMBAC) | 5.50 | 10/1/18 | 5,225,000 | 6,187,184 |
Massachusetts, GO (Insured; FSA) | 5.25 | 9/1/22 | 2,275,000 | 2,576,460 |
Massachusetts, GO (Insured; XLCA) | 1.92 | 12/1/12 | 2,470,000 b | 2,418,328 |
Massachusetts, Special Obligation | ||||
Dedicated Tax Revenue (Insured; FGIC) | 5.25 | 1/1/14 | 2,500,000 a | 2,800,250 |
Massachusetts, Special Obligation | ||||
Dedicated Tax Revenue (Insured; FGIC) | 1.75 | 1/1/16 | 3,540,000 b | 3,123,873 |
Massachusetts, Special Obligation Revenue | 5.38 | 6/1/11 | 6,350,000 | 6,892,925 |
Massachusetts, Special Obligation Revenue | 5.50 | 6/1/13 | 1,000,000 | 1,134,230 |
Massachusetts Bay Transportation Authority, Assessment Revenue | 5.75 | 7/1/10 | 2,835,000 a | 3,018,481 |
Massachusetts Bay Transportation Authority, Assessment Revenue | 5.75 | 7/1/11 | 165,000 | 173,808 |
Massachusetts Bay Transportation Authority, Assessment Revenue | 5.25 | 7/1/14 | 1,045,000 a | 1,210,852 |
Massachusetts Bay Transportation Authority, Assessment Revenue | 5.25 | 7/1/14 | 1,000,000 a | 1,158,710 |
Massachusetts Bay Transportation Authority, Assessment Revenue | 5.00 | 7/1/15 | 5,000,000 a | 5,778,200 |
Massachusetts Bay Transportation Authority, Assessment Revenue | 5.00 | 7/1/18 | 4,000,000 | 4,598,320 |
Massachusetts Bay Transportation Authority, | ||||
General Transportation System (Insured; FGIC) | 5.25 | 3/1/15 | 1,000,000 | 1,139,840 |
Massachusetts Bay Transportation Authority, Senior Sales Tax Revenue | 5.00 | 7/1/15 | 3,500,000 | 4,003,685 |
Massachusetts Bay Transportation Authority, Senior Sales Tax Revenue | 5.50 | 7/1/16 | 2,500,000 | 2,943,375 |
Massachusetts Bay Transportation Authority, Senior Sales Tax Revenue | 5.25 | 7/1/21 | 2,000,000 | 2,284,600 |
Massachusetts Bay Transportation Authority, Senior Sales Tax Revenue | 5.25 | 7/1/22 | 2,430,000 | 2,764,562 |
Massachusetts College Building Authority, Project Revenue | 5.00 | 5/1/23 | 1,000,000 | 1,019,920 |
Massachusetts Development Finance Agency, | ||||
Education Revenue (Belmont Hill School Issue) | 5.00 | 9/1/11 | 500,000 a | 543,505 |
Massachusetts Development Finance Agency, | ||||
Education Revenue (Dexter School Project) | 5.00 | 5/1/23 | 1,400,000 | 1,392,874 |
Massachusetts Development Finance Agency, | ||||
Education Revenue (Dexter School Project) | 5.00 | 5/1/24 | 1,465,000 | 1,441,487 |
Massachusetts Development Finance Agency, | ||||
Higher Education Revenue (Emerson College Issue) | 5.00 | 1/1/16 | 1,000,000 | 1,068,260 |
Massachusetts Development Finance Agency, | ||||
Higher Education Revenue (Emerson College Issue) | 5.00 | 1/1/22 | 2,000,000 | 1,976,560 |
Massachusetts Development Finance Agency, | ||||
Higher Education Revenue (Smith College Issue) | 5.75 | 7/1/10 | 1,000,000 a | 1,069,970 |
Massachusetts Development Finance Agency, | ||||
Revenue (Belmont Hill School Issue) | 4.50 | 9/1/36 | 1,380,000 | 1,102,523 |
Massachusetts Development Finance Agency, | ||||
Revenue (Boston College Issue) | 5.00 | 7/1/20 | 1,000,000 | 1,067,010 |
52
BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued) | ||||
Long-Term Municipal | Coupon | Maturity | Principal | |
Investments (continued) | Rate (%) | Date | Amount ($) | Value ($) |
Massachusetts (continued) | ||||
Massachusetts Development Finance Agency, | ||||
Revenue (College of the Holy Cross Issue) | 5.00 | 9/1/19 | 1,000,000 | 1,091,110 |
Massachusetts Development Finance Agency, | ||||
Revenue (College of the Holy Cross Issue) | 5.00 | 9/1/21 | 1,800,000 | 1,905,138 |
Massachusetts Development Finance Agency, Revenue | ||||
(Combined Jewish Philanthropies of Greater Boston, Inc. Project) | 5.25 | 2/1/22 | 1,000,000 | 1,050,450 |
Massachusetts Development Finance Agency, | ||||
Revenue (Curry College Issue) (Insured; ACA) | 4.75 | 3/1/20 | 530,000 | 442,555 |
Massachusetts Development Finance Agency, | ||||
Revenue (Curry College Issue) (Insured; ACA) | 5.25 | 3/1/26 | 1,000,000 | 825,390 |
Massachusetts Development Finance Agency, | ||||
Revenue (Curry College Issue) (Insured; ACA) | 5.00 | 3/1/36 | 1,000,000 | 728,970 |
Massachusetts Development Finance Agency, Revenue (Massachusetts | ||||
College of Pharmacy and Allied Health Sciences Issue) | 6.30 | 1/1/10 | 350,000 | 370,244 |
Massachusetts Development Finance Agency, Revenue (Massachusetts | ||||
College of Pharmacy and Allied Health Sciences Issue) | 6.40 | 1/1/10 | 370,000 a | 391,712 |
Massachusetts Development Finance Agency, Revenue (Massachusetts | ||||
College of Pharmacy and Allied Health Sciences Issue) | 6.50 | 1/1/10 | 395,000 a | 418,510 |
Massachusetts Development Finance Agency, Revenue (Massachusetts | ||||
College of Pharmacy and Allied Health Sciences Issue) | 6.38 | 7/1/13 | 1,000,000 a | 1,200,750 |
Massachusetts Development Finance Agency, Revenue | ||||
(Massachusetts College of Pharmacy and Allied | ||||
Health Sciences Issue) (Insured; Assured Guaranty) | 5.00 | 7/1/24 | 2,750,000 | 2,814,323 |
Massachusetts Development Finance Agency, Revenue | ||||
(Massachusetts College of Pharmacy and Allied | ||||
Health Sciences Issue) (Insured; Assured Guaranty) | 5.00 | 7/1/27 | 1,000,000 | 1,006,420 |
Massachusetts Development Finance Agency, | ||||
Revenue (Milton Academy Issue) | 5.00 | 9/1/19 | 1,000,000 | 1,058,790 |
Massachusetts Development Finance Agency, | ||||
Revenue (Suffolk University Issue) | 5.85 | 7/1/09 | 1,000,000 a | 1,028,020 |
Massachusetts Development Finance Agency, | ||||
Revenue (The Park School Issue) | 4.50 | 9/1/31 | 1,000,000 | 820,440 |
Massachusetts Development Finance Agency, | ||||
RRR (Waste Management, Inc. Project) | 6.90 | 12/1/09 | 1,000,000 | 1,002,530 |
Massachusetts Development Finance Agency, | ||||
SWDR (Waste Management, Inc. Project) | 5.45 | 6/1/14 | 1,000,000 | 940,670 |
Massachusetts Educational Financing Authority, | ||||
Education Loan Revenue (Insured; AMBAC) | 4.70 | 1/1/10 | 365,000 | 367,686 |
Massachusetts Health and Educational Facilities Authority, | ||||
Revenue (Berklee College of Music Issue) | 5.00 | 10/1/22 | 1,080,000 | 1,052,201 |
Massachusetts Health and Educational Facilities Authority, | ||||
Revenue (Berklee College of Music Issue) | 5.00 | 10/1/37 | 3,250,000 | 2,776,638 |
Massachusetts Health and Educational Facilities Authority, | ||||
Revenue (Boston College Issue) | 5.13 | 6/1/37 | 2,000,000 | 2,004,760 |
Massachusetts Health and Educational Facilities Authority, | ||||
Revenue (CareGroup Issue) (Insured; MBIA, Inc.) | 5.25 | 7/1/20 | 1,000,000 | 928,340 |
The Funds 53
STATEMENT OF INVESTMENTS (Unaudited) (continued) |
BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued) | ||||
Long-Term Municipal | Coupon | Maturity | Principal | |
Investments (continued) | Rate (%) | Date | Amount ($) | Value ($) |
Massachusetts (continued) | ||||
Massachusetts Health and Educational Facilities Authority, | ||||
Revenue (CareGroup Issue) (Insured; MBIA, Inc.) | 5.25 | 7/1/23 | 1,000,000 | 871,330 |
Massachusetts Health and Educational Facilities Authority, | ||||
Revenue (Dana-Farber Cancer Institute Issue) | 5.25 | 12/1/22 | 2,750,000 | 2,777,803 |
Massachusetts Health and Educational Facilities Authority, | ||||
Revenue (Dana-Farber Cancer Institute Issue) | 5.25 | 12/1/27 | 2,000,000 | 1,990,380 |
Massachusetts Health and Educational Facilities Authority, | ||||
Revenue (Dana-Farber Cancer Institute Issue) | 5.00 | 12/1/37 | 2,500,000 | 2,250,475 |
Massachusetts Health and Educational Facilities Authority, Revenue | ||||
(Dartmouth-Hitchcock Obligated Group Issue) (Insured; FSA) | 5.13 | 8/1/22 | 2,000,000 | 2,011,520 |
Massachusetts Health and Educational Facilities Authority, | ||||
Revenue (Harvard University Issue) | 5.00 | 7/15/36 | 1,000,000 | 1,013,030 |
Massachusetts Health and Educational Facilities Authority, | ||||
Revenue (Harvard University Issue) | 5.50 | 11/15/36 | 2,000,000 | 2,121,900 |
Massachusetts Health and Educational Facilities Authority, | ||||
Revenue (Jordan Hospital Issue) | 5.00 | 10/1/10 | 500,000 | 492,735 |
Massachusetts Health and Educational Facilities Authority, | ||||
Revenue (Massachusetts Institute of Technology Issue) | 5.50 | 7/1/22 | 1,500,000 | 1,760,595 |
Massachusetts Health and Educational Facilities Authority, | ||||
Revenue (Massachusetts Institute of Technology Issue) | 5.00 | 7/1/23 | 5,335,000 | 5,909,686 |
Massachusetts Health and Educational Facilities Authority, | ||||
Revenue (Massachusetts Institute of Technology Issue) | 5.00 | 7/1/38 | 2,000,000 | 2,027,120 |
Massachusetts Health and Educational Facilities Authority, | ||||
Revenue (Milford Regional Medical Center Issue) | 5.00 | 7/15/11 | 500,000 | 475,630 |
Massachusetts Health and Educational Facilities Authority, | ||||
Revenue (Milford Regional Medical Center Issue) | 5.00 | 7/15/22 | 500,000 | 345,985 |
Massachusetts Health and Educational Facilities Authority, | ||||
Revenue (Northeastern University Issue) | 5.00 | 10/1/12 | 975,000 | 1,036,328 |
Massachusetts Health and Educational Facilities Authority, | ||||
Revenue (Northeastern University Issue) | 5.63 | 10/1/29 | 3,000,000 | 2,985,330 |
Massachusetts Health and Educational Facilities Authority, | ||||
Revenue (Northeastern University Issue) (Insured; MBIA, Inc.) | 5.50 | 10/1/09 | 420,000 | 429,009 |
Massachusetts Health and Educational Facilities Authority, | ||||
Revenue (Partners HealthCare System Issue) | 5.25 | 7/1/13 | 1,595,000 | 1,621,126 |
Massachusetts Health and Educational Facilities Authority, | ||||
Revenue (Partners HealthCare System Issue) | 5.00 | 7/1/16 | 1,045,000 | 1,093,237 |
Massachusetts Health and Educational Facilities Authority, | ||||
Revenue (Partners HealthCare System Issue) | 5.00 | 7/1/18 | 1,500,000 | 1,601,610 |
Massachusetts Health and Educational Facilities Authority, | ||||
Revenue (Partners HealthCare System Issue) | 5.13 | 7/1/19 | 1,000,000 | 1,012,590 |
Massachusetts Health and Educational Facilities Authority, | ||||
Revenue (Partners HealthCare System Issue) | 5.00 | 7/1/21 | 1,235,000 | 1,264,541 |
Massachusetts Health and Educational Facilities Authority, | ||||
Revenue (Partners HealthCare System Issue) | 5.75 | 7/1/21 | 2,325,000 | 2,397,401 |
Massachusetts Health and Educational Facilities Authority, | ||||
Revenue (Partners HealthCare System Issue) | 5.00 | 7/1/22 | 250,000 | 253,648 |
54
BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued) | ||||
Long-Term Municipal | Coupon | Maturity | Principal | |
Investments (continued) | Rate (%) | Date | Amount ($) | Value ($) |
Massachusetts (continued) | ||||
Massachusetts Health and Educational Facilities Authority, | ||||
Revenue (Simmons College Issue) | 7.50 | 10/1/22 | 1,000,000 | 1,044,710 |
Massachusetts Health and Educational Facilities Authority, | ||||
Revenue (Simmons College Issue) | 8.00 | 10/1/29 | 1,800,000 | 1,877,706 |
Massachusetts Health and Educational Facilities Authority, | ||||
Revenue (Simmons College Issue) | 8.00 | 10/1/39 | 1,500,000 | 1,550,475 |
Massachusetts Health and Educational Facilities Authority, | ||||
Revenue (Tufts University Issue) | 5.50 | 8/15/14 | 1,000,000 | 1,154,490 |
Massachusetts Health and Educational Facilities Authority, | ||||
Revenue (Tufts University Issue) | 5.25 | 8/15/23 | 1,000,000 | 1,080,580 |
Massachusetts Health and Educational Facilities Authority, | ||||
Revenue (Tufts University Issue) | 5.50 | 2/15/36 | 1,000,000 | 1,008,300 |
Massachusetts Health and Educational Facilities Authority, | ||||
Revenue (Tufts University Issue) | 5.38 | 8/15/38 | 1,000,000 | 1,025,710 |
Massachusetts Health and Educational Facilities Authority, | ||||
Revenue (UMass Memorial Issue) | 5.25 | 7/1/25 | 2,000,000 | 1,557,060 |
Massachusetts Health and Educational Facilities Authority, | ||||
Revenue (UMass Memorial Issue) | 5.00 | 7/1/33 | 1,000,000 | 686,450 |
Massachusetts Health and Educational Facilities Authority, | ||||
Revenue (Wellesley College Issue) | 5.00 | 7/1/24 | 1,000,000 | 1,035,030 |
Massachusetts Health and Educational Facilities Authority, | ||||
Revenue (Winchester Hospital Issue) | 6.75 | 7/1/10 | 1,540,000 a | 1,659,211 |
Massachusetts Housing Finance Agency, Housing Revenue | 4.20 | 12/1/10 | 1,205,000 | 1,239,668 |
Massachusetts Housing Finance Agency, Housing Revenue | 5.00 | 12/1/26 | 1,165,000 | 1,084,405 |
Massachusetts Housing Finance Agency, Housing Revenue | 5.13 | 12/1/34 | 200,000 | 177,724 |
Massachusetts Industrial Finance Agency, Education Revenue | ||||
(Saint John’s High School of Worcester County, Inc. Issue) | 5.70 | 6/1/18 | 1,700,000 | 1,718,309 |
Massachusetts Industrial Finance Agency, | ||||
Revenue (Concord Academy Issue) | 5.45 | 9/1/17 | 500,000 | 500,575 |
Massachusetts Industrial Finance Agency, | ||||
Revenue (Concord Academy Issue) | 5.50 | 9/1/27 | 1,250,000 | 1,202,288 |
Massachusetts Municipal Wholesale Electric Company, | ||||
Power Supply Project Revenue (Nuclear Project | ||||
Number 4 Issue) (Insured; MBIA, Inc.) | 5.25 | 7/1/12 | 2,000,000 | 2,115,940 |
Massachusetts Municipal Wholesale Electric Company, | ||||
Power Supply Project Revenue (Nuclear Project | ||||
Number 4 Issue) (Insured; MBIA, Inc.) | 5.25 | 7/1/14 | 5,000,000 | 5,199,200 |
Massachusetts Municipal Wholesale Electric Company, | ||||
Power Supply Project Revenue (Nuclear Project | ||||
Number 5 Issue) (Insured; MBIA, Inc.) | 5.00 | 7/1/11 | 120,000 | 124,974 |
Massachusetts Municipal Wholesale Electric | ||||
Company, Power Supply Project Revenue | ||||
(Project Number 6 Issue) (Insured; MBIA, Inc.) | 5.00 | 7/1/10 | 1,635,000 | 1,683,298 |
Massachusetts Port Authority, Revenue | 5.75 | 7/1/11 | 3,500,000 | 3,835,370 |
Massachusetts Port Authority, | ||||
Revenue (Insured; FSA) | 5.50 | 7/1/14 | 1,265,000 | 1,281,951 |
The Funds 55
STATEMENT OF INVESTMENTS (Unaudited) (continued) |
BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued) | ||||
Long-Term Municipal | Coupon | Maturity | Principal | |
Investments (continued) | Rate (%) | Date | Amount ($) | Value ($) |
Massachusetts (continued) | ||||
Massachusetts Port Authority, Revenue (Insured; MBIA, Inc.) | 5.00 | 7/1/09 | 1,830,000 | 1,857,395 |
Massachusetts School Building Authority, | ||||
Dedicated Sales Tax Revenue (Insured; AMBAC) | 5.00 | 8/15/16 | 2,720,000 | 3,100,990 |
Massachusetts School Building Authority, | ||||
Dedicated Sales Tax Revenue (Insured; AMBAC) | 5.00 | 8/15/19 | 5,000,000 | 5,540,750 |
Massachusetts School Building Authority, | ||||
Dedicated Sales Tax Revenue (Insured; AMBAC) | 5.00 | 8/15/20 | 4,000,000 | 4,361,000 |
Massachusetts School Building Authority, | ||||
Dedicated Sales Tax Revenue (Insured; AMBAC) | 5.00 | 8/15/22 | 3,500,000 | 3,736,005 |
Massachusetts School Building Authority, | ||||
Dedicated Sales Tax Revenue (Insured; FSA) | 5.00 | 8/15/15 | 1,900,000 | 2,176,241 |
Massachusetts School Building Authority, | ||||
Dedicated Sales Tax Revenue (Insured; FSA) | 5.00 | 8/15/18 | 5,000,000 | 5,570,750 |
Massachusetts School Building Authority, | ||||
Dedicated Sales Tax Revenue (Insured; FSA) | 5.00 | 8/15/21 | 2,000,000 | 2,131,600 |
Massachusetts Turnpike Authority, | ||||
Turnpike Revenue (Insured; MBIA, Inc.) | 5.00 | 1/1/20 | 5,000,000 | 5,709,600 |
Massachusetts Water Pollution Abatement Trust (Pool Program) | 5.00 | 8/1/21 | 2,625,000 | 2,856,394 |
Massachusetts Water Pollution | ||||
Abatement Trust (Pooled Loan Program) | 5.25 | 8/1/11 | 335,000 a | 359,227 |
Massachusetts Water Pollution | ||||
Abatement Trust (Pooled Loan Program) | 5.00 | 8/1/12 | 3,910,000 a | 4,236,485 |
Massachusetts Water Pollution | ||||
Abatement Trust (Pooled Loan Program) | 5.63 | 8/1/13 | 25,000 | 26,600 |
Massachusetts Water Pollution | ||||
Abatement Trust (Pooled Loan Program) | 5.25 | 2/1/14 | 1,105,000 | 1,188,560 |
Massachusetts Water Pollution | ||||
Abatement Trust (Pooled Loan Program) | 5.25 | 8/1/14 | 1,330,000 a | 1,542,574 |
Massachusetts Water Pollution | ||||
Abatement Trust (Pooled Loan Program) | 5.50 | 8/1/14 | 30,000 | 30,816 |
Massachusetts Water Pollution | ||||
Abatement Trust (Pooled Loan Program) | 5.25 | 8/1/17 | 170,000 | 190,597 |
Massachusetts Water Pollution | ||||
Abatement Trust (Pooled Loan Program) | 5.00 | 8/1/18 | 75,000 | 81,317 |
Massachusetts Water Pollution | ||||
Abatement Trust (Pooled Loan Program) | 5.00 | 8/1/32 | 2,000,000 | 2,007,420 |
Massachusetts Water Pollution Abatement Trust, | ||||
Water Pollution Abatement Revenue (MWRA Program) | 5.75 | 8/1/29 | 2,000,000 | 2,034,840 |
Massachusetts Water Pollution Abatement Trust, Water Pollution | ||||
Abatement Revenue (New Bedford Loan Program) | 5.25 | 2/1/12 | 500,000 | 550,300 |
Massachusetts Water Pollution Abatement Trust, Water Pollution | ||||
Abatement Revenue (South Essex Sewer District Loan Program) | 6.38 | 2/1/15 | 195,000 | 195,842 |
Massachusetts Water Resources Authority, General Revenue | 5.00 | 8/1/19 | 2,500,000 | 2,842,075 |
Massachusetts Water Resources Authority, General Revenue | 5.00 | 8/1/39 | 1,000,000 | 990,700 |
56
BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued) | ||||
Long-Term Municipal | Coupon | Maturity | Principal | |
Investments (continued) | Rate (%) | Date | Amount ($) | Value ($) |
Massachusetts (continued) | ||||
Massachusetts Water Resources Authority, | ||||
General Revenue (Insured; FSA) | 5.50 | 8/1/11 | 100,000 | 109,576 |
Massachusetts Water Resources Authority, | ||||
General Revenue (Insured; FSA) | 5.25 | 8/1/18 | 500,000 | 581,070 |
Massachusetts Water Resources Authority, | ||||
General Revenue (Insured; MBIA, Inc.) | 6.00 | 8/1/14 | 1,000,000 | 1,176,710 |
Massachusetts Water Resources Authority, | ||||
General Revenue (Insured; MBIA, Inc.) | 5.25 | 8/1/19 | 1,500,000 | 1,678,740 |
Massachusetts Water Resources Authority, | ||||
General Revenue (Insured; MBIA, Inc.) | 5.25 | 8/1/21 | 1,000,000 | 1,087,090 |
Massachusetts Water Resources Authority, | ||||
General Revenue (Insured; MBIA, Inc.) | 5.25 | 8/1/24 | 2,500,000 | 2,631,650 |
Massachusetts Water Resources Authority, | ||||
Subordinated General Revenue (Insured; MBIA, Inc.) | 5.50 | 8/1/11 | 1,000,000 | 1,097,900 |
Middleborough, GO (Insured; MBIA, Inc.) | 5.00 | 12/15/16 | 1,000,000 | 1,121,430 |
Middleborough, GO (Insured; MBIA, Inc.) | 5.00 | 12/15/18 | 1,275,000 | 1,397,655 |
Milton School, GO | 5.00 | 3/1/23 | 500,000 | 526,890 |
Milton School, GO | 5.00 | 3/1/24 | 500,000 | 523,485 |
Milton School, GO | 5.00 | 3/1/25 | 500,000 | 520,515 |
Northampton, GO (Insured; MBIA, Inc.) | 5.13 | 10/15/16 | 1,985,000 | 2,195,013 |
Northbridge, GO (Insured; AMBAC) | 5.25 | 2/15/17 | 1,000,000 | 1,088,520 |
Pembroke, GO (Insured; MBIA, Inc.) | 4.50 | 8/1/13 | 695,000 | 751,934 |
Pembroke, GO (Insured; MBIA, Inc.) | 5.00 | 8/1/20 | 960,000 | 1,022,851 |
Pittsfield, GO (Insured; MBIA, Inc.) | 5.00 | 4/15/12 | 1,000,000 | 1,090,910 |
Pittsfield, GO (Insured; MBIA, Inc.) | 5.50 | 4/15/14 | 500,000 | 545,645 |
Randolph, GO (Insured; AMBAC) | 5.00 | 9/1/17 | 1,045,000 | 1,156,658 |
Randolph, GO (Insured; AMBAC) | 5.00 | 9/1/24 | 490,000 | 495,968 |
Sandwich, GO (Insured; MBIA, Inc.) | 5.75 | 8/15/10 | 1,050,000 a | 1,133,297 |
Springfield, GO (Municipal Purpose Loan) (Insured; FGIC) | 5.50 | 8/1/11 | 1,500,000 a | 1,664,025 |
Springfield Water and Sewer Commission, | ||||
General Revenue (Insured; AMBAC) | 5.00 | 7/15/22 | 1,175,000 | 1,209,122 |
Springfield Water and Sewer Commission, | ||||
General Revenue (Insured; AMBAC) | 5.00 | 7/15/23 | 1,235,000 | 1,262,466 |
University of Massachusetts Building Authority, | ||||
Project Revenue (Insured; AMBAC) | 5.50 | 11/1/10 | 1,000,000 a | 1,073,590 |
Westfield, GO (Insured; FGIC) | 6.50 | 5/1/10 | 735,000 a | 790,941 |
Worcester, GO (Insured; FGIC) | 5.63 | 8/15/10 | 1,000,000 a | 1,069,430 |
Worcester, GO (Insured; FGIC) | 5.00 | 4/1/18 | 625,000 | 656,863 |
Worcester, GO (Insured; MBIA, Inc.) | 5.25 | 8/15/16 | 1,000,000 | 1,081,050 |
Worcester, GO (Insured; MBIA, Inc.) | 5.25 | 8/15/17 | 1,000,000 | 1,072,180 |
Worcester, GO (Municipal Purpose Loan) | ||||
(Insured; MBIA, Inc.) | 6.25 | 7/1/10 | 755,000 | 795,377 |
The Funds 57
STATEMENT OF INVESTMENTS (Unaudited) (continued) |
BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued) | ||||
Long-Term Municipal | Coupon | Maturity | Principal | |
Investments (continued) | Rate (%) | Date | Amount ($) | Value ($) |
U.S. Related—9.3% | ||||
Guam Economic Development Authority, | ||||
Tobacco Settlement Asset-Backed Bonds | 5.15 | 5/15/11 | 250,000 | 270,393 |
Guam Economic Development Authority, | ||||
Tobacco Settlement Asset-Backed Bonds | 5.20 | 5/15/12 | 300,000 | 332,925 |
Guam Economic Development Authority, | ||||
Tobacco Settlement Asset-Backed Bonds | 5.20 | 5/15/13 | 1,175,000 | 1,332,391 |
Puerto Rico Commonwealth, Public Improvement GO | 5.00 | 7/1/14 | 2,500,000 | 2,414,025 |
Puerto Rico Commonwealth, Public Improvement GO | 5.25 | 7/1/22 | 1,500,000 | 1,351,605 |
Puerto Rico Commonwealth, Public Improvement GO (Insured; FSA) | 5.50 | 7/1/15 | 1,350,000 | 1,401,071 |
Puerto Rico Commonwealth, | ||||
Public Improvement GO (Insured; MBIA, Inc.) | 6.25 | 7/1/11 | 1,050,000 | 1,081,889 |
Puerto Rico Commonwealth, | ||||
Public Improvement GO (Insured; MBIA, Inc.) | 5.50 | 7/1/14 | 500,000 | 497,110 |
Puerto Rico Commonwealth, | ||||
Public Improvement GO (Insured; MBIA, Inc.) | 5.50 | 7/1/15 | 1,135,000 | 1,123,559 |
Puerto Rico Electric Power Authority, | ||||
Power Revenue (Insured; MBIA, Inc.) | 5.00 | 7/1/17 | 1,000,000 | 963,260 |
Puerto Rico Government Development Bank, Senior Notes | 5.00 | 12/1/12 | 3,205,000 | 3,189,456 |
Puerto Rico Government Development Bank, Senior Notes | 5.00 | 12/1/13 | 3,000,000 | 2,930,070 |
Puerto Rico Government Development Bank, Senior Notes | 5.25 | 1/1/15 | 2,000,000 | 1,943,560 |
Puerto Rico Highways and Transportation Authority, Highway Revenue | 5.00 | 7/1/16 | 1,000,000 | 966,530 |
Puerto Rico Highways and Transportation | ||||
Authority, Highway Revenue (Insured; FGIC) | 5.50 | 7/1/16 | 3,265,000 | 3,184,942 |
Puerto Rico Highways and Transportation Authority, | ||||
Highway Revenue (Insured; MBIA, Inc.) | 6.25 | 7/1/09 | 540,000 | 550,697 |
Puerto Rico Highways and Transportation Authority, | ||||
Highway Revenue (Insured; MBIA, Inc.) | 6.25 | 7/1/09 | 460,000 | 465,594 |
Puerto Rico Highways and Transportation Authority, | ||||
Highway Revenue (Insured; MBIA, Inc.) | 6.00 | 7/1/11 | 4,000,000 | 4,218,840 |
Puerto Rico Highways and Transportation Authority, | ||||
Transportation Revenue (Insured; FGIC) | 5.25 | 7/1/15 | 1,905,000 | 1,849,888 |
Puerto Rico Highways and Transportation Authority, | ||||
Transportation Revenue (Insured; FGIC) | 5.25 | 7/1/16 | 1,550,000 | 1,489,178 |
Puerto Rico Highways and Transportation Authority, | ||||
Transportation Revenue (Insured; FGIC) | 5.25 | 7/1/18 | 1,300,000 | 1,228,695 |
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue | 5.00 | 7/1/20 | 2,260,000 | 2,024,192 |
Total Long-Term Municipal Investments (cost $356,726,245) | 362,721,859 |
58
BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued) | ||||
Short-Term Municipal | Coupon | Maturity | Principal | |
Investments—1.9% | Rate (%) | Date | Amount ($) | Value ($) |
Massachusetts; | ||||
Massachusetts, Consolidated Loan | ||||
(Liquidity Facility; Dexia Credit Locale) | 1.20 | 3/1/09 | 200,000 c | 200,000 |
Massachusetts, GO Notes (Central Artery/Ted Williams | ||||
Tunnel Infrastructure Loan Act of 2000) (Liquidity | ||||
Facility; Landesbank Baden-Wurttemberg) | 0.47 | 3/1/09 | 600,000 c | 600,000 |
Massachusetts, GO Notes (Central Artery/Ted Williams Tunnel | ||||
Infrastructure Loan Act of 2000) (Liquidity | ||||
Facility; State Street Bank and Trust Co.) | 0.48 | 3/1/09 | 400,000 c | 400,000 |
Massachusetts Health and Educational Facilities Authority, | ||||
Revenue (Capital Asset Program Issue) (LOC; Bank of America) | 0.60 | 3/1/09 | 2,700,000 c | 2,700,000 |
Massachusetts Health and Educational Facilities Authority, | ||||
Revenue (Northeastern University Issue) (LOC; Bank of America) | 0.45 | 3/1/09 | 600,000 c | 600,000 |
Massachusetts Health and Educational Facilities Authority, Revenue | ||||
(University of Massachusetts Issue) (LOC; Dexia Credit Locale) | 1.60 | 3/7/09 | 1,800,000 c | 1,800,000 |
Massachusetts Water Resources Authority, Multi-Modal Subordinated | ||||
General Revenue, Refunding (LOC; Landesbank Baden-Wurttemberg) | 0.45 | 3/1/09 | 600,000 c | 600,000 |
Massachusetts Water Resources Authority, Multi-Modal | ||||
Subordinated General Revenue, Refunding | ||||
(LOC; Landesbank Hessen-Thuringen Girozentrale) | 0.55 | 3/1/09 | 200,000 c | 200,000 |
Total Short-Term Municipal Investments (cost $7,100,000) | 7,100,000 | |||
Total Investments (cost $363,826,245) | 99.0% | 369,821,859 | ||
Cash and Receivables (Net) | 1.0% | 3,910,000 | ||
Net Assets | 100.0% | 373,731,859 |
a These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in |
escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date. |
b Variable rate security—interest rate subject to periodic change. |
c Variable rate demand note—rate shown is the interest rate in effect at February 28, 2009. Maturity date represents the next demand date, or the ultimate maturity date if earlier. |
The Funds 59
STATEMENT OF INVESTMENTS (Unaudited) (continued) |
Summary of Abbreviations | ||||||
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 | BIGI | Bond Investors Guaranty Insurance | |||
BPA | Bond Purchase Agreement | CGIC | Capital Guaranty Insurance Company | |||
CIC | Continental Insurance Company | CIFG | CDC Ixis Financial Guaranty | |||
CMAC | Capital Markets Assurance Corporation | COP | Certificate of Participation | |||
CP | Commercial Paper | EDR | Economic Development Revenue | |||
EIR | Environmental Improvement Revenue | 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 | |||
FSA | Financial Security Assurance | 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 | LOC | Letter of Credit | |||
LOR | Limited Obligation Revenue | LR | Lease Revenue | |||
MFHR | Multi-Family Housing Revenue | MFMR | Multi-Family Mortgage Revenue | |||
PCR | Pollution Control Revenue | PILOT | Payment in Lieu of Taxes | |||
RAC | Revenue Anticipation Certificates | RAN | Revenue Anticipation Notes | |||
RAW | Revenue Anticipation Warrants | RRR | Resources Recovery Revenue | |||
SAAN | State Aid Anticipation Notes | SBPA | Standby Bond Purchase Agreement | |||
SFHR | Single Family Housing Revenue | SFMR | Single Family Mortgage Revenue | |||
SONYMA | State of New York Mortgage Agency | SWDR | Solid Waste Disposal Revenue | |||
TAN | Tax Anticipation Notes | TAW | Tax Anticipation Warrants | |||
TRAN | Tax and Revenue Anticipation Notes | XLCA | XL Capital Assurance | |||
Summary of Combined Ratings (Unaudited) | ||||||
Fitch | or | Moody’s | or | Standard & Poor’s | Value (%)† | |
AAA | Aaa | AAA | 49.5 | |||
AA | Aa | AA | 26.4 | |||
A | A | A | 13.2 | |||
BBB | Baa | BBB | 8.9 | |||
BB | Ba | BB | .1 | |||
F1 | MIG1/P1 | SP1/A1 | 1.9 | |||
100.0 | ||||||
† Based on total investments. | ||||||
See notes to financial statements. |
60
STATEMENT OF INVESTMENTS February 28, 2009 (Unaudited) |
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | ||||
Long-Term Municipal | Coupon | Maturity | Principal | |
Investments—90.1% | Rate (%) | Date | Amount ($) | Value ($) |
Arizona—.2% | ||||
Salt Verde Financial Corporation, Senior Gas Revenue | 5.00 | 12/1/32 | 500,000 | 331,060 |
New York—86.1% | ||||
Albany Industrial Development Agency, Civic Facility Revenue | ||||
(Saint Peter’s Hospital of the City of Albany Project) | 5.75 | 11/15/22 | 1,000,000 | 898,530 |
Battery Park City Authority, Senior Revenue | 5.25 | 11/1/22 | 1,000,000 | 1,073,520 |
Katonah-Lewisboro Union Free School District, GO (Insured; FGIC) | 5.00 | 9/15/15 | 1,000,000 | 1,142,190 |
Long Island Power Authority, Electric System General Revenue | 5.25 | 6/1/14 | 2,000,000 | 2,147,160 |
Long Island Power Authority, Electric System | ||||
General Revenue (Insured; MBIA, Inc.) | 4.00 | 5/1/12 | 850,000 | 876,435 |
Long Island Power Authority, Electric System | ||||
General Revenue (Insured; MBIA, Inc.) | 5.00 | 12/1/18 | 1,000,000 | 1,036,960 |
Metropolitan Transportation Authority, | ||||
Dedicated Tax Fund Revenue (Insured; FGIC) | 5.25 | 11/15/15 | 2,000,000 | 2,093,180 |
Metropolitan Transportation Authority, | ||||
Transit Facilities Revenue (Insured; FGIC) | 0.00 | 7/1/11 | 1,000,000 a | 960,640 |
Metropolitan Transportation Authority, Transportation Revenue | 5.00 | 11/15/17 | 1,000,000 | 1,057,270 |
Nassau County, GO (Insured; FSA) | 5.00 | 7/1/22 | 1,000,000 | 1,052,950 |
Nassau County Interim Finance Authority, | ||||
Sales Tax Secured Revenue (Insured; AMBAC) | 5.00 | 11/15/16 | 1,500,000 | 1,635,450 |
Nassau County Interim Finance Authority, | ||||
Sales Tax Secured Revenue (Insured; AMBAC) | 5.00 | 11/15/17 | 1,500,000 | 1,635,450 |
Nassau County Interim Finance Authority, | ||||
Sales Tax Secured Revenue (Insured; MBIA, Inc.) | 5.00 | 11/15/16 | 1,000,000 | 1,128,000 |
Nassau County Sewer and Storm Water Finance Authority, System | ||||
Revenue (Insured; Berkshire Hathaway Assurance Corporation) | 5.38 | 11/1/28 | 1,000,000 | 1,064,740 |
New York City, GO | 5.00 | 8/1/14 | 465,000 | 468,492 |
New York City, GO | 5.00 | 8/1/18 | 1,000,000 | 1,047,050 |
New York City, GO | 5.13 | 12/1/22 | 1,000,000 | 1,006,940 |
New York City, GO (Insured; FSA) | 5.00 | 4/1/18 | 1,000,000 | 1,056,510 |
New York City Industrial Development Agency, PILOT Revenue | ||||
(Queens Baseball Stadium Project) (Insured; Assured Guaranty) | 6.50 | 1/1/46 | 500,000 | 532,095 |
New York City Industrial Development Agency, PILOT Revenue | ||||
(Yankee Stadium Project) (Insured; Assured Guaranty) | 7.00 | 3/1/49 | 1,000,000 | 1,100,940 |
New York City Municipal Water Finance Authority, Water and | ||||
Sewer System Second General Resolution Revenue | 5.00 | 6/15/20 | 2,500,000 | 2,683,375 |
New York City Transitional Finance Authority, Building Aid Revenue | 5.25 | 1/15/27 | 1,650,000 | 1,668,925 |
New York City Transitional Finance Authority, | ||||
Future Tax Secured Revenue | 5.38 | 2/1/13 | 1,000,000 | 1,068,610 |
New York City Transitional Finance Authority, | ||||
Future Tax Secured Revenue | 5.38 | 2/15/14 | 1,000,000 | 1,085,470 |
New York City Transitional Finance Authority, | ||||
Future Tax Secured Revenue | 5.50 | 11/15/17 | 1,755,000 | 1,921,988 |
New York City Transitional Finance Authority, | ||||
Future Tax Secured Revenue (Insured; MBIA, Inc.) | 4.75 | 11/15/15 | 500,000 | 505,765 |
The Funds 61
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon New York Intermediate Tax-Exempt Bond Fund (continued) | ||||
Long-Term Municipal | Coupon | Maturity | Principal | |
Investments (continued) | Rate (%) | Date | Amount ($) | Value ($) |
New York (continued) | ||||
New York City Trust for Cultural Resources, Revenue | ||||
(Lincoln Center for the Performing Arts, Inc.) | 5.75 | 12/1/16 | 1,000,000 | 1,080,020 |
New York City Trust for Cultural Resources, | ||||
Revenue (The Museum of Modern Art) | 5.00 | 4/1/31 | 1,000,000 | 989,400 |
New York Liberty Development Corporation, | ||||
Revenue (Goldman Sachs Headquarters Issue) | 5.00 | 10/1/15 | 1,850,000 | 1,805,507 |
New York Local Government Assistance Corporation, Revenue | 5.00 | 4/1/18 | 2,500,000 | 2,805,325 |
New York Local Government Assistance Corporation, | ||||
Subordianate Lien Revenue (Insured; FSA) | 5.00 | 4/1/13 | 2,000,000 | 2,224,300 |
New York State, GO | 5.00 | 4/15/14 | 1,000,000 | 1,097,520 |
New York State, GO | 5.25 | 3/15/15 | 2,750,000 | 2,944,397 |
New York State, GO | 5.00 | 3/1/19 | 1,000,000 | 1,101,210 |
New York State Dormitory Authority, Consolidated Fifth | ||||
General Resolution Revenue (City University System) | 5.00 | 7/1/19 | 1,000,000 | 1,071,920 |
New York State Dormitory Authority, Consolidated | ||||
Revenue (City University System) (Insured; FGIC) | 5.75 | 7/1/18 | 2,370,000 | 2,701,302 |
New York State Dormitory Authority, | ||||
Court Facilities LR (The City of New York Issue) | 5.38 | 5/15/13 | 1,000,000 b | 1,153,750 |
New York State Dormitory Authority, LR | ||||
(State University Dormitory Facilities Issue) | 5.00 | 7/1/18 | 1,000,000 | 1,043,250 |
New York State Dormitory Authority, Revenue (Columbia University) | 5.00 | 7/1/12 | 1,000,000 | 1,106,820 |
New York State Dormitory Authority, Revenue (Columbia University) | 5.00 | 7/1/18 | 1,500,000 | 1,696,905 |
New York State Dormitory Authority, Revenue (Columbia University) | 5.00 | 7/1/38 | 500,000 | 508,935 |
New York State Dormitory Authority, | ||||
Revenue (Fordham University) (Insured; FGIC) | 5.00 | 7/1/18 | 405,000 | 429,187 |
New York State Dormitory Authority, | ||||
Revenue (Memorial Sloan-Kettering Cancer Center) | 5.00 | 7/1/11 | 1,000,000 | 1,076,470 |
New York State Dormitory Authority, Revenue (Memorial | ||||
Sloan-Kettering Cancer Center) (Insured; MBIA, Inc.) | 5.00 | 7/1/20 | 3,250,000 | 3,379,577 |
New York State Dormitory Authority, Revenue | ||||
(New York University) (Insured; AMBAC) | 5.50 | 7/1/09 | 1,500,000 | 1,523,910 |
New York State Dormitory Authority, Revenue | ||||
(New York University) (Insured; FGIC) | 5.00 | 7/1/21 | 1,500,000 | 1,569,990 |
New York State Dormitory Authority, Revenue | ||||
(Rochester Institute of Technology) (Insured; AMBAC) | 5.00 | 7/1/13 | 500,000 | 509,175 |
New York State Dormitory Authority, Revenue | ||||
(State University Educational Facilities) (Insured; CMAC) | 5.25 | 5/15/15 | 500,000 | 552,270 |
New York State Dormitory Authority, Revenue | ||||
(State University Educational Facilities) (Insured; MBIA, Inc.) | 5.88 | 5/15/11 | 1,500,000 | 1,634,970 |
New York State Dormitory Authority, Revenue | ||||
(State University Educational Facilities) (Insured; MBIA, Inc.) | 5.00 | 5/15/15 | 800,000 | 805,528 |
New York State Dormitory Authority, Revenue | ||||
(The New York Public Library) (Insured; MBIA, Inc.) | 0.00 | 7/1/10 | 600,000 a | 589,320 |
New York State Dormitory Authority, Revenue | ||||
(Upstate Community Colleges) (Insured; AMBAC) | 5.00 | 7/1/14 | 1,105,000 | 1,125,277 |
62
BNY Mellon New York Intermediate Tax-Exempt Bond Fund (continued) | ||||
Long-Term Municipal | Coupon | Maturity | Principal | |
Investments (continued) | Rate (%) | Date | Amount ($) | Value ($) |
New York (continued) | ||||
New York State Dormitory Authority, Revenue (Vassar College) | 5.00 | 7/1/15 | 675,000 | 761,164 |
New York State Dormitory Authority, Secured HR | ||||
(The Bronx-Lebanon Hospital Center) | 4.00 | 8/15/14 | 1,000,000 | 1,023,670 |
New York State Dormitory Authority, | ||||
State Personal Income Tax Revenue (Education) | 5.00 | 3/15/16 | 1,000,000 | 1,100,050 |
New York State Dormitory Authority, Third General Resolution | ||||
Revenue (State University Educational Facilities Issue) | 5.25 | 5/15/12 | 1,500,000 | 1,588,875 |
New York State Environmental Facilities Corporation, | ||||
State Clean Water and Drinking Water Revolving Funds Revenue | ||||
(New York City Municipal Water Finance Authority Projects) | 5.25 | 6/15/12 | 390,000 | 394,536 |
New York State Environmental Facilities Corporation, | ||||
State Clean Water and Drinking Water Revolving Funds Revenue | ||||
(New York City Municipal Water Finance Authority Projects) | 5.25 | 6/15/14 | 1,500,000 | 1,709,265 |
New York State Environmental Facilities Corporation, | ||||
State Clean Water and Drinking Water Revolving Funds Revenue | ||||
(New York City Municipal Water Finance Authority Projects) | 5.38 | 6/15/15 | 1,000,000 | 1,091,480 |
New York State Environmental Facilities Corporation, | ||||
State Clean Water and Drinking Water Revolving Funds Revenue | ||||
(New York City Municipal Water Finance Authority Projects) | 5.25 | 6/15/17 | 1,000,000 | 1,087,540 |
New York State Environmental Facilities Corporation, | ||||
State Clean Water and Drinking Water Revolving Funds Revenue | ||||
(New York City Municipal Water Finance Authority Projects) | 5.25 | 6/15/19 | 775,000 | 817,129 |
New York State Environmental Facilities Corporation, State Water | ||||
Pollution Control Revolving Fund Revenue (New York City | ||||
Municipal Water Finance Authority Project) (Pooled Loan Issue) | 7.00 | 6/15/12 | 150,000 | 150,698 |
New York State Environmental Facilities Corporation, | ||||
State Water Pollution Control Revolving Fund | ||||
Revenue (Pooled Loan Issue) | 7.20 | 3/15/11 | 5,000 | 5,025 |
New York State Medical Care Facilities Finance Agency, | ||||
Secured Mortgage Revenue (Collateralized; SONYMA) | 6.38 | 11/15/20 | 440,000 | 440,651 |
New York State Mortgage Agency, Homeowner Mortgage Revenue | 5.10 | 10/1/17 | 1,000,000 | 1,010,840 |
New York State Mortgage Agency, Homeowner Mortgage Revenue | 5.38 | 10/1/17 | 1,000,000 | 1,005,780 |
New York State Power Authority, Revenue | 5.00 | 11/15/12 | 2,500,000 b | 2,817,525 |
New York State Power Authority, Revenue (Insured; FGIC) | 5.00 | 11/15/20 | 1,000,000 | 1,066,830 |
New York State Thruway Authority, General Revenue (Insured; AMBAC) | 5.00 | 1/1/19 | 1,000,000 | 1,058,550 |
New York State Thruway Authority, Highway and | ||||
Bridge Trust Fund Bonds (Insured; MBIA, Inc.) | 5.25 | 10/1/11 | 1,000,000 b | 1,103,550 |
New York State Thruway Authority, Local Highway | ||||
and Bridge Service Contract Bonds | 5.50 | 4/1/14 | 1,000,000 | 1,085,910 |
New York State Thruway Authority, Second General | ||||
Highway and Bridge Trust Fund Bonds (Insured; AMBAC) | 5.00 | 4/1/25 | 2,000,000 | 2,029,480 |
New York State Thruway Authority, Second General | ||||
Highway and Bridge Trust Fund Bonds (Insured; FSA) | 4.75 | 4/19/13 | 1,000,000 b | 1,103,640 |
New York State Urban Development Corporation, | ||||
Corporate Purpose Senior Lien Revenue | 5.50 | 7/1/16 | 1,460,000 | 1,463,723 |
The Funds 63
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon New York Intermediate Tax-Exempt Bond Fund (continued) | ||||
Long-Term Municipal | Coupon | Maturity | Principal | |
Investments (continued) | Rate (%) | Date | Amount ($) | Value ($) |
New York (continued) | ||||
New York State Urban Development Corporation, | ||||
Service Contract Revenue | 5.25 | 1/1/24 | 2,375,000 | 2,425,849 |
Onondaga County, GO | 5.00 | 5/1/12 | 350,000 b | 388,619 |
Onondaga County, GO | 5.00 | 5/1/17 | 1,150,000 | 1,239,965 |
Orange County, GO | 5.00 | 7/15/19 | 1,000,000 | 1,086,360 |
Orange County, GO | 5.00 | 7/15/20 | 1,000,000 | 1,071,860 |
Port Authority of New York and New Jersey | ||||
(Consolidated Bonds, 125th Series) (Insured; FSA) | 5.00 | 10/15/19 | 2,000,000 | 2,133,820 |
Port Authority of New York and New Jersey | ||||
(Consolidated Bonds, 128th Series) (Insured; FSA) | 5.00 | 11/1/18 | 1,000,000 | 1,076,260 |
Port Authority of New York and New Jersey | ||||
(Consolidated Bonds, 140th Series) (Insured; FSA) | 5.00 | 12/1/19 | 1,000,000 | 1,091,210 |
Port Authority of New York and New Jersey | ||||
(Consolidated Bonds, 142nd Series) | 5.00 | 7/15/21 | 1,000,000 | 1,058,500 |
Rockland County, GO (Various Purpose) | 5.00 | 10/1/15 | 500,000 | 535,720 |
Suffolk County, Public Improvement GO (Insured; FGIC) | 5.00 | 10/1/13 | 750,000 | 797,640 |
Suffolk County Water Authority, Water System | ||||
Revenue (Insured; MBIA, Inc.) | 4.00 | 6/1/14 | 1,000,000 | 1,064,760 |
Tobacco Settlement Financing Corporation, Asset-Backed | ||||
Revenue Bonds (State Contingency Contract Secured) | 5.00 | 6/1/12 | 2,000,000 | 2,110,160 |
Triborough Bridge and Tunnel Authority, General Purpose Revenue | 6.00 | 1/1/12 | 785,000 | 848,271 |
Triborough Bridge and Tunnel Authority, General Purpose Revenue | 5.25 | 1/1/16 | 1,000,000 | 1,072,170 |
Triborough Bridge and Tunnel Authority, General Purpose Revenue | 5.25 | 1/1/22 | 1,000,000 b | 1,147,890 |
Triborough Bridge and Tunnel Authority, General Revenue | 5.25 | 11/15/15 | 1,000,000 | 1,147,700 |
Triborough Bridge and Tunnel Authority, General Revenue | 5.25 | 11/15/16 | 2,000,000 | 2,179,420 |
Triborough Bridge and Tunnel Authority, General Revenue | 5.25 | 11/15/17 | 775,000 | 844,525 |
Troy Industrial Development Authority, Civic Facility | ||||
Revenue (Rensselaer Polytechnic Institute Project) | 5.00 | 9/1/10 | 2,000,000 | 2,061,780 |
Westchester County, GO | 4.00 | 11/15/15 | 1,000,000 | 1,082,740 |
Westchester County Health Care Corporation, Subordinate Lien Revenue | 5.13 | 11/1/15 | 1,100,000 | 1,152,118 |
U.S. Related—3.8% | ||||
Puerto Rico Commonwealth, Public Improvement GO | 5.50 | 7/1/13 | 1,000,000 | 999,160 |
Puerto Rico Highways and Transportation Authority, | ||||
Highway Revenue (Insured; MBIA, Inc.) | 6.00 | 7/1/11 | 1,000,000 | 1,054,710 |
Puerto Rico Highways and Transportation Authority, | ||||
Transportation Revenue | 5.25 | 7/1/12 | 1,000,000 b | 1,108,200 |
Puerto Rico Housing Finance Authority, Capital Fund Program | ||||
Revenue (Puerto Rico Housing Administration Projects) | 5.00 | 12/1/13 | 740,000 b | 828,245 |
Puerto Rico Housing Finance Authority, Capital Fund Program | ||||
Revenue (Puerto Rico Housing Administration Projects) | 5.00 | 12/1/13 | 730,000 b | 817,053 |
Puerto Rico Housing Finance Authority, Capital Fund Program | ||||
Revenue (Puerto Rico Housing Administration Projects) | 5.00 | 12/1/18 | 260,000 | 268,536 |
Puerto Rico Housing Finance Authority, Capital Fund Program | ||||
Revenue (Puerto Rico Housing Administration Projects) | 5.00 | 12/1/19 | 270,000 | 276,615 |
Total Long-Term Municipal Investments (cost $121,503,567) | 125,691,697 |
64
BNY Mellon New York Intermediate Tax-Exempt Bond Fund (continued) | ||||
Short-Term Municipal | Coupon | Maturity | Principal | |
Investments—8.6% | Rate (%) | Date | Amount ($) | Value ($) |
New York; | ||||
Long Island Power Authority, Electric System Subordinated | ||||
Revenue (LOC; State Street Bank and Trust Co.) | 0.55 | 3/1/09 | 400,000 c | 400,000 |
Long Island Power Authority, Electric System Subordinated | ||||
Revenue (LOC; Westdeutsche Landesbank) | 0.48 | 3/1/09 | 600,000 c | 600,000 |
New York City, GO Notes (Insured; FSA and | ||||
Liquidity Facility; Dexia Credit Locale) | 0.75 | 3/1/09 | 2,400,000 c | 2,400,000 |
New York City, GO Notes (Insured; FSA and | ||||
Liquidity Facility; State Street Bank and Trust Co.) | 0.60 | 3/1/09 | 300,000 c | 300,000 |
New York City, GO Notes (Insured; FSA and | ||||
Liquidity Facility; State Street Bank and Trust Co.) | 0.60 | 3/1/09 | 500,000 c | 500,000 |
New York City, GO Notes (Liquidity Facility; | ||||
Dexia Credit Locale and LOC; Dexia Credit Locale) | 1.25 | 3/1/09 | 100,000 c | 100,000 |
New York City, GO Notes (LOC; Bayerische Landesbank) | 0.55 | 3/1/09 | 900,000 c | 900,000 |
New York City, GO Notes (LOC; JPMorgan Chase Bank) | 0.55 | 3/1/09 | 300,000 c | 300,000 |
New York City, GO Notes (LOC; JPMorgan Chase Bank) | 0.55 | 3/1/09 | 100,000 c | 100,000 |
New York City, GO Notes (LOC; JPMorgan Chase Bank) | 0.55 | 3/1/09 | 300,000 c | 300,000 |
New York City, GO Notes (LOC; JPMorgan Chase Bank) | 0.55 | 3/1/09 | 100,000 c | 100,000 |
New York City, GO Notes (LOC; KBC Bank) | 0.48 | 3/1/09 | 600,000 c | 600,000 |
New York City Municipal Water Finance Authority, | ||||
Water and Sewer System Second General Resolution | ||||
Revenue (Liquidity Facility; Dexia Credit Locale) | 1.25 | 3/1/09 | 3,000,000 c | 3,000,000 |
New York City Transitional Finance Authority, Revenue | ||||
(New York City Recovery) (Liquidity Facility; Dexia Credit Locale) | 0.75 | 3/1/09 | 1,950,000 c | 1,950,000 |
New York City Trust for Cultural Resources, | ||||
Revenue, Refunding (Lincoln Center for the | ||||
Performing Arts, Inc.) (LOC; Bank of America) | 0.45 | 3/1/09 | 300,000 c | 300,000 |
Syracuse Industrial Development Agency, Civic Facility Revenue | ||||
(Syracuse University Project) (LOC; JPMorgan Chase Bank) | 0.35 | 3/1/09 | 100,000 c | 100,000 |
Total Short-Term Municipal Investments (cost $11,950,000) | 11,950,000 | |||
Total Investments (cost $133,453,567) | 98.7% | 137,641,697 | ||
Cash and Receivables (Net) | 1.3% | 1,821,630 | ||
Net Assets | 100.0% | 139,463,327 |
a Security issued with a zero coupon. Income is recognized through the accretion of discount. |
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 Variable rate demand note—rate shown is the interest rate in effect at February 28, 2009. Maturity date represents the next demand date, or the ultimate maturity date if earlier. |
The Funds 65
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Summary of Abbreviations | ||||||
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 | BIGI | Bond Investors Guaranty Insurance | |||
BPA | Bond Purchase Agreement | CGIC | Capital Guaranty Insurance Company | |||
CIC | Continental Insurance Company | CIFG | CDC Ixis Financial Guaranty | |||
CMAC | Capital Markets Assurance Corporation | COP | Certificate of Participation | |||
CP | Commercial Paper | EDR | Economic Development Revenue | |||
EIR | Environmental Improvement Revenue | 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 | |||
FSA | Financial Security Assurance | 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 | LOC | Letter of Credit | |||
LOR | Limited Obligation Revenue | LR | Lease Revenue | |||
MFHR | Multi-Family Housing Revenue | MFMR | Multi-Family Mortgage Revenue | |||
PCR | Pollution Control Revenue | PILOT | Payment in Lieu of Taxes | |||
RAC | Revenue Anticipation Certificates | RAN | Revenue Anticipation Notes | |||
RAW | Revenue Anticipation Warrants | RRR | Resources Recovery Revenue | |||
SAAN | State Aid Anticipation Notes | SBPA | Standby Bond Purchase Agreement | |||
SFHR | Single Family Housing Revenue | SFMR | Single Family Mortgage Revenue | |||
SONYMA | State of New York Mortgage Agency | SWDR | Solid Waste Disposal Revenue | |||
TAN | Tax Anticipation Notes | TAW | Tax Anticipation Warrants | |||
TRAN | Tax and Revenue Anticipation Notes | XLCA | XL Capital Assurance | |||
Summary of Combined Ratings (Unaudited) | ||||||
Fitch | or | Moody’s | or | Standard & Poor’s | Value (%)† | |
AAA | Aaa | AAA | 34.0 | |||
AA | Aa | AA | 47.4 | |||
A | A | A | 8.4 | |||
BBB | Baa | BBB | 1.4 | |||
F1 | MIG1/P1 | SP1/A1 | 8.5 | |||
Not Ratedd | Not Ratedd | Not Ratedd | .3 | |||
100.0 |
† Based on total investments. |
d Securities which, while not rated by Fitch, Moody’s and Standard & Poor’s, have been determined by the investment adviser to be of comparable quality to those rated securities in |
which the fund may invest. |
See notes to financial statements. |
66
STATEMENT OF INVESTMENTS | ||||
February 28, 2009 (Unaudited) | ||||
BNY Mellon Municipal Opportunities Fund | ||||
Long-Term Municipal | Coupon | Maturity | Principal | |
Investments—88.1% | Rate (%) | Date | Amount ($) | Value ($) |
Alabama—1.7% | ||||
Tuscaloosa Public Educational Building Authority, Student Housing | ||||
Revenue (Ridgecrest Student Housing, LLC University of Alabama | ||||
Ridgecrest Residential Project) (Insured; Assured Guaranty) | 6.75 | 7/1/33 | 1,000,000 | 1,101,810 |
Arizona—2.1% | ||||
Arizona Board of Regents, Arizona State University | ||||
System Revenue (Polytechnic Campus Project) | 6.00 | 7/1/27 | 750,000 | 826,575 |
University of Arizona Board of Regents, System Revenue | 6.20 | 6/1/16 | 500,000 | 582,210 |
California—14.9% | ||||
California Educational Facilities Authority, | ||||
Revenue (University of Southern California) | 5.25 | 10/1/38 | 1,000,000 | 1,021,110 |
California Educational Facilities Authority, | ||||
Revenue (University of Southern California) | 5.25 | 10/1/39 | 2,500,000 | 2,550,875 |
California Health Facilities Financing Authority, | ||||
Revenue (Providence Health and Services) | 6.50 | 10/1/38 | 500,000 | 526,385 |
California Statewide Communities Development Authority, | ||||
Mortgage Revenue (Methodist Hospital of Southern | ||||
California Project) (Collateralized; FHA) | 6.75 | 2/1/38 | 2,500,000 | 2,541,900 |
Golden State Tobacco Securitization Corporation, | ||||
Tobacco Settlement Asset-Backed Bonds | 4.50 | 6/1/27 | 100,000 | 74,594 |
Los Angeles Unified School District, GO | 5.00 | 1/1/34 | 1,000,000 | 964,110 |
Northern California Gas Authority Number 1, Gas Project Revenue | 3.32 | 7/1/27 | 660,000 a | 278,025 |
San Diego Regional Building Authority, LR (County | ||||
Operations Center and Annex Redevelopment Project) | 5.38 | 2/1/36 | 2,000,000 | 1,967,760 |
Colorado—3.1% | ||||
Colorado Health Facilities Authority, | ||||
Revenue (Catholic Health Initiatives) | 6.00 | 10/1/23 | 500,000 | 529,695 |
Denver City and County, Airport System | ||||
Revenue (Insured; Assured Guaranty) | 5.25 | 11/15/19 | 1,000,000 | 991,520 |
Northern Colorado Water Conservancy District Building | ||||
Corporation, COP (Lease Purchase Agreement) (Insured; MBIA, Inc.) | 5.50 | 10/1/16 | 500,000 | 534,790 |
Connecticut—1.8% | ||||
Connecticut Health and Educational Facilities Authority, | ||||
Revenue (Yale University Issue) | 5.13 | 7/1/27 | 500,000 | 501,220 |
Connecticut Housing Finance Authority, Revenue | ||||
(Housing Mortgage Finance Program) | 4.75 | 11/15/20 | 700,000 | 675,542 |
Florida—3.9% | ||||
Miami-Dade County, Subordinate Special | ||||
Obligation Bonds (Insured; MBIA, Inc.) | 0/5.00 | 10/1/35 | 500,000 b | 421,030 |
Miami-Dade County Educational Facilities Authority, | ||||
Revenue (University of Miami Issue) (Insured; | ||||
Berkshire Hathaway Assurance Corporation) | 5.50 | 4/1/38 | 600,000 | 608,754 |
Palm Beach County, Public Improvement Revenue | 5.38 | 11/1/28 | 1,000,000 | 1,033,850 |
Palm Beach County School Board, COP | ||||
(Master Lease Purchase Agreement) (Insured; MBIA, Inc.) | 5.00 | 8/1/12 | 500,000 | 535,805 |
The Funds 67
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Municipal Opportunities Fund (continued) | ||||
Long-Term Municipal | Coupon | Maturity | Principal | |
Investments (continued) | Rate (%) | Date | Amount ($) | Value ($) |
Georgia—3.3% | ||||
Burke County Development Authority, PCR | ||||
(Oglethorpe Power Corporation Vogtle Project) | 7.00 | 1/1/23 | 1,000,000 | 1,078,780 |
Municipal Electric Authority of Georgia, GO | ||||
(Project One Subordinated Bonds) | 5.75 | 1/1/20 | 1,000,000 | 1,100,850 |
Kentucky—.8% | ||||
Kentucky Property and Buildings Commission, | ||||
Revenue (Project Number 90) | 5.38 | 11/1/23 | 500,000 | 530,360 |
Louisiana—3.1% | ||||
New Orleans Aviation Board, Revenue (Insured; Assured Guaranty) | 6.00 | 1/1/23 | 2,000,000 | 2,035,500 |
Maryland—3.1% | ||||
Maryland Health and Higher Educational Facilities Authority, | ||||
Revenue (Anne Arundel Health System Issue) | 6.75 | 7/1/29 | 2,000,000 | 2,037,760 |
Massachusetts—13.0% | ||||
Massachusetts Development Finance Agency, SWDR | ||||
(Waste Management, Inc. Project) | 5.50 | 5/1/14 | 1,000,000 | 934,640 |
Massachusetts Health and Educational Facilities Authority, | ||||
Revenue (Harvard University Issue) | 5.50 | 11/15/36 | 1,000,000 | 1,060,950 |
Massachusetts Health and Educational Facilities Authority, | ||||
Revenue (Massachusetts Institute of Technology Issue) | 5.50 | 7/1/22 | 500,000 | 586,865 |
Massachusetts Health and Educational Facilities Authority, | ||||
Revenue (Simmons College Issue) | 7.50 | 10/1/22 | 500,000 | 522,355 |
Massachusetts Health and Educational Facilties Authority, | ||||
Revenue (Simmons College Issue) | 8.00 | 10/1/39 | 2,000,000 | 2,067,300 |
Massachusetts Housing Finance Agency, SFHR | 6.00 | 12/1/37 | 1,000,000 | 1,005,020 |
Massachusetts Turnpike Authority, Metropolitan Highway | ||||
System Revenue (Insured; MBIA, Inc.) | 5.00 | 1/1/37 | 790,000 | 618,183 |
Massachusetts Water Pollution Abatement Trust, | ||||
Water Pollution Abatement Revenue (MWRA Program) | 5.75 | 8/1/29 | 645,000 | 656,236 |
Massachusetts Water Resources Authority, | ||||
General Revenue (Insured; FSA) | 5.25 | 8/1/32 | 1,150,000 | 1,207,316 |
Minnesota—1.6% | ||||
Minneapolis, Health Care System Revenue (Fairview Health Services) | 6.63 | 11/15/28 | 1,000,000 | 1,056,330 |
Mississippi—.6% | ||||
Mississippi Business Finance Corporation, Gulf Opportunity | ||||
Zone IDR (Northrop Grumman Ship Systems, Inc. Project) | 4.55 | 12/1/28 | 500,000 | 396,050 |
Missouri—.8% | ||||
Missouri Health and Educational Facilities Authority, | ||||
Educational Facilities Revenue (The Washington University) | 5.38 | 3/15/39 | 500,000 | 521,635 |
New Jersey—3.9% | ||||
New Jersey Educational Facilities Authority, Revenue | ||||
(Drew University Issue) (Insured; MBIA, Inc.) | 5.00 | 7/1/13 | 300,000 | 331,533 |
68
BNY Mellon Municipal Opportunities Fund (continued) | ||||
Long-Term Municipal | Coupon | Maturity | Principal | |
Investments (continued) | Rate (%) | Date | Amount ($) | Value ($) |
New Jersey (continued) | ||||
Rutgers, The State University, GO�� | 5.00 | 5/1/39 | 2,250,000 | 2,258,753 |
New York—12.6% | ||||
Metropolitan Transportation Authority, Transportation Revenue | 6.50 | 11/15/28 | 500,000 | 552,455 |
New York City, GO | 6.00 | 10/15/23 | 500,000 | 535,295 |
New York City Industrial Development Agency, PILOT Revenue | ||||
(Queens Baseball Stadium Project) (Insured; Assured Guaranty) | 6.50 | 1/1/46 | 500,000 | 532,095 |
New York City Industrial Development Agency, PILOT Revenue | ||||
(Yankee Stadium Project) (Insured; Assured Guaranty) | 7.00 | 3/1/49 | 2,000,000 | 2,201,880 |
New York City Municipal Water Finance Authority, Water | ||||
and Sewer System Second General Resolution Revenue | 5.00 | 6/15/40 | 1,500,000 | 1,445,910 |
New York City Municipal Water Finance Authority, Water | ||||
and Sewer System Second General Resolution Revenue | 5.50 | 6/15/40 | 1,500,000 | 1,552,965 |
New York City Transitional Finance Authority, Building Aid Revenue | 5.25 | 1/15/27 | 1,000,000 | 1,011,470 |
New York State Thruway Authority, Second General | ||||
Highway and Bridge Trust Fund Bonds (Insured; FSA) | 5.00 | 4/1/24 | 500,000 | 511,840 |
North Carolina—2.8% | ||||
JPMorgan Chase Putters/Drivers Trust (North Carolina Capital | ||||
Facilities Finance Agency, Revenue (Duke University Project)) | 15.00 | 10/1/16 | 1,000,000 a | 1,063,240 |
North Carolina Eastern Municipal Power Agency, | ||||
Power System Revenue (Insured; Assured Guaranty) | 6.00 | 1/1/19 | 250,000 | 265,652 |
North Carolina Eastern Municipal Power Agency, | ||||
Power System Revenue (Insured; FGIC) | 5.50 | 1/1/17 | 500,000 | 500,310 |
Ohio—1.6% | ||||
Montgomery County, Revenue (Catholic Health Initiatives) | 6.25 | 10/1/33 | 1,000,000 | 1,034,180 |
Texas—11.5% | ||||
Dallas, GO | 5.00 | 2/15/27 | 515,000 | 530,754 |
Dallas, Improvement Revenue (Civic Center Convention | ||||
Complex) (Insured; Assured Guaranty) | 5.25 | 8/15/38 | 3,000,000 | 2,964,450 |
Forney Independent School District, Unlimited Tax School | ||||
Building Bonds (Permanent School Fund Guarantee Program) | 5.75 | 8/15/33 | 1,000,000 | 1,063,750 |
Harris County Health Facilities Development Corporation, HR | ||||
(Memorial Hermann Healthcare System) | 7.00 | 12/1/27 | 1,000,000 | 1,062,690 |
Lower Colorado River Authority, Revenue (Insured; FSA) | 5.88 | 5/15/15 | 2,000,000 | 2,034,200 |
Washington—.8% | ||||
Washington, GO (Various Purpose) | 5.00 | 1/1/29 | 550,000 | 560,197 |
U.S. Related—1.1% | ||||
Puerto Rico Electric Power Authority, | ||||
Power Revenue (Insured; MBIA, Inc.) | 5.00 | 7/1/17 | 750,000 | 722,445 |
Total Long-Term Municipal Investments | ||||
(cost $55,521,595) | 58,419,754 |
The Funds 69
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Municipal Opportunities Fund (continued) | ||||
Short-Term Municipal | Coupon | Maturity | Principal | |
Investments—10.3% | Rate (%) | Date | Amount ($) | Value ($) |
Alaska—1.4% | ||||
Alaska Industrial Development and Export Authority, | ||||
Revenue (Greater Fairbanks Community Hospital | ||||
Foundation Project) (Insured; FSA) | 1.12 | 3/7/09 | 1,000,000 c | 903,750 |
Colorado—1.0% | ||||
Colorado Health Facilities Authority, Revenue (The Visiting Nurse | ||||
Corporation of Colorado, Inc.) (LOC; Wells Fargo Bank) | 1.25 | 3/1/09 | 300,000 c | 300,000 |
Denver City and County, MFHR (Ogden | ||||
Residences Project) (LOC; Credit Lyonnais) | 1.00 | 3/1/09 | 335,000 c | 335,000 |
Idaho—1.4% | ||||
Power County, PCR (FMC Corporation Project) (LOC; Wachovia Bank) | 0.70 | 3/1/09 | 1,000,000 c | 1,000,000 |
Kentucky—.5% | ||||
Christian County, Lease Program Revenue (Kentucky | ||||
Association of Counties Leasing Trust) (LOC; U.S. Bank) | 0.60 | 3/1/09 | 300,000 c | 300,000 |
Massachusetts—.8% | ||||
Massachusetts, Consolidated Loan | ||||
(Liquidity Facility; Dexia Credit Locale) | 1.20 | 3/1/09 | 500,000 c | 500,000 |
Missouri—3.5% | ||||
Missouri Health and Educational Facilities Authority, | ||||
Health Facilities Revenue (SSM Health Care) | ||||
(Insured; FSA and Liquidity Facility; Dexia Credit Locale) | 1.00 | 3/1/09 | 2,400,000 c | 2,400,000 |
Pennsylvania—.5% | ||||
Allegheny County Industrial Development Authority, | ||||
Senior Health and Housing Facilities Revenue | ||||
(Longwood at Oakmont, Inc.) (LOC; Allied Irish Banks) | 1.00 | 3/1/09 | 300,000 c | 300,000 |
Washington—1.2% | ||||
Washington Economic Development Finance Authority, | ||||
EDR (Pioneer Human Services Project) (LOC; U.S. Bank NA) | 0.90 | 3/1/09 | 400,000 c | 400,000 |
Washington Housing Finance Commission, Nonprofit Housing | ||||
Revenue (Franke Tobey Jones Project) (LOC; Wells Fargo Bank) | 0.90 | 3/1/09 | 100,000 c | 100,000 |
Washington Housing Finance Commission, | ||||
Nonprofit Housing Revenue (Rockwood Retirement | ||||
Communities Program) (LOC; Wells Fargo Bank) | 0.90 | 3/1/09 | 300,000 c | 300,000 |
Total Short-Term Municipal Investments (cost $6,775,000) | 6,838,750 | |||
Total Investments (cost $62,296,595) | 98.4% | 65,258,504 | ||
Cash and Receivables (Net) | 1.6% | 1,055,914 | ||
Net Assets | 100.0% | 66,314,418 |
a Variable rate security—interest rate subject to periodic change. |
b Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity. |
c Variable rate demand note—rate shown is the interest rate in effect at February 28, 2009. Maturity date represents the next demand date, or the ultimate maturity date if earlier. |
d At February 28, 2009, the fund had $18,729,046 or 28.2% of net assets invested in securities whose payment of principal and interest is dependent upon revenues generated |
from education. |
70
Summary of Abbreviations | ||||||
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 | BIGI | Bond Investors Guaranty Insurance | |||
BPA | Bond Purchase Agreement | CGIC | Capital Guaranty Insurance Company | |||
CIC | Continental Insurance Company | CIFG | CDC Ixis Financial Guaranty | |||
CMAC | Capital Markets Assurance Corporation | COP | Certificate of Participation | |||
CP | Commercial Paper | EDR | Economic Development Revenue | |||
EIR | Environmental Improvement Revenue | 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 | |||
FSA | Financial Security Assurance | 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 | LOC | Letter of Credit | |||
LOR | Limited Obligation Revenue | LR | Lease Revenue | |||
MFHR | Multi-Family Housing Revenue | MFMR | Multi-Family Mortgage Revenue | |||
PCR | Pollution Control Revenue | PILOT | Payment in Lieu of Taxes | |||
RAC | Revenue Anticipation Certificates | RAN | Revenue Anticipation Notes | |||
RAW | Revenue Anticipation Warrants | RRR | Resources Recovery Revenue | |||
SAAN | State Aid Anticipation Notes | SBPA | Standby Bond Purchase Agreement | |||
SFHR | Single Family Housing Revenue | SFMR | Single Family Mortgage Revenue | |||
SONYMA | State of New York Mortgage Agency | SWDR | Solid Waste Disposal Revenue | |||
TAN | Tax Anticipation Notes | TAW | Tax Anticipation Warrants | |||
TRAN | Tax and Revenue Anticipation Notes | XLCA | XL Capital Assurance | |||
Summary of Combined Ratings (Unaudited) | ||||||
Fitch | or | Moody’s | or | Standard & Poor’s | Value (%)† | |
AAA | Aaa | AAA | 38.4 | |||
AA | Aa | AA | 36.7 | |||
A | A | A | 11.0 | |||
BBB | Baa | BBB | 6.9 | |||
F1 | MIG1/P1 | SP1/A1 | 3.9 | |||
Not Ratede | Not Ratede | Not Ratede | 3.1 | |||
100.0 |
† Based on total investments. |
e Securities which, while not rated by Fitch, Moody’s and Standard & Poor’s, have been determined by the investment adviser to be of comparable quality to those rated securities in |
which the fund may invest. |
See notes to financial statements. |
The Funds 71
STATEMENT OF ASSETS AND LIABILITIES February 28, 2009 (Unaudited) |
BNY Mellon | BNY Mellon | BNY Mellon | BNY Mellon | |
National | National | Pennsylvania | Massachusetts | |
Intermediate | Short-Term | Intermediate | Intermediate | |
Municipal Bond Fund | Municipal Bond Fund | Municipal Bond Fund | Municipal Bond Fund | |
Assets ($): | ||||
Investments in securities— | ||||
See Statement of Investments† | 1,229,616,978 | 246,488,305 | 493,139,198 | 369,821,859 |
Cash | — | 1,913,369 | — | 553,314 |
Interest receivable | 14,460,907 | 2,338,474 | 5,684,923 | 3,463,309 |
Receivable for investment securites sold | 3,294,150 | 662,175 | 425,000 | 205,000 |
Receivable for shares of Beneficial Interest subscribed | 3,249,615 | — | — | — |
Prepaid expenses and other receivables | 23,591 | 16,045 | 14,561 | 15,543 |
1,250,645,241 | 251,418,368 | 499,263,682 | 374,059,025 | |
Liabilities ($): | ||||
Due to The Dreyfus Corporation and affiliates—Note 4(c) | 375,158 | 69,883 | 211,576 | 114,073 |
Due to Administrator—Note 4(a) | 126,949 | 23,656 | 51,675 | 37,989 |
Cash overdraft due to Custodian | 1,465,248 | — | 1,289,017 | — |
Payable for investment securities purchased | — | 3,583,056 | 4,447,480 | — |
Payable for shares of Beneficial Interest redeemed | 449,519 | 2,631,168 | 72,415 | 174,668 |
Accrued expenses and other liabilities | 48,412 | — | 23,047 | 436 |
2,465,286 | 6,307,763 | 6,095,210 | 327,166 | |
Net Assets ($) | 1,248,179,955 | 245,110,605 | 493,168,472 | 373,731,859 |
Composition of Net Assets ($): | ||||
Paid—in capital | 1,260,289,547 | 245,570,066 | 501,847,834 | 369,204,471 |
Accumulated undistributed investment income—net | 415,898 | 18,029 | 80,715 | 39,718 |
Accumulated net realized gain (loss) on investments | (6,663,679) | (1,293,813) | (1,103,852) | (1,507,944) |
Accumulated net unrealized appreciation | ||||
(depreciation) on investments | (5,861,811) | 816,323 | (7,656,225) | 5,995,614 |
Net Assets ($) | 1,248,179,955 | 245,110,605 | 493,168,472 | 373,731,859 |
Net Asset Value Per Share | ||||
Class M Shares | ||||
Net Assets ($) | 1,225,432,402 | 243,101,153 | 491,097,171 | 365,528,595 |
Shares Outstanding | 97,457,958 | 19,248,607 | 40,919,218 | 29,137,469 |
Net Asset Value Per Share ($) | 12.57 | 12.63 | 12.00 | 12.54 |
Investor Shares | ||||
Net Assets ($) | 22,589,044 | 2,009,452 | 2,071,301 | 8,185,273 |
Shares Outstanding | 1,798,441 | 159,336 | 172,781 | 652,530 |
Net Asset Value Per Share ($) | 12.56 | 12.61 | 11.99 | 12.54 |
Dreyfus Premier Shares | ||||
Net Assets ($) | 158,509 | — | — | 17,991 |
Shares Outstanding | 12,613 | — | — | 1,430 |
Net Asset Value Per Share ($) | 12.57 | — | — | 12.58 |
† Investments at cost ($) | 1,235,478,789 | 245,671,982 | 500,795,423 | 363,826,245 |
See notes to financial statements. |
72
BNY Mellon | ||
New York | BNY Mellon | |
Intermediate | Municipal | |
Tax-Exempt Bond Fund | Opportunities Fund | |
Assets ($): | ||
Investments in securities—See Statement of Investments† | 137,641,697 | 65,258,504 |
Cash | — | 462,048 |
Interest receivable | 1,599,836 | 492,982 |
Receivable for investment securites sold | 462,760 | 107,500 |
Prepaid expenses and other receivables | 10,536 | 40,567 |
139,714,829 | 66,361,601 | |
Liabilities ($): | ||
Due to The Dreyfus Corporation and affiliates—Note 4(c) | 48,662 | 21,590 |
Due to Administrator—Note 4(a) | 14,062 | 6,080 |
Cash overdraft due to Custodian | 157,264 | — |
Payable for shares of Beneficial Interest redeemed | 2,861 | 209 |
Accrued expenses and other liabilities | 28,653 | 19,304 |
251,502 | 47,183 | |
Net Assets ($) | 139,463,327 | 66,314,418 |
Composition of Net Assets ($): | ||
Paid—in capital | 135,260,389 | 62,906,446 |
Accumulated undistributed investment income—net | 13,654 | 95,916 |
Accumulated net realized gain (loss) on investments | 1,154 | 350,147 |
Accumulated net unrealized appreciation (depreciation) on investments | 4,188,130 | 2,961,909 |
Net Assets ($) | 139,463,327 | 66,314,418 |
Net Asset Value Per Share | ||
Class M Shares | ||
Net Assets ($) | 123,175,075 | 66,214,405 |
Shares Outstanding | 11,281,690 | 5,883,415 |
Net Asset Value Per Share ($) | 10.92 | 11.25 |
Investor Shares | ||
Net Assets ($) | 16,288,252 | 100,013 |
Shares Outstanding | 1,490,982 | 8,886 |
Net Asset Value Per Share ($) | 10.92 | 11.26 |
† Investments at cost ($) | 133,453,567 | 62,296,595 |
See notes to financial statements. |
The Funds 73
STATEMENT OF OPERATIONS Six Months Ended February 28, 2009 (Unaudited) |
BNY Mellon | BNY Mellon | BNY Mellon | BNY Mellon | |
National | National | Pennsylvania | Massachusetts | |
Intermediate | Short-Term | Intermediate | Intermediate | |
Municipal Bond Fund | Municipal Bond Fund | Municipal Bond Fund | Municipal Bond Fund | |
Investment Income ($): | ||||
Interest Income | 28,068,220 | 3,337,349 | 12,435,544 | 7,761,900 |
Expenses: | ||||
Investment advisory fee—Note 4(a) | 2,099,740 | 326,725 | 1,308,309 | 635,276 |
Administration fee—Note 4(a) | 784,575 | 122,153 | 342,010 | 237,286 |
Custodian fees—Note 4(c) | 49,995 | 7,962 | 21,189 | 14,672 |
Trustees’ fees and expenses—Note 4(d) | 35,055 | 5,748 | 16,893 | 12,280 |
Shareholder servicing costs—Note 4(c) | 28,681 | 2,123 | 2,501 | 11,229 |
Registration fees | 28,623 | 15,196 | 14,758 | 19,695 |
Legal fees | 22,637 | 1,547 | 6,145 | 9,003 |
Auditing fees | 14,038 | 15,177 | 14,987 | 13,741 |
Prospectus and shareholders’ reports | 10,290 | 2,019 | 328 | 2,890 |
Distribution fees—Note 4(b) | 394 | — | — | 43 |
Loan commitment fees—Note 3 | 100 | 100 | 100 | 100 |
Miscellaneous | 44,576 | 17,963 | 26,388 | 29,728 |
Total Expenses | 3,118,704 | 516,713 | 1,753,608 | 985,943 |
Less—reduction in fees | ||||
due to earnings credits—Note 2(b) | (2,015) | (430) | (253) | (923) |
Net Expenses | 3,116,689 | 516,283 | 1,753,355 | 985,020 |
Investment Income—Net | 24,951,531 | 2,821,066 | 10,682,189 | 6,776,880 |
Realized and Unrealized Gain (Loss) | ||||
on Investments—Note 5 ($): | ||||
Net realized gain (loss) on investments | (4,091,012) | (253,770) | 1,363,892 | 136,962 |
Net realized gain (loss) on financial futures | (2,866,623) | — | (1,558,658) | (1,024,572) |
Net Realized Gain (Loss) | (6,957,635) | (253,770) | (194,766) | (887,610) |
Net unrealized appreciation (depreciation) on investments | ||||
(including ($156,156), ($84,907) and ($55,812) | ||||
appreciation (depreciation) on financial futures for | ||||
BNY Mellon National Intermediate Municipal Bond Fund, | ||||
BNY Mellon Pennsylvania Intermediate Municipal Bond | ||||
Fund and BNY Mellon Massachussetts Intermediate | ||||
Municipal Bond Fund, respectively) | (20,978,199) | (129,859) | (14,877,232) | (745,332) |
Net Realized and Unrealized | ||||
Gain (Loss) on Investments | (27,935,834) | (383,629) | (15,071,998) | (1,632,942) |
Net Increase (Decrease) in Net Assets | ||||
Resulting from Operations | (2,984,303) | 2,437,437 | (4,389,809) | 5,143,938 |
See notes to financial statements. |
74
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | ||
Two Months Ended | ||
February 28, 2009 | Year Ended | |
(Unaudited)a | December 31, 2008b | |
Investment Income ($): | ||
Interest Income | 856,214 | 4,893,994 |
Expenses: | ||
Investment advisory fee—Note 4(a) | 110,478 | 600,069 |
Administration fee—Note 4(a) | 29,098 | 131,481 |
Shareholder servicing costs—Note 4(c) | 8,080 | 44,095 |
Auditing fees | 5,218 | 31,972 |
Registration fees | 2,486 | 33,150 |
Trustees’ fees and expenses—Note 4(d) | 2,339 | 13,878 |
Custodian fees—Note 4(c) | 1,860 | 12,835 |
Prospectus and shareholders’ reports | 316 | 9,516 |
Legal fees | 103 | 4,696 |
Loan commitment fees—Note 3 | 64 | — |
Distribution fees—Note 4(b) | — | 29,990 |
Miscellaneous | 4,696 | 32,183 |
Total Expenses | 164,738 | 943,865 |
Less—reduction in investment advisory fee | ||
due to undertaking—Note 4(a) | (26,885) | (192,479) |
Less—reduction in fees | ||
due to earnings credits—Note 2(b) | (419) | (1,447) |
Net Expenses | 137,434 | 749,939 |
Investment Income—Net | 718,780 | 4,144,055 |
Realized and Unrealized Gain (Loss) on Investments—Note 5 ($): | ||
Net realized gain (loss) on investments | (3,936) | 20,068 |
Net unrealized appreciation (depreciation) on investments | 2,481,663 | (938,532) |
Net Realized and Unrealized Gain (Loss) on Investments | 2,477,727 | (918,464) |
Net Increase in Net Assets Resulting from Operations | 3,196,507 | 3,225,591 |
a The Fund has changed its fiscal year end from December 31 to August 31. |
b Represents information for the predecessor fund, BNY Hamilton Intermediate NewYork Tax-Exempt Fund, through September 12, 2008. |
See notes to financial statements. |
The Funds 75
STATEMENT OF OPERATIONS (continued) |
BNY Mellon Municipal | |
Opportunities Fund | |
Period Ended | |
February 28, 2009a | |
(Unaudited) | |
Interest Income | 685,876 |
Expenses: | |
Investment advisory fee—Note 4(a) | 68,485 |
Administration fee—Note 4(a) | 18,035 |
Auditing fees | 13,705 |
Registration fees | 2,673 |
Custodian fees—Note 4(c) | 2,269 |
Legal fees | 1,870 |
Prospectus and shareholders’ reports | 1,050 |
Trustees’ fees and expenses—Note 4(d) | 892 |
Loan commitment fees—Note 3 | 253 |
Shareholder servicing costs—Note 4(c) | 65 |
Miscellaneous | 22,425 |
Total Expenses | 131,722 |
Less—reduction in investment advisory fee | |
due to undertaking—Note 4(a) | (28,683) |
Less—reduction in fees | |
due to earnings credits—Note 2(b) | (13) |
Net Expenses | 103,026 |
Investment Income—Net | 582,850 |
Realized and Unrealized Gain (Loss) on Investments—Note 5 ($): | |
Net realized gain (loss) on investments | 526,548 |
Net realized gain (loss) on financial futures | (156,178) |
Net Realized Gain (Loss) | 370,370 |
Net unrealized appreciation (depreciation) on investments | 2,961,909 |
Net Realized and Unrealized Gain (Loss) on Investments | 3,332,279 |
Net Increase in Net Assets Resulting from Operations | 3,915,129 |
a From October 15, 2008 (commencement of initial offering) to February 28, 2009. | |
See notes to financial statements. |
76
STATEMENT OF CHANGES IN NET ASSETS |
BNY Mellon National Intermediate | BNY Mellon National Short-Term | |||
Municipal Bond Fund | Municipal Bond Fund | |||
Six Months Ended | Six Months Ended | |||
February 28, 2009 | Year Ended | February 28, 2009 | Year Ended | |
(Unaudited) | August 31, 2008 | (Unaudited) | August 31, 2008 | |
Operations ($): | ||||
Investment income—net | 24,951,531 | 41,159,077 | 2,821,066 | 5,202,750 |
Net realized gain (loss) on investments | (6,957,635) | 2,146,623 | (253,770) | 13,630 |
Net unrealized appreciation (depreciation) on investments | (20,978,199) | (792,889) | (129,859) | 1,246,315 |
Net Increase (Decrease) in Net Assets | ||||
Resulting from Operations | (2,984,303) | 42,512,811 | 2,437,437 | 6,462,695 |
Dividends to Shareholders from ($): | ||||
Investment income—net: | ||||
Class M Shares | (24,344,634) | (39,936,768) | (2,811,496) | (5,156,310) |
Investor Shares | (416,149) | (863,354) | (21,014) | (16,967) |
Dreyfus Premier Shares | (2,680) | (7,165) | — | — |
Net realized gain on investments: | ||||
Class M Shares | (716,062) | — | — | — |
Investor Shares | (13,330) | — | — | — |
Dreyfus Premier Shares | (93) | — | — | — |
Total Dividends | (25,492,948) | (40,807,287) | (2,832,510) | (5,173,277) |
Beneficial Interest Transactions ($): | ||||
Net proceeds from shares sold: | ||||
Class M Shares | 156,833,987 | 254,992,966 | 119,107,598 | 75,743,234 |
Investor Shares | 4,286,729 | 4,509,467 | 1,680,186 | 1,034,575 |
Dreyfus Premier Shares | 266 | 393 | — | — |
Net assets received in connection | ||||
with reorganization—Note 1 | 211,751,479 | — | — | — |
Dividends reinvested: | ||||
Class M Shares | 3,333,679 | 5,465,854 | 650,778 | 850,655 |
Investor Shares | 321,814 | 639,203 | 11,516 | 13,672 |
Dreyfus Premier Shares | 316 | 1,716 | — | — |
Cost of shares redeemed: | ||||
Class M Shares | (162,940,948) | (161,964,429) | (44,500,065) | (55,029,033) |
Investor Shares | (3,780,270) | (8,829,522) | (349,796) | (1,026,906) |
Dreyfus Premier Shares | (14,530) | (154,357) | — | — |
Increase (Decrease) in Net Assets from | ||||
Beneficial Interest Transactions | 209,792,522 | 94,661,291 | 76,600,217 | 21,586,197 |
Total Increase (Decrease) in Net Assets | 181,315,271 | 96,366,815 | 76,205,144 | 22,875,615 |
Net Assets ($): | ||||
Beginning of Period | 1,066,864,684 | 970,497,869 | 168,905,461 | 146,029,846 |
End of Period | 1,248,179,955 | 1,066,864,684 | 245,110,605 | 168,905,461 |
Undistributed investment income—net | 415,898 | 227,830 | 18,029 | 29,473 |
The Funds 77
STATEMENT OF CHANGES IN NET ASSETS (continued) |
BNY Mellon National Intermediate | BNY Mellon National Short-Term | |||
Municipal Bond Fund | Municipal Bond Fund | |||
Six Months Ended | Six Months Ended | |||
February 28, 2009 | Year Ended | February 28, 2009 | Year Ended | |
(Unaudited) | August 31, 2008 | (Unaudited) | August 31, 2008 | |
Capital Share Transactions: | ||||
Class M Shares | ||||
Shares sold | 12,698,554 | 19,756,849 | 9,492,587 | 5,979,916 |
Shares received in connection | ||||
with reorganization—Note 1 | 16,401,596 | — | — | — |
Shares issued for dividends reinvested | 271,724 | 424,803 | 51,884 | 67,119 |
Shares redeemed | (13,280,481) | (12,554,905) | (3,550,783) | (4,337,585) |
Net Increase (Decrease) in Shares Outstanding | 16,091,393 | 7,626,747 | 5,993,688 | 1,709,450 |
Investor Sharesa | ||||
Shares sold | 347,031 | 349,407 | 134,169 | 81,777 |
Shares received in connection | ||||
with reorganization—Note 1 | 44,887 | — | — | — |
Shares issued for dividends reinvested | 26,155 | 49,712 | 919 | 1,080 |
Shares redeemed | (308,689) | (683,793) | (27,991) | (81,095) |
Net Increase (Decrease) in Shares Outstanding | 109,384 | (284,674) | 107,097 | 1,762 |
Dreyfus Premier Sharesa | ||||
Shares sold | 22 | 31 | — | — |
Shares issued for dividends reinvested | 26 | 133 | — | — |
Shares redeemed | (1,203) | (11,899) | — | — |
Net Increase (Decrease) in Shares Outstanding | (1,155) | (11,735) | — | — |
a During the period ended February 28, 2009, 5 Dreyfus Premier shares of BNY Mellon National Intermediate Municipal Bond Fund representing $60 were automatically |
converted to 5 Investor shares and during the year ended August 31, 2008, 8,430 Dreyfus Premier shares of BNY Mellon National Intermediate Municipal Bond Fund |
representing $109,477 were automatically converted to 8,430 Investor shares. |
See notes to financial statements. |
78
BNY Mellon Pennsylvania | ||
Intermediate Municipal Bond Fund | ||
Six Months Ended | ||
February 28, 2009 | Year Ended | |
(Unaudited) | August 31, 2008 | |
Operations ($): | ||
Investment income—net | 10,682,189 | 23,249,679 |
Net realized gain (loss) on investments | (194,766) | 1,181,736 |
Net unrealized appreciation (depreciation) on investments | (14,877,232) | (3,662,156) |
Net Increase (Decrease) in Net Assets | ||
Resulting from Operations | (4,389,809) | 20,769,259 |
Dividends to Shareholders from ($): | ||
Investment income—net: | ||
Class M Shares | (10,689,211) | (23,028,450) |
Investor Shares | (33,527) | (54,887) |
Net realized gain on investments: | ||
Class M Shares | (1,796,518) | (1,001,485) |
Investor Shares | (6,158) | (2,591) |
Total Dividends | (12,525,414) | (24,087,413) |
Beneficial Interest Transactions ($): | ||
Net proceeds from shares sold: | ||
Class M Shares | 25,492,927 | 52,631,152 |
Investor Shares | 1,195,370 | 1,175,559 |
Dividends reinvested: | ||
Class M Shares | 1,531,107 | 1,342,499 |
Investor Shares | 33,060 | 44,492 |
Cost of shares redeemed: | ||
Class M Shares | (85,805,955) | (94,511,512) |
Investor Shares | (571,569) | (1,067,910) |
Increase (Decrease) in Net Assets from | ||
Beneficial Interest Transactions | (58,125,060) | (40,385,720) |
Total Increase (Decrease) in Net Assets | (75,040,283) | (43,703,874) |
Net Assets ($): | ||
Beginning of Period | 568,208,755 | 611,912,629 |
End of Period | 493,168,472 | 568,208,755 |
Undistributed investment income—net | 80,715 | 121,264 |
Capital Share Transactions (Shares): | ||
Class M Shares | ||
Shares sold | 2,156,270 | 4,220,140 |
Shares issued for dividends reinvested | 132,843 | 107,668 |
Shares redeemed | (7,256,250) | (7,581,449) |
Net Increase (Decrease) in Shares Outstanding | (4,967,137) | (3,253,641) |
Investor Shares | ||
Shares sold | 102,201 | 94,451 |
Shares issued for dividends reinvested | 2,800 | 3,582 |
Shares redeemed | (49,103) | (85,499) |
Net Increase (Decrease) in Shares Outstanding | 55,898 | 12,534 |
See notes to financial statements. |
The Funds 79
STATEMENT OF CHANGES IN NET ASSETS (continued) |
BNY Mellon Massachusetts | ||
Intermediate Municipal Bond Fund | ||
Six Months Ended | ||
February 28, 2009 | Year Ended | |
(Unaudited) | August 31, 2008 | |
Operations ($): | ||
Investment income—net | 6,776,880 | 13,799,786 |
Net realized gain (loss) on investments | (887,610) | 161,082 |
Net unrealized appreciation (depreciation) on investments | (745,332) | 4,235,734 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 5,143,938 | 18,196,602 |
Dividends to Shareholders from ($): | ||
Investment income—net: | ||
Class M Shares | (6,666,895) | (13,409,833) |
Investor Shares | (147,277) | (310,487) |
Dreyfus Premier Shares | (261) | (517) |
Total Dividends | (6,814,433) | (13,720,837) |
Beneficial Interest Transactions ($): | ||
Net proceeds from shares sold: | ||
Class M Shares | 48,406,038 | 93,834,677 |
Investor Shares | 736,580 | 1,241,266 |
Dividends reinvested: | ||
Class M Shares | 1,543,430 | 3,053,932 |
Investor Shares | 81,073 | 164,179 |
Dreyfus Premier Shares | 261 | 517 |
Cost of shares redeemed: | ||
Class M Shares | (56,881,157) | (69,729,479) |
Investor Shares | (1,190,467) | (1,958,561) |
Increase (Decrease) in Net Assets from | ||
Beneficial Interest Transactions | (7,304,242) | 26,606,531 |
Total Increase (Decrease) in Net Assets | (8,974,737) | 31,082,296 |
Net Assets ($): | ||
Beginning of Period | 382,706,596 | 351,624,300 |
End of Period | 373,731,859 | 382,706,596 |
Undistributed investment income—net | 39,718 | 77,271 |
Capital Share Transactions (Shares): | ||
Class M Shares | ||
Shares sold | 3,932,953 | 7,460,532 |
Shares issued for dividends reinvested | 125,967 | 243,390 |
Shares redeemed | (4,678,399) | (5,536,521) |
Net Increase (Decrease) in Shares Outstanding | (619,479) | 2,167,401 |
Investor Shares | ||
Shares sold | 60,676 | 98,103 |
Shares issued for dividends reinvested | 6,615 | 13,088 |
Shares redeemed | (96,797) | (155,964) |
Net Increase (Decrease) in Shares Outstanding | (29,506) | (44,773) |
Dreyfus Premier Shares | ||
Shares issued for dividends reinvested | 20 | 42 |
See notes to financial statements. |
80
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | |||
Two Months Ended | |||
February 28, 2009 | Year Ended December 31, | ||
(Unaudited)a | 2008b | 2007b,c | |
Operations ($): | |||
Investment income—net | 718,780 | 4,144,055 | 4,017,532 |
Net realized gain (loss) on investments | (3,936) | 20,068 | 203,025 |
Net unrealized appreciation (depreciation) on investments | 2,481,663 | (938,532) | 514,471 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 3,196,507 | 3,225,591 | 4,735,028 |
Dividends to Shareholders from ($): | |||
Investment income—net: | |||
Class M Shares | (625,683) | (3,598,570) | (3,438,535) |
Investor Shares | (79,443) | (543,884) | (578,931) |
Net realized gain on investments: | |||
Class M Shares | — | (68,788) | (117,454) |
Investor Shares | — | (10,087) | (20,561) |
Total Dividends | (705,126) | (4,221,329) | (4,155,481) |
Beneficial Interest Transactions ($): | |||
Net proceeds from shares sold: | |||
Class M Shares | 8,990,813 | 126,073,812 | 16,821,126 |
Investor Shares | 86,897 | 4,658,301 | 383,375 |
Dividends reinvested: | |||
Class M Shares | 74,587 | 565,070 | 563,588 |
Investor Shares | 60,854 | 418,905 | 463,142 |
Class C Shares | — | — | 8 |
Cost of shares redeemed: | |||
Class M Shares | (1,770,682) | (110,021,230) | (14,729,741) |
Investor Shares | (367,508) | (5,889,948) | (1,912,848) |
Class C Shares | — | — | (10,447) |
Increase (Decrease) in Net Assets from Beneficial Interest Transactions | 7,074,961 | 15,804,910 | 1,578,203 |
Total Increase (Decrease) in Net Assets | 9,566,342 | 14,809,172 | 2,157,750 |
Net Assets ($): | |||
Beginning of Period | 129,896,985 | 115,087,813 | 112,930,063 |
End of Period | 139,463,327 | 129,896,985 | 115,087,813 |
Undistributed investment income—net | 13,654 | — | 63 |
Capital Share Transactions: | |||
Class M Shares | |||
Shares sold | 822,665 | 11,647,326 | 1,569,026 |
Shares issued for dividends reinvested | 6,798 | 53,897 | 52,613 |
Shares redeemed | (160,305) | (10,149,397) | (1,380,442) |
Net Increase (Decrease) in Shares Outstanding | 669,158 | 1,551,826 | 241,197 |
Investor Shares | |||
Shares sold | 7,865 | 429,958 | 35,671 |
Shares issued for dividends reinvested | 5,547 | 39,188 | 43,233 |
Shares redeemed | (33,443) | (543,832) | (178,919) |
Net Increase (Decrease) in Shares Outstanding | (20,031) | (74,686) | (100,015) |
Class C Shares | |||
Shares issued for dividends reinvested | — | — | 1 |
Shares redeemed | — | — | (970) |
Net Increase (Decrease) in Shares Outstanding | — | — | (969) |
a The Fund has changed its fiscal year end from December 31st to August 31st. |
b Represents information for the predecessor fund, BNY Hamilton Intermediate NewYork Tax-Exempt Fund, through September 12, 2008. |
c Prior to January 1, 2007, Class C shares accounts had been closed. On January 3, 2007, residual Class C Shares remaining were redeemed. |
See notes to financial statements. |
The Funds 81
STATEMENT OF CHANGES IN NET ASSETS (continued) |
BNY Mellon Municipal | |
Opportunities Fund | |
Period Ended | |
February 28, 2009 | |
(Unaudited)a | |
Operations ($): | |
Investment income—net | 582,850 |
Net realized gain (loss) on investments | 370,370 |
Net unrealized appreciation (depreciation) on investments | 2,961,909 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 3,915,129 |
Dividends to Shareholders from ($): | |
Investment income—net: | |
Class M Shares | (486,364) |
Investor Shares | (570) |
Net realized gain on investments: | |
Class M Shares | (20,209) |
Investor Shares | (14) |
Total Dividends | (507,157) |
Beneficial Interest Transactions ($): | |
Net proceeds from shares sold: | |
Class M Shares | 63,315,062 |
Investor Shares | 95,000 |
Dividends reinvested: | |
Class M Shares | 149,146 |
Investor Shares | 442 |
Cost of shares redeemed: | |
Class M Shares | (652,860) |
Investor Shares | (344) |
Increase (Decrease) in Net Assets from | |
Beneficial Interest Transactions | 62,906,446 |
Total Increase (Decrease) in Net Assets | 66,314,418 |
Net Assets ($): | |
Beginning of Period | — |
End of Period | 66,314,418 |
Undistributed investment income—net | 95,916 |
Capital Share Transactions (Shares): | |
Class M Shares | |
Shares sold | 5,928,616 |
Shares issued for dividends reinvested | 13,677 |
Shares redeemed | (58,878) |
Net Increase (Decrease) in Shares Outstanding | 5,883,415 |
Investor Shares | |
Shares sold | 8,877 |
Shares issued for dividends reinvested | 40 |
Shares redeemed | (31) |
Net Increase (Decrease) in Shares Outstanding | 8,886 |
a From October 15, 2008 (commencement of initial offering) to February 28, 2009. | |
See notes to financial statements. |
82
FINANCIAL HIGHLIGHTS
The following tables describe the performance for each share class of each fund for the fiscal periods indicated.All information (except portfolio turnover rate) reflects financial results for a single fund share.Total return shows how much your investment in each fund would have increased (or decreased) during the period, assuming you had reinvested all dividends and distribu-tions.These figures have been derived from each fund’s financial statements.
Class M Shares | ||||||
Six Months Ended | ||||||
BNY Mellon National | February 28, 2009 | Year Ended August 31, | ||||
Intermediate Municipal Bond Fund | (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 12.84 | 12.81 | 13.01 | 13.25 | 13.34 | 13.09 |
Investment Operations: | ||||||
Investment income—neta | .26 | .52 | .50 | .50 | .50 | .51 |
Net realized and unrealized | ||||||
gain (loss) on investments | (.27) | .02 | (.20) | (.16) | (.03) | .29 |
Total from Investment Operations | (.01) | .54 | .30 | .34 | .47 | .80 |
Distributions: | ||||||
Dividends from investment income—net | (.25) | (.51) | (.50) | (.50) | (.50) | (.51) |
Dividends from net realized gain on investments | (.01) | — | — | (.08) | (.06) | (.04) |
Total Distributions | (.26) | (.51) | (.50) | (.58) | (.56) | (.55) |
Net asset value, end of period | 12.57 | 12.84 | 12.81 | 13.01 | 13.25 | 13.34 |
Total Return (%) | (.01)b | 4.32 | 2.36 | 2.64 | 3.62 | 6.22 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | .52c | .51 | .51 | .51 | .52 | .52 |
Ratio of net expenses to average net assets | .52c,d | .51d | .51d | .51d | .52 | .52d |
Ratio of net investment income | ||||||
to average net assets | 4.16c | 4.01 | 3.90 | 3.87 | 3.80 | 3.84 |
Portfolio Turnover Rate | 26.83b | 49.50 | 27.18 | 28.19 | 42.72 | 53.26 |
Net Assets, end of period ($ x 1,000) | 1,225,432 | 1,045,019 | 944,909 | 807,634 | 732,711 | 646,793 |
a | Based on average shares outstanding at each month end. |
b | Not annualized. |
c | Annualized. |
d | Expense waivers and/or reimbursements amounted to less than .01%. |
See notes to financial statements. |
The Funds 83
FINANCIAL HIGHLIGHTS (continued) |
Investor Shares | ||||||
Six Months Ended | ||||||
BNY Mellon National | February 28, 2009 | Year Ended August 31, | ||||
Intermediate Municipal Bond Fund | (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 12.83 | 12.80 | 13.00 | 13.23 | 13.33 | 13.08 |
Investment Operations: | ||||||
Investment income—neta | .24 | .48 | .47 | .47 | .47 | .48 |
Net realized and unrealized | ||||||
gain (loss) on investments | (.26) | .03 | (.20) | (.15) | (.04) | .29 |
Total from Investment Operations | (.02) | .51 | .27 | .32 | .43 | .77 |
Distributions: | ||||||
Dividends from investment income—net | (.24) | (.48) | (.47) | (.47) | (.47) | (.48) |
Dividends from net realized gain on investments | (.01) | — | — | (.08) | (.06) | (.04) |
Total Distributions | (.25) | (.48) | (.47) | (.55) | (.53) | (.52) |
Net asset value, end of period | 12.56 | 12.83 | 12.80 | 13.00 | 13.23 | 13.33 |
Total Return (%) | (.13)b | 4.06 | 2.11 | 2.47 | 3.28 | 6.04 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | .76c | .76 | .76 | .76 | .77 | .77 |
Ratio of net expenses to average net assets | .76c,d | .76d | .76d | .76d | .77 | .77d |
Ratio of net investment income | ||||||
to average net assets | 3.93c | 3.77 | 3.65 | 3.62 | 3.56 | 3.60 |
Portfolio Turnover Rate | 26.83b | 49.50 | 27.18 | 28.19 | 42.72 | 53.26 |
Net Assets, end of period ($ x 1,000) | 22,589 | 21,668 | 25,262 | 27,084 | 27,409 | 30,164 |
a | Based on average shares outstanding at each month end. |
b | Not annualized. |
c | Annualized. |
d | Expense waivers and/or reimbursements amounted to less than .01%. |
See notes to financial statements. |
84
Dreyfus Premier Shares | ||||||
Six Months Ended | ||||||
BNY Mellon National | February 28, 2009 | Year Ended August 31, | ||||
Intermediate Municipal Bond Fund | (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 12.84 | 12.81 | 13.00 | 13.24 | 13.33 | 13.08 |
Investment Operations: | ||||||
Investment income—neta | .21 | .41 | .39 | .40 | .40 | .41 |
Net realized and unrealized | ||||||
gain (loss) on investments | (.26) | .04 | (.17) | (.16) | (.03) | .29 |
Total from Investment Operations | (.05) | .45 | .22 | .24 | .37 | .70 |
Distributions: | ||||||
Dividends from investment income—net | (.21) | (.42) | (.41) | (.40) | (.40) | (.41) |
Dividends from net realized gain on investments | (.01) | — | — | (.08) | (.06) | (.04) |
Total Distributions | (.22) | (.42) | (.41) | (.48) | (.46) | (.45) |
Net asset value, end of period | 12.57 | 12.84 | 12.81 | 13.00 | 13.24 | 13.33 |
Total Return (%)b | (.30)c | 3.46 | 1.68 | 1.88 | 2.85 | 5.43 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.26d | 1.26 | 1.26 | 1.26 | 1.27 | 1.27 |
Ratio of net expenses to average net assets | 1.26d,e | 1.26e | 1.26e | 1.26e | 1.27 | 1.27e |
Ratio of net investment income | ||||||
to average net assets | 3.42d | 3.27 | 3.13 | 3.12 | 3.06 | 3.09 |
Portfolio Turnover Rate | 26.83c | 49.50 | 27.18 | 28.19 | 42.72 | 53.26 |
Net Assets, end of period ($ x 1,000) | 159 | 177 | 327 | 2,474 | 4,656 | 5,945 |
a | Based on average shares outstanding at each month end. |
b | Exclusive of sales charge. |
c | Not annualized. |
d | Annualized. |
e | Expense waivers and/or reimbursements amounted to less than .01%. |
See notes to financial statements. |
The Funds 85
FINANCIAL HIGHLIGHTS (continued) |
Class M Shares | ||||||
Six Months Ended | ||||||
BNY Mellon National Short-Term | February 28, 2009 | Year Ended August 31, | ||||
Municipal Bond Fund | (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 12.69 | 12.59 | 12.59 | 12.63 | 12.81 | 12.86 |
Investment Operations: | ||||||
Investment income—neta | .19 | .41 | .40 | .33 | .29 | .29 |
Net realized and unrealized | ||||||
gain (loss) on investments | (.06) | .10 | — | (.04) | (.18) | (.05) |
Total from Investment Operations | .13 | .51 | .40 | .29 | .11 | .24 |
Distributions: | ||||||
Dividends from investment income—net | (.19) | (.41) | (.40) | (.33) | (.29) | (.29) |
Net asset value, end of period | 12.63 | 12.69 | 12.59 | 12.59 | 12.63 | 12.81 |
Total Return (%) | 1.06b | 4.09 | 3.21 | 2.36 | .91 | 2.00 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | .55c | .54 | .55 | .53 | .54 | .53 |
Ratio of net expenses to average net assets | .55c,d | .54d | .54 | .53d | .53 | .53 |
Ratio of net investment income | ||||||
to average net assets | 3.02c | 3.23 | 3.14 | 2.65 | 2.31 | 2.28 |
Portfolio Turnover Rate | 10.32b | 22.93 | 33.74 | 49.94 | 40.92 | 28.12 |
Net Assets, end of period ($ x 1,000) | 243,101 | 168,243 | 145,395 | 160,551 | 207,063 | 221,600 |
a | Based on average shares outstanding at each month end. |
b | Not annualized. |
c | Annualized. |
d | Expense waivers and/or reimbursements amounted to less than .01%. |
See notes to financial statements. |
86
Investor Shares | ||||||
Six Months Ended | ||||||
BNY Mellon National Short-Term | February 28, 2009 | Year Ended August 31, | ||||
Municipal Bond Fund | (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 12.68 | 12.58 | 12.58 | 12.62 | 12.79 | 12.84 |
Investment Operations: | ||||||
Investment income—neta | .17 | .38 | .37 | .31 | .27 | .29 |
Net realized and unrealized | ||||||
gain (loss) on investments | (.06) | .10 | (.01) | (.05) | (.18) | (.07) |
Total from Investment Operations | .11 | .48 | .36 | .26 | .09 | .22 |
Distributions: | ||||||
Dividends from investment income—net | (.18) | (.38) | (.36) | (.30) | (.26) | (.27) |
Net asset value, end of period | 12.61 | 12.68 | 12.58 | 12.58 | 12.62 | 12.79 |
Total Return (%) | .86b | 3.83 | 2.95 | 2.10 | .73 | 1.72 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | .81c | .80 | .80 | .79 | .79 | .79 |
Ratio of net expenses to average net assets | .81c,d | .80d | .80d | .79d | .78 | .79 |
Ratio of net investment income | ||||||
to average net assets | 2.74c | 2.99 | 2.94 | 2.47 | 2.06 | 2.08 |
Portfolio Turnover Rate | 10.32b | 22.93 | 33.74 | 49.94 | 40.92 | 28.12 |
Net Assets, end of period ($ x 1,000) | 2,009 | 662 | 635 | 277 | 150 | 94 |
a | Based on average shares outstanding at each month end. |
b | Not annualized. |
c | Annualized. |
d | Expense waivers and/or reimbursements amounted to less than .01%. |
See notes to financial statements. |
The Funds 87
FINANCIAL HIGHLIGHTS (continued) |
Class M Shares | ||||||
Six Months Ended | ||||||
BNY Mellon Pennsylvania | February 28, 2009 | Year Ended August 31, | ||||
Intermediate Municipal Bond Fund | (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 12.35 | 12.43 | 12.66 | 12.92 | 13.13 | 12.95 |
Investment Operations: | ||||||
Investment income—neta | .24 | .48 | .48 | .48 | .49 | .50 |
Net realized and unrealized | ||||||
gain (loss) on investments | (.31) | (.06) | (.20) | (.18) | (.13) | .21 |
Total from Investment Operations | (.07) | .42 | .28 | .30 | .36 | .71 |
Distributions: | ||||||
Dividends from investment income—net | (.24) | (.48) | (.48) | (.48) | (.49) | (.50) |
Dividends from net realized gain on investments | (.04) | (.02) | (.03) | (.08) | (.08) | (.03) |
Total Distributions | (.28) | (.50) | (.51) | (.56) | (.57) | (.53) |
Net asset value, end of period | 12.00 | 12.35 | 12.43 | 12.66 | 12.92 | 13.13 |
Total Return (%) | (.48)b | 3.43 | 2.23 | 2.41 | 2.84 | 5.60 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | .67c | .66 | .66 | .66 | .66 | .66 |
Ratio of net expenses to average net assets | .67c,d | .66d | .66d | .66d | .66 | .66 |
Ratio of net investment income | ||||||
to average net assets | 4.08c | 3.87 | 3.83 | 3.81 | 3.78 | 3.82 |
Portfolio Turnover Rate | 3.06b | 10.14 | 20.18 | 13.80 | 23.88 | 18.87 |
Net Assets, end of period ($ x 1,000) | 491,097 | 566,767 | 610,618 | 646,610 | 656,901 | 681,295 |
a | Based on average shares outstanding at each month end. |
b | Not annualized. |
c | Annualized. |
d | Expense waivers and/or reimbursements amounted to less than .01%. |
See notes to financial statements. |
88
Investor Shares | ||||||
Six Months Ended | ||||||
BNY Mellon Pennsylvania | February 28, 2009 | Year Ended August 31, | ||||
Intermediate Municipal Bond Fund | (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 12.33 | 12.41 | 12.65 | 12.91 | 13.13 | 12.95 |
Investment Operations: | ||||||
Investment income—neta | .23 | .46 | .45 | .46 | .45 | .47 |
Net realized and unrealized | ||||||
gain (loss) on investments | (.30) | (.07) | (.21) | (.19) | (.13) | .21 |
Total from Investment Operations | (.07) | .39 | .24 | .27 | .32 | .68 |
Distributions: | ||||||
Dividends from investment income—net | (.23) | (.45) | (.45) | (.45) | (.46) | (.47) |
Dividends from net realized gain on investments | (.04) | (.02) | (.03) | (.08) | (.08) | (.03) |
Total Distributions | (.27) | (.47) | (.48) | (.53) | (.54) | (.50) |
Net asset value, end of period | 11.99 | 12.33 | 12.41 | 12.65 | 12.91 | 13.13 |
Total Return (%) | (.53)b | 3.17 | 1.89 | 2.15 | 2.50 | 5.41 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | .92c | .91 | .91 | .91 | .91 | .92 |
Ratio of net expenses to average net assets | .92c,d | .91d | .91d | .91d | .91 | .92 |
Ratio of net investment income | ||||||
to average net assets | 3.84c | 3.63 | 3.59 | 3.57 | 3.50 | 3.56 |
Portfolio Turnover Rate | 3.06b | 10.14 | 20.18 | 13.80 | 23.88 | 18.87 |
Net Assets, end of period ($ x 1,000) | 2,071 | 1,442 | 1,295 | 3,586 | 4,561 | 2,741 |
a | Based on average shares outstanding at each month end. |
b | Not annualized. |
c | Annualized. |
d | Expense waivers and/or reimbursements amounted to less than .01%. |
See notes to financial statements. |
The Funds 89
FINANCIAL HIGHLIGHTS (continued) |
Class M Shares | ||||||
Six Months Ended | ||||||
BNY Mellon Massachusetts | February 28, 2009 | Year Ended August 31, | ||||
Intermediate Municipal Bond Fund | (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 12.57 | 12.42 | 12.58 | 12.75 | 12.81 | 12.59 |
Investment Operations: | ||||||
Investment income—neta | .23 | .47 | .47 | .47 | .47 | .48 |
Net realized and unrealized | ||||||
gain (loss) on investments | (.03) | .14 | (.16) | (.14) | (.06) | .22 |
Total from Investment Operations | .20 | .61 | .31 | .33 | .41 | .70 |
Distributions: | ||||||
Dividends from investment income—net | (.23) | (.46) | (.47) | (.47) | (.47) | (.48) |
Dividends from net realized gain on investments | — | — | — | (.03) | — | — |
Total Distributions | (.23) | (.46) | (.47) | (.50) | (.47) | (.48) |
Net asset value, end of period | 12.54 | 12.57 | 12.42 | 12.58 | 12.75 | 12.81 |
Total Return (%) | 1.64b | 5.02 | 2.47 | 2.65 | 3.25 | 5.72 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | .54c | .52 | .53 | .54 | .54 | .55 |
Ratio of net expenses to average net assets | .54c,d | .52d | .50 | .50 | .50 | .50 |
Ratio of net investment income | ||||||
to average net assets | 3.74c | 3.71 | 3.72 | 3.73 | 3.67 | 3.74 |
Portfolio Turnover Rate | 9.82b | 8.75 | 18.85 | 20.57 | 32.16 | 27.26 |
Net Assets, end of period ($ x 1,000) | 365,529 | 374,115 | 342,583 | 299,263 | 228,239 | 197,140 |
a | Based on average shares outstanding at each month end. |
b | Not annualized. |
c | Annualized. |
d | Expense waivers and/or reimbursements amounted to less than .01%. |
See notes to financial statements. |
90
Investor Shares | ||||||
Six Months Ended | ||||||
BNY Mellon Massachusetts | February 28, 2009 | Year Ended August 31, | ||||
Intermediate Municipal Bond Fund | (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 12.57 | 12.42 | 12.58 | 12.75 | 12.80 | 12.59 |
Investment Operations: | ||||||
Investment income—neta | .21 | .44 | .44 | .44 | .44 | .45 |
Net realized and unrealized | ||||||
gain (loss) on investments | (.03) | .14 | (.16) | (.14) | (.05) | .21 |
Total from Investment Operations | .18 | .58 | .28 | .30 | .39 | .66 |
Distributions: | ||||||
Dividends from investment income—net | (.21) | (.43) | (.44) | (.44) | (.44) | (.45) |
Dividends from net realized gain on investments | — | — | — | (.03) | — | — |
Total Distributions | (.21) | (.43) | (.44) | (.47) | (.44) | (.45) |
Net asset value, end of period | 12.54 | 12.57 | 12.42 | 12.58 | 12.75 | 12.80 |
Total Return (%) | 1.52b | 4.76 | 2.21 | 2.40 | 3.07 | 5.38 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | .79c | .77 | .78 | .79 | .79 | .80 |
Ratio of net expenses to average net assets | .79c,d | .77d | .75 | .75 | .75 | .75 |
Ratio of net investment income | ||||||
to average net assets | 3.50c | 3.47 | 3.48 | 3.49 | 3.43 | 3.50 |
Portfolio Turnover Rate | 9.82b | 8.75 | 18.85 | 20.57 | 32.16 | 27.26 |
Net Assets, end of period ($ x 1,000) | 8,185 | 8,574 | 9,024 | 9,854 | 10,371 | 11,698 |
a | Based on average shares outstanding at each month end. |
b | Not annualized. |
c | Annualized. |
d | Expense waivers and/or reimbursements amounted to less than .01%. |
See notes to financial statements. |
The Funds 91
FINANCIAL HIGHLIGHTS (continued) |
Dreyfus Premier Shares | ||||||
Six Months Ended | ||||||
BNY Mellon Massachusetts | February 28, 2009 | Year Ended August 31, | ||||
Intermediate Municipal Bond Fund | (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 12.60 | 12.45 | 12.61 | 12.78 | 12.83 | 12.61 |
Investment Operations: | ||||||
Investment income—neta | .18 | .38 | .35 | .37 | .38 | .38 |
Net realized and unrealized | ||||||
gain (loss) on investments | (.02) | .14 | (.14) | (.14) | (.05) | .22 |
Total from Investment Operations | .16 | .52 | .21 | .23 | .33 | .60 |
Distributions: | ||||||
Dividends from investment income—net | (.18) | (.37) | (.37) | (.37) | (.38) | (.38) |
Dividends from net realized gain on investments | — | — | — | (.03) | — | — |
Total Distributions | (.18) | (.37) | (.37) | (.40) | (.38) | (.38) |
Net asset value, end of period | 12.58 | 12.60 | 12.45 | 12.61 | 12.78 | 12.83 |
Total Return (%)b | 1.35c | 4.25 | 1.71 | 1.89 | 2.59 | 4.85 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.28d | 1.27 | 1.28 | 1.29 | 1.29 | 1.30 |
Ratio of net expenses to average net assets | 1.28d,e | 1.27e | 1.25 | 1.25 | 1.25 | 1.25 |
Ratio of net investment income | ||||||
to average net assets | 3.00d | 2.97 | 2.96 | 2.99 | 2.98 | 3.01 |
Portfolio Turnover Rate | 9.82c | 8.75 | 18.85 | 20.57 | 32.16 | 27.26 |
Net Assets, end of period ($ x 1,000) | 18 | 18 | 17 | 165 | 202 | 655 |
a | Based on average shares outstanding at each month end. |
b | Exclusive of sales charge. |
c | Not annualized. |
d | Annualized. |
e | Expense waivers and/or reimbursements amounted to less than .01%. |
See notes to financial statements. |
92
Class M Shares† | ||||||
Two Months Ended | ||||||
BNY Mellon New York | February 28, 2009a | Year Ended December 31, | ||||
Intermediate Tax-Exempt Bond Fund | (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 10.71 | 10.81 | 10.75 | 10.74 | 10.89 | 11.00 |
Investment Operations: | ||||||
Investment income—netb | .06 | .37 | .38 | .37 | .35 | .35 |
Net realized and unrealized | ||||||
gain (loss) on investments | .21 | (.09) | .07 | .01 | (.14) | (.08) |
Total from Investment Operations | .27 | .28 | .45 | .38 | .21 | .27 |
Distributions: | ||||||
Dividends from investment income—net | (.06) | (.37) | (.38) | (.37) | (.35) | (.35) |
Dividends from net realized gain on investments | — | (.01) | (.01) | (.00)c | (.01) | (.03) |
Total Distributions | (.06) | (.38) | (.39) | (.37) | (.36) | (.38) |
Net asset value, end of period | 10.92 | 10.71 | 10.81 | 10.75 | 10.74 | 10.89 |
Total Return (%) | 2.41d | 2.64 | 4.33 | 3.64 | 2.01 | 2.45 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | .72e | .75 | .75 | .76 | .77 | .85 |
Ratio of net expenses to average net assets | .59e | .59 | .59 | .59 | .59 | .68 |
Ratio of net investment income | ||||||
to average net assets | 3.28e | 3.49 | 3.56 | 3.46 | 3.26 | 3.19 |
Portfolio Turnover Rate | .17d | 6 | 17 | 13 | 16 | 11 |
Net Assets, end of period ($ x 1,000) | 123,175 | 113,699 | 97,935 | 94,789 | 95,160 | 88,706 |
† Represents information for Institutional shares of the fund’s predecessor, BNY Hamilton Intermediate NewYork Tax-Exempt Fund, through September 12, 2008. |
a The fund has changed its fiscal year end from December 31 to August 31. |
b Based on average shares outstanding at each month end. |
c Amount represents less than $.01 per share. |
d Not annualized. |
e Annualized. |
See notes to financial statements. |
The Funds 93
FINANCIAL HIGHLIGHTS (continued) |
Investor Shares† | ||||||
Two Months Ended | ||||||
BNY Mellon New York | February 28, 2009a | Year Ended December 31, | ||||
Intermediate Tax-Exempt Bond Fund | (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 10.72 | 10.82 | 10.76 | 10.75 | 10.90 | 11.01 |
Investment Operations: | ||||||
Investment income—netb | .05 | .34 | .35 | .34 | .33 | .32 |
Net realized and unrealized | ||||||
gain (loss) on investments | .20 | (.08) | .08 | .01 | (.14) | (.08) |
Total from Investment Operations | .25 | .26 | .43 | .35 | .19 | .24 |
Distributions: | ||||||
Dividends from investment income—net | (.05) | (.35) | (.36) | (.34) | (.33) | (.32) |
Dividends from net realized gain on investments | — | (.01) | (.01) | (.00)c | (.01) | (.03) |
Total Distributions | (.05) | (.36) | (.37) | (.34) | (.34) | (.35) |
Net asset value, end of period | 10.92 | 10.72 | 10.82 | 10.76 | 10.75 | 10.90 |
Total Return (%) | 2.19e | 2.39d | 4.07d | 3.38d | 1.76d | 2.19d |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | .97f | 1.00 | 1.00 | 1.01 | 1.02 | 1.11 |
Ratio of net expenses to average net assets | .84f | .84 | .84 | .84 | .84 | .94 |
Ratio of net investment income | ||||||
to average net assets | 3.04f | 3.24 | 3.31 | 3.21 | 3.00 | 2.93 |
Portfolio Turnover Rate | .17e | 6 | 17 | 13 | 16 | 11 |
Net Assets, end of period ($ x 1,000) | 16,288 | 16,198 | 17,153 | 18,131 | 20,164 | 22,844 |
† Represents information for Institutional shares of the fund’s predecessor, BNY Hamilton Intermediate NewYork Tax-Exempt Fund, through September 12, 2008. |
a The fund has changed its fiscal year end from December 31 to August 31. |
b Based on average shares outstanding at each month end. |
c Amount represents less than $.01 per share. |
d Exclusive of sales charge. |
e Not annualized. |
f Annualized. |
See notes to financial statements. |
94
Period Ended February 28, 2009a (Unaudited) | ||
Class M | Investor | |
BNY Mellon Municipal Opportunities Fund | Shares | Shares |
Per Share Data ($): | ||
Net asset value, beginning of period | 10.00 | 10.00 |
Investment Operations: | ||
Investment income—netb | .16 | .16 |
Net realized and unrealized | ||
gain (loss) on investments | 1.24 | 1.24 |
Total from Investment Operations | 1.40 | 1.40 |
Distributions: | ||
Dividends from investment income—net | (.14) | (.13) |
Dividends from net realized gain on investments | (.01) | (.01) |
Total Distributions | (.15) | (.14) |
Net asset value, end of period | 11.25 | 11.26 |
Total Return (%)c | 14.08 | 13.98 |
Ratios/Supplemental Data (%): | ||
Ratio of total expenses to average net assetsd | .96 | 1.17 |
Ratio of net expenses to average net assetsd | .75 | 1.00 |
Ratio of net investment income | ||
to average net assetsd | 4.26 | 3.95 |
Portfolio Turnover Ratec | 50.91 | 50.91 |
Net Assets, end of period ($ x 1,000) | 66,214 | 100 |
a | From October 15, 2008 (commencement of initial offering) to February 28, 2009. |
b | Based on average shares outstanding at each month end. |
c | Not annualized. |
d | Annualized. |
See notes to financial statements. |
The Funds 95
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1—General:
BNY Mellon Funds Trust (the “Trust”) was organized as a Massachusetts business trust which is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company and operates as a series company currently comprised of twenty-one series, including the following non-diversified municipal bond 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, which commenced operations on October 15, 2008 (each, a “fund” and collectively, the “funds”). BNY Mellon National Intermediate Municipal Bond Fund, BNY Mellon National Short-Term Municipal Bond Fund and BNY Mellon Municipal Opportunities 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 Fund Advisers, a division of The Dreyfus Corporation (the “Manager” or “Dreyfus”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”), serves as each fund’s investment adviser (“Investment Adviser”). The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of Dreyfus, serves as administrator for the funds pursuant to an Administration Agreement with the Trust (the “Administration Agreement”). The Bank of New York Mellon has entered into a Sub-Administration
Agreement with Dreyfus pursuant to which The Bank of New York Mellon pays Dreyfus for performing certain administrative services. MBSC Securities Corporation (the “Distributor”), a wholly-owned subsidiary of Dreyfus, is the distributor of each fund’s shares, which are sold without a sales charge.
As of the close of business on September 12, 2008, pursuant to an Agreement and Plan of Reorganization previously approved by the Trust’s Board of Trustees, all of the assets, subject to the liabilities, of BNY Hamilton IntermediateTax-Exempt Fund,a series of BNY Hamilton Funds, Inc. (the “Intermediate Tax-Exempt Fund”) were transferred to BNY Mellon National Intermediate Municipal Bond Fund (the “Acquiring Fund”) in exchange for the corresponding class of shares of Beneficial Interest of the Acquiring Fund of equal value. Shareholders of Institutional and Class A shares of the Intermediate Tax-Exempt Fund received Class M and Investor shares, respectively, of the Acquiring Fund, in each case in an amount equal to the aggregate net asset value of their investment in the Intermediate Tax-Exempt Fund at the time of the exchange.The net asset value of the Acquiring Fund’s shares on the close of business on September 12, 2008, after the reorganization, was $12.88 for Class M Shares and $12.86 for Investor Shares, and a total of 16,401,596 Class M shares and 44,887 Investor shares, representing net assets of $211,751,479 (including $3,851,505 net unrealized appreciation on investments) were issued to the shareholders of the IntermediateTax-Exempt Fund in the exchange.The exchange was a tax-free event to shareholders of the Intermediate Tax-Exempt Fund.
The Trust is authorized to issue an unlimited number of shares of beneficial interest, par value $.001 per share, in each of the Class M and Investor class shares of each fund and in the Dreyfus Premier class shares of BNY Mellon National Intermediate Municipal Bond Fund and BNY Mellon Massachusetts Intermediate Municipal Bond Fund. Dreyfus Premier shares of BNY Mellon National Intermediate Municipal Bond Fund and BNY Mellon Massachusetts Intermediate Municipal Bond Fund are
96
subject to a contingent deferred sales charge (“CDSC”) imposed on redemptions of Dreyfus Premier shares made within six years of purchase and automatically convert to Investor class shares after six years. Each class of shares has similar rights and privileges, except with respect to the expenses borne by and the shareholder services offered to each class, the shareholder services plan applicable to the Investor shares and Dreyfus Premier shares and the Rule 12b-1 plan applicable to the Dreyfus Premier shares 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.
TheTrust accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that series’ operations; expenses that are applicable to all series are allocated among them on a pro rata basis.
BNY Mellon National Intermediate Municipal Bond Fund and BNY Mellon Massachusetts Intermediate Municipal Bond Fund no longer offer Dreyfus Premier shares, except in connection with dividend reinvestment and permitted exchanges of Dreyfus Premier shares.
The funds’ financial statements are prepared in accordance with U.S. generally accepted accounting principles, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
NOTE 2—Significant Accounting Policies:
(a) Portfolio valuation: Investments in municipal securities (excluding options and financial futures on municipal, U.S.Treasury securities and swaps) are valued each business day by an independent pricing service (the “Service”) approved by the Board of Trustees. Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the
Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Other investments are valued by the Service, based on methods which include consideration of: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. Options and financial 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. Swap transactions are valued based on future cash flows and other factors, such as interest rates and underlying securities.
The fund adopted Statement of Financial Accounting Standards No.157“FairValue Measurements”(“FAS 157”). FAS 157 establishes an authoritative definition of fair value, sets out a framework for measuring fair value, and requires additional disclosures about fair value measurements.
Various inputs are used in determining the value of the fund’s investments relating to FAS 157.These inputs are summarized in the three broad levels listed below.
Level 1—quoted prices in active markets for identi- cal investments. Level 2—other significant observable inputs (includ- ing quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Level 3—significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments). |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Table 1 summarizes the inputs used as of February 28, 2009 in valuing the fund’s investments.
(b) Securities transactions and investment income:
Securities transactions are recorded on a trade date basis. Realized gain and loss from securities transactions are
The Funds 97
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
Table 1. | ||||||
Investments in Securities | ||||||
Level 2—Other | Level 3—Other | |||||
Level 1—Quoted | Significant | Significant | ||||
Prices | Observable Inputs | Observable Inputs | ||||
Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Assets ($) Liabilities ($) | Total | |
Assets ($): | ||||||
BNY Mellon National | ||||||
Intermediate | ||||||
Municipal Bond Fund | — | 1,229,616,978 | — | — | 1,229,616,978 | |
BNY Mellon National | ||||||
Short-Term | ||||||
Municipal Bond Fund | — | 246,488,305 | — | — | 246,488,305 | |
BNY Mellon | ||||||
Pennsylvania | ||||||
Intermediate | ||||||
Municipal Bond Fund | — | 493,139,198 | — | — | 493,139,198 | |
BNY Mellon | ||||||
Massachusetts | ||||||
Intermediate | ||||||
Municipal Bond Fund | — | 369,821,859 | — | — | 369,821,859 | |
BNY Mellon New York | ||||||
Intermediate | ||||||
Tax-Exempt Bond Fund | — | 137,641,697 | — | — | 137,641,697 | |
BNY Mellon Municipal | ||||||
Opportunities Fund | — | 65,258,504 | — | — | 65,258,504 | |
Other Financial Instruments ($)† | ||||||
Level 2—Other | Level 3—Other | |||||
Level 1—Quoted | Significant | Significant | ||||
Prices | Observable Inputs | Observable Inputs | ||||
Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Assets ($) Liabilities ($) | Total | |
Assets ($): | ||||||
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 | — | — | — | — |
† Other financial instruments include derivative instruments, such as futures, forward currency exchange contracts, swap contracts and any options contracts.
98
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.
The funds have arrangements with the custodian and cash management bank whereby the funds may receive earnings credits when positive cash balances are maintained, which are used to offset custody and cash management fees. For financial reporting purposes, the funds include net earnings credits as expense offsets in the Statement of Operations.
(c) Concentration of risk: BNY Mellon Pennsylvania Intermediate Municipal Bond Fund and 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 fund.
(d) Dividends to shareholders: The funds declare dividends daily from investment income-net; such dividends are paid monthly. With respect to each series, dividends from net realized capital gain, if any, are normally declared and paid annually, but the funds 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 gain can be offset by capital loss carryovers of that fund, it is the policy of the fund not to distribute such gain. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles.
(e) 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 series is treated as a single entity for the purpose of determining such qualification.
As of and during the period ended February 28, 2009, the funds did not have any liabilities for any uncertain tax positions.The funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the period, the funds did not incur any interest or penalties.
Each of the tax years in the three-year period ended August 31, 2008, and December 31, 2008 as to BNY Mellon New York Intermediate Tax-Exempt Bond Fund, remains subject to examination by the Internal Revenue Service and state taxing authorities.
Table 2 summarizes BNY Mellon National Short-Term Municipal Bond Fund and BNY Mellon Massachusetts Intermediate Municipal Bond Fund’s unused capital loss carryover available for federal income tax purposes to be applied against future net securities profits, if any, realized subsequent to August 31, 2008.
Table 2. | ||||
Expiring in fiscal† | 2014 ($)† | 2015 ($)† | 2016 ($)† | Total ($)† |
BNY Mellon National Short-Term Municipal Bond Fund | 439,406 | 501,053 | 99,584 | 1,040,043 |
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | — | 67,779 | 508,790 | 576,569 |
† If not applied, the carryovers expire in the above years. |
The Funds 99
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
Table 3 summarizes each relevant fund’s tax character of distributions paid to shareholders during the fiscal year ended August 31, 2008. BNY Mellon New York Intermediate Tax-Exempt Bond Fund’s tax character of distributions paid to shareholders is based on its fiscal year ended December 31, 2008. The tax character of current year distributions will be determined at the end of the current fiscal year.
NOTE 3—Bank Lines of Credit:
The funds participate with other Dreyfus-managed funds in a $300 million unsecured line of credit provided by The Bank of New York Mellon (the “BNY Facility”) primarily to be utilized for temporary or emergency purposes, including the financing of redemptions.The terms of the BNYM Facility limit the amount of individual fund borrowings. Interest is charged to the funds based on prevailing market rates in effect at the time of borrowing. In connection therewith, each fund has agreed to pay facility fees on its pro rata portion of the BNYM Facility. During the period ended February 28, 2009, the funds did not borrow under the BNYM Facility.
Effective October 15, 2008, in addition to its participation in the BNYM Facility, BNY Mellon New York Intermediate Tax-Exempt Bond Fund participates with other Dreyfus-managed funds in a $145 million unsecured credit facility led by Citibank, N.A. (the “Citibank Facility”) to be utilized primarily for temporary or emergency purposes, including the financing of redemptions. In connection therewith, BNY Mellon New York Intermediate Tax-Exempt Bond Fund has agreed to pay its pro rata portion of facility fees for its participation in
Table 3.
the Citibank Facility. Interest is charged to the fund based on rates determined pursuant to the terms of the Citibank Facility at the time of borrowing. During the period ended February 28, 2009, the fund did not borrow under the Citibank Facility.
NOTE 4—Investment Advisory Fee, Administration Fee and Other Transactions With Affiliates:
(a) Fees payable by the funds pursuant to the provisions of an Investment Advisory Agreement with the Investment Adviser are payable monthly, computed on the average daily value of each fund’s net assets at the following annual rates: .35% of the BNY Mellon National Intermediate Municipal Bond Fund,.35% of the BNY Mellon National Short-Term Municipal Bond Fund, .50% of the BNY Mellon Pennsylvania Intermediate Municipal Bond Fund, .35% of the BNY Mellon Massachusetts Intermediate Municipal Bond Fund, .50% of the BNY Mellon New York Intermediate Tax-Exempt Bond Fund and .50% of BNY Mellon Municipal Opportunities Fund.
Pursuant to the Administration Agreement with The Bank of NewYork 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 $12 billion | .10% |
The Bank of NewYork Mellon had entered into a Sub-Administration Agreement with Dreyfus pursuant to which Mellon pays Dreyfus for performing certain administrative services.
Tax-Exempt | Ordinary | Long-Term | |
Income ($) | Income ($) | Capital Gains ($) | |
2008 | 2008 | 2008 | |
BNY Mellon National Intermediate Municipal Bond Fund | 40,807,287 | — | — |
BNY Mellon National Short-Term Municipal Bond Fund | 5,173,277 | — | — |
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | 23,083,337 | 212,223 | 791,853 |
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | 13,720,837 | — | — |
BNY Mellon New York Intermediate Tax-Exempt Bond Fund† | 4,142,454 | — | 78,875 |
† For the year ended December 31, 2008. |
100
The Investment Adviser has contractually agreed to waive receipt of its fees and/or assume the expenses of the BNY Mellon National Intermediate Municipal Bond Fund until September 30, 2010, so that the direct expenses of Class M shares and Investor shares of the Fund, exclusive of taxes, interest, brokerage commissions, commitment fees on borrowings and extraordinary expenses, do not exceed .69% and .94%, respectively.
The Investment Adviser has contractually agreed to waive receipt of its fees and/or assume the expenses of the BNY Mellon New York Intermediate Tax-Exempt Bond Fund until September 30, 2010, so that the direct expenses of neither class, exclusive of shareholder services fees, taxes, interest, brokerage commissions, commitment fees on borrowings and extraordinary expenses, do not exceed .59%.
The Investment Adviser has contractually agreed to waive receipt of its fees and/or assume the expenses of the BNY Mellon Municipal Opportunities Fund from October 15, 2008 through December 31, 2009, so that the direct expenses of neither class, exclusive of shareholder services fees, taxes, interest, brokerage commissions, commitment fees on borrowings and extraordinary expenses, do not exceed .75%.
(b) BNY Mellon National Intermediate Municipal Bond Fund and BNY Mellon Massachusetts Intermediate Municipal Bond Fund have adopted a Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the Act for distributing its Dreyfus Premier shares. The funds each pay the Distributor a fee at an annual rate of .50% of the value of the fund’s average daily net assets attributable to its Dreyfus Premier shares. During the period ended February 28, 2009, BNY Mellon National Intermediate Municipal Bond Fund’s and BNY Mellon Massachusetts Intermediate Municipal Bond Fund’s Dreyfus Premier shares were charged $394 and $43, respectively, pursuant to the Plan.
(c) The funds have adopted a Shareholder Services Plan with respect to its Investor shares, and BNY Mellon National Intermediate Municipal Bond Fund and BNY
Mellon Massachusetts Intermediate Municipal Bond Fund have adopted a Shareholder Services Plan with respect to its Dreyfus Premier shares, pursuant to which each fund pays the Distributor for the provision of certain services to holders of Investor shares and Dreyfus Premier shares a fee at an annual rate of .25% of the value of the average daily net assets attributable to Investor shares and Dreyfus Premier shares.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) in respect of these services. Table 4 summarizes the amounts Investor shares and Dreyfus Premier shares were charged during the period ended February 28, 2009, pursuant to the Shareholder Services Plan. Additional fees included in shareholder servicing costs in the Statement of Operations include fees paid to the transfer agent.
Table 4. | |
BNY Mellon National Intermediate | |
Municipal Bond Fund (Investor Shares) | $26,665 |
BNY Mellon National Intermediate | |
Municipal Bond Fund | |
(Dreyfus Premier Shares) | 197 |
BNY Mellon National Short-Term | |
Municipal Bond Fund (Investor Shares) | 1,921 |
BNY Mellon Pennsylvania Intermediate | |
Municipal Bond Fund (Investor Shares) | 2,183 |
BNY Mellon Massachusetts Intermediate | |
Municipal Bond Fund (Investor Shares) | 10,472 |
BNY Mellon Massachusetts | |
Intermediate Municipal Bond Fund | |
(Dreyfus Premier Shares) | 22 |
BNY Mellon New York Intermediate | |
Tax-Exempt Bond Fund | |
(Investor Shares) | 6,651 |
BNY Mellon Municipal Opportunities | |
Fund (Investor Shares) | 45 |
The Funds 101
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued) |
The funds compensate The Bank of New York Mellon under a cash management agreement for performing cash management services related to fund subscriptions and redemptions. Table 5 summarizes the amounts the funds were charged during the period ended February 28, 2009 pursuant to the cash management agreement. These fees were offset by earnings credits pursuant to the cash management agreement.
Table 5. | |
BNY Mellon National Intermediate | |
Municipal Bond Fund | $ 1,456 |
BNY Mellon National Short-Term | |
Municipal Bond Fund | 37 |
BNY Mellon Pennsylvania Intermediate | |
Municipal Bond Fund | 62 |
BNY Mellon Massachusetts Intermediate | |
Municipal Bond Fund | 439 |
BNY Mellon New York Intermediate | |
Tax-Exempt Bond Fund | 419 |
BNY Mellon Municipal Opportunities Fund | 13 |
The funds also compensate The Bank of New York Mellon under a custody agreement for providing custodial services for the relevant funds. Table 6 summarizes the amounts the funds were charged during the period ended February 28, 2009, pursuant to the custody agreement.
Table 6. | |
BNY Mellon National Intermediate | |
Municipal Bond Fund | $ 49,995 |
BNY Mellon National Short-Term | |
Municipal Bond Fund | 7,962 |
BNY Mellon Pennsylvania Intermediate | |
Municipal Bond Fund | 21,189 |
BNY Mellon Massachusetts Intermediate | |
Municipal Bond Fund | 14,672 |
BNY Mellon New York Intermediate | |
Tax-Exempt Bond Fund | 1,860 |
BNY Mellon Municipal Opportunities Fund | 2,269 |
During the period ended February 28, 2009, each fund was charged $2,394 for services performed by the Chief Compliance Officer. Table 7 summarizes the components of “Due to the Dreyfus Corporation and affiliates” in the Statements of Assets and Liabilities for each fund.
(d) Each trustee who is not an “affiliated person” as defined in the Act receives from the Trust an annual fee of $68,000 and an attendance fee of $7,500 for each in-person meeting attended and $500 for telephone meetings and is reimbursed for travel and out-of-pocket expenses. The Chairman of the Trust’s Board receives an additional annual fee of $15,000 and the Chairman of the Trust’s Audit Committee receives an additional fee of $10,000.
Table 7. | ||||||
Investment | Rule 12b-1 | Shareholder | Chief | |||
Advisory | Distribution | Services | Custodian | Compliance | Expense | |
Fees ($) | Plan Fees ($) | Plan Fees ($) | Fees ($) | Officer Fees ($) | Reimbursement ($) | |
BNY Mellon National Intermediate | ||||||
Municipal Bond Fund | 337,123 | 61 | 4,238 | 31,741 | 1,995 | — |
BNY Mellon National Short-Term | ||||||
Municipal Bond Fund | 62,775 | _ | 386 | 4,727 | 1,995 | — |
BNY Mellon Pennsylvania Intermediate | ||||||
Municipal Bond Fund | 196,135 | _ | 397 | 13,049 | 1,995 | — |
BNY Mellon Massachusetts Intermediate | ||||||
Municipal Bond Fund | 100,884 | 7 | 1,585 | 9,602 | 1,995 | — |
BNY Mellon New York Intermediate | ||||||
Tax-Exempt Bond Fund | 53,347 | — | 3,154 | 3,324 | 1,995 | (13,158) |
BNY Mellon Municipal | ||||||
Opportunities Fund | 23,064 | — | 19 | 1,851 | 1,995 | (5,339) |
102
NOTE 5—Securities Transactions:
Table 8 summarizes each fund’s aggregate amount of purchases and sales of investment securities, excluding short-term securities and financial futures, during the period ended February 28, 2009.
The funds may invest in financial futures contracts in order to gain exposure to or protect against changes in the market. The funds are exposed to market risk as a result of changes in the value of the underlying financial instruments. These investments require initial margin deposits with a broker, 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. Investments in financial futures require the funds to “mark to market” on a daily basis, which reflects the change in the market value of the contracts at the close of each day’s trading. Accordingly, variation margin payments are received or made to reflect daily unrealized gains or losses.When the
contracts are closed, the funds recognize a realized gain or loss. At February 28, 2009, there were no financial futures contracts oustanding.
Table 9 summarizes accumulated net unrealized appreciation on investments for each fund at February 28, 2009.
The FASB released Statement of Financial Accounting Standards No. 161 “Disclosures about Derivative Instruments and Hedging Activities” (“FAS 161”). FAS 161 requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of gains and losses on derivative instruments and disclosures about credit risk-related contingent features in derivative agreements.The application of FAS 161 is required for fiscal years and interim periods beginning after November 15, 2008. At this time, management is evaluating the implications of FAS 161 and its impact on the financial statements and the accompanying notes has not yet been determined.
Table 8. | ||||
Purchases ($) | Sales ($) | |||
BNY Mellon National Intermediate Municipal Bond Fund | 495,665,048 | 303,413,769 | ||
BNY Mellon National Short-Term Municipal Bond Fund | 92,951,717 | 17,481,759 | ||
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | 15,887,483 | 90,070,346 | ||
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | 34,772,994 | 40,646,658 | ||
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | 3,150,269 | 215,000 | ||
BNY Mellon Municipal Opportunities Fund | 72,276,482 | 17,376,038 | ||
Table 9. | ||||
Cost of | Gross | Gross | ||
Investments ($) | Appreciation ($) | (Depreciation) ($) | Net ($) | |
BNY Mellon National Intermediate Municipal Bond Fund | 1,235,478,789 | 40,094,822 | 45,956,633 | (5,861,811) |
BNY Mellon National Short-Term Municipal Bond Fund | 245,671,982 | 2,911,621 | 2,095,298 | 816,323 |
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | 500,795,423 | 14,798,725 | 22,454,950 | (7,656,225) |
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | 363,826,245 | 12,920,314 | 6,924,700 | 5,995,614 |
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | 133,453,567 | 4,757,592 | 569,462 | 4,188,130 |
BNY Mellon Municipal Opportunities Fund | 62,296,595 | 3,071,997 | 110,088 | 2,961,909 |
The Funds 103
INFORMATION ABOUT THE REVIEW AND APPROVAL OF THE BNY MELLON MUNICIPAL OPPORTUNITIES FUND’S MANAGEMENT AGREEMENT (Unaudited) |
At a meeting of the Board of Trustees held on September 9, 2008, the Board considered the approval of the Trust’s Investment Advisory Agreement with respect to the BNY Mellon Municipal Opportunities Fund through its renewal date of June 1, 2010, pursuant to which BNY Mellon Fund Advisers, a division of Dreyfus, will provide the fund with investment advisory services. The Board members also considered the approval of the Trust’s Administration Agreement with The Bank of New York Mellon (“BNY Mellon”) for a one year term, pursuant to which BNY Mellon will provide the fund with administrative services. BNY Mellon has entered into a Sub-Administration Agreement with Dreyfus pursuant to which BNY Mellon pays Dreyfus for performing certain of these administrative services.The Board members who are not “interested persons” (as defined in the Act) of the Trust were assisted in their review by independent legal counsel and met with counsel in executive session separate from representatives of Dreyfus.
Analysis of Nature, Extent and Quality of Services to be Provided to the Fund. The Board members considered information previously provided to them in a presentation from representatives of Dreyfus regarding services provided to the other funds comprising the Trust, and representatives of Dreyfus confirmed that there had been no material changes in this information.The Board also discussed the nature, extent and quality of the services to be provided to the fund pursuant to the Investment Advisory Agreement. The Board members also referenced information provided and discussed at previous meetings regarding the funds’ distribution of accounts, the diversity of distribution of the funds and Dreyfus’ corresponding need for broad, deep and diverse resources to be able to provide ongoing shareholder services to each of the funds’ distribution channels.
The Board members also considered Dreyfus’ research and portfolio management capabilities and that Dreyfus
also provides oversight of day-to-day fund operations, including fund accounting and administration and assistance in meeting legal and regulatory requirements, and Dreyfus’ extensive administrative, accounting and compliance infrastructure.
Comparative Analysis of the Fund’s Advisory Fee and Expense Ratio. As the fund had not yet commenced operations, the Board members were not able to review the fund’s performance.The Board discussed with representatives of Dreyfus the fund’s investment objective and policies and primary portfolio manager.
The Board members reviewed comparisons of the fund’s proposed advisory fee to those of funds in the Lipper General Municipal Debt Funds category. The fund’s contractual advisory fee was above the average and median advisory or adviser/administration fees of the funds in the category (both with and without any fee waivers and reimbursements). The fund’s total expense ratio (as limited through December 31, 2009 by agreement with BNY Mellon Fund Advisers) was below the average and median for the category (net of any fee waivers and reimbursements).
Representatives of Dreyfus reviewed with the Board members the fees paid to Dreyfus or its affiliates by mutual funds managed by Dreyfus or its affiliates included in the Lipper General Municipal Debt Funds category (the “Similar Funds”). Representatives of Dreyfus also noted that there were no other accounts managed or sub-advised by Dreyfus or its affiliates with similar investment objectives, policies and strategies as the fund.The Board analyzed the differences in fees paid to Dreyfus and discussed the relationship of the advisory fee to be paid in light of the services to be provided to the fund.The Board members considered the relevance of the fee information provided for the Similar Funds to evaluate the appropriateness and reasonableness of the fund’s advisory fees.
104
Analysis of Profitability and Economies of Scale. As the fund had not yet commenced operations, Dreyfus’ representatives were not able to review the dollar amount of expenses allocated and profit received by Dreyfus and its affiliates. The Board members also considered potential benefits to Dreyfus and its affiliates, including BNY Mellon Fund Advisers, from acting as investment adviser to the fund, and noted the unlikelihood of future soft dollar arrangements with respect to trading the fund’s portfolio. The Board also considered whether the fund would be able to participate in any economies of scale that Dreyfus may experience in the event that the fund attracts a large amount of assets. The Board members noted the uncertainty of the estimated asset levels, and discussed the renewal requirements for advisory agreements and their ability to review the advisory fees annually after an initial term of the Investment Advisory Agreement with respect to the fund.
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 approving the Trust’s Investment Advisory Agreement with respect to the fund. Based on the discussions and
considerations as described above, the Board made the following conclusions and determinations:
- The Board concluded that the nature, extent and qual- ity of the services to be provided by Dreyfus to the fund are adequate and appropriate.
- The Board concluded that the fee to be paid by the fund to Dreyfus was reasonable in light of the services to be provided, comparative advisory fee information and benefits anticipated to be derived by Dreyfus and its affiliates, including BNY Mellon Fund Advisers, from its relationship with the fund.
- The Board determined that because the fund had not commenced operations, economies of scale were not a factor, and that, to the extent in the future it were to be determined that material economies of scale had not been shared with the fund, the Board would seek to have those economies of scale shared with the fund.
The Board members considered these conclusions and determinations, and, without any one factor being dispositive, the Board determined that approval of theTrust’s Investment Advisory Agreement and Administration Agreement with respect to the fund was in the best interests of the fund and its shareholders.
The Funds 105
NOTES
The BNY Mellon Funds
BNY Mellon Money Market Fund
BNY Mellon National Municipal Money Market Fund
SEMIANNUAL REPORT |
February 28, 2009 |
DISCUSSION OF FUND PERFORMANCE |
For the period of September 1, 2008, through February 28, 2009, as provided by J. Christopher Nicholl and John F. Flahive, Portfolio Managers
Fund and Market Performance Overview
For the six-month period ended February 28, 2009, BNY Mellon Money Market Fund’s Class M shares produced an annualized yield of 1.92%, and Investor shares produced an annualized yield of 1.67%.Taking into account the effects of compounding, the fund’s Class M and Investor shares also produced annualized effective yields of 1.94% and 1.68%, respectively.1
Despite turmoil affecting some prime money market funds early in the reporting period, yields of money market instruments declined by the end of the reporting period to historically low levels, as the Federal Reserve Board (the “Fed”) reduced short-term interest rates to nearly zero in an attempt to stimulate a faltering U.S. economy and address an intensifying financial crisis.
The Fund’s Investment Approach
The fund seeks as high a level of current income as is consistent with the preservation of capital and the maintenance of liquidity.To pursue its goal, the fund invests in a diversified portfolio of high-quality, short-term debt securities, including U.S. government securities; certificates of deposit, time deposits, bankers’ acceptances and other short-term domestic or foreign bank obligations; repurchase agreements; high-grade commercial paper and other short-term corporate obligations; and taxable municipal obligations. Normally, the fund invests at least 25% of its net assets in bank obligations.
Economic Slump and Financial Crisis Roiled Money Markets
Economic conditions in the United States already had begun to deteriorate by the start of the reporting period as a result of severe weakness in housing markets, rising unemployment and declining consumer confidence. In response, the Fed implemented several
reductions in short-term interest rates, which drove the overnight federal funds rate from 5.25% in September 2007 to 2.00% at the start of the reporting period.
Meanwhile, a credit crisis that originated in the sub-prime mortgage market in 2007 intensified over the summer of 2008 as mortgage foreclosure rates surged and institutional investors continued to de-lever their portfolios to meet redemption requests and margin calls resulting from severe losses in mortgage- and asset-backed securities. Despite earlier efforts by federal regulators to contain the credit crunch, it escalated into a full-blown global financial crisis in September 2008, punishing a number of major financial institutions.
In the ensuing tumult, the U.S. government effectively nationalized insurer AIG and mortgage agencies Fannie Mae and Freddie Mac, Lehman Brothers filed for bankruptcy,Washington Mutual was seized by regulators, and Merrill Lynch and Wachovia were sold to former rivals. The U.S. Department of the Treasury launched the $700 billion Troubled Assets Relief Program (TARP) to shore up the nation’s banking system. For its part, the Fed responded with massive injections of liquidity into the banking system and three additional rate cuts over the reporting period, which pushed its target for the federal funds rate to a record low of 0% to 0.25%.
The Lehman Brothers bankruptcy led to challenging liquidity conditions in the commercial paper market, which forced one venerable prime money market fund’s net asset value below $1 per share. Other funds’ sponsors stepped in with cash infusions that enabled them to maintain a stable net asset value.To prevent a surge in withdrawals, shore up investor confidence and help restore stability to the financial system, the U.S. Department of the Treasury initiated the Temporary Guarantee Program for Money Market Funds, which the fund is currently participating in. These measures calmed investors to a degree, and assets flowed back into prime money market funds.
The Funds 3
DISCUSSION OF FUND PERFORMANCE (continued)
Independent Research Helped Avoid Credit Problems
As always, we invested exclusively in high-quality money market instruments that have been independently approved by our credit analysts. In light of the challenging issues confronting the market, we adopted a more conservative credit selection strategy, removing a number of banks from our approved list and focusing on direct obligations over those with third-party credit enhancements.
In addition, we reduced the fund’s weighted average maturity from a position that was longer than industry averages at the start of the reporting period to one that was significantly shorter than average. We achieved this position by increasing the fund’s holdings of short-term corporate commercial paper with maturities of up to two weeks.We also allocated a significant portion of the fund’s assets to taxable variable-rate demand notes from municipal issuers and sovereign short-term instruments backed by foreign governments. Conversely, we reduced the fund’s exposure to corporate-backed floating-rate instruments, bank certificates of deposit and bank notes.
Maintaining a Conservative Investment Posture
As of the reporting period’s end, the economic downturn has appeared to accelerate. In addition, while liquidity has largely been restored to the money markets, global credit markets generally remain fragile.Therefore, we intend to maintain the fund’s conservative credit selection and interest-rate strategies, which we believe is a prudent course in today’s challenging economic environment.
March 16, 2009
An investment in the fund is not insured or guaranteed by the FDIC or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.
1 | Annualized effective yield is based upon dividends declared daily and reinvested monthly. Past performance is no guarantee of future results.Yields fluctuate. |
4
DISCUSSION OF FUND PERFORMANCE |
For the period of September 1, 2008, through February 28, 2009, as provided by J. Christopher Nicholl and John F. Flahive, Portfolio Managers
Fund and Market Performance Overview
For the six-month period ended February 28, 2009, BNY Mellon National Municipal Money Market Fund’s Class M shares produced an annualized yield of 1.42%, and Investor shares produced an annualized yield of 1.18%. Taking into account the effects of compounding, the fund’s Class M and Investor shares also produced annualized effective yields of 1.43% and 1.18%, respectively.1
Despite challenging liquidity conditions early in the reporting period that drove yields of floating-rate municipal money market instruments to unusual heights, yields of tax-exempt money market instruments declined by the end of the reporting period to historically low levels, as the Federal Reserve Board (the “Fed”) reduced short-term interest rates to nearly zero in an attempt to stimulate a faltering U.S. economy and address an intensifying financial crisis.
The Fund’s Investment Approach
The fund seeks as high a level of current income exempt from federal income tax as is consistent with the preservation of capital and maintenance of liquidity.To pursue its goal, the fund invests at least 80% of its assets in short-term municipal obligations that provide income exempt from federal income tax. Among these are municipal notes, short-term municipal bonds, tax-exempt commercial paper and municipal leases.The fund may invest up to 20% of its total assets in taxable money market securities, such as U.S. government obligations, bank and corporate obligations and commercial paper. The fund also may invest in custodial receipts.
Economic Slump and Financial Crisis Roiled Money Markets
Economic conditions in the United States already had begun to deteriorate by the start of the reporting period as a result of severe weakness in housing markets, rising unemployment and declining consumer confidence. In response, the Fed implemented several reductions in the overnight federal funds rate, which fell from 5.25% in September 2007 to 2% at the start of the reporting period.
Meanwhile, a credit crisis that originated in the sub-prime mortgage market in 2007 intensified over the summer of 2008 as mortgage foreclosure rates surged and institutional investors continued to de-lever their portfolios to meet margin calls resulting from severe losses in mortgage- and asset-backed securities. Despite earlier efforts by regulators to contain the credit crunch, it escalated into a global financial crisis in September 2008, punishing major financial institutions, including dealers and insurers of municipal money market instruments.
In the ensuing tumult, the U.S. government effectively nationalized insurer AIG and mortgage agencies Fannie Mae and Freddie Mac, Lehman Brothers filed for bank-ruptcy,Washington Mutual was seized by regulators, and Merrill Lynch and Wachovia were sold to former rivals. The U.S. Department of the Treasury launched the $700 billionTroubled Assets Relief Program (TARP) to shore up the nation’s banking system. For its part, the Fed responded with massive injections of liquidity into the banking system and three additional rate cuts over the reporting period, which drove its target for the federal funds rate to a record low of 0% to 0.25%.
These developments led to heightened risk aversion among broker-dealers, who became reluctant to hold municipal securities in their inventories.The resulting
The Funds 5
DISCUSSION OF FUND PERFORMANCE (continued)
difficult liquidity conditions caused dislocations among short-term money market instruments, including tax-exempt variable rate demand notes (“VRDNs”), and a surge in redemptions from some money market funds. In an effort to shore up investor confidence and help restore stability to the financial system, the U.S. Department of the Treasury initiated the Temporary Guarantee Program for Money Market Funds, which the fund is currently participating in. These measures calmed investors to a degree, and yields of VRDNs returned to normalized levels.
The financial crisis and economic downturn put pressure on the fiscal conditions of most states and municipalities, which encountered reduced sales and income tax collections and intensifying demands on social services programs. Faced with revenue shortfalls over the foreseeable future, state and local governments have struggled to find ways to balance their budgets.
Independent Research Helps Avoid Credit Problems
As always, we invested exclusively in high-quality municipal obligations that have been independently approved by our credit analysts. In light of the issues confronting the market, we maintained a conservative credit selection strategy, removing a number of banks from our approved list and focusing on direct municipal obligations over those with third-party credit enhancements.
We reduced the fund’s weighted average maturity, which ended the reporting period in a range that was roughly in line with industry averages.We achieved this position by modestly increasing the fund’s holdings of VRDNs and reducing its exposure to tax-exempt commercial paper.
Maintaining a Conservative Investment Posture
As of the reporting period’s end,the economic downturn has appeared to accelerate. In addition, while liquidity has largely been restored to the short-term municipal securities market, credit markets generally remain fragile. Therefore, we intend to maintain the fund’s conservative credit selection and interest-rate strategies, which we believe is a prudent course in today’s challenging economic environment.
March 16, 2009
An investment in the fund is not insured or guaranteed by the FDIC or any | |
other government agency. Although the fund seeks to preserve the value of | |
your investment at $1.00 per share, it is possible to lose money by investing | |
in the fund. | |
1 | Annualized effective yield is based upon dividends declared daily and |
reinvested monthly. Past performance is no guarantee of future results.Yields | |
fluctuate. 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. |
6
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 the 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 advisor.
Review your fund’s expenses
The table below shows the expenses you would have paid on a $1,000 investment in each class of each fund from September 1, 2008 to February 28, 2009. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.
Expenses and Value of a $1,000 Investment† | ||
assuming actual returns for the six months ended February 28, 2009 | ||
Class M Shares | Investor Shares | |
BNY Mellon Money Market Fund | ||
Expenses paid per $1,000† | $ 1.64 | $ 2.89 |
Ending value (after expenses) | $1,009.60 | $1,008.30 |
BNY Mellon National Municipal Money Market Fund | ||
Expenses paid per $1,000† | $ 1.34 | $ 2.59 |
Ending value (after expenses) | $1,007.10 | $1,005.80 |
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 costs) of investing in the fund with those of other funds. All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.
Expenses and Value of a $1,000 Investment | ||
assuming a hypothetical 5% annualized return for the six months ended February 28, 2009 | ||
Class M Shares | Investor Shares | |
BNY Mellon Money Market Fund | ||
Expenses paid per $1,000† | $ 1.66 | $ 2.91 |
Ending value (after expenses) | $1,023.16 | $1,021.92 |
BNY Mellon National Municipal Money Market Fund | ||
Expenses paid per $1,000† | $ 1.35 | $ 2.61 |
Ending value (after expenses) | $1,023.46 | $1,022.22 |
† Expenses are equal to the BNY Mellon Money Market Fund annualized expense ratio of .33% for Class M and .58% for Investor Shares and BNY Mellon National |
Municipal Money Market Fund, .27% for Class M and .52% for Investor Shares, multiplied by the average account value over the period, multiplied by 181/365 (to reflect |
the one-half year period). |
The Funds 7
STATEMENT OF INVESTMENTS February 28, 2009 (Unaudited) |
BNY Mellon Money Market Fund | |||||
Negotiable Bank | Principal | Principal | |||
Certificates of Deposit—5.8% | Amount ($) | Value ($) | Commercial Paper (continued) | Amount ($) | Value ($) |
Allied Irish Banks | JPMorgan Chase & Co. | ||||
1.62%, 7/29/09 | 16,100,000 | 16,100,665 | 0.25%—0.35%, 3/5/09—3/12/09 | 80,000,000 | 79,993,819 |
Banco Bilbao Vizcaya | KFW International Finance Inc. | ||||
Argenteria Puerto Rico | 0.26%, 3/3/09 | 50,000,000 b | 49,999,278 | ||
3.08%, 5/26/09 | 20,000,000 | 20,000,233 | Long Island College Hospital NY | ||
Banco Santander | 1.25%, 3/4/09 | 25,700,000 | 25,697,323 | ||
Puerto Rico (Yankee) | Northern California | ||||
2.56%, 3/11/09 | 20,000,000 | 20,000,000 | Transmission Agency | ||
Bank of Nova Scotia (Yankee) | 2.00%, 3/16/09 | 49,875,000 | 49,875,000 | ||
2.83%, 5/8/09 | 20,000,000 | 20,000,728 | Salvation Army | ||
Royal Bank of Canada | 0.45%, 3/4/09 | 40,000,000 | 39,998,500 | ||
1.97%, 3/18/09 | 25,000,000 a | 25,000,000 | Salvation Army | ||
Westpac Banking Corp. | 0.40%, 3/10/09 | 30,000,000 | 29,997,000 | ||
3.24%, 8/25/09 | 10,000,000 | 10,000,476 | |||
San Jose CA | |||||
Total Negotiable Bank | 0.40%, 3/5/09 | 41,786,000 | 41,784,143 | ||
Certificates of Deposit | |||||
Societe Generale N.A. Inc. | |||||
(cost $111,102,102) | 111,102,102 | ||||
0.43%—2.89%, | |||||
3/6/09—3/11/09 | 70,000,000 | 69,983,489 | |||
Commercial Paper—58.9% | State Street Boston Corp. | ||||
Abbey National North America LLC | 0.43%, 3/4/09 | 60,000,000 | 59,997,850 | ||
3.05%, 4/21/09 | 15,000,000 | 14,935,188 | Winston Salem NC | ||
Bank of America Corp. | 1.75%, 3/3/09 | 25,000,000 | 25,000,000 | ||
0.42%, 3/2/09 | 20,000,000 | 19,999,767 | Yale University | ||
Bank of America Corp. | 1.90%, 3/12/09 | 25,500,000 | 25,485,196 | ||
0.25%, 3/9/09 | 50,000,000 | 49,997,222 | Total Commercial Paper | ||
Bank of Ireland | (cost $1,117,432,692) | 1,117,432,692 | |||
0.55%, 3/12/09 | 25,000,000 b | 24,995,799 | |||
BNP Paribas Finance Inc. | Notes—34.7% | ||||
0.32%, 3/6/09 | 50,000,000 | 49,997,778 | |||
Allied Irish Banks | |||||
Calyon | |||||
1.65%, 5/7/09 | 30,000,000 a | 30,000,000 | |||
0.27%, 3/6/09 | 70,000,000 | 69,997,375 | |||
Andrew W. Mellon Foundation NY | |||||
Chevron Funding Corporation | |||||
0.75%, 3/7/09 | 23,700,000 a | 23,700,000 | |||
0.30%, 3/5/09—3/18/09 | 75,000,000 | 74,992,083 | |||
Bank of Ireland | |||||
Danske Corp., Inc. | |||||
1.90%, 3/18/09 | 3,000,000 a | 2,981,314 | |||
1.09%—1.45%, | |||||
7/27/09—10/16/09 | 80,000,000 b | 79,412,479 | Bank of Scotland PLC | ||
Deutsche Bank Financial LLC | 1.45%, 5/7/09 | 40,000,000 a | 39,971,785 | ||
0.15%, 3/2/09 | 60,000,000 | 59,999,750 | BBVA U.S. Senior, S.A. Unipersonal | ||
District of Columbia Water | 1.21%, 4/17/09 | 24,600,000 a,b | 24,593,610 | ||
and Sewer Authority | California Educational | ||||
0.50%, 3/5/09 | 25,400,000 | 25,400,000 | Facilities Authority | ||
General Electric Capital Corp. | 1.77%, 3/1/09 | 8,160,000 a | 8,160,000 | ||
0.30%—1.95%, | Cleveland OH | ||||
3/18/09—5/21/09 | 75,000,000 | 74,895,222 | 0.65%, 3/7/09 | 24,060,000 a | 24,060,000 |
ING (US) Funding LLC | Cleveland OH Airport System | ||||
0.28%—0.29%, 3/3/09—3/4/09 | 75,000,000 | 74,998,431 | 1.05%, 3/7/09 | 32,000,000 a | 32,000,000 |
8
BNY Mellon Money Market Fund (continued) | ||||||
Principal | Principal | |||||
Notes (continued) | Amount ($) | Value ($) | Notes (continued) | Amount ($) | Value ($) | |
Colorado Educational and | New York City NY Transitional | |||||
Cultural Facilities Authority | Finance Authority | |||||
0.85%, 3/7/09 | 63,750,000 a | 63,750,000 | 1.75%, 3/7/09 | 79,700,000 a | 79,700,000 | |
Denver CO | New York State Housing | |||||
1.47%—4.00%, 3/7/09 | 65,000,000 a | 65,000,000 | Development Corporation | |||
Franklin County GA Industrial | 1.40%, 3/7/09 | 36,075,000 a | 36,075,000 | |||
Building Authority | New York State Urban | |||||
1.00%, 3/7/09 | 11,000,000 a | 11,000,000 | Development Corporation | |||
Massachusetts Development | 3.50%, 12/15/09 | 9,545,000 | 9,581,835 | |||
Finance Agency | Palm Bay FL | |||||
1.08%, 3/7/09 | 4,800,000 a | 4,800,000 | 3.50%, 3/7/09 | 34,230,000 a | 34,230,000 | |
Massachusetts Health and | Portland ME | |||||
Education Facilities Authority | 4.75%, 3/7/09 | 26,300,000 a | 26,300,000 | |||
0.80%, 3/7/09 | 12,000,000 a | 12,000,000 | Roanoke Rapids NC | |||
Massachusetts Housing | 0.85%, 3/7/09 | 11,450,000 a | 11,450,000 | |||
Finance Agency | Texas | |||||
5.00%, 3/7/09 | 7,920,000 a | 7,920,000 | 4.75%, 3/7/09 | 64,845,000 a | 64,845,000 | |
Minnesota Higher Education | Total Notes | |||||
Coordinating Board | (cost $659,968,544) | 659,968,544 | ||||
1.75%, 3/7/09 | 11,000,000 a | 11,000,000 | ||||
Mississippi Business Finance Corp. | Total Investments | |||||
1.50%, 3/7/09 | 31,000,000 a | 31,000,000 | (cost $1,888,503,338) | 99.4% | 1,888,503,338 | |
Nassau County NY Industrial | Cash and Receivables (Net) | .6% | 11,626,477 | |||
Development Authority | ||||||
0.85%, 3/7/09 | 5,850,000 a | 5,850,000 | Net Assets | 100.0% | 1,900,129,815 |
a Variable rate security—interest rate subject to periodic change. |
b Securities exempt from registration under Rule 144A of the Securities Act of 1933.These securities may be resold in transactions exempt from registration, normally to qualified |
institutional buyers. At February 28, 2009, these securities amounted to $179,001,166 or 9.4% of net assets. |
Portfolio Summary (Unaudited)† | |||
Value (%) | Value (%) | ||
Banking | 40.0 | Finance | 3.9 |
Foreign/Governmental | 8.1 | Housing | 3.6 |
Education | 6.6 | Other | 32.4 |
Special Tax | 4.8 | 99.4 | |
† Based on net assets. | |||
See notes to financial statements. |
The Funds 9
STATEMENT OF INVESTMENTS February 28, 2009 (Unaudited) |
BNY Mellon National Municipal Money Market Fund | ||||
Coupon | Maturity | Principal | ||
Short-Term Investments—99.9% | Rate (%) | Date | Amount ($) | Value ($) |
Alabama—1.2% | ||||
Mobile Infirmary Health System Special Care Facilities | ||||
Financing Authority, Revenue (Infirmary Health | ||||
System, Inc.) (LOC; Bank of Nova Scotia) | 0.62 | 3/7/09 | 25,000,000 a | 25,000,000 |
Arizona—1.3% | ||||
Maricopa County Industrial Development Authority, | ||||
Revenue (Valley of the Sun YMCA) (LOC; U.S. Bank NA) | 0.60 | 3/7/09 | 7,500,000 a | 7,500,000 |
Sun Devil Energy Center LLC, Revenue, Refunding | ||||
(Arizona State University Project) (Insured; Assured | ||||
Guaranty and Liquidity Facility; Royal Bank of Canada) | 0.66 | 3/7/09 | 7,000,000 a | 7,000,000 |
Verrado Western Overlay Community Facilities District, GO | ||||
Notes (DMB White Tank, LLC Project) (LOC; Compass Bank) | 0.62 | 3/7/09 | 8,500,000 a | 8,500,000 |
Yavapai County Industrial Development Authority, HR (Northern | ||||
Arizona Healthcare System) (LOC; Banco Bilbao Vizcaya Argentaria) | 0.58 | 3/7/09 | 3,295,000 a | 3,295,000 |
California—1.6% | ||||
California Educational Facilities Authority, | ||||
Revenue (Loyola Marymount University) (LOC; Allied Irish Banks) | 1.10 | 3/7/09 | 8,000,000 a | 8,000,000 |
M-S-R Public Power Agency, Subordinate Lien Revenue | ||||
(San Juan Project) (LOC; Dexia Credit Locale) | 0.65 | 3/1/09 | 24,900,000 a | 24,900,000 |
Colorado—4.5% | ||||
Colorado Health Facilities Authority, HR (North Colorado Medical | ||||
Center, Inc. Project) (LOC; Banco Bilbao Vizcaya Argentaria) | 0.55 | 3/1/09 | 13,000,000 a | 13,000,000 |
Colorado School of Mines Board of Trustees, Enterprise | ||||
Improvement Revenue (LOC; Dexia Credit Locale) | 0.80 | 3/1/09 | 28,625,000 a | 28,625,000 |
Colorado School of Mines Board of Trustees, | ||||
Enterprise Revenue, Refunding (LOC; Dexia Credit Locale) | 0.75 | 3/7/09 | 26,540,000 a | 26,540,000 |
Commerce City Northern Infrastructure General | ||||
Improvement District, GO (LOC; U.S. Bank NA) | 0.67 | 3/7/09 | 6,150,000 a | 6,150,000 |
Commerce City Northern Infrastructure General | ||||
Improvement District, GO, Refunding (LOC; U.S. Bank NA) | 0.67 | 3/7/09 | 9,390,000 a | 9,390,000 |
Parker Automotive Metropolitan District, GO Notes (LOC; U.S. Bank NA) | 0.67 | 3/7/09 | 3,500,000 a | 3,500,000 |
Triview Metropolitan District, GO Notes, | ||||
Refunding (LOC; Banco Bilbao Vizcaya Argentaria) | 0.67 | 3/7/09 | 6,740,000 a | 6,740,000 |
District of Columbia—.7% | ||||
District of Columbia, Multimodal GO, Refunding (LOC; Allied Irish Banks) | 0.65 | 3/7/09 | 4,285,000 a | 4,285,000 |
District of Columbia, University Revenue (Georgetown | ||||
University Issue) (LOC; JPMorgan Chase Bank) | 0.52 | 3/7/09 | 9,640,000 a | 9,640,000 |
Florida—3.7% | ||||
Alachua County Health Facilities Authority, Continuing Care | ||||
Retirement Community Revenue (Oak Hammock at the | ||||
University of Florida Project) (LOC; Bank of Scotland) | 0.65 | 3/1/09 | 9,700,000 a | 9,700,000 |
Florida Municipal Power Agency, Revenue, Refunding | ||||
(All-Requirements Power Supply Project) (LOC; Bank of America) | 0.60 | 3/1/09 | 15,000,000 a | 15,000,000 |
JEA, District Energy System Revenue | ||||
(LOC; State Street Bank and Trust Co.) | 0.63 | 3/7/09 | 7,045,000 a | 7,045,000 |
Leesburg, HR, Refunding (The Villages Regional | ||||
Hospital Project) (LOC; Bank of Nova Scotia) | 0.57 | 3/7/09 | 6,000,000 a | 6,000,000 |
10
BNY Mellon National Municipal Money Market Fund (continued) | ||||
Coupon | Maturity | Principal | ||
Short-Term Investments (continued) | Rate (%) | Date | Amount ($) | Value ($) |
Florida (continued) | ||||
North Broward Hospital District, Revenue, | ||||
Refunding (LOC; TD Banknorth NA) | 0.52 | 3/7/09 | 17,100,000 a | 17,100,000 |
Port Orange, Revenue (Palmer College of | ||||
Chiropractic Florida Project) (LOC; ABN-AMRO) | 0.65 | 3/7/09 | 9,185,000 a | 9,185,000 |
Tohopekaliga Water Authority, Utility System | ||||
Revenue (LOC; Landesbank Hessen-Thuringen Girozentrale) | 0.56 | 3/7/09 | 12,900,000 a | 12,900,000 |
Georgia—4.1% | ||||
Atlanta, Water and Wastewater Revenue, CP | ||||
(LOC: Bank of America, Dexia Credit Locale, | ||||
JPMorgan Chase Bank, and Lloyds TSB Bank PLC) | 1.35 | 3/5/09 | 33,111,000 | 33,111,000 |
Clayton County Housing Authority, MFHR, Refunding | ||||
(Chateau Forest Apartments Project) (Insured; FSA | ||||
and Liquidity Facility; Societe Generale) | 1.35 | 3/7/09 | 6,530,000 a | 6,530,000 |
Cobb County Development Authority, Educational Facilities Revenue | ||||
(Mount Paran Christian School, Inc. Project) (LOC; Wells Fargo Bank) | 0.61 | 3/7/09 | 10,780,000 a | 10,780,000 |
Metropolitan Atlanta Rapid Transit Authority, | ||||
Sales Tax Revenue (Second Indenture Series) | ||||
(LOC: Bayerische Landesbank and Westdeutsche Landesbank) | 0.65 | 3/7/09 | 36,200,000 a | 36,200,000 |
Hawaii—.2% | ||||
Hawaii Housing Finance and Development Corporation, MFHR | ||||
(Lokahi Ka’u) (Liquidity Facility; FHLMC) | 0.65 | 3/7/09 | 5,200,000 a | 5,200,000 |
Idaho—.2% | ||||
Power County, PCR (FMC Corporation Project) | ||||
(LOC; Wachovia Bank) | 0.70 | 3/1/09 | 5,225,000 a | 5,225,000 |
Illinois—4.6% | ||||
Chicago, Second Lien Water Revenue, Refunding | ||||
(LOC; California Public Employees Retirement System) | 0.50 | 3/7/09 | 14,850,000 a | 14,850,000 |
Chicago, Second Lien Water Revenue, Refunding | ||||
(LOC; State Street Bank and Trust Co.) | 0.50 | 3/7/09 | 3,225,000 a | 3,225,000 |
Illinois Educational Facilities Authority, | ||||
Revenue (The University of Chicago) | 1.95 | 5/5/09 | 18,000,000 | 18,000,000 |
Illinois Finance Authority, Revenue (Chicago Symphony | ||||
Orchestra) (LOC; Royal Bank of Scotland) | 0.30 | 3/7/09 | 8,000,000 a | 8,000,000 |
Illinois Finance Authority, Revenue (Northwestern University) | 0.58 | 2/1/10 | 18,400,000 | 18,400,000 |
Illinois Finance Authority, Revenue | ||||
(Resurrection Health Care) (LOC; JPMorgan Chase Bank) | 0.75 | 3/1/09 | 5,125,000 a | 5,125,000 |
Illinois Finance Authority, Revenue (Southern Illinois | ||||
Healthcare Enterprises, Inc.) (LOC; Bank of Nova Scotia) | 0.60 | 3/7/09 | 4,580,000 a | 4,580,000 |
Illinois Finance Authority, Revenue, Refunding (The University | ||||
of Chicago Medical Center) (LOC; Wells Fargo Bank) | 0.53 | 3/7/09 | 4,160,000 a | 4,160,000 |
Illinois Finance Authority, Revenue, Refunding (The University | ||||
of Chicago Medical Center) (LOC; Wells Fargo Bank) | 0.58 | 3/7/09 | 3,200,000 a | 3,200,000 |
Illinois Health Facilities Authority, Revenue | ||||
(Ingalls Memorial Hospital) (LOC; Northern Trust Co.) | 0.65 | 3/7/09 | 13,300,000 a | 13,300,000 |
Lake County, MFHR (Whispering Oaks | ||||
Apartments Project) (LOC; FHLMC) | 0.65 | 3/7/09 | 3,250,000 a | 3,250,000 |
The Funds 11
STATEMENT OF INVESTMENTS (Unaudited) (continued) |
BNY Mellon National Municipal Money Market Fund (continued) | ||||
Coupon | Maturity | Principal | ||
Short-Term Investments (continued) | Rate (%) | Date | Amount ($) | Value ($) |
Indiana—.8% | ||||
Indiana Finance Authority, Health System Revenue, | ||||
Refunding (Sisters of Saint Francis Health | ||||
Services, Inc. Obligated Group) (LOC; Wells Fargo Bank) | 0.54 | 3/7/09 | 3,600,000 a | 3,600,000 |
Indiana Finance Authority, HR, Refunding | ||||
(Floyd Memorial Hospital and Health Services | ||||
Project) (LOC; Branch Banking amd Trust Co.) | 0.65 | 3/1/09 | 4,500,000 a | 4,500,000 |
Lawrenceburg, PCR, Refunding (Indiana Michigan | ||||
Power Company Project) (LOC; Royal Bank of Scotland) | 0.55 | 3/7/09 | 8,600,000 a | 8,600,000 |
Iowa—2.3% | ||||
Iowa Finance Authority, Health Facilities Revenue | ||||
(Great River Medical Center Project) (LOC; Allied Irish Banks) | 2.00 | 3/1/09 | 18,475,000 a | 18,475,000 |
Iowa Finance Authority, Health Facilities Revenue | ||||
(Iowa Health System) (Insured; Assured Guaranty | ||||
and Liquidity Facility Landesbank Baden-Wurttemberg) | 1.02 | 3/7/09 | 6,000,000 a | 6,000,000 |
Iowa Finance Authority, Private College Revenue | ||||
(Central College Project) (LOC; Wells Fargo Bank) | 0.65 | 3/1/09 | 3,700,000 a | 3,700,000 |
Iowa Finance Authority, Private College Revenue, Refunding | ||||
(Drake University Project) (LOC; Wells Fargo Bank) | 0.65 | 3/1/09 | 20,500,000 a | 20,500,000 |
Kansas—1.9% | ||||
Olathe, GO Temporary Notes | 2.75 | 6/1/09 | 40,000,000 | 40,081,200 |
Kentucky—1.8% | ||||
Boone County, PCR, Refunding (Duke Energy | ||||
Kentucky, Inc. Project) (LOC; Wells Fargo Bank) | 0.53 | 3/7/09 | 6,500,000 a | 6,500,000 |
Christian County, Lease Program Revenue (Kentucky | ||||
Association of Counties Leasing Trust) (LOC; U.S. Bank NA) | 0.60 | 3/1/09 | 25,300,000 a | 25,300,000 |
Trimble County, Lease Program Revenue (Kentucky | ||||
Association of Counties Leasing Trust) (LOC; U.S. Bank NA) | 0.60 | 3/1/09 | 5,000,000 a | 5,000,000 |
Louisiana—1.2% | ||||
Louisiana Public Facilities Authority, HR, Refunding | ||||
(Franciscan Missionaries of Our Lady Health | ||||
System Project) (LOC; JPMorgan Chase Bank) | 0.55 | 3/1/09 | 25,000,000 a | 25,000,000 |
Maryland—.7% | ||||
Baltimore Mayor and City Council Industrial Development | ||||
Authority, Revenue (City of Baltimore Capital | ||||
Acquisition Program) (LOC; Bayerische Landesbank) | 0.68 | 3/7/09 | 4,000,000 a | 4,000,000 |
Maryland Economic Development Corporation, EDR, | ||||
Refunding (United States Pharmacopeial | ||||
Convention, Inc. Project) (LOC; Bank of America) | 0.60 | 3/1/09 | 9,865,000 a | 9,865,000 |
Massachusetts—7.7% | ||||
Braintree, GO Notes, BAN | 2.50 | 8/14/09 | 40,000,000 | 40,162,016 |
Massachusetts, Consolidated Loan | ||||
(Liquidity Facility; Dexia Credit Locale) | 1.20 | 3/1/09 | 21,650,000 a | 21,650,000 |
Massachusetts, CP (LOC; JPMorgan Chase Bank) | 0.47 | 5/11/09 | 22,500,000 | 22,500,000 |
Massachusetts, GO Notes, BAN | 3.00 | 3/5/09 | 10,000,000 | 10,002,426 |
12
BNY Mellon National Municipal Money Market Fund (continued) | ||||
Coupon | Maturity | Principal | ||
Short-Term Investments (continued) | Rate (%) | Date | Amount ($) | Value ($) |
Massachusetts (continued) | ||||
Massachusetts Development Finance Agency, Revenue | ||||
(Smith College Issue) (Liquidity Facility; JPMorgan Chase Bank) | 0.63 | 3/7/09 | 63,500,000 a | 63,500,000 |
Massachusetts Development Finance Agency, Revenue | ||||
(Worcester Polytechnic Institute) (LOC; TD Banknorth NA) | 0.60 | 3/7/09 | 1,700,000 a | 1,700,000 |
Massachusetts Housing Finance Agency, Housing Revenue | ||||
(Insured; FSA and Liquidity Facility; Dexia Credit Locale) | 3.25 | 3/7/09 | 2,170,000 a | 2,170,000 |
Michigan—.7% | ||||
Michigan Strategic Fund, LOR, Refunding | ||||
(The Detroit Edison Company Exempt | ||||
Facilities Project) (LOC; Bank of Nova Scotia) | 0.65 | 3/7/09 | 14,400,000 a | 14,400,000 |
Minnesota—1.4% | ||||
Minneapolis, Health Care System Revenue | ||||
(Fairview Health Services) (LOC; Wells Fargo Bank) | 0.53 | 3/7/09 | 5,700,000 a | 5,700,000 |
Minneapolis, Health Care System Revenue | ||||
(Fairview Health Services) (LOC; Wells Fargo Bank) | 0.57 | 3/7/09 | 2,300,000 a | 2,300,000 |
Minnesota Higher Education Facilities | ||||
Authority, Revenue (Gustavus Adolphus | ||||
College) (LOC; Allied Irish Banks) | 1.50 | 3/7/09 | 13,950,000 a | 13,950,000 |
Rochester, Health Care Facilities Revenue (Mayo Clinic) | 1.68 | 5/7/09 | 8,000,000 | 8,000,000 |
Missouri—.8% | ||||
Missouri Health and Educational Facilities Authority, | ||||
Health Facilities Revenue (SSM Health Care) | ||||
(Insured; FSA and Liquidity Facility; Citigroup) | 1.62 | 3/7/09 | 6,000,000 a | 6,000,000 |
Missouri Health and Educational Facilities Authority, | ||||
Health Facilities Revenue (SSM Health Care) | ||||
(Insured; FSA and Liquidity Facility; Dexia Credit Locale) | 1.00 | 3/1/09 | 10,960,000 a | 10,960,000 |
Nebraska—.3% | ||||
Lancaster County Hospital Authority Number 1, | ||||
Health Facilities Revenue (Immanuel Health | ||||
Systems-Williamsburg Project) (LOC; Allied Irish Banks) | 1.00 | 3/1/09 | 6,100,000 a | 6,100,000 |
Nevada—.3% | ||||
Clark County, Airport System Subordinate Lien | ||||
Revenue (LOC; Landesbank Baden-Wurttemberg) | 0.62 | 3/7/09 | 7,300,000 a | 7,300,000 |
New Hampshire—2.1% | ||||
New Hampshire Health and Education Facilities | ||||
Authority, Revenue (Crotched Mountain | ||||
Rehabilitation Center Issue) (LOC; Allied Irish Banks) | 1.50 | 3/7/09 | 22,600,000 a | 22,600,000 |
New Hampshire Health and Education Facilities | ||||
Authority, Revenue (Proctor Academy Issue) | ||||
(LOC; Allied Irish Banks) | 1.50 | 3/7/09 | 5,000,000 a | 5,000,000 |
New Hampshire Health and Educational Facilities Authority, | ||||
Revenue (Saint Anselm College Issue) (LOC; RBS Citizens NA) | 0.65 | 3/1/09 | 3,500,000 a | 3,500,000 |
New Hampshire Housing Finance Authority, MFHR, Refunding | ||||
(EQR-Bond Partnership— Manchester Project) (LOC; FNMA) | 0.57 | 3/7/09 | 12,700,000 a | 12,700,000 |
The Funds 13
STATEMENT OF INVESTMENTS (Unaudited) (continued) |
BNY Mellon National Municipal Money Market Fund (continued) | ||||
Coupon | Maturity | Principal | ||
Short-Term Investments (continued) | Rate (%) | Date | Amount ($) | Value ($) |
New Jersey—2.3% | ||||
Delaware River Port Authority, Revenue, | ||||
Refunding (LOC; TD Banknorth NA) | 0.50 | 3/7/09 | 5,100,000 a | 5,100,000 |
New Jersey Economic Development Authority, Revenue, | ||||
Refunding (Crane’s Mill Project) (LOC; TD Banknorth NA) | 0.52 | 3/7/09 | 1,200,000 a | 1,200,000 |
New Jersey Health Care Facilities Financing Authority, | ||||
Revenue (Rahway Hospital) (LOC; Wachovia Bank) | 0.56 | 3/7/09 | 4,700,000 a | 4,700,000 |
New Jersey Health Care Facilities Financing Authority, | ||||
Revenue (Somerset Medical Center Issue) (LOC; TD Banknorth NA) | 0.50 | 3/7/09 | 3,400,000 a | 3,400,000 |
New Jersey Turnpike Authority, Turnpike | ||||
Revenue (LOC; JPMorgan Chase Bank) | 0.50 | 3/7/09 | 34,500,000 a | 34,500,000 |
New York—12.5% | ||||
Long Island Power Authority, CP (LOC; State Street Bank and Trust Co.) | 0.80 | 3/12/09 | 11,000,000 | 11,000,000 |
Long Island Power Authority, Electric System | ||||
Subordinated Revenue (LOC; Bayerische Landesbank) | 0.52 | 3/1/09 | 5,000,000 a | 5,000,000 |
New York City, GO Notes (Liquidity Facility; | ||||
Dexia Credit Locale and LOC; Dexia Credit Locale) | 1.25 | 3/1/09 | 34,230,000 a | 34,230,000 |
New York City, GO Notes (Liquidity Facility; | ||||
Landesbank Hessen-Thuringen Girozentrale) | 0.52 | 3/1/09 | 40,000,000 a | 40,000,000 |
New York City, GO Notes (LOC; Dexia Credit Locale) | 0.58 | 3/1/09 | 21,790,000 a | 21,790,000 |
New York City Industrial Development Agency, Civic Facility Revenue | ||||
(New York Law School Project) (LOC; JPMorgan Chase Bank) | 0.53 | 3/7/09 | 12,200,000 a | 12,200,000 |
New York City Municipal Water Finance Authority, | ||||
Water and Sewer System Second General Resolution | ||||
Revenue (Liquidity Facility; Fortis Bank) | 4.00 | 3/1/09 | 95,000,000 a | 95,000,000 |
New York City Transitional Finance Authority, Revenue | ||||
(New York City Recovery) (Liquidity Facility; Dexia Credit Locale) | 0.75 | 3/1/09 | 17,300,000 a | 17,300,000 |
New York City Trust for Cultural Resources, Revenue | ||||
(Lincoln Center for the Performing Arts, Inc.) (LOC; U.S. Bank NA) | 0.35 | 3/7/09 | 3,750,000 a | 3,750,000 |
New York State Dormitory Authority, Consolidated Fifth General | ||||
Resolution Revenue (City University System) (LOC; TD Banknorth NA) | 0.48 | 3/7/09 | 5,000,000 a | 5,000,000 |
New York State Dormitory Authority, Revenue | ||||
(The College of New Rochelle) (LOC; RBS Citizens NA) | 0.58 | 3/7/09 | 4,000,000 a | 4,000,000 |
New York State Housing Finance Agency, Housing Revenue (42nd | ||||
and 10th Avenue Housing) (LOC; Landesbank Baden-Wurttemberg) | 0.50 | 3/7/09 | 16,000,000 a | 16,000,000 |
North Carolina—2.3% | ||||
New Hanover County, HR, Refunding (New Hanover Regional Medical | ||||
Center) (Insured; FSA and Liquidity Facility; Wells Fargo Bank) | 1.65 | 3/7/09 | 25,045,000 a | 25,045,000 |
North Carolina Medical Care Commission, | ||||
Health Care Facilities Revenue (Union Regional | ||||
Medical Center Project) (LOC; Wells Fargo Bank) | 0.65 | 3/7/09 | 13,000,000 a | 13,000,000 |
Raleigh, COP (Downtown Improvements Projects) | 2.50 | 1/20/10 | 10,000,000 | 10,162,053 |
Ohio—6.2% | ||||
Butler County, Healthcare Facilities Improvement Revenue, | ||||
Refunding (Lifesphere Project) (LOC; U.S. Bank NA) | 0.58 | 3/7/09 | 3,500,000 a | 3,500,000 |
Cleveland, Water Revenue (LOC; Allied Irish Banks) | 0.50 | 3/7/09 | 13,000,000 a | 13,000,000 |
14
BNY Mellon National Municipal Money Market Fund (continued) | ||||
Coupon | Maturity | Principal | ||
Short-Term Investments (continued) | Rate (%) | Date | Amount ($) | Value ($) |
Ohio (continued) | ||||
Cleveland-Cuyahoga County Port Authority, | ||||
Cultural Facility Revenue (Cleveland Museum of | ||||
Art Project) (Liquidity Facility; JPMorgan Chase Bank) | 0.60 | 3/7/09 | 20,000,000 a | 20,000,000 |
Cuyahoga County, GO Notes, BAN | 2.50 | 12/23/09 | 30,000,000 | 30,350,053 |
Lucas County, HR (ProMedica Healthcare | ||||
Obligated Group) (LOC; UBS AG) | 0.72 | 3/7/09 | 7,800,000 a | 7,800,000 |
Lucas County, HR (ProMedica Healthcare | ||||
Obligated Group) (LOC; UBS AG) | 0.72 | 3/7/09 | 5,100,000 a | 5,100,000 |
Ohio, HR (University Hospitals Health System, Inc.) | ||||
(LOC; Royal Bank of Scotland) | 0.62 | 3/7/09 | 5,800,000 a | 5,800,000 |
Ohio Air Quality Development Authority, PCR, Refunding | ||||
(FirstEnergy Generation Corporation Project) (LOC; Bank of America) | 0.55 | 3/1/09 | 29,000,000 a | 29,000,000 |
Ohio Higher Educational Facility, Revenue, Refunding | ||||
(Case Western Reserve University Project) (LOC; Allied Irish Banks) | 0.45 | 3/7/09 | 6,000,000 a | 6,000,000 |
Warren County, Health Care Facilities Improvement | ||||
Revenue (Otterbein Homes Project) (LOC; U.S. Bank NA) | 0.58 | 3/7/09 | 10,000,000 a | 10,000,000 |
Oklahoma—1.2% | ||||
Oklahoma Development Finance Authority, Revenue, | ||||
Refunding (INTEGRIS Baptist Medical Center, Inc., | ||||
INTEGRIS South Oklahoma City Hospital Corporation | ||||
and INTEGRIS Rural Health, Inc.) (Insured; Assured | ||||
Guaranty and Liquidity Facility; KBC Bank) | 1.10 | 3/7/09 | 24,360,000 a | 24,360,000 |
Oregon—3.5% | ||||
Clackamas County Hospital Facility Authority, | ||||
Revenue (Legacy Health System) | 0.55 | 3/7/09 | 4,800,000 a | 4,800,000 |
Clackamas County Hospital Facility Authority, | ||||
Revenue (Legacy Health System) (LOC; U.S. Bancorp) | 0.55 | 3/7/09 | 8,900,000 a | 8,900,000 |
Medford Hospital Facilities Authority, Revenue | ||||
(Cascade Manor Project) (LOC; KBC Bank) | 0.65 | 3/1/09 | 7,230,000 a | 7,230,000 |
Medford Hospital Facilities Authority, Revenue | ||||
(Rogue Valley Manor Project) (LOC; Bank of America) | 0.65 | 3/1/09 | 22,000,000 a | 22,000,000 |
Multnomah County Hospital Facilities Authority, Revenue, | ||||
Refunding (Holladay Park Plaza Project) (LOC; Allied Irish Banks) | 0.70 | 3/1/09 | 8,135,000 a | 8,135,000 |
Yamhill County Hospital Authority, Revenue, Refunding | ||||
(Friendsview Retirement Community—Oregon) (LOC; U.S. Bank NA) | 0.55 | 3/1/09 | 23,170,000 a | 23,170,000 |
Pennsylvania—9.0% | ||||
Beaver County Industrial Development Authority, PCR, | ||||
Refunding (FirstEnergy Nuclear Generation | ||||
Corporation Project) (LOC; Bank of Nova Scotia) | 0.50 | 3/7/09 | 30,000,000 a | 30,000,000 |
Bucks County Industrial Development Authority, HR | ||||
(Grand View Hospital) (LOC; TD Banknorth NA) | 0.52 | 3/7/09 | 7,000,000 a | 7,000,000 |
Delaware Valley Regional Finance Authority, | ||||
Local Government Revenue (LOC; Bayerische Landesbank) | 0.62 | 3/7/09 | 25,500,000 a | 25,500,000 |
Delaware Valley Regional Finance Authority, | ||||
Local Government Revenue (LOC; Bayerische Landesbank) | 0.62 | 3/7/09 | 2,900,000 a | 2,900,000 |
The Funds 15
STATEMENT OF INVESTMENTS (Unaudited) (continued) |
BNY Mellon National Municipal Money Market Fund (continued) | ||||
Coupon | Maturity | Principal | ||
Short-Term Investments (continued) | Rate (%) | Date | Amount ($) | Value ($) |
Pennsylvania (continued) | ||||
Delaware Valley Regional Finance Authority, | ||||
Local Government Revenue (LOC; Bayerische Landesbank) | 0.62 | 3/7/09 | 3,000,000 a | 3,000,000 |
Lancaster County, GO Notes (Insured; FSA | ||||
and Liquidity Facility; Royal Bank of Canada) | 1.25 | 3/7/09 | 22,000,000 a | 22,000,000 |
Lower Merion School District, GO Notes | ||||
(LOC; State Street Bank and Trust Co.) | 0.55 | 3/7/09 | 4,000,000 a | 4,000,000 |
Lower Merion School District, GO Notes (LOC; U.S. Bancorp) | 0.55 | 3/7/09 | 4,000,000 a | 4,000,000 |
Luzerne County, GO Notes (Insured; FSA and | ||||
Liquidity Facility; JPMorgan Chase Bank) | 1.85 | 3/7/09 | 56,500,000 a | 56,500,000 |
Parkland School District, GO Notes (Insured; | ||||
FSA and Liquidity Facility; Royal Bank of Canada) | 1.25 | 3/7/09 | 9,245,000 a | 9,245,000 |
Philadelphia Authority for Industrial Development, | ||||
Revenue (Philadelphia Museum of Art Project) | ||||
(LOC; Citizens Bank of Pennsylvania) | 0.61 | 3/7/09 | 1,500,000 a | 1,500,000 |
Quakertown General Authority, Revenue, Refunding | ||||
(The Trustees of the University of Pennsylvania Project) | 1.65 | 3/5/09 | 17,700,000 | 17,700,000 |
Southcentral General Authority, Revenue (WellSpan | ||||
Health Obligated Group) (LOC; Royal Bank of Scotland) | 0.62 | 3/7/09 | 6,125,000 a | 6,125,000 |
Rhode Island—.3% | ||||
Rhode Island Economic Development Corporation, Revenue | ||||
(Rhode Island Philharmonic Orchestra Issue) (LOC; Citizens Bank NA) | 0.65 | 3/7/09 | 7,000,000 a | 7,000,000 |
South Carolina—.5% | ||||
South Carolina Jobs-Economic Development Authority, HR, Refunding | ||||
(Tuomey Regional Medical Center) (LOC; Wells Fargo Bank) | 0.61 | 3/7/09 | 10,000,000 a | 10,000,000 |
South Dakota—.0% | ||||
South Dakota Health and Educational Facilities Authority, | ||||
Revenue (Regional Health) (LOC; U.S. Bank NA) | 0.65 | 3/1/09 | 1,000,000 a | 1,000,000 |
Tennessee—.8% | ||||
Metropolitan Nashville Airport Authority, Airport | ||||
Improvement Revenue, Refunding (LOC; Societe Generale) | 0.62 | 3/7/09 | 5,900,000 a | 5,900,000 |
Montgomery County Public Building Authority, Pooled Financing | ||||
Revenue (Tennessee County Loan Pool) (LOC; Bank of America) | 0.60 | 3/1/09 | 10,000,000 a | 10,000,000 |
Texas—11.2% | ||||
Austin, Water and Wastewater System Revenue, | ||||
Refunding (Insured; FSA and Liquidity Facility; | ||||
Landesbank Baden-Wurttemberg) | 2.85 | 3/7/09 | 50,000,000 a | 50,000,000 |
Harris County Flood Control District, CP | ||||
(LOC; Landesbank Hessen-Thuringen Girozentrale) | 0.60 | 3/3/09 | 34,505,000 | 34,505,000 |
Richardson Independent School District, Unlimited Tax | ||||
School Building Bonds (Liquidity Facility; DEPFA Bank | ||||
PLC and LOC; Permanent School Fund Guarantee Program) | 2.10 | 4/1/09 | 20,300,000 | 20,300,000 |
Southwest Higher Education Authority, Inc., Higher Education | ||||
Revenue (Southern Methodist University Project) | ||||
(Liquidity Facility; Bank of America) | 0.70 | 3/7/09 | 82,500,000 a | 82,500,000 |
Southwest Higher Education Authority, Inc., Higher | ||||
Education Revenue (Southern Methodist University | ||||
Project) (LOC; Landesbank Hessen-Thuringen Girozentrale) | 0.49 | 3/1/09 | 13,445,000 a | 13,445,000 |
16
BNY Mellon National Municipal Money Market Fund (continued) | ||||
Coupon | Maturity | Principal | ||
Short-Term Investments (continued) | Rate (%) | Date | Amount ($) | Value ($) |
Texas (continued) | ||||
Travis County Health Facilities Development Corporation, Retirement | ||||
Facilities Revenue (Longhorn Village Project) (LOC; Bank of Scotland) | 0.53 | 3/7/09 | 34,600,000 a | 34,600,000 |
Utah—.5% | ||||
Emery County, PCR, Refunding (PacifiCorp Projects) | ||||
(LOC; Wells Fargo Bank) | 0.66 | 3/7/09 | 10,000,000 a | 10,000,000 |
Vermont—.6% | ||||
Vermont Housing Finance Agency, Student Housing | ||||
Facilities Revenue (West Block University of | ||||
Vermont Apartments Project) (LOC; Bank of Nova Scotia) | 0.62 | 3/7/09 | 12,075,000 a | 12,075,000 |
Virginia—1.3% | ||||
Albemarle County Economic Development Authority, HR | ||||
(Martha Jefferson Hospital) (LOC; Branch Banking and Trust Co.) | 0.65 | 3/7/09 | 5,900,000 a | 5,900,000 |
Alexandria Industrial Development Authority, | ||||
Pooled Loan Program Revenue (LOC; Bank of America) | 0.65 | 3/7/09 | 5,165,000 a | 5,165,000 |
Norfolk Redevelopment and Housing Authority, Revenue, | ||||
Refunding (Old Dominion University Real Estate Foundation | ||||
Student Housing, LLC University Village Student Housing | ||||
Project) (LOC; Bank of America) | 0.60 | 3/1/09 | 7,555,000 a | 7,555,000 |
Williamsburg Industrial Development Authority, Revenue | ||||
(The Colonial Williamsburg Foundation) (LOC; Wells Fargo Bank) | 0.59 | 3/7/09 | 8,400,000 a | 8,400,000 |
Washington—1.7% | ||||
Seattle Housing Authority, Low Income Housing Assistance | ||||
Revenue (Foss Home Project) (LOC; Wells Fargo Bank) | 0.59 | 3/7/09 | 3,600,000 a | 3,600,000 |
Tulalip Tribes of the Tulalip Reservation, Revenue, | ||||
Refunding (Capital Projects) (LOC; Wells Fargo Bank) | 0.67 | 3/7/09 | 16,300,000 a | 16,300,000 |
Vancouver Housing Authority, Pooled Housing Revenue, | ||||
Refunding (Liquidity Facility; FHLMC and LOC; FHLMC) | 0.63 | 3/7/09 | 4,500,000 a | 4,500,000 |
Washington Health Care Facilities Authority, Revenue | ||||
(Southwest Washington Medical Center) (LOC; Allied Irish Banks) | 1.25 | 3/7/09 | 4,750,000 a | 4,750,000 |
Washington Housing Finance Commission, Nonprofit Housing | ||||
Revenue (Franke Tobey Jones Project) (LOC; Wells Fargo Bank) | 0.90 | 3/1/09 | 6,800,000 a | 6,800,000 |
Wisconsin—1.9% | ||||
Milwaukee, School RAN | 3.00 | 9/3/09 | 25,000,000 | 25,176,777 |
Wisconsin Health and Educational Facilities Authority, | ||||
Revenue (Edgewood College) (LOC; U.S. Bank NA) | 0.55 | 3/1/09 | 6,395,000 a | 6,395,000 |
Wisconsin Health and Educational Facilities Authority, | ||||
Revenue (Gundersen Lutheran) (LOC; Wells Fargo Bank) | 0.53 | 3/7/09 | 6,900,000 a | 6,900,000 |
Wisconsin Health and Educational Facilities Authority, | ||||
Revenue (Meriter Hospital, Inc.) (LOC; U.S. Bank NA) | 0.55 | 3/1/09 | 2,000,000 a | 2,000,000 |
Total Investments (cost $2,099,205,525) | 99.9% | 2,099,205,525 | ||
Cash and Receivables (Net) | .1% | 2,083,896 | ||
Net Assets | 100.0% | 2,101,289,421 |
a Variable rate demand note—rate shown is the interest rate in effect at February 28, 2009. Maturity date represents the next demand date, or the ultimate maturity date if earlier.
The Funds 17
STATEMENT OF INVESTMENTS (Unaudited) (continued) |
Summary of Abbreviations | ||||||
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 | BIGI | Bond Investors Guaranty Insurance | |||
BPA | Bond Purchase Agreement | CGIC | Capital Guaranty Insurance Company | |||
CIC | Continental Insurance Company | CIFG | CDC Ixis Financial Guaranty | |||
CMAC | Capital Markets Assurance Corporation | COP | Certificate of Participation | |||
CP | Commercial Paper | EDR | Economic Development Revenue | |||
EIR | Environmental Improvement Revenue | 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 | |||
FSA | Financial Security Assurance | 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 | LOC | Letter of Credit | |||
LOR | Limited Obligation Revenue | LR | Lease Revenue | |||
MFHR | Multi-Family Housing Revenue | MFMR | Multi-Family Mortgage Revenue | |||
PCR | Pollution Control Revenue | PILOT | Payment in Lieu of Taxes | |||
RAC | Revenue Anticipation Certificates | RAN | Revenue Anticipation Notes | |||
RAW | Revenue Anticipation Warrants | RRR | Resources Recovery Revenue | |||
SAAN | State Aid Anticipation Notes | SBPA | Standby Bond Purchase Agreement | |||
SFHR | Single Family Housing Revenue | SFMR | Single Family Mortgage Revenue | |||
SONYMA | State of New York Mortgage Agency | SWDR | Solid Waste Disposal Revenue | |||
TAN | Tax Anticipation Notes | TAW | Tax Anticipation Warrants | |||
TRAN | Tax and Revenue Anticipation Notes | XLCA | XL Capital Assurance | |||
Summary of Combined Ratings (Unaudited) | ||||||
Fitch | or | Moody’s | or | Standard & Poor’s | Value (%)† | |
F1+,F1 | VMIG1,MIG1,P1 | SP1+,SP1,A1+,A1 | 95.6 | |||
AAA,AA,Ab | Aaa,Aa,Ab | AAA,AA,Ab | 4.1 | |||
Not Ratedc | Not Ratedc | Not Ratedc | .3 | |||
100.0 |
- Based on total investments.
- Notes which are not F, MIG and SP rated are represented by bond ratings of the issuers.
- Securities which, while not rated by Fitch, Moody’s and Standard & Poor’s, have been determined by the investment adviser to be of comparable quality to those rated securities in which the fund may invest.
See notes to financial statements. |
18
STATEMENT OF ASSETS AND LIABILITIES February 28, 2009 (Unaudited) |
BNY Mellon | BNY Mellon | |
Money Market | National Municipal | |
Fund | Money Market Fund | |
Assets ($): | ||
Investments in securities—See Statement of Investments† | 1,888,503,338 | 2,099,205,525 |
Cash | 1,542,250 | — |
Receivable for investment securities sold | 14,700,570 | 8,002,308 |
Interest receivable | 3,807,837 | 2,802,382 |
Prepaid expenses and other assets | 172,809 | 619,982 |
1,908,726,804 | 2,110,630,197 | |
Liabilities ($): | ||
Due to The Dreyfus Corporation and affiliates—Note 4(b) | 200,638 | 15,326 |
Due to Administrator—Note 4(a) | 179,632 | 221,133 |
Payable for investment securities purchased | 8,160,279 | — |
Cash overdraft due to Custodian | — | 9,031,660 |
Accrued expenses | 56,440 | 72,657 |
8,596,989 | 9,340,776 | |
Net Assets ($) | 1,900,129,815 | 2,101,289,421 |
Composition of Net Assets ($): | ||
Paid-in capital | 1,900,107,922 | 2,102,840,441 |
Accumulated net realized gain (loss) on investments | 21,893 | (1,551,020) |
Net Assets ($) | 1,900,129,815 | 2,101,289,421 |
Net Asset Value Per Share | ||
Class M Shares | ||
Net Assets ($) | 1,898,117,996 | 2,101,288,313 |
Shares Outstanding | 1,898,096,135 | 2,102,840,247 |
Net Asset Value Per Share ($) | 1.00 | 1.00 |
Investor Shares | ||
Net Assets ($) | 2,011,819 | 1,108 |
Shares Outstanding | 2,011,787 | 1,109 |
Net Asset Value Per Share ($) | 1.00 | 1.00 |
† Investments at cost ($) | 1,888,503,338 | 2,099,205,525 |
See notes to financial statements. |
The Funds 19
STATEMENT OF OPERATIONS Six Months Ended February 28, 2009 (Unaudited) |
BNY Mellon | BNY Mellon | |
Money Market | National Municipal | |
Fund | Money Market Fund | |
Investment Income ($): | ||
Interest Income | 14,712,652 | 18,259,570 |
Expenses: | ||
Investment advisory fee—Note 4(a) | 1,021,730 | 1,653,061 |
Administration fee—Note 4(a) | 891,655 | 1,442,040 |
Treasury insurance expense—Note 2(f) | 225,727 | 407,441 |
Trustees’ fees and expenses—Note 4(c) | 47,472 | 76,251 |
Custodian fees—Note 4(b) | 42,977 | 61,535 |
Registration fees | 31,994 | 37,234 |
Professional fees | 21,265 | 30,142 |
Prospectus and shareholders’ reports | 4,799 | 3,574 |
Shareholder servicing costs—Note 4(b) | 2,377 | 30 |
Miscellaneous | 13,106 | 22,609 |
Total Expenses | 2,303,102 | 3,733,917 |
Less—expense reduction in fees | ||
due to earnings credits—Note 2(b) | (38,316) | (784,392) |
Net Expenses | 2,264,786 | 2,949,525 |
Investment Income—Net | 12,447,866 | 15,310,045 |
Net realized Gain (Loss) on Investments—Note 2(b) ($) | (5,056) | (499,770) |
Net Increase in Net Assets Resulting from Operations | 12,442,810 | 14,810,275 |
See notes to financial statements. |
20
STATEMENT OF CHANGES IN NET ASSETS |
BNY Mellon National | ||||
BNY Mellon Money Market Fund | Municipal Money Market Fund | |||
Six Months Ended | Six Months Ended | |||
February 28, 2009 | Year Ended | February 28, 2009 | Year Ended | |
(Unaudited) | August 31, 2008 | (Unaudited) | August 31, 2008 | |
Operations ($): | ||||
Investment income—net | 12,447,866 | 38,825,161 | 15,310,045 | 31,488,974 |
Net realized gain (loss) from investments | (5,056) | 27,996 | (499,770) | (1,051,250) |
Net Increase (Decrease) in Net Assets | ||||
Resulting from Operations | 12,442,810 | 38,853,157 | 14,810,275 | 30,437,724 |
Dividends to Shareholders from ($): | ||||
Investment income—net: | ||||
Class M Shares | (12,432,507) | (38,779,281) | (15,310,039) | (31,494,944) |
Investor Shares | (15,359) | (45,880) | (6) | (23) |
Total Dividends | (12,447,866) | (38,825,161) | (15,310,045) | (31,494,967) |
Beneficial Interest Transactions ($1.00 per share): | ||||
Net proceeds from shares sold: | ||||
Class M Shares | 1,591,000,675 | 2,209,831,039 | 2,644,156,802 | 3,276,852,332 |
Investor Shares | 575,840 | 701,877 | — | — |
Dividends reinvested: | ||||
Class M Shares | 1,112 | 343 | 4,606 | 749 |
Investor Shares | 15,395 | 45,876 | 6 | 23 |
Cost of shares redeemed: | ||||
Class M Shares | (868,744,291) | (1,877,235,783) | (2,172,304,688) | (2,586,121,590) |
Investor Shares | (167,348) | (513,869) | — | — |
Increase (Decrease) in Net Assets from | ||||
Beneficial Interest Transactions | 722,681,383 | 332,829,483 | 471,856,726 | 690,731,514 |
Total Increase (Decrease) In Net Assets | 722,676,327 | 332,857,479 | 471,356,956 | 689,674,271 |
Net Assets ($): | ||||
Beginning of Period | 1,177,453,488 | 844,596,009 | 1,629,932,465 | 940,258,194 |
End of Period | 1,900,129,815 | 1,177,453,488 | 2,101,289,421 | 1,629,932,465 |
See notes to financial statements. |
The Funds 21
FINANCIAL HIGHLIGHTS
The following tables describe the performance for each share class of each BNY Mellon money market Fund for the fiscal periods indicated.All information reflects financial results for a single fund share.Total return shows how much your investment in the fund would have increased (or decreased) during each period, assuming you had reinvested all dividends and distributions. These figures have been derived from the fund’s financial statements.
Class M Shares | ||||||
Six Months Ended | ||||||
February 28, 2009 | Year Ended August 31, | |||||
BNY Mellon Money Market Fund | (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
Investment Operations: | ||||||
Investment income—net | .010 | .037 | .050 | .043 | .023 | .008 |
Distributions: | ||||||
Dividends from investment income—net | (.010) | (.037) | (.050) | (.043) | (.023) | (.008) |
Net asset value, end of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
Total Return (%) | 1.94a | 3.72 | 5.16 | 4.35 | 2.30 | .82 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | .34a | .30 | .30 | .31 | .31 | .33 |
Ratio of net expenses to average net assets | .33a | .30b | .30b | .31 | .31 | .33 |
Ratio of net investment income | ||||||
to average net assets | 1.83a | 3.53 | 5.04 | 4.29 | 2.36 | .82 |
Net Assets, end of period ($ x 1,000) | 1,898,118 | 1,175,866 | 843,242 | 754,727 | 678,569 | 471,723 |
a | Annualized. |
b | Expense waivers and/or reimbursements amounted to less than .01%. |
See notes to financial statements. |
22
Investor Shares | ||||||
Six Months Ended | ||||||
February 28, 2009 | Year Ended August 31, | |||||
BNY Mellon Money Market Fund | (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
Investment Operations: | ||||||
Investment income—net | .008 | .034 | .048 | .040 | .020 | .006 |
Distributions: | ||||||
Dividends from investment income—net | (.008) | (.034) | (.048) | (.040) | (.020) | (.006) |
Net asset value, end of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
Total Return (%) | 1.67a | 3.47 | 4.89 | 4.09 | 2.05 | .57 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | .59a | .55 | .55 | .56 | .57 | .64 |
Ratio of net expenses to average net assets | .58a | .55b | .55b | .56 | .57 | .64 |
Ratio of net investment income | ||||||
to average net assets | 1.64a | 3.39 | 4.80 | 4.09 | 2.20 | .79 |
Net Assets, end of period ($ x 1,000) | 2,012 | 1,588 | 1,354 | 890 | 640 | 213 |
a | Annualized. |
b | Expense waivers and/or reimbursements amounted to less than .01%. |
See notes to financial statements. |
The Funds 23
FINANCIAL HIGHLIGHTS (continued) |
Class M Shares | ||||||
Six Months Ended | ||||||
February 28, 2009 | Year Ended August 31, | |||||
BNY Mellon National Municipal Money Market Fund | (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
Investment Operations: | ||||||
Investment income—net | .007 | .024 | .033 | .028 | .017 | .007 |
Distributions: | ||||||
Dividends from investment income—net | (.007) | (.024) | (.033) | (.028) | (.017) | (.007) |
Net asset value, end of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
Total Return (%) | 1.43a | 2.39 | 3.40 | 2.88 | 1.68 | .70 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | .34a | .31 | .30 | .32 | .32 | .33 |
Ratio of net expenses to average net assets | .27a | .28 | .30b | .31 | .32b | .33 |
Ratio of net investment income | ||||||
to average net assets | 1.39a | 2.24 | 3.35 | 2.86 | 1.68 | .71 |
Net Assets, end of period ($ x 1,000) | 2,101,288 | 1,629,931 | 940,257 | 734,525 | 613,375 | 488,926 |
a | Annualized. |
b | Expense waivers and/or reimbursements amounted to less than .01%. |
See notes to financial statements. |
24
Investor Shares | ||||||
Six Months Ended | ||||||
February 28, 2009 | Year Ended August 31, | |||||
BNY Mellon National Municipal Money Market Fund | (Unaudited) | 2008 | 2007 | 2006 | 2005 | 2004 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
Investment Operations: | ||||||
Investment income—net | .006 | .021 | .031 | .026 | .014 | .005 |
Distributions: | ||||||
Dividends from investment income—net | (.006) | (.021) | (.031) | (.026) | (.014) | (.005) |
Net asset value, end of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
Total Return (%) | 1.17a | 2.13 | 3.15 | 2.62 | 1.43 | .45 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | .59a | .56 | .56 | .57 | .58 | .60 |
Ratio of net expenses to average net assets | .52a | .53 | .55 | .57 | .57 | .60 |
Ratio of net investment income | ||||||
to average net assets | 1.14a | 2.05 | 3.16 | 2.60 | 1.38 | .58 |
Net Assets, end of period ($ x 1,000) | 1 | 1 | 1 | 1 | 1 | 1 |
a Annualized. | ||||||
See notes to financial statements. |
The Funds 25
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1—General:
BNY Mellon Funds Trust (the “Trust”) was organized as a Massachusetts business trust which is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company and operates as a series company currently comprised of twenty-one series, including the following diversified money market funds: BNY Mellon Money Market Fund and BNY Mellon National Municipal Money Market Fund (each, a “fund” and collectively, the “funds”). BNY Mellon Money Market Fund’s investment objective is to provide investors with as high a level of current income as is consistent with the preservation of capital and the maintenance of liquidity. BNY Mellon National Municipal Money Market Fund’s investment objective is to provide investors with as high a level of current income exempt from federal income tax as is consistent with the preservation of capital and the maintenance of liquidity.
BNY Mellon Fund Advisers, a division of The Dreyfus Corporation (the “Manager” or “Dreyfus), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”), serves as each fund’s investment adviser (“Investment Adviser”).The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of Dreyfus, serves as administrator for the funds pursuant to an Administration Agreement with the Trust (the “Administration Agreement”). The Bank of New York Mellon has entered into a Sub-Administration Agreement with Dreyfus pursuant to which The Bank of New York Mellon pays Dreyfus for performing certain administrative services. MBSC Securities Corporation (the “Distributor”), a wholly-owned subsidiary of Dreyfus, is the distributor of each fund’s shares, which are sold without a sales charge.
The Trust is authorized to issue an unlimited number of shares of beneficial interest, par value $.001 per share, in each of the Class M and Investor Class shares of each fund. Each class of shares has similar rights and privileges, except with respect to the expenses borne by and
the shareholder services offered to each class and the shareholder services plan applicable to the Investor shares, the allocation of certain transfer agency costs, and certain voting rights. Income, expenses (other than expenses attributable to a specific class), and realized gains or losses on investments are allocated to each Class of shares based on its relative net assets.
As of February 28, 2009, MBC Investment Corp., an indirect subsidiary of BNY Mellon, held all of the outstanding shares of BNY Mellon National Municipal Money Market Fund’s Investor shares.
TheTrust accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that series’ operations; expenses that are applicable to all series are allocated among them on a pro rata basis.
The fund’s financial statements are prepared in accordance with U.S. generally accepted accounting principles, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
NOTE 2—Significant Accounting Policies:
(a) Portfolio valuation: Investments in securities are valued at amortized cost in accordance with Rule 2a-7 of the Act, which has been determined by the Trust’s Board to represent the fair value of the fund’s investments.
It is the funds’ policy to maintain a continuous net asset value per share of $1.00; the fund has adopted certain investment, portfolio valuation and dividend and distribution policies to enable it to do so. There is no assurance, however, that the fund will be able to maintain a stable net asset value per share of $1.00.
The Fund’ adopted Statement of Financial Accounting Standards No. 157 “Fair Value Measurements” (“FAS 157”). FAS 157 establishes an authoritative definition of fair value, sets out a framework for measuring fair value, and requires additional disclosures about fair value measurements.
26
Various inputs are used in determining the value of the funds’ investments relating to FAS 157.These inputs are summarized in the three broad levels listed below.
Level 1—quoted prices in active markets for identi- cal investments. Level 2—other significant observable inputs (includ- ing quoted prices for similar securities, 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 as Level 2.
Table 1 is a summary of the inputs used as of February 28, 2009 in valuing the funds’ investments:
(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 recognized on the accrual basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Cost of investments represents amortized cost.
The Financial Accounting Standards Board released Statement of Financial Accounting Standards No. 161 “Disclosures about Derivative Instruments and Hedging Activities” (“FAS 161”). FAS 161 requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of gains and losses on derivative instruments and disclosures about credit-risk-related contingent features in derivative agreements. The application of FAS 161 is required for fiscal years and interim periods beginning after November 15, 2008. At this time, management is evaluating the implications of FAS 161 and its impact on the financial statements and the accompanying notes has not yet been determined.
The fund has arrangements with the custodian and cash management bank whereby the fund may receive earnings credits when positive cash balances are maintained, which are used to offset custody and cash management fees. For financial reporting purposes, the fund includes net earnings credits as an expense offset in the Statement of Operations.
(c) Repurchase agreements: The funds may engage in repurchase agreement transactions. Under the terms of a typical repurchase agreement, a fund, through its custodian and sub-custodian, takes possession of an underlying debt obligation subject to an obligation of the seller to repurchase, and the fund to resell, the obligation at an agreed upon price and time, thereby determining the yield during the fund’s holding period.This arrangement results in a fixed rate of return that is not subject to mar-
Table 1. | ||||
Investments in Securities | ||||
Level 1—Quoted | Level 2—Other Significant | Level 3—Significant | ||
Prices | Observable Inputs | Unobservable Inputs | Total | |
BNY Mellon Money Market Fund | 0 | 1,888,503,338 | 0 | 1,888,503,338 |
BNY Mellon National Municipal | ||||
Money Market Fund | 0 | 2,099,205,525 | 0 | 2,099,205,525 |
The Funds 27
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
ket fluctuations during the fund’s holding period. The value of the collateral is at least equal, at all times, to the total amount of the repurchase obligation, including interest. In the event of a counterparty default, the fund has the right to use the collateral to offset losses incurred.There is potential loss to the fund in the event the fund is delayed or prevented from exercising its rights to dispose of the collateral securities, including the risk of a possible decline in the value of the underlying securities during the period while the fund seeks to assert its rights. The Investment Adviser reviews the value of the collateral and the creditworthiness of those banks and dealers with which the fund enters into repurchase agreements to evaluate potential risks.
(d) Dividends to shareholders: Dividends payable to shareholders are recorded by the funds on the ex-dividend date.The funds declare dividends daily from investment income-net; such dividends are paid monthly.With respect to each series, dividends from net realized capital gains, if any, are normally declared and paid annually, but the funds 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 losses carryovers of that fund, if any, it is the policy of the fund not to distribute such gains.
(e) Federal income taxes: It is the policy of the BNY Mellon 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 the 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 substan-
tially all federal income and excise taxes. For federal income tax purposes, each series is treated as a single entity for the purpose of determining such qualification.
As of and during the period ended February 28, 2009, the fund did not have any liabilities for any uncertain tax positions. The fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the period, the fund did not incur any interest or penalties.
Each of the tax years in the three-year period ended August 31, 2008 remains subject to examination by the Internal Revenue Service and state taxing authorities.
The tax characters of distributions paid to shareholders during the fiscal year ended August 31, 2008 were all ordinary income for the BNY Mellon Money Market Fund and all tax exempt income for the BNY Mellon National Municipal Money Market Fund.The tax character of current year distributions will be determined at the end of the current fiscal year.
At February 28, 2009, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments).
(f) Treasury’s Temporary Guarantee Program: Each fund has entered into a Guarantee Agreement with the United States Department of theTreasury (the “Treasury”) to participate in the Treasury’s Temporary Guarantee Program for Money Market Funds (the “Program”).
Under the Program, the Treasury guarantees the share price of shares of the fund held by shareholders as of September 19, 2008 at $1.00 per share if the fund’s net asset value per share falls below $0.995 (a “Guarantee Event”) and the fund liquidates. Recovery under the Program is subject to certain conditions and limitations.
Fund shares acquired by investors after September 19, 2008 that increase the number of fund shares the investor held at the close of business on September 19, 2008 are
28
not eligible for protection under the Program. In addition, fund shares acquired by investors who did not hold fund shares at the close of business on September 19, 2008 are not eligible for protection under the Program.
The Program, which was originally set to expire on December 18, 2008, was extended by the Treasury until April 30, 2009 and has been extended by the Treasury until September 18, 2009, after which the Secretary of the Treasury will review the need for, and terms of, the Program. Participation in the initial term and the extended period of the Program required a payment to the Treasury in the amount of .01%, .015% and .015%, respectively, of the fund’s shares outstanding as of September 19, 2008 (valued at $1.00 per share). This expense is being borne by the fund without regard to any expense limitation currently in effect.
NOTE 3—Bank Lines of Credit
The funds participated with other Dreyfus-managed funds in a $300 million unsecured line of credit provided by The Bank of New York Mellon (the “BNYM Facility”) primarily to be utilized for temporary or emergency purposes, including the financing of redemptions. The terms of the BNYM Facility agreement limited the amount of individual fund borrowings. Interest was charged to the funds based on prevailing market rates in effect at the time of borrowing. Effective October 15, 2008, the funds’ participation in the BNYM Facility terminated. During the period ended October 15, 2008, the funds did not borrow under the BNYM Facility.
NOTE 4—Investment Advisory Fee, Administration Fee and Other Transactions With Affiliates:
(a) Fees payable by the funds pursuant to the provisions of an Investment Advisory Agreement with the Investment Adviser are payable monthly, computed on the average daily value of each fund’s net assets at the fol-
lowing annual rates: .15% of the BNY Mellon Money Market Fund and .15% of the BNY Mellon National Municipal Money Market Fund.
Pursuant to the Administration Agreement, The Bank of NewYork 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% |
In excess of $6 billion up to $12 billion | .12% |
In excess of $12 billion | .10% |
The Bank of New York Mellon has entered into a Sub-Administration Agreement with Dreyfus pursuant to which The Bank of New York Mellon pays Dreyfus for performing certain administrative services.
The Sub-Administrator has undertaken to reimburse expenses in the event that current yields drop below a certain level.This undertaking is voluntary and not contractual and may be terminated at any time. During the period ended February 28, 2009, there was no expense reimbursement pursuant to the undertaking.
(b) The funds have adopted a Shareholder Services Plan with respect to its Investor shares pursuant to which each fund pays the Distributor for the provision of certain services to holders of Investor shares a fee at an annual rate of .25% of the value of the average daily net assets attributable to Investor shares. 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
The Funds 29
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
or dealers and other financial institutions) in respect of these services. Table 1 summarizes the amounts Investor shares were charged during the period ended February 28, 2009, pursuant to the Shareholder Services Plan.
Table 1. | |
BNY Mellon Money Market Fund | $2,339 |
BNY Mellon National Municipal | |
Money Market Fund | $ 1 |
The funds compensate The Bank of New York Mellon under a cash management agreement for performing cash management services related to fund subscriptions and redemptions. Table 2 summarizes the amounts the funds were charged during the period ended February 28,2009, pursuant to the cash management agreements.These fees were offset by earnings credits pursuant to the cash management agreement.
Table 2. | |
BNY Mellon Money Market Fund | $22 |
BNY Mellon National Municipal | |
Money Market Fund | $17 |
During the period ended February 28, 2009, each fund was charged $2,394 for services performed by the Chief Compliance Officer.
The funds also compensate The Bank of New York Mellon under a Custody Agreement for providing custodial services for the funds. Table 3 summarizes the amounts the funds were charged during the period ended February 28, 2009 pursuant to the custody agreement.
Table 3. | |
BNY Mellon Money Market Fund | $42,977 |
BNY Mellon National Municipal | |
Money Market Fund | $61,535 |
Table 4 summarizes the components of “Due to The Dreyfus Corporation and affiliates” in the Statement of Assets and Liabilities for each fund.
(c) Each trustee who is not an “affiliated person” as defined in the Act receives from the Trust an annual fee of $68,000 and an attendance fee of $7,500 for each in-person meeting attended and $500 for telephone meetings and is reimbursed for travel and out-of-pocket expenses.The Chairman of the Trust’s Board receives an additional annual fee of $15,000 and the Chairman of the Trust’s Audit Committee receives an additional annual fee of $10,000.
Table 4. | ||||
Investment | Shareholder | Chief | ||
Advisory | Services | Custody | Compliance | |
Fees ($) | Plan Fees ($) | Fees ($) | Officer Fees ($) | |
BNY Mellon Money Market Fund | 198,259 | 384 | — | 1,995 |
BNY Mellon National Municipal Money Market Fund | 13,331 | — | — | 1,995 |
30
Item 2. | Code of Ethics. |
Not applicable. | |
Item 3. | Audit Committee Financial Expert. |
Not applicable. | |
Item 4. | Principal Accountant Fees and Services. |
Not applicable. | |
Item 5. | Audit Committee of Listed Registrants. |
Not applicable. | |
Item 6. | Investments. |
(a) | Not applicable. |
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management |
Investment Companies. | |
Not applicable. | |
Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable. | |
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Companies and |
Affiliated Purchasers. | |
Not applicable. [CLOSED END FUNDS ONLY] | |
Item 10. | Submission of Matters to a Vote of Security Holders. |
The Registrant has a Nominating Committee (the "Committee"), which is responsible for selecting and nominating persons for election or appointment by the Registrant's Board as Board members. The Committee has adopted a Nominating Committee Charter (the "Charter"). Pursuant to the Charter, the Committee will consider recommendations for nominees from shareholders submitted to the Secretary of the Registrant, c/o The Dreyfus Corporation Legal Department, 200 Park Avenue, 8th Floor East, New York, New York 10166. A nomination submission must include information regarding the recommended nominee as specified in the Charter. This information includes all information relating to a recommended nominee that is required to be disclosed in solicitations or proxy statements for the election of Board members, as well as information sufficient to evaluate the factors to be considered by the Committee, including c haracter and integrity, business and professional experience, and whether the person has the ability to apply sound and independent business judgment and would act in the interests of the Registrant and its shareholders. Nomination submissions are required to be accompanied by a written consent of the individual to stand for election if nominated by the Board and to serve if elected by the shareholders, and such additional information must be provided regarding the recommended nominee as reasonably requested by the Committee.
Item 11. | Controls and Procedures. |
3
(a) The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
(b) There were no changes to the Registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
Item 12. | Exhibits. |
(a)(1) Not applicable.
(a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.
(a)(3) Not applicable.
(b) Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940.
4
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/ Christopher Sheldon |
Christopher Sheldon, | |
President | |
Date: | 4/23/2009 |
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/ Christopher Sheldon |
Christopher Sheldon, | |
President | |
Date: | 4/23/2009 |
By: | /s/ James Windels |
James Windels, | |
Treasurer | |
Date: | 4/23/2009 |
EXHIBIT INDEX |
(a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940. (EX-99.CERT)
(b) Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940. (EX-99.906CERT)
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