UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number | 811-09903 | |||||
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| BNY Mellon Funds Trust |
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| (Exact name of Registrant as specified in charter) |
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c/o The Dreyfus Corporation 200 Park Avenue New York, New York 10166 |
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| (Address of principal executive offices) (Zip code) |
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| Bennett A. MacDougall, Esq. 200 Park Avenue New York, New York 10166 |
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| (Name and address of agent for service) |
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Registrant's telephone number, including area code: | (212) 922-6400 | |||||
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Date of fiscal year end:
| 08/31 |
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Date of reporting period: | 02/28/17 |
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FORM N-CSR
Item 1. Reports to Stockholders.
The BNY Mellon Funds
BNY Mellon Large Cap Stock Fund
BNY Mellon Large Cap Market Opportunities Fund
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund
BNY Mellon Income Stock Fund
BNY Mellon Mid Cap Multi-Strategy Fund
BNY Mellon Small Cap Multi-Strategy Fund
BNY Mellon Focused Equity Opportunities Fund
BNY Mellon Small/Mid Cap Multi-Strategy Fund
BNY Mellon International Fund
BNY Mellon Emerging Markets Fund
BNY Mellon International Appreciation Fund
BNY Mellon International Equity Income Fund
BNY Mellon Asset Allocation Fund
SEMIANNUAL REPORT February 28, 2017 | |
Contents
THE FUNDS
FOR MORE INFORMATION
Back Cover
The views expressed herein are current to the date of this report. These views and the composition of the funds’ portfolios are subject to change at any time based on market and other conditions. |
Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value |
The Funds |
Dear Shareholder:
We are pleased to present this semiannual report for BNY Mellon Funds Trust, covering the six-month period from September 1, 2016 through February 28, 2017. For information about how the fund performed during the reporting period, as well as general market perspectives, we provide a Discussion of Fund Performance on the pages that follow.
Stocks advanced solidly but bonds lost a degree of value over the reporting period amid heightened market volatility stemming from various economic and political developments. After rallying in response to stabilizing commodity prices, improving global economic data, and better-than-expected corporate earnings, stocks and corporate-backed bonds generally produced flat returns in September. Meanwhile, U.S. government securities began to give back previous gains in anticipation of higher inflation and short-term interest-rate hikes from U.S. monetary policymakers. Stock prices moderated in the weeks before U.S. elections in November, but equity markets subsequently rallied to a series of new highs over the remainder of the reporting period as investors revised their expectations for U.S. fiscal, regulatory, and tax policies. In the bond market, yields surged higher and prices fell after the election, while lower rated corporate-backed bonds continued to advance in anticipation of a more business-friendly political climate.
U.S. political developments and ongoing global economic headwinds suggest that volatility may persist in the financial markets over the foreseeable future. Some asset classes and industry groups seem likely to benefit from a changing economic and geopolitical landscape, while others probably will face challenges. Consequently, selectivity seems likely to be an important determinant of investment success in the months ahead. As always, we encourage you to discuss the implications of our observations with your financial advisor.
Sincerely,
Patrick T. Crowe
President
BNY Mellon Funds Trust
March 15, 2017
3
DISCUSSION OF FUND PERFORMANCE
For the period from September 1, 2016 through February 28, 2017, as provided by C. Wesley Boggs, William S. Cazalet, CAIA, Ronald P. Gala, CFA, Peter D. Goslin, CFA, and Syed A. Zamil, CFA, Portfolio Managers
Market and Fund Performance Overview
For the six-month period ended February 28, 2017, BNY Mellon Large Cap Stock Fund’s Class M shares produced a total return of 10.85%, and Investor shares produced a total return of 10.90%.1 In comparison, the S&P 500® Index (the “Index”), the fund’s benchmark, produced a total return of 10.01% for the same period.2
Large-cap stocks achieved solid gains over the reporting period amid expectations of greater economic growth and changing fiscal, tax, and regulatory policies under a new presidential administration. Strong relative results in the consumer discretionary, industrials, and financials sectors enabled the fund to outperform the Index.
As of March 9, 2017, Syed A. Zamil became a primary portfolio manager of the fund.
The Fund’s Investment Approach
The fund seeks long-term capital growth. To pursue its goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in stocks of large capitalization companies (those with market capitalizations of $5 billion or more at the time of purchase).
We apply a systematic, quantitative investment approach designed to identify and exploit relative misvaluations primarily within large-cap U.S. stocks. We use a proprietary valuation model that identifies and ranks stocks to construct the fund’s portfolio. We construct the fund’s portfolio through a systematic structured approach, focusing on stock selection as opposed to making proactive decisions as to industry or sector exposure. Within each sector and style subset, the fund overweights the most attractive stocks and underweights or zero weights the stocks that have been ranked least attractive. The fund typically will hold between 100 and 175 securities.
Economic and Political Developments Drove Stocks Higher
U.S. stocks fared well over the reporting period as investors’ risk appetite expanded in anticipation of more business-friendly policies from a newly elected U.S. government. Although the Index declined relatively mildly in advance of the vote in November, the election’s widely unexpected outcome sparked a robust market rally that persisted through the reporting period’s end.
Financial stocks led the Index’s gains amid expectations that rising interest rates would boost banks’ lending margins. The industrials sector generated double-digit returns in anticipation of greater infrastructure and military spending by the U.S. government. In the technology sector, investors anticipated lower corporate tax rates and higher levels of enterprise spending on productivity-enhancing technologies. In contrast, high dividend-paying industry groups, such as the utilities, telecommunications services, and real estate sectors, generally fell out of favor among investors when fixed-income securities became more competitive in a rising interest rate environment.
Security Selection Strategy Produced Positive Results
The fund’s stock selection strategy enabled it to produce higher returns than the Index over the reporting period. While results in the consumer discretionary sector proved especially strong, none of the individual holdings in the industry group ranked among the fund’s top individual performers. Rather, the fund’s consumer discretionary holdings benefited from broad-based outperformance. In the industrials sector, strong security selections included aircraft manufacturer Boeing, where rising orders and delivery volumes enabled the company to post better-than-expected earnings over two consecutive quarters. Air carriers Southwest Airlines and Delta Air Lines rebounded from earlier weakness as industrywide capacity issues abated.
The financials sector contained three of the fund’s top five performers over the reporting period, as Bank of America, Prudential Financial, and JPMorgan Chase & Co. rallied in anticipation of lower tax rates, lighter regulatory burdens, and higher profit margins in a rising interest-rate environment. In other areas, chemical company Celanese, Ser. A gained value after posting better-than-expected earnings and in anticipation of rising infrastructure spending by the U.S. government.
The fund experienced more disappointing relative results in the energy sector, where fuel logistics firm World Fuel Services twice reported disappointing quarterly earnings and lowered its full-year guidance to analysts. Modestly overweighted exposure to the telecommunications services sectors also weighed somewhat on the fund’s relative performance, as did relatively weak earnings from integrated communications company CenturyLink. Among real estate investment trusts, regional mall operator GGP (formerly General Growth Properties) was hurt by sluggish retail activity.
Maintaining a Disciplined Investment Process
No matter what the remainder of 2017 brings in terms of economic and political developments, we believe that our disciplined, quantitative approach to portfolio construction will enable the fund to identify what we believe are attractive opportunities among large-cap stocks. Indeed, bouts of heightened volatility may lead to opportunities to buy stocks of fundamentally strong companies at inexpensive prices. When those holdings reach richer valuations, our stock ranking system can help identify replacements with what we believe are more attractive investment characteristics. In our judgment, this process can help investors participate in the potential growth opportunities of large-cap stocks while controlling risks through diversification across market sectors and individual companies.
March 15, 2017
Please note, the position in any security highlighted with italicized typeface was sold during the reporting period.
Equities are subject generally to market, market sector, market liquidity, issuer, and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund’s prospectus.
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.
2 Source: Lipper Inc. — The S&P 500® Index is widely regarded as the best single gauge of large-cap U.S. equities. The index includes 500 leading companies and captures approximately 80% coverage of available market capitalization. Investors cannot invest directly in any index.
4
For the period from September 1, 2016 through February 28, 2017, as provided by Caroline Lee Tsao, Primary Portfolio Manager responsible for investment allocation decisions
Market and Fund Performance Overview
For the six-month period ended February 28, 2017, BNY Mellon Large Cap Market Opportunities Fund’s Class M shares produced a total return of 11.35%, and Investor shares produced a total return of 11.26%.1 In comparison, the S&P 500® Index (the “Index”), the fund’s benchmark, produced a total return of 10.01% for the same period.2
Large-cap stocks achieved solid gains over the reporting period amid expectations of greater economic growth and changing fiscal, tax, and regulatory policies under a new presidential administration. Strong relative results from three of the fund’s five underlying strategies enabled the fund to outperform the Index.
The Fund’s Investment Approach
The fund seeks long-term capital appreciation. To pursue its goal, the fund normally invests at least 80% of its assets in equity securities of large-cap companies, currently defined to be those companies with total market capitalizations of $5 billion or more at the time of purchase. The fund normally allocates its assets among multiple investment strategies, each employed by the fund’s investment adviser or its affiliates that invest primarily in equity securities issued by large-cap companies. The fund is designed to provide exposure to various large-cap equity portfolio managers and investment strategies and styles, including some or all of the following: the Focused Equity Strategy, U.S. Large Cap Equity Strategy, Dynamic Large Cap Value Strategy, Large Cap Growth Strategy, U.S. Large Cap Growth Strategy, Income Stock Strategy, Appreciation Strategy, and Large Cap Dividend Strategy, all as more particularly described in the fund’s prospectus. The fund invests directly in securities or in other mutual funds advised by the fund’s investment adviser or its affiliates.
The investment adviser has the discretion to change the investment strategies, including whether to implement a strategy by investing directly in securities or through an underlying fund, and the target allocations and ranges when the investment adviser deems it appropriate.
Economic and Political Developments Drove Stocks Higher
U.S. stocks fared well over the reporting period as investors’ risk appetite expanded in anticipation of more business-friendly policies from a newly elected U.S. government. Although the Index declined moderately in advance of the vote in November, the election’s widely unexpected outcome sparked a robust market rally that persisted through the reporting period’s end.
Financial stocks led the Index’s gains amid expectations that rising interest rates, lower corporate tax rates, and reduced regulatory burdens would boost banks’ profit margins. The industrials sector generated double-digit returns in anticipation of greater infrastructure and military spending by the U.S. government. In the information technology sector, investors anticipated lower corporate tax rates and higher levels of enterprise spending on productivity-enhancing technologies. In contrast, high dividend-paying industry groups, such as the utilities, telecommunications services, and real estate sectors, fell out of favor among investors in a rising interest rate environment.
Allocation and Selection Strategies Produced Positive Results
The fund produced higher returns than the Index over the reporting period due to strong performance among three of its five underlying strategies. The Dynamic Large Cap Value Strategy benefited from overweighted exposure to the financials sector and strong stock selections in the financials, health care, and industrials sectors. The Focused Equity Strategy achieved positive results through selective investments among energy, information technology, and health care stocks. The Income Stock Strategy produced above-average returns from an overweighted position in the financials sector and relatively light exposure to the health care sector, as well as successful security selections in the financials, materials, and real estate sectors.
Two of the fund’s underlying strategies produced relatively disappointing results for the reporting period. The Large Cap Growth Strategy encountered security selection shortfalls in the information technology sector and, to a lesser extent, the health care sector. The U.S. Large Cap Equity Strategy was undermined by its lack of exposure to the rallying financials sector and lagging security selections in the consumer discretionary, materials, and consumer staples sectors.
In December 2016, we adjusted the fund’s overall allocation strategy to reflect a greater emphasis on value-oriented stocks through increased exposure to the Dynamic Large Cap Value Strategy and a reduction in its dividend-oriented investment in the Income Stock Strategy.
An Emphasis on Value-Oriented Stocks
We continue to believe that pro-growth U.S. government policies are likely to boost corporate earnings and revenue growth, particularly for companies in certain industry groups. We believe that attractively valued stocks in some of the more economically sensitive areas of the large-cap stock market have the potential for particularly robust gains in a constructive market environment, while income-oriented stocks in traditionally defensive market sectors seem vulnerable to greater competition from fixed-income securities as interest rates continue to rise.
March 15, 2017
Equities are subject generally to market, market sector, market liquidity, issuer, and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund’s prospectus.
The fund may use derivative instruments, such as options, futures, options on futures, and swaps. A small investment in derivatives could have a potentially large impact on the fund’s performance. The use of derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying assets.
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.
2 Source: Lipper Inc. — The S&P 500® Index is widely regarded as the best single gauge of large-cap U.S. equities. The index includes 500 leading companies and captures approximately 80% coverage of available market capitalization. Investors cannot invest directly in any index.
5
DISCUSSION OF FUND PERFORMANCE (continued)
For the period from September 1, 2016 through February 28, 2017, as provided by Caroline Lee Tsao, Primary Portfolio Manager responsible for investment allocation decisions
Market and Fund Performance Overview
For the six-month period ended February 28, 2017, BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund’s Class M shares produced a total return of 10.67%, and Investor shares produced a total return of 10.55%.1 In comparison, the S&P 500® Index (the “Index”), the fund’s benchmark, produced a total return of 10.01% for the same period.2
Large-cap stocks achieved solid gains over the reporting period amid expectations of greater economic growth and changing fiscal, tax, and regulatory policies under a new presidential administration. Strong relative results from four of the fund’s six underlying investments enabled the fund to outperform the Index.
The Fund’s Investment Approach
The fund seeks long-term capital appreciation. To pursue its goal, the fund normally invests at least 80% of its net assets in equity securities of large-cap companies, currently defined to be those companies with total market capitalizations of $5 billion or more at the time of purchase. The fund normally allocates its assets among multiple investment strategies, each employed by the fund’s investment adviser or its affiliates that invest primarily in equity securities issued by large-cap companies. The fund is designed to provide exposure to various large-cap equity portfolio managers and investment strategies and styles, and uses tax-sensitive strategies to reduce the impact of federal and state income taxes on its after-tax returns. The fund allocates its assets among some or all of the following: the Large Cap Core Strategy, Large Cap Tax-Sensitive Strategy, Focused Equity Strategy, U.S. Large Cap Equity Strategy, Dynamic Large Cap Value Strategy, Large Cap Growth Strategy, U.S. Large Cap Growth Strategy, Income Stock Strategy, Appreciation Strategy, and Large Cap Dividend Strategy, all as more particularly described in the fund’s prospectus. The fund invests directly in securities or in other mutual funds advised by the fund’s investment adviser or its affiliates.
The investment adviser has the discretion to change the investment strategies, including whether to implement a strategy by investing directly in securities or through an underlying fund, and the target allocations and ranges when the investment adviser deems it appropriate.
Economic and Political Developments Drove Stocks Higher
U.S. stocks fared well over the reporting period as investors’ risk appetite expanded in anticipation of more business-friendly policies from a newly elected U.S. government. Although the Index declined in advance of the vote in November, the election’s widely unexpected outcome sparked a robust market rally that persisted through the reporting period’s end.
Financial stocks led the Index’s gains amid expectations that rising interest rates would boost banks’ lending margins. The industrials sector generated double-digit returns in anticipation of greater infrastructure and military spending by the U.S. government. In the technology sector, investors anticipated lower corporate tax rates and higher levels of enterprise spending on productivity-enhancing technologies. In contrast, high dividend-paying industry groups, such as the utilities, telecommunications services, and real estate sectors, fell out of favor among investors in a rising interest rate environment.
Allocation and Selection Strategies Produced Positive Results
The fund outperformed the Index over the reporting period due to strong performance among most of its underlying investments. The Dynamic Large Cap Value Strategy benefited from overweighted exposure to the financials sector and strong stock selections in the financials, health care, and industrials sectors. The Focused Equity Strategy achieved positive results through selective investments among energy, information technology, and health care stocks. The Income Stock Strategy produced above-average returns from an overweighted position in the financials sector and relatively light exposure to the health care sector, as well as successful security selections in the financials, materials, and real estate sectors. The fund’s passively managed Large Cap Tax-Sensitive Strategy also produced strong relative results.
Only two of the fund’s underlying strategies produced relatively disappointing results for the reporting period. The U.S. Large Cap Growth Strategy encountered security selection shortfalls in the information technology sector and, to a lesser extent, the health care sector. The U.S. Large Cap Equity Strategy was undermined by its lack of exposure to the rallying financials sector and lagging security selections in the consumer discretionary, materials, and consumer staples sectors.
In December 2016, we adjusted the fund’s overall allocation strategy to reflect a greater emphasis on value-oriented stocks through increased exposure to the Dynamic Large Cap Value Strategy and a reduction in its dividend-oriented investment in the Income Stock Strategy.
An Emphasis on Value-Oriented Stocks
We continue to believe that pro-growth U.S. government policies are likely to boost corporate earnings and revenue growth, particularly for companies in certain industry groups. We believe that attractively valued stocks in some of the more economically sensitive areas of the large-cap stock market have the potential for particularly robust gains in a constructive market environment, while income-oriented stocks in traditionally defensive market sectors seem vulnerable to greater competition from fixed-income securities as interest rates continue to rise.
March 15, 2017
Equities are subject generally to market, market sector, market liquidity, issuer, and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund’s prospectus.
The fund may use derivative instruments, such as options, futures, options on futures, and swaps. A small investment in derivatives could have a potentially large impact on the fund’s performance. The use of derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying assets.
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.
2 Source: Lipper Inc. — The S&P 500® Index is widely regarded as the best single gauge of large-cap U.S. equities. The index includes 500 leading companies and captures approximately 80% coverage of available market capitalization. Investors cannot invest directly in any index.
6
For the period from September 1, 2016 through February 28, 2017, as provided by John C. Bailer, Brian C. Ferguson, and David S. Intoppa, Portfolio Managers
Market and Fund Performance Overview
For the six-month period ended February 28, 2017, BNY Mellon Income Stock Fund’s Class M shares produced a total return of 11.90%, Investor shares produced a total return of 11.74%, Class A shares produced a total return of 11.76%, Class C shares produced a total return of 11.33%, Class I shares produced a total return of 11.90%, and Class Y shares produced a total return of 11.90%.1 In comparison, the fund’s benchmark, the Dow Jones U.S. Select Dividend™ Index (the “Index”), produced a total return of 9.10% for the same period.2
U.S. stocks achieved solid gains over the reporting period amid expectations of changing fiscal, tax, and regulatory policies under a new presidential administration. Successful sector allocations and security selections enabled the fund to outperform the Index.
The Fund’s Investment Approach
The fund seeks total return consisting of capital appreciation and income. To pursue its goal, the fund normally invests at least 80% of its assets in stocks. The fund seeks to focus on dividend-paying stocks and other investment techniques that produce income. We choose stocks through a disciplined investment process that combines quantitative modeling techniques, fundamental analysis, and risk management. The fund emphasizes those stocks with value characteristics, although it may also purchase growth stocks. The fund may invest in the stocks of companies of any size, although it focuses on large-cap companies. The fund’s investment process is designed to provide investors with investment exposure to sector weightings and risk characteristics generally similar to those of the Index.
Economic and Political Developments Drove Stocks Higher
U.S. stocks fared well over the reporting period in anticipation of more business-friendly fiscal, regulatory, and tax policies under a newly elected U.S. government. Although stocks generally declined in advance of the vote in November, the election’s widely unexpected outcome sparked a robust market rally that persisted through the end of the reporting period.
In this environment, financial stocks advanced amid expectations that rising interest rates would boost lending margins, and less stringent regulatory burdens and lower corporate tax rates would reduce costs. The industrials sector climbed in anticipation of greater infrastructure and military spending. Technology companies anticipated lower taxes and higher levels of enterprise spending on productivity-enhancing technologies. In contrast, the utilities, consumer staples, and real estate sectors generally fell out of favor when rising interest rates made fixed-income securities more competitive with dividend-paying stocks.
Allocation and Selection Strategies Produced Positive Results
The fund’s sector allocation and stock selection strategies enabled it to produce higher returns than the Index over the reporting period. The fund’s holdings in the financials sector particularly benefited from both strategies: overweighted exposure to financial institutions helped the fund participate more fully in the industry group’s gains, and financial companies represented seven of the fund’s top 10 individual performers. Attractively valued, high-quality banks—including JPMorgan Chase & Co., Bank of America, U.S. Bancorp, SunTrust Banks, and BB&T—helped bolster relative results, as did insurer Prudential Financial and capital markets companies Goldman Sachs Group and Morgan Stanley.
In the consumer discretionary sector, the fund did not own many of the household durables producers and leisure products makers that fared relatively poorly over the reporting period. Instead, the fund held better performers such as media company Time Warner, which received a takeover offer from AT&T, and cruise line Carnival, which rebounded as concerns about the Zika virus abated. Underweighted exposure helped the fund cushion the impact of relatively weak returns in the utilities sector, where successful stock selections included renewable energy specialist NextEra Energy Partners. In other areas, consumer electronics giant Apple gained value amid higher smartphone sales.
On a less positive note, the fund’s investments in the energy sector lagged their respective components in the Index. Exploration-and-production company Occidental Petroleum fell short of quarterly earnings estimates, and refiner Phillips 66 also trailed sector averages. In addition, the fund did not own natural gas transporter ONEOK, which fared relatively well. Overweighted exposure to the telecommunications services sector and a position in U.K. wireless carrier Vodafone Group further hindered the fund’s relative results. The fund’s exposure to the real estate sector, which is not represented in the Index, also weighed on relative performance.
At times during the reporting period, the fund employed equity options to enhance income and protect against potential declines.
Economic Recovery Remains Intact
The U.S. economic expansion appears to be gaining momentum, and pro-growth U.S. government policies seem likely to boost corporate earnings, particularly for companies in certain industry groups. As of the reporting period’s end, we have identified an ample number of high-quality, income-oriented stocks in the financials, information technology, health care, and real estate sectors that we believe are attractively valued. We have found relatively few opportunities meeting our investment criteria in the utilities, industrials, materials, and consumer discretionary sectors.
March 15, 2017
Please note, the position in any security highlighted with italicized typeface was sold during the reporting period.
Equities are subject generally to market, market sector, market liquidity, issuer, and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund’s prospectus.
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. Share price, yield, and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost. The fund’s returns reflect the absorption of certain fund expenses by The Dreyfus Corporation pursuant to an agreement in effect through June 1, 2017, for Class A, Class C, Class I, and Class Y, at which time it may be extended, terminated, or modified. Had these expenses not been absorbed, the fund’s returns for those share classes would have been lower.
2 Source: Lipper Inc. — The Dow Jones U.S. Select Dividend™ Index is defined as all dividend-paying companies in the Dow Jones U.S. Index, excluding REITs, that have a non-negative historical five-year dividend-per-share growth rate, a five-year average dividend coverage ratio of greater than or equal to 167%, paid dividends in each of the previous five years, non-negative trailing 12-month earnings-per-share (EPS), a float-adjusted market capitalization of at least US$ 1 billion, and three-month average daily trading volume of 200,000 shares. Investors cannot invest directly in any index.
7
DISCUSSION OF FUND PERFORMANCE (continued)
For the period from September 1, 2016 through February 28, 2017, as provided by Caroline Lee Tsao, Primary Portfolio Manager responsible for investment allocation decisions
Market and Fund Performance Overview
For the six-month period ended February 28, 2017, BNY Mellon Mid Cap Multi-Strategy Fund’s Class M shares produced a total return of 9.33%, and Investor shares produced a total return of 9.25%.1 In comparison, the fund’s benchmark, the Russell Midcap® Index (the “Index”), produced a total return of 8.91% for the reporting period. The Russell Midcap® Value Index and Russell Midcap® Growth Index, the fund’s secondary benchmarks, produced total returns of 10.76% and 6.74%, respectively, for the same period.2
Midcap stocks achieved solid gains over the reporting period amid expectations of greater economic growth and changing fiscal, tax, and regulatory policies under a new presidential administration. The fund outperformed the Index, mainly due to strong relative results from three of the fund’s five underlying strategies.
As of March 9, 2017, John R. Porter became a primary portfolio manager for the Mid Cap Growth Strategy, an underlying sleeve of the fund.
The Fund’s Investment Approach
The fund seeks capital appreciation. The fund pursues its goal by normally investing at least 80% of its net assets in equity securities of midcap companies. The fund considers midcap companies to be those companies with market capitalizations that are within the market-capitalization range of companies comprising the Index. Furthermore, the fund normally allocates assets across multiple investment strategies employed by the investment adviser and unaffiliated sub-investment advisers that invest primarily in equity securities issued by mid-cap companies. The investment adviser determines the investment strategies and sets target allocations and ranges. The fund is designed to provide exposure to various investment strategies and styles, including the Mid Cap Tax-Sensitive Core Strategy, Opportunistic Mid Cap Value Strategy, Mid Cap Growth Strategy, Boston Partners Mid Cap Value Strategy, and Henderson Geneva Mid Cap Growth Strategy, all as more particularly described in the fund’s prospectus.
Economic and Political Developments Drove Stocks Higher
U.S. stocks across all capitalization ranges fared well over the reporting period as investors’ risk appetites expanded in anticipation of more business-friendly policies from a newly elected U.S. government. Although the Index declined moderately in advance of the vote in November, the election’s widely unexpected outcome sparked a robust market rally that persisted through the reporting period’s end.
In this environment, financial stocks advanced amid expectations that rising interest rates, lower corporate tax rates, and reduced regulatory burdens would boost banks’ profit margins. Companies in the materials sector responded positively to firming commodity prices and expectations of greater demand stemming from higher government spending on infrastructure projects. The industrials sector climbed in anticipation of greater infrastructure and military spending. In contrast, income-oriented and traditionally defensive market segments, such as the consumer staples and telecommunications services sectors, lagged market averages when fixed-income securities became more competitive with dividend-paying stocks in a rising interest rate environment.
Midcap stocks generally produced somewhat lower returns than their large- and small-cap counterparts over the reporting period. Midcap value stocks significantly outperformed their more growth-oriented stocks, on average.
Allocation and Selection Strategies Produced Positive Results
Strong results from most of its underlying strategies enabled the fund to participate more than fully in gains posted by the Index over the reporting period. The Mid Cap Growth Strategy benefited from underweighted exposure to the consumer discretionary sector and strong stock selections in the information technology, industrials, and materials sectors. The Boston Partners Mid Cap Value Strategy achieved positive results through overweighted positions in the information technology sector and underweighted exposure to the real estate and consumer staples sectors, while relatively strong stock selections in the consumer discretionary sector partly offset shortfalls in the energy sector. The Opportunistic Mid Cap Value Strategy produced above-average returns stemming from successful security selections in the consumer staples, financials, and consumer discretionary sectors.
On the other hand, two of the fund’s underlying strategies produced relatively disappointing results for the reporting period. The Henderson Geneva Mid Cap Growth Strategy failed to keep pace with the Index when its holdings of higher quality, growth-oriented companies fell out of favor among investors, resulting in security selection shortfalls in the consumer discretionary, information technology, health care, and industrials sectors. The passively managed Mid Cap Tax-Sensitive Strategy also underperformed market averages.
We made no changes to the fund’s allocations among its five underlying strategies during the reporting period.
An Emphasis on Value-Oriented Stocks
We continue to believe that pro-growth U.S. government policies are likely to boost corporate earnings and revenue growth, particularly for companies in certain industry groups. We believe that attractively valued stocks in some of the more economically sensitive areas of the midcap stock market have the potential for particularly robust gains in a constructive market environment. Therefore, we have maintained a value-oriented tilt in the fund’s allocation strategy.
March 15, 2017
Equities are subject generally to market, market sector, market liquidity, issuer, and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund’s prospectus.
Stocks of small- and/or mid-cap companies often experience sharper price fluctuations than stocks of large-cap companies.
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.
2 Source: Lipper Inc. — The Russell Midcap® Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap Index is a subset of the Russell 1000® Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap® Index represents approximately 31% of the total market capitalization of the Russell 1000 companies. The Russell Midcap® Index is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment. The Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap opportunity set. The Russell Midcap® Value Index measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap® Index companies that are considered more value-oriented relative to the overall market as defined by Russell’s leading style methodology. The Russell Midcap Value Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap value market. The Russell Midcap® Value Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap value market. The Russell Midcap® Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Midcap® Index companies with higher growth earning potential as defined by Russell's leading style methodology. The Russell Midcap® Growth Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap growth market. The Russell Midcap® Growth Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap growth market. Investors cannot invest directly in any index.
8
For the period from September 1, 2016 through February 28, 2017, as provided by Caroline Lee Tsao, Primary Portfolio Manager responsible for investment allocation decisions
Market and Fund Performance Overview
For the six-month period ended February 28, 2017, BNY Mellon Small Cap Multi-Strategy Fund’s Class M shares produced a total return of 15.14%, and Investor shares produced a total return of 15.06%.1 In comparison, the fund’s primary benchmark, the Russell 2000® Index (the “Index”), produced a total return of 12.61% for the same period. The Russell 2000® Growth Index and Russell 2000® Value Index, the fund’s secondary benchmarks, produced total returns of 9.39% and 15.80%, respectively, for the same period.2
Small-cap stocks achieved solid gains over the reporting period amid expectations of greater economic growth and changing fiscal, tax, and regulatory policies under a new presidential administration. The fund outperformed the Index due to strong relative results from its Opportunistic Small Cap Strategy.
As of March 9, 2017, John R. Porter became a primary portfolio manager for the Small Cap Growth Strategy, an underlying sleeve of the fund.
The Fund’s Investment Approach
The fund seeks capital appreciation. The fund pursues its goal by normally investing at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of small-cap companies. The fund currently considers small-cap companies to be those companies with market capitalizations that are equal to or less than the market capitalization of the largest company included in the Index. Furthermore, the fund normally allocates assets across multiple investment strategies employed by the investment adviser that invest primarily in equity securities issued by small-cap companies. The investment adviser determines the investment strategies and sets target allocations and ranges. The fund is designed to provide exposure to various investment strategies and styles, including the Opportunistic Small Cap Strategy, the Small Cap Value Strategy, and the Small Cap Growth Strategy, all as more particularly described in the fund’s prospectus.
Economic and Political Developments Drove Stocks Higher
U.S. stocks across all capitalization ranges fared well over the reporting period as investors’ risk appetites expanded in anticipation of more business-friendly policies from a newly elected U.S. government. Although the Index declined moderately in advance of the vote in November, the election’s widely unexpected outcome sparked a robust market rally that persisted through the reporting period’s end.
In this environment, financial stocks advanced amid expectations that rising interest rates, lower corporate tax rates, and reduced regulatory burdens would boost banks’ profit margins. The industrials sector climbed in anticipation of greater infrastructure and military spending by the U.S. government. Investors in technology companies anticipated lower corporate taxes and higher levels of enterprise spending on productivity-enhancing technologies. Energy companies benefited from stabilizing oil prices and the prospect of reduced environmental regulations. In contrast, the traditionally defensive utilities, consumer staples, and real estate sectors generally fell out of favor when fixed-income securities seemed poised to become more competitive with dividend-paying stocks in a rising interest rate environment.
Small-cap stocks generally produced higher returns than mid- and large-cap stocks over the reporting period. Small-cap value stocks significantly outperformed their more growth-oriented counterparts, on average.
Allocation and Selection Strategies Produced Positive Results
Strong results from one of its underlying strategies enabled the fund to participate more than fully in double-digit gains posted by the Index over the reporting period. The Opportunistic Small Cap Strategy benefited from overweighted positions among better performing financial stocks and lack of exposure to the lagging real estate sector. The strategy also achieved favorable results from its security selections, which proved especially beneficial in the information technology, financials, consumer discretionary, and materials sectors.
Two of the fund’s underlying strategies lagged market averages, but their shortfalls were not enough to fully offset the performance advantage provided by the Opportunistic Small Cap Strategy. Results from the Small Cap Growth Strategy were undermined by disappointments in the financials, health care, and materials sectors, as well as by relatively small representation in the materials sector and overweighted exposure to the energy, real estate, and health care sectors. The Small Cap Value Strategy struggled with lagging security selections in the information technology, health care, consumer staples, and materials sectors, as well as shortfalls stemming from underweighted exposure to the financials sector and an overweighted position in consumer discretionary stocks.
In December 2016, we adjusted the fund’s overall allocation strategy to reflect a greater emphasis on value-oriented stocks and reduced exposure to growth-oriented companies. We generally held the fund’s allocation to its opportunistic strategy steady throughout the reporting period.
An Emphasis on Value-Oriented Stocks
We continue to believe that pro-growth U.S. government policies are likely to boost corporate earnings and revenue growth, particularly for small companies in certain industry groups. We believe that attractively valued stocks in some of the more economically sensitive areas of the small-cap stock market have the potential to appear poised for particularly robust gains in a constructive market environment.
March 15, 2017
Equities are subject generally to market, market sector, market liquidity, issuer, and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund’s prospectus.
Stocks of small- and/or midcap companies often experience sharper price fluctuations than stocks of large-cap companies.
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.
2 Source: Lipper Inc. — The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000® Index is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000 is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set. The Russell 2000® Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000 companies with higher growth earning potential as defined by Russell’s leading style methodology. The Russell 2000® Growth Index is constructed to provide a comprehensive and unbiased barometer for the small-cap growth segment. The Russell 2000® Growth Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set and that the represented companies continue to reflect growth characteristics. The Russell 2000® Value Index measures the performance of the small-cap value segment of the U.S. equity universe. It includes those Russell 2000 companies that are considered more value-oriented relative to the overall market as defined by Russell’s leading style methodology. The Russell 2000® Value Index is constructed to provide a comprehensive and unbiased barometer for the small-cap value segment. The Russell 2000® Value Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set and that the represented companies continue to reflect value characteristics. Investors cannot invest directly in any index.
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DISCUSSION OF FUND PERFORMANCE (continued)
For the period from September 1, 2016 through February 28, 2017, as provided by Irene D. O’Neill, Portfolio Manager
Market and Fund Performance Overview
For the six-month period ended February 28, 2017, BNY Mellon Focused Equity Opportunities Fund’s Class M shares produced a total return of 13.18% and Investor shares produced a total return of 13.03%.1 In comparison, the S&P 500® Index (the “Index”), the fund’s benchmark, produced a total return of 10.01% for the same period.2
U.S. stocks achieved solid gains over the reporting period amid expectations of changing fiscal, tax, and regulatory policies under a new presidential administration. Successful security selections in the energy, information technology, health care, and consumer discretionary sectors enabled the fund to outperform the Index.
The Fund’s Investment Approach
The fund seeks capital appreciation. To pursue its goal, the fund normally invests at least 80% of its net assets in equity securities. The fund invests, under normal circumstances, in approximately 25-30 companies that are considered by the investment adviser to be positioned for long-term earnings growth. The fund may hold growth or value stocks or a blend of both. The fund may invest in the stocks of companies of any size, although it focuses on large-cap companies. The fund invests primarily in equity securities of U.S. issuers, but may invest up to 25% of its assets in the equity securities of foreign issuers, including those in emerging market countries.
The portfolio manager monitors sector and security weightings and regularly evaluates the fund’s risk-adjusted returns to manage the risk profile of the fund’s portfolio. The portfolio manager adjusts exposure limits as necessary.
Economic and Political Developments Drove Stocks Higher
U.S. stocks fared well over the reporting period in anticipation of more business-friendly fiscal, regulatory, and tax policies under a newly elected U.S. government. Although the Index declined relatively mildly in advance of the vote in November, the election’s widely unexpected outcome sparked a robust market rally that persisted through the end of the reporting period.
Financial stocks led the broader market’s gains amid expectations that rising interest rates would boost banks’ lending margins. The industrials sector generated double-digit returns in anticipation of greater infrastructure and military spending by the U.S. government. In the technology sector, investors anticipated lower corporate tax rates and higher levels of enterprise spending on productivity-enhancing technologies. In contrast, high dividend-paying industry groups, such as the utilities, telecommunications services, and real estate sectors, generally fell out of favor among investors when fixed-income securities seemed poised to become more competitive in a rising interest rate environment.
Security Selections Produced Positive Results
The fund’s stock selection strategy enabled it to produce higher returns than the Index over the reporting period. While the energy sector lagged broader market averages overall, the fund’s holdings of oil refiners Valero Energy and Marathon Petroleum advanced strongly in anticipation of a less stringent regulatory environment and higher operating margins. Oil driller Nabors Industries gained value amid higher rig counts and rising capital expenditures by energy producers. The fund also benefited from its lack of exposure to energy giant ExxonMobil, which lagged market averages.
Overweighted exposure to semiconductor companies helped boost the fund’s results in the information technology sector. Graphics chips specialist NVIDIA benefited from greater adoption of machine learning and artificial intelligence applications, NXP Semiconductors was acquired at a premium to its stock price at the time, Micron Technology encountered robust demand for memory chips in a consolidating industry, and Broadcom climbed in response to a recent merger and its exposure to the smartphones upgrade cycle. Underweighted exposure to the health care sector—particularly among biotechnology and service companies—also helped support the fund’s relative performance. Finally, in the consumer discretionary sector, Time Warner gained value after a takeover offer from AT&T, and the fund generally avoided weakness among consumer durables and apparel companies.
While disappointments proved relatively mild over the reporting period, the fund’s results in the financials sector were hurt by its holdings of companies that are considered less sensitive to the potential benefits of higher interest rates, such as securities exchange Intercontinental Exchange and a lack of exposure to investment banking and brokerage companies. Meanwhile, investment manager Invesco struggled with worries that new fiduciary rules might negatively impact asset flows. Among industrial companies, the fund did not own the aerospace-and-defense firms and transportation companies that climbed in anticipation of higher government spending.
A Greater Emphasis on Economically Sensitive Companies
We continue to believe that pro-growth U.S. government policies are likely to boost corporate earnings and revenue growth, particularly for companies in certain industry groups. Therefore, we have placed greater emphasis on companies that we believe could benefit from those policy changes, and we have complemented those holdings with companies that have the potential to participate in unrelated secular growth opportunities. As of the reporting period’s end, the fund held overweighted exposure to the information technology, energy, and financials sectors, but we have identified relatively few opportunities in the utilities, telecommunications services, and real estate sectors.
March 15, 2017
Please note, the position in any security highlighted with italicized typeface was sold during the reporting period.
Equities are subject generally to market, market sector, market liquidity, issuer, and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund’s prospectus.
The fund is non-diversified, which means that a relatively high percentage of the fund’s assets may be invested in a limited number of issuers. Therefore, the fund’s performance may be more vulnerable to changes in the market value of a single issuer or group of issuers and more susceptible to risks associated with a single economic, political, or regulatory occurrence than a diversified fund.
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.
2 Source: Lipper Inc. — The S&P 500® Index is widely regarded as the best single gauge of large-cap U.S. equities. The index includes 500 leading companies and captures approximately 80% coverage of available market capitalization. Investors cannot invest directly in any index.
10
For the period from September 1, 2016 through February 28, 2017, as provided by Caroline Lee Tsao, Primary Portfolio Manager responsible for investment allocation decisions
Market and Fund Performance Overview
For the six-month period ended February 28, 2017, BNY Mellon Small/Mid Cap Multi-Strategy Fund’s Class M shares produced a total return of 13.95%, and Investor shares produced a total return of 13.69%.1 In comparison, the Russell 2500™ Index (the “Index”), the fund’s primary benchmark, produced a total return of 10.72% for the same period. The Russell 2500™ Growth Index and Russell 2500™ Value Index, the fund’s secondary benchmarks, produced total returns of 8.52% and 12.72%, respectively, for the same period.2
Small- and midcap stocks achieved solid gains over the reporting period amid expectations of greater economic growth and changing fiscal, tax, and regulatory policies under a new presidential administration. The fund outperformed the Index due to strong relative results from all three of its underlying strategies.
As of March 9, 2017, John R. Porter became a primary portfolio manager for the Small/Mid Cap Growth Strategy, an underlying sleeve of the fund.
The Fund’s Investment Approach
The fund seeks capital appreciation. The fund pursues its goal by normally investing at least 80% of its net assets in equity securities of small- and midcap companies. The fund currently considers small- and midcap companies to be those companies with total market capitalizations that are within the market-capitalization range of the smallest company included in the Russell 2000® Index and the largest company included in the Russell Midcap® Index.
The fund normally allocates assets across multiple investment strategies employed by the investment adviser that invest primarily in equity securities issued by small- and midcap companies. The investment adviser determines the investment strategies and sets target allocations and ranges. The fund is designed to provide exposure to various investment strategies and styles, including the Opportunistic Small/Mid Cap Strategy, the Small/Mid Cap Value Strategy, and the Small/Mid Cap Growth Strategy, all as more particularly described in the fund’s prospectus.
Economic and Political Developments Drove Stocks Higher
U.S. stocks across all capitalization ranges fared well over the reporting period as investors’ risk appetites expanded in anticipation of more business-friendly policies from a newly elected U.S. government. Although the Index declined moderately in advance of the vote in November, the election’s widely unexpected outcome sparked a robust market rally that persisted through the reporting period’s end.
In this environment, financial stocks advanced amid expectations that rising interest rates, lower corporate tax rates, and reduced regulatory burdens would boost banks’ profit margins. Companies in the materials sector responded positively to firming commodity prices and expectations of greater demand stemming from higher government spending on infrastructure projects. The industrials sector climbed in anticipation of greater infrastructure and military spending. In contrast, income-oriented and traditionally defensive market segments, such as the consumer staples and telecommunications services sectors, lagged market averages when fixed-income securities became more competitive with dividend-paying stocks in a rising interest rate environment.
Small-cap stocks generally produced higher returns than mid- and large-cap stocks over the reporting period, but midcap stocks trailed large-cap stocks. Small- and midcap value stocks significantly outperformed their more growth-oriented counterparts, on average.
Allocation and Selection Strategies Produced Positive Results
Strong results from all three of its underlying strategies enabled the fund to participate more than fully in double-digit gains posted by the Index over the reporting period. The Opportunistic Small/Mid Cap Strategy benefited from underweighted exposure to the lagging real estate and consumer staples sectors and an overweight position in the better performing financials sector, as well as strong stock selections in the information technology, financials, and materials sectors. The Small/Mid Cap Growth Strategy achieved positive results through relatively strong stock selections in the information technology, industrials, and energy sectors. These favorable results more than offset weakness in the strategy’s sector allocation strategy, which included overweighted exposure to energy stocks and underweighted representation in the industrials and financials sectors. The Small/Mid Cap Value Strategy produced above-average returns through favorable stock picks in the consumer discretionary, health care, industrials, and energy sectors despite shortfalls related to an underweighted position in the financials sector and overweight exposure to the consumer staples sector.
In December 2016, we adjusted the fund’s overall allocation strategy to reflect a greater emphasis on value-oriented stocks and reduced exposure to growth-oriented companies. We generally held the fund’s allocation to its opportunistic strategy steady throughout the reporting period.
An Emphasis on Value-Oriented Stocks
We continue to believe that pro-growth U.S. government policies are likely to boost corporate earnings and revenue growth, particularly for small and midsize companies in certain industry groups. We believe that attractively valued stocks in some of the more economically sensitive areas of the small- and midcap stock market have the potential for particularly robust gains in a constructive market environment.
March 15, 2017
Equities are subject generally to market, market sector, market liquidity, issuer, and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund’s prospectus. Stocks of small- and/or midcap companies often experience sharper price fluctuations than stocks of large-cap companies.
Part of the fund’s recent performance is attributable to positive returns from its initial public offering (IPO) investments. There can be no guarantee that IPOs will have or continue to have a positive effect on fund performance.
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.
2 Source: Lipper Inc. — The Russell 2500™ Index measures the performance of the small- to midcap segment of the U.S. equity universe, commonly referred to as “smid” cap. The Russell 2500™ Index is a subset of the Russell 3000® Index. It includes approximately 2,500 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2500™ Index is constructed to provide a comprehensive and unbiased barometer for the small- to midcap segment. The Russell 2500™ Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small- to midcap opportunity set. The Russell 2500™ Growth Index measures the performance of the small- to midcap growth segment of the U.S. equity universe. It includes those Russell 2500 companies with higher growth earning potential as defined by Russell's leading style methodology. The Russell 2500™ Growth Index is constructed to provide a comprehensive and unbiased barometer of the small- to midcap growth market. The Russell 2500™ Growth Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small- to midcap opportunity set and that the represented companies continue to reflect growth characteristics. The Russell 2500™ Value Index measures the performance of the small- to midcap value segment of the U.S. equity universe. It includes those Russell 2500 companies that are considered more value-oriented relative to the overall market as defined by Russell’s leading style methodology. The Russell 2500™ Value Index is constructed to provide a comprehensive and unbiased barometer of the small- to midcap growth market. The Russell 2500™ Value Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small- to midcap opportunity set and that the represented companies continue to reflect value characteristics. Investors cannot invest directly in any index.
11
DISCUSSION OF FUND PERFORMANCE (continued)
For the period from September 1, 2016 through February 28, 2017, as provided by Mark A. Bogar, Andrew R. Leger, and James A. Lydotes, Portfolio Managers
Market and Fund Performance Overview
For the six-month period ended February 28, 2017, BNY Mellon International Fund’s Class M shares produced a total return of 4.88%, and Investor shares produced a total return of 4.83%.1 In comparison, the fund’s benchmark, the MSCI EAFE Index (the “Index”), produced a total return of 4.90% for the same period.2
Developed equity markets gained ground during the reporting period, bolstered by strengthening economic data and expectations of accelerating U.S. growth in the wake of the U.S. presidential election. The fund roughly matched the performance of the Index, with negative currency effects and underweighted exposure to financial stocks balanced by relatively good performance from a wide range of individual stock selections.
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. The stocks purchased may have value and/or growth characteristics. The portfolio managers employ a “bottom-up” investment approach, which emphasizes individual stock selection. The stock selection process is designed to produce a diversified portfolio that, relative to the Index, has a below-average price/earnings ratio and an above-average earnings growth trend.
Improving Economic Fundamentals Buoyed Markets
Most developed international markets lost ground or drifted sideways in volatile trading during the early months of the reporting period due to concerns regarding global economic growth and uncertainties in advance of the U.S. election in November.
The election marked a turning point for most global stock markets. International equities turned generally positive in response to prospects for accelerating U.S. growth as well as improving local and regional economic fundamentals. By early 2017, the Index and most individual country stock indices had recouped previous losses, and they ended the reporting period in solidly positive territory.
The financials sector delivered particularly strong returns when bond yields rose, enhancing prospects for bank profitability. As yields rose, investors turned from income-oriented stocks to equities with more attractive valuations, including energy and basic materials stocks that rallied from previously depressed levels as commodity prices firmed. In individual markets, Japanese exporters benefited from a weak yen and rising interest rates. The Eurozone economy continued its slow but steady recovery as the unemployment rate fell and economic activity increased, driving many stocks higher. The U.K. market shrugged off concerns regarding the Brexit vote amid robust corporate earnings and improving economic forecasts.
Individual Holdings Drove Performance
The fund outperformed the Index in several markets and economic sectors. Top contributors during the reporting period included several Swiss holdings: wealth management firm Julius Baer Group, which captured increasing market share and benefited from rising equity prices; insurer and pension manager Swiss Life Holding, which posted a modest margin expansion while growing its business; and global staffing company Adecco Group, which issued strong fourth quarter financial results based on improved employment data. Notably strong holdings based elsewhere included two European banks: Denmark’s Danske Bank and Spain’s Banco Santander. Top industrial stocks included French infrastructure firm Vinci and Australian airline Qantas Airways, while strong technology holdings included Netherlands-based NXP Semiconductors, which received an acquisition offer at a premium to its stock price at the time, and French technology consultant Atos.
On a more negative note, the fund’s performance relative to the Index was undermined by declines in the euro and yen currencies, which negatively affected returns in U.S. dollars. The fund’s underweighted exposure to financials during much of the reporting period also weighed on the fund’s relative results. Individual stock disappointments included Israel-based drug maker Teva Pharmaceutical Industries, which struggled to absorb a recent acquisition while facing competition from the producer of a generic version of one of its branded drugs; and Norwegian telecommunication operator Telenor, which encountered price competition and the shift in investor sentiment away from high yielding stocks.
Maintaining a Constructive Investment Posture
In our view, the recent shift in market sentiment away from high yielding equities in favor of value-oriented stocks, particularly in the financials sector, is likely to persist for some time as central banks begin to move away from negative interest rates and wind down their quantitative easing programs. Therefore, as of the end of the reporting period, we have trimmed the fund’s exposure to the utilities and real estate sectors, while increasing its exposure to financial stocks in Europe and Japan.
More broadly, we currently believe that many international developed market equities are attractively valued while offering substantial exposure to local and regional economic recoveries. Leading economic indicators have turned increasingly positive in many parts of the world. While we are cautious regarding the potential impact of changing U.S. tax and trade policies on global growth, the new administration’s rhetoric appears targeted, and we are optimistic that pragmatism will guide policy decisions.
March 15, 2017
Please note, the position in any security highlighted with italicized typeface was sold during the reporting period.
Equities are subject generally to market, market sector, market liquidity, issuer, and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund’s prospectus.
The fund’s performance will be influenced by political, social, and economic factors affecting investments in foreign companies. Special risks associated with investments in foreign companies include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability, and differing auditing and legal standards. These risks are enhanced in emerging market countries.
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.
2 Source: Lipper Inc. — The MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. Investors cannot invest directly in any index.
12
For the period from September 1, 2016 through February 28, 2017, as provided by George E. DeFina, Sean P. Fitzgibbon, and Jay Malikowski, Portfolio Managers
Fund and Market Performance Overview
For the six-month period ended February 28, 2017, BNY Mellon Emerging Markets Fund’s Class M shares produced a total return of 3.86%, and Investor shares produced a total return of 3.74%.1 In comparison, the fund’s benchmark, the MSCI Emerging Markets Index (the “Index”), produced a total return of 5.51% for the same period.2
Emerging market equities gained ground during the reporting period largely in response to rising commodity prices, favorable currency movements, and improving local economies. The fund underperformed the Index, mainly due to disappointing returns from its security selection in China and, to a lesser degree, Korea and Taiwan.
The Fund’s Investment Approach
The fund seeks long-term capital growth. To pursue its goal, the fund invests at least 80% of its assets in equity securities of companies organized, or with a majority of assets or operations, in countries considered to be emerging markets. The stocks purchased may have value and/or growth characteristics. The portfolio managers employ a “bottom-up” investment approach, which emphasizes individual stock selection. The stock selection process is designed to produce a diversified portfolio that, relative to the Index, has a below-average price/earnings ratio and an above-average earnings growth trend.
Conditions Favored Value-Oriented Stocks
During the first two few months of the reporting period, uncertainties regarding the impact of the upcoming U.S. presidential election on global trade and prospects of tightening U.S. dollar liquidity led to a pullback in emerging market stocks. In the wake of the unexpected outcome of the election in November, concerns over changes to U.S. trade policy by a new presidential administration continued to take a toll on markets in Mexico and China. However, many other emerging markets responded positively to modestly rebounding energy and commodity prices, and the rally persisted through the remainder of the reporting period. Weakness in the U.S. dollar during January and February 2017 further bolstered gains for emerging markets equities.
Value-oriented stocks responded particularly well to this changing market environment. Stock prices of rapidly growing internet and technology companies tended to lag market averages, while the materials and financials sectors generally outperformed. Changing political and economic conditions in individual countries also played a significant role in the behaviors of local markets. The Egyptian market was undermined by a currency devaluation, the South Korean market was hurt by a leadership crisis, and the Russian market dipped at the end of the reporting period as hopes faded for a more constructive relationship with the West. More encouraging, Thailand’s economy firmed in the wake of a leadership change, while the economies of China and India showed signs of persistent growth.
China, Korea, and Taiwan Constrained Gains
The fund’s relative performance was undermined during the reporting period by a concentration of market strength in value-oriented shares at the expense of more growth-oriented investments. This trend proved most evident among Chinese stocks, such as Tencent Holdings, a rapidly growing internet and mobile services provider, and Ctrip.com International, China’s largest online travel agent and ride-sharing provider. Both holdings lagged despite strong growth in earnings and revenues. In Taiwan, returns were constrained by the fund’s underweighted exposure to the rebounding financials and materials sectors. In South Korea, a relatively small position in electronics maker Samsung Electronics detracted from the fund’s relative performance, as did an investment in tobacco product manufacturer KT&G, which came under increased regulatory and competitive pressure.
On a more positive note, Indian mining firm Vedanta delivered strong returns by cutting costs while increasing production volumes and prices, and car maker Maruti Suzuki India benefited from the improving Indian economy. In Thailand, state-owned oil and gas company PTT rose in response to recovering energy prices, while lending institution Thanachart Capital climbed due to revenue growth and improving credit quality. In Brazil, iron ore producer Vale and oil and gas giant Petroleo Brasileiro generated gains stemming from rising commodity prices, enabling the fund to outperform local market averages despite underweighted exposure to the fast-rising Brazilian financials sector.
Emerging Markets Appear to Have Turned a Corner
In a clear sign of improving fundamentals, emerging markets, in aggregate, have recently posted an annual earnings expansion for the first time in five years. At the same time, we believe that emerging markets equities appear attractively valued compared to other market segments. Therefore, as of the end of the reporting period, we have trimmed the fund’s exposure to more fully valued Indian equities, while increasing exposure in Taiwan. We also have decreased the fund’s consumer staple holdings from overweighted to slightly underweighted, and we have increased exposure to health care and industrial stocks.
We continue to believe that the fund’s balanced approach of investing in both growth- and value-oriented stocks offers our investors with the potential for long-term capital appreciation in this asset class in the face of unpredictable sector rotations and economic shifts.
March 15, 2017
Equities are subject generally to market, market sector, market liquidity, issuer, and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund’s prospectus.
The fund’s performance will be influenced by political, social, and economic factors affecting investments in foreign companies. Special risks associated with investments in foreign companies include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability, and differing auditing and legal standards. These risks are enhanced in emerging market countries.
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.
2 Source: Lipper Inc. — The MSCI Emerging Markets Index is a free float-adjusted market capitalization-weighted index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consists of the following 23 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. Investors cannot invest directly in any index.
13
DISCUSSION OF FUND PERFORMANCE (continued)
For the period from September 1, 2016 through February 28, 2017, as provided by Richard A. Brown, William S. Cazalet, Thomas J. Durante, Karen Q. Wong, and Syed A. Zamil, Portfolio Managers
Market and Fund Performance Overview
For the six-month period ended February 28, 2017, BNY Mellon International Appreciation Fund’s Class M shares produced a total return of 4.96%, and Investor shares produced a total return of 4.77%.1 In comparison, the fund’s benchmark, the MSCI EAFE Index (the “Index”), produced a total return of 4.90% for the same period.2
International equities produced moderate gains over the reporting period due to improving global economic data and expectations of more business-friendly policies from a new presidential administration in the United States. The fund produced results that were roughly in line with the Index.
As of March 9, 2017, Syed A. Zamil became a primary portfolio manager of the fund.
The Fund’s Investment Approach
The fund seeks long-term capital appreciation. To pursue its goal, the fund normally invests at least 80% of its net assets in equity securities.
The fund invests primarily in DRs representing the local shares of non-U.S. companies, in particular, American Depositary Receipts (ADRs). In selecting securities, we screen the Index universe of approximately 1,000 issuers for the availability of issuers with a DR facility. The investment adviser then uses a proprietary mathematical algorithm to reflect the characteristics of the developed markets that takes into consideration risk characteristics, including country weights and sector weights within each country. As a result of this process, we expect to hold ADRs representing 200 to 300 foreign issuers. The fund’s country allocation is expected to be within 5% of that of the Index, and under normal circumstances, the fund will invest in at least 10 different countries.
Improved Economic Outlook Bolstered International Stocks
International equities generally fared well over the reporting period in anticipation of higher levels of global economic growth stemming in part from more business-friendly fiscal, regulatory, and tax policies under a newly elected U.S. government. Although the Index declined relatively mildly in advance of the vote in November, the election’s widely unexpected outcome sparked a market rally that persisted through the end of the reporting period.
In addition, central banks in Europe and Japan have maintained accommodative monetary policies, which are expected to provide further support to international economies that already have shown signs of recovering from an extended period of sluggishness.
Financial and Industrial Stocks Led Markets Higher
The Index’s gains over the reporting period were driven by especially strong results from the financials sector, as banks in Japan benefited from rising interest rates and improved lending margins, and a depreciating local currency helped support revenues and earnings of capital markets companies, including investment banks and brokerage firms. Meanwhile, banks in Australia advanced due to a rebounding housing market and higher commodity prices.
The industrials sector also fared quite well. Investors in overseas engineering and construction companies that do business in the United States anticipated increased U.S. government spending on infrastructure projects. In addition, industrial companies benefited from expectations of more stimulative fiscal policies in Europe and Japan.
On the other hand, a few industry groups weighed on market averages. Income-oriented stocks in the consumer staples, telecommunications services, and utilities sectors fell out of favor as interest rates climbed and investors shifted their focus to more growth-oriented investments. The consumer staples sector also was hurt by weakness among food and beverage companies stemming from uncertainties surrounding recent mergers-and-acquisitions activity. In the health care sector, highly publicized criticism of recent increases in drug prices undermined the stocks of pharmaceutical companies in Europe.
From a country perspective, Japan represented the Index’s strongest market during the reporting period on the strength of good results from banks, exporters, and companies that produce electronic equipment for industrial applications. Australia’s stock market was bolstered by banks and industrial metals producers serving China, where economic concerns waned. Laggards during the reporting period included the United Kingdom, which generally produced flat returns due to uncertainties regarding London’s role as a global financial center following the nation’s vote to leave the European Union. Shortfalls among drug companies and utilities also weighed on U.K. stocks.
Maintaining a Diversified Portfolio
We have seen evidence of economic improvement in developed international markets, and we believe that recent political developments seem likely to further support global economic conditions. Nonetheless, we are aware that unexpected economic or political disappointments could spark heightened market volatility. As always, we have continued to monitor the factors considered by the fund’s investment model in light of current market conditions and will make adjustments as we deem necessary.
March 15, 2017
Equities are subject generally to market, market sector, market liquidity, issuer, and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund’s prospectus.
The fund’s performance will be influenced by political, social, and economic factors affecting investments in foreign companies. Special risks associated with investments in foreign companies include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability, and differing auditing and legal standards. These risks are enhanced in emerging market countries.
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.
2 Source: Lipper Inc. — The MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. Investors cannot invest directly in any index.
14
For the period from September 1, 2016 through February 28, 2017, as provided by C. Wesley Boggs, William S. Cazalet, CAIA, Ronald P. Gala, CFA, Peter D. Goslin, CFA, and Syed A. Zamil, CFA, Primary Portfolio Managers
Market and Fund Performance Overview
For the six-month period ended February 28, 2017, BNY Mellon International Equity Income Fund’s Class M shares produced a total return of 5.53%, and Investor shares produced a total return of 5.39%.1 In comparison, the fund’s benchmark, the MSCI ACWI ex USA Index (the “Index”), produced a total return of 5.15% for the same period.2
Despite ongoing concerns regarding sluggish global economic growth, international equities posted moderate gains during the reporting period when investor sentiment improved in the wake of the U.S. elections in November 2016. The fund outperformed the Index, largely due to strong stock selections in the industrials and information technology sectors.
As of March 9, 2017, Syed A. Zamil became a primary portfolio manager for the fund.
The Fund’s Investment Approach
The fund seeks total return consisting of capital appreciation and income. To pursue its goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities. The fund focuses on dividend-paying stocks of foreign companies, including those in developed- and emerging-market countries. The fund may invest in the stocks of companies of any market capitalization.
We select stocks through a disciplined investment process using proprietary quantitative computer models that analyze a diverse set of characteristics to identify and rank stocks according to earnings quality. Based on this analysis, we generally select from the higher-ranked dividend-paying securities those stocks that we believe will continue to pay above-average dividends. We seek to overweight higher dividend-paying stocks, while maintaining country and sector weights generally similar to those of the Index.
Improved Economic Outlook Bolstered International Stocks
International equities generally fared well over the reporting period in anticipation of higher levels of global economic growth stemming partly from more business-friendly fiscal, regulatory, and tax policies under a newly elected U.S. government. Although the Index declined relatively mildly in advance of the U.S. elections in November, the election’s widely unexpected outcome sparked a market rally that persisted through the end of the reporting period.
European stock markets particularly benefited from gains among financial stocks, which advanced in anticipation of higher interest rates, improved lending margins, and continued quantitative easing from the European Central Bank. In the United Kingdom, financial and natural resources stocks led the way, as energy companies seemed poised to benefit from oil production caps imposed by the Organization of Petroleum Exporting Countries (OPEC). Japanese stocks also fared well, led by exporters that saw demand rise due to a weakening yen. Emerging markets stocks also moved higher on the strength of currency trends and higher commodity prices.
In this environment, the dividend-paying stocks on which the fund primarily focuses generally outperformed broader market averages.
Successful Security Selections Supported Fund Performance
The fund’s positive performance compared to the Index was driven in part by strong security selection in the industrials sector, where commodities trading company Sumitomo reported better-than-expected earnings stemming from rising demand for coke and coal from Australian steelmakers. Likewise, trading company ITOCHU fared well when analysts raised their profit forecasts in response to higher iron ore prices. Better-than-average results in the information technology sector were supported by Switzerland-based semiconductor manufacturer STMicroelectronics, where revenues and profits were boosted by rising demand for automotive components and industrial applications containing the company’s microchips.
The fund achieved more disappointing results in the real estate sector, where Europe’s largest commercial real estate operator, France-based Unibail-Rodamco, declined in value despite sound underlying fundamentals when bond yields became more competitive with the dividends from real estate investment trusts. In other areas, Italian bank Intesa Sanpaolo was hurt by investors’ concerns regarding a proposed merger with a local competitor.
From a country perspective, the fund achieved especially strong relative results from investments in Japan and France, while its holdings in the United Kingdom and Italy trailed market averages.
A Disciplined Approach to Stock Picking
We have continued to maintain the fund’s quantitative investment process, which seeks to identify high-quality companies with what we believe are attractive valuations, competitive dividends, and the potential for earnings growth. Although the fund’s assets have remained broadly diversified across the Index’s various economic sectors, the results of our quantitative models recently have produced slightly overweighted exposure to the telecommunications services and utilities sectors, and slightly underweighted positions in the consumer discretionary and consumer staples sectors. From a country allocation standpoint, the fund ended the reporting period with mildly overweighted exposure to Turkey and the Czech Republic, but we have identified relatively few companies meeting our criteria in Germany and South Korea.
March 15, 2017
Equities are subject generally to market, market sector, market liquidity, issuer, and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund’s prospectus.
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.
2 Source: Lipper Inc. — The MSCI ACWI ex USA Index captures large- and mid-cap representation across Developed Market (DM) countries (excluding the U.S.) and Emerging Market (EM) countries. Investors cannot invest directly in any index.
15
DISCUSSION OF FUND PERFORMANCE (continued)
For the period from September 1, 2016 through February 28, 2017, as provided by Jeffrey M. Mortimer, Primary Portfolio Manager responsible for investment allocation decisions
Market and Fund Performance Overview
For the six-month period ended February 28, 2017, BNY Mellon Asset Allocation Fund’s Class M shares produced a total return of 5.84%, and Investor shares produced a total return of 5.71%.1 In comparison, the fund’s benchmark, the Morningstar Moderate Target Risk Index (the “Index”), produced a total return of 4.46% for the same period.2
Stocks rallied strongly and bonds lost a degree of value over the reporting period due to expectations of more business-friendly government policies and rising interest rates, respectively. Overweighted exposure to stocks and an underweighted position in bonds enabled the fund to outperform the Index.
As of March 9, 2017, Syed A. Zamil became a primary portfolio manager of the fund with respect to the portion of the fund’s assets allocated to the direct investments in large cap equity securities.
The Fund’s Investment Approach
The fund seeks long-term growth of principal in conjunction with current income. The fund may invest in both individual securities and other investment companies, including other BNY Mellon funds, funds in the Dreyfus Family of Funds and unaffiliated open-end funds, closed-end funds, and exchange-traded funds (collectively, the “underlying funds”). To pursue its goal, the fund may allocate its assets, directly in individual equity and debt securities and/or through investment in the underlying funds, to gain investment exposure to the following asset classes: Large-Cap Equities, Small-Cap and Mid-Cap Equities, Developed International and Global Equities, Emerging Market Equities, Investment Grade Bonds, High Yield Bonds, Emerging Markets Debt, Diversifying Strategies, and Money Market Instruments.
Stocks Rallied, Bonds Fell in Post-Election Trading
Near the start of the reporting period, encouraging global economic data and better-than-expected corporate profits helped boost investors’ risk appetites, driving prices of stocks higher. Although U.S. stocks generally declined in the weeks before the presidential election in November, the election’s widely unexpected outcome sparked a robust market rally that persisted through the end of the reporting period as investors anticipated greater economic growth and more business-friendly fiscal, regulatory, and tax policies under a newly elected U.S. government.
Meanwhile, prices of high-quality bonds moved lower and yields climbed when investors began to anticipate that the Federal Reserve Board would raise short-term interest rates, as indeed it did in December. After the election, prices of U.S. government securities fell sharply while lower rated corporate bonds rallied.
Allocation Strategy Bolstered Fund Results
The fund’s performance compared to the Index benefited during the reporting period from our decision to maintain overweighted exposure to stocks and a relatively small position in bonds. This strategy enabled the fund to participate more fully in the stock market’s gains.
In addition, the fund received strong contributions to relative performance from its direct investments in equities. Among underlying funds, BNY Mellon Focused Equity Opportunities Fund fared well due to strong security selections in the energy and information technology sectors, and Dreyfus Select Managers Small Cap Value Fund enabled the fund to participate in one of the broad market’s stronger areas, small-cap value stocks.
Although the fund’s direct investments in bonds could not match or exceed the Index’s return in an uninspiring fixed-income market environment, they fared relatively well compared to bond market averages. A relatively short average duration helped shelter the fund from the full brunt of rising interest rates after the November election, and overweighted exposure to better performing corporate-backed bonds also proved beneficial.
Disappointments during the reporting period included the alternative investments that comprise a managed futures fund operated by an unaffiliated investment company, which value amid high volatility characterized by sudden reversals of previous market trends. Dreyfus Dynamic Total Return Fund struggled with overweight exposure to traditionally defensive market sectors and real assets, while Dreyfus/Newton International Equity Fund lagged market averages due to security selection shortfalls in the consumer discretionary, materials, and consumer staples sectors.
In December, we adjusted the fund’s allocations by eliminating Dreyfus U.S. Equity Fund and the Global Equity Fund from the fund’s portfolio, and establishing a new position in BNY Mellon Small Cap Multi-Strategy Fund.
Maintaining a Constructive Investment Posture
Although we believe that bonds currently are fairly valued and remain vulnerable to rising interest rates, stocks have the potential for further gains as global economic activity increases and more economically stimulative U.S. fiscal, tax, and regulatory policies help to boost corporate earnings. Therefore, as of the end of the reporting period, we have maintained the fund’s emphasis on equities and underweighted exposure to bonds, while maintaining exposure to alternative investments for broader diversification.
March 15, 2017
Equities are subject generally to market, market sector, market liquidity, issuer, and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund’s prospectus.
Bonds are subject generally to interest-rate, credit, liquidity, and market risks, to varying degrees, all of which are more fully described in the fund’s prospectus. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes, and rate increases can cause price declines.
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost. The fund’s returns reflect the absorption of certain fund expenses by the fund’s investment adviser pursuant to an agreement in effect through December 31, 2017, at which time it may be extended, terminated, or modified. Had these expenses not been absorbed, the fund’s returns would have been lower.
2 Source: Morningstar Inc. — The Morningstar Moderate Target Risk Index series consists of five asset allocation indices that span the risk spectrum from conservative to aggressive. Investors cannot invest directly in any index.
16
UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited)
As a mutual fund investor, you pay ongoing expenses, such as management fees and other expenses. Using the information below, you can estimate how these expenses affect your investment and compare them with the expenses of other funds. You also may pay one-time transaction expenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial adviser.
Review your fund’s expenses
The table below shows the expenses you would have paid on a $1,000 investment in each class of each fund from September 1, 2016 to February 28, 2017. 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, 2017 | ||||||||||||||
|
|
| Class M | Investor | Class A |
| Class C |
Class I |
| Class Y | ||||
BNY Mellon Large Cap Stock Fund | ||||||||||||||
Expenses paid per $1,000† |
| $4.39 | $5.70 | – | – | – | – | |||||||
Ending value (after expenses) | $1,108.50 | $1,109.00 | – | – | – | – | ||||||||
Annualized expense ratio (%) | .84 | 1.09 | – | – | – | – | ||||||||
BNY Mellon Large Cap Market | ||||||||||||||
Expenses paid per $1,000† | $3.35 | $4.66 | – | – | – | – | ||||||||
Ending value (after expenses) | $1,113.50 | $1,112.60 | – | – | – | – | ||||||||
Annualized expense ratio (%) | .64 | .89 | – | – | – | – | ||||||||
BNY Mellon Tax-Sensitive | ||||||||||||||
Expenses paid per $1,000† | $3.40 | $4.70 | – | – | – | – | ||||||||
Ending value (after expenses) | $1,106.70 | $1,105.50 | – | – | – | – | ||||||||
Annualized expense ratio (%) | .65 | .90 | – | – | – | – | ||||||||
BNY Mellon Income Stock Fund | ||||||||||||||
Expenses paid per $1,000† | $4.26 | $5.56 | $5.67 | $9.59 | $4.73 | $4.26 | ||||||||
Ending value (after expenses) | $1,119.00 | $1,117.40 | $1,117.60 | $1,113.30 | $1,119.00 | $1,119.00 | ||||||||
Annualized expense ratio (%) | .81 | 1.06 | 1.08 | 1.83 | .90 | .81 | ||||||||
BNY Mellon Mid Cap Multi-Strategy Fund | ||||||||||||||
Expenses paid per $1,000† | $4.67 | $5.97 | – | – | – | – | ||||||||
Ending value (after expenses) | $1,093.30 | $1,092.50 | – | – | – | – | ||||||||
Annualized expense ratio (%) | .90 | 1.15 | – | – | – | – | ||||||||
BNY Mellon Small Cap Multi-Strategy Fund | ||||||||||||||
Expenses paid per $1,000† | $5.55 | $6.88 | – | – | – | – | ||||||||
Ending value (after expenses) | $1,151.40 | $1,150.60 | – | – | – | – | ||||||||
Annualized expense ratio (%) | 1.04 | 1.29 | – | – | – | – | ||||||||
BNY Mellon Focused | ||||||||||||||
Expenses paid per $1,000† | $4.60 | $5.92 | – | – | – | – | ||||||||
Ending value (after expenses) | $1,131.80 | $1,130.30 | – | – | – | – | ||||||||
Annualized expense ratio (%) | .87 | 1.12 | – | – | – | – |
17
UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited) (continued)
Expenses and Value of a $1,000 Investment (continued) | |||||||||||||||||
assuming actual returns for the six months ended February 28, 2017 | |||||||||||||||||
|
|
|
|
|
| Class M |
|
| Investor Shares |
| |||||||
BNY Mellon Small/Mid Cap Multi-Strategy Fund | |||||||||||||||||
Expenses paid per $1,000† | $4.99 | $6.31 | |||||||||||||||
Ending value (after expenses) | $1,139.50 | $1,136.90 | |||||||||||||||
Annualized expense ratio (%) | .94 | 1.19 | |||||||||||||||
BNY Mellon International Fund | |||||||||||||||||
Expenses paid per $1,000† | $5.38 | $6.65 | |||||||||||||||
Ending value (after expenses) | $1,048.80 | $1,048.30 | |||||||||||||||
Annualized expense ratio (%) | 1.06 | 1.31 | |||||||||||||||
BNY Mellon Emerging Markets Fund | |||||||||||||||||
Expenses paid per $1,000† | $6.92 | $8.18 | |||||||||||||||
Ending value (after expenses) | $1,038.60 | $1,037.40 | |||||||||||||||
Annualized expense ratio (%) | 1.37 | 1.62 | |||||||||||||||
BNY Mellon International Appreciation Fund | |||||||||||||||||
Expenses paid per $1,000† | $4.73 | $5.99 | |||||||||||||||
Ending value (after expenses) | $1,049.60 | $1,047.70 | |||||||||||||||
Annualized expense ratio (%) | .93 | 1.18 | |||||||||||||||
BNY Mellon International Equity Income Fund | |||||||||||||||||
Expenses paid per $1,000† | $5.61 | $6.87 | |||||||||||||||
Ending value (after expenses) | $1,055.30 | $1,053.90 | |||||||||||||||
Annualized expense ratio (%) | 1.10 | 1.35 | |||||||||||||||
BNY Mellon Asset Allocation Fund | |||||||||||||||||
Expenses paid per $1,000† | $1.53 | $2.81 | |||||||||||||||
Ending value (after expenses) | $1,058.40 | $1,057.10 | |||||||||||||||
Annualized expense ratio (%) | .30 | .55 |
† Expenses are equal to each fund’s annualized expense ratios as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
18
COMPARING YOUR FUND’S EXPENSES
WITH THOSE OF OTHER FUNDS (Unaudited)
Using the SEC’s method to compare expenses
The Securities and Exchange Commission (SEC) has established guidelines to help investors assess fund expenses. Per these guidelines, the table below shows your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return. You can use this information to compare the ongoing expenses (but not transaction expenses or total cost) of investing in the fund with those of other funds. All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.
Expenses and Value of a $1,000 Investment | ||||||||||||||||
assuming a hypothetical 5% annualized return for the six months ended February 28, 2017 | ||||||||||||||||
|
|
|
|
| Class M | Investor |
| Class A |
| Class C |
Class I |
| Class Y | |||
BNY Mellon Large Cap Stock Fund | ||||||||||||||||
Expenses paid per $1,000† | $4.21 | $5.46 | – | – | – | – | ||||||||||
Ending value (after expenses) | $1,020.63 | $1,019.39 | – | – | – | – | ||||||||||
Annualized expense ratio (%) | .84 | 1.09 | – | – | – | – | ||||||||||
BNY Mellon Large Cap Market | ||||||||||||||||
Expenses paid per $1,000† | $3.21 | $4.46 | – | – | – | – | ||||||||||
Ending value (after expenses) | $1,021.62 | $1,020.38 | – | – | – | – | ||||||||||
Annualized expense ratio (%) | .64 | .89 | – | – | – | – | ||||||||||
BNY Mellon Tax-Sensitive | ||||||||||||||||
Expenses paid per $1,000† | $3.26 | $4.51 | – | – | – | – | ||||||||||
Ending value (after expenses) | $1,021.57 | $1,020.33 | – | – | – | – | ||||||||||
Annualized expense ratio (%) | .65 | .90 | – | – | – | – | ||||||||||
BNY Mellon Income Stock Fund | ||||||||||||||||
Expenses paid per $1,000† | $4.06 | $5.31 | $5.41 | $9.15 | $4.51 | $4.06 | ||||||||||
Ending value (after expenses) | $1,020.78 | $1,019.54 | $1,019.44 | $1,015.72 | $1,020.33 | $1,020.78 | ||||||||||
Annualized expense ratio (%) | .81 | 1.06 | 1.08 | 1.83 | .90 | .81 | ||||||||||
BNY Mellon Mid Cap Multi-Strategy Fund | ||||||||||||||||
Expenses paid per $1,000† | $4.51 | $5.76 | – | – | – | – | ||||||||||
Ending value (after expenses) | $1,020.33 | $1,019.09 | – | – | – | – | ||||||||||
Annualized expense ratio (%) | .90 | 1.15 | – | – | – | – | ||||||||||
BNY Mellon Small Cap Multi-Strategy Fund | ||||||||||||||||
Expenses paid per $1,000† | $5.21 | $6.46 | – | – | – | – | ||||||||||
Ending value (after expenses) | $1,019.64 | $1,018.40 | – | – | – | – | ||||||||||
Annualized expense ratio (%) | 1.04 | 1.29 | – | – | – | – | ||||||||||
BNY Mellon Focused | ||||||||||||||||
Expenses paid per $1,000† | $4.36 | $5.61 | – | – | – | – | ||||||||||
Ending value (after expenses) | $1,020.48 | $1,019.24 | – | – | – | – | ||||||||||
Annualized expense ratio (%) | .87 | 1.12 | – | – | – | – |
19
COMPARING YOUR FUND’S EXPENSES WITH THOSE OF OTHER FUND’S (Unaudited) (continued)
Expenses and Value of a $1,000 Investment (continued) | |||||||||||||||||
assuming a hypothetical 5% annualized return for the six months ended February 28, 2017 | |||||||||||||||||
|
|
|
|
|
Class M |
|
|
Investor Shares |
| ||||||||
BNY Mellon Small/Mid Cap Multi-Strategy Fund | |||||||||||||||||
Expenses paid per $1,000† | $4.71 | $5.96 | |||||||||||||||
Ending value (after expenses) | $1,020.13 | $1,018.89 | |||||||||||||||
Annualized expense ratio (%) | .94 | 1.19 | |||||||||||||||
BNY Mellon International Fund | |||||||||||||||||
Expenses paid per $1,000† | $$5.31 | $6.56 | |||||||||||||||
Ending value (after expenses) | $$1,019.54 | $1,018.30 | |||||||||||||||
Annualized expense ratio (%) | 1.06 | 1.31 | |||||||||||||||
BNY Mellon Emerging Markets Fund | |||||||||||||||||
Expenses paid per $1,000† | $6.85 | $8.10 | |||||||||||||||
Ending value (after expenses) | $1,018.00 | $1,016.76 | |||||||||||||||
Annualized expense ratio (%) | 1.37 | 1.62 | |||||||||||||||
BNY Mellon International Appreciation Fund | |||||||||||||||||
Expenses paid per $1,000† | $4.66 | $5.91 | |||||||||||||||
Ending value (after expenses) | $1,020.18 | $1,018.94 | |||||||||||||||
Annualized expense ratio (%) | .93 | 1.18 | |||||||||||||||
BNY Mellon International Equity Income Fund | |||||||||||||||||
Expenses paid per $1,000† | $5.51 | $$6.76 | |||||||||||||||
Ending value (after expenses) | $1,019.34 | $1,018.10 | |||||||||||||||
Annualized expense ratio (%) | 1.10 | 1.35 | |||||||||||||||
BNY Mellon Asset Allocation Fund | |||||||||||||||||
Expenses paid per $1,000† | $1.51 | $ | 2.76 | ||||||||||||||
Ending value (after expenses) | $1,023.31 | $ | 1,022.07 | ||||||||||||||
Annualized expense ratio (%) | .30 | .55 |
† Expenses are equal to each fund’s annualized expense ratio as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
20
STATEMENT OF INVESTMENTS
February 28, 2017 (Unaudited)
BNY Mellon Large Cap Stock Fund | |||||
Common Stocks - 99.1% | Shares | Value ($) | |||
Automobiles & Components - .7% | |||||
Lear | 16,125 | 2,289,589 | |||
Banks - 6.0% | |||||
Bank of America | 276,350 | 6,820,318 | |||
JPMorgan Chase & Co. | 86,379 | 7,827,665 | |||
Wells Fargo & Co. | 67,584 | 3,911,762 | |||
18,559,745 | |||||
Capital Goods - 7.7% | |||||
3M | 11,878 | 2,213,465 | |||
Boeing | 24,235 | 4,367,874 | |||
General Electric | 205,204 | 6,117,131 | |||
HD Supply Holdings | 36,735 | a | 1,579,605 | ||
Illinois Tool Works | 8,092 | 1,068,225 | |||
Ingersoll-Rand | 31,145 | 2,471,667 | |||
Lennox International | 4,350 | 716,097 | |||
Oshkosh | 7,335 | 497,973 | |||
Owens Corning | 42,330 | 2,475,882 | |||
Spirit AeroSystems Holdings, Cl. A | 39,562 | 2,437,415 | |||
23,945,334 | |||||
Consumer Durables & Apparel - .3% | |||||
Brunswick | 9,515 | 569,853 | |||
D.R. Horton | 14,115 | 451,680 | |||
1,021,533 | |||||
Consumer Services - 1.7% | |||||
Carnival | 45,800 | 2,562,510 | |||
Darden Restaurants | 35,731 | 2,668,391 | |||
5,230,901 | |||||
Diversified Financials - 5.5% | |||||
Affiliated Managers Group | 11,376 | 1,910,372 | |||
American Express | 45,571 | 3,648,414 | |||
Ameriprise Financial | 23,905 | 3,143,507 | |||
Berkshire Hathaway, Cl. B | 9,355 | a | 1,603,634 | ||
Discover Financial Services | 43,085 | 3,065,067 | |||
Moody's | 6,375 | 709,984 | |||
S&P Global | 21,590 | 2,795,257 | |||
16,876,235 | |||||
Energy - 5.9% | |||||
Chevron | 15,875 | 1,785,937 | |||
Cimarex Energy | 17,260 | 2,169,927 | |||
Devon Energy | 45,680 | 1,980,685 | |||
Exxon Mobil | 85,822 | 6,979,045 | |||
Newfield Exploration | 26,660 | a | 972,024 | ||
Phillips 66 | 7,160 | 559,840 | |||
Valero Energy | 44,127 | 2,998,430 | |||
Williams Cos. | 26,360 | 747,042 | |||
18,192,930 | |||||
Food & Staples Retailing - 3.3% | |||||
CVS Health | 43,725 | 3,523,360 | |||
Walgreens Boots Alliance | 31,355 | 2,708,445 | |||
BNY Mellon Large Cap Stock Fund (continued) | |||||
Common Stocks - 99.1% (continued) | Shares | Value ($) | |||
Food & Staples Retailing - 3.3% (continued) | |||||
Wal-Mart Stores | 56,138 | 3,981,868 | |||
10,213,673 | |||||
Food, Beverage & Tobacco - 3.6% | |||||
Altria Group | 7,127 | 533,955 | |||
Blue Buffalo Pet Products | 26,750 | a | 653,770 | ||
Campbell Soup | 9,570 | 567,979 | |||
Conagra Brands | 52,580 | 2,166,822 | |||
Mondelez International, Cl. A | 50,330 | 2,210,494 | |||
PepsiCo | 44,270 | 4,886,523 | |||
11,019,543 | |||||
Health Care Equipment & Services - 4.6% | |||||
Baxter International | 55,220 | 2,811,802 | |||
Cigna | 10,821 | 1,611,247 | |||
Danaher | 38,300 | 3,276,565 | |||
Express Scripts Holding | 36,055 | a | 2,547,286 | ||
UnitedHealth Group | 24,035 | 3,974,908 | |||
14,221,808 | |||||
Household & Personal Products - 2.3% | |||||
Church & Dwight | 12,115 | 603,812 | |||
Kimberly-Clark | 23,240 | 3,080,462 | |||
Procter & Gamble | 12,259 | 1,116,427 | |||
Spectrum Brands Holdings | 17,150 | 2,327,598 | |||
7,128,299 | |||||
Insurance - 3.0% | |||||
Aon | 23,775 | 2,749,579 | |||
Marsh & McLennan Cos. | 41,015 | 3,013,782 | |||
Prudential Financial | 4,141 | 457,746 | |||
Travelers | 24,941 | 3,048,788 | |||
9,269,895 | |||||
Materials - 3.4% | |||||
Air Products & Chemicals | 3,565 | 500,776 | |||
Celanese, Ser. A | 31,285 | 2,789,683 | |||
Crown Holdings | 9,870 | a | 528,933 | ||
Nucor | 12,120 | 758,348 | |||
Owens-Illinois | 24,405 | a | 483,219 | ||
Reliance Steel & Aluminum | 36,015 | 3,048,670 | |||
Steel Dynamics | 65,150 | 2,384,490 | |||
10,494,119 | |||||
Media - 3.8% | |||||
CBS, Cl. B | 38,035 | 2,507,267 | |||
Omnicom Group | 4,830 | 411,033 | |||
Sirius XM Holdings | 164,265 | 836,109 | |||
Time Warner | 33,941 | 3,333,346 | |||
Walt Disney | 43,149 | 4,750,273 | |||
11,838,028 | |||||
Pharmaceuticals, Biotechnology & Life Sciences - 11.2% | |||||
AbbVie | 16,595 | 1,026,235 | |||
Agilent Technologies | 38,560 | 1,978,128 |
21
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Large Cap Stock Fund (continued) | |||||
Common Stocks - 99.1% (continued) | Shares | Value ($) | |||
Pharmaceuticals, Biotechnology & Life Sciences - 11.2% (continued) | |||||
Amgen | 26,464 | 4,671,690 | |||
Celgene | 22,945 | a | 2,833,937 | ||
Gilead Sciences | 44,057 | 3,105,137 | |||
Johnson & Johnson | 57,438 | 7,019,498 | |||
Merck & Co. | 82,466 | 5,432,035 | |||
Pfizer | 162,476 | 5,543,681 | |||
Thermo Fisher Scientific | 18,970 | 2,991,190 | |||
34,601,531 | |||||
Real Estate - 2.5% | |||||
Equity Residential | 36,150 | b | 2,279,980 | ||
GGP | 89,702 | b | 2,229,992 | ||
Public Storage | 12,230 | b | 2,781,836 | ||
Simon Property Group | 2,824 | b | 520,746 | ||
7,812,554 | |||||
Retailing - 3.5% | |||||
Amazon.com | 5,000 | a | 4,225,200 | ||
Burlington Stores | 13,460 | a | 1,198,075 | ||
Home Depot | 22,614 | 3,276,995 | |||
Lowe's | 23,784 | 1,768,816 | |||
Nordstrom | 9,535 | 444,903 | |||
10,913,989 | |||||
Semiconductors & Semiconductor Equipment - 2.1% | |||||
Applied Materials | 79,980 | 2,896,876 | |||
Texas Instruments | 45,206 | 3,463,684 | |||
6,360,560 | |||||
Software & Services - 13.4% | |||||
Accenture, Cl. A | 16,230 | 1,988,175 | |||
Activision Blizzard | 68,220 | 3,078,769 | |||
Alphabet, Cl. A | 6,437 | a | 5,438,814 | ||
Alphabet, Cl. C | 6,436 | a | 5,298,180 | ||
Citrix Systems | 31,010 | a | 2,448,239 | ||
eBay | 52,230 | a | 1,770,597 | ||
Facebook, Cl. A | 36,751 | a | 4,981,231 | ||
Fiserv | 8,735 | a | 1,008,019 | ||
International Business Machines | 26,926 | 4,841,833 | |||
LogMeIn | 0 | 27 | |||
Microsoft | 68,495 | 4,382,310 | |||
Oracle | 14,420 | 614,148 | |||
Red Hat | 19,410 | a | 1,607,342 | ||
VeriSign | 21,573 | a | 1,779,125 | ||
VMware, Cl. A | 26,640 | a | 2,394,670 | ||
41,631,479 | |||||
Technology Hardware & Equipment - 7.3% | |||||
Apple | 79,286 | 10,861,389 | |||
Cisco Systems | 147,550 | 5,043,259 | |||
Hewlett Packard Enterprise | 28,540 | 651,283 | |||
HP | 163,230 | 2,835,305 | |||
BNY Mellon Large Cap Stock Fund (continued) | |||||
Common Stocks - 99.1% (continued) | Shares | Value ($) | |||
Technology Hardware & Equipment - 7.3% (continued) | |||||
Motorola Solutions | 31,540 | 2,490,714 | |||
NCR | 14,655 | a | 704,466 | ||
22,586,416 | |||||
Telecommunication Services - 4.2% | |||||
AT&T | 142,662 | 5,961,845 | |||
CenturyLink | 73,443 | 1,781,727 | |||
Verizon Communications | 103,809 | 5,152,041 | |||
12,895,613 | |||||
Transportation - .9% | |||||
Delta Air Lines | 55,262 | 2,759,232 | |||
Utilities - 2.2% | |||||
FirstEnergy | 71,825 | 2,329,285 | |||
Great Plains Energy | 69,850 | 2,029,841 | |||
MDU Resources Group | 37,965 | 1,029,231 | |||
PPL | 38,725 | 1,428,178 | |||
6,816,535 | |||||
Total Investments (cost $237,095,138) | 99.1% | 306,679,541 | |||
Cash and Receivables (Net) | .9% | 2,804,457 | |||
Net Assets | 100.0% | 309,483,998 |
aNon-income producing security.
bInvestment in real estate investment trust.
Portfolio Summary (Unaudited) † | Value (%) |
Software & Services | 13.4 |
Pharmaceuticals, Biotechnology & Life Sciences | 11.2 |
Capital Goods | 7.7 |
Technology Hardware & Equipment | 7.3 |
Banks | 6.0 |
Energy | 5.9 |
Diversified Financials | 5.5 |
Health Care Equipment & Services | 4.6 |
Telecommunication Services | 4.2 |
Media | 3.8 |
Food, Beverage & Tobacco | 3.6 |
Retailing | 3.5 |
Materials | 3.4 |
Food & Staples Retailing | 3.3 |
Insurance | 3.0 |
Real Estate | 2.5 |
Household & Personal Products | 2.3 |
Utilities | 2.2 |
Semiconductors & Semiconductor Equipment | 2.1 |
Consumer Services | 1.7 |
Transportation | .9 |
Automobiles & Components | .7 |
Consumer Durables & Apparel | .3 |
99.1 |
† Based on net assets.
See notes to financial statements.
22
BNY Mellon Large Cap Market Opportunities Fund | |||||
Common Stocks - 47.5% | Shares | Value ($) | |||
Banks - 1.6% | |||||
Bank of America | 46,430 | 1,145,892 | |||
Capital Goods - 5.2% | |||||
3M | 3,975 | 740,741 | |||
Donaldson | 1,504 | 64,597 | |||
Eaton | 11,285 | 812,294 | |||
Emerson Electric | 1,670 | 100,367 | |||
Fastenal | 2,705 | 135,331 | |||
Flowserve | 2,215 | 102,887 | |||
Honeywell International | 5,777 | 719,237 | |||
Illinois Tool Works | 5,463 | 721,171 | |||
MSC Industrial Direct, Cl. A | 1,151 | 115,779 | |||
Toro | 1,820 | a | 109,582 | ||
W.W. Grainger | 215 | a | 53,311 | ||
3,675,297 | |||||
Consumer Durables & Apparel - .2% | |||||
NIKE, Cl. B | 2,601 | 148,673 | |||
Consumer Services - 1.3% | |||||
McDonald's | 1,022 | 130,458 | |||
Starbucks | 2,872 | 163,331 | |||
Yum! Brands | 9,370 | 612,048 | |||
905,837 | |||||
Diversified Financials - 2.6% | |||||
Intercontinental Exchange | 17,320 | 989,492 | |||
Invesco | 25,418 | 818,205 | |||
1,807,697 | |||||
Energy - 3.9% | |||||
EOG Resources | 1,781 | 172,739 | |||
Halliburton | 835 | 44,639 | |||
Nabors Industries | 46,360 | 678,710 | |||
Occidental Petroleum | 911 | 59,716 | |||
Schlumberger | 1,586 | 127,451 | |||
Tesoro | 8,090 | 689,187 | |||
Valero Energy | 14,195 | 964,550 | |||
2,736,992 | |||||
Food & Staples Retailing - 1.3% | |||||
Costco Wholesale | 5,380 | 953,228 | |||
Food, Beverage & Tobacco - 2.2% | |||||
Constellation Brands, Cl. A | 4,290 | 681,295 | |||
Philip Morris International | 8,024 | 877,424 | |||
1,558,719 | |||||
Health Care Equipment & Services - 3.9% | |||||
Abbott Laboratories | 23,430 | 1,056,224 | |||
C.R. Bard | 551 | 135,127 | |||
Cerner | 1,890 | b | 104,026 | ||
Edwards Lifesciences | 755 | b | 71,000 | ||
Henry Schein | 635 | b | 108,941 | ||
Intuitive Surgical | 186 | b | 137,082 | ||
ResMed | 1,495 | a | 107,685 | ||
Stryker | 1,052 | 135,245 | |||
UnitedHealth Group | 4,810 | 795,478 | |||
BNY Mellon Large Cap Market Opportunities Fund (continued) | |||||
Common Stocks - 47.5% (continued) | Shares | Value ($) | |||
Health Care Equipment & Services - 3.9% (continued) | |||||
Varex Imaging | 519 | a | 18,072 | ||
Varian Medical Systems | 1,296 | b | 108,721 | ||
2,777,601 | |||||
Household & Personal Products - .4% | |||||
Colgate-Palmolive | 1,816 | 132,532 | |||
Estee Lauder, Cl. A | 2,140 | 177,299 | |||
309,831 | |||||
Insurance - 1.2% | |||||
Hartford Financial Services Group | 17,460 | 853,619 | |||
Materials - 2.1% | |||||
Dow Chemical | 13,700 | 852,962 | |||
Ecolab | 1,080 | 133,888 | |||
FMC | 2,130 | 122,731 | |||
International Flavors & Fragrances | 840 | 105,588 | |||
Monsanto | 1,229 | 139,897 | |||
Praxair | 1,103 | 130,937 | |||
1,486,003 | |||||
Media - 2.5% | |||||
Comcast, Cl. A | 17,740 | 663,831 | |||
Time Warner | 9,233 | 906,773 | |||
Walt Disney | 1,628 | 179,227 | |||
1,749,831 | |||||
Pharmaceuticals, Biotechnology & Life Sciences - 3.3% | |||||
Agilent Technologies | 15,400 | 790,020 | |||
Allergan | 3,906 | 956,267 | |||
Biogen | 344 | b | 99,278 | ||
Bioverativ | 174 | 9,062 | |||
Celgene | 1,004 | b | 124,004 | ||
Gilead Sciences | 1,160 | 81,757 | |||
Johnson & Johnson | 1,225 | 149,707 | |||
Mettler-Toledo International | 247 | b | 117,626 | ||
2,327,721 | |||||
Retailing - 1.8% | |||||
Amazon.com | 1,073 | b | 906,728 | ||
The TJX Companies | 2,776 | 217,777 | |||
Tractor Supply | 1,884 | 133,595 | |||
1,258,100 | |||||
Semiconductors & Semiconductor Equipment - 5.0% | |||||
Broadcom | 6,464 | 1,363,452 | |||
Micron Technology | 50,900 | b | 1,193,096 | ||
NVIDIA | 9,690 | 983,341 | |||
3,539,889 | |||||
Software & Services - 7.9% | |||||
Adobe Systems | 9,742 | b | 1,152,868 | ||
Alphabet, Cl. A | 1,479 | b | 1,249,652 | ||
Alphabet, Cl. C | 145 | b | 119,366 | ||
Automatic Data Processing | 1,560 | 160,087 |
23
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Large Cap Market Opportunities Fund (continued) | |||||
Common Stocks - 47.5% (continued) | Shares | Value ($) | |||
Software & Services - 7.9% (continued) | |||||
Cognizant Technology Solutions, Cl. A | 2,075 | 122,985 | |||
Electronic Arts | 12,210 | b | 1,056,165 | ||
Jack Henry & Associates | 1,620 | 151,907 | |||
Mastercard, Cl. A | 2,073 | 228,984 | |||
Microsoft | 2,729 | 174,601 | |||
Oracle | 2,996 | 127,600 | |||
Paychex | 2,716 | 166,817 | |||
Visa, Cl. A | 10,295 | 905,342 | |||
5,616,374 | |||||
Technology Hardware & Equipment - .9% | |||||
Amphenol, Cl. A | 3,168 | 219,257 | |||
Cisco Systems | 4,748 | 162,287 | |||
IPG Photonics | 1,575 | b | 186,323 | ||
TE Connectivity | 1,345 | 100,162 | |||
668,029 | |||||
Transportation - .2% | |||||
Expeditors International of Washington | 2,670 | 150,535 | |||
Total Common Stocks (cost $23,938,300) | 33,669,868 | ||||
Other Investment - 52.5% | |||||
Registered Investment Companies; | |||||
BNY Mellon Income Stock Fund, Cl. M | 892,874 | c | 8,348,374 | ||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 716,442 | d | 716,442 | ||
Dreyfus Research Growth Fund, Cl. Y | 977,767 | c | 14,226,508 | ||
Dreyfus Strategic Value Fund, Cl. Y | 342,663 | c | 13,925,832 | ||
Total Other Investment (cost $31,500,846) | 37,217,156 | ||||
Investment of Cash Collateral for Securities Loaned - .1% | |||||
Registered Investment Company; | |||||
Dreyfus Institutional Preferred Money Market Fund, Hamilton Shares | 54,166 | d | 54,166 | ||
Total Investments (cost $55,493,312) | 100.1% | 70,941,190 | |||
Liabilities, Less Cash and Receivables | (.1%) | (50,596) | |||
Net Assets | 100.0% | 70,890,594 |
aSecurity, or portion thereof, on loan. At February 28, 2017, the value of the fund’s securities on loan was $280,854 and the value of the collateral held by the fund was $288,368, consisting of cash collateral of $54,166 and U.S. Government & Agency securities valued at $234,202.
bNon-income producing security.
cInvestment in affiliated mutual fund.
dInvestment in affiliated money market mutual fund.
Portfolio Summary (Unaudited) † | Value (%) |
Mutual Funds: Domestic | 51.5 |
Software & Services | 7.9 |
Capital Goods | 5.2 |
Semiconductors & Semiconductor Equipment | 5.0 |
Health Care Equipment & Services | 3.9 |
Energy | 3.9 |
Pharmaceuticals, Biotechnology & Life Sciences | 3.3 |
Diversified Financials | 2.6 |
Media | 2.5 |
Food, Beverage & Tobacco | 2.2 |
Materials | 2.1 |
Retailing | 1.8 |
Banks | 1.6 |
Food & Staples Retailing | 1.3 |
Consumer Services | 1.3 |
Insurance | 1.2 |
Money Market Investments | 1.1 |
Technology Hardware & Equipment | .9 |
Household & Personal Products | .4 |
Transportation | .2 |
Consumer Durables & Apparel | .2 |
100.1 |
† Based on net assets.
See notes to financial statements.
24
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | |||||
Common Stocks - 64.4% | Shares | Value ($) | |||
Automobiles & Components - .2% | |||||
BorgWarner | 1,290 | 54,425 | |||
Delphi Automotive | 655 | 49,865 | |||
Ford Motor | 22,993 | 288,102 | |||
General Motors | 2,925 | 107,757 | |||
Goodyear Tire & Rubber | 1,155 | 40,483 | |||
Harley-Davidson | 2,994 | 168,802 | |||
709,434 | |||||
Banks - 3.6% | |||||
Bank of America | 188,089 | 4,642,037 | |||
BB&T | 10,767 | 519,185 | |||
Citigroup | 14,500 | 867,245 | |||
Citizens Financial Group | 6,935 | 259,161 | |||
Fifth Third Bancorp | 3,234 | 88,741 | |||
JPMorgan Chase & Co. | 25,299 | 2,292,595 | |||
KeyCorp | 10,500 | 197,085 | |||
M&T Bank | 630 | 105,191 | |||
PNC Financial Services Group | 5,881 | 748,240 | |||
SunTrust Banks | 1,700 | 101,133 | |||
U.S. Bancorp | 5,747 | 316,085 | |||
Wells Fargo & Co. | 33,427 | 1,934,755 | |||
Zions Bancorporation | 2,665 | 119,658 | |||
12,191,111 | |||||
Capital Goods - 5.7% | |||||
3M | 15,853 | 2,954,207 | |||
Allegion | 2,996 | 217,480 | |||
Arconic | 4,565 | 131,426 | |||
Boeing | 5,734 | 1,033,439 | |||
Caterpillar | 4,600 | 444,636 | |||
Deere & Co. | 771 | 84,417 | |||
Donaldson | 3,710 | 159,344 | |||
Dover | 4,704 | 376,790 | |||
Eaton | 33,511 | 2,412,122 | |||
Emerson Electric | 6,215 | 373,521 | |||
Fastenal | 6,670 | 333,700 | |||
Flowserve | 6,985 | 324,453 | |||
Fortive | 2,056 | 118,528 | |||
General Dynamics | 2,421 | 459,530 | |||
General Electric | 49,860 | 1,486,327 | |||
Honeywell International | 22,382 | 2,786,559 | |||
Illinois Tool Works | 15,998 | 2,111,896 | |||
Ingersoll-Rand | 5,885 | 467,034 | |||
Johnson Controls International | 1,141 | 47,854 | |||
Lockheed Martin | 1,377 | 367,081 | |||
MSC Industrial Direct, Cl. A | 2,837 | 285,374 | |||
Northrop Grumman | 1,146 | 283,165 | |||
Parker-Hannifin | 612 | 94,762 | |||
Raytheon | 4,160 | 641,264 | |||
Rockwell Collins | 2,233 | 213,452 | |||
Stanley Black & Decker | 653 | 83,029 | |||
Toro | 4,500 | a | 270,945 | ||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund (continued) | |||||
Common Stocks - 64.4% (continued) | Shares | Value ($) | |||
Capital Goods - 5.7% (continued) | |||||
United Rentals | 875 | b | 112,026 | ||
United Technologies | 2,681 | 301,747 | |||
W.W. Grainger | 890 | a | 220,684 | ||
Xylem | 2,698 | 129,828 | |||
19,326,620 | |||||
Commercial & Professional Services - .2% | |||||
Pitney Bowes | 6,400 | 87,296 | |||
Robert Half International | 2,005 | 96,721 | |||
Waste Management | 7,349 | 538,829 | |||
722,846 | |||||
Consumer Durables & Apparel - .6% | |||||
Leggett & Platt | 5,590 | 274,916 | |||
Lennar, Cl. A | 6,550 | 319,574 | |||
Mattel | 480 | 12,350 | |||
NIKE, Cl. B | 20,840 | 1,191,214 | |||
VF | 3,480 | 182,526 | |||
1,980,580 | |||||
Consumer Services - 1.3% | |||||
Carnival | 2,398 | 134,168 | |||
Chipotle Mexican Grill | 285 | b | 119,341 | ||
Marriott International, Cl. A | 608 | 52,890 | |||
McDonald's | 7,891 | 1,007,286 | |||
Starbucks | 22,648 | 1,287,992 | |||
Wyndham Worldwide | 840 | 69,922 | |||
Wynn Resorts | 1,145 | 110,092 | |||
Yum! Brands | 27,267 | 1,781,080 | |||
4,562,771 | |||||
Diversified Financials - 3.4% | |||||
American Express | 1,959 | 156,838 | |||
Ameriprise Financial | 2,408 | 316,652 | |||
Berkshire Hathaway, Cl. B | 11,042 | b | 1,892,820 | ||
BlackRock | 749 | 290,208 | |||
Capital One Financial | 4,908 | 460,665 | |||
Charles Schwab | 12,266 | 495,669 | |||
CME Group | 3,750 | 455,475 | |||
Discover Financial Services | 5,797 | 412,399 | |||
Goldman Sachs Group | 2,240 | 555,654 | |||
H&R Block | 1,480 | 30,429 | |||
Intercontinental Exchange | 51,793 | 2,958,934 | |||
Invesco | 72,050 | 2,319,289 | |||
Moody's | 720 | 80,186 | |||
Morgan Stanley | 6,300 | 287,721 | |||
Navient | 11,555 | 178,063 | |||
S&P Global | 1,858 | 240,555 | |||
State Street | 5,811 | 463,195 | |||
Synchrony Financial | 3,065 | 111,076 | |||
T. Rowe Price Group | 46 | 3,276 | |||
11,709,104 |
25
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund (continued) | |||||
Common Stocks - 64.4% (continued) | Shares | Value ($) | |||
Energy - 4.6% | |||||
Anadarko Petroleum | 4,930 | 318,724 | |||
Apache | 4,250 | 223,507 | |||
Baker Hughes | 1,160 | 69,925 | |||
Cabot Oil & Gas | 5,290 | 115,851 | |||
Chevron | 10,124 | 1,138,950 | |||
Cimarex Energy | 937 | 117,800 | |||
ConocoPhillips | 2,541 | 120,875 | |||
Devon Energy | 6,515 | 282,490 | |||
Enbridge | 5,448 | 228,016 | |||
EOG Resources | 10,032 | 973,004 | |||
EQT | 390 | 23,357 | |||
Exxon Mobil | 24,289 | 1,975,181 | |||
Halliburton | 5,322 | 284,514 | |||
Helmerich & Payne | 3,515 | a | 240,321 | ||
Hess | 3,350 | 172,324 | |||
Kinder Morgan | 13,340 | 284,275 | |||
Marathon Oil | 15,500 | 248,000 | |||
Marathon Petroleum | 3,221 | 159,762 | |||
Murphy Oil | 5,355 | a | 151,493 | ||
Nabors Industries | 117,120 | 1,714,637 | |||
National Oilwell Varco | 1,800 | 72,756 | |||
Newfield Exploration | 3,080 | b | 112,297 | ||
Occidental Petroleum | 3,194 | 209,367 | |||
ONEOK | 1,650 | a | 89,182 | ||
Phillips 66 | 3,963 | 309,867 | |||
Pioneer Natural Resources | 1,008 | 187,458 | |||
Range Resources | 1,780 | 49,164 | |||
Schlumberger | 11,237 | 903,005 | |||
Southwestern Energy | 4,055 | b | 30,453 | ||
TechnipFMC | 880 | b | 28,442 | ||
Tesoro | 22,580 | 1,923,590 | |||
Transocean | 11,080 | b | 153,126 | ||
Valero Energy | 41,933 | 2,849,347 | |||
Williams Cos. | 3,524 | 99,870 | |||
15,860,930 | |||||
Food & Staples Retailing - 1.5% | |||||
Costco Wholesale | 17,380 | 3,079,388 | |||
CVS Health | 7,141 | 575,422 | |||
Kroger | 13,152 | 418,234 | |||
Sysco | 1,650 | 86,988 | |||
Walgreens Boots Alliance | 7,587 | 655,365 | |||
Wal-Mart Stores | 6,227 | 441,681 | |||
5,257,078 | |||||
Food, Beverage & Tobacco - 3.4% | |||||
Altria Group | 15,089 | 1,130,468 | |||
Archer-Daniels-Midland | 4,910 | 230,623 | |||
Coca-Cola | 19,335 | 811,297 | |||
Constellation Brands, Cl. A | 14,059 | 2,232,710 | |||
General Mills | 5,075 | 306,378 | |||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund (continued) | |||||
Common Stocks - 64.4% (continued) | Shares | Value ($) | |||
Food, Beverage & Tobacco - 3.4% (continued) | |||||
Hershey | 281 | 30,446 | |||
Kraft Heinz | 4,451 | 407,311 | |||
McCormick & Co. | 2,837 | 279,218 | |||
Mead Johnson Nutrition | 92 | 8,077 | |||
Molson Coors Brewing, Cl. B | 4,105 | 412,101 | |||
Mondelez International, Cl. A | 16,565 | 727,535 | |||
Monster Beverage | 2,265 | b | 93,862 | ||
PepsiCo | 11,311 | 1,248,508 | |||
Philip Morris International | 28,048 | 3,067,049 | |||
Reynolds American | 6,818 | 419,784 | |||
Tyson Foods, Cl. A | 1,390 | 86,958 | |||
11,492,325 | |||||
Health Care Equipment & Services - 4.2% | |||||
Abbott Laboratories | 64,683 | 2,915,910 | |||
Aetna | 3,693 | 475,511 | |||
AmerisourceBergen | 2,378 | 217,611 | |||
Anthem | 2,774 | 457,211 | |||
Baxter International | 1,555 | 79,181 | |||
Becton Dickinson & Co. | 3,270 | 598,573 | |||
Boston Scientific | 21,064 | b | 517,121 | ||
C.R. Bard | 3,239 | 794,332 | |||
Cardinal Health | 1,135 | 92,355 | |||
Cerner | 5,370 | b | 295,565 | ||
Cigna | 2,998 | 446,402 | |||
Danaher | 4,112 | 351,782 | |||
Edwards Lifesciences | 1,870 | b | 175,855 | ||
Express Scripts Holding | 4,448 | b | 314,251 | ||
Henry Schein | 1,570 | b | 269,349 | ||
Humana | 1,673 | 353,421 | |||
Intuitive Surgical | 882 | b | 650,034 | ||
McKesson | 1,422 | 213,485 | |||
Medtronic | 8,775 | 709,985 | |||
ResMed | 3,687 | a | 265,575 | ||
Stryker | 3,586 | 461,016 | |||
UnitedHealth Group | 20,530 | 3,395,251 | |||
Varex Imaging | 1,277 | a | 44,465 | ||
Varian Medical Systems | 3,199 | a,b | 268,364 | ||
14,362,605 | |||||
Household & Personal Products - 1.0% | |||||
Clorox | 2,630 | 359,810 | |||
Colgate-Palmolive | 11,318 | 825,988 | |||
Coty , Cl. A | 370 | 6,949 | |||
Estee Lauder, Cl. A | 6,375 | 528,169 | |||
Kimberly-Clark | 1,345 | 178,280 | |||
Procter & Gamble | 14,841 | 1,351,570 | |||
3,250,766 | |||||
Insurance - 1.8% | |||||
Aflac | 250 | 18,088 |
26
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund (continued) | |||||
Common Stocks - 64.4% (continued) | Shares | Value ($) | |||
Insurance - 1.8% (continued) | |||||
Allstate | 4,925 | 404,638 | |||
American International Group | 8,685 | 555,145 | |||
Aon | 4,666 | 539,623 | |||
Chubb | 1,151 | 159,034 | |||
Cincinnati Financial | 1,410 | 102,874 | |||
Hartford Financial Services Group | 53,570 | 2,619,037 | |||
Lincoln National | 2,076 | 145,652 | |||
Marsh & McLennan Cos. | 5,996 | 440,586 | |||
MetLife | 6,757 | 354,337 | |||
Prudential Financial | 1,076 | 118,941 | |||
Travelers | 4,531 | 553,869 | |||
6,011,824 | |||||
Materials - 2.2% | |||||
Air Products & Chemicals | 3,487 | 489,819 | |||
CF Industries Holdings | 2,530 | 79,493 | |||
Dow Chemical | 43,936 | 2,735,455 | |||
E.I. du Pont de Nemours & Co. | 7,741 | 607,978 | |||
Ecolab | 2,670 | 331,000 | |||
FMC | 5,260 | 303,081 | |||
Freeport-McMoRan | 25,405 | a,b | 340,427 | ||
International Flavors & Fragrances | 2,070 | 260,199 | |||
International Paper | 2,004 | 105,611 | |||
LyondellBasell Industries, Cl. A | 3,186 | 290,691 | |||
Monsanto | 6,082 | 692,314 | |||
Mosaic | 655 | a | 20,429 | ||
Newmont Mining | 4,165 | 142,610 | |||
Nucor | 1,060 | 66,324 | |||
PPG Industries | 3,746 | 383,703 | |||
Praxair | 3,117 | 370,019 | |||
Sherwin-Williams | 186 | 57,388 | |||
Vulcan Materials | 2,949 | 355,679 | |||
7,632,220 | |||||
Media - 2.5% | |||||
CBS, Cl. B | 1,149 | 75,742 | |||
Charter Communications, Cl. A | 607 | b | 196,097 | ||
Comcast, Cl. A | 85,557 | 3,201,543 | |||
Discovery Communications, Cl. A | 1,070 | a,b | 30,773 | ||
Omnicom Group | 820 | 69,782 | |||
Time Warner | 30,067 | 2,952,880 | |||
Twenty-First Century Fox, Cl. A | 4,796 | 143,496 | |||
Viacom, Cl. B | 190 | 8,256 | |||
Walt Disney | 16,855 | 1,855,567 | |||
8,534,136 | |||||
Pharmaceuticals, Biotechnology & Life Sciences - 5.0% | |||||
AbbVie | 8,413 | 520,260 | |||
Agilent Technologies | 38,920 | 1,996,596 | |||
Alexion Pharmaceuticals | 1,150 | b | 150,937 | ||
Allergan | 11,898 | 2,912,868 | |||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund (continued) | |||||
Common Stocks - 64.4% (continued) | Shares | Value ($) | |||
Pharmaceuticals, Biotechnology & Life Sciences - 5.0% (continued) | |||||
Amgen | 5,181 | 914,602 | |||
Biogen | 2,391 | b | 690,043 | ||
Bioverativ | 425 | 22,134 | |||
Bristol-Myers Squibb | 12,402 | 703,317 | |||
Celgene | 10,469 | b | 1,293,026 | ||
Eli Lilly & Co. | 9,386 | 777,255 | |||
Gilead Sciences | 14,426 | 1,016,744 | |||
Johnson & Johnson | 20,701 | 2,529,869 | |||
Mallinckrodt | 608 | b | 31,871 | ||
Merck & Co. | 15,701 | 1,034,225 | |||
Mettler-Toledo International | 610 | b | 290,494 | ||
Mylan | 1,430 | b | 59,846 | ||
Perrigo | 529 | 39,553 | |||
Pfizer | 40,278 | 1,374,285 | |||
Regeneron Pharmaceuticals | 252 | b | 94,122 | ||
Thermo Fisher Scientific | 4,740 | 747,403 | |||
17,199,450 | |||||
Real Estate - 1.0% | |||||
American Tower | 2,360 | c | 270,904 | ||
AvalonBay Communities | 2,636 | a,c | 484,444 | ||
Crown Castle International | 2,870 | c | 268,431 | ||
Equinix | 373 | c | 140,274 | ||
Equity Residential | 5,022 | c | 316,738 | ||
Extra Space Storage | 1,205 | c | 95,424 | ||
GGP | 10,575 | 262,894 | |||
Iron Mountain | 7,405 | c | 269,172 | ||
Kimco Realty | 12,020 | c | 291,485 | ||
Macerich | 1,470 | c | 99,049 | ||
Simon Property Group | 1,672 | c | 308,317 | ||
SL Green Realty | 2,005 | c | 225,923 | ||
Ventas | 3,150 | c | 204,907 | ||
Weyerhaeuser | 8,085 | c | 272,626 | ||
3,510,588 | |||||
Retailing - 3.2% | |||||
Amazon.com | 5,481 | b | 4,631,664 | ||
Dollar Tree | 3,454 | b | 264,853 | ||
eBay | 2,742 | b | 92,954 | ||
Genuine Parts | 414 | 39,624 | |||
Home Depot | 10,447 | 1,513,875 | |||
L Brands | 2,529 | a | 133,076 | ||
Lowe's | 9,832 | 731,206 | |||
Macy's | 429 | 14,251 | |||
Netflix | 3,234 | b | 459,648 | ||
Nordstrom | 3,805 | a | 177,541 | ||
O'Reilly Automotive | 1,466 | b | 398,327 | ||
Priceline Group | 435 | b | 749,997 | ||
Ross Stores | 2,388 | 163,769 | |||
Target | 1,370 | 80,515 |
27
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund (continued) | |||||
Common Stocks - 64.4% (continued) | Shares | Value ($) | |||
Retailing - 3.2% (continued) | |||||
The TJX Companies | 15,087 | 1,183,575 | |||
Tractor Supply | 4,646 | 329,448 | |||
10,964,323 | |||||
Semiconductors & Semiconductor Equipment - 3.9% | |||||
Analog Devices | 1,503 | a | 123,141 | ||
Applied Materials | 5,935 | 214,966 | |||
Broadcom | 17,909 | 3,777,545 | |||
Intel | 34,362 | 1,243,904 | |||
Lam Research | 3,960 | 469,418 | |||
Micron Technology | 135,470 | b | 3,175,417 | ||
NVIDIA | 29,180 | 2,961,186 | |||
QUALCOMM | 6,407 | 361,867 | |||
Texas Instruments | 11,039 | 845,808 | |||
Xilinx | 1,834 | 107,876 | |||
13,281,128 | |||||
Software & Services - 9.1% | |||||
Accenture, Cl. A | 5,045 | 618,012 | |||
Adobe Systems | 30,687 | b | 3,631,500 | ||
Alphabet, Cl. A | 5,701 | b | 4,816,946 | ||
Alphabet, Cl. C | 2,332 | b | 1,919,726 | ||
Autodesk | 1,980 | b | 170,874 | ||
Automatic Data Processing | 9,112 | 935,073 | |||
Cognizant Technology Solutions, Cl. A | 9,347 | b | 553,997 | ||
Electronic Arts | 30,850 | b | 2,668,525 | ||
Facebook, Cl. A | 15,070 | b | 2,042,588 | ||
Fiserv | 4,392 | b | 506,837 | ||
International Business Machines | 4,269 | 767,652 | |||
Intuit | 929 | 116,534 | |||
Jack Henry & Associates | 4,005 | 375,549 | |||
Mastercard, Cl. A | 13,773 | 1,521,366 | |||
Microsoft | 63,078 | 4,035,730 | |||
Oracle | 21,040 | 896,094 | |||
Paychex | 12,004 | 737,286 | |||
PayPal Holdings | 2,742 | b | 115,164 | ||
salesforce.com | 7,734 | b | 629,161 | ||
Visa, Cl. A | 39,840 | 3,503,530 | |||
Western Union | 4,157 | a | 81,643 | ||
Yahoo! | 11,407 | b | 520,844 | ||
31,164,631 | |||||
Technology Hardware & Equipment - 2.7% | |||||
Amphenol, Cl. A | 11,724 | 811,418 | |||
Apple | 36,846 | 5,047,534 | |||
Cisco Systems | 46,012 | 1,572,690 | |||
Corning | 14,950 | 412,769 | |||
Hewlett Packard Enterprise | 20,128 | 459,321 | |||
HP | 20,128 | 349,623 | |||
IPG Photonics | 3,890 | b | 460,187 | ||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund (continued) | |||||
Common Stocks - 64.4% (continued) | Shares | Value ($) | |||
Technology Hardware & Equipment - 2.7% (continued) | |||||
Motorola Solutions | 768 | 60,649 | |||
Seagate Technology | 1,020 | 49,154 | |||
Western Digital | 1,496 | 115,012 | |||
9,338,357 | |||||
Telecommunication Services - 1.0% | |||||
AT&T | 34,418 | 1,438,328 | |||
CenturyLink | 13,250 | a | 321,445 | ||
Frontier Communications | 36,960 | a | 108,293 | ||
TE Connectivity | 3,320 | 247,240 | |||
Verizon Communications | 23,195 | 1,151,168 | |||
3,266,474 | |||||
Transportation - 1.0% | |||||
American Airlines Group | 545 | 25,266 | |||
CSX | 7,713 | 374,543 | |||
Delta Air Lines | 3,995 | 199,470 | |||
Expeditors International of Washington | 6,590 | 371,544 | |||
FedEx | 2,533 | 488,818 | |||
Kansas City Southern | 325 | 28,805 | |||
Norfolk Southern | 757 | 91,620 | |||
Ryder System | 1,780 | 135,547 | |||
Southwest Airlines | 10,010 | 578,578 | |||
Union Pacific | 6,826 | 736,798 | |||
United Parcel Service, Cl. B | 2,638 | 278,995 | |||
3,309,984 | |||||
Utilities - 1.3% | |||||
AES | 11,440 | 131,789 | |||
American Electric Power | 2,915 | 195,218 | |||
CenterPoint Energy | 5,755 | 157,227 | |||
CMS Energy | 8,781 | 390,930 | |||
Dominion Resources | 4,028 | 312,734 | |||
DTE Energy | 660 | 66,911 | |||
Duke Energy | 1,647 | 135,960 | |||
Eversource Energy | 7,290 | 427,631 | |||
Exelon | 5,575 | 204,658 | |||
First Solar | 2,335 | a,b | 84,504 | ||
NextEra Energy | 5,730 | 750,630 | |||
NiSource | 10,190 | 243,643 | |||
NRG Energy | 7,975 | 132,066 | |||
Pinnacle West Capital | 1,425 | 117,121 | |||
SCANA | 1,330 | 92,235 | |||
Sempra Energy | 4,585 | 505,680 | |||
Southern | 1,073 | 54,530 | |||
Xcel Energy | 10,635 | 464,856 | |||
4,468,323 | |||||
Total Common Stocks (cost $124,577,116) | 220,107,608 |
28
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund (continued) | |||||
Other Investment - 35.6% | Shares | Value ($) | |||
Registered Investment Companies; | |||||
BNY Mellon Income Stock Fund, Cl. M | 3,270,877 | d | 30,582,699 | ||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 3,698,388 | e | 3,698,388 | ||
Dreyfus Research Growth Fund, Cl. Y | 2,528,959 | d | 36,796,346 | ||
Dreyfus Strategic Value Fund, Cl. Y | 1,245,531 | d | 50,618,397 | ||
Total Other Investment (cost $107,810,609) | 121,695,830 | ||||
Investment of Cash Collateral for Securities Loaned - .4% | |||||
Registered Investment Company; | |||||
Dreyfus Institutional Preferred Money Market Fund, Hamilton Shares | 1,329,752 | e | 1,329,752 | ||
Total Investments (cost $233,717,477) | 100.4% | 343,133,190 | |||
Liabilities, Less Cash and Receivables | (.4%) | (1,319,288) | |||
Net Assets | 100.0% | 341,813,902 |
aSecurity, or portion thereof, on loan. At February 28, 2017, the value of the fund’s securities on loan was $3,422,247 and the value of the collateral held by the fund was $3,618,001, consisting of cash collateral of $1,329,752 and U.S. Government & Agency securities valued at $2,288,249.
bNon-income producing security.
cInvestment in real estate investment trust.
dInvestment in affiliated mutual fund.
eInvestment in affiliated money market mutual fund.
Portfolio Summary (Unaudited) † | Value (%) |
Mutual Funds: Domestic | 34.5 |
Software & Services | 9.1 |
Capital Goods | 5.7 |
Pharmaceuticals, Biotechnology & Life Sciences | 5.0 |
Energy | 4.6 |
Health Care Equipment & Services | 4.2 |
Semiconductors & Semiconductor Equipment | 3.9 |
Banks | 3.6 |
Diversified Financials | 3.4 |
Food, Beverage & Tobacco | 3.4 |
Retailing | 3.2 |
Technology Hardware & Equipment | 2.7 |
Media | 2.5 |
Materials | 2.2 |
Insurance | 1.8 |
Food & Staples Retailing | 1.5 |
Money Market Investments | 1.5 |
Consumer Services | 1.3 |
Utilities | 1.3 |
Real Estate | 1.0 |
Transportation | 1.0 |
Telecommunication Services | 1.0 |
Household & Personal Products | 1.0 |
Consumer Durables & Apparel | .6 |
Commercial & Professional Services | .2 |
Automobiles & Components | .2 |
100.4 |
† Based on net assets.
See notes to financial statements.
29
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Income Stock Fund | |||||
Common Stocks - 95.3% | Shares | Value ($) | |||
Banks - 16.9% | |||||
Bank of America | 1,472,578 | 36,343,225 | |||
BB&T | 630,054 | 30,381,204 | |||
JPMorgan Chase & Co. | 660,627 | 59,866,019 | |||
PNC Financial Services Group | 100,793 | 12,823,893 | |||
SunTrust Banks | 249,596 | 14,848,466 | |||
U.S. Bancorp | 1,026,763 | 56,471,965 | |||
210,734,772 | |||||
Capital Goods - 5.7% | |||||
Honeywell International | 137,445 | 17,111,903 | |||
Raytheon | 190,168 | 29,314,397 | |||
United Technologies | 218,815 | 24,627,628 | |||
71,053,928 | |||||
Diversified Financials - 3.3% | |||||
Ameriprise Financial | 166,981 | 21,958,002 | |||
Goldman Sachs Group | 77,693 | 19,272,526 | |||
41,230,528 | |||||
Energy - 8.2% | |||||
Occidental Petroleum | 664,838 | 43,580,131 | |||
Phillips 66 | 267,092 | 20,883,923 | |||
Schlumberger | 180,770 | 14,526,677 | |||
Valero Energy | 351,101 | 23,857,313 | |||
102,848,044 | |||||
Food, Beverage & Tobacco - 9.5% | |||||
Coca-Cola | 844,392 | 35,430,688 | |||
Conagra Brands | 301,372 | 12,419,540 | |||
Kellogg | 524,783 | 38,870,677 | |||
Kraft Heinz | 146,875 | 13,440,531 | |||
Molson Coors Brewing, Cl. B | 184,506 | 18,522,557 | |||
118,683,993 | |||||
Health Care Equipment & Services - 2.0% | |||||
AmerisourceBergen | 139,729 | 12,786,601 | |||
UnitedHealth Group | 73,008 | 12,074,063 | |||
24,860,664 | |||||
Insurance - 5.2% | |||||
Chubb | 176,262 | 24,354,121 | |||
Prudential Financial | 365,869 | 40,443,159 | |||
64,797,280 | |||||
Materials - 3.6% | |||||
Dow Chemical | 330,567 | 20,581,101 | |||
Packaging Corporation of America | 263,089 | 24,317,316 | |||
44,898,417 | |||||
Media - 5.2% | |||||
Omnicom Group | 446,527 | 37,999,448 | |||
Time Warner | 274,920 | 26,999,893 | |||
64,999,341 | |||||
Pharmaceuticals, Biotechnology & Life Sciences - 6.5% | |||||
Bristol-Myers Squibb | 192,927 | 10,940,890 | |||
Eli Lilly & Co. | 157,402 | 13,034,460 | |||
Merck & Co. | 671,392 | 44,224,591 | |||
BNY Mellon Income Stock Fund (continued) | |||||
Common Stocks - 95.3% (continued) | Shares | Value ($) | |||
Pharmaceuticals, Biotechnology & Life Sciences - 6.5% (continued) | |||||
Pfizer | 372,571 | 12,712,123 | |||
80,912,064 | |||||
Real Estate - 5.7% | |||||
Lamar Advertising, Cl. A | 482,437 | a,b | 36,414,345 | ||
Uniti Group | 1,192,764 | 34,554,373 | |||
70,968,718 | |||||
Retailing - 1.2% | |||||
Staples | 1,665,357 | 14,971,559 | |||
Semiconductors & Semiconductor Equipment - 3.3% | |||||
Microchip Technology | 180,651 | b | 13,100,811 | ||
Texas Instruments | 361,688 | 27,712,535 | |||
40,813,346 | |||||
Technology Hardware & Equipment - 7.2% | |||||
Apple | 246,008 | 33,700,636 | |||
Cisco Systems | 1,007,221 | 34,426,814 | |||
Corning | 778,205 | 21,486,240 | |||
89,613,690 | |||||
Telecommunication Services - 6.3% | |||||
AT&T | 1,302,217 | 54,419,648 | |||
Vodafone Group, ADR | 944,711 | b | 24,005,107 | ||
78,424,755 | |||||
Utilities - 5.5% | |||||
FirstEnergy | 496,612 | 16,105,127 | |||
NextEra Energy Partners LP | 958,944 | b | 29,516,296 | ||
NRG Yield, Cl. C | 1,299,586 | b | 22,612,796 | ||
68,234,219 | |||||
Total Common Stocks (cost $948,746,622) | 1,188,045,318 | ||||
Preferred Stocks - .8% | |||||
Energy - .8% | |||||
Hess | 154,619 | 9,611,117 | |||
Options Purchased - .1% | Number of Contracts | Value ($) | |||
Put Options - .1% | |||||
S&P 500 Index | 530 | 1,102,400 | |||
Other Investment - 6.1% | Shares | Value ($) | |||
Registered Investment Company; | |||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 76,931,324 | c | 76,931,324 |
30
BNY Mellon Income Stock Fund (continued) | |||||
Investment of Cash Collateral for Securities Loaned - 2.5% | Shares | Value ($) | |||
Registered Investment Company; | |||||
Dreyfus Institutional Preferred Money Market Fund, Hamilton Shares | 31,736,573 | c | 31,736,573 | ||
Total Investments (cost $1,070,721,955) | 104.8% | 1,307,426,732 | |||
Liabilities, Less Cash and Receivables | (4.8%) | (60,438,722) | |||
Net Assets | 100.0% | 1,246,988,010 |
ADR—American Depository Receipt
LP—Limited Partnership
aInvestment in real estate investment trust.
bSecurity, or portion thereof, on loan. At February 28, 2017, the value of the fund’s securities on loan was $63,666,273 and the value of the collateral held by the fund was $65,201,780, consisting of cash collateral of $31,736,573 and U.S. Government & Agency securities valued at $33,465,207.
cInvestment in affiliated money market mutual fund.
Portfolio Summary (Unaudited) † | Value (%) |
Banks | 16.9 |
Food, Beverage & Tobacco | 9.5 |
Energy | 9.0 |
Money Market Investments | 8.6 |
Technology Hardware & Equipment | 7.2 |
Pharmaceuticals, Biotechnology & Life Sciences | 6.5 |
Telecommunication Services | 6.3 |
Capital Goods | 5.7 |
Real Estate | 5.7 |
Utilities | 5.5 |
Media | 5.2 |
Insurance | 5.2 |
Materials | 3.6 |
Diversified Financials | 3.3 |
Semiconductors & Semiconductor Equipment | 3.3 |
Health Care Equipment & Services | 2.0 |
Retailing | 1.2 |
Option Purchased | .1 |
104.8 |
† Based on net assets.
See notes to financial statements.
31
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Mid Cap Multi-Strategy Fund | |||||
Common Stocks - 97.3% | Shares | Value ($) | |||
Automobiles & Components - .8% | |||||
Adient | 3,137 | 210,587 | |||
BorgWarner | 67,999 | 2,868,878 | |||
Delphi Automotive | 2,800 | 213,164 | |||
Gentex | 84,095 | 1,768,518 | |||
Goodyear Tire & Rubber | 54,820 | 1,921,441 | |||
Harley-Davidson | 28,450 | a | 1,604,011 | ||
Tenneco | 61,082 | 3,928,183 | |||
Thor Industries | 12,105 | 1,341,476 | |||
Visteon | 74,771 | b | 6,929,029 | ||
20,785,287 | |||||
Banks - 4.7% | |||||
BB&T | 64,129 | 3,092,300 | |||
BOK Financial | 10,680 | a | 880,673 | ||
CIT Group | 18,625 | 799,013 | |||
Comerica | 30,315 | 2,160,853 | |||
Cullen/Frost Bankers | 14,850 | 1,373,179 | |||
East West Bancorp | 213,913 | 11,576,972 | |||
Fifth Third Bancorp | 373,382 | 10,245,602 | |||
First Horizon National | 56,965 | 1,135,882 | |||
First Republic Bank | 116,774 | 10,956,904 | |||
Huntington Bancshares | 1,423,574 | 20,129,336 | |||
KeyCorp | 1,080,052 | 20,272,576 | |||
M&T Bank | 18,002 | 3,005,794 | |||
New York Community Bancorp | 84,500 | 1,291,160 | |||
PacWest Bancorp | 21,430 | 1,180,793 | |||
People's United Financial | 56,980 | 1,094,016 | |||
Popular | 24,910 | 1,097,535 | |||
Regions Financial | 259,126 | 3,956,854 | |||
Signature Bank | 46,616 | b | 7,342,486 | ||
SunTrust Banks | 205,674 | 12,235,546 | |||
SVB Financial Group | 52,519 | b | 10,025,352 | ||
TCF Financial | 66,050 | 1,149,270 | |||
Zions Bancorporation | 31,960 | 1,435,004 | |||
126,437,100 | |||||
Capital Goods - 10.0% | |||||
Acuity Brands | 28,049 | 5,926,754 | |||
AECOM | 43,085 | b | 1,566,140 | ||
Air Lease | 25,475 | a | 991,742 | ||
Allegion | 96,984 | 7,040,069 | |||
AMETEK | 293,739 | 15,853,094 | |||
Arconic | 12,503 | 359,961 | |||
B/E Aerospace | 19,255 | 1,224,618 | |||
Beacon Roofing Supply | 48,575 | b | 2,207,248 | ||
BWX Technologies | 140,348 | 6,517,761 | |||
Chicago Bridge & Iron Co. | 17,408 | 584,387 | |||
Cummins | 6,312 | 937,269 | |||
Curtiss-Wright | 28,347 | 2,773,187 | |||
Donaldson | 40,700 | 1,748,065 | |||
Dover | 24,330 | 1,948,833 | |||
Eaton | 42,001 | 3,023,232 | |||
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Common Stocks - 97.3% (continued) | Shares | Value ($) | |||
Capital Goods - 10.0% (continued) | |||||
Fastenal | 109,521 | 5,479,336 | |||
Fluor | 63,683 | 3,527,401 | |||
Fortune Brands Home & Security | 106,235 | 6,143,570 | |||
Graco | 58,056 | a | 5,269,163 | ||
HD Supply Holdings | 385,928 | b | 16,594,904 | ||
Herc Holdings | 3,610 | b | 186,601 | ||
Hubbell | 100,511 | 11,922,615 | |||
Huntington Ingalls Industries | 23,982 | 5,240,067 | |||
IDEX | 76,793 | 7,079,547 | |||
Ingersoll-Rand | 176,922 | 14,040,530 | |||
Johnson Controls International | 31,371 | 1,315,700 | |||
Joy Global | 49,510 | 1,395,687 | |||
L3 Technologies | 14,120 | 2,376,678 | |||
Lincoln Electric Holdings | 13,600 | 1,145,256 | |||
Masco | 230,140 | 7,774,129 | |||
Middleby | 43,673 | b | 6,057,882 | ||
MSC Industrial Direct, Cl. A | 8,510 | 856,021 | |||
Nordson | 87,239 | 10,472,170 | |||
Orbital ATK | 5,270 | 487,053 | |||
Owens Corning | 20,035 | 1,171,847 | |||
PACCAR | 33,300 | 2,224,773 | |||
Parker-Hannifin | 13,345 | 2,066,340 | |||
Pentair | 26,730 | 1,551,944 | |||
Quanta Services | 184,429 | b | 6,882,890 | ||
Rockwell Automation | 12,719 | 1,921,841 | |||
Rockwell Collins | 16,770 | 1,603,044 | |||
Roper Technologies | 36,173 | 7,567,392 | |||
Snap-on | 170,291 | 28,893,274 | |||
Spirit AeroSystems Holdings, Cl. A | 28,830 | 1,776,216 | |||
Stanley Black & Decker | 81,643 | 10,380,907 | |||
Terex | 25,085 | 783,655 | |||
Textron | 323,367 | 15,295,259 | |||
Timken | 104,949 | 4,638,746 | |||
TransDigm Group | 8,180 | a | 2,079,356 | ||
United Rentals | 18,545 | b | 2,374,316 | ||
W.W. Grainger | 337 | 83,563 | |||
WABCO Holdings | 44,211 | b | 4,964,011 | ||
Wabtec | 52,443 | a | 4,201,733 | ||
Watsco | 22,960 | 3,404,279 | |||
WESCO International | 49,618 | b | 3,448,451 | ||
Xylem | 42,795 | 2,059,295 | |||
269,439,802 | |||||
Commercial & Professional Services - 1.9% | |||||
Avery Dennison | 35,652 | 2,877,473 | |||
Cintas | 16,745 | 1,976,077 | |||
Copart | 192,719 | a,b | 11,397,402 | ||
IHS Markit | 52,866 | a,b | 2,104,067 | ||
LSC Communications | 3,043 | 86,482 | |||
ManpowerGroup | 67,724 | 6,571,937 |
32
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Common Stocks - 97.3% (continued) | Shares | Value ($) | |||
Commercial & Professional Services - 1.9% (continued) | |||||
Pitney Bowes | 20,740 | 282,894 | |||
R.R. Donnelley & Sons Co. | 18,125 | 303,956 | |||
Republic Services | 35,910 | 2,224,624 | |||
Robert Half International | 137,602 | 6,637,920 | |||
Stericycle | 7,120 | b | 590,106 | ||
Verisk Analytics | 84,779 | b | 7,029,875 | ||
Waste Connections | 105,035 | 9,179,009 | |||
51,261,822 | |||||
Consumer Durables & Apparel - 2.3% | |||||
Brunswick | 127,848 | 7,656,817 | |||
Carter's | 49,726 | 4,376,385 | |||
Coach | 33,095 | 1,260,589 | |||
D.R. Horton | 12,075 | 386,400 | |||
Garmin | 22,545 | 1,163,547 | |||
Hanesbrands | 51,440 | a | 1,029,314 | ||
Harman International Industries | 5,526 | 616,812 | |||
Hasbro | 29,448 | 2,852,628 | |||
Kate Spade & Company | 30,705 | b | 732,621 | ||
Leggett & Platt | 22,780 | 1,120,320 | |||
Lennar, Cl. A | 28,855 | 1,407,835 | |||
Lululemon Athletica | 12,535 | b | 818,034 | ||
Mattel | 62,110 | 1,598,090 | |||
Michael Kors Holdings | 23,660 | b | 863,590 | ||
Mohawk Industries | 1,835 | b | 415,371 | ||
Newell Brands | 376,044 | 18,437,437 | |||
NVR | 780 | b | 1,509,277 | ||
Polaris Industries | 12,611 | a | 1,074,583 | ||
PulteGroup | 117,944 | 2,600,665 | |||
PVH | 71,392 | 6,539,507 | |||
Ralph Lauren | 7,860 | 623,534 | |||
Skechers USA, Cl. A | 19,438 | b | 498,973 | ||
Toll Brothers | 45,290 | 1,546,201 | |||
TopBuild | 6,003 | b | 252,006 | ||
Tupperware Brands | 9,295 | a | 561,325 | ||
Under Armour, Cl. A | 24,735 | a,b | 510,036 | ||
Under Armour, Cl. C | 24,910 | b | 462,330 | ||
Whirlpool | 8,340 | 1,489,441 | |||
62,403,668 | |||||
Consumer Services - 1.3% | |||||
Aramark | 54,045 | 1,931,568 | |||
Avis Budget Group | 17,535 | b | 606,360 | ||
Brinker International | 24,650 | a | 1,041,216 | ||
Chipotle Mexican Grill | 3,282 | a,b | 1,374,305 | ||
Darden Restaurants | 22,040 | 1,645,947 | |||
Dunkin' Brands Group | 15,355 | 844,679 | |||
Hilton Grand Vacations | 5,911 | 176,975 | |||
Hilton Worldwide Holdings | 19,703 | 1,127,012 | |||
Hyatt Hotels, Cl. A | 9,770 | b | 501,592 | ||
ILG | 8,080 | 152,550 | |||
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Common Stocks - 97.3% (continued) | Shares | Value ($) | |||
Consumer Services - 1.3% (continued) | |||||
Marriott International, Cl. A | 27,570 | 2,398,314 | |||
MGM Resorts International | 60,420 | 1,588,442 | |||
Norwegian Cruise Line Holdings | 4,310 | b | 218,517 | ||
Panera Bread, Cl. A | 65,359 | a,b | 15,084,857 | ||
Royal Caribbean Cruises | 10,310 | 990,791 | |||
Service Corporation International | 52,230 | 1,605,028 | |||
Wyndham Worldwide | 22,890 | 1,905,364 | |||
Wynn Resorts | 11,505 | 1,106,206 | |||
34,299,723 | |||||
Diversified Financials - 9.3% | |||||
Affiliated Managers Group | 35,996 | 6,044,808 | |||
AGNC Investment | 36,395 | 714,434 | |||
Ally Financial | 72,480 | 1,630,075 | |||
Ameriprise Financial | 22,290 | 2,931,135 | |||
Capital One Financial | 155,117 | 14,559,282 | |||
CBOE Holdings | 73,647 | 5,748,148 | |||
Discover Financial Services | 110,564 | 7,865,523 | |||
Donnelley Financial Solutions | 3,593 | 83,034 | |||
Dun & Bradstreet | 11,198 | 1,181,837 | |||
E*TRADE Financial | 721,032 | b | 24,882,814 | ||
Equifax | 17,235 | 2,259,681 | |||
H&R Block | 30,380 | 624,613 | |||
Intercontinental Exchange | 355,515 | 20,310,572 | |||
Invesco | 156,688 | 5,043,787 | |||
Legg Mason | 37,895 | 1,429,399 | |||
Leucadia National | 878,572 | 23,387,587 | |||
LPL Financial Holdings | 24,345 | 962,601 | |||
MFA Financial | 141,715 | c | 1,136,554 | ||
Moody's | 37,294 | 4,153,433 | |||
Nasdaq | 23,680 | 1,683,885 | |||
Navient | 326,121 | 5,025,525 | |||
Northern Trust | 19,900 | 1,738,265 | |||
Principal Financial Group | 32,030 | 2,003,156 | |||
Raymond James Financial | 382,789 | 30,071,904 | |||
SEI Investments | 74,047 | 3,728,266 | |||
SLM | 2,511,636 | b | 30,114,516 | ||
Starwood Property Trust | 22,000 | c | 502,920 | ||
State Street | 72,556 | 5,783,439 | |||
Synchrony Financial | 784,199 | 28,419,372 | |||
T. Rowe Price Group | 17,895 | 1,274,303 | |||
TD Ameritrade Holding | 347,265 | 13,578,061 | |||
Two Harbors Investment | 105,420 | 980,406 | |||
249,853,335 | |||||
Energy - 4.5% | |||||
Antero Resources | 28,850 | b | 691,823 | ||
Baker Hughes | 36,115 | 2,177,012 | |||
Cabot Oil & Gas | 44,080 | 965,352 | |||
Cheniere Energy | 141,433 | b | 6,795,856 | ||
Cimarex Energy | 33,906 | 4,262,662 | |||
Concho Resources | 17,823 | b | 2,360,656 |
33
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Common Stocks - 97.3% (continued) | Shares | Value ($) | |||
Energy - 4.5% (continued) | |||||
CONSOL Energy | 35,000 | a,b | 544,950 | ||
Devon Energy | 54,785 | 2,375,478 | |||
Diamond Offshore Drilling | 27,155 | a,b | 457,290 | ||
Diamondback Energy | 131,899 | b | 13,303,333 | ||
Energen | 144,970 | b | 7,610,925 | ||
Ensco, Cl. A | 67,145 | a | 653,992 | ||
EQT | 69,977 | a | 4,190,923 | ||
Gulfport Energy | 104,948 | b | 1,819,798 | ||
Helmerich & Payne | 25,640 | a | 1,753,007 | ||
Hess | 27,500 | 1,414,600 | |||
HollyFrontier | 30,210 | a | 884,549 | ||
Marathon Oil | 368,287 | 5,892,592 | |||
Marathon Petroleum | 149,239 | 7,402,254 | |||
Murphy Oil | 26,480 | a | 749,119 | ||
Nabors Industries | 58,285 | 853,292 | |||
National Oilwell Varco | 16,920 | 683,906 | |||
Newfield Exploration | 147,737 | b | 5,386,491 | ||
Noble | 57,045 | a | 381,061 | ||
Noble Energy | 38,200 | 1,390,862 | |||
Oceaneering International | 17,860 | 505,795 | |||
ONEOK | 24,750 | 1,337,737 | |||
Parsley Energy, Cl. A | 180,100 | b | 5,473,239 | ||
PDC Energy | 93,187 | b | 6,298,509 | ||
QEP Resources | 203,743 | b | 2,803,504 | ||
Range Resources | 30,220 | 834,676 | |||
Rice Energy | 58,522 | b | 1,091,435 | ||
Rowan Cos., Cl. A | 27,375 | b | 496,035 | ||
RSP Permian | 101,026 | b | 3,989,517 | ||
Southwestern Energy | 56,105 | b | 421,349 | ||
Superior Energy Services | 344,949 | b | 5,691,658 | ||
Targa Resources | 22,765 | a | 1,286,223 | ||
TechnipFMC | 269,126 | b | 8,698,152 | ||
Tesoro | 36,247 | 3,087,882 | |||
Transocean | 61,045 | a,b | 843,642 | ||
Weatherford International | 142,170 | a,b | 804,682 | ||
World Fuel Services | 13,365 | 483,412 | |||
WPX Energy | 100,855 | b | 1,301,030 | ||
120,450,260 | |||||
Exchange-Traded Funds - 1.7% | |||||
iShares Russell Mid-Cap Growth ETF | 86,333 | a | 8,932,012 | ||
SPDR S&P MidCap 400 ETF Trust | 114,047 | a | 35,886,029 | ||
44,818,041 | |||||
Food & Staples Retailing - .2% | |||||
Rite Aid | 144,300 | b | 865,800 | ||
Sprouts Farmers Market | 19,590 | a,b | 361,631 | ||
Sysco | 6,140 | 323,701 | |||
US Foods Holding | 142,989 | 3,939,347 | |||
5,490,479 | |||||
Food, Beverage & Tobacco - 2.5% | |||||
Archer-Daniels-Midland | 367,336 | 17,253,772 | |||
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Common Stocks - 97.3% (continued) | Shares | Value ($) | |||
Food, Beverage & Tobacco - 2.5% (continued) | |||||
Brown-Forman, Cl. B | 17,330 | 845,011 | |||
Bunge | 7,155 | 585,637 | |||
Campbell Soup | 18,170 | 1,078,390 | |||
Coca-Cola European Partners | 110,470 | 3,832,204 | |||
Conagra Brands | 51,890 | 2,138,387 | |||
Constellation Brands, Cl. A | 7,293 | 1,158,201 | |||
Dr. Pepper Snapple Group | 11,415 | 1,066,618 | |||
Hain Celestial Group | 12,805 | b | 453,041 | ||
Hershey | 12,140 | 1,315,369 | |||
Ingredion | 18,750 | 2,266,687 | |||
J.M. Smucker | 42,635 | 6,042,659 | |||
Kellogg | 11,905 | 881,803 | |||
Lamb Weston Holdings | 17,296 | 677,830 | |||
McCormick & Co. | 19,335 | 1,902,951 | |||
Mead Johnson Nutrition | 18,745 | 1,645,624 | |||
Molson Coors Brewing, Cl. B | 120,295 | 12,076,415 | |||
Monster Beverage | 17,622 | b | 730,256 | ||
Pilgrim's Pride | 25,115 | a | 511,844 | ||
Pinnacle Foods | 11,375 | 649,854 | |||
TreeHouse Foods | 73,779 | a,b | 6,277,117 | ||
Tyson Foods, Cl. A | 38,890 | 2,432,958 | |||
WhiteWave Foods | 34,680 | b | 1,910,174 | ||
67,732,802 | |||||
Health Care Equipment & Services - 8.0% | |||||
Abbott Laboratories | 30,756 | 1,386,480 | |||
ABIOMED | 70,239 | b | 8,286,095 | ||
Acadia Healthcare | 9,860 | a,b | 440,939 | ||
Alere | 14,850 | b | 568,755 | ||
Align Technology | 120,285 | b | 12,360,487 | ||
Allscripts Healthcare Solutions | 40,940 | b | 498,649 | ||
AmerisourceBergen | 28,230 | 2,583,327 | |||
athenahealth | 42,452 | a,b | 5,006,364 | ||
Becton Dickinson & Co. | 24,663 | 4,514,562 | |||
Boston Scientific | 1,047,400 | b | 25,713,670 | ||
Brookdale Senior Living | 361,657 | b | 5,207,861 | ||
C.R. Bard | 30,875 | 7,571,785 | |||
Cardinal Health | 34,780 | 2,830,049 | |||
Centene | 147,793 | b | 10,419,406 | ||
Cerner | 123,393 | b | 6,791,551 | ||
Cooper | 32,989 | 6,569,429 | |||
DaVita | 75,422 | b | 5,235,041 | ||
DENTSPLY SIRONA | 244,098 | 15,505,105 | |||
DexCom | 220,365 | a,b | 17,223,728 | ||
Edwards Lifesciences | 21,490 | b | 2,020,920 | ||
Envision Healthcare | 8,911 | b | 623,770 | ||
Henry Schein | 33,196 | b | 5,695,106 | ||
Hill-Rom Holdings | 12,660 | 841,257 | |||
Hologic | 23,175 | b | 940,442 | ||
Humana | 52,909 | 11,177,026 |
34
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Common Stocks - 97.3% (continued) | Shares | Value ($) | |||
Health Care Equipment & Services - 8.0% (continued) | |||||
IDEXX Laboratories | 34,763 | b | 5,038,549 | ||
Intuitive Surgical | 3,543 | b | 2,611,191 | ||
Laboratory Corporation of America Holdings | 120,711 | b | 17,172,347 | ||
Medidata Solutions | 44,852 | b | 2,508,124 | ||
Quest Diagnostics | 25,140 | 2,449,642 | |||
ResMed | 22,965 | a | 1,654,169 | ||
STERIS | 63,715 | a | 4,468,333 | ||
Tenet Healthcare | 13,327 | a,b | 257,211 | ||
Universal Health Services, Cl. B | 31,841 | 3,999,230 | |||
Varex Imaging | 8,468 | 294,856 | |||
Varian Medical Systems | 63,044 | a,b | 5,288,761 | ||
VCA | 57,361 | b | 5,214,115 | ||
Veeva Systems, Cl. A | 10,500 | b | 458,745 | ||
Zimmer Biomet Holdings | 46,036 | 5,389,895 | |||
216,816,972 | |||||
Household & Personal Products - .4% | |||||
Church & Dwight | 165,861 | 8,266,512 | |||
Clorox | 9,230 | 1,262,756 | |||
Edgewell Personal Care | 11,720 | b | 865,405 | ||
Energizer Holdings | 12,239 | 671,432 | |||
Herbalife | 8,435 | a,b | 476,493 | ||
Nu Skin Enterprises, Cl. A | 13,635 | 675,478 | |||
12,218,076 | |||||
Insurance - 3.8% | |||||
Alleghany | 13,936 | b | 8,999,869 | ||
Allstate | 72,870 | 5,986,999 | |||
Aon | 77,994 | 9,020,006 | |||
Assurant | 128,360 | 12,707,640 | |||
Assured Guaranty | 22,780 | 936,486 | |||
Cincinnati Financial | 30,550 | 2,228,928 | |||
Everest Re Group | 8,640 | 2,031,610 | |||
FNF Group | 48,465 | 1,857,663 | |||
Hartford Financial Services Group | 53,110 | 2,596,548 | |||
Lincoln National | 36,155 | 2,536,635 | |||
Loews | 135,374 | 6,359,871 | |||
Markel | 1,331 | b | 1,304,021 | ||
Marsh & McLennan Cos. | 68,533 | 5,035,805 | |||
Old Republic International | 65,890 | 1,364,582 | |||
Progressive | 61,690 | 2,417,014 | |||
Reinsurance Group of America | 73,788 | 9,596,867 | |||
Torchmark | 43,953 | 3,407,676 | |||
Unum Group | 262,766 | 12,830,864 | |||
Validus Holdings | 19,190 | 1,106,495 | |||
W.R. Berkley | 103,974 | 7,384,233 | |||
XL Group | 86,588 | 3,505,948 | |||
103,215,760 | |||||
Materials - 4.8% | |||||
Albemarle | 19,155 | 1,944,424 | |||
Alcoa | 4,167 | 144,137 | |||
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Common Stocks - 97.3% (continued) | Shares | Value ($) | |||
Materials - 4.8% (continued) | |||||
Ashland Global Holdings | 9,860 | 1,189,708 | |||
Ball | 7,200 | 529,416 | |||
Bemis | 25,965 | 1,287,085 | |||
Berry Plastics Group | 106,715 | b | 5,370,966 | ||
Celanese, Ser. A | 22,210 | 1,980,466 | |||
CF Industries Holdings | 31,120 | 977,790 | |||
Crown Holdings | 94,500 | b | 5,064,255 | ||
Eagle Materials | 118,834 | a | 12,324,274 | ||
Eastman Chemical | 6,350 | 509,588 | |||
FMC | 23,435 | 1,350,325 | |||
Freeport-McMoRan | 151,720 | a,b | 2,033,048 | ||
GCP Applied Technologies | 8,515 | 224,370 | |||
Graphic Packaging Holding | 167,635 | 2,237,927 | |||
Ingevity | 3,558 | 192,025 | |||
International Flavors & Fragrances | 15,023 | 1,888,391 | |||
International Paper | 227,752 | 12,002,530 | |||
Martin Marietta Materials | 8,904 | 1,922,819 | |||
Mosaic | 640,381 | 19,973,483 | |||
Newmont Mining | 290,275 | 9,939,016 | |||
Nucor | 40,615 | 2,541,281 | |||
Packaging Corporation of America | 87,772 | 8,112,766 | |||
Potash Corporation of Saskatchewan | 257,818 | 4,493,768 | |||
PPG Industries | 27,515 | 2,818,361 | |||
Reliance Steel & Aluminum | 16,000 | 1,354,400 | |||
Royal Gold | 11,655 | 769,813 | |||
Sealed Air | 143,215 | 6,656,633 | |||
Sherwin-Williams | 2,924 | 902,171 | |||
Sonoco Products | 25,750 | 1,372,990 | |||
Steel Dynamics | 200,136 | 7,324,978 | |||
Valspar | 17,765 | 1,975,823 | |||
Vulcan Materials | 16,935 | 2,042,530 | |||
W.R. Grace & Co. | 8,520 | 603,557 | |||
WestRock | 107,782 | 5,790,049 | |||
129,845,163 | |||||
Media - 1.7% | |||||
AMC Networks, Cl. A | 13,630 | b | 815,210 | ||
CBS, Cl. B | 130,546 | 8,605,592 | |||
Charter Communications, Cl. A | 1,958 | b | 632,551 | ||
Cinemark Holdings | 29,195 | 1,222,395 | |||
Discovery Communications, Cl. A | 22,600 | a,b | 649,976 | ||
Discovery Communications, Cl. C | 8,480 | b | 238,034 | ||
Gannett | 15,382 | 134,131 | |||
Interpublic Group of Companies | 227,866 | 5,491,571 | |||
John Wiley & Sons, Cl. A | 17,755 | 926,811 | |||
Liberty Broadband, Cl. A | 2,552 | b | 215,032 | ||
Liberty Broadband, Cl. C | 8,505 | b | 730,920 | ||
Liberty Media Corp-Liberty Braves, Cl. A | 1,021 | b | 22,493 | ||
Liberty Media Corp-Liberty Braves, Cl. C | 4,175 | b | 91,808 | ||
Liberty Media Corp-Liberty Formula One, Cl. A | 2,552 | b | 76,841 |
35
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Common Stocks - 97.3% (continued) | Shares | Value ($) | |||
Media - 1.7% (continued) | |||||
Liberty Media Corp-Liberty SiriusXM, Cl. A | 10,210 | b | 401,559 | ||
Liberty Media Corp-Liberty SiriusXM, Cl. C | 41,750 | b | 1,625,327 | ||
Lions Gate Entertainment, Cl. B | 15,128 | b | 377,897 | ||
News Corp., Cl. A | 86,120 | 1,104,058 | |||
Nielsen Holdings | 72,245 | 3,204,788 | |||
Omnicom Group | 69,193 | 5,888,324 | |||
Sinclair Broadcast Group, Cl. A | 272,066 | 10,855,433 | |||
TEGNA | 50,955 | 1,305,977 | |||
Tribune Media, Cl. A | 11,445 | 395,081 | |||
Viacom, Cl. B | 33,980 | 1,476,431 | |||
46,488,240 | |||||
Pharmaceuticals, Biotechnology & Life Sciences - 3.1% | |||||
Agilent Technologies | 38,810 | 1,990,953 | |||
Akorn | 5,155 | b | 107,276 | ||
Alexion Pharmaceuticals | 87,483 | b | 11,482,144 | ||
Alkermes | 184,904 | b | 10,447,076 | ||
Alnylam Pharmaceuticals | 14,163 | a,b | 731,377 | ||
BioMarin Pharmaceutical | 86,936 | b | 8,165,898 | ||
Bio-Techne | 8,410 | 894,151 | |||
Bruker | 65,576 | 1,583,660 | |||
Charles River Laboratories International | 8,750 | b | 760,988 | ||
ICON | 16,853 | b | 1,411,776 | ||
Illumina | 12,719 | b | 2,129,161 | ||
Incyte | 16,004 | b | 2,130,132 | ||
Ionis Pharmaceuticals | 30,335 | a,b | 1,509,773 | ||
Jazz Pharmaceuticals | 175,284 | b | 23,246,164 | ||
Juno Therapeutics | 13,135 | a,b | 315,765 | ||
Mallinckrodt | 10,701 | b | 560,946 | ||
Mettler-Toledo International | 4,135 | b | 1,969,170 | ||
Neurocrine Biosciences | 155,110 | b | 6,849,658 | ||
OPKO Health | 75,325 | a,b | 631,977 | ||
Perrigo | 16,726 | 1,250,603 | |||
Qiagen | 22,842 | b | 650,069 | ||
United Therapeutics | 9,233 | b | 1,363,899 | ||
Waters | 14,140 | b | 2,191,559 | ||
Zoetis | 35,200 | 1,876,512 | |||
84,250,687 | |||||
Real Estate - 4.9% | |||||
American Assets Trust | 52,772 | c | 2,321,968 | ||
American Homes 4 Rent, Cl. A | 79,975 | c | 1,901,006 | ||
Apartment Investment & Management, Cl. A | 28,160 | c | 1,310,285 | ||
Apple Hospitality REIT | 29,665 | c | 582,621 | ||
AvalonBay Communities | 8,627 | c | 1,585,470 | ||
Boston Properties | 81,745 | c | 11,365,007 | ||
Brixmor Property Group | 35,930 | c | 838,606 | ||
Camden Property Trust | 19,430 | c | 1,644,749 | ||
CBRE Group, Cl. A | 63,290 | b,c | 2,254,390 | ||
Colony NorthStar, Cl. A | 73,755 | 1,082,723 | |||
CoreCivic | 19,774 | 666,384 | |||
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Common Stocks - 97.3% (continued) | Shares | Value ($) | |||
Real Estate - 4.9% (continued) | |||||
Crown Castle International | 23,415 | c | 2,190,005 | ||
Digital Realty Trust | 25,055 | a,c | 2,705,940 | ||
Douglas Emmett | 95,383 | c | 3,847,750 | ||
Equinix | 22,376 | c | 8,414,942 | ||
Equity Commonwealth | 50,205 | b,c | 1,569,408 | ||
Equity Lifestyle Properties | 26,350 | c | 2,097,987 | ||
Equity Residential | 45,133 | c | 2,846,538 | ||
Essex Property Trust | 18,236 | a,c | 4,279,989 | ||
Extra Space Storage | 28,165 | a,c | 2,230,386 | ||
Federal Realty Investment Trust | 6,345 | c | 892,932 | ||
Forest City Realty Trust, Cl. A | 55,930 | c | 1,278,001 | ||
Four Corners Property Trust | 8,576 | c | 190,216 | ||
Gaming and Leisure Properties | 17,145 | c | 548,640 | ||
GGP | 199,838 | 4,967,973 | |||
Healthcare Trust of America, Cl. A | 40,030 | c | 1,287,765 | ||
Hospitality Properties Trust | 46,945 | c | 1,491,912 | ||
Host Hotels & Resorts | 105,409 | c | 1,896,308 | ||
Iron Mountain | 53,958 | c | 1,961,373 | ||
Jones Lang LaSalle | 7,400 | 848,780 | |||
Kilroy Realty | 22,478 | c | 1,734,178 | ||
Kimco Realty | 251,391 | c | 6,096,232 | ||
Macerich | 53,157 | c | 3,581,719 | ||
Omega Healthcare Investors | 27,920 | a,c | 911,309 | ||
Outfront Media | 211,086 | c | 5,477,682 | ||
Park Hotels & Resorts | 11,822 | a | 301,934 | ||
Prologis | 57,060 | c | 2,912,913 | ||
Quality Care Properties | 3,389 | 64,323 | |||
Rayonier | 37,674 | a,c | 1,078,983 | ||
Realty Income | 44,600 | a,c | 2,733,088 | ||
Regency Centers | 99,011 | c | 6,965,424 | ||
SL Green Realty | 94,512 | c | 10,649,612 | ||
Spirit Realty Capital | 96,595 | c | 1,061,579 | ||
Taubman Centers | 16,530 | c | 1,153,133 | ||
UDR | 56,260 | c | 2,053,490 | ||
Uniti Group | 18,570 | 537,973 | |||
Ventas | 27,175 | c | 1,767,734 | ||
VEREIT | 161,410 | c | 1,463,989 | ||
Vornado Realty Trust | 21,185 | c | 2,327,596 | ||
Weingarten Realty Investors | 42,650 | c | 1,512,795 | ||
Welltower | 41,575 | c | 2,926,048 | ||
Weyerhaeuser | 69,422 | c | 2,340,910 | ||
WP Carey | 13,480 | c | 850,453 | ||
131,603,151 | |||||
Retailing - 5.5% | |||||
Advance Auto Parts | 30,295 | 4,744,500 | |||
AutoZone | 3,700 | b | 2,725,235 | ||
Bed Bath & Beyond | 220,134 | 8,893,414 | |||
Best Buy | 80,324 | a | 3,544,698 | ||
CarMax | 24,630 | a,b | 1,589,620 | ||
Dillard's, Cl. A | 2,692 | a | 146,768 |
36
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Common Stocks - 97.3% (continued) | Shares | Value ($) | |||
Retailing - 5.5% (continued) | |||||
Dollar General | 31,445 | 2,296,114 | |||
Dollar Tree | 125,681 | b | 9,637,219 | ||
eBay | 445,611 | b | 15,106,213 | ||
Expedia | 125,288 | 14,914,284 | |||
Foot Locker | 30,885 | a | 2,337,068 | ||
GameStop, Cl. A | 25,985 | a | 635,073 | ||
Gap | 49,140 | 1,219,655 | |||
Genuine Parts | 13,910 | 1,331,326 | |||
Groupon | 32,380 | a,b | 136,967 | ||
Kohl's | 5,160 | 219,919 | |||
L Brands | 16,100 | a | 847,182 | ||
Liberty Expedia Holdings, Cl. A | 8,456 | b | 365,976 | ||
Liberty Interactive Corp. QVC Group, Cl. A | 52,410 | b | 989,501 | ||
Liberty Ventures, Ser. A | 12,684 | b | 556,320 | ||
LKQ | 557,112 | b | 17,593,597 | ||
Murphy USA | 14,322 | b | 912,311 | ||
Nordstrom | 39,845 | a | 1,859,168 | ||
O'Reilly Automotive | 37,337 | b | 10,144,836 | ||
Ross Stores | 164,562 | 11,285,662 | |||
Sally Beauty Holdings | 44,365 | b | 970,263 | ||
Signet Jewelers | 10,958 | a | 696,819 | ||
Staples | 115,820 | 1,041,222 | |||
Tiffany & Co. | 16,960 | a | 1,558,115 | ||
Tractor Supply | 64,116 | 4,546,466 | |||
TripAdvisor | 14,495 | b | 601,108 | ||
Ulta Beauty | 49,755 | b | 13,604,510 | ||
Williams-Sonoma | 231,979 | a | 11,271,860 | ||
148,322,989 | |||||
Semiconductors & Semiconductor Equipment - 3.3% | |||||
Analog Devices | 30,870 | 2,529,179 | |||
Applied Materials | 47,730 | 1,728,781 | |||
Broadcom | 7,809 | 1,647,152 | |||
Cypress Semiconductor | 71,745 | 952,056 | |||
KLA-Tencor | 10,620 | 957,074 | |||
Lam Research | 89,818 | 10,647,026 | |||
Linear Technology | 38,630 | 2,494,725 | |||
Marvell Technology Group | 76,715 | 1,196,754 | |||
Maxim Integrated Products | 285,114 | 12,630,550 | |||
Mellanox Technologies | 149,655 | a,b | 7,243,302 | ||
Microchip Technology | 10,689 | 775,166 | |||
Micron Technology | 108,520 | b | 2,543,709 | ||
Microsemi | 60,492 | b | 3,134,695 | ||
NVIDIA | 53,210 | 5,399,751 | |||
ON Semiconductor | 218,532 | b | 3,306,389 | ||
Qorvo | 23,885 | b | 1,578,798 | ||
Skyworks Solutions | 148,762 | 14,104,125 | |||
Teradyne | 312,101 | 8,876,152 | |||
United Microelectronics, ADR | 2,484,303 | 5,067,978 | |||
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Common Stocks - 97.3% (continued) | Shares | Value ($) | |||
Semiconductors & Semiconductor Equipment - 3.3% (continued) | |||||
Xilinx | 30,960 | 1,821,067 | |||
88,634,429 | |||||
Software & Services - 11.7% | |||||
Activision Blizzard | 256,043 | 11,555,221 | |||
Akamai Technologies | 147,852 | b | 9,255,535 | ||
Alliance Data Systems | 14,236 | a | 3,459,063 | ||
Amdocs | 142,340 | 8,632,921 | |||
ANSYS | 123,289 | b | 13,162,334 | ||
Autodesk | 28,790 | b | 2,484,577 | ||
Booz Allen Hamilton Holdings | 335,949 | 12,016,896 | |||
Broadridge Financial Solutions | 176,934 | 12,266,834 | |||
CA | 31,425 | 1,014,085 | |||
CDK Global | 14,640 | 972,535 | |||
Citrix Systems | 11,990 | b | 946,611 | ||
Cognizant Technology Solutions, Cl. A | 194,260 | b | 11,513,790 | ||
CommerceHub, Ser. A | 2,114 | b | 34,881 | ||
CommerceHub, Ser. C | 4,228 | b | 69,128 | ||
CommVault Systems | 21,809 | b | 1,069,731 | ||
Computer Sciences | 63,417 | 4,347,870 | |||
Conduent | 28,124 | 452,515 | |||
CoreLogic | 21,095 | b | 826,713 | ||
CoStar Group | 48,377 | b | 9,829,239 | ||
CSRA | 22,595 | 673,783 | |||
Electronic Arts | 46,965 | b | 4,062,472 | ||
Fidelity National Information Services | 272,106 | 22,386,161 | |||
FireEye | 14,615 | a,b | 164,565 | ||
First Data, Cl. A | 779,531 | b | 12,550,449 | ||
Fiserv | 93,344 | b | 10,771,898 | ||
FleetCor Technologies | 4,984 | b | 847,280 | ||
Gartner | 72,739 | b | 7,507,392 | ||
Global Payments | 29,990 | 2,389,903 | |||
IAC/InterActiveCorp | 69,560 | b | 5,143,266 | ||
Intuit | 190,374 | 23,880,515 | |||
j2 Global | 41,556 | 3,383,490 | |||
Jack Henry & Associates | 21,980 | 2,061,065 | |||
Leidos Holdings | 48,512 | 2,585,690 | |||
LogMeIn | 2,060 | 189,043 | |||
Manhattan Associates | 92,715 | b | 4,649,657 | ||
MAXIMUS | 51,988 | 3,102,124 | |||
NetEase, ADR | 14,290 | 4,359,307 | |||
Nuance Communications | 166,260 | b | 2,831,408 | ||
Pandora Media | 37,850 | a,b | 468,583 | ||
Paychex | 94,014 | 5,774,340 | |||
Red Hat | 85,197 | b | 7,055,164 | ||
Science Applications International | 123,762 | 10,763,581 | |||
ServiceNow | 107,222 | b | 9,319,736 | ||
Shopify, Cl. A | 208,463 | a,b | 12,343,094 | ||
Splunk | 91,747 | b | 5,663,542 | ||
Square, Cl. A | 445,368 | b | 7,713,774 |
37
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Common Stocks - 97.3% (continued) | Shares | Value ($) | |||
Software & Services - 11.7% (continued) | |||||
SS&C Technologies Holdings | 250,354 | a | 8,767,397 | ||
Symantec | 35,785 | 1,022,377 | |||
Tableau Software, Cl. A | 13,962 | b | 736,356 | ||
Total System Services | 37,190 | 2,026,111 | |||
Twilio, Cl. A | 327,758 | a | 10,396,484 | ||
73,465 | a,b | 1,158,543 | |||
Tyler Technologies | 35,748 | b | 5,421,184 | ||
Ultimate Software Group | 20,811 | a,b | 4,024,639 | ||
VeriSign | 22,480 | b | 1,853,926 | ||
Western Union | 64,740 | a | 1,271,494 | ||
Workday, Cl. A | 13,645 | a,b | 1,131,580 | ||
314,361,852 | |||||
Technology Hardware & Equipment - 5.5% | |||||
3D Systems | 30,440 | a,b | 462,688 | ||
Amphenol, Cl. A | 291,783 | 20,194,301 | |||
Arrow Electronics | 92,512 | b | 6,679,366 | ||
Brocade Communications Systems | 94,935 | 1,168,650 | |||
Ciena | 378,503 | b | 9,969,769 | ||
CommScope Holding | 94,440 | b | 3,593,442 | ||
EchoStar, Cl. A | 15,280 | b | 813,966 | ||
F5 Networks | 9,733 | b | 1,394,447 | ||
Flex | 342,820 | b | 5,653,102 | ||
FLIR Systems | 555,448 | 20,390,496 | |||
Harris | 93,135 | 10,235,536 | |||
Hewlett Packard Enterprise | 421,037 | 9,608,064 | |||
Jabil Circuit | 133,932 | a | 3,416,605 | ||
Juniper Networks | 55,900 | 1,565,200 | |||
Keysight Technologies | 341,686 | b | 12,847,394 | ||
Motorola Solutions | 25,235 | 1,992,808 | |||
NCR | 23,405 | b | 1,125,078 | ||
NetApp | 22,755 | 951,842 | |||
Palo Alto Networks | 12,380 | a,b | 1,880,522 | ||
Teradata | 224,207 | b | 6,972,838 | ||
Trimble | 338,240 | b | 10,495,587 | ||
Viavi Solutions | 858,145 | b | 8,598,613 | ||
Western Digital | 60,628 | 4,661,081 | |||
Xerox | 140,620 | 1,046,213 | |||
Zebra Technologies, Cl. A | 18,387 | b | 1,667,885 | ||
147,385,493 | |||||
Telecommunication Services - .4% | |||||
CenturyLink | 51,610 | a | 1,252,059 | ||
Frontier Communications | 173,540 | a | 508,472 | ||
Level 3 Communications | 17,217 | b | 985,673 | ||
SBA Communications | 14,216 | b | 1,645,786 | ||
Sprint | 116,415 | a,b | 1,025,616 | ||
TE Connectivity | 60,412 | 4,498,882 | �� | ||
Telephone & Data Systems | 24,285 | 656,424 | |||
Zayo Group Holdings | 28,265 | b | 890,913 | ||
11,463,825 | |||||
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Common Stocks - 97.3% (continued) | Shares | Value ($) | |||
Transportation - 1.4% | |||||
American Airlines Group | 19,245 | a | 892,198 | ||
CH Robinson Worldwide | 25,380 | 2,039,791 | |||
Copa Holdings, Cl. A | 8,535 | a | 908,892 | ||
Expeditors International of Washington | 27,280 | 1,538,046 | |||
Genesee & Wyoming, Cl. A | 6,105 | b | 452,625 | ||
Hertz Global Holdings | 234,333 | b | 5,324,046 | ||
J.B. Hunt Transport Services | 141,282 | a | 13,869,654 | ||
JetBlue Airways | 48,500 | b | 968,060 | ||
Kansas City Southern | 18,870 | 1,672,448 | |||
Landstar System | 15,410 | 1,337,588 | |||
Macquarie Infrastructure | 11,225 | 863,652 | |||
Norfolk Southern | 22,721 | 2,749,923 | |||
Southwest Airlines | 35,135 | 2,030,803 | |||
Spirit Airlines | 14,530 | a,b | 758,611 | ||
United Continental Holdings | 34,750 | b | 2,574,627 | ||
37,980,964 | |||||
Utilities - 3.6% | |||||
AES | 130,655 | 1,505,146 | |||
Alliant Energy | 90,429 | 3,570,137 | |||
Ameren | 113,383 | 6,200,916 | |||
American Electric Power | 94,191 | 6,307,971 | |||
American Water Works | 91,664 | 7,149,792 | |||
Aqua America | 38,885 | a | 1,234,210 | ||
Atmos Energy | 6,290 | a | 492,444 | ||
Calpine | 919,506 | b | 10,767,415 | ||
CenterPoint Energy | 32,965 | 900,604 | |||
CMS Energy | 57,200 | 2,546,544 | |||
Consolidated Edison | 22,755 | 1,753,045 | |||
DTE Energy | 22,480 | 2,279,022 | |||
Edison International | 154,327 | 12,306,035 | |||
Entergy | 10,715 | 821,412 | |||
Eversource Energy | 48,435 | 2,841,197 | |||
FirstEnergy | 61,825 | 2,004,985 | |||
Great Plains Energy | 168,112 | 4,885,335 | |||
National Fuel Gas | 8,530 | 514,359 | |||
NiSource | 80,020 | 1,913,278 | |||
NRG Energy | 65,635 | 1,086,916 | |||
OGE Energy | 12,170 | 448,221 | |||
PG&E | 93,531 | 6,243,194 | |||
Pinnacle West Capital | 30,425 | 2,500,631 | |||
Portland General Electric | 65,995 | 2,991,553 | |||
PPL | 55,880 | 2,060,854 | |||
Public Service Enterprise Group | 40,115 | 1,844,488 | |||
SCANA | 32,040 | 2,221,974 | |||
Sempra Energy | 22,455 | 2,476,562 | |||
Vectren | 30,775 | 1,734,171 | |||
WEC Energy Group | 22,830 | 1,375,964 | |||
Westar Energy | 10,005 | 540,070 |
38
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Common Stocks - 97.3% (continued) | Shares | Value ($) | |||
Utilities - 3.6% (continued) | |||||
Xcel Energy | 42,585 | 1,861,390 | |||
97,379,835 | |||||
Total Common Stocks (cost $1,902,343,880) | 2,622,939,755 | ||||
Master Limited Partnerships - .1% | |||||
Diversified Financials - .1% | |||||
Blackstone Group LP | 78,930 | 2,331,592 | |||
Rights - .0% | Number of Rights | Value ($) | |||
Food & Staples Retailing - .0% | |||||
Safeway CVR--Casa Ley | 30,090 | b | 0 | ||
Safeway CVR--PDC | 30,090 | b | 0 | ||
Health Care Equipment & Services - .0% | |||||
Community Health Systems | 33,320 | b | 287 | ||
Total Rights (cost $2,051) | 287 | ||||
Other Investment - 2.3% | Shares | Value ($) | |||
Registered Investment Company; | |||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 63,412,551 | d | 63,412,551 | ||
Investment of Cash Collateral for Securities Loaned - 2.7% | |||||
Registered Investment Company; | |||||
Dreyfus Institutional Preferred Money Market Fund, Hamilton Shares | 71,504,401 | d | 71,504,401 | ||
Total Investments (cost $2,038,865,804) | 102.4% | 2,760,188,586 | |||
Liabilities, Less Cash and Receivables | (2.4%) | (64,234,183) | |||
Net Assets | 100.0% | 2,695,954,403 |
ADR—American Depository Receipt
ETF—Exchange-Traded Fund
LP—Limited Partnership
aSecurity, or portion thereof, on loan. At February 28, 2017, the value of the fund’s securities on loan was $152,398,584 and the value of the collateral held by the fund was $158,053,983, consisting of cash collateral of $71,504,401 and U.S. Government & Agency securities valued at $86,549,582.
bNon-income producing security.
cInvestment in real estate investment trust.
dInvestment in affiliated money market mutual fund.
Portfolio Summary (Unaudited) † | Value (%) |
Software & Services | 11.7 |
Capital Goods | 10.0 |
Diversified Financials | 9.4 |
Health Care Equipment & Services | 8.0 |
Retailing | 5.5 |
Technology Hardware & Equipment | 5.5 |
Money Market Investments | 5.0 |
Real Estate | 4.9 |
Materials | 4.8 |
Banks | 4.7 |
Energy | 4.5 |
Insurance | 3.8 |
Utilities | 3.6 |
Semiconductors & Semiconductor Equipment | 3.3 |
Pharmaceuticals, Biotechnology & Life Sciences | 3.1 |
Food, Beverage & Tobacco | 2.5 |
Consumer Durables & Apparel | 2.3 |
Commercial & Professional Services | 1.9 |
Media | 1.7 |
Exchange-Traded Funds | 1.7 |
Transportation | 1.4 |
Consumer Services | 1.3 |
Automobiles & Components | .8 |
Household & Personal Products | .4 |
Telecommunication Services | .4 |
Food & Staples Retailing | .2 |
102.4 |
† Based on net assets.
See notes to financial statements.
39
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Small Cap Multi-Strategy Fund | |||||
Common Stocks - 98.4% | Shares | Value ($) | |||
Automobiles & Components - 1.1% | |||||
Gentherm | 40,361 | a | 1,463,086 | ||
Visteon | 41,233 | a | 3,821,062 | ||
5,284,148 | |||||
Banks - 13.3% | |||||
Ameris Bancorp | 23,301 | 1,125,438 | |||
Associated Banc-Corp | 76,429 | 1,968,047 | |||
Atlantic Capital Bancshares | 30,967 | a | 557,406 | ||
Banner | 85,338 | 4,959,845 | |||
Brookline Bancorp | 66,248 | 1,050,031 | |||
Bryn Mawr Bank | 19,724 | 809,670 | |||
Capital Bank Financial, Cl. A | 20,218 | 824,894 | |||
Central Pacific Financial | 37,852 | 1,195,366 | |||
CoBiz Financial | 34,607 | 590,049 | |||
Columbia Banking System | 68,150 | 2,718,504 | |||
CVB Financial | 55,150 | 1,309,813 | |||
FCB Financial Holdings, Cl. A | 116,190 | a | 5,646,834 | ||
First Horizon National | 91,619 | b | 1,826,883 | ||
First Interstate BancSystem, Cl. A | 58,336 | 2,558,034 | |||
First Merchants | 14,423 | 578,651 | |||
Fulton Financial | 88,483 | b | 1,692,237 | ||
Great Western Bancorp | 21,943 | 937,844 | |||
Hancock Holding | 51,591 | 2,447,993 | |||
IBERIABANK | 29,993 | 2,541,907 | |||
MGIC Investment | 345,558 | a | 3,680,193 | ||
Midland States Bancorp | 22,345 | 785,650 | |||
National Bank Holdings, Cl. A | 63,237 | 2,086,189 | |||
Old National Bancorp | 47,549 | 872,524 | |||
Pinnacle Financial Partners | 31,069 | 2,156,189 | |||
Seacoast Banking Corporation of Florida | 38,623 | a | 897,212 | ||
Simmons First National, Cl. A | 3,855 | b | 221,663 | ||
South State | 29,763 | 2,663,789 | |||
SVB Financial Group | 35,855 | a | 6,844,361 | ||
Synovus Financial | 37,856 | 1,598,280 | |||
TriState Capital Holdings | 31,891 | a | 751,033 | ||
UMB Financial | 23,192 | 1,827,993 | |||
Umpqua Holdings | 92,695 | 1,743,593 | |||
United Community Banks | 58,767 | 1,697,779 | |||
Webster Financial | 67,959 | b | 3,732,988 | ||
66,898,882 | |||||
Capital Goods - 6.7% | |||||
Aerovironment | 41,172 | a,b | 1,112,467 | ||
Apogee Enterprises | 10,895 | 622,976 | |||
Astec Industries | 15,660 | 989,242 | |||
Atkore International Group | 24,609 | 645,248 | |||
Beacon Roofing Supply | 45,314 | a | 2,059,068 | ||
Chart Industries | 29,058 | a | 1,034,174 | ||
Comfort Systems USA | 24,799 | 946,082 | |||
Crane | 20,096 | 1,452,740 | |||
Curtiss-Wright | 15,661 | 1,532,116 | |||
EMCOR Group | 23,684 | 1,456,092 | |||
BNY Mellon Small Cap Multi-Strategy Fund (continued) | |||||
Common Stocks - 98.4% (continued) | Shares | Value ($) | |||
Capital Goods - 6.7% (continued) | |||||
EnerSys | 20,597 | 1,580,408 | |||
Granite Construction | 53,962 | 2,860,526 | |||
Herc Holdings | 20,432 | a | 1,056,130 | ||
Kennametal | 41,689 | 1,546,245 | |||
KEYW Holding | 197,536 | a | 1,959,557 | ||
Lindsay | 19,314 | b | 1,546,472 | ||
Mercury Systems | 84,650 | a | 3,162,524 | ||
Raven Industries | 22,623 | 668,510 | |||
Simpson Manufacturing | 35,343 | 1,525,404 | |||
Teledyne Technologies | 12,078 | a | 1,587,170 | ||
Thermon Group Holdings | 66,881 | a | 1,348,321 | ||
Trinity Industries | 42,031 | 1,128,112 | |||
Valmont Industries | 6,019 | 946,488 | |||
Watsco | 7,375 | 1,093,491 | |||
33,859,563 | |||||
Commercial & Professional Services - 2.5% | |||||
Aqua Metals | 25,428 | a,b | 433,293 | ||
Interface | 55,948 | 1,057,417 | |||
Knoll | 76,309 | 1,705,506 | |||
Korn/Ferry International | 44,943 | 1,389,188 | |||
LSC Communications | 22,831 | 648,857 | |||
McGrath RentCorp | 9,632 | 362,452 | |||
Steelcase, Cl. A | 155,241 | 2,483,856 | |||
TrueBlue | 110,303 | a | 2,862,363 | ||
WageWorks | 19,553 | a | 1,505,581 | ||
12,448,513 | |||||
Consumer Durables & Apparel - 2.0% | |||||
Cavco Industries | 7,417 | a | 884,477 | ||
Deckers Outdoor | 19,909 | a,b | 1,051,792 | ||
Ethan Allen Interiors | 27,284 | 784,415 | |||
G-III Apparel Group | 124,550 | a | 3,204,671 | ||
Kate Spade & Company | 68,612 | a | 1,637,082 | ||
Oxford Industries | 16,000 | 899,360 | |||
Vera Bradley | 40,128 | a | 419,739 | ||
William Lyon Homes, Cl. A | 51,732 | a,b | 953,421 | ||
9,834,957 | |||||
Consumer Services - 2.1% | |||||
Belmond, Cl. A | 104,171 | a | 1,349,014 | ||
Bright Horizons Family Solutions | 9,041 | a | 624,823 | ||
Buffalo Wild Wings | 8,002 | a,b | 1,240,310 | ||
Cheesecake Factory | 32,007 | 1,954,027 | |||
Planet Fitness, Cl. A | 196,395 | 4,224,456 | |||
Texas Roadhouse | 25,096 | 1,061,561 | |||
10,454,191 | |||||
Diversified Financials - 4.7% | |||||
Cohen & Steers | 30,347 | b | 1,141,351 | ||
Donnelley Financial Solutions | 60,866 | 1,406,613 | |||
FNFV Group | 130,661 | a | 1,626,729 | ||
Green Dot, Cl. A | 93,789 | a | 2,748,956 |
40
BNY Mellon Small Cap Multi-Strategy Fund (continued) | |||||
Common Stocks - 98.4% (continued) | Shares | Value ($) | |||
Diversified Financials - 4.7% (continued) | |||||
Investment Technology Group | 112,811 | 2,258,476 | |||
Landcadia Holdings | 60,686 | 656,926 | |||
Morningstar | 14,485 | 1,162,132 | |||
Raymond James Financial | 47,098 | 3,700,019 | |||
SLM | 656,309 | a | 7,869,145 | ||
WisdomTree Investments | 118,508 | b | 1,079,608 | ||
23,649,955 | |||||
Energy - 4.3% | |||||
Arch Coal, Cl. A | 42,714 | a,b | 3,069,428 | ||
Callon Petroleum | 90,992 | a,b | 1,148,319 | ||
Dril-Quip | 14,780 | a,b | 906,753 | ||
Geospace Technologies | 31,869 | a | 526,157 | ||
Laredo Petroleum | 63,929 | a | 884,138 | ||
Natural Gas Services Group | 25,569 | a | 666,072 | ||
Oasis Petroleum | 85,988 | a,b | 1,217,590 | ||
Oceaneering International | 12,573 | 356,067 | |||
Oil States International | 99,067 | a | 3,645,666 | ||
PDC Energy | 52,584 | a | 3,554,153 | ||
RPC | 82,501 | b | 1,650,020 | ||
SemGroup, Cl. A | 39,872 | 1,401,501 | |||
Synergy Resources | 134,723 | a,b | 1,100,687 | ||
US Silica Holdings | 24,152 | 1,221,367 | |||
21,347,918 | |||||
Exchange-Traded Funds - .7% | |||||
iShares Russell 2000 ETF | 12,379 | b | 1,706,321 | ||
iShares Russell 2000 Growth ETF | 12,760 | b | 2,044,790 | ||
3,751,111 | |||||
Food & Staples Retailing - 1.3% | |||||
Performance Food Group | 50,586 | a | 1,193,830 | ||
Sprouts Farmers Market | 48,004 | a | 886,154 | ||
United Natural Foods | 76,666 | a | 3,300,471 | ||
US Foods Holding | 36,402 | 1,002,875 | |||
6,383,330 | |||||
Food, Beverage & Tobacco - 1.5% | |||||
Boston Beer, Cl. A | 14,155 | a,b | 2,245,691 | ||
Calavo Growers | 32,195 | b | 1,815,798 | ||
Freshpet | 56,184 | a | 567,458 | ||
Hain Celestial Group | 32,847 | a | 1,162,127 | ||
Snyder's-Lance | 45,362 | b | 1,795,428 | ||
7,586,502 | |||||
Health Care Equipment & Services - 3.7% | |||||
Air Methods | 35,606 | a,b | 1,347,687 | ||
Align Technology | 18,185 | a | 1,868,691 | ||
Allscripts Healthcare Solutions | 110,270 | a | 1,343,089 | ||
Amedisys | 22,699 | a | 1,094,546 | ||
AMN Healthcare Services | 32,126 | a,b | 1,321,985 | ||
Analogic | 8,314 | 684,658 | |||
Brookdale Senior Living | 90,133 | a | 1,297,915 | ||
DexCom | 12,064 | a | 942,922 | ||
Endologix | 127,874 | a,b | 845,247 | ||
BNY Mellon Small Cap Multi-Strategy Fund (continued) | |||||
Common Stocks - 98.4% (continued) | Shares | Value ($) | |||
Health Care Equipment & Services - 3.7% (continued) | |||||
Globus Medical, Cl. A | 64,866 | a,b | 1,803,923 | ||
Natus Medical | 18,824 | a | 696,959 | ||
NxStage Medical | 64,708 | a | 1,848,060 | ||
Omnicell | 39,615 | a | 1,506,360 | ||
Tivity Health | 32,589 | a | 941,822 | ||
WellCare Health Plans | 6,616 | a | 934,179 | ||
18,478,043 | |||||
Household & Personal Products - .7% | |||||
Avon Products | 435,810 | a | 1,917,564 | ||
Inter Parfums | 53,661 | 1,856,671 | |||
3,774,235 | |||||
Insurance - .3% | |||||
Safety Insurance Group | 9,526 | 676,346 | |||
Selective Insurance Group | 23,699 | 1,049,866 | |||
1,726,212 | |||||
Materials - 4.0% | |||||
Calgon Carbon | 45,739 | 644,920 | |||
Carpenter Technology | 54,778 | 2,221,796 | |||
Commercial Metals | 41,775 | 882,706 | |||
Haynes International | 16,492 | 644,178 | |||
Headwaters | 71,764 | a | 1,650,572 | ||
Louisiana-Pacific | 74,737 | a | 1,762,298 | ||
Methanex | 124,211 | 6,334,761 | |||
OMNOVA Solutions | 197,042 | a | 1,822,639 | ||
Stillwater Mining | 31,036 | a | 529,474 | ||
Summit Materials, Cl. A | 63,093 | a | 1,507,292 | ||
US Concrete | 29,940 | a,b | 1,886,220 | ||
19,886,856 | |||||
Media - 3.9% | |||||
E.W. Scripps, Cl. A | 93,201 | a,b | 2,146,419 | ||
Gray Television | 240,958 | a | 3,277,029 | ||
IMAX | 58,841 | a,b | 1,903,506 | ||
New York Times, Cl. A | 103,681 | b | 1,493,006 | ||
Nexstar Media Group | 69,215 | 4,772,374 | |||
Scholastic | 24,535 | 1,105,547 | |||
Sinclair Broadcast Group, Cl. A | 121,645 | 4,853,635 | |||
19,551,516 | |||||
Pharmaceuticals, Biotechnology & Life Sciences - 8.2% | |||||
Aerie Pharmaceuticals | 14,423 | a,b | 682,929 | ||
Avadel Pharmaceuticals, ADR | 159,063 | a | 1,695,612 | ||
Cambrex | 70,372 | a | 3,965,462 | ||
Flexion Therapeutics | 184,916 | a | 3,707,566 | ||
Foamix Pharmaceuticals | 131,843 | a,b | 1,289,425 | ||
Galapagos, ADR | 22,073 | a | 1,557,250 | ||
GW Pharmaceuticals, ADR | 23,412 | a,b | 2,921,349 | ||
Halozyme Therapeutics | 105,873 | a,b | 1,357,292 | ||
Ligand Pharmaceuticals | 20,410 | a,b | 2,135,498 | ||
Natera | 134,806 | a | 1,288,745 |
41
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Small Cap Multi-Strategy Fund (continued) | |||||
Common Stocks - 98.4% (continued) | Shares | Value ($) | |||
Pharmaceuticals, Biotechnology & Life Sciences - 8.2% (continued) | |||||
NeoGenomics | 130,519 | a,b | 1,053,288 | ||
Otonomy | 58,570 | a | 869,765 | ||
Radius Health | 34,709 | a,b | 1,462,637 | ||
Retrophin | 52,938 | a,b | 1,125,991 | ||
Revance Therapeutics | 128,835 | a,b | 2,705,535 | ||
Sage Therapeutics | 96,543 | a,b | 6,506,998 | ||
Supernus Pharmaceuticals | 47,920 | a | 1,231,544 | ||
TherapeuticsMD | 902,902 | a | 5,670,225 | ||
41,227,111 | |||||
Real Estate - 4.4% | |||||
Agree Realty | 19,117 | c | 948,777 | ||
American Assets Trust | 27,572 | c | 1,213,168 | ||
CareTrust | 66,476 | c | 1,048,991 | ||
CBL & Associates Properties | 95,920 | c | 962,078 | ||
CoreCivic | 15,747 | 530,674 | |||
CyrusOne | 29,302 | b,c | 1,491,472 | ||
DuPont Fabros Technology | 44,475 | c | 2,290,018 | ||
Education Realty Trust | 8,444 | c | 355,915 | ||
Healthcare Trust of America, Cl. A | 24,595 | c | 791,221 | ||
LaSalle Hotel Properties | 38,334 | c | 1,107,853 | ||
Monmouth Real Estate Investment | 78,168 | c | 1,141,253 | ||
Outfront Media | 28,090 | c | 728,936 | ||
Parkway | 47,282 | a,c | 991,976 | ||
Pebblebrook Hotel Trust | 61,523 | b,c | 1,768,786 | ||
Physicians Realty Trust | 61,002 | c | 1,215,160 | ||
Potlatch | 63,093 | c | 2,791,865 | ||
Retail Opportunity Investments | 24,772 | b,c | 544,984 | ||
STAG Industrial | 44,286 | c | 1,143,907 | ||
Tanger Factory Outlet Centers | 24,781 | c | 839,332 | ||
21,906,366 | |||||
Retailing - 4.2% | |||||
Burlington Stores | 14,926 | a | 1,328,563 | ||
Core-Mark Holding | 21,719 | 706,302 | |||
Dillard's, Cl. A | 23,757 | 1,295,232 | |||
Duluth Holdings, Cl. B | 15,349 | a | 323,710 | ||
Etsy | 130,556 | a | 1,582,339 | ||
Express | 87,348 | a | 981,792 | ||
Lithia Motors, Cl. A | 51,331 | 4,910,837 | |||
Monro Muffler Brake | 27,281 | 1,568,658 | |||
Office Depot | 785,845 | 3,276,974 | |||
Ollie's Bargain Outlet Holdings | 51,860 | a,b | 1,625,811 | ||
RH | 35,403 | a,b | 1,077,667 | ||
The Children's Place | 14,182 | 1,436,637 | |||
Urban Outfitters | 38,447 | a | 1,000,775 | ||
21,115,297 | |||||
Semiconductors & Semiconductor Equipment - 5.2% | |||||
Brooks Automation | 53,356 | 1,113,006 | |||
Cirrus Logic | 23,560 | a | 1,274,125 | ||
BNY Mellon Small Cap Multi-Strategy Fund (continued) | |||||
Common Stocks - 98.4% (continued) | Shares | Value ($) | |||
Semiconductors & Semiconductor Equipment - 5.2% (continued) | |||||
First Solar | 34,727 | a,b | 1,256,770 | ||
Impinj | 97,641 | b | 2,769,099 | ||
Inphi | 52,024 | a | 2,442,007 | ||
Integrated Device Technology | 40,962 | a,b | 979,401 | ||
MaxLinear, Cl. A | 81,830 | a | 2,130,853 | ||
Mellanox Technologies | 35,346 | a,b | 1,710,746 | ||
Microsemi | 44,175 | a | 2,289,149 | ||
Nanometrics | 20,344 | a | 553,560 | ||
Photronics | 78,780 | a | 842,946 | ||
Power Integrations | 40,552 | 2,562,886 | |||
Semtech | 33,536 | a | 1,121,779 | ||
Teradyne | 180,362 | 5,129,495 | |||
26,175,822 | |||||
Software & Services - 9.5% | |||||
Acxiom | 50,198 | a | 1,431,647 | ||
CACI International, Cl. A | 13,039 | a | 1,635,091 | ||
CommVault Systems | 113,607 | a | 5,572,423 | ||
Criteo, ADR | 87,097 | a,b | 4,091,817 | ||
CSG Systems International | 26,830 | 1,057,370 | |||
DST Systems | 16,198 | 1,937,281 | |||
Envestnet | 23,683 | a,b | 915,348 | ||
HubSpot | 41,296 | a | 2,457,112 | ||
LogMeIn | 21,367 | 1,960,422 | |||
MicroStrategy, Cl. A | 6,835 | a | 1,311,500 | ||
Mimecast | 116,402 | a | 2,290,791 | ||
New Relic | 55,415 | a | 1,949,500 | ||
Proofpoint | 28,746 | a,b | 2,264,322 | ||
Qualys | 24,763 | a | 865,467 | ||
Shopify, Cl. A | 48,525 | a | 2,873,165 | ||
Silver Spring Networks | 74,000 | a | 907,240 | ||
Square, Cl. A | 355,641 | a | 6,159,702 | ||
Teradata | 77,098 | a | 2,397,748 | ||
Twilio, Cl. A | 48,339 | b | 1,533,313 | ||
Varonis Systems | 47,130 | a | 1,291,362 | ||
Verint Systems | 36,954 | a | 1,395,014 | ||
WebMD Health | 25,551 | a | 1,326,097 | ||
47,623,732 | |||||
Technology Hardware & Equipment - 9.0% | |||||
Airgain | 23,645 | 297,927 | |||
CalAmp | 46,942 | a | 760,930 | ||
Calix | 88,279 | a | 609,125 | ||
Ciena | 225,942 | a | 5,951,312 | ||
Cray | 50,043 | a | 1,043,397 | ||
Electronics For Imaging | 24,656 | a | 1,135,902 | ||
FARO Technologies | 16,030 | a | 553,035 | ||
FLIR Systems | 16,181 | 594,005 | |||
Infinera | 323,495 | a,b | 3,509,921 | ||
Keysight Technologies | 35,188 | a | 1,323,069 |
42
BNY Mellon Small Cap Multi-Strategy Fund (continued) | |||||
Common Stocks - 98.4% (continued) | Shares | Value ($) | |||
Technology Hardware & Equipment - 9.0% (continued) | |||||
Lumentum Holdings | 31,852 | a | 1,462,007 | ||
Methode Electronics | 71,455 | 2,965,382 | |||
NETGEAR | 61,633 | a | 3,377,488 | ||
NetScout Systems | 45,595 | a | 1,684,735 | ||
Novanta | 62,628 | a | 1,521,860 | ||
Plantronics | 18,116 | 970,293 | |||
Sierra Wireless | 143,860 | a,b | 4,064,045 | ||
Tech Data | 14,263 | a,b | 1,240,881 | ||
Universal Display | 57,260 | b | 4,858,511 | ||
Viavi Solutions | 619,364 | a | 6,206,027 | ||
Vishay Intertechnology | 52,601 | b | 833,726 | ||
44,963,578 | |||||
Transportation - 3.1% | |||||
ArcBest | 35,561 | 1,043,715 | |||
Avis Budget Group | 133,375 | a | 4,612,107 | ||
Kirby | 20,533 | a,b | 1,420,884 | ||
Knight Transportation | 123,652 | 4,043,420 | |||
Marten Transport | 43,103 | 1,058,179 | |||
Werner Enterprises | 129,782 | 3,633,896 | |||
15,812,201 | |||||
Utilities - 2.0% | |||||
American States Water | 19,567 | 875,036 | |||
Calpine | 89,783 | a,b | 1,051,359 | ||
Chesapeake Utilities | 19,963 | 1,376,449 | |||
Dynegy | 78,630 | a | 632,185 | ||
Hawaiian Electric Industries | 42,789 | b | 1,424,018 | ||
Portland General Electric | 27,548 | 1,248,751 | |||
Vectren | 21,121 | 1,190,168 | |||
WGL Holdings | 24,193 | 2,019,874 | |||
9,817,840 | |||||
Total Common Stocks (cost $395,045,942) | 493,557,879 | ||||
Other Investment - 1.5% | |||||
Registered Investment Company; | |||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 7,402,160 | d | 7,402,160 | ||
BNY Mellon Small Cap Multi-Strategy Fund (continued) | |||||
Investment of Cash Collateral for Securities Loaned - 8.9% | Shares | Value ($) | |||
Registered Investment Company; | |||||
Dreyfus Institutional Preferred Money Market Fund, Hamilton Shares | 44,635,044 | d | 44,635,044 | ||
Total Investments (cost $447,083,146) | 108.8% | 545,595,083 | |||
Liabilities, Less Cash and Receivables | (8.8%) | (44,223,904) | |||
Net Assets | 100.0% | 501,371,179 |
ADR—American Depository Receipt
ETF—Exchange-Traded Fund
aNon-income producing security.
bSecurity, or portion thereof, on loan. At February 28, 2017, the value of the fund’s securities on loan was $63,222,067 and the value of the collateral held by the fund was $66,541,037, consisting of cash collateral of $44,635,044 and U.S. Government & Agency securities valued at $21,905,993.
cInvestment in real estate investment trust.
dInvestment in affiliated money market mutual fund.
Portfolio Summary (Unaudited) † | Value (%) |
Banks | 13.3 |
Money Market Investments | 10.4 |
Software & Services | 9.5 |
Technology Hardware & Equipment | 9.0 |
Pharmaceuticals, Biotechnology & Life Sciences | 8.2 |
Capital Goods | 6.7 |
Semiconductors & Semiconductor Equipment | 5.2 |
Diversified Financials | 4.7 |
Real Estate | 4.4 |
Energy | 4.3 |
Retailing | 4.2 |
Materials | 4.0 |
Media | 3.9 |
Health Care Equipment & Services | 3.7 |
Transportation | 3.1 |
Commercial & Professional Services | 2.5 |
Consumer Services | 2.1 |
Consumer Durables & Apparel | 2.0 |
Utilities | 2.0 |
Food, Beverage & Tobacco | 1.5 |
Food & Staples Retailing | 1.3 |
Automobiles & Components | 1.1 |
Household & Personal Products | .7 |
Exchange-Traded Funds | .7 |
Insurance | .3 |
108.8 |
† Based on net assets.
See notes to financial statements.
43
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Focused Equity Opportunities Fund | |||||
Common Stocks - 99.7% | Shares | Value ($) | |||
Banks - 4.3% | |||||
Bank of America | 749,970 | 18,509,260 | |||
Capital Goods - 10.3% | |||||
3M | 58,911 | 10,978,065 | |||
Eaton | 168,290 | 12,113,514 | |||
Honeywell International | 87,348 | 10,874,826 | |||
Illinois Tool Works | 81,221 | 10,721,984 | |||
44,688,389 | |||||
Consumer Services - 2.3% | |||||
Yum! Brands | 153,040 | 9,996,573 | |||
Diversified Financials - 6.4% | |||||
Intercontinental Exchange | 270,095 | 15,430,527 | |||
Invesco | 389,650 | a | 12,542,834 | ||
27,973,361 | |||||
Energy - 8.5% | |||||
Nabors Industries | 755,480 | 11,060,227 | |||
Tesoro | 121,420 | 10,343,770 | |||
Valero Energy | 229,340 | 15,583,653 | |||
36,987,650 | |||||
Food & Staples Retailing - 3.5% | |||||
Costco Wholesale | 85,650 | 15,175,467 | |||
Food, Beverage & Tobacco - 6.1% | |||||
Constellation Brands, Cl. A | 75,397 | 11,973,798 | |||
Philip Morris International | 131,612 | 14,391,772 | |||
26,365,570 | |||||
Health Care Equipment & Services - 7.4% | |||||
Abbott Laboratories | 429,100 | 19,343,828 | |||
UnitedHealth Group | 78,652 | 13,007,468 | |||
32,351,296 | |||||
Insurance - 3.2% | |||||
Hartford Financial Services Group | 282,210 | 13,797,247 | |||
Materials - 3.0% | |||||
Dow Chemical | 212,820 | 13,250,173 | |||
Media - 5.9% | |||||
Comcast, Cl. A | 284,680 | 10,652,726 | |||
Time Warner | 152,910 | 15,017,291 | |||
25,670,017 | |||||
Pharmaceuticals, Biotechnology & Life Sciences - 6.6% | |||||
Agilent Technologies | 243,250 | 12,478,725 | |||
Allergan | 65,526 | a | 16,042,075 | ||
28,520,800 | |||||
Retailing - 3.1% | |||||
Amazon.com | 15,973 | b | 13,497,824 | ||
Semiconductors & Semiconductor Equipment - 13.1% | |||||
Broadcom | 101,229 | 21,352,233 | |||
Micron Technology | 869,480 | b | 20,380,611 | ||
NVIDIA | 151,440 | 15,368,131 | |||
57,100,975 | |||||
BNY Mellon Focused Equity Opportunities Fund (continued) | |||||
Common Stocks - 99.7% (continued) | Shares | Value ($) | |||
Software & Services - 16.0% | |||||
Adobe Systems | 138,648 | b | 16,407,604 | ||
Alphabet, Cl. A | 23,241 | b | 19,637,018 | ||
Electronic Arts | 213,670 | b | 18,482,455 | ||
Visa, Cl. A | 170,520 | 14,995,529 | |||
69,522,606 | |||||
Total Common Stocks (cost $330,279,288) | 433,407,208 | ||||
Other Investment - .1% | |||||
Registered Investment Company; | |||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 444,671 | c | 444,671 | ||
Total Investments (cost $330,723,959) | 99.8% | 433,851,879 | |||
Cash and Receivables (Net) | .2% | 654,170 | |||
Net Assets | 100.0% | 434,506,049 |
aSecurity, or portion thereof, on loan. At February 28, 2017, the value of the fund’s securities on loan was $3,646,653 and the value of the collateral held by the fund was $3,778,341, consisting of U.S. Government & Agency securities.
bNon-income producing security.
cInvestment in affiliated money market mutual fund.
Portfolio Summary (Unaudited) † | Value (%) |
Software & Services | 16.0 |
Semiconductors & Semiconductor Equipment | 13.1 |
Capital Goods | 10.3 |
Energy | 8.5 |
Health Care Equipment & Services | 7.4 |
Pharmaceuticals, Biotechnology & Life Sciences | 6.6 |
Diversified Financials | 6.4 |
Food, Beverage & Tobacco | 6.1 |
Media | 5.9 |
Banks | 4.3 |
Food & Staples Retailing | 3.5 |
Insurance | 3.2 |
Retailing | 3.1 |
Materials | 3.0 |
Consumer Services | 2.3 |
Money Market Investment | .1 |
99.8 |
† Based on net assets.
See notes to financial statements.
44
BNY Mellon Small/Mid Cap Multi-Strategy Fund | |||||
Common Stocks - 98.5% | Shares | Value ($) | |||
Automobiles & Components - .8% | |||||
Visteon | 27,438 | a | 2,542,679 | ||
Banks - 7.4% | |||||
Banner | 41,126 | 2,390,243 | |||
Columbia Banking System | 13,320 | 531,335 | |||
First Republic Bank | 53,405 | 5,010,991 | |||
Great Western Bancorp | 14,749 | 630,372 | |||
Huntington Bancshares | 188,025 | 2,658,673 | |||
KeyCorp | 185,986 | 3,490,957 | |||
National Bank Holdings, Cl. A | 24,851 | 819,834 | |||
SVB Financial Group | 21,563 | a | 4,116,161 | ||
TriState Capital Holdings | 12,533 | a | 295,152 | ||
Webster Financial | 79,123 | b | 4,346,226 | ||
24,289,944 | |||||
Capital Goods - 5.4% | |||||
AGCO | 37,262 | 2,270,001 | |||
Allegion | 4,694 | 340,737 | |||
AMETEK | 13,460 | 726,436 | |||
Beacon Roofing Supply | 17,808 | a | 809,196 | ||
BWX Technologies | 8,973 | 416,706 | |||
Crane | 7,897 | 570,874 | |||
Curtiss-Wright | 6,155 | 602,144 | |||
Graco | 3,660 | b | 332,182 | ||
Granite Construction | 9,610 | 509,426 | |||
HD Supply Holdings | 14,687 | a | 631,541 | ||
Herc Holdings | 8,030 | a | 415,071 | ||
Hubbell | 12,547 | 1,488,325 | |||
Ingersoll-Rand | 4,537 | 360,056 | |||
Mercury Systems | 33,265 | a | 1,242,780 | ||
Nordson | 4,174 | 501,047 | |||
Quanta Services | 11,641 | a | 434,442 | ||
Snap-on | 16,448 | 2,790,732 | |||
Valmont Industries | 19,170 | 3,014,482 | |||
Watsco | 2,899 | 429,835 | |||
17,886,013 | |||||
Commercial & Professional Services - 2.9% | |||||
Aqua Metals | 9,993 | a | 170,281 | ||
Clean Harbors | 57,790 | a | 3,349,508 | ||
Copart | 7,251 | a,b | 428,824 | ||
Robert Half International | 31,107 | 1,500,602 | |||
Steelcase, Cl. A | 80,712 | 1,291,392 | |||
TrueBlue | 58,576 | a | 1,520,047 | ||
WageWorks | 7,684 | a | 591,668 | ||
Waste Connections | 6,582 | 575,201 | |||
9,427,523 | |||||
Consumer Durables & Apparel - .9% | |||||
G-III Apparel Group | 82,518 | a | 2,123,188 | ||
Newell Brands | 13,660 | 669,750 | |||
PVH | 3,641 | 333,516 | |||
3,126,454 | |||||
BNY Mellon Small/Mid Cap Multi-Strategy Fund (continued) | |||||
Common Stocks - 98.5% (continued) | Shares | Value ($) | |||
Consumer Services - 3.9% | |||||
Bright Horizons Family Solutions | 3,552 | a | 245,479 | ||
Buffalo Wild Wings | 3,144 | a | 487,320 | ||
Cheesecake Factory | 51,894 | 3,168,129 | |||
Grand Canyon Education | 58,578 | a | 3,595,518 | ||
Panera Bread, Cl. A | 2,692 | a | 621,314 | ||
Planet Fitness, Cl. A | 41,572 | 894,214 | |||
Service Corporation International | 116,394 | 3,576,788 | |||
Texas Roadhouse | 9,862 | 417,163 | |||
13,005,925 | |||||
Diversified Financials - 6.3% | |||||
CBOE Holdings | 4,609 | 359,732 | |||
E*TRADE Financial | 176,855 | a | 6,103,266 | ||
FNFV Group | 71,302 | a | 887,710 | ||
Green Dot, Cl. A | 26,302 | a | 770,912 | ||
Invesco | 9,811 | 315,816 | |||
Leucadia National | 181,045 | 4,819,418 | |||
Raymond James Financial | 27,737 | 2,179,019 | |||
SLM | 408,394 | a | 4,896,644 | ||
WisdomTree Investments | 46,570 | b | 424,253 | ||
20,756,770 | |||||
Energy - 4.5% | |||||
Arch Coal, Cl. A | 28,735 | a,b | 2,064,897 | ||
Diamondback Energy | 3,181 | a | 320,836 | ||
Dril-Quip | 53,566 | a,b | 3,286,274 | ||
Laredo Petroleum | 25,122 | a | 347,437 | ||
Oil States International | 97,728 | a | 3,596,390 | ||
PDC Energy | 18,602 | a | 1,257,309 | ||
RPC | 134,836 | b | 2,696,720 | ||
Superior Energy Services | 21,741 | a | 358,727 | ||
TechnipFMC | 14,258 | a | 460,819 | ||
US Silica Holdings | 9,491 | 479,960 | |||
14,869,369 | |||||
Exchange-Traded Funds - 1.4% | |||||
iShares Russell 2000 ETF | 4,781 | b | 659,013 | ||
iShares Russell 2000 Growth ETF | 4,858 | 778,495 | |||
iShares Russell 2000 Value ETF | 25,271 | 3,022,159 | |||
4,459,667 | |||||
Food & Staples Retailing - 2.3% | |||||
Casey's General Stores | 25,213 | 2,888,906 | |||
Performance Food Group | 19,880 | a | 469,168 | ||
United Natural Foods | 74,490 | a | 3,206,794 | ||
US Foods Holding | 33,889 | 933,642 | |||
7,498,510 | |||||
Food, Beverage & Tobacco - 1.7% | |||||
Boston Beer, Cl. A | 18,182 | a,b | 2,884,574 | ||
Calavo Growers | 12,651 | b | 713,516 | ||
Freshpet | 22,079 | a | 222,998 | ||
Molson Coors Brewing, Cl. B | 7,146 | 717,387 | |||
Snyder's-Lance | 17,827 | b | 705,593 |
45
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Small/Mid Cap Multi-Strategy Fund (continued) | |||||
Common Stocks - 98.5% (continued) | Shares | Value ($) | |||
Food, Beverage & Tobacco - 1.7% (continued) | |||||
TreeHouse Foods | 4,656 | a,b | 396,132 | ||
5,640,200 | |||||
Health Care Equipment & Services - 5.9% | |||||
ABIOMED | 2,456 | a | 289,734 | ||
Align Technology | 12,405 | a | 1,274,738 | ||
Amedisys | 23,828 | a | 1,148,986 | ||
athenahealth | 2,363 | a,b | 278,669 | ||
Boston Scientific | 24,702 | a | 606,434 | ||
Brookdale Senior Living | 82,246 | a | 1,184,342 | ||
Centene | 7,591 | a | 535,166 | ||
Dentsply Sirona | 7,962 | 505,746 | |||
DexCom | 37,089 | a,b | 2,898,876 | ||
Endologix | 50,251 | a,b | 332,159 | ||
Globus Medical, Cl. A | 95,394 | a,b | 2,652,907 | ||
Laboratory Corporation of America Holdings | 4,764 | a | 677,727 | ||
MEDNAX | 33,916 | a | 2,414,480 | ||
NxStage Medical | 25,429 | a | 726,252 | ||
Omnicell | 31,678 | a | 1,204,556 | ||
Premier, Cl. A | 63,291 | a | 1,989,236 | ||
VCA | 3,614 | a | 328,513 | ||
WellCare Health Plans | 2,600 | a | 367,120 | ||
19,415,641 | |||||
Household & Personal Products - .4% | |||||
Avon Products | 152,972 | a | 673,077 | ||
Inter Parfums | 21,088 | 729,645 | |||
1,402,722 | |||||
Insurance - 1.1% | |||||
Assurant | 13,574 | 1,343,826 | |||
MGIC Investment | 198,695 | a | 2,116,102 | ||
3,459,928 | |||||
Materials - 4.6% | |||||
Carpenter Technology | 8,953 | 363,134 | |||
Compass Minerals International | 37,809 | b | 2,865,922 | ||
Eagle Materials | 7,394 | 766,832 | |||
Headwaters | 28,202 | a | 648,646 | ||
Methanex | 73,071 | 3,726,621 | |||
Mosaic | 97,685 | 3,046,795 | |||
Packaging Corporation of America | 24,058 | 2,223,681 | |||
Steel Dynamics | 8,500 | 311,100 | |||
Summit Materials, Cl. A | 24,795 | a | 592,353 | ||
US Concrete | 9,989 | a,b | 629,307 | ||
15,174,391 | |||||
Media - 2.7% | |||||
IMAX | 23,123 | a | 748,029 | ||
Nexstar Media Group | 57,351 | 3,954,351 | |||
Sinclair Broadcast Group, Cl. A | 108,940 | 4,346,706 | |||
9,049,086 | |||||
BNY Mellon Small/Mid Cap Multi-Strategy Fund (continued) | |||||
Common Stocks - 98.5% (continued) | Shares | Value ($) | |||
Pharmaceuticals, Biotechnology & Life Sciences - 6.8% | |||||
Aerie Pharmaceuticals | 5,667 | a,b | 268,332 | ||
Alkermes | 10,865 | a | 613,873 | ||
BioMarin Pharmaceutical | 4,582 | a | 430,387 | ||
Cambrex | 74,711 | a | 4,209,965 | ||
Flexion Therapeutics | 35,512 | a | 712,016 | ||
Foamix Pharmaceuticals | 51,811 | a,b | 506,712 | ||
Galapagos, ADR | 8,675 | a | 612,021 | ||
GW Pharmaceuticals, ADR | 14,877 | a,b | 1,856,352 | ||
Halozyme Therapeutics | 41,606 | a,b | 533,389 | ||
Jazz Pharmaceuticals | 13,175 | a | 1,747,269 | ||
Ligand Pharmaceuticals | 8,021 | a,b | 839,237 | ||
Natera | 52,975 | a | 506,441 | ||
NeoGenomics | 51,292 | a | 413,926 | ||
Neurocrine Biosciences | 9,768 | a | 431,355 | ||
Otonomy | 23,016 | a | 341,788 | ||
Radius Health | 13,640 | a,b | 574,790 | ||
Retrophin | 20,804 | a,b | 442,501 | ||
Sage Therapeutics | 58,454 | a,b | 3,939,800 | ||
TherapeuticsMD | 561,443 | a | 3,525,862 | ||
22,506,016 | |||||
Real Estate - 4.7% | |||||
DuPont Fabros Technology | 17,477 | c | 899,891 | ||
Empire State Realty Trust, Cl. A | 109,090 | b,c | 2,379,253 | ||
Equinix | 1,042 | c | 391,865 | ||
Healthcare Trust of America, Cl. A | 76,913 | b,c | 2,474,291 | ||
Jones Lang LaSalle | 22,103 | 2,535,214 | |||
Monmouth Real Estate Investment | 30,718 | c | 448,483 | ||
Pebblebrook Hotel Trust | 96,064 | c | 2,761,840 | ||
Physicians Realty Trust | 23,972 | c | 477,522 | ||
Potlatch | 17,284 | c | 764,817 | ||
STORE Capital | 91,215 | c | 2,272,166 | ||
15,405,342 | |||||
Retailing - 5.1% | |||||
Burlington Stores | 5,866 | a | 522,133 | ||
Core-Mark Holding | 8,535 | 277,558 | |||
Dick's Sporting Goods | 52,987 | 2,593,714 | |||
Dollar Tree | 6,259 | a | 479,940 | ||
Duluth Holdings, Cl. B | 6,623 | a | 139,679 | ||
Etsy | 51,305 | a | 621,817 | ||
Expedia | 5,316 | 632,817 | |||
Lithia Motors, Cl. A | 32,614 | 3,120,181 | |||
LKQ | 23,425 | a | 739,762 | ||
Monro Muffler Brake | 10,721 | 616,458 | |||
Office Depot | 606,257 | 2,528,092 | |||
Ollie's Bargain Outlet Holdings | 20,380 | a,b | 638,913 | ||
Ross Stores | 8,077 | 553,921 | |||
Ulta Beauty | 2,545 | a | 695,879 | ||
Williams-Sonoma | 53,256 | b | 2,587,709 | ||
16,748,573 |
46
BNY Mellon Small/Mid Cap Multi-Strategy Fund (continued) | |||||
Common Stocks - 98.5% (continued) | Shares | Value ($) | |||
Semiconductors & Semiconductor Equipment - 3.9% | |||||
Impinj | 38,371 | b | 1,088,202 | ||
Inphi | 20,444 | a,b | 959,641 | ||
Marvell Technology Group | 43,002 | 670,831 | |||
Maxim Integrated Products | 15,548 | 688,776 | |||
MaxLinear, Cl. A | 32,157 | a | 837,368 | ||
Mellanox Technologies | 23,203 | a,b | 1,123,025 | ||
Microsemi | 24,754 | a | 1,282,752 | ||
Power Integrations | 15,935 | 1,007,092 | |||
Skyworks Solutions | 6,436 | 610,197 | |||
Teradyne | 103,159 | 2,933,842 | |||
United Microelectronics, ADR | 843,701 | 1,721,150 | |||
12,922,876 | |||||
Software & Services - 12.2% | |||||
Akamai Technologies | 8,085 | a | 506,121 | ||
Amdocs | 47,998 | 2,911,079 | |||
ANSYS | 3,544 | a | 378,357 | ||
Booz Allen Hamilton Holdings | 21,173 | 757,358 | |||
Broadridge Financial Solutions | 16,242 | 1,126,058 | |||
CACI International, Cl. A | 5,124 | a | 642,550 | ||
Cognizant Technology Solutions, Cl. A | 8,385 | a | 496,979 | ||
CommVault Systems | 29,037 | a | 1,424,265 | ||
CoreLogic | 80,381 | a | 3,150,131 | ||
CoStar Group | 1,660 | a | 337,279 | ||
Criteo, ADR | 46,699 | a,b | 2,193,919 | ||
Envestnet | 15,440 | a,b | 596,756 | ||
Fidelity National Information Services | 9,023 | 742,322 | |||
HubSpot | 16,229 | a | 965,626 | ||
Intuit | 5,730 | 718,771 | |||
Jack Henry & Associates | 34,431 | 3,228,595 | |||
KEYW Holding | 77,627 | a | 770,060 | ||
LogMeIn | 8,397 | 770,425 | |||
Mimecast | 45,744 | a | 900,242 | ||
New Relic | 21,776 | a | 766,080 | ||
Nuance Communications | 39,181 | a | 667,252 | ||
Paychex | 4,023 | 247,093 | |||
Proofpoint | 11,297 | a | 889,865 | ||
Science Applications International | 7,757 | b | 674,626 | ||
ServiceNow | 6,247 | a | 542,989 | ||
Shopify, Cl. A | 31,973 | a | 1,893,121 | ||
Splunk | 4,413 | a | 272,414 | ||
Square, Cl. A | 264,786 | a | 4,586,094 | ||
SS&C Technologies Holdings | 9,718 | 340,324 | |||
Teradata | 64,314 | a | 2,000,165 | ||
Twilio, Cl. A | 39,638 | b | 1,257,317 | ||
Varonis Systems | 18,521 | a | 507,475 | ||
WebMD Health | 57,681 | a | 2,993,644 | ||
40,255,352 | |||||
BNY Mellon Small/Mid Cap Multi-Strategy Fund (continued) | |||||
Common Stocks - 98.5% (continued) | Shares | Value ($) | |||
Technology Hardware & Equipment - 8.8% | |||||
Airgain | 9,292 | 117,079 | |||
Amphenol, Cl. A | 9,494 | 657,080 | |||
Calix | 34,691 | a | 239,368 | ||
Ciena | 159,941 | a | 4,212,846 | ||
Dolby Laboratories, Cl. A | 45,745 | 2,236,473 | |||
FLIR Systems | 72,713 | 2,669,294 | |||
Infinera | 71,817 | a | 779,214 | ||
IPG Photonics | 30,541 | a | 3,613,000 | ||
Keysight Technologies | 13,515 | a | 508,164 | ||
Lumentum Holdings | 20,941 | a | 961,192 | ||
Methode Electronics | 53,480 | 2,219,420 | |||
National Instruments | 71,044 | 2,290,459 | |||
NETGEAR | 17,854 | a | 978,399 | ||
Novanta | 24,611 | a | 598,047 | ||
Trimble | 13,456 | a | 417,540 | ||
Universal Display | 21,905 | 1,858,639 | |||
Viavi Solutions | 419,277 | a | 4,201,156 | ||
Zebra Technologies, Cl. A | 6,189 | a | 561,404 | ||
29,118,774 | |||||
Transportation - 3.9% | |||||
Avis Budget Group | 74,787 | a | 2,586,134 | ||
J.B. Hunt Transport Services | 4,495 | 441,274 | |||
Kirby | 46,786 | a,b | 3,237,591 | ||
Knight Transportation | 50,792 | 1,660,898 | |||
Ryder System | 39,890 | 3,037,623 | |||
Werner Enterprises | 72,998 | 2,043,944 | |||
13,007,464 | |||||
Utilities - .9% | |||||
American Water Works | 11,492 | 896,376 | |||
Calpine | 168,540 | a,b | 1,973,603 | ||
2,869,979 | |||||
Total Common Stocks (cost $263,482,788) | 324,839,198 | ||||
Other Investment - 1.1% | |||||
Registered Investment Company; | |||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 3,646,557 | d | 3,646,557 |
47
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Small/Mid Cap Multi-Strategy Fund (continued) | |||||
Investment of Cash Collateral for Securities Loaned - 6.6% | Shares | Value ($) | |||
Registered Investment Company; | |||||
Dreyfus Institutional Preferred Money Market Fund, Hamilton Shares | 21,960,860 | d | 21,960,860 | ||
Total Investments (cost $289,090,205) | 106.2% | 350,446,615 | |||
Liabilities, Less Cash and Receivables | (6.2%) | (20,609,672) | |||
Net Assets | 100.0% | 329,836,943 |
ADR—American Depository Receipt
ETF—Exchange-Traded Fund
aNon-income producing security.
bSecurity, or portion thereof, on loan. At February 28, 2017, the value of the fund’s securities on loan was $34,735,844 and the value of the collateral held by the fund was $37,252,767, consisting of cash collateral of $21,960,860 and U.S. Government & Agency securities valued at $15,291,907.
cInvestment in real estate investment trust.
dInvestment in affiliated money market mutual fund.
Portfolio Summary (Unaudited) † | Value (%) |
Software & Services | 12.2 |
Technology Hardware & Equipment | 8.8 |
Money Market Investments | 7.7 |
Banks | 7.4 |
Pharmaceuticals, Biotechnology & Life Sciences | 6.8 |
Diversified Financials | 6.3 |
Health Care Equipment & Services | 5.9 |
Capital Goods | 5.4 |
Retailing | 5.1 |
Real Estate | 4.7 |
Materials | 4.6 |
Energy | 4.5 |
Transportation | 3.9 |
Consumer Services | 3.9 |
Semiconductors & Semiconductor Equipment | 3.9 |
Commercial & Professional Services | 2.9 |
Media | 2.7 |
Food & Staples Retailing | 2.3 |
Food, Beverage & Tobacco | 1.7 |
Exchange-Traded Funds | 1.4 |
Insurance | 1.1 |
Consumer Durables & Apparel | .9 |
Utilities | .9 |
Automobiles & Components | .8 |
Household & Personal Products | .4 |
106.2 |
† Based on net assets.
See notes to financial statements.
48
BNY Mellon International Fund | |||||
Common Stocks - 98.5% | Shares | Value ($) | |||
Australia - 6.9% | |||||
Australia & New Zealand Banking Group | 517,551 | 12,261,327 | |||
BHP Billiton | 593,993 | 11,385,370 | |||
Macquarie Group | 209,405 | 13,911,740 | |||
Qantas Airways | 1,519,324 | 4,368,250 | |||
Vicinity Centres | 2,157,969 | 4,781,552 | |||
Woodside Petroleum | 474,199 | 11,394,242 | |||
Woolworths | 376,642 | 7,438,758 | |||
65,541,239 | |||||
Belgium - 1.8% | |||||
Anheuser-Busch InBev | 115,570 | 12,641,406 | |||
bpost | 199,574 | 4,958,006 | |||
17,599,412 | |||||
Brazil - 1.1% | |||||
Aperam | 214,015 | 10,885,193 | |||
Denmark - 1.0% | |||||
Danske Bank | 294,907 | 9,843,052 | |||
Finland - .8% | |||||
UPM-Kymmene | 328,925 | 7,816,033 | |||
France - 9.9% | |||||
Atos | 85,351 | 10,081,930 | |||
BNP Paribas | 258,292 | 15,085,481 | |||
Carrefour | 461,202 | 11,012,991 | |||
Cie de St-Gobain | 156,884 | 7,517,362 | |||
Cie Generale des Etablissements Michelin | 80,014 | 8,989,527 | |||
Orange | 1,270,889 | 19,206,119 | |||
Renault | 76,812 | 6,811,874 | |||
Thales | 49,795 | 4,906,015 | |||
Vinci | 159,626 | 11,501,027 | |||
95,112,326 | |||||
Germany - 8.4% | |||||
Allianz | 106,089 | 18,454,561 | |||
Continental | 72,645 | 14,737,870 | |||
Covestro | 77,160 | a | 5,809,500 | ||
Deutsche Post | 219,773 | 7,537,795 | |||
Evonik Industries | 307,253 | 9,866,027 | |||
Fresenius & Co. | 201,714 | 16,031,469 | |||
Infineon Technologies | 428,821 | 7,632,126 | |||
80,069,348 | |||||
Hong Kong - 1.7% | |||||
AIA Group | 2,544,800 | 16,079,357 | |||
Ireland - .5% | |||||
CRH | 132,470 | 4,471,896 | |||
Israel - 1.2% | |||||
Teva Pharmaceutical Industries, ADR | 315,039 | 11,032,666 | |||
Italy - 3.4% | |||||
Enel | 4,135,897 | 17,754,129 | |||
Leonardo | 664,500 | b | 9,130,513 | ||
Prysmian | 202,389 | 5,148,009 | |||
32,032,651 | |||||
BNY Mellon International Fund (continued) | |||||
Common Stocks - 98.5% (continued) | Shares | Value ($) | |||
Japan - 26.3% | |||||
Aisin Seiki | 371,500 | 18,451,822 | |||
Alps Electric | 408,400 | 12,159,847 | |||
Astellas Pharma | 645,000 | 8,680,760 | |||
Chubu Electric Power | 665,900 | 8,772,371 | |||
Daiwa House Industry | 308,800 | 8,476,917 | |||
Daiwa Securities Group | 1,052,000 | 6,669,986 | |||
Japan Airlines | 278,300 | 9,088,813 | |||
JTEKT | 344,200 | 5,845,686 | |||
Kandenko | 482,000 | 3,998,611 | |||
KDDI | 421,300 | 11,021,413 | |||
MINEBEA MITSUMI | 597,900 | 7,365,647 | |||
Mitsubishi Chemical Holdings | 1,351,200 | 10,375,898 | |||
Mitsubishi Electric | 643,300 | 9,433,769 | |||
Nintendo | 49,900 | 10,437,937 | |||
Panasonic | 1,365,000 | 14,981,041 | |||
Park24 | 164,100 | 4,608,443 | |||
Seiko Epson | 677,200 | 15,148,014 | |||
Seven & i Holdings | 398,900 | 15,622,947 | |||
Shionogi & Co. | 168,900 | 8,265,719 | |||
Showa Shell Sekiyu | 529,200 | 5,332,275 | |||
Sony | 543,700 | 16,831,978 | |||
Sumitomo Mitsui Financial Group | 522,700 | 20,364,572 | |||
Suzuki Motor | 313,700 | 12,269,329 | |||
Tosoh | 885,000 | 7,696,337 | |||
251,900,132 | |||||
Netherlands - 3.8% | |||||
ABN AMRO Group | 663,295 | a | 15,178,214 | ||
Heineken | 140,791 | 11,619,102 | |||
NN Group | 315,116 | 9,789,684 | |||
36,587,000 | |||||
Norway - 1.0% | |||||
Telenor | 602,741 | 9,828,198 | |||
Portugal - 1.3% | |||||
Galp Energia | 811,203 | 11,936,912 | |||
Singapore - .7% | |||||
Ascendas Real Estate Investment Trust | 3,939,300 | 7,027,437 | |||
Spain - 4.3% | |||||
ACS Actividades de Construccion y Servicios | 152,708 | 4,792,701 | |||
Banco Santander | 5,184,658 | 28,309,014 | |||
Gamesa Corp Tecnologica | 348,920 | 7,725,603 | |||
40,827,318 | |||||
Sweden - 2.4% | |||||
Electrolux, Ser. B | 253,412 | 6,720,895 | |||
Svenska Cellulosa, Cl. B | 303,307 | 9,321,047 | |||
Volvo, Cl. B | 564,190 | 7,369,109 | |||
23,411,051 | |||||
Switzerland - 6.4% | |||||
Adecco Group | 142,607 | 10,251,631 | |||
Julius Baer Group | 327,044 | b | 16,004,593 | ||
Lonza Group | 26,646 | b | 4,908,159 |
49
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon International Fund (continued) | |||||
Common Stocks - 98.5% (continued) | Shares | Value ($) | |||
Switzerland - 6.4% (continued) | |||||
Novartis | 266,557 | 20,807,556 | |||
Swiss Life Holding | 30,647 | b | 9,642,507 | ||
61,614,446 | |||||
United Kingdom - 15.1% | |||||
Anglo American | 340,782 | b | 5,372,423 | ||
AstraZeneca | 230,071 | 13,257,845 | |||
Imperial Brands | 338,546 | 15,933,800 | |||
Prudential | 963,277 | 19,214,143 | |||
Royal Dutch Shell, Cl. B | 933,195 | 25,168,127 | |||
Shire | 289,134 | 17,414,771 | |||
Smiths Group | 295,500 | 5,481,728 | |||
Unilever | 383,296 | 18,163,636 | |||
Wolseley | 121,971 | 7,438,733 | |||
WPP | 741,549 | 17,455,248 | |||
144,900,454 | |||||
United States - .5% | |||||
iShares MSCI EAFE ETF | 75,354 | 4,546,860 | |||
Total Common Stocks (cost $931,648,519) | 943,062,981 | ||||
Other Investment - .7% | |||||
Registered Investment Company; | |||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 6,746,514 | c | 6,746,514 | ||
Total Investments (cost $938,395,033) | 99.2% | 949,809,495 | |||
Cash and Receivables (Net) | .8% | 7,430,569 | |||
Net Assets | 100.0% | 957,240,064 |
ADR—American Depository Receipt
ETF—Exchange-Traded Fund
a Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 28, 2017, these securities were valued at $20,987,714 or 2.19% of net assets.
b Non-income producing security.
c Investment in affiliated money market mutual fund.
Portfolio Summary (Unaudited) † | Value (%) |
Financials | 22.0 |
Industrials | 14.5 |
Consumer Discretionary | 12.2 |
Consumer Staples | 10.6 |
Health Care | 10.5 |
Materials | 7.7 |
Information Technology | 5.8 |
Energy | 5.6 |
Telecommunications | 4.2 |
Utilities | 2.8 |
Real Estate | 2.1 |
Money Market Investment | .7 |
Exchange-Traded Funds | .5 |
99.2 |
† Based on net assets.
See notes to financial statements.
50
BNY Mellon Emerging Markets Fund | |||||
Common Stocks - 93.8% | Shares | Value ($) | |||
Brazil - 5.2% | |||||
Ambev, ADR | 488,143 | 2,777,534 | |||
BB Seguridade Participacoes | 313,900 | 2,887,759 | |||
Cia de Saneamento Basico do Estado de Sao Paulo | 338,600 | 3,578,646 | |||
Cosan Industria e Comercio | 385,500 | 4,944,214 | |||
EcoRodovias Infraestrutura e Logistica | 1,140,800 | 3,369,962 | |||
JBS | 2,440,700 | 9,179,103 | |||
Localiza Rent a Car | 237,400 | 2,940,219 | |||
MRV Engenharia e Participacoes | 659,600 | 3,027,672 | |||
Qualicorp | 447,700 | 2,836,441 | |||
35,541,550 | |||||
Canada - .4% | |||||
Gran Tierra Energy | 1,122,515 | a,b | 3,008,340 | ||
China - 23.2% | |||||
Alibaba Group Holding, ADR | 251,778 | b | 25,907,956 | ||
Anhui Conch Cement, Cl. H | 2,989,500 | 10,416,980 | |||
ANTA Sports Products | 574,000 | 1,737,624 | |||
Beijing Capital International Airport, Cl. H | 1,316,000 | 1,410,442 | |||
China Construction Bank, Cl. H | 25,150,939 | 20,702,895 | |||
China Lodging Group, ADR | 161,898 | b | 9,385,227 | ||
Ctrip.com International, ADR | 36,498 | b | 1,731,465 | ||
PetroChina, Cl. H | 7,390,000 | 5,626,106 | |||
PICC Property & Casualty, Cl. H | 9,104,000 | 13,908,905 | |||
Ping An Insurance Group Company of China, Cl. H | 2,117,000 | 11,290,085 | |||
Shanghai Pharmaceuticals Holding, Cl. H | 3,577,100 | 9,215,886 | |||
Tencent Holdings | 1,456,100 | 38,827,333 | |||
Weibo, ADR | 91,347 | b | 4,614,850 | ||
Weichai Power, Cl. H | 2,070,700 | 3,643,711 | |||
158,419,465 | |||||
Colombia - .3% | |||||
Bancolombia, ADR | 49,614 | 1,853,083 | |||
Hong Kong - 3.8% | |||||
China Everbright International | 3,541,000 | 4,588,808 | |||
China Mobile | 1,205,500 | 13,292,816 | |||
China Mobile, ADR | 62,201 | 3,437,227 | |||
China Overseas Land & Investment | 1,370,000 | 4,217,882 | |||
25,536,733 | |||||
Hungary - .9% | |||||
Richter Gedeon | 285,422 | 6,330,489 | |||
India - 5.0% | |||||
Aurobindo Pharma | 424,381 | 4,306,353 | |||
Bharat Electronics | 128,181 | 2,911,792 | |||
Engineers India | 1,340,782 | 3,020,918 | |||
ICICI Bank | 273,856 | 1,133,881 | |||
Maruti Suzuki India | 55,414 | 4,886,987 | |||
Power Finance | 1,634,498 | 3,325,956 | |||
Reliance Industries | 163,590 | 3,030,271 | |||
UPL | 441,256 | 4,750,601 | |||
BNY Mellon Emerging Markets Fund (continued) | |||||
Common Stocks - 93.8% (continued) | Shares | Value ($) | |||
India - 5.0% (continued) | |||||
Vedanta | 1,843,099 | 6,687,365 | |||
34,054,124 | |||||
Indonesia - 3.7% | |||||
Bank Negara Indonesia | 14,603,900 | 6,844,209 | |||
Bank Rakyat Indonesia | 10,187,600 | 9,128,811 | |||
Matahari Department Store | 1,481,500 | 1,516,382 | |||
Telekomunikasi Indonesia | 26,236,400 | 7,574,246 | |||
25,063,648 | |||||
Malaysia - .4% | |||||
AirAsia | 4,397,400 | 2,674,095 | |||
Mexico - 2.0% | |||||
Arca Continental | 1,091,058 | 6,122,828 | |||
Grupo Aeroportuario del Centro Norte | 788,800 | 3,778,419 | |||
Wal-Mart de Mexico | 1,751,000 | 3,407,615 | |||
13,308,862 | |||||
Panama - .5% | |||||
Copa Holdings, Cl. A | 34,558 | 3,680,081 | |||
Peru - 1.3% | |||||
Credicorp | 54,675 | 9,000,598 | |||
Philippines - .2% | |||||
Puregold Price Club | 1,112,300 | 1,018,935 | |||
Poland - .5% | |||||
KGHM Polska Miedz | 108,179 | 3,432,438 | |||
Russia - 5.6% | |||||
Lenta, GDR | 186,392 | b,c | 1,237,643 | ||
Lukoil, ADR | 269,196 | 14,233,738 | |||
Rosneft, GDR | 685,307 | 3,885,691 | |||
Sberbank of Russia, ADR | 913,473 | 10,002,529 | |||
Yandex, Cl. A | 384,123 | b | 8,642,768 | ||
38,002,369 | |||||
South Africa - 4.5% | |||||
AngloGold Ashanti, ADR | 222,068 | b | 2,447,189 | ||
Barclays Africa Group | 1,076,196 | 12,466,398 | |||
Barloworld | 337,899 | 2,984,485 | |||
Clicks Group | 683,899 | 6,699,525 | |||
Imperial Holdings | 248,485 | 3,165,378 | |||
Telkom | 575,581 | 2,991,222 | |||
30,754,197 | |||||
South Korea - 18.1% | |||||
BGF Retail | 18,012 | 1,624,784 | |||
Coway | 117,431 | 9,294,782 | |||
Hana Financial Group | 113,536 | 3,539,371 | |||
Hankook Tire | 94,822 | b | 5,014,685 | ||
Hanwha Techwin | 58,712 | b | 2,279,422 | ||
Hugel | 19,357 | b | 6,309,963 | ||
Hyundai Development Co-Engineering & Construction | 146,835 | 5,687,706 | |||
Hyundai Marine & Fire Insurance | 147,800 | 4,234,994 | |||
Hyundai Mobis | 17,780 | 4,009,640 | |||
KB Financial Group | 221,350 | 9,180,911 |
51
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Emerging Markets Fund (continued) | |||||
Common Stocks - 93.8% (continued) | Shares | Value ($) | |||
South Korea - 18.1% (continued) | |||||
Korea Investment Holdings | 141,009 | b | 5,910,968 | ||
KT | 55,886 | 1,504,956 | |||
KT&G | 71,888 | 6,516,489 | |||
KT, ADR | 201,487 | 3,223,792 | |||
LG Innotek | 10,685 | 1,133,938 | |||
NAVER | 1,502 | 1,030,778 | |||
POSCO | 23,899 | 5,991,923 | |||
Samsung Biologics | 33,348 | 4,851,423 | |||
Samsung Card | 74,833 | 2,802,722 | |||
Samsung Electronics | 15,344 | 26,081,068 | |||
Samsung SDI | 37,815 | 4,314,070 | |||
SK Hynix | 206,805 | 8,541,051 | |||
123,079,436 | |||||
Taiwan - 10.8% | |||||
Advanced Semiconductor Engineering | 6,723,842 | 8,349,133 | |||
Airtac International Group | 554,000 | 5,121,031 | |||
China Life Insurance | 5,519,720 | 5,416,686 | |||
Fubon Financial Holding | 3,505,000 | 5,675,582 | |||
Largan Precision | 23,000 | 3,413,674 | |||
Powertech Technology | 1,880,000 | 5,458,232 | |||
Realtek Semiconductor | 1,441,000 | 5,370,303 | |||
Taiwan Semiconductor Manufacturing | 5,625,000 | 34,602,991 | |||
73,407,632 | |||||
Thailand - 1.4% | |||||
PTT | 342,600 | 3,896,584 | |||
Thai Beverage | 2,856,000 | 1,936,064 | |||
Thanachart Capital | 2,783,400 | 3,867,439 | |||
9,700,087 | |||||
Turkey - .6% | |||||
Enka Insaat ve Sanayi | 1,240,454 | 1,922,497 | |||
Tupras Turkiye Petrol Rafinerileri | 101,177 | 2,367,404 | |||
4,289,901 | |||||
United Arab Emirates - 1.8% | |||||
Abu Dhabi Commercial Bank | 3,360,109 | 6,486,909 | |||
Emaar Properties | 2,905,729 | 5,894,535 | |||
12,381,444 | |||||
United States - 3.6% | |||||
iShares MSCI Emerging Markets ETF | 643,799 | 24,457,924 | |||
Total Common Stocks (cost $513,951,338) | 638,995,431 | ||||
Preferred Stocks - 3.9% | |||||
Brazil - 3.9% | |||||
Cia Energetica de Minas Gerais | 1,176,100 | 4,041,308 | |||
Cia Paranaense de Energia, Cl. B | 345,800 | 3,745,889 | |||
Petroleo Brasileiro | 2,087,000 | b | 10,183,433 | ||
Vale | 876,300 | 8,875,671 | |||
Total Preferred Stocks (cost $19,337,370) | 26,846,301 | ||||
BNY Mellon Emerging Markets Fund (continued) | |||||
Rights - .0% | Number of Rights | Value ($) | |||
Taiwan - .0% | |||||
Advanced Semiconductor Engineering | 210,008 | b | 26,316 | ||
Other Investment - .7% | Shares | Value ($) | |||
Registered Investment Company; | |||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 5,000,294 | d | 5,000,294 | ||
Investment of Cash Collateral for Securities Loaned - .0% | |||||
Registered Investment Company; | |||||
Dreyfus Institutional Preferred Money Market Fund, Hamilton Shares | 106,065 | d | 106,065 | ||
Total Investments (cost $538,395,067) | 98.4% | 670,974,407 | |||
Cash and Receivables (Net) | 1.6% | 10,570,821 | |||
Net Assets | 100.0% | 681,545,228 |
ADR—American Depository Receipt
ETF—Exchange-Traded Fund
GDR—Global Depository Receipt
aSecurity, or portion thereof, on loan. At February 28, 2017, the value of the fund’s securities on loan was $103,365 and the value of the collateral held by the fund was $106,065.
bNon-income producing security.
cSecurity exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 28, 2017, these securities were valued at $1,237,643 or .18% of net assets.
dInvestment in affiliated money market mutual fund.
Portfolio Summary (Unaudited) † | Value (%) |
Information Technology | 25.9 |
Financials | 22.0 |
Energy | 7.5 |
Industrials | 7.3 |
Consumer Discretionary | 6.4 |
Materials | 6.2 |
Consumer Staples | 5.9 |
Health Care | 5.0 |
Telecommunication Services | 4.7 |
Exchange-Traded Funds | 3.6 |
Utilities | 1.7 |
Real Estate | 1.5 |
Money Market Investments | .7 |
98.4 |
† Based on net assets.
See notes to financial statements.
52
BNY Mellon International Appreciation Fund | |||||
Common Stocks - 98.6% | Shares | Value ($) | |||
Automobiles & Components - 4.8% | |||||
Bridgestone, ADR | 14,448 | 287,588 | |||
Daimler | 6,357 | 461,645 | |||
Denso, ADR | 17,138 | 379,778 | |||
Ferrari | 2,939 | 191,211 | |||
Fiat Chrysler Automobiles | 13,195 | 144,749 | |||
Honda Motor, ADR | 13,948 | 431,970 | |||
Nissan Motor, ADR | 8,962 | 176,327 | |||
Sumitomo Electric Industries, ADR | 16,020 | 261,953 | |||
Toyota Motor, ADR | 8,048 | 910,631 | |||
Volkswagen, ADR | 7,750 | 235,213 | |||
3,481,065 | |||||
Banks - 12.7% | |||||
Australia & New Zealand Banking Group, ADR | 22,898 | 541,538 | |||
Banco Bilbao Vizcaya Argentaria, ADR | 52,559 | 343,736 | |||
Banco Santander, ADR | 110,369 | 597,096 | |||
Barclays, ADR | 29,040 | 324,958 | |||
BNP Paribas, ADR | 16,511 | 481,874 | |||
Commerzbank, ADR | 22,392 | 170,963 | |||
Commonwealth Bank of Australia, ADR | 3,423 | a | 649,945 | ||
Credit Agricole, ADR | 35,091 | 210,897 | |||
Danske Bank, ADR | 22,808 | 381,692 | |||
Erste Group Bank, ADR | 12,283 | 179,332 | |||
Hachijuni Bank, ADR | 2,799 | 177,619 | |||
Hang Seng Bank, ADR | 12,669 | 260,981 | |||
HSBC Holdings, ADR | 21,528 | 867,578 | |||
ING Groep, ADR | 32,769 | 453,195 | |||
Intesa Sanpaolo, ADR | 18,734 | 261,901 | |||
Lloyds Banking Group, ADR | 90,723 | 313,902 | |||
Mitsubishi UFJ Financial Group, ADR | 72,092 | 479,412 | |||
Mizuho Financial Group, ADR | 63,000 | 236,250 | |||
National Australia Bank, ADR | 43,206 | 530,570 | |||
Shinsei Bank, ADR | 35,546 | 127,610 | |||
Societe Generale, ADR | 35,945 | 318,113 | |||
Sumitomo Mitsui Financial Group, ADR | 35,296 | 275,309 | |||
Sumitomo Mitsui Trust Holdings, ADR | 31,240 | 112,308 | |||
United Overseas Bank, ADR | 8,700 | 267,177 | |||
Westpac Banking, ADR | 23,815 | 617,047 | |||
9,181,003 | |||||
Capital Goods - 10.3% | |||||
ABB, ADR | 21,572 | b | 486,449 | ||
Airbus Group, ADR | 22,772 | 416,728 | |||
Asahi Glass, ADR | 24,076 | 192,247 | |||
Atlas Copco, Cl. A, ADR | 10,747 | 351,964 | |||
Atlas Copco, Cl. B, ADR | 5,620 | 165,678 | |||
BAE Systems, ADR | 7,289 | 229,020 | |||
CK Hutchison Holdings, ADR | 8,471 | 104,278 | |||
FANUC, ADR | 17,000 | 332,690 | |||
ITOCHU, ADR | 5,705 | 165,217 | |||
Kajima, ADR | 2,417 | 158,131 | |||
BNY Mellon International Appreciation Fund (continued) | |||||
Common Stocks - 98.6% (continued) | Shares | Value ($) | |||
Capital Goods - 10.3% (continued) | |||||
Kawasaki Heavy Industries, ADR | 11,754 | 148,337 | |||
Keppel, ADR | 13,187 | 129,035 | |||
Komatsu, ADR | 10,788 | 259,451 | |||
Kubota, ADR | 3,271 | 260,241 | |||
Marubeni, ADR | 1,423 | 92,438 | |||
Metso, ADR | 30,248 | 224,107 | |||
Mitsubishi Electric, ADR | 10,575 | 309,477 | |||
Mitsubishi, ADR | 5,957 | 268,929 | |||
Mitsui & Co., ADR | 811 | 248,247 | |||
Nidec, ADR | 12,562 | 292,946 | |||
NSK, ADR | 7,210 | 204,944 | |||
Rolls-Royce Holdings, ADR | 18,030 | 178,407 | |||
Sandvik, ADR | 27,176 | 367,827 | |||
Siemens, ADR | 5,911 | 768,430 | |||
SKF, ADR | 10,990 | 207,931 | |||
Sumitomo, ADR | 17,536 | 236,035 | |||
Teijin, ADR | 8,848 | 169,945 | |||
TOTO, ADR | 5,445 | 209,292 | |||
Volvo AB, Cl. B, ADR | 19,952 | 259,077 | |||
7,437,498 | |||||
Commercial & Professional Services - 2.6% | |||||
Dai Nippon Printing, ADR | 22,828 | 247,912 | |||
Experian, ADR | 12,973 | 256,865 | |||
RELX, ADR | 17,724 | 336,933 | |||
Secom, ADR | 21,620 | 392,403 | |||
Toppan Printing, ADR | 30,905 | 313,068 | |||
Wolters Kluwer, ADR | 8,772 | 360,003 | |||
1,907,184 | |||||
Consumer Durables & Apparel - 3.5% | |||||
adidas, ADR | 4,725 | 395,813 | |||
Casio Computer, ADR | 1,290 | 174,905 | |||
Cie Financiere Richemont, ADR | 40,900 | 298,979 | |||
Electrolux, Cl. B, ADR | 3,367 | 178,333 | |||
LVMH Moet Hennessy Louis Vuitton, ADR | 11,669 | 468,160 | |||
Panasonic, ADR | 21,520 | 236,290 | |||
Pandora A/S | 10,600 | b | 300,987 | ||
Sega Sammy Holdings, ADR | 44,384 | 164,221 | |||
Sony, ADR | 10,522 | 325,761 | |||
2,543,449 | |||||
Consumer Services - 1.3% | |||||
Compass Group, ADR | 20,625 | 388,781 | |||
InterContinental Hotels Group, ADR | 4,939 | 232,331 | |||
Sodexo, ADR | 14,960 | 327,175 | |||
948,287 | |||||
Diversified Financials - 2.7% | |||||
Computershare, ADR | 18,742 | 194,677 | |||
Credit Suisse Group, ADR | 17,222 | b | 259,880 | ||
Daiwa Securities Group, ADR | 42,790 | 268,935 | |||
Deutsche Bank | 10,806 | b | 212,770 |
53
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon International Appreciation Fund (continued) | |||||
Common Stocks - 98.6% (continued) | Shares | Value ($) | |||
Diversified Financials - 2.7% (continued) | |||||
Nomura Holdings, ADR | 45,857 | 297,612 | |||
ORIX, ADR | 3,179 | 248,820 | |||
UBS Group | 29,451 | 452,662 | |||
1,935,356 | |||||
Energy - 4.6% | |||||
BP, ADR | 18,266 | 619,583 | |||
Eni, ADR | 11,575 | 358,131 | |||
Repsol, ADR | 15,992 | 236,602 | |||
Royal Dutch Shell, Cl. A, ADR | 9,753 | 506,083 | |||
Royal Dutch Shell, Cl. B, ADR | 8,593 | 472,615 | |||
Statoil, ADR | 11,355 | 199,848 | |||
Total, ADR | 14,372 | 718,169 | |||
Woodside Petroleum, ADR | 10,215 | 245,211 | |||
3,356,242 | |||||
Food & Staples Retailing - 1.0% | |||||
Aeon, ADR | 11,968 | 179,169 | |||
J Sainsbury, ADR | 1,318 | 17,793 | |||
Koninklijke Ahold, ADR | 16,426 | 349,217 | |||
Tesco, ADR | 21,655 | b | 151,260 | ||
697,439 | |||||
Food, Beverage & Tobacco - 7.2% | |||||
Ajinomoto, ADR | 10,230 | 204,702 | |||
Anheuser-Busch InBev, ADR | 5,685 | 622,451 | |||
British American Tobacco, ADR | 11,008 | 702,751 | |||
Coca-Cola Amatil, ADR | 19,462 | b | 155,404 | ||
Coca-Cola HBC, ADR | 5,662 | b | 136,596 | ||
Danone, ADR | 31,259 | 411,681 | |||
Diageo, ADR | 3,298 | 376,994 | |||
Heineken, ADR | 7,309 | 301,935 | |||
Imperial Brands, ADR | 5,274 | 252,308 | |||
Japan Tobacco, ADR | 14,000 | 234,220 | |||
Kirin Holdings, ADR | 8,382 | 144,715 | |||
Nestle, ADR | 18,155 | 1,337,842 | |||
Orkla, ADR | 17,707 | 154,936 | |||
Yamazaki Baking, ADR | 1,023 | 205,999 | |||
5,242,534 | |||||
Health Care Equipment & Services - 1.7% | |||||
Essilor International, ADR | 7,284 | 418,684 | |||
Fresenius Medical Care & Co., ADR | 8,300 | 345,612 | |||
Olympus, ADR | 6,140 | 217,049 | |||
Smith & Nephew, ADR | 8,103 | 247,547 | |||
1,228,892 | |||||
Household & Personal Products - 3.4% | |||||
Henkel AG & Co., ADR | 2,872 | 358,555 | |||
Kao, ADR | 5,988 | 309,131 | |||
L'Oreal, ADR | 9,964 | 370,362 | |||
Reckitt Benckiser Group, ADR | 14,141 | 260,619 | |||
Svenska Cellulosa, ADR | 8,419 | 258,295 | |||
Unilever (NY Shares) | 10,503 | 497,107 | |||
BNY Mellon International Appreciation Fund (continued) | |||||
Common Stocks - 98.6% (continued) | Shares | Value ($) | |||
Household & Personal Products - 3.4% (continued) | |||||
Unilever, ADR | 8,538 | 405,384 | |||
2,459,453 | |||||
Insurance - 5.4% | |||||
Aegon (NY Shares) | 24,627 | 131,508 | |||
Ageas, ADR | 6,836 | 259,016 | |||
AIA Group, ADR | 27,000 | 681,480 | |||
Allianz, ADR | 38,420 | 668,892 | |||
AXA, ADR | 15,800 | 371,774 | |||
Legal & General Group, ADR | 18,467 | 286,793 | |||
MS&AD Insurance Group Holdings, ADR | 18,902 | 318,404 | |||
Prudential, ADR | 11,132 | 446,059 | |||
Tokio Marine Holdings, ADR | 8,055 | 353,252 | |||
Zurich Insurance Group, ADR | 14,447 | 399,676 | |||
3,916,854 | |||||
Materials - 8.0% | |||||
Air Liquide, ADR | 16,867 | 363,990 | |||
Akzo Nobel, ADR | 12,115 | 270,589 | |||
Alumina, ADR | 33,720 | 189,675 | |||
Amcor, ADR | 5,596 | 241,076 | |||
Anglo American, ADR | 17,423 | b | 136,945 | ||
ArcelorMittal (NY Shares) | 19,355 | b | 169,937 | ||
Asahi Kasei, ADR | 10,985 | 213,713 | |||
BASF, ADR | 7,796 | 726,509 | |||
BHP Billiton, ADR | 9,704 | 367,005 | |||
BHP Billiton, ADR | 3,045 | 98,932 | |||
Boral, ADR | 8,721 | 157,169 | |||
Glencore, ADR | 38,136 | b | 303,372 | ||
James Hardie Industries, ADR | 18,420 | 273,905 | |||
Johnson Matthey, ADR | 2,292 | 179,005 | |||
Kobe Steel, ADR | 5,450 | 26,571 | |||
Nippon Steel & Sumitomo Metal, ADR | 10,082 | 249,020 | |||
Nitto Denko, ADR | 5,620 | 236,096 | |||
Norsk Hydro, ADR | 20,133 | 113,349 | |||
OJI Holdings, ADR | 3,200 | 153,872 | |||
Rio Tinto, ADR | 7,424 | 308,244 | |||
South32, ADR | 15,739 | 149,993 | |||
Syngenta, ADR | 4,095 | 353,603 | |||
Toray Industries, ADR | 15,040 | 269,366 | |||
UPM-Kymmene, ADR | 8,622 | 204,643 | |||
5,756,579 | |||||
Media - 1.3% | |||||
Pearson, ADR | 9,333 | 77,744 | |||
Publicis Groupe, ADR | 14,114 | 237,115 | |||
Sky, ADR | 3,357 | 166,406 | |||
WPP, ADR | 3,596 | 422,350 | |||
903,615 | |||||
Pharmaceuticals, Biotechnology & Life Sciences - 9.1% | |||||
AstraZeneca, ADR | 16,886 | 494,084 |
54
BNY Mellon International Appreciation Fund (continued) | |||||
Common Stocks - 98.6% (continued) | Shares | Value ($) | |||
Pharmaceuticals, Biotechnology & Life Sciences - 9.1% (continued) | |||||
Bayer, ADR | 5,880 | 648,035 | |||
CSL, ADR | 3,000 | 135,750 | |||
Eisai, ADR | 4,123 | 231,692 | |||
GlaxoSmithKline, ADR | 17,540 | 727,559 | |||
Novartis, ADR | 15,537 | 1,214,527 | |||
Novo Nordisk, ADR | 15,475 | 546,732 | |||
Roche Holding, ADR | 40,932 | 1,245,151 | |||
Sanofi, ADR | 16,289 | 702,545 | |||
Shire, ADR | 1,985 | 358,690 | |||
Teva Pharmaceutical Industries, ADR | 7,100 | 248,642 | |||
6,553,407 | |||||
Real Estate - 3.6% | |||||
British Land, ADR | 9,094 | 70,797 | |||
CapitaLand, ADR | 60,796 | 316,468 | |||
City Developments, ADR | 32,591 | 219,533 | |||
Daiwa House Industry, ADR | 7,610 | 208,438 | |||
Hysan Development, ADR | 23,301 | 217,328 | |||
LendLease Group, ADR | 23,316 | 271,398 | |||
Mitsubishi Estate, ADR | 18,000 | 350,100 | |||
Sino Land, ADR | 21,641 | 188,463 | |||
Sun Hung Kai Properties, ADR | 18,037 | 264,422 | |||
Swire Pacific, Cl. A, ADR | 18,906 | 197,568 | |||
Westfield, ADR | 24,214 | 327,373 | |||
2,631,888 | |||||
Retailing - .8% | |||||
Hennes & Mauritz, ADR | 53,006 | 277,751 | |||
Kingfisher, ADR | 20,001 | 164,808 | |||
Marui Group, ADR | 5,401 | 149,839 | |||
592,398 | |||||
Semiconductors & Semiconductor Equipment - .2% | |||||
ASML Holding | 1,200 | 146,028 | |||
Software & Services - 2.4% | |||||
Dassault Systemes, ADR | 3,770 | 304,993 | |||
Fujitsu, ADR | 5,602 | 162,178 | |||
NICE Systems, ADR | 2,700 | 184,275 | |||
Sage Group, ADR | 8,164 | 264,187 | |||
SAP, ADR | 8,462 | 788,489 | |||
1,704,122 | |||||
Technology Hardware & Equipment - 2.9% | |||||
Canon, ADR | 8,097 | 236,756 | |||
Ericsson, ADR | 27,004 | 174,176 | |||
FUJIFILM Holdings, ADR | 8,819 | 340,369 | |||
Hitachi, ADR | 4,435 | 244,280 | |||
Kyocera, ADR | 5,424 | 299,025 | |||
Nokia, ADR | 45,630 | 234,538 | |||
Omron, ADR | 4,660 | 200,403 | |||
Ricoh, ADR | 15,155 | 132,076 | |||
BNY Mellon International Appreciation Fund (continued) | |||||
Common Stocks - 98.6% (continued) | Shares | Value ($) | |||
Technology Hardware & Equipment - 2.9% (continued) | |||||
TDK, ADR | 3,571 | 242,757 | |||
2,104,380 | |||||
Telecommunication Services - 4.6% | |||||
BT Group, ADR | 10,368 | 210,263 | |||
Deutsche Telekom, ADR | 25,034 | 432,212 | |||
KDDI, ADR | 22,000 | 286,220 | |||
Nippon Telegraph & Telephone, ADR | 4,682 | 198,236 | |||
Orange, ADR | 15,952 | 240,078 | |||
Singapore Telecommunications, ADR | 1,960 | 55,439 | |||
SoftBank Group, ADR | 12,000 | 448,320 | |||
Swisscom, ADR | 4,736 | 208,810 | |||
Telecom Italia, ADR | 16,796 | b | 134,872 | ||
Telefonica, ADR | 35,412 | 358,724 | |||
Telenor, ADR | 7,588 | 123,381 | |||
Telstra, ADR | 15,248 | 273,244 | |||
Vodafone Group, ADR | 14,664 | 372,612 | |||
3,342,411 | |||||
Transportation - 1.2% | |||||
ANA Holdings, ADR | 9,722 | 57,360 | |||
Deutsche Lufthansa, ADR | 3,566 | 51,957 | |||
International Consolidated Airlines Group, ADR | 5,755 | 77,002 | |||
MTR, ADR | 6,662 | 352,353 | |||
Nippon Yusen, ADR | 34,373 | 151,929 | |||
Ryanair Holdings, ADR | 1,745 | b | 142,654 | ||
833,255 | |||||
Utilities - 3.3% | |||||
Centrica, ADR | 10,470 | 118,154 | |||
CLP Holdings, ADR | 18,613 | 188,922 | |||
E.ON, ADR | 16,644 | 128,991 | |||
EDP - Energias de Portugal, ADR | 3,830 | 118,416 | |||
Enel, ADR | 60,207 | 255,880 | |||
Engie, ADR | 7,886 | 96,682 | |||
Hong Kong & China Gas, ADR | 92,782 | 178,605 | |||
Iberdrola, ADR | 16,048 | 426,155 | |||
National Grid, ADR | 5,444 | 331,267 | |||
RWE, ADR | 4,530 | b | 64,326 | ||
SSE, ADR | 7,960 | 153,230 | |||
United Utilities Group, ADR | 7,247 | 179,291 | |||
Veolia Environnement, ADR | 10,027 | 164,643 | |||
2,404,562 | |||||
Total Common Stocks (cost $93,621,976) | 71,307,901 | ||||
Short-Term Investments - .1% | Principal Amount ($) | Value ($) | |||
U.S. Treasury Bills | |||||
0.52%, 3/16/17 | 90,000 | c | 89,985 |
55
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon International Appreciation Fund (continued) | |||||
Other Investment - .9% | Shares | Value ($) | |||
Registered Investment Company; | |||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 632,013 | d | 632,013 | ||
Total Investments (cost $94,343,970) | 99.6% | 72,029,899 | |||
Cash and Receivables (Net) | .4% | 302,791 | |||
Net Assets | 100.0% | 72,332,690 |
ADR—American Depository Receipt
aSecurity exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 28, 2017, these securities were valued at $649,945 or .9% of net assets.
bNon-income producing security.
cHeld by or on behalf of a counterparty for open futures contracts.
dInvestment in affiliated money market mutual fund.
Portfolio Summary (Unaudited) † | Value (%) |
Banks | 12.7 |
Capital Goods | 10.3 |
Pharmaceuticals, Biotechnology & Life Sciences | 9.1 |
Materials | 8.0 |
Food, Beverage & Tobacco | 7.2 |
Insurance | 5.4 |
Automobiles & Components | 4.8 |
Energy | 4.6 |
Telecommunication Services | 4.6 |
Real Estate | 3.6 |
Consumer Durables & Apparel | 3.5 |
Household & Personal Products | 3.4 |
Utilities | 3.3 |
Technology Hardware & Equipment | 2.9 |
Diversified Financials | 2.7 |
Commercial & Professional Services | 2.6 |
Software & Services | 2.4 |
Health Care Equipment & Services | 1.7 |
Consumer Services | 1.3 |
Media | 1.3 |
Transportation | 1.2 |
Short-Term/Money Market Investments | 1.0 |
Food & Staples Retailing | 1.0 |
Retailing | .8 |
Semiconductors & Semiconductor Equipment | .2 |
99.6 |
† Based on net assets.
See notes to financial statements.
56
BNY Mellon International Equity Income Fund | |||||
Common Stocks - 98.1% | Shares | Value ($) | |||
Australia - 7.6% | |||||
Australia & New Zealand Banking Group | 323,225 | 7,657,540 | |||
Bank of Queensland | 330,000 | 2,998,183 | |||
Commonwealth Bank of Australia | 89,240 | 5,632,364 | |||
Insurance Australia Group | 367,300 | 1,689,655 | |||
National Australia Bank | 73,800 | 1,810,074 | |||
Telstra | 136,334 | 503,822 | |||
Westpac Banking | 146,467 | 3,784,387 | |||
24,076,025 | |||||
Canada - 5.8% | |||||
BCE | 42,800 | 1,867,062 | |||
CI Financial | 68,800 | 1,402,728 | |||
Inter Pipeline | 137,500 | 2,883,131 | |||
National Bank of Canada | 93,000 | 3,968,710 | |||
Royal Bank of Canada | 28,600 | 2,077,494 | |||
Shaw Communications, Cl. B | 78,800 | 1,639,837 | |||
Toronto-Dominion Bank | 68,600 | 3,535,880 | |||
TransCanada | 20,100 | 924,037 | |||
18,298,879 | |||||
China - 4.9% | |||||
Bank of China, Cl. H | 5,382,500 | 2,724,913 | |||
CNOOC | 1,957,400 | 2,314,719 | |||
Guangzhou R&F Properties, Cl. H | 2,000,000 | 2,761,854 | |||
Industrial & Commercial Bank of China, Cl. H | 4,942,000 | 3,240,384 | |||
Jiangsu Expressway, Cl. H | 1,111,300 | 1,465,910 | |||
Zhejiang Expressway, Cl. H | 2,802,700 | 3,151,860 | |||
15,659,640 | |||||
Czech Republic - 2.3% | |||||
CEZ | 351,500 | 6,208,385 | |||
Komercni banka | 30,800 | 1,107,455 | |||
7,315,840 | |||||
France - 4.1% | |||||
Klepierre | 52,323 | 1,943,689 | |||
Renault | 51,750 | 4,589,315 | |||
Total | 66,254 | 3,302,417 | |||
Unibail-Rodamco | 13,680 | 3,120,981 | |||
12,956,402 | |||||
Germany - 3.4% | |||||
HUGO BOSS | 25,200 | 1,734,764 | |||
Muenchener Rueckversicherungs | 18,523 | 3,500,793 | |||
ProSiebenSat.1 Media | 139,367 | 5,589,120 | |||
10,824,677 | |||||
Hong Kong - 1.3% | |||||
China Power International Development | 5,394,000 | 2,091,479 | |||
Link REIT | 309,000 | 2,131,542 | |||
4,223,021 | |||||
Israel - 1.8% | |||||
Bezeq The Israeli Telecommunication Corporation | 3,221,229 | 5,750,615 | |||
Italy - 3.4% | |||||
Eni | 38,005 | 584,612 | |||
BNY Mellon International Equity Income Fund (continued) | |||||
Common Stocks - 98.1% (continued) | Shares | Value ($) | |||
Italy - 3.4% (continued) | |||||
Intesa Sanpaolo | 3,680,000 | 8,576,907 | |||
Intesa Sanpaolo-RSP | 219,900 | 489,221 | |||
Snam | 278,140 | 1,107,928 | |||
10,758,668 | |||||
Japan - 14.1% | |||||
Aozora Bank | 646,000 | 2,420,811 | |||
Asahi Glass | 227,000 | 1,854,876 | |||
Bridgestone | 42,000 | 1,675,215 | |||
Canon | 72,400 | 2,114,419 | |||
Daito Trust Construction | 51,900 | 7,262,166 | |||
ITOCHU | 442,200 | 6,402,050 | |||
JFE Holdings | 57,300 | 1,083,827 | |||
Marubeni | 548,800 | 3,550,384 | |||
Nippon Steel & Sumitomo Metal | 25,200 | 619,878 | |||
NTT DOCOMO | 58,600 | 1,391,127 | |||
SBI Holdings | 90,000 | 1,259,335 | |||
Sumitomo | 706,300 | 9,490,052 | |||
Sumitomo Chemical | 60,000 | 334,327 | |||
Takeda Pharmaceutical | 112,400 | 5,224,556 | |||
44,683,023 | |||||
Luxembourg - .3% | |||||
RTL Group | 12,300 | 944,720 | |||
Macau - 2.5% | |||||
Sands China | 1,873,500 | 7,819,423 | |||
Malaysia - .7% | |||||
British American Tobacco Malaysia | 216,600 | 2,366,013 | |||
New Zealand - 2.2% | |||||
Auckland International Airport | 738,100 | 3,902,337 | |||
Spark New Zealand | 1,254,700 | 3,244,501 | |||
7,146,838 | |||||
Norway - 2.5% | |||||
Gjensidige Forsikring | 31,400 | 491,029 | |||
Marine Harvest | 419,000 | a | 7,326,940 | ||
7,817,969 | |||||
Qatar - .7% | |||||
Commercial Bank of Qatar | 246,298 | 2,096,844 | |||
Russia - 2.8% | |||||
MMC Norilsk Nickel | 10,900 | 1,739,628 | |||
Severstal | 500,000 | 7,090,332 | |||
8,829,960 | |||||
South Africa - 1.2% | |||||
Fortress Income Fund, Cl. A | 577,700 | 766,303 | |||
MMI Holdings | 1,079,801 | 2,025,013 | |||
MTN Group | 100,000 | 913,208 | |||
3,704,524 | |||||
South Korea - .8% | |||||
Korea Electric Power | 67,900 | 2,618,121 | |||
Spain - 3.8% | |||||
Banco Santander | 690,700 | 3,771,326 | |||
Red Electrica | 125,000 | 2,257,185 |
57
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon International Equity Income Fund (continued) | |||||
Common Stocks - 98.1% (continued) | Shares | Value ($) | |||
Spain - 3.8% (continued) | |||||
Telefonica | 606,100 | 6,195,649 | |||
12,224,160 | |||||
Sweden - 1.0% | |||||
Investor, Cl. B | 51,004 | 2,022,847 | |||
Skanska, Cl. B | 50,500 | 1,203,953 | |||
3,226,800 | |||||
Switzerland - 6.1% | |||||
Nestle | 3,689 | 272,722 | |||
Novartis | 79,436 | 6,200,809 | |||
Roche Holding | 10,971 | 2,672,976 | |||
STMicroelectronics | 487,173 | 7,432,004 | |||
Zurich Insurance Group | 10,785 | a | 2,977,727 | ||
19,556,238 | |||||
Taiwan - 5.0% | |||||
Casetek Holdings | 645,000 | 2,183,345 | |||
Chicony Electronics | 392,231 | 924,293 | |||
Compal Electronics | 1,093,900 | 685,390 | |||
Eclat Textile | 25,000 | 251,436 | |||
MediaTek | 216,000 | 1,574,821 | |||
Novatek Microelectronics | 660,000 | 2,470,422 | |||
Siliconware Precision Industries | 2,798,000 | 4,407,805 | |||
Taiwan Semiconductor Manufacturing | 420,000 | 2,583,690 | |||
Transcend Information | 264,400 | 742,680 | |||
15,823,882 | |||||
Turkey - 2.7% | |||||
Petkim Petrokimya Holding | 7,301,000 | 8,667,066 | |||
United Kingdom - 13.8% | |||||
AstraZeneca | 56,940 | 3,281,168 | |||
BAE Systems | 459,523 | 3,592,251 | |||
BP | 984,051 | 5,538,111 | |||
British American Tobacco | 130,712 | 8,239,446 | |||
GlaxoSmithKline | 181,124 | 3,703,839 | |||
HSBC Holdings | 238,773 | 1,915,458 | |||
Imperial Brands | 82,355 | 3,876,070 | |||
Legal & General Group | 959,709 | 2,956,890 | |||
National Grid | 189,800 | 2,302,140 | |||
Persimmon | 55,200 | 1,411,679 | |||
Royal Dutch Shell, Cl. A | 107,745 | 2,780,193 | |||
SSE | 161,452 | 3,087,201 | |||
Unilever | 15,963 | 756,455 | |||
Vodafone Group | 174,795 | 437,909 | |||
43,878,810 | |||||
United States - 3.3% | |||||
iShares MSCI EAFE ETF | 172,000 | 10,378,480 | |||
Total Common Stocks (cost $289,291,190) | 311,646,638 | ||||
Preferred Stocks - .4% | |||||
South Korea - .4% | |||||
Hyundai Motor | 15,600 | 1,350,643 | |||
BNY Mellon International Equity Income Fund (continued) | |||||
Other Investment - 1.7% | Shares | Value ($) | |||
Registered Investment Company; | |||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 5,350,369 | b | 5,350,369 | ||
Total Investments (cost $295,918,613) | 100.2% | 318,347,650 | |||
Liabilities, Less Cash and Receivables | (.2%) | (480,560) | |||
Net Assets | 100.0% | 317,867,090 |
ETF—Exchange-Traded Fund
REIT—Real Estate Investment Trust
RSP—Risparmio (Savings) Shares
aNon-income producing security.
bInvestment in affiliated money market mutual fund.
Portfolio Summary (Unaudited) † | Value (%) |
Financials | 22.2 |
Consumer Discretionary | 14.1 |
Information Technology | 7.6 |
Consumer Staples | 7.2 |
Telecommunications | 6.9 |
Health Care | 6.6 |
Utilities | 6.2 |
Materials | 6.1 |
Energy | 5.8 |
Real Estate | 5.7 |
Industrials | 5.5 |
Exchange-Traded Funds | 3.3 |
Money Market Investment | 1.7 |
Financial | 1.3 |
100.2 |
† Based on net assets.
See notes to financial statements.
58
BNY Mellon Asset Allocation Fund | |||||
Bonds and Notes - 14.2% | Principal | Value ($) | |||
Commercial Mortgage Pass-Through Ctfs. - .2% | |||||
UBS Commercial Mortgage Trust, Ser. 2012-C1, Cl. A3, 3.40%, 5/10/45 | 275,430 | 287,508 | |||
WFRBS Commercial Mortgage Trust, Ser. 2013-C13, Cl. A4, 3.00%, 5/15/45 | 540,000 | 546,049 | |||
833,557 | |||||
Consumer Discretionary - .7% | |||||
21st Century Fox America, Gtd. Notes, 6.15%, 3/1/37 | 265,000 | 317,373 | |||
Amazon.com, Sr. Unscd. Notes, 2.50%, 11/29/22 | 435,000 | 432,948 | |||
Comcast, Gtd. Notes, 3.13%, 7/15/22 | 610,000 | 624,258 | |||
eBay, Sr. Unscd. Notes, 2.60%, 7/15/22 | 340,000 | 332,656 | |||
Ford Motor Credit, Sr. Unscd. Notes, 3.22%, 1/9/22 | 465,000 | 468,082 | |||
Hyundai Capital America, Sr. Unscd. Notes, 2.40%, 10/30/18 | 195,000 | a | 195,766 | ||
Scripps Networks Interactive, Sr. Unscd. Notes, 2.80%, 6/15/20 | 345,000 | 348,228 | |||
Time Warner, Gtd. Notes, 4.00%, 1/15/22 | 470,000 | 490,819 | |||
Volkswagen International Finance, Gtd. Notes, 1.60%, 11/20/17 | 165,000 | a | 164,841 | ||
3,374,971 | |||||
Consumer Staples - .3% | |||||
Anheuser-Busch InBev Finance, Gtd. Notes, 4.90%, 2/1/46 | 375,000 | 413,651 | |||
CVS Health, Sr. Unscd. Notes, 4.88%, 7/20/35 | 340,000 | 371,127 | |||
Kroger, Sr. Unscd. Notes, 2.60%, 2/1/21 | 235,000 | b | 235,306 | ||
PepsiCo, Sr. Unscd. Notes, 4.50%, 1/15/20 | 375,000 | 402,978 | |||
1,423,062 | |||||
Energy - .3% | |||||
Apache, Sr. Unscd. Notes, 3.25%, 4/15/22 | 265,000 | 267,937 | |||
BP Capital Markets, Gtd. Notes, 4.75%, 3/10/19 | 255,000 | 269,430 | |||
Enterprise Products Operating, Gtd. Notes, 2.55%, 10/15/19 | 200,000 | 202,451 | |||
Exxon Mobil, Sr. Unscd. Notes, 1.71%, 3/1/19 | 260,000 | 260,576 | |||
Spectra Energy Partners, Sr. Unscd. Notes, 3.50%, 3/15/25 | 195,000 | b | 192,544 | ||
1,192,938 | |||||
Financials - 2.4% | |||||
AerCap Ireland Capital, Gtd. Notes, 4.50%, 5/15/21 | 680,000 | 721,364 | |||
Bank of America, Sr. Unscd. Notes, Ser. L, 2.60%, 1/15/19 | 645,000 | 653,267 | |||
Bank of America, Sub. Notes, Ser. L, 3.95%, 4/21/25 | 590,000 | 593,161 | |||
Barclays, Sub. Notes, 5.20%, 5/12/26 | 255,000 | 265,000 | |||
Citigroup, Sub. Notes, 4.45%, 9/29/27 | 800,000 | 820,804 | |||
Citizens Financial Group, Sub. Notes, 4.15%, 9/28/22 | 545,000 | a | 560,801 | ||
Deutsche Bank London, Sr. Unscd. Notes, 6.00%, 9/1/17 | 350,000 | 357,373 | |||
GE Capital International Funding, Gtd. Notes, 2.34%, 11/15/20 | 410,000 | 413,523 | |||
General Electric, Sub. Notes, 5.30%, 2/11/21 | 142,000 | 157,921 | |||
General Motors Financial, Gtd. Notes, 3.20%, 7/6/21 | 285,000 | 288,271 | |||
Goldman Sachs Group, Sub. Notes, 6.75%, 10/1/37 | 530,000 | 666,291 | |||
HSBC Finance, Sub. Notes, 6.68%, 1/15/21 | 642,000 | 727,765 | |||
JPMorgan Chase & Co., Sub. Notes, 3.38%, 5/1/23 | 425,000 | 427,651 | |||
MetLife, Sr. Unscd. Notes, 7.72%, 2/15/19 | 345,000 | 383,463 | |||
Morgan Stanley, Sub. Notes, 4.88%, 11/1/22 | 735,000 | 793,128 | |||
NYSE Holdings, Gtd. Notes, 2.00%, 10/5/17 | 460,000 | 462,059 | |||
Rabobank Nederland, Gtd. Notes, 4.50%, 1/11/21 | 530,000 | 570,300 | |||
BNY Mellon Asset Allocation Fund (continued) | |||||
Bonds and Notes - 14.2% (continued) | Principal | Value ($) | |||
Financials - 2.4% (continued) | |||||
Royal Bank of Canada, Sr. Unscd. Bonds, 1.25%, 6/16/17 | 185,000 | 185,160 | |||
Societe Generale, Sub. Notes, 4.75%, 11/24/25 | 510,000 | a | 510,974 | ||
Total System Services, Sr. Unscd. Notes, 4.80%, 4/1/26 | 350,000 | 377,826 | |||
Toyota Motor Credit, Sr. Unscd. Bonds, 1.55%, 7/13/18 | 325,000 | 325,193 | |||
Wells Fargo & Co., Sr. Unscd. Notes, 2.60%, 7/22/20 | 210,000 | 212,596 | |||
Wells Fargo & Co., Sub. Notes, 4.90%, 11/17/45 | 405,000 | 432,670 | |||
10,906,561 | |||||
Foreign/Governmental - .2% | |||||
Petroleos Mexicanos, Gtd. Notes, 4.88%, 1/24/22 | 550,000 | 562,375 | |||
Province of Ontario Canada, Sr. Unscd. Bonds, 4.00%, 10/7/19 | 330,000 | 347,933 | |||
910,308 | |||||
Health Care - .3% | |||||
AbbVie, Sr. Unscd. Notes, 2.90%, 11/6/22 | 325,000 | 323,476 | |||
Amgen, Sr. Unscd. Notes, 5.65%, 6/15/42 | 325,000 | 374,852 | |||
Biogen, Sr. Unscd. Notes, 2.90%, 9/15/20 | 345,000 | 352,174 | |||
Celgene, Sr. Unscd. Notes, 2.88%, 8/15/20 | 265,000 | 269,208 | |||
1,319,710 | |||||
Industrials - .4% | |||||
ABB Finance USA, Gtd. Notes, 2.88%, 5/8/22 | 505,000 | 510,940 | |||
American Airlines, Ser. 2015-1, Cl. A, Pass Through Trust, Bonds, 3.38%, 11/1/28 | 325,229 | 320,757 | |||
Burlington North Santa Fe., Sr. Unscd. Debs., 3.45%, 9/15/21 | 430,000 | 448,133 | |||
General Electric, Jr. Sub. Debs., Ser. D, 5.00%, 12/31/49 | 295,000 | c | 311,225 | ||
President & Fellows of Harvard College, Unscd. Bonds, 3.15%, 7/15/46 | 180,000 | 167,373 | |||
1,758,428 | |||||
Information Technology - .9% | |||||
Adobe Systems, Sr. Unscd. Notes, 3.25%, 2/1/25 | 305,000 | 308,096 | |||
Apple, Sr. Unscd. Notes, 4.38%, 5/13/45 | 300,000 | 313,186 | |||
Arrow Electronics, Sr. Unscd. Notes, 3.50%, 4/1/22 | 385,000 | 386,366 | |||
Diamond 1 Finance, Sr. Scd. Notes, 6.02%, 6/15/26 | 375,000 | a | 414,227 | ||
Fidelity National Information Services, Gtd. Notes, 3.88%, 6/5/24 | 465,000 | 477,974 | |||
Flex, Gtd. Notes, 4.75%, 6/15/25 | 290,000 | 306,778 | |||
Intel, Sr. Unscd. Notes, 2.70%, 12/15/22 | 290,000 | 293,824 | |||
Intel, Sr. Unscd. Notes, 4.90%, 7/29/45 | 415,000 | 474,138 | |||
Microsoft, Sr. Unscd. Notes, 3.75%, 2/12/45 | 440,000 | 422,827 | |||
Oracle, Sr. Unscd. Notes, 2.50%, 5/15/22 | 570,000 | 570,549 | |||
Seagate HDD Cayman, Gtd. Bonds, 4.75%, 1/1/25 | 190,000 | 183,939 | |||
4,151,904 | |||||
Materials - .0% | |||||
Eastman Chemical, Sr. Unscd. Notes, 3.60%, 8/15/22 | 224,000 | 231,747 | |||
Municipal Bonds - 1.0% | |||||
California Earthquake Authority, Revenue, 2.81%, 7/1/19 | 350,000 | 354,172 | |||
California Educational Facilities Authority, Revenue (Stanford University), 5.00%, 10/1/32 | 375,000 | 465,720 | |||
Chicago, GO, 7.38%, 1/1/33 | 290,000 | 298,314 | |||
Florida Hurricane Catastrophe Fund Finance Corporation, Revenue Bonds, Ser. A, 3.00%, 7/1/20 | 900,000 | 927,324 | |||
New York City, GO (Build America Bonds), 6.25%, 6/1/35 | 345,000 | 382,695 |
59
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Asset Allocation Fund (continued) | |||||
Bonds and Notes - 14.2% (continued) | Principal | Value ($) | |||
Municipal Bonds - 1.0% (continued) | |||||
New York City Municipal Water Finance Authority, Water and Sewer System Second General Resolution Revenue (Build America Bonds), 6.28%, 6/15/42 | 530,000 | 597,851 | |||
Oakland Unified School District, GO (Build America Bonds), 9.50%, 8/1/34 | 180,000 | 211,579 | |||
Philadelphia School District, GO (Qualified School Construction Bonds), 5.06%, 9/1/42 | 330,000 | 329,409 | |||
South Carolina Public Service Authority, Revenue Obligations, 2.39%, 12/1/23 | 260,000 | 248,170 | |||
Texas Public Finance Authority, Windstorm Insurance Association Premium Revenue, 8.25%, 7/1/24 | 310,000 | 330,587 | |||
University of California Regents, Limited Project Revenue, 4.13%, 5/15/45 | 340,000 | 343,169 | |||
4,488,990 | |||||
Real Estate - .3% | |||||
Alexandria Real Estate, Gtd. Notes, 4.30%, 1/15/26 | 265,000 | 275,864 | |||
Boston Properties, Sr. Unscd. Notes, 4.13%, 5/15/21 | 215,000 | 227,500 | |||
CubeSmart, Gtd. Notes, 4.80%, 7/15/22 | 335,000 | 360,222 | |||
Kimco Realty, Sr. Unscd. Notes, 3.40%, 11/1/22 | 340,000 | 345,249 | |||
Tanger Properties, Sr. Unscd. Notes, 3.13%, 9/1/26 | 235,000 | 224,527 | |||
1,433,362 | |||||
Telecommunications - .4% | |||||
AT&T, Sr. Unscd. Notes, 4.45%, 5/15/21 | 525,000 | 556,949 | |||
Telefonica Emisiones, Gtd. Notes, 5.13%, 4/27/20 | 575,000 | 617,080 | |||
Verizon Communications, Sr. Unscd. Notes, 6.55%, 9/15/43 | 460,000 | 565,373 | |||
1,739,402 | |||||
U.S. Government Agencies/Mortgage-Backed - 3.7% | |||||
Federal Home Loan Mortgage Corp.: | |||||
3.50%, 12/1/28-11/1/46 | 2,153,628 | d | 2,210,481 | ||
4.00%, 6/1/26-11/1/33 | 407,453 | d | 432,343 | ||
4.50%, 12/1/40 | 820,261 | d | 889,036 | ||
5.00%, 7/1/40 | 245,499 | d | 268,923 | ||
Federal National Mortgage Association: | |||||
2.50%, 10/1/31 | 1,154,423 | d | 1,158,552 | ||
3.00%, 3/1/32-9/1/46 | 3,429,459 | d | 3,437,196 | ||
3.50%, 1/1/28-1/1/47 | 2,611,187 | d | 2,685,433 | ||
4.00%, 11/1/46-1/1/47 | 2,285,162 | d | 2,404,153 | ||
5.00%, 11/1/43 | 157,941 | d | 174,799 | ||
Government National Mortgage Association II: | |||||
3.00%, 7/20/46 | 1,012,384 | 1,026,135 | |||
3.50%, 2/20/47 | 510,000 | 531,018 | |||
4.00%, 11/20/46 | 1,120,529 | 1,187,451 | |||
4.50%, 12/20/46 | 242,267 | 259,256 | |||
16,664,776 | |||||
U.S. Government Securities - 3.0% | |||||
U.S. Treasury Bonds, 2.88%, 8/15/45 | 75,000 | 73,509 | |||
U.S. Treasury Bonds, 2.50%, 5/15/46 | 1,120,000 | 1,014,038 | |||
U.S. Treasury Bonds, 2.25%, 8/15/46 | 420,000 | 359,478 | |||
U.S. Treasury Inflation Protected Securities, Notes, 1.38%, 1/15/20 | 457,749 | e | 484,760 | ||
U.S. Treasury Inflation Protected Securities, Notes, 0.13%, 4/15/20 | 314,440 | e | 320,332 | ||
U.S. Treasury Inflation Protected Securities, Notes, 0.63%, 7/15/21 | 958,715 | e | 998,993 | ||
U.S. Treasury Inflation Protected Securities, Notes, 0.38%, 7/15/25 | 656,655 | e | 662,560 | ||
U.S. Treasury Inflation Protected Securities, Notes, 1.00%, 2/15/46 | 626,642 | e | 647,577 | ||
U.S. Treasury Notes, 2.63%, 1/31/18 | 2,665,000 | b | 2,705,132 | ||
BNY Mellon Asset Allocation Fund (continued) | |||||
Bonds and Notes - 14.2% (continued) | Principal | Value ($) | |||
U.S. Government Securities - 3.0% (continued) | |||||
U.S. Treasury Notes, 1.25%, 12/31/18 | 980,000 | 980,919 | |||
U.S. Treasury Notes, 1.13%, 1/15/19 | 2,825,000 | 2,820,587 | |||
U.S. Treasury Notes, 1.13%, 1/31/19 | 90,000 | b | 89,840 | ||
U.S. Treasury Notes, 1.13%, 2/28/19 | 75,000 | 74,849 | |||
U.S. Treasury Notes, 1.38%, 2/15/20 | 865,000 | b | 862,229 | ||
U.S. Treasury Notes, 1.13%, 2/28/21 | 655,000 | 638,894 | |||
U.S. Treasury Notes, 2.13%, 9/30/21 | 955,000 | 965,520 | |||
13,699,217 | |||||
Utilities - .1% | |||||
Consumers Energy, Scd. Notes, 3.25%, 8/15/46 | 180,000 | 163,233 | |||
Exelon, Sr. Unscd. Notes, 3.40%, 4/15/26 | 280,000 | 278,090 | |||
Public Service Enterprise, Sr. Unscd. Notes, 1.60%, 11/15/19 | 170,000 | 168,191 | |||
609,514 | |||||
Total Bonds and Notes | 64,738,447 | ||||
Common Stocks - 22.9% | Shares | Value ($) | |||
Consumer Discretionary - 2.5% | |||||
Amazon.com | 1,709 | f | 1,444,173 | ||
Brunswick | 3,239 | 193,984 | |||
Burlington Stores | 4,545 | f | 404,550 | ||
Carnival | 15,598 | 872,708 | |||
CBS, Cl. B | 12,918 | 851,555 | |||
D.R. Horton | 4,803 | 153,696 | |||
Darden Restaurants | 12,240 | 914,083 | |||
eBay | 17,746 | f | 601,589 | ||
Home Depot | 7,740 | 1,121,603 | |||
Lear | 5,480 | 778,105 | |||
Lowe's | 8,107 | 602,918 | |||
Nordstrom | 3,244 | 151,365 | |||
Omnicom Group | 1,635 | 139,139 | |||
Sirius XM Holdings | 55,571 | 282,856 | |||
Time Warner | 11,570 | 1,136,290 | |||
Walt Disney | 14,784 | 1,627,571 | |||
11,276,185 | |||||
Consumer Staples - 2.1% | |||||
Altria Group | 2,430 | 182,056 | |||
Blue Buffalo Pet Products | 8,935 | f | 218,371 | ||
Campbell Soup | 3,259 | 193,422 | |||
Church & Dwight | 4,100 | 204,344 | |||
Conagra Brands | 17,832 | 734,857 | |||
CVS Health | 15,024 | 1,210,634 | |||
Kimberly-Clark | 7,840 | 1,039,192 | |||
Mondelez International, Cl. A | 16,944 | 744,180 | |||
PepsiCo | 15,109 | 1,667,731 | |||
Procter & Gamble | 4,193 | 381,857 | |||
Spectrum Brands Holdings | 5,830 | 791,248 | |||
Walgreens Boots Alliance | 10,625 | 917,787 | |||
Wal-Mart Stores | 19,227 | 1,363,771 | |||
9,649,450 | |||||
Energy - 1.4% | |||||
Chevron | 5,398 | 607,275 | |||
Cimarex Energy | 5,845 | 734,833 | |||
Devon Energy | 15,530 | 673,381 | |||
Exxon Mobil | 29,367 | 2,388,124 | |||
Newfield Exploration | 9,025 | f | 329,052 | ||
Phillips 66 | 2,439 | 190,705 | |||
Valero Energy | 15,159 | 1,030,054 | |||
Williams Cos. | 8,960 | 253,926 | |||
6,207,350 | |||||
Financials - 3.1% | |||||
Affiliated Managers Group | 3,873 | 650,393 | |||
American Express | 15,553 | 1,245,173 | |||
Ameriprise Financial | 8,152 | 1,071,988 | |||
Aon | 8,055 | 931,561 | |||
Bank of America | 94,056 | 2,321,302 |
60
BNY Mellon Asset Allocation Fund (continued) | |||||
Common Stocks - 22.9% (continued) | Shares | Value ($) | |||
Financials - 3.1% (continued) | |||||
Berkshire Hathaway, Cl. B | 3,159 | f | 541,516 | ||
Discover Financial Services | 14,684 | 1,044,620 | |||
JPMorgan Chase & Co. | 29,604 | 2,682,714 | |||
Marsh & McLennan Cos. | 13,905 | 1,021,739 | |||
Moody's | 2,154 | 239,891 | |||
Prudential Financial | 1,430 | 158,072 | |||
Travelers | 8,576 | 1,048,330 | |||
Wells Fargo & Co. | 23,225 | 1,344,263 | |||
14,301,562 | |||||
Health Care - 3.6% | |||||
AbbVie | 5,658 | 349,891 | |||
Agilent Technologies | 13,024 | 668,131 | |||
Amgen | 9,096 | 1,605,717 | |||
Baxter International | 18,832 | 958,925 | |||
Celgene | 7,800 | f | 963,378 | ||
Cigna | 3,764 | 560,460 | |||
Danaher | 12,920 | 1,105,306 | |||
Express Scripts Holding | 12,285 | f | 867,935 | ||
Gilead Sciences | 15,139 | 1,066,997 | |||
Johnson & Johnson | 19,742 | 2,412,670 | |||
Merck & Co. | 27,768 | 1,829,078 | |||
Pfizer | 55,821 | 1,904,613 | |||
Thermo Fisher Scientific | 6,432 | 1,014,198 | |||
UnitedHealth Group | 8,150 | 1,347,847 | |||
16,655,146 | |||||
Industrials - 2.2% | |||||
3M | 4,063 | 757,140 | |||
Boeing | 8,251 | 1,487,078 | |||
Delta Air Lines | 18,837 | 940,531 | |||
General Electric | 69,959 | 2,085,478 | |||
HD Supply Holdings | 12,365 | f | 531,695 | ||
Illinois Tool Works | 2,749 | 362,895 | |||
Ingersoll-Rand | 10,550 | 837,248 | |||
Lennox International | 1,480 | 243,638 | |||
Oshkosh | 2,485 | 168,707 | |||
Owens Corning | 14,389 | 841,613 | |||
S&P Global | 7,310 | 946,426 | |||
Spirit AeroSystems Holdings, Cl. A | 13,549 | 834,754 | |||
10,037,203 | |||||
Information Technology - 5.1% | |||||
Accenture, Cl. A | 5,500 | 673,750 | |||
Activision Blizzard | 23,235 | 1,048,596 | |||
Alphabet, Cl. A | 2,204 | f | 1,862,226 | ||
Alphabet, Cl. C | 2,204 | f | 1,814,355 | ||
Apple | 26,959 | 3,693,113 | |||
Applied Materials | 27,168 | 984,025 | |||
Cisco Systems | 50,071 | 1,711,427 | |||
Citrix Systems | 10,570 | f | 834,501 | ||
Facebook, Cl. A | 12,486 | f | 1,692,352 | ||
Fiserv | 2,979 | f | 343,777 | ||
Hewlett Packard Enterprise | 9,670 | 220,669 | |||
HP | 55,432 | 962,854 | |||
International Business Machines | 9,241 | 1,661,717 | |||
Microsoft | 23,600 | 1,509,928 | |||
Motorola Solutions | 10,625 | 839,056 | |||
NCR | 4,980 | f | 239,389 | ||
Oracle | 4,885 | 208,052 | |||
Red Hat | 6,577 | f | 544,641 | ||
Texas Instruments | 15,268 | 1,169,834 | |||
VeriSign | 7,327 | f | 604,258 | ||
VMware, Cl. A | 9,020 | f | 810,808 | ||
23,429,328 | |||||
Materials - .8% | |||||
Air Products & Chemicals | 1,210 | 169,969 | |||
Celanese, Ser. A | 10,625 | 947,431 | |||
Crown Holdings | 3,364 | f | 180,277 | ||
Nucor | 4,123 | 257,976 | |||
Owens-Illinois | 8,270 | f | 163,746 | ||
Reliance Steel & Aluminum | 12,280 | 1,039,502 | |||
BNY Mellon Asset Allocation Fund (continued) | |||||
Common Stocks - 22.9% (continued) | Shares | Value ($) | |||
Materials - .8% (continued) | |||||
Steel Dynamics | 22,080 | 808,128 | |||
3,567,029 | |||||
Real Estate - .6% | |||||
Equity Residential | 12,245 | g | 772,292 | ||
GGP | 30,737 | 764,122 | |||
Public Storage | 4,208 | g | 957,152 | ||
Simon Property Group | 990 | g | 182,556 | ||
2,676,122 | |||||
Telecommunications - 1.0% | |||||
AT&T | 48,181 | 2,013,484 | |||
CenturyLink | 25,129 | 609,630 | |||
Verizon Communications | 35,545 | 1,764,098 | |||
4,387,212 | |||||
Utilities - .5% | |||||
FirstEnergy | 24,550 | 796,157 | |||
Great Plains Energy | 23,655 | 687,414 | |||
MDU Resources Group | 12,905 | 349,855 | |||
PPL | 13,169 | 485,673 | |||
2,319,099 | |||||
Total Common Stocks | 104,505,686 | ||||
Other Investments - 62.8% | |||||
Registered Investment Companies; | |||||
ASG Global Alternatives Fund, Cl. Y | 922,201 | f | 9,618,554 | ||
ASG Managed Futures Strategy Fund, Cl. Y | 1,032,164 | 10,383,573 | |||
BNY Mellon Corporate Bond Fund, Cl. M | 947,368 | h | 12,164,201 | ||
BNY Mellon Emerging Markets Fund, Cl. M | 1,126,740 | h | 10,399,809 | ||
BNY Mellon Focused Equity Opportunities Fund, Cl. M | 2,387,469 | h | 36,074,663 | ||
BNY Mellon Income Stock Fund, Cl. M | 1,566,783 | h | 14,649,416 | ||
BNY Mellon Intermediate Bond Fund, Cl. M | 1,895,685 | h | 23,733,975 | ||
BNY Mellon International Fund, Cl. M | 1,015,926 | h | 11,713,631 | ||
BNY Mellon Mid Cap Multi-Strategy Fund, Cl. M | 2,475,569 | h | 40,005,193 | ||
BNY Mellon Small Cap Multi-Strategy Fund | 270,270 | f,h | 5,172,973 | ||
BNY Mellon Small/Mid Cap Fund, Cl. M | 679,407 | h | 9,593,228 | ||
Dreyfus Floating Rate Income Fund, Cl. Y | 847,615 | h | 10,306,998 | ||
Dreyfus Global Real Estate Securities Fund, Cl. Y | 930,379 | h | 8,196,639 | ||
Dreyfus High Yield Fund, Cl. I | 2,273,325 | h | 14,367,413 | ||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 1,029,069 | i | 1,029,069 | ||
Dreyfus International Small Cap Fund, Cl. Y | 741,307 | h | 10,022,472 | ||
Dreyfus Research Growth Fund, Cl. Y | 582,971 | h | 8,482,223 | ||
Dreyfus Select Managers Small Cap Growth Fund, Cl. Y | 677,347 | f,h | 16,391,808 | ||
Dreyfus Select Managers Small Cap Value Fund, Cl. Y | 622,545 | h | 14,928,630 | ||
Dreyfus/Newton International Equity Fund, Cl. Y | 602,528 | h | 11,062,407 | ||
Dynamic Total Return Fund, Cl. Y | 487,575 | f,h | 7,879,213 | ||
Total Other Investments | 286,176,088 |
61
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Asset Allocation Fund (continued) | |||||
Investment of Cash Collateral for Securities Loaned - .4% | Shares | Value ($) | |||
Registered Investment Company; | |||||
Dreyfus Institutional Preferred Money Market Fund, Hamilton Shares | 1,689,669 | i | 1,689,669 | ||
Total Investments (cost $404,959,640) | 100.3% | 457,109,890 | |||
Liabilities, Less Cash and Receivables | (0.3%) | (1,589,235) | |||
Net Assets | 100.0% | 455,520,655 |
GO—General Obligation
a Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 28, 2017, these securities were valued at $1,846,609 or .41% of net assets.
b Security, or portion thereof, on loan. At February 28, 2017, the value of the fund’s securities on loan was $4,085,052 and the value of the collateral held by the fund was $4,549,851, consisting of cash collateral of $1,689,669 and U.S. Government & Agency securities valued at $2,860,182.
c Variable rate security—rate shown is the interest rate in effect at period end.
d The Federal Housing Finance Agency (“FHFA”) placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies.
e Principal amount for accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
f Non-income producing security.
g Investment in real estate investment trust.
h Investment in affiliated mutual fund.
i Investment in affiliated money market mutual fund.
Portfolio Summary (Unaudited) † | Value (%) |
Mutual Funds: Domestic | 49.2 |
Common Stocks | 22.9 |
Mutual Funds: Foreign | 13.4 |
U.S. Government Agencies/Mortgage-Backed | 6.7 |
Corporate Bonds | 6.1 |
Municipal Bonds | 1.0 |
Money Market Investments | .6 |
Foreign/Governmental | .2 |
Commercial Mortgage-Backed | .2 |
100.3 |
† Based on net assets.
See notes to financial statements.
62
STATEMENT OF OPTIONS WRITTEN
February 28, 2017 (Unaudited)
BNY Mellon Income Stock Fund | Number of Contracts | Value ($) | |||
Put Options: | |||||
Apple | |||||
March 2017 @ 130 | 60 | (1,440) | |||
Bank of America | |||||
March 2017 @ 24 | 728 | (20,384) | |||
BB&T | |||||
March 2017 @ 47 | 425 | (14,875) | |||
Corning | |||||
March 2017 @ 27 | 556 | (15,568) | |||
Goldman Sachs Group | |||||
March 2017 @ 240 | 79 | (13,746) | |||
JPMorgan Chase & Co. | |||||
March 2017 @ 87.5 | 229 | (11,450) | |||
Kellogg | |||||
March 2017 @ 72.5 | 275 | (23,925) | |||
Lamar Advertising, Cl. A | |||||
March 2017 @ 75 | 253 | (34,155) | |||
Molson Coors Brewing, Cl. B | |||||
March 2017 @ 97.5 | 103 | (6,438) | |||
Occidental Petroleum | |||||
March 2017 @ 65 | 308 | (38,500) | |||
Omnicom Group | |||||
March 2017 @ 82.5 | 242 | (13,310) | |||
Packaging Corporation of America | |||||
March 2017 @ 92.5 | 133 | (27,132) | |||
Raytheon | |||||
March 2017 @ 150 | 126 | (10,962) | |||
S&P 500 Index | |||||
June 2017 @ 192 | 530 | (344,500) | |||
UnitedHealth Group | |||||
March 2017 @ 155 | 65 | (1,950) | |||
Uniti Group | |||||
March 2017 @ 25 | 760 | (3,040) | |||
Valero Energy | |||||
March 2017 @ 65 | 146 | (7,738) | |||
Total Options Written (premiums received $1,481,212) | (589,113) |
See notes to financial statements.
63
STATEMENT OF FUTURES
February 28, 2017 (Unaudited)
BNY Mellon International Appreciation Fund | Contracts | Market Value Covered by Contracts ($) | Expiration | Unrealized Appreciation ($) | ||
Futures Long | ||||||
MSCI EAFE Index | 10 | 872,750 | March 2017 | 12,476 | ||
Gross Unrealized Appreciation | 12,476 |
See notes to financial statements.
64
STATEMENTS OF ASSETS AND LIABILITIES
February 28, 2017 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| BNY Mellon Large Cap Stock Fund |
| BNY Mellon Large Cap Market Opportunities Fund |
| BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund |
| BNY Mellon Income Stock Fund |
| |
Assets ($): |
|
|
|
|
|
|
|
|
|
|
| |
Investments in securities—See Statements |
|
|
|
|
|
|
|
|
|
|
| |
Unaffiliated issuers |
|
|
| 306,679,541 |
| 33,669,868 |
| 220,107,608 |
| 1,198,758,835 |
| |
Affiliated issuers |
|
|
| - |
| 37,271,322 |
| 123,025,582 |
| 108,667,897 |
| |
Cash |
|
|
| - |
| 1 |
| - |
| - |
| |
Receivable for investment securities sold |
|
|
| 2,991,529 |
| - |
| 89,640 |
| - |
| |
Dividends receivable |
|
|
| 598,379 |
| 63,236 |
| 499,140 |
| 2,563,245 |
| |
Receivable for shares of Beneficial |
|
|
| 61,300 |
| - |
| - |
| 501,206 |
| |
Securities lending receivable |
|
|
| 1,057 |
| 19 |
| 370 |
| 14,026 |
| |
Cash collateral held by broker—Note 4 |
|
|
| - |
| - |
| - |
| 27,086,220 |
| |
Prepaid expenses |
|
|
| 17,247 |
| 14,546 |
| 17,109 |
| 48,252 |
| |
|
|
|
| 310,349,053 |
| 71,018,992 |
| 343,739,449 |
| 1,337,639,681 |
|
|
Liabilities ($): |
|
|
|
|
|
|
|
|
|
|
| |
Due to The Dreyfus Corporation |
|
|
| 204,572 |
| 46,904 |
| 167,653 |
| 654,643 |
| |
Due to Administrator—Note 3(a) |
|
|
| 29,358 |
| 3,275 |
| 23,734 |
| 112,921 |
| |
Cash overdraft due to Custodian |
|
|
| 462,212 |
| - |
| - |
| 1,190,329 |
| |
Payable for shares of Beneficial |
|
|
| 147,044 |
| 3 |
| 371,733 |
| 527,494 |
| |
Liability for securities on loan—Note 1(c) |
|
|
| - |
| 54,166 |
| 1,329,752 |
| 31,736,573 |
| |
Payable for investment securities purchased |
|
|
| - |
| - |
| - |
| 55,769,076 |
| |
Outstanding options written, at value††† |
|
|
| - |
| - |
| - |
| 589,113 |
| |
Accrued expenses |
|
|
| 21,869 |
| 24,050 |
| 32,675 |
| 71,522 |
| |
|
|
|
| 865,055 |
| 128,398 |
| 1,925,547 |
| 90,651,671 |
|
|
Net Assets ($) |
|
|
| 309,483,998 |
| 70,890,594 |
| 341,813,902 |
| 1,246,988,010 |
|
|
Composition of Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
| |
Paid-in capital |
|
|
| 223,768,598 |
| 48,366,692 |
| 214,323,980 |
| 975,320,742 |
| |
Accumulated undistributed (distributions in |
|
|
| 3,392 |
| (29,777) |
| 265,009 |
| 716,749 |
| |
Accumulated net realized gain (loss) |
|
|
| 16,127,605 |
| 7,105,801 |
| 17,809,200 |
| 33,353,643 |
| |
Accumulated net unrealized appreciation |
|
|
| 69,584,403 |
| 15,447,878 |
| 109,415,713 |
| 238,593,639 |
| |
Accumulated net unrealized appreciation |
|
|
| - |
| - |
| - |
| (996,763) |
| |
Net Assets ($) |
|
|
| 309,483,998 |
| 70,890,594 |
| 341,813,902 |
| 1,246,988,010 |
|
|
† Investments at cost ($) |
|
|
|
|
|
|
|
|
|
|
|
|
Unaffiliated issuers |
|
|
| 237,095,138 |
| 23,938,300 |
| 124,577,116 |
| 962,054,058 |
|
|
Affiliated issuers |
|
|
| - |
| 31,555,012 |
| 109,140,361 |
| 108,667,897 |
|
|
†† Value of securities on loan ($) |
|
|
| - |
| 280,854 |
| 3,422,247 |
| 63,666,273 |
|
|
††† Outstanding options premiums received ($) |
|
|
| - |
| - |
| - |
| 1,481,212 |
| |
Net Asset Value Per Share |
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
|
|
|
|
|
|
|
|
|
| |
Net Assets ($) |
|
|
| 298,992,188 |
| 70,082,750 |
| 336,709,616 |
| 1,224,885,321 |
| |
Shares Outstanding |
|
|
| 49,812,647 |
| 5,917,891 |
| 21,595,454 |
| 131,021,898 |
| |
Net Asset Value Per Share ($) |
|
|
| 6.00 |
| 11.84 |
| 15.59 |
| 9.35 |
| |
Investor Shares |
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| 10,491,810 |
| 807,844 |
| 5,104,286 |
| 19,654,505 |
| |
Shares Outstanding |
|
|
| 1,746,843 |
| 67,451 |
| 320,326 |
| 2,080,710 |
| |
Net Asset Value Per Share ($) |
|
|
| 6.01 |
| 11.98 |
| 15.93 |
| 9.45 |
|
65
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (continued)
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| BNY Mellon Large Cap Stock Fund |
| BNY Mellon Large Cap Market Opportunities Fund |
| BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund |
| BNY Mellon Income Stock Fund |
| |
Class A |
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| - |
| - |
| - |
| 259,592 |
| |
Shares Outstanding |
|
|
| - |
| - |
| - |
| 27,750 |
| |
Net Asset Value Per Share ($) |
|
|
| - |
| - |
| - |
| 9.35 |
| |
Class C |
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| - |
| - |
| - |
| 631,029 |
| |
Shares Outstanding |
|
|
| - |
| - |
| - |
| 67,554 |
| |
Net Asset Value Per Share ($) |
|
|
| - |
| - |
| - |
| 9.34 |
| |
Class I |
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| - |
| - |
| - |
| 1,546,463 |
| |
Shares Outstanding |
|
|
| - |
| - |
| - |
| 165,374 |
| |
Net Asset Value Per Share ($) |
|
|
| - |
| - |
| - |
| 9.35 |
| |
Class Y |
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| - |
| - |
| - |
| 11,100 |
| |
Shares Outstanding |
|
|
| - |
| - |
| - |
| 1,187.65 |
| |
Net Asset Value Per Share ($) |
|
|
| - |
| - |
| - |
| 9.35 |
| |
| ||||||||||||
See notes to financial statements. |
|
66
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| BNY Mellon Mid Cap Multi-Strategy Fund |
| BNY Mellon Small Cap Multi-Strategy Fund |
| BNY Mellon Focused Equity Opportunities Fund |
| BNY Mellon Small/Mid Cap Multi-Strategy Fund |
| |
Assets ($): |
|
|
|
|
|
|
|
|
|
|
| |
Investments in securities—See Statements |
|
|
|
|
|
|
|
|
|
|
| |
Unaffiliated issuers |
|
|
| 2,625,271,634 |
| 493,557,879 |
| 433,407,208 |
| 324,839,198 |
| |
Affiliated issuers |
|
|
| 134,916,952 |
| 52,037,204 |
| 444,671 |
| 25,607,417 |
| |
Cash |
|
|
| 3,519,730 |
| 3,105,877 |
| 174,617 |
| 870,469 |
| |
Receivable for investment securities sold |
|
|
| 10,397,418 |
| 9,546,404 |
| - |
| 15,202,094 |
| |
Receivable for shares of Beneficial |
|
|
| 3,642,048 |
| 191,055 |
| 359,800 |
| 34,000 |
| |
Dividends receivable |
|
|
| 2,863,363 |
| 188,030 |
| 622,524 |
| 232,150 |
| |
Securities lending receivable |
|
|
| 10,940 |
| 14,252 |
| 249 |
| 7,311 |
| |
Prepaid expenses |
|
|
| 34,763 |
| 18,776 |
| 20,759 |
| 19,142 |
| |
|
|
|
| 2,780,656,848 |
| 558,659,477 |
| 435,029,828 |
| 366,811,781 |
|
|
Liabilities ($): |
|
|
|
|
|
|
|
|
|
|
| |
Due to The Dreyfus Corporation |
|
|
| 1,661,192 |
| 410,313 |
| 273,131 |
| 254,165 |
| |
Due to Administrator—Note 3(a) |
|
|
| 254,676 |
| 47,141 |
| 41,424 |
| 31,412 |
| |
Liability for securities on loan—Note 1(c) |
|
|
| 71,504,401 |
| 44,635,044 |
| - |
| 21,960,860 |
| |
Payable for investment securities purchased |
|
|
| 9,331,880 |
| 11,849,678 |
| - |
| 14,456,371 |
| |
Payable for shares of Beneficial |
|
|
| 1,865,292 |
| 279,424 |
| 165,343 |
| 231,455 |
| |
Interest payable—Note 2 |
|
|
| - |
| - |
| 158 |
| - |
| |
Accrued expenses |
|
|
| 85,004 |
| 66,698 |
| 43,723 |
| 40,575 |
| |
|
|
|
| 84,702,445 |
| 57,288,298 |
| 523,779 |
| 36,974,838 |
|
|
Net Assets ($) |
|
|
| 2,695,954,403 |
| 501,371,179 |
| 434,506,049 |
| 329,836,943 |
|
|
Composition of Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
| |
Paid-in capital |
|
|
| 1,948,874,066 |
| 392,304,100 |
| 312,901,940 |
| 261,056,181 |
| |
Accumulated undistributed (distributions in |
|
|
| 1,547,567 |
| 12,695 |
| 58,322 |
| (27,174) |
| |
Accumulated net realized gain (loss) |
|
|
| 24,209,988 |
| 10,542,447 |
| 18,417,867 |
| 7,451,526 |
| |
Accumulated net unrealized appreciation |
|
|
| 721,322,782 |
| 98,511,937 |
| 103,127,920 |
| 61,356,410 |
| |
Net Assets ($) |
|
|
| 2,695,954,403 |
| 501,371,179 |
| 434,506,049 |
| 329,836,943 |
|
|
† Investments at cost ($) |
|
|
|
|
|
|
|
|
|
|
|
|
Unaffiliated issuers |
|
|
| 1,903,948,852 |
| 395,045,942 |
| 330,279,288 |
| 263,482,788 |
|
|
Affiliated issuers |
|
|
| 134,916,952 |
| 52,037,204 |
| 444,671 |
| 25,607,417 |
|
|
†† Value of securities on loan ($) |
|
|
| 152,398,584 |
| 63,222,067 |
| 3,646,653 |
| 34,735,844 |
|
|
Net Asset Value Per Share |
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
|
|
|
|
|
|
|
|
|
| |
Net Assets ($) |
|
|
| 2,624,321,266 |
| 483,450,252 |
| 429,913,738 |
| 328,552,038 |
| |
Shares Outstanding |
|
|
| 162,346,921 |
| 25,255,620 |
| 28,443,566 |
| 23,268,160 |
| |
Net Asset Value Per Share ($) |
|
|
| 16.16 |
| 19.14 |
| 15.11 |
| 14.12 |
| |
Investor Shares |
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| 71,633,137 |
| 17,920,927 |
| 4,592,311 |
| 1,284,905 |
| |
Shares Outstanding |
|
|
| 4,499,959 |
| 974,706 |
| 306,260 |
| 92,095 |
| |
Net Asset Value Per Share ($) |
|
|
| 15.92 |
| 18.39 |
| 14.99 |
| 13.95 |
| |
| ||||||||||||
See notes to financial statements. |
|
67
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| BNY Mellon International Fund |
| BNY Mellon Emerging Markets Fund |
| BNY Mellon International Appreciation Fund |
| BNY Mellon International Equity Income Fund |
| BNY Mellon Asset Allocation Fund |
| |
Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investments in securities—See Statements |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Unaffiliated issuers |
|
|
| 943,062,981 |
| 665,868,048 |
| 71,397,886 |
| 312,997,281 |
| 189,246,260 |
| |
Affiliated issuers |
|
|
| 6,746,514 |
| 5,106,359 |
| 632,013 |
| 5,350,369 |
| 267,863,630 |
| |
Cash |
|
|
| 713,873 |
| 483,427 |
| 1,110 |
| 439,459 |
| 27,962 |
| |
Cash denominated in foreign currency††† |
|
|
| 2,129,971 |
| 3,415,559 |
| - |
| 1,782,440 |
| - |
| |
Receivable for shares of Beneficial |
|
|
| 4,598,998 |
| 316,988 |
| - |
| 209,202 |
| 233,985 |
| |
Dividends receivable |
|
|
| 3,238,726 |
| 1,438,003 |
| 187,180 |
| 1,178,519 |
| 362,604 |
| |
Receivable for investment securities sold |
|
|
| 2,914,595 |
| 9,077,230 |
| - |
| - |
| 1,156,080 |
| |
Unrealized appreciation on forward foreign |
|
|
| 1,287 |
| - |
| - |
| - |
| - |
| |
Interest receivable |
|
|
| - |
| - |
| - |
| - |
| 421,677 |
| |
Securities lending receivable |
|
|
| - |
| 83 |
| - |
| - |
| 290 |
| |
Prepaid expenses and other assets |
|
|
| 38,058 |
| 22,441 |
| 228,954 |
| 25,094 |
| 19,795 |
| |
|
|
|
| 963,445,003 |
| 685,728,138 |
| 72,447,143 |
| 321,982,364 |
| 459,332,283 |
|
|
Liabilities ($): |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Due to The Dreyfus Corporation |
|
|
| 855,796 |
| 1,130,899 |
| 38,629 |
| 326,671 |
| 108,060 |
| |
Due to Administrator—Note 3(a) |
|
|
| 90,602 |
| 65,496 |
| 6,915 |
| 29,800 |
| 16,020 |
| |
Payable for investment securities purchased |
|
|
| 4,371,131 |
| 2,168,957 |
| - |
| 3,620,694 |
| 1,469,399 |
| |
Payable for shares of Beneficial |
|
|
| 836,433 |
| 667,034 |
| 12,731 |
| 95,993 |
| 481,832 |
| |
Unrealized depreciation on forward foreign |
|
|
| 2,134 |
| - |
| - |
| - |
| - |
| |
Liability for securities on loan—Note 1(c) |
|
|
| - |
| 106,065 |
| - |
| - |
| 1,689,669 |
| |
Payable for futures |
|
|
| - |
| - |
| 1,300 |
| - |
| - |
| |
Interest payable—Note 2 |
|
|
| - |
| 145 |
| - |
| - |
| - |
| |
Accrued expenses |
|
|
| 48,843 |
| 44,314 |
| 54,878 |
| 42,116 |
| 46,648 |
| |
|
|
|
| 6,204,939 |
| 4,182,910 |
| 114,453 |
| 4,115,274 |
| 3,811,628 |
|
|
Net Assets ($) |
|
|
| 957,240,064 |
| 681,545,228 |
| 72,332,690 |
| 317,867,090 |
| 455,520,655 |
|
|
Composition of Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Paid-in capital |
|
|
| 1,625,799,922 |
| 1,023,895,669 |
| 140,351,909 |
| 345,669,567 |
| 395,679,247 |
| |
Accumulated undistributed (distributions in |
|
|
| (203,385) |
| (1,270,244) |
| (15,517) |
| (100,035) |
| (448,626) |
| |
Accumulated net realized gain (loss) |
|
|
| (679,640,533) |
| (473,739,733) |
| (45,702,107) |
| (50,126,414) |
| 8,139,784 |
| |
Accumulated net unrealized appreciation |
|
|
| 11,414,462 |
| 132,579,340 |
| (22,314,071) |
| 22,429,037 |
| 52,150,250 |
| |
Accumulated net unrealized appreciation |
|
|
| (130,402) |
| 80,196 |
| - |
| (5,065) |
| - |
| |
Accumulated net unrealized appreciation |
|
|
| - |
| - |
| 12,476 |
| - |
| - |
| |
Net Assets ($) |
|
|
| 957,240,064 |
| 681,545,228 |
| 72,332,690 |
| 317,867,090 |
| 455,520,655 |
|
|
† Investments at cost ($) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaffiliated issuers |
|
|
| 931,648,519 |
| 533,288,708 |
| 93,711,957 |
| 290,568,244 |
| 168,290,260 |
|
|
Affiliated issuers |
|
|
| 6,746,514 |
| 5,106,359 |
| 632,013 |
| 5,350,369 |
| 236,669,380 |
|
|
†† Value of securities on loan ($) |
|
|
| - |
| 103,365 |
| - |
| - |
| 4,085,052 |
|
|
††† Cash denominated in foreign |
|
|
| 2,113,434 |
| 3,401,961 |
| - |
| 1,769,045 |
| - |
| |
Net Asset Value Per Share |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net Assets ($) |
|
|
| 945,467,700 |
| 667,755,188 |
| 71,039,932 |
| 317,197,304 |
| 449,125,046 |
| |
Shares Outstanding |
|
|
| 81,968,427 |
| 72,335,427 |
| 5,707,149 |
| 24,782,589 |
| 38,337,273 |
| |
Net Asset Value Per Share ($) |
|
|
| 11.53 |
| 9.23 |
| 12.45 |
| 12.80 |
| 11.72 |
| |
Investor Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| 11,772,364 |
| 13,790,040 |
| 1,292,758 |
| 669,786 |
| 6,395,609 |
| |
Shares Outstanding |
|
|
| 957,948 |
| 1,452,932 |
| 104,651 |
| 51,803 |
| 542,098 |
| |
Net Asset Value Per Share ($) |
|
|
| 12.29 |
| 9.49 |
| 12.35 |
| 12.93 |
| 11.80 |
| |
| ||||||||||||||
See notes to financial statements. |
|
68
STATEMENTS OF OPERATIONS
Six Months Ended February 28, 2017 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BNY Mellon Large Cap Stock Fund |
| BNY Mellon Large Cap Market Opportunities Fund |
| BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund |
| BNY Mellon Income Stock Fund |
|
Investment Income ($): |
|
|
|
|
|
|
|
|
|
| ||
Income: |
|
|
|
|
|
|
|
|
|
| ||
Cash dividends: |
|
|
|
|
|
|
|
|
|
| ||
Unaffiliated issuers |
|
| 3,298,038 |
| 274,524 |
| 2,261,032 |
| 16,773,696 |
| ||
Affiliated issuers |
|
| 2,469 |
| 395,680 |
| 1,158,649 |
| 70,796 |
| ||
Income from securities lending—Note 1(c) |
|
| 15,984 |
| 516 |
| 5,207 |
| 44,608 |
| ||
Total Income |
|
| 3,316,491 |
| 670,720 |
| 3,424,888 |
| 16,889,100 |
| ||
Expenses: |
|
|
|
|
|
|
|
|
|
| ||
Investment advisory fee—Note 3(a) |
|
| 1,011,222 |
| 157,286 |
| 916,806 |
| 3,586,092 |
| ||
Administration fee—Note 3(a) |
|
| 194,031 |
| 22,833 |
| 148,326 |
| 688,163 |
| ||
Custodian fees—Note 3(b) |
|
| 29,651 |
| 11,854 |
| 7,982 |
| 37,536 |
| ||
Registration fees |
|
| 17,873 |
| 16,092 |
| 18,704 |
| 65,481 |
| ||
Shareholder servicing costs—Note 3(b) |
|
| 12,213 |
| 876 |
| 8,246 |
| 23,218 |
| ||
Trustees’ fees and expenses—Note 3(c) |
|
| 10,753 |
| 2,465 |
| 11,870 |
| 44,684 |
| ||
Professional fees |
|
| 14,608 |
| 15,606 |
| 18,525 |
| 24,676 |
| ||
Loan commitment fees—Note 2 |
|
| 4,391 |
| 1,283 |
| 4,660 |
| 16,570 |
| ||
Prospectus and shareholders’ reports |
|
| 4,343 |
| 4,037 |
| 5,460 |
| 7,195 |
| ||
Interest expense—Note 2 |
|
| 588 |
| - |
| - |
| - |
| ||
Distribution fees—Note 3(b) |
|
| - |
| - |
| - |
| 881 |
| ||
Miscellaneous |
|
| 11,639 |
| 11,724 |
| 14,309 |
| 18,118 |
| ||
Total Expenses |
|
| 1,311,312 |
| 244,056 |
| 1,154,888 |
| 4,512,614 |
| ||
Less—reduction in expenses due to undertakings—Note 3(a) |
|
| - |
| - |
| - |
| (167) |
| ||
Less—reduction in fees due to earnings credits—Note 3(b) |
|
| (33) |
| (7) |
| (12) |
| (61) |
| ||
Net Expenses |
|
| 1,311,279 |
| 244,049 |
| 1,154,876 |
| 4,512,386 |
| ||
Investment Income—Net |
|
| 2,005,212 |
| 426,671 |
| 2,270,012 |
| 12,376,714 |
| ||
Realized and Unrealized Gain (Loss) |
|
|
|
|
|
|
|
| ||||
Net realized gain (loss) on investments: |
|
|
|
|
|
|
|
| ||||
Unaffiliated issuers |
|
|
| 18,930,570 |
| 4,520,601 |
| 16,488,627 |
| 49,713,921 |
| |
Affiliated issuers |
|
|
| - |
| 467,760 |
| 829,866 |
| - |
| |
Net realized gain (loss) on options transactions |
|
| - |
| - |
| - |
| 163,915 |
| ||
Capital gain distributions from affiliated issuers |
|
| - |
| 1,310,880 |
| 3,568,782 |
| - |
| ||
Net Realized Gain (Loss) |
|
| 18,930,570 |
| 6,299,241 |
| 20,887,275 |
| 49,877,836 |
| ||
Net unrealized appreciation (depreciation) on investments: |
|
|
|
|
|
|
|
|
|
| ||
Unaffiliated issuers |
|
|
| 10,821,268 |
| (639,258) |
| 6,518,510 |
| 64,962,048 |
| |
Affiliated issuers |
|
|
| - |
| 1,917,524 |
| 6,746,472 |
| - |
| |
Net unrealized appreciation (depreciation) on options transactions |
|
| - |
| - |
| - |
| (939,833) |
| ||
Net Unrealized Appreciation (Depreciation) |
|
| 10,821,268 |
| 1,278,266 |
| 13,264,982 |
| 64,022,215 |
| ||
Net Realized and Unrealized Gain (Loss) on Investments |
|
| 29,751,838 |
| 7,577,507 |
| 34,152,257 |
| 113,900,051 |
| ||
Net Increase in Net Assets Resulting from Operations |
| 31,757,050 |
| 8,004,178 |
| 36,422,269 |
| 126,276,765 |
| |||
See notes to financial statements. |
69
STATEMENTS OF OPERATIONS (Unaudited) (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BNY Mellon Mid Cap Multi-Strategy Fund |
| BNY Mellon Small Cap Multi-Strategy Fund |
| BNY Mellon Focused Equity Opportunities Fund |
| BNY Mellon Small/Mid Cap Multi-Strategy Fund |
|
Investment Income ($): |
|
|
|
|
|
|
|
|
|
| ||
Income: |
|
|
|
|
|
|
|
|
|
| ||
Cash dividends: |
|
|
|
|
|
|
|
|
|
| ||
Unaffiliated issuers |
|
| 16,894,293 | † | 2,303,776 | † | 3,159,729 |
| 1,632,458 | † | ||
Affiliated issuers |
|
| 71,732 |
| 15,486 |
| 748 |
| 8,188 |
| ||
Income from securities lending—Note 1(c) |
|
| 372,509 |
| 143,991 |
| 2,601 |
| 82,595 |
| ||
Total Income |
|
| 17,338,534 |
| 2,463,253 |
| 3,163,078 |
| 1,723,241 |
| ||
Expenses: |
|
|
|
|
|
|
|
|
|
| ||
Investment advisory fee—Note 3(a) |
|
| 9,359,708 |
| 1,852,938 |
| 1,480,850 |
| 1,163,060 |
| ||
Administration fee—Note 3(a) |
|
| 1,556,601 |
| 271,926 |
| 263,856 |
| 193,432 |
| ||
Shareholder servicing costs—Note 3(b) |
|
| 83,390 |
| 20,196 |
| 6,440 |
| 1,730 |
| ||
Trustees’ fees and expenses—Note 3(c) |
|
| 82,824 |
| 20,150 |
| 15,798 |
| 10,575 |
| ||
Custodian fees—Note 3(b) |
|
| 60,011 |
| 46,759 |
| 22,756 |
| 28,440 |
| ||
Loan commitment fees—Note 2 |
|
| 40,487 |
| 5,848 |
| 6,647 |
| 4,143 |
| ||
Professional fees |
|
| 33,860 |
| 41,659 |
| 18,282 |
| 18,070 |
| ||
Registration fees |
|
| 32,646 |
| 17,666 |
| 18,985 |
| 18,854 |
| ||
Prospectus and shareholders’ reports |
|
| 16,869 |
| 6,247 |
| 7,665 |
| 7,832 |
| ||
Interest expense—Note 2 |
|
| - |
| - |
| 2,693 |
| 260 |
| ||
Miscellaneous |
|
| 27,127 |
| 12,204 |
| 13,359 |
| 9,590 |
| ||
Total Expenses |
|
| 11,293,523 |
| 2,295,593 |
| 1,857,331 |
| 1,455,986 |
| ||
Less—reduction in fees due to earnings credits—Note 3(b) |
|
| (551) |
| (217) |
| (21) |
| (21) |
| ||
Net Expenses |
|
| 11,292,972 |
| 2,295,376 |
| 1,857,310 |
| 1,455,965 |
| ||
Investment Income—Net |
|
| 6,045,562 |
| 167,877 |
| 1,305,768 |
| 267,276 |
| ||
Realized and Unrealized Gain (Loss) |
|
|
|
|
|
|
|
| ||||
Net realized gain (loss) on investments | 55,857,856 |
| 19,140,467 |
| 38,765,865 |
| 15,323,620 |
| ||||
Net unrealized appreciation (depreciation) on investments |
|
| 166,499,914 |
| 42,621,737 |
| 12,678,274 |
| 25,681,660 |
| ||
Net Realized and Unrealized Gain (Loss) on Investments |
|
| 222,357,770 |
| 61,762,204 |
| 51,444,139 |
| 41,005,280 |
| ||
Net Increase in Net Assets Resulting from Operations |
| 228,403,332 |
| 61,930,081 |
| 52,749,907 |
| 41,272,556 |
| |||
† Net of foreign taxes withheld at source ($) |
|
| 13,615 |
| 14,066 |
| - |
| 10,197 |
| ||
See notes to financial statements. |
70
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BNY Mellon International Fund |
| BNY Mellon Emerging Markets Fund |
| BNY Mellon International Appreciation Fund |
| BNY Mellon International Equity Income Fund |
| BNY Mellon Asset Allocation Fund |
|
Investment Income ($): |
|
|
|
|
|
|
|
|
|
|
|
| ||
Income: |
|
|
|
|
|
|
|
|
|
|
|
| ||
Cash dividends: |
|
|
|
|
|
|
|
|
|
|
|
| ||
Unaffiliated issuers |
|
| 7,912,562 | † | 3,601,109 | † | 704,534 | † | 3,876,025 | † | 1,030,837 |
| ||
Affiliated issuers |
|
| 10,035 |
| 5,248 |
| 1,035 |
| 6,047 |
| 2,964,957 |
| ||
Income from securities lending—Note 1(c) |
|
| - |
| 140 |
| - |
| - |
| 1,065 |
| ||
Interest |
|
| - |
| - |
| 219 |
| - |
| 925,316 |
| ||
Total Income |
|
| 7,922,597 |
| 3,606,497 |
| 705,788 |
| 3,882,072 |
| 4,922,175 |
| ||
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
| ||
Investment advisory fee—Note 3(a) |
|
| 4,071,895 |
| 3,861,342 |
| 181,941 |
| 1,213,478 |
| 653,282 |
| ||
Administration fee—Note 3(a) |
|
| 597,458 |
| 418,763 |
| 45,384 |
| 178,066 |
| 100,262 |
| ||
Custodian fees—Note 3(b) |
|
| 191,314 |
| 202,243 |
| 5,841 |
| 82,917 |
| 10,517 |
| ||
Trustees’ fees and expenses—Note 3(c) |
|
| 34,093 |
| 23,001 |
| 2,465 |
| 10,585 |
| 17,554 |
| ||
Registration fees |
|
| 24,909 |
| 19,905 |
| 17,279 |
| 27,352 |
| 18,045 |
| ||
Professional fees |
|
| 18,904 |
| 45,520 |
| 17,664 |
| 22,777 |
| 25,014 |
| ||
Loan commitment fees—Note 2 |
|
| 15,271 |
| 10,772 |
| 1,181 |
| 3,866 |
| 3,233 |
| ||
Shareholder servicing costs—Note 3(b) |
|
| 14,569 |
| 16,140 |
| 2,199 |
| 881 |
| 7,021 |
| ||
Prospectus and shareholders’ reports |
|
| 5,644 |
| 8,789 |
| 8,723 |
| 5,046 |
| 6,829 |
| ||
Interest expense—Note 2 |
|
| 1,989 |
| 1,669 |
| 376 |
| 96 |
| - |
| ||
ADR fees |
|
| - |
| - |
| 39,900 |
| - |
| - |
| ||
Miscellaneous |
|
| 27,804 |
| 20,651 |
| 16,782 |
| 19,774 |
| 18,513 |
| ||
Total Expenses |
|
| 5,003,850 |
| 4,628,795 |
| 339,735 |
| 1,564,838 |
| 860,270 |
| ||
Less—reduction in expenses due to undertakings—Note 3(a) |
|
| - |
| - |
| - |
| - |
| (196,547) |
| ||
Less—reduction in fees due to earnings credits—Note 3(b) |
|
| (49) |
| (58) |
| (806) |
| (14) |
| (15) |
| ||
Net Expenses |
|
| 5,003,801 |
| 4,628,737 |
| 338,929 |
| 1,564,824 |
| 663,708 |
| ||
Investment Income—Net |
|
| 2,918,796 |
| (1,022,240) |
| 366,859 |
| 2,317,248 |
| 4,258,467 |
| ||
Realized and Unrealized Gain (Loss) |
|
|
|
|
|
|
|
|
|
| ||||
Net realized gain (loss) on investments |
|
|
|
|
|
|
|
|
|
| ||||
Unaffiliated issuers |
|
|
| (11,696,583) |
| 21,271,024 |
| (391,410) |
| 3,072,166 |
| 2,736,595 |
| |
Affiliated issuers |
|
|
| - |
| - |
|
|
| - |
| 2,527,581 |
| |
Net realized gain (loss) on futures |
|
| - |
| - |
| 18,268 |
| - |
| - |
| ||
Net realized gain (loss) on forward foreign | 750,974 |
| (189,132) |
| - |
| (193,769) |
| - |
| ||||
Capital gain distributions from affiliated issuers |
|
| - |
| - |
|
|
| - |
| 3,828,174 |
| ||
Net Realized Gain (Loss) |
|
| (10,945,609) |
| 21,081,892 |
| (373,142) |
| 2,878,397 |
| 9,092,350 |
| ||
Net unrealized appreciation (depreciation) on investments |
|
|
|
|
|
|
|
|
|
|
|
| ||
Unaffiliated issuers |
|
|
| 52,102,303 |
| 3,450,092 |
| 3,442,081 |
| 10,665,759 |
| 4,902,736 |
| |
Affiliated issuers |
|
|
| - |
| - |
|
|
| - |
| 6,837,845 |
| |
Net unrealized appreciation (depreciation) on futures |
|
| - |
| - |
| 6,722 |
| - |
| - |
| ||
Net unrealized appreciation (depreciation) on |
|
| (15,393) |
| - |
| - |
| - |
| - |
| ||
Net Unrealized Appreciation (Depreciation) |
|
| 52,086,910 |
| 3,450,092 |
| 3,448,803 |
| 10,665,759 |
| 11,740,581 |
| ||
Net Realized and Unrealized Gain (Loss) on Investments |
|
| 41,141,301 |
| 24,531,984 |
| 3,075,661 |
| 13,544,156 |
| 20,832,931 |
| ||
Net Increase in Net Assets Resulting from Operations |
| 44,060,097 |
| 23,509,744 |
| 3,442,520 |
| 15,861,404 |
| 25,091,398 |
| |||
† Net of foreign taxes withheld at source ($) |
|
| 572,564 |
| 538,978 |
| 53,314 |
| 342,718 |
| - |
| ||
See notes to financial statements. |
71
STATEMENTS OF CHANGES IN NET ASSETS
|
|
|
| BNY Mellon Large Cap Stock Fund |
| BNY Mellon Large Cap Market Opportunities Fund |
| ||||||||
|
|
|
| Six Months Ended |
|
|
| Year Ended |
| Six Months Ended |
|
|
| Year Ended |
|
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 2,005,212 |
|
|
| 5,115,523 |
| 426,671 |
|
|
| 958,944 |
| |
Net realized gain (loss) on investments |
| 18,930,570 |
|
|
| 10,190,516 |
| 6,299,241 |
|
|
| 9,494,738 |
| ||
Net unrealized appreciation (depreciation) |
| 10,821,268 |
|
|
| 12,033,907 |
| 1,278,266 |
|
|
| (1,037,847) |
| ||
Net Increase (Decrease) in Net Assets | 31,757,050 |
|
|
| 27,339,946 |
| 8,004,178 |
|
|
| 9,415,835 |
| |||
Distributions to Shareholders from ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (1,966,093) |
|
|
| (5,038,864) |
| (1,152,978) |
|
|
| (993,839) |
| |
Investor Shares |
|
| (53,656) |
|
|
| (118,371) |
| (7,125) |
|
|
| (6,507) |
| |
Net realized gain on investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (11,731,752) |
|
|
| (35,063,742) |
| (8,206,774) |
|
|
| (20,163,560) |
| |
Investor Shares |
|
| (397,965) |
|
|
| (1,058,366) |
| (83,930) |
|
|
| (191,924) |
| |
Total Distributions |
|
| (14,149,466) |
|
|
| (41,279,343) |
| (9,450,807) |
|
|
| (21,355,830) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 11,137,872 |
|
|
| 72,557,074 |
| 1,704,466 |
|
|
| 9,388,484 |
| |
Investor Shares |
|
| 2,324,340 |
|
|
| 3,846,259 |
| 251,815 |
|
|
| 1,039,757 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 7,893,724 |
|
|
| 25,934,770 |
| 4,541,412 |
|
|
| 11,656,466 |
| |
Investor Shares |
|
| 434,835 |
|
|
| 1,037,543 |
| 59,852 |
|
|
| 73,976 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (65,209,174) |
|
|
| (155,481,485) |
| (18,156,334) |
|
|
| (56,086,712) |
| |
Investor Shares |
|
| (2,619,143) |
|
|
| (4,424,986) |
| (159,283) |
|
|
| (1,412,753) |
| |
Increase (Decrease) in Net Assets | (46,037,546) |
|
|
| (56,530,825) |
| (11,758,072) |
|
|
| (35,340,782) |
| |||
Total Increase (Decrease) in Net Assets | (28,429,962) |
|
|
| (70,470,222) |
| (13,204,701) |
|
|
| (47,280,777) |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 337,913,960 |
|
|
| 408,384,182 |
| 84,095,295 |
|
|
| 131,376,072 |
| |
End of Period |
|
| 309,483,998 |
|
|
| 337,913,960 |
| 70,890,594 |
|
|
| 84,095,295 |
| |
Undistributed (distributions in excess of) | 3,392 |
|
|
| 17,929 |
| (29,777) |
|
|
| 703,655 |
| |||
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class Ma |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 1,953,481 |
|
|
| 13,199,296 |
| 148,022 |
|
|
| 783,965 |
| |
Shares issued for distributions reinvested |
|
| 1,423,880 |
|
|
| 4,590,390 |
| 403,322 |
|
|
| 1,036,130 |
| |
Shares redeemed |
|
| (11,461,510) |
|
|
| (27,226,111) |
| (1,534,847) |
|
|
| (4,747,498) |
| |
Net Increase (Decrease) in Shares Outstanding | (8,084,149) |
|
|
| (9,436,425) |
| (983,503) |
|
|
| (2,927,403) |
| |||
Investor Sharesa |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 405,223 |
|
|
| 673,728 |
| 20,585 |
|
|
| 85,223 |
| |
Shares issued for distributions reinvested |
|
| 78,244 |
|
|
| 183,641 |
| 5,273 |
|
|
| 6,524 |
| |
Shares redeemed |
|
| (464,933) |
|
|
| (800,878) |
| (13,483) |
|
|
| (120,678) |
| |
Net Increase (Decrease) in Shares Outstanding | 18,534 |
|
|
| 56,491 |
| 12,375 |
|
|
| (28,931) |
| |||
|
| ||||||||||||||
aDuring the period ended February 28, 2017, 397,910 Class M shares representing $2,281,772 were exchanged for 397,755 Investor shares for BNY Mellon Large Cap Stock Fund and 20,671 Class M shares representing $251,814 were exchanged for 20,585 Investor shares for BNY Mellon Large Cap Market Opportunities Fund. During the period ended August 31, 2016, 636,777 Class M shares representing $3,652,970 were exchanged for 636,737 Investor shares for BNY Mellon Large Cap Stock Fund and 85,779 Class M shares representing $1,039,758 were exchanged for 85,223 Investor shares for BNY Mellon Large Cap Opportunities Fund. | |||||||||||||||
See notes to financial statements. |
72
|
|
|
| BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund |
| BNY Mellon Income Stock Fund |
| ||||||||
|
|
|
| Six Months Ended |
|
|
| Year Ended |
| Six Months Ended |
|
|
| Year Ended |
|
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 2,270,012 |
|
|
| 4,420,418 |
| 12,376,714 |
|
|
| 25,977,403 |
| |
Net realized gain (loss) on investments |
| 20,887,275 |
|
|
| 14,410,535 |
| 49,877,836 |
|
|
| 32,390,508 |
| ||
Net unrealized appreciation (depreciation) |
| 13,264,982 |
|
|
| 16,401,411 |
| 64,022,215 |
|
|
| 85,478,472 |
| ||
Net Increase (Decrease) in Net Assets | 36,422,269 |
|
|
| 35,232,364 |
| 126,276,765 |
|
|
| 143,846,383 |
| |||
Distributions to Shareholders from ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (5,084,395) |
|
|
| (3,971,525) |
| (11,908,940) |
|
|
| (25,629,571) |
| |
Investor Shares |
|
| (95,139) |
|
|
| (29,776) |
| (168,991) |
|
|
| (322,008) |
| |
Class A |
|
| - |
|
|
| - |
| (3,335) |
|
|
| (730) |
| |
Class C |
|
| - |
|
|
| - |
| (1,837) |
|
|
| (42) |
| |
Class I |
|
| - |
|
|
| - |
| (3,151) |
|
|
| (68) |
| |
Class Y |
|
| - |
|
|
| - |
| (114) |
|
|
| (68) |
| |
Net realized gain on investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (16,161,275) |
|
|
| (28,802,216) |
| (34,379,484) |
|
|
| (92,555,876) |
| |
Investor Shares |
|
| (340,491) |
|
|
| (294,305) |
| (575,328) |
|
|
| (1,309,191) |
| |
Class A |
|
| - |
|
|
| - |
| (12,719) |
|
|
| - |
| |
Class C |
|
| - |
|
|
| - |
| (8,853) |
|
|
| - |
| |
Class I |
|
| - |
|
|
| - |
| (640) |
|
|
| - |
| |
Class Y |
|
| - |
|
|
| - |
| (334) |
|
|
| - |
| |
Total Distributions |
|
| (21,681,300) |
|
|
| (33,097,822) |
| (47,063,726) |
|
|
| (119,817,554) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 9,383,514 |
|
|
| 20,063,224 |
| 150,529,163 |
|
|
| 190,055,326 |
| |
Investor Shares |
|
| 2,112,097 |
|
|
| 3,813,536 |
| 8,723,743 |
|
|
| 12,965,028 |
| |
Class A |
|
| - |
|
|
| - |
| 527,464 |
|
|
| 309,740 |
| |
Class C |
|
| - |
|
|
| - |
| 596,249 |
|
|
| 10,000 |
| |
Class I |
|
| - |
|
|
| - |
| 1,490,150 |
|
|
| 10,000 |
| |
Class Y |
|
| - |
|
|
| - |
| - |
|
|
| 10,000 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 14,463,851 |
|
|
| 26,042,120 |
| 18,065,337 |
|
|
| 48,835,055 |
| |
Investor Shares |
|
| 346,836 |
|
|
| 190,229 |
| 612,287 |
|
|
| 1,256,712 |
| |
Class A |
|
| - |
|
|
| - |
| 15,621 |
|
|
| 668 |
| |
Class C |
|
| - |
|
|
| - |
| 10,284 |
|
|
| - |
| |
Class I |
|
| - |
|
|
| - |
| 3,344 |
|
|
| - |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (46,496,372) |
|
|
| (105,105,070) |
| (89,724,131) |
|
|
| (271,832,105) |
| |
Investor Shares |
|
| (3,685,693) |
|
|
| (2,281,014) |
| (7,176,418) |
|
|
| (12,889,914) |
| |
Class A |
|
| - |
|
|
| - |
| (620,303) |
|
|
| (593) |
| |
Class C |
|
| - |
|
|
| - |
| (10,077) |
|
|
| - |
| |
Class I |
|
| - |
|
|
| - |
| (1,548) |
|
|
| - |
| |
Increase (Decrease) in Net Assets | (23,875,767) |
|
|
| (57,276,975) |
| 83,041,165 |
|
|
| (31,270,083) |
| |||
Total Increase (Decrease) in Net Assets | (9,134,798) |
|
|
| (55,142,433) |
| 162,254,204 |
|
|
| (7,241,254) |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 350,948,700 |
|
|
| 406,091,133 |
| 1,084,733,806 |
|
|
| 1,091,975,060 |
| |
End of Period |
|
| 341,813,902 |
|
|
| 350,948,700 |
| 1,246,988,010 |
|
|
| 1,084,733,806 |
| |
Undistributed investment income—net | 265,009 |
|
|
| 3,174,531 |
| 716,749 |
|
|
| 426,403 |
|
73
STATEMENTS OF CHANGES IN NET ASSETS (continued)
|
|
|
| BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund |
| BNY Mellon Income Stock Fund |
| ||||||||
|
|
|
| Six Months Ended |
|
|
| Year Ended |
| Six Months Ended |
|
|
| Year Ended |
|
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class Ma |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 619,687 |
|
|
| 1,421,130 |
| 16,595,837 |
|
|
| 23,224,898 |
| |
Shares issued for distributions reinvested |
|
| 970,728 |
|
|
| 1,874,883 |
| 2,080,348 |
|
|
| 5,950,165 |
| |
Shares redeemed |
|
| (3,018,637) |
|
|
| (7,597,018) |
| (10,102,275) |
|
|
| (32,488,848) |
| |
Net Increase (Decrease) in Shares Outstanding | (1,428,222) |
|
|
| (4,301,005) |
| 8,573,910 |
|
|
| (3,313,785) |
| |||
Investor Sharesa |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 136,021 |
|
|
| 263,036 |
| 982,800 |
|
|
| 1,541,996 |
| |
Shares issued for distributions reinvested |
|
| 22,773 |
|
|
| 13,406 |
| 69,555 |
|
|
| 151,361 |
| |
Shares redeemed |
|
| (236,406) |
|
|
| (161,334) |
| (798,455) |
|
|
| (1,543,556) |
| |
Net Increase (Decrease) in Shares Outstanding | (77,612) |
|
|
| 115,108 |
| 253,900 |
|
|
| 149,801 |
| |||
Class A |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| - |
|
|
| - |
| 59,196 |
|
|
| 36,222 |
| |
Shares issued for distributions reinvested |
|
| - |
|
|
| - |
| 1,797 |
|
|
| 77 |
| |
Shares redeemed |
|
| - |
|
|
| - |
| (69,474) |
|
|
| (68) |
| |
Net Increase (Decrease) in Shares Outstanding | - |
|
|
| - |
| (8,481) |
|
|
| 36,231 |
| |||
Class C |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| - |
|
|
| - |
| 66,344 |
|
|
| 1,188 |
| |
Shares issued for distributions reinvested |
|
| - |
|
|
| - |
| 1,178 |
|
|
| - |
| |
Shares redeemed |
|
| - |
|
|
| - |
| (1,156) |
|
|
| - |
| |
Net Increase (Decrease) in Shares Outstanding | - |
|
|
| - |
| 66,366 |
|
|
| 1,188 |
| |||
Class I |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| - |
|
|
| - |
| 163,991 |
|
|
| 1,188 |
| |
Shares issued for distributions reinvested |
|
| - |
|
|
| - |
| 362 |
|
|
| - |
| |
Shares redeemed |
|
| - |
|
|
| - |
| (167) |
|
|
| - |
| |
Net Increase (Decrease) in Shares Outstanding | - |
|
|
| - |
| 164,186 |
|
|
| 1,188 |
| |||
Class Y |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| - |
|
|
| - |
| - |
|
|
| 1,188 |
| |
Net Increase (Decrease) in Shares Outstanding | - |
|
|
| - |
| - |
|
|
| 1,188 |
| |||
|
| ||||||||||||||
aDuring the period ended February 28, 2017, 170,293 Class M shares representing $2,568,168 were exchanged for 166,768 Investor shares for BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund and 721,583 Class M shares representing $6,378,288 were exchanged for 714,408 Investor shares for BNY Mellon Income Stock Fund. During the period ended August 31, 2016, 268,510 Class M shares representing $3,813,537 were exchanged for 263,036 Investor shares for BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund and 1,315,916 Class M shares representing $10,984,096 were exchanged for 1,303,790 Investor shares for BNY Mellon Income Stock Fund. | |||||||||||||||
See notes to financial statements. |
74
|
|
|
| BNY Mellon Mid Cap Multi-Strategy Fund |
| BNY Mellon Small Cap Multi-Strategy Fund |
| ||||||||
|
|
|
| Six Months Ended |
|
|
| Year Ended |
| Six Months Ended |
|
|
| Year Ended |
|
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 6,045,562 |
|
|
| 13,789,659 |
| 167,877 |
|
|
| 130,234 |
| |
Net realized gain (loss) on investments |
| 55,857,856 |
|
|
| (2,304,821) |
| 19,140,467 |
|
|
| (1,214,105) |
| ||
Net unrealized appreciation (depreciation) |
| 166,499,914 |
|
|
| 171,394,229 |
| 42,621,737 |
|
|
| 19,086,467 |
| ||
Net Increase (Decrease) in Net Assets | 228,403,332 |
|
|
| 182,879,067 |
| 61,930,081 |
|
|
| 18,002,596 |
| |||
Distributions to Shareholders from ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (16,464,161) |
|
|
| (2,822,168) |
| - |
|
|
| - |
| |
Investor Shares |
|
| (331,178) |
|
|
| - |
| - |
|
|
| - |
| |
Net realized gain on investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (24,664,762) |
|
|
| (99,762,868) |
| (2,279,213) |
|
|
| (13,981,459) |
| |
Investor Shares |
|
| (718,775) |
|
|
| (2,536,473) |
| (91,392) |
|
|
| (530,824) |
| |
Total Distributions |
|
| (42,178,876) |
|
|
| (105,121,509) |
| (2,370,605) |
|
|
| (14,512,283) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 193,615,148 |
|
|
| 577,209,414 |
| 55,432,987 |
|
|
| 67,461,797 |
| |
Investor Shares |
|
| 20,316,048 |
|
|
| 31,216,038 |
| 3,469,296 |
|
|
| 5,682,428 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 15,655,601 |
|
|
| 53,692,955 |
| 1,304,414 |
|
|
| 8,441,422 |
| |
Investor Shares |
|
| 850,935 |
|
|
| 2,166,218 |
| 73,462 |
|
|
| 418,602 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (198,987,430) |
|
|
| (473,433,640) |
| (20,552,772) |
|
|
| (57,867,164) |
| |
Investor Shares |
|
| (14,954,773) |
|
|
| (31,887,118) |
| (2,090,833) |
|
|
| (4,625,390) |
| |
Increase (Decrease) in Net Assets | 16,495,529 |
|
|
| 158,963,867 |
| 37,636,554 |
|
|
| 19,511,695 |
| |||
Total Increase (Decrease) in Net Assets | 202,719,985 |
|
|
| 236,721,425 |
| 97,196,030 |
|
|
| 23,002,008 |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 2,493,234,418 |
|
|
| 2,256,512,993 |
| 404,175,149 |
|
|
| 381,173,141 |
| |
End of Period |
|
| 2,695,954,403 |
|
|
| 2,493,234,418 |
| 501,371,179 |
|
|
| 404,175,149 |
| |
Undistributed (distributions in excess of) | 1,547,567 |
|
|
| 12,297,344 |
| 12,695 |
|
|
| (155,182) |
| |||
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class Ma |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 12,475,972 |
|
|
| 41,588,266 |
| 3,006,166 |
|
|
| 4,430,097 |
| |
Shares issued for distributions reinvested |
|
| 1,008,087 |
|
|
| 3,922,057 |
| 70,055 |
|
|
| 550,647 |
| |
Shares redeemed |
|
| (13,045,029) |
|
|
| (33,628,797) |
| (1,153,075) |
|
|
| (3,780,833) |
| |
Net Increase (Decrease) in Shares Outstanding | 439,030 |
|
|
| 11,881,526 |
| 1,923,146 |
|
|
| 1,199,911 |
| |||
Investor Sharesa |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 1,360,183 |
|
|
| 2,230,885 |
| 203,649 |
|
|
| 378,301 |
| |
Shares issued for distributions reinvested |
|
| 55,617 |
|
|
| 160,579 |
| 4,106 |
|
|
| 28,322 |
| |
Shares redeemed |
|
| (987,910) |
|
|
| (2,270,938) |
| (121,798) |
|
|
| (310,626) |
| |
Net Increase (Decrease) in Shares Outstanding | 427,890 |
|
|
| 120,526 |
| 85,957 |
|
|
| 95,997 |
| |||
|
| ||||||||||||||
aDuring the period ended February 28, 2017, 1,253,994 Class M shares representing $19,001,113 were exchanged for 1,274,142 for BNY Mellon Mid Cap Multi-Strategy Fund and 195,103 Class M shares representing $3,457,244 were exchanged for 202,970 Investor shares for BNY Mellon Small Cap Multi-Strategy Fund. During the period ended August 31, 2016, 2,123,400 Class M shares representing $30,168,012 were exchanged for 2,155,326 Investor shares for BNY Mellon Mid Cap Multi-Strategy Fund and 292,734 Class M shares representing $4,524,411 were exchanged for 303,807 Investor shares for BNY Mellon Small Cap Multi-Strategy Fund. | |||||||||||||||
See notes to financial statements. |
75
STATEMENTS OF CHANGES IN NET ASSETS (continued)
|
|
|
| BNY Mellon Focused Equity Opportunities Fund |
| BNY Mellon Small/Mid Cap Multi-Strategy Fund |
| ||||||||
|
|
|
| Six Months Ended |
|
|
| Year Ended |
| Six Months Ended |
|
|
| Year Ended |
|
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 1,305,768 |
|
|
| 4,005,009 |
| 267,276 |
|
|
| 310,188 |
| |
Net realized gain (loss) on investments |
| 38,765,865 |
|
|
| 12,719,051 |
| 15,323,620 |
|
|
| (4,171,001) |
| ||
Net unrealized appreciation (depreciation) |
| 12,678,274 |
|
|
| 26,296,923 |
| 25,681,660 |
|
|
| 16,107,868 |
| ||
Net Increase (Decrease) in Net Assets | 52,749,907 |
|
|
| 43,020,983 |
| 41,272,556 |
|
|
| 12,247,055 |
| |||
Distributions to Shareholders from ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (5,192,351) |
|
|
| (3,773,879) |
| (240,001) |
|
|
| (882,016) |
| |
Investor Shares |
|
| (57,844) |
|
|
| (44,480) |
| - |
|
|
| - |
| |
Net realized gain on investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (32,053,374) |
|
|
| (43,223,639) |
| (1,043,174) |
|
|
| (18,614,519) |
| |
Investor Shares |
|
| (434,697) |
|
|
| (741,578) |
| (3,739) |
|
|
| (99,692) |
| |
Total Distributions |
|
| (37,738,266) |
|
|
| (47,783,576) |
| (1,286,914) |
|
|
| (19,596,227) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 17,559,730 |
|
|
| 52,043,353 |
| 14,676,643 |
|
|
| 46,469,399 |
| |
Investor Shares |
|
| 3,215,974 |
|
|
| 5,906,819 |
| 512,116 |
|
|
| 4,776,272 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 20,715,198 |
|
|
| 27,138,539 |
| 783,849 |
|
|
| 13,917,271 |
| |
Investor Shares |
|
| 360,140 |
|
|
| 583,461 |
| 3,425 |
|
|
| 92,905 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (57,381,337) |
|
|
| (202,413,999) |
| (27,356,335) |
|
|
| (92,311,040) |
| |
Investor Shares |
|
| (3,352,850) |
|
|
| (10,109,483) |
| (1,022,527) |
|
|
| (4,713,819) |
| |
Increase (Decrease) in Net Assets | (18,883,145) |
|
|
| (126,851,310) |
| (12,402,829) |
|
|
| (31,769,012) |
| |||
Total Increase (Decrease) in Net Assets | (3,871,504) |
|
|
| (131,613,903) |
| 27,582,813 |
|
|
| (39,118,184) |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 438,377,553 |
|
|
| 569,991,456 |
| 302,254,130 |
|
|
| 341,372,314 |
| |
End of Period |
|
| 434,506,049 |
|
|
| 438,377,553 |
| 329,836,943 |
|
|
| 302,254,130 |
| |
Undistributed (distributions in excess of) | 58,322 |
|
|
| 4,002,749 |
| (27,174) |
|
|
| (54,449) |
| |||
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class Ma |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 1,203,950 |
|
|
| 3,795,449 |
| 1,102,457 |
|
|
| 4,037,895 |
| |
Shares issued for distributions reinvested |
|
| 1,483,897 |
|
|
| 1,934,322 |
| 57,425 |
|
|
| 1,191,547 |
| |
Shares redeemed |
|
| (3,925,208) |
|
|
| (14,333,540) |
| (2,059,722) |
|
|
| (7,782,695) |
| |
Net Increase (Decrease) in Shares Outstanding | (1,237,361) |
|
|
| (8,603,769) |
| (899,840) |
|
|
| (2,553,253) |
| |||
Investor Sharesa |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 222,053 |
|
|
| 422,614 |
| 37,220 |
|
|
| 412,467 |
| |
Shares issued for distributions reinvested |
|
| 25,984 |
|
|
| 41,855 |
| 254 |
|
|
| 8,023 |
| |
Shares redeemed |
|
| (231,707) |
|
|
| (764,929) |
| (83,281) |
|
|
| (404,619) |
| |
Net Increase (Decrease) in Shares Outstanding | 16,330 |
|
|
| (300,460) |
| (45,807) |
|
|
| 15,871 |
| |||
|
| ||||||||||||||
aDuring the period ended February 28, 2017, 220,234 Class M shares representing $3,215,974 were exchanged for 222,053 Investor shares for BNY Mellon Focused Equity Opportunities Fund and 37,161 Class M shares representing $499,022 were exchanged for 37,595 Investor shares for BNY Mellon Small/Mid Cap Multi-Strategy Fund. During the period ended August 31, 2016, 391,755 Class M shares representing $5,502,987 were exchanged for 394,747 Investor shares for BNY Mellon Focused Equity Opportunities Fund and 169,567 Class M shares representing $2,033,714 were exchanged for 171,228 Investor shares for BNY Mellon Small/Mid Cap Multi-Strategy Fund. | |||||||||||||||
See notes to financial statements. |
76
|
|
|
| BNY Mellon International Fund |
| BNY Mellon Emerging Markets Fund |
| ||||||||
|
|
|
| Six Months Ended |
|
|
| Year Ended |
| Six Months Ended |
|
|
| Year Ended |
|
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income (loss)—net |
|
| 2,918,796 |
|
|
| 16,614,498 |
| (1,022,240) |
|
|
| 8,520,792 |
| |
Net realized gain (loss) on investments |
| (10,945,609) |
|
|
| (53,693,892) |
| 21,081,892 |
|
|
| (110,700,968) |
| ||
Net unrealized appreciation (depreciation) |
| 52,086,910 |
|
|
| 20,246,908 |
| 3,450,092 |
|
|
| 182,867,352 |
| ||
Net Increase (Decrease) in Net Assets | 44,060,097 |
|
|
| (16,832,486) |
| 23,509,744 |
|
|
| 80,687,176 |
| |||
Distributions to Shareholders from ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (18,946,155) |
|
|
| (14,863,929) |
| (5,176,429) |
|
|
| (7,819,971) |
| |
Investor Shares |
|
| (189,658) |
|
|
| (121,406) |
| (73,944) |
|
|
| (55,653) |
| |
Total Distributions |
|
| (19,135,813) |
|
|
| (14,985,335) |
| (5,250,373) |
|
|
| (7,875,624) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 73,329,378 |
|
|
| 380,266,326 |
| 37,299,010 |
|
|
| 147,194,029 |
| |
Investor Shares |
|
| 6,774,421 |
|
|
| 12,900,286 |
| 7,049,326 |
|
|
| 8,661,487 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 3,602,325 |
|
|
| 3,494,971 |
| 1,034,878 |
|
|
| 1,547,745 |
| |
Investor Shares |
|
| 152,750 |
|
|
| 95,702 |
| 68,623 |
|
|
| 49,972 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (163,776,168) |
|
|
| (350,168,168) |
| (82,162,150) |
|
|
| (635,316,728) |
| |
Investor Shares |
|
| (7,071,737) |
|
|
| (15,143,480) |
| (4,918,086) |
|
|
| (15,682,704) |
| |
Increase (Decrease) in Net Assets | (86,989,031) |
|
|
| 31,445,637 |
| (41,628,399) |
|
|
| (493,546,199) |
| |||
Total Increase (Decrease) in Net Assets | (62,064,747) |
|
|
| (372,184) |
| (23,369,028) |
|
|
| (420,734,647) |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 1,019,304,811 |
|
|
| 1,019,676,995 |
| 704,914,256 |
|
|
| 1,125,648,903 |
| |
End of Period |
|
| 957,240,064 | �� |
|
| 1,019,304,811 |
| 681,545,228 |
|
|
| 704,914,256 |
| |
Undistributed (distributions in excess of) | (203,385) |
|
|
| 16,013,632 |
| (1,270,244) |
|
|
| 5,002,369 |
| |||
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class Ma |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 6,536,252 |
|
|
| 34,356,918 |
| 4,218,751 |
|
|
| 18,947,324 |
| |
Shares issued for distributions reinvested |
|
| 329,883 |
|
|
| 309,563 |
| 122,181 |
|
|
| 198,429 |
| |
Shares redeemed |
|
| (14,736,200) |
|
|
| (31,873,355) |
| (9,388,155) |
|
|
| (80,717,669) |
| |
Net Increase (Decrease) in Shares Outstanding | (7,870,065) |
|
|
| 2,793,126 |
| (5,047,223) |
|
|
| (61,571,916) |
| |||
Investor Sharesa |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 570,261 |
|
|
| 1,096,410 |
| 765,110 |
|
|
| 1,046,704 |
| |
Shares issued for distributions reinvested |
|
| 13,123 |
|
|
| 7,962 |
| 7,879 |
|
|
| 6,231 |
| |
Shares redeemed |
|
| (594,485) |
|
|
| (1,280,320) |
| (544,055) |
|
|
| (1,914,124) |
| |
Net Increase (Decrease) in Shares Outstanding | (11,101) |
|
|
| (175,948) |
| 228,934 |
|
|
| (861,189) |
| |||
|
| ||||||||||||||
aDuring the period ended February 28, 2017, 592,690 Class M shares representing $6,622,436 were exchanged for 557,139 Investor shares for BNY Mellon International Fund and 763,580 Class M shares representing $6,853,465 were exchanged for 743,432 Investor shares for BNY Mellon Emerging Markets Fund. During the period ended August 31, 2016, 1,092,642 Class M shares representing $12,065,116 were exchanged for 1,027,945 Investor shares for BNY Mellon International Fund and 1,029,819 Class M shares representing $8,297,400 were exchanged for 1,003,808 Investor shares for BNY Mellon Emerging Markets Fund. | |||||||||||||||
See notes to financial statements. |
77
STATEMENTS OF CHANGES IN NET ASSETS (continued)
|
|
|
| BNY Mellon International Appreciation Fund |
| BNY Mellon International Equity Income Fund |
| ||||||||
|
|
|
| Six Months Ended |
|
|
| Year Ended |
| Six Months Ended |
|
|
| Year Ended |
|
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 366,859 |
|
|
| 1,915,822 |
| 2,317,248 |
|
|
| 7,336,840 |
| |
Net realized gain (loss) on investments |
| (373,142) |
|
|
| (2,268,175) |
| 2,878,397 |
|
|
| (16,180,279) |
| ||
Net unrealized appreciation (depreciation) |
| 3,448,803 |
|
|
| (757,479) |
| 10,665,759 |
|
|
| 27,137,709 |
| ||
Net Increase (Decrease) in Net Assets | 3,442,520 |
|
|
| (1,109,832) |
| 15,861,404 |
|
|
| 18,294,270 |
| |||
Distributions to Shareholders from ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (1,926,533) |
|
|
| (2,143,484) |
| (5,096,519) |
|
|
| (6,886,640) |
| |
Investor Shares |
|
| (28,462) |
|
|
| (101,316) |
| (10,738) |
|
|
| (29,990) |
| |
Total Distributions |
|
| (1,954,995) |
|
|
| (2,244,800) |
| (5,107,257) |
|
|
| (6,916,630) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 2,544,519 |
|
|
| 4,846,450 |
| 49,852,626 |
|
|
| 139,885,306 |
| |
Investor Shares |
|
| 160,100 |
|
|
| 125,002 |
| 935,527 |
|
|
| 1,225,206 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 130,124 |
|
|
| 137,561 |
| 1,428,078 |
|
|
| 1,942,320 |
| |
Investor Shares |
|
| 27,294 |
|
|
| 100,982 |
| 6,127 |
|
|
| 6,578 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (6,946,267) |
|
|
| (28,911,787) |
| (27,422,480) |
|
|
| (153,655,524) |
| |
Investor Shares |
|
| (3,326,136) |
|
|
| (677,068) |
| (1,060,708) |
|
|
| (3,430,287) |
| |
Increase (Decrease) in Net Assets | (7,410,366) |
|
|
| (24,378,860) |
| 23,739,170 |
|
|
| (14,026,401) |
| |||
Total Increase (Decrease) in Net Assets | (5,922,841) |
|
|
| (27,733,492) |
| 34,493,317 |
|
|
| (2,648,761) |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 78,255,531 |
|
|
| 105,989,023 |
| 283,373,773 |
|
|
| 286,022,534 |
| |
End of Period |
|
| 72,332,690 |
|
|
| 78,255,531 |
| 317,867,090 |
|
|
| 283,373,773 |
| |
Undistributed (distributions in excess of) | (15,517) |
|
|
| 1,572,619 |
| (100,035) |
|
|
| 2,689,974 |
| |||
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class Ma |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 211,113 |
|
|
| 404,809 |
| 4,017,880 |
|
|
| 11,929,496 |
| |
Shares issued for distributions reinvested |
|
| 10,963 |
|
|
| 11,570 |
| 116,484 |
|
|
| 166,343 |
| |
Shares redeemed |
|
| (576,827) |
|
|
| (2,427,127) |
| (2,235,313) |
|
|
| (12,952,594) |
| |
Net Increase (Decrease) in Shares Outstanding | (354,751) |
|
|
| (2,010,748) |
| 1,899,051 |
|
|
| (856,755) |
| |||
Investor Sharesa |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 13,519 |
|
|
| 11,046 |
| 75,161 |
|
|
| 102,872 |
| |
Shares issued for distributions reinvested |
|
| 2,315 |
|
|
| 8,579 |
| 494 |
|
|
| 555 |
| |
Shares redeemed |
|
| (273,147) |
|
|
| (59,284) |
| (85,170) |
|
|
| (286,295) |
| |
Net Increase (Decrease) in Shares Outstanding | (257,313) |
|
|
| (39,659) |
| (9,515) |
|
|
| (182,868) |
| |||
|
| ||||||||||||||
aDuring the period ended February 28, 2017, 13,257 Class M shares representing $158,755 were exchanged for 13,407 Investor shares for BNY Mellon International Appreciation Fund and 76,812 Class M shares representing $946,360 were exchanged for 76,025 Investor shares for BNY Mellon International Equity Income Fund. During the period ended August 31, 2016, 103,388 Class M shares representing $1,221,348 were exchanged for 102,528 Investor shares for BNY Mellon International Equity Income Fund. | |||||||||||||||
See notes to financial statements. |
78
|
|
|
| BNY Mellon Asset Allocation Fund |
| ||||
|
|
|
| Six Months Ended |
|
|
| Year Ended |
|
Operations ($): |
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 4,258,467 |
|
|
| 6,847,325 |
| |
Net realized gain (loss) on investments |
| 9,092,350 |
|
|
| 4,476,666 |
| ||
Net unrealized appreciation (depreciation) |
| 11,740,581 |
|
|
| 11,159,883 |
| ||
Net Increase (Decrease) in Net Assets | 25,091,398 |
|
|
| 22,483,874 |
| |||
Distributions to Shareholders from ($): |
|
|
|
|
|
|
|
| |
Investment income—net: |
|
|
|
|
|
|
|
| |
Class M |
|
| (5,077,690) |
|
|
| (7,375,237) |
| |
Investor Shares |
|
| (59,292) |
|
|
| (88,615) |
| |
Net realized gain on investments: |
|
|
|
|
|
|
|
| |
Class M |
|
| (3,794,493) |
|
|
| (22,663,275) |
| |
Investor Shares |
|
| (47,678) |
|
|
| (306,583) |
| |
Total Distributions |
|
| (8,979,153) |
|
|
| (30,433,710) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
| |
Class M |
|
| 10,149,229 |
|
|
| 40,469,197 |
| |
Investor Shares |
|
| 3,324,583 |
|
|
| 2,117,131 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
| |
Class M |
|
| 3,418,835 |
|
|
| 18,961,989 |
| |
Investor Shares |
|
| 99,584 |
|
|
| 365,940 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
| |
Class M |
|
| (24,769,886) |
|
|
| (74,573,494) |
| |
Investor Shares |
|
| (2,343,923) |
|
|
| (3,684,506) |
| |
Increase (Decrease) in Net Assets | (10,121,578) |
|
|
| (16,343,743) |
| |||
Total Increase (Decrease) in Net Assets | 5,990,667 |
|
|
| (24,293,579) |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 449,529,988 |
|
|
| 473,823,567 |
| |
End of Period |
|
| 455,520,655 |
|
|
| 449,529,988 |
| |
Undistributed (distributions in excess of) | (448,626) |
|
|
| 429,889 |
| |||
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
| |
Class Ma |
|
|
|
|
|
|
|
| |
Shares sold |
|
| 893,568 |
|
|
| 3,665,671 |
| |
Shares issued for distributions reinvested |
|
| 303,515 |
|
|
| 1,737,267 |
| |
Shares redeemed |
|
| (2,173,760) |
|
|
| (6,706,655) |
| |
Net Increase (Decrease) in Shares Outstanding | (976,677) |
|
|
| (1,303,717) |
| |||
Investor Sharesa |
|
|
|
|
|
|
|
| |
Shares sold |
|
| 286,795 |
|
|
| 192,637 |
| |
Shares issued for distributions reinvested |
|
| 8,757 |
|
|
| 33,220 |
| |
Shares redeemed |
|
| (204,197) |
|
|
| (326,994) |
| |
Net Increase (Decrease) in Shares Outstanding | 91,355 |
|
|
| (101,137) |
| |||
| |||||||||
aDuring the period ended February 28, 2017, 288,721 Class M shares representing $3,323,083 were exchanged for 286,665 Investor shares for BNY Mellon Asset Allocation Fund. | |||||||||
See notes to financial statements. |
79
FINANCIAL HIGHLIGHTS
The following tables describe the performance for each share class of each fund for the fiscal periods indicated. All information (except portfolio turnover rate) reflects financial results for a single fund share. Total return shows how much your investment in each fund would have increased (or decreased) during each period, assuming you had reinvested all dividends and distributions. These figures have been derived from the funds’ financial statements.
Class M | ||||||||||
Year Ended August 31, | ||||||||||
BNY Mellon Large Cap Stock Fund | Six Months Ended | 2016 | 2015 |
| 2014 |
| 2013 |
| 2012 |
|
Per Share Data ($): | ||||||||||
Net asset value, beginning of period | 5.67 | 5.92 | 7.15 | 9.97 | 9.17 | 8.14 | ||||
Investment Operations: | ||||||||||
Investment income—net a | .04 | .08 | .09 | .09 | .12 | .08 | ||||
Net realized and unrealized | .56 | .34 | (.04) | 1.88 | 1.21 | 1.03 | ||||
Total from Investment Operations | .60 | .42 | .05 | 1.97 | 1.33 | 1.11 | ||||
Distributions: | ||||||||||
Dividends from investment income—net | (.04) | (.08) | (.08) | (.10) | (.12) | (.08) | ||||
Dividends from net realized gain on investments | (.23) | (.59) | (1.20) | (4.69) | (.41) | - | ||||
Total Distributions | (.27) | (.67) | (1.28) | (4.79) | (.53) | (.08) | ||||
Net asset value, end of period | 6.00 | 5.67 | 5.92 | 7.15 | 9.97 | 9.17 | ||||
Total Return (%) | 10.85b | 7.31 | .12 | 26.27 | 15.16 | 13.73 | ||||
Ratios/Supplemental Data (%) | ||||||||||
Ratio of total expenses to average net assets | .84c | .83 | .81 | .81 | .80 | .81 | ||||
Ratio of net expenses to average net assets | .84c | .83 | .81 | .81 | .80 | .81 | ||||
Ratio of net investment income | 1.30c | 1.44 | 1.32 | 1.20 | 1.23 | .95 | ||||
Portfolio Turnover | 22.49b | 49.82 | 52.80 | 142.41 | 50.96 | 76.82 | ||||
Net Assets, end of period ($ x 1,000) | 298,992 | 328,113 | 398,485 | 468,446 | 732,612 | 971,849 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
80
Investor Shares | ||||||||||
Year Ended August 31, | ||||||||||
BNY Mellon Large Cap Stock Fund | Six Months Ended | 2016 | 2015 |
| 2014 |
| 2013 |
| 2012 |
|
Per Share Data ($): | ||||||||||
Net asset value, beginning of period | 5.67 | 5.92 | 7.15 | 9.97 | 9.17 | 8.15 | ||||
Investment Operations: | ||||||||||
Investment income—net a | .03 | .07 | .07 | .07 | .09 | .06 | ||||
Net realized and unrealized | .57 | .34 | (.03) | 1.88 | 1.21 | 1.02 | ||||
Total from Investment Operations | .60 | .41 | .04 | 1.95 | 1.30 | 1.08 | ||||
Distributions: | ||||||||||
Dividends from investment income—net | (.03) | (.07) | (.07) | (.08) | (.09) | (.06) | ||||
Dividends from net realized gain on investments | (.23) | (.59) | (1.20) | (4.69) | (.41) | — | ||||
Total Distributions | (.26) | (.66) | (1.27) | (4.77) | (.50) | (.06) | ||||
Net asset value, end of period | 6.01 | 5.67 | 5.92 | 7.15 | 9.97 | 9.17 | ||||
Total Return (%) | 10.90b | 7.04 | (.13) | 25.96 | 14.87 | 13.33 | ||||
Ratios/Supplemental Data (%): | ||||||||||
Ratio of total expenses to average net assets | 1.09c | 1.08 | 1.06 | 1.06 | 1.06 | 1.06 | ||||
Ratio of net expenses to average net assets | 1.09c | 1.08 | 1.06 | 1.06 | 1.06 | 1.06 | ||||
Ratio of net investment income | 1.05c | 1.18 | 1.08 | .93 | .99 | .71 | ||||
Portfolio Turnover Rate | 22.49b | 49.82 | 52.80 | 142.41 | 50.96 | 76.82 | ||||
Net Assets, end of period ($ x 1,000) | 10,492 | 9,801 | 9,900 | 12,672 | 20,165 | 12,344 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
81
FINANCIAL HIGHLIGHTS (continued)
Class M | ||||||
Year Ended August 31, | ||||||
BNY Mellon Large Cap | Six Months Ended February 28, 2017 (Unaudited) | 2016 | 2015 | 2014 | 2013 | 2012 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 12.09 | 13.25 | 16.21 | 14.21 | 12.16 | 11.00 |
Investment Operations: | ||||||
Investment income—neta | .07 | .11 | .11 | .11 | .10 | .06 |
Net realized and unrealized | 1.22 | 1.08 | (.28) | 3.13 | 2.03 | 1.13 |
Total from Investment Operations | 1.29 | 1.19 | (.17) | 3.24 | 2.13 | 1.19 |
Distributions: | ||||||
Dividends from investment income—net | (.19) | (.11) | (.25) | (.18) | (.08) | (.03) |
Dividends from net realized gain on investments | (1.35) | (2.24) | (2.54) | (1.06) | - | - |
Total Distributions | (1.54) | (2.35) | (2.79) | (1.24) | (.08) | (.03) |
Net asset value, end of period | 11.84 | 12.09 | 13.25 | 16.21 | 14.21 | 12.16 |
Total Return (%) | 11.35b | 10.27 | (1.72) | 23.67 | 17.64 | 10.89 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assetsc | .64d | .60 | .53 | .53 | .79 | .78 |
Ratio of net expenses to average net assetsc | .64d | .60 | .53 | .53 | .79 | .78 |
Ratio of net investment income | 1.13d | .92 | .78 | .69 | .76 | .55 |
Portfolio Turnover | 14.43b | 19.43 | 30.75 | 26.42 | 78.41 | 43.61 |
Net Assets, end of period ($ x 1,000) | 70,083 | 83,425 | 130,257 | 192,209 | 216,116 | 152,458 |
a Based on average shares outstanding.
b Not annualized.
c Amount does not include the expenses of the underlying funds.
d Annualized.
See notes to financial statements.
82
Investor Shares | ||||||
Year Ended August 31, | ||||||
BNY Mellon Large Cap | Six Months Ended February 28, 2017 (Unaudited) | 2016 | 2015 | 2014 | 2013 | 2012 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 12.16 | 13.32 | 16.29 | 14.28 | 12.25 | 10.98 |
Investment Operations: | ||||||
Investment income—neta | .05 | .09 | .07 | .06 | .07 | .13 |
Net realized and unrealized | 1.23 | 1.07 | (.28) | 3.17 | 2.04 | 1.14 |
Total from Investment Operations | 1.28 | 1.16 | (.21) | 3.23 | 2.11 | 1.27 |
Distributions: | ||||||
Dividends from investment income—net | (.11) | (.08) | (.22) | (.16) | (.08) | - |
Dividends from net realized gain on investments | (1.35) | (2.24) | (2.54) | (1.06) | - | - |
Total Distributions | (1.46) | (2.32) | (2.76) | (1.22) | (.08) | - |
Net asset value, end of period | 11.98 | 12.16 | 13.32 | 16.29 | 14.28 | 12.25 |
Total Return (%) | 11.26b | 9.90 | (1.99) | 23.54 | 17.29 | 11.57 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assetsc | .89d | .84 | .79 | .81 | 1.05 | 1.02 |
Ratio of net expenses to average net assetsc | .89d | .84 | .79 | .81 | 1.05 | 1.02 |
Ratio of net investment income | .83d | .76 | .50 | .45 | .48 | .95 |
Portfolio Turnover | 14.43b | 19.43 | 30.75 | 26.42 | 78.41 | 43.61 |
Net Assets, end of period ($ x 1,000) | 808 | 670 | 1,119 | 631 | 103 | 28 |
a Based on average shares outstanding.
b Not annualized.
c Amount does not include the expenses of the underlying funds.
d Annualized.
See notes to financial statements.
83
FINANCIAL HIGHLIGHTS (continued)
Class M | ||||||||||
Year Ended August 31, | ||||||||||
BNY Mellon Tax-Sensitive Large Cap | Six Months Ended | 2016 | 2015 |
| 2014 |
| 2013 |
| 2012 |
|
Per Share Data ($): | ||||||||||
Net asset value, beginning of period | 14.98 | 14.71 | 17.12 | 14.45 | 12.50 | 11.14 | ||||
Investment Operations: | ||||||||||
Investment income—net a | .10 | .17 | .16 | .15 | .13 | .09 | ||||
Net realized and unrealized | 1.46 | 1.33 | (.23) | 3.22 | 1.93 | 1.32 | ||||
Total from Investment Operations | 1.56 | 1.50 | (.07) | 3.37 | 2.06 | 1.41 | ||||
Distributions: | ||||||||||
Dividends from investment income—net | (.23) | (.15) | (.26) | (.20) | (.11) | (.05) | ||||
Dividends from net realized gain on investments | (.72) | (1.08) | (2.08) | (.50) | — | — | ||||
Total Distributions | (.95) | (1.23) | (2.34) | (.70) | (.11) | (.05) | ||||
Net asset value, end of period | 15.59 | 14.98 | 14.71 | 17.12 | 14.45 | 12.50 | ||||
Total Return (%) | 10.67b | 10.86 | (.94) | 23.82 | 16.60 | 12.75 | ||||
Ratios/Supplemental Data (%): | ||||||||||
Ratio of total expenses to average net assets c | .65d | .64 | .61 | .61 | .79 | .87 | ||||
Ratio of net expenses to average net assets c | .65d | .64 | .61 | .61 | .79 | .87 | ||||
Ratio of net investment income | 1.30d | 1.19 | .99 | .95 | .97 | .78 | ||||
Portfolio Turnover | 10.77b | 13.81 | 20.63 | 13.01 | 82.04 | 32.62 | ||||
Net Assets, end of period ($ x 1,000) | 336,710 | 344,867 | 401,855 | 474,496 | 638,085 | 123,250 |
a Based on average shares outstanding.
b Not annualized.
c Amount does not include the expenses of the underlying funds.
d Annualized.
See notes to financial statements.
84
Investor Shares | ||||||||||
Year Ended August 31, | ||||||||||
BNY Mellon Tax-Sensitive Large Cap | Six Months Ended | 2016 | 2015 |
| 2014 |
| 2013 |
| 2012 |
|
Per Share Data ($): | ||||||||||
Net asset value, beginning of period | 15.28 | 14.98 | 17.40 | 14.64 | 12.41 | 11.04 | ||||
Investment Operations: | ||||||||||
Investment income—net a | .08 | .14 | .12 | .08 | .13 | .06 | ||||
Net realized and unrealized | 1.49 | 1.35 | (.23) | 3.30 | 2.10 | 1.31 | ||||
Total From Investment Operations | 1.57 | 1.49 | (.11) | 3.38 | 2.23 | 1.37 | ||||
Distributions: | ||||||||||
Dividends from investment income—net | (.20) | (.11) | (.23) | (.12) | — | — | ||||
Dividends from net realized gain on investments | (.72) | (1.08) | (2.08) | (.50) | — | — | ||||
Total Distributions | (.92) | (1.19) | (2.31) | (.62) | — | — | ||||
Net asset value, end of period | 15.93 | 15.28 | 14.98 | 17.40 | 14.64 | 12.41 | ||||
Total Return (%) | 10.55b | 10.56 | (1.19) | 23.47 | 17.97 | 12.51 | ||||
Ratios/Supplemental Data (%): | ||||||||||
Ratio of total expenses to average net assets c | .90d | .89 | .86 | .87 | 1.05 | 1.11 | ||||
Ratio of net expenses to average net assets c | .90d | .89 | .86 | .87 | 1.03 | 1.11 | ||||
Ratio of net investment income | 1.03d | .97 | .74 | .53 | .89 | .46 | ||||
Portfolio Turnover Rate | 10.77b | 13.81 | 20.63 | 13.01 | 82.04 | 32.62 | ||||
Net Assets, end of period ($ x 1,000) | 5,104 | 6,081 | 4,237 | 3,859 | 1,196 | 12 |
a Based on average shares outstanding.
b Not annualized.
c Amount does not include the expenses of the underlying funds.
d Annualized.
See notes to financial statements.
85
FINANCIAL HIGHLIGHTS (continued)
Class M | ||||||||||
Year Ended August 31, | ||||||||||
BNY Mellon Income Stock Fund | Six Months Ended | 2016 | 2015 |
| 2014 |
| 2013 |
| 2012 |
|
Per Share Data ($): | ||||||||||
Net asset value, beginning of period | 8.72 | 8.57 | 9.94 | 8.39 | 6.99 | 6.28 | ||||
Investment Operations: | ||||||||||
Investment income—net a | .10 | .21 | .19 | .19 | .24 | .21 | ||||
Net realized and unrealized | .91 | .94 | (.38) | 1.86 | 1.41 | .70 | ||||
Total From Investment Operations | 1.01 | 1.15 | (.19) | 2.05 | 1.65 | .91 | ||||
Distributions: | ||||||||||
Dividends from investment income—net | (.10) | (.21) | (.19) | (.19) | (.24) | (.20) | ||||
Dividends from net realized gain on investments | (.28) | (.79) | (.99) | (.31) | (.01) | — | ||||
Total Distributions | (.38) | (1.00) | (1.18) | (.50) | (.25) | (.20) | ||||
Net asset value, end of period | 9.35 | 8.72 | 8.57 | 9.94 | 8.39 | 6.99 | ||||
Total Return (%) | 11.90b | 14.33 | (2.28) | 25.17 | 24.01 | 14.80 | ||||
Ratios/Supplemental Data (%): | ||||||||||
Ratio of total expenses to average net assets | .81c | .81 | .80 | .80 | .81 | .82 | ||||
Ratio of net expenses to average net assets | .81c | .81 | .80 | .80 | .81 | .82 | ||||
Ratio of net investment income | 2.25c | 2.54 | 2.06 | 2.08 | 3.03 | 3.17 | ||||
Portfolio Turnover | 28.49b | 54.31 | 65.75 | 57.74 | 41.79 | 35.60 | ||||
Net Assets, end of period ($ x 1,000) | 1,224,885 | 1,068,292 | 1,077,496 | 1,254,622 | 981,444 | 541,604 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
86
Investor Shares | ||||||||||
Year Ended August 31, | ||||||||||
BNY Mellon Income Stock Fund | Six Months Ended | 2016 | 2015 |
| 2014 |
| 2013 |
| 2012 |
|
Per Share Data ($): | ||||||||||
Net asset value, beginning of period | 8.81 | 8.63 | 10.02 | 8.45 | 7.04 | 6.33 | ||||
Investment Operations: | ||||||||||
Investment income—net a | .09 | .19 | .17 | .16 | .22 | .19 | ||||
Net realized and unrealized | .91 | .97 | (.40) | 1.89 | 1.43 | .71 | ||||
Total from Investment Operations | 1.00 | 1.16 | (.23) | 2.05 | 1.65 | .90 | ||||
Distributions: | ||||||||||
Dividends from investment income—net | (.08) | (.19) | (.17) | (.17) | (.23) | (.19) | ||||
Dividends from net realized gain on investments | (.28) | (.79) | (.99) | (.31) | (.01) | — | ||||
Total Distributions | (.36) | (.98) | (1.16) | (.48) | (.24) | (.19) | ||||
Net asset value, end of period | 9.45 | 8.81 | 8.63 | 10.02 | 8.45 | 7.04 | ||||
Total Return (%) | 11.74b | 14.14 | (2.64) | 24.75 | 23.84 | 14.45 | ||||
Ratios/Supplemental Data (%): | ||||||||||
Ratio of total expenses to average net assets | 1.06c | 1.06 | 1.05 | 1.07 | 1.06 | 1.06 | ||||
Ratio of net expenses to average net assets | 1.06c | 1.06 | 1.05 | 1.07 | 1.06 | 1.06 | ||||
Ratio of net investment income | 2.01c | 2.27 | 1.81 | 1.74 | 2.80 | 2.91 | ||||
Portfolio Turnover Rate | 28.49b | 54.31 | 65.75 | 57.74 | 41.79 | 35.60 | ||||
Net Assets, end of period ($ x 1,000) | 19,655 | 16,094 | 14,479 | 13,913 | 2,809 | 1,235 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
87
FINANCIAL HIGHLIGHTS (continued)
Class A | ||||||||||
BNY Mellon Income Stock Fund | Six Months Ended | Year Ended | a | |||||||
Per Share Data ($): | ||||||||||
Net asset value, beginning of period | 8.72 | 8.42 | ||||||||
Investment Operations: | ||||||||||
Investment income—net b | .10 | .05 | ||||||||
Net realized and unrealized gain (loss) on investments | .89 | .30 | ||||||||
Total from Investment Operations | .99 | .35 | ||||||||
Distributions: | ||||||||||
Dividends from investment income—net | (.08) | (.05) | ||||||||
Dividends from net realized gain on investments | (.28) | — | ||||||||
Total Distributions | (.36) | (.05) | ||||||||
Net asset value, end of period | 9.35 | 8.72 | ||||||||
Total Return (%) c,d | 11.76 | 4.19 | ||||||||
Ratios/Supplemental Data (%): | ||||||||||
Ratio of total expenses to average net assets e | 1.11 | 1.15 | ||||||||
Ratio of net expenses to average net assets e | 1.08 | 1.15 | ||||||||
Ratio of net investment income to average net assets e | 2.06 | 1.96 | ||||||||
Portfolio Turnover Rate | 28.49 | c | 54.31 | |||||||
Net Assets, end of period ($ x 1,000) | 260 | 316 |
a From May 31, 2016 (commencement of initial offering) to August 31, 2016.
b Based on average shares outstanding.
c Not annualized.
d Exclusive of sales charge.
e Annualized.
See notes to financial statements.
88
Class C | ||||||||||
BNY Mellon Income Stock Fund | Six Months Ended | Year Ended | a | |||||||
Per Share Data ($): | ||||||||||
Net asset value, beginning of period | 8.72 | 8.42 | ||||||||
Investment Operations: | ||||||||||
Investment income—net b | .05 | .04 | ||||||||
Net realized and unrealized gain (loss) on investments | .91 | .30 | ||||||||
Total from Investment Operations | .96 | .34 | ||||||||
Distributions: | ||||||||||
Dividends from investment income—net | (.06) | (.04) | ||||||||
Dividends from net realized gain on investments | (.28) | — | ||||||||
Total Distributions | (.34) | (.04) | ||||||||
Net asset value, end of period | 9.34 | 8.72 | ||||||||
Total Return (%) c,d | 11.33 | 4.00 | ||||||||
Ratios/Supplemental Data (%): | ||||||||||
Ratio of total expenses to average net assets e | 1.88 | 1.85 | ||||||||
Ratio of net expenses to average net assets e | 1.83 | 1.85 | ||||||||
Ratio of net investment income to average net assets e | 1.28 | 1.69 | ||||||||
Portfolio Turnover Rate | 28.49 | c | 54.31 | |||||||
Net Assets, end of period ($ x 1,000) | 631 | 10 |
a From May 31, 2016 (commencement of initial offering) to August 31, 2016.
b Based on average shares outstanding.
c Not annualized.
d Exclusive of sales charge.
e Annualized.
See notes to financial statements.
89
FINANCIAL HIGHLIGHTS (continued)
Class I | ||||||||||
BNY Mellon Income Stock Fund | Six Months Ended | Year Ended | a | |||||||
Per Share Data ($): | ||||||||||
Net asset value, beginning of period | 8.72 | 8.42 | ||||||||
Investment Operations: | ||||||||||
Investment income—net b | .07 | .06 | ||||||||
Net realized and unrealized gain (loss) on investments | .94 | .30 | ||||||||
Total from Investment Operations | 1.01 | .36 | ||||||||
Distributions: | ||||||||||
Dividends from investment income—net | (.10) | (.06) | ||||||||
Dividends from net realized gain on investments | (.28) | — | ||||||||
Total Distributions | (.38) | (.06) | ||||||||
Net asset value, end of period | 9.35 | 8.72 | ||||||||
Total Return (%) c | 11.90 | 4.26 | ||||||||
Ratios/Supplemental Data (%): | ||||||||||
Ratio of total expenses to average net assets d | .95 | .86 | ||||||||
Ratio of net expenses to average net assets d | .90 | .86 | ||||||||
Ratio of net investment income to average net assets d | 2.03 | 2.71 | ||||||||
Portfolio Turnover Rate | 28.49 | c | 54.31 | |||||||
Net Assets, end of period ($ x 1,000) | 1,546 | 10 |
a From May 31, 2016 (commencement of initial offering) to August 31, 2016.
b Based on average shares outstanding.
c Not annualized.
d Annualized.
See notes to financial statements.
90
Class Y | ||||||||||
BNY Mellon Income Stock Fund | Six Months Ended | Year Ended | a | |||||||
Per Share Data ($): | ||||||||||
Net asset value, beginning of period | 8.72 | 8.42 | ||||||||
Investment Operations: | ||||||||||
Investment income—net b | .10 | .06 | ||||||||
Net realized and unrealized gain (loss) on investments | .91 | .30 | ||||||||
Total from Investment Operations | 1.01 | .36 | ||||||||
Distributions: | ||||||||||
Dividends from investment income—net | (.10) | (.06) | ||||||||
Dividends from net realized gain on investments | (.28) | — | ||||||||
Total Distributions | (.38) | (.06) | ||||||||
Net asset value, end of period | 9.35 | 8.72 | ||||||||
Total Return (%) c | 11.90 | 4.26 | ||||||||
Ratios/Supplemental Data (%): | ||||||||||
Ratio of total expenses to average net assets d | .81 | .86 | ||||||||
Ratio of net expenses to average net assets d | .81 | .86 | ||||||||
Ratio of net investment income to average net assets d | 2.25 | 2.71 | ||||||||
Portfolio Turnover Rate | 28.49 | c | 54.31 | |||||||
Net Assets, end of period ($ x 1,000) | 11 | 10 |
a From May 31, 2016 (commencement of initial offering) to August 31, 2016.
b Based on average shares outstanding.
c Not annualized.
d Annualized.
See notes to financial statements.
91
FINANCIAL HIGHLIGHTS (continued)
Class M | ||||||||||
Year Ended August 31, | ||||||||||
BNY Mellon Mid Cap Multi-Strategy Fund | Six Months Ended | 2016 | 2015 |
| 2014 |
| 2013 |
| 2012 |
|
Per Share Data ($): | ||||||||||
Net asset value, beginning of period | 15.03 | 14.66 | 15.58 | 13.33 | 11.65 | 11.41 | ||||
Investment Operations: | ||||||||||
Investment income—net a | .04 | .08 | .05 | .05 | .07 | .01 | ||||
Net realized and unrealized | 1.35 | .96 | (.04) | 2.94 | 2.60 | .60 | ||||
Total from Investment Operations | 1.39 | 1.04 | .01 | 2.99 | 2.67 | .61 | ||||
Distributions: | ||||||||||
Dividends from investment income—net | (.10) | (.02) | (.04) | (.05) | (.03) | (.04) | ||||
Dividends from net realized gain on investments | (.16) | (.65) | (.89) | (.69) | (.96) | (.33) | ||||
Total Distributions | (.26) | (.67) | (.93) | (.74) | (.99) | (.37) | ||||
Net asset value, end of period | 16.16 | 15.03 | 14.66 | 15.58 | 13.33 | 11.65 | ||||
Total Return (%) | 9.33b | 7.51 | .15 | 23.09 | 24.74 | 5.66 | ||||
Ratios/Supplemental Data (%): | ||||||||||
Ratio of total expenses to average net assets | .90c | .90 | .90 | .90 | .92 | .90 | ||||
Ratio of net expenses to average net assets | .90c | .90 | .90 | .90 | .92 | .90 | ||||
Ratio of net investment income | .49c | .60 | .29 | .33 | .59 | .09 | ||||
Portfolio Turnover | 25.51b | 74.68 | 73.87 | 53.63 | 106.59 | 156.98 | ||||
Net Assets, end of period ($ x 1,000) | 2,624,321 | 2,433,012 | 2,199,395 | 1,922,073 | 1,572,562 | 1,188,324 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
92
Investor Shares | ||||||||||
Year Ended August 31, | ||||||||||
BNY Mellon Mid Cap Multi-Strategy Fund | Six Months Ended | 2016 | 2015 |
| 2014 |
| 2013 |
| 2012 |
|
Per Share Data ($): | ||||||||||
Net asset value, beginning of period | 14.79 | 14.45 | 15.37 | 13.17 | 11.52 | 11.29 | ||||
Investment Operations: | ||||||||||
Investment income (loss)—net a | .02 | .05 | .01 | .01 | .04 | (.02) | ||||
Net realized and unrealized | 1.34 | .94 | (.03) | 2.91 | 2.57 | .60 | ||||
Total from Investment Operations | 1.36 | .99 | (.02) | 2.92 | 2.61 | .58 | ||||
Distributions: | ||||||||||
Dividends from investment income—net | (.07) | — | (.01) | (.03) | — | (.02) | ||||
Dividends from net realized gain on investments | (.16) | (.65) | (.89) | (.69) | (.96) | (.33) | ||||
Total Distributions | (.23) | (.65) | (.90) | (.72) | (.96) | (.35) | ||||
Net asset value, end of period | 15.92 | 14.79 | 14.45 | 15.37 | 13.17 | 11.52 | ||||
Total Return (%) | 9.25b | 7.26 | (.08) | 22.74 | 24.46 | 5.36 | ||||
Ratios/Supplemental Data (%): | ||||||||||
Ratio of total expenses to average net assets | 1.15c | 1.15 | 1.15 | 1.15 | 1.17 | 1.15 | ||||
Ratio of net expenses to average net assets | 1.15c | 1.15 | 1.15 | 1.15 | 1.17 | 1.15 | ||||
Ratio of net investment income (loss) | .24c | .34 | .04 | .08 | .37 | (.16) | ||||
Portfolio Turnover Rate | 25.51b | 74.68 | 73.87 | 53.63 | 106.59 | 156.98 | ||||
Net Assets, end of period ($ x 1,000) | 71,633 | 60,222 | 57,118 | 52,447 | 29,639 | 25,283 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
93
FINANCIAL HIGHLIGHTS (continued)
Class M | ||||||||||
Year Ended August 31, | ||||||||||
BNY Mellon Small Cap Multi-Strategy Fund | Six Months Ended | 2016 | 2015 |
| 2014 |
| 2013 |
| 2012 |
|
Per Share Data ($): | ||||||||||
Net asset value, beginning of period | 16.71 | 16.65 | 17.18 | 14.78 | 11.53 | 10.78 | ||||
Investment Operations: | ||||||||||
Investment income (loss)—net a | .01 | .01 | (.02) | (.04) | .01 | (.00) | b | |||
Net realized and unrealized | 2.52 | .68 | .25 | 2.44 | 3.27 | 1.05 | ||||
Total from Investment Operations | 2.53 | .69 | .23 | 2.40 | 3.28 | 1.05 | ||||
Distributions: | ||||||||||
Dividends from investment income—net | — | — | — | — | (.03) | (.30) | ||||
Dividends from net realized gain on investments | (.10) | (.63) | (.76) | — | — | — | ||||
Total Distributions | (.10) | (.63) | (.76) | — | (.03) | (.30) | ||||
Net asset value, end of period | 19.14 | 16.71 | 16.65 | 17.18 | 14.78 | 11.53 | ||||
Total Return (%) | 15.14c | 4.46 | 1.33 | 16.24 | 28.51 | 10.05 | ||||
Ratios/Supplemental Data (%): | ||||||||||
Ratio of total expenses to average net assets | 1.04d | 1.05 | 1.03 | 1.03 | 1.05 | 1.04 | ||||
Ratio of net expenses to average net assets | 1.04d | 1.05 | 1.03 | 1.03 | 1.05 | 1.04 | ||||
Ratio of net investment income | .09d | .04 | (.14) | (.21) | .09 | (.01) | ||||
Portfolio Turnover | 40.85c | 101.40 | 90.30 | 92.86 | 128.11 | 148.75 | ||||
Net Assets, end of period ($ x 1,000) | 483,450 | 389,890 | 368,428 | 347,613 | 299,415 | 232,952 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
c Not annualized.
d Annualized.
See notes to financial statements.
94
Investor Shares | ||||||||||
Year Ended August 31, | ||||||||||
BNY Mellon Small Cap Multi-Strategy Fund | Six Months Ended | 2016 | 2015 |
| 2014 |
| 2013 |
| 2012 |
|
Per Share Data ($): | ||||||||||
Net asset value, beginning of period | 16.07 | 16.08 | 16.65 | 14.36 | 11.21 | 10.49 | ||||
Investment Operations: | ||||||||||
Investment (loss)—net a | (.01) | (.03) | (.06) | (.07) | (.02) | (.03) | ||||
Net realized and unrealized | 2.43 | .65 | .25 | 2.36 | 3.17 | 1.03 | ||||
Total from Investment Operations | 2.42 | .62 | .19 | 2.29 | 3.15 | 1.00 | ||||
Distributions: | ||||||||||
Dividends from investment income—net | — | — | — | — | — | (.28) | ||||
Dividends from net realized gain on investments | (.10) | (.63) | (.76) | — | — | — | ||||
Total Distributions | (.10) | (.63) | (.76) | — | — | (.28) | ||||
Net asset value, end of period | 18.39 | 16.07 | 16.08 | 16.65 | 14.36 | 11.21 | ||||
Total Return (%) | 15.06b | 4.17 | 1.13 | 15.95 | 28.10 | 9.76 | ||||
Ratios/Supplemental Data (%): | ||||||||||
Ratio of total expenses to average net assets | 1.29c | 1.30 | 1.28 | 1.28 | 1.30 | 1.29 | ||||
Ratio of net expenses to average net assets | 1.29c | 1.30 | 1.28 | 1.28 | 1.30 | 1.29 | ||||
Ratio of net investment (loss) | (.16)c | (.21) | (.39) | (.46) | (.16) | (.26) | ||||
Portfolio Turnover Rate | 40.85b | 101.40 | 90.30 | 92.86 | 128.11 | 148.75 | ||||
Net Assets, end of period ($ x 1,000) | 17,921 | 14,285 | 12,745 | 11,485 | 8,472 | 6,397 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
95
FINANCIAL HIGHLIGHTS (continued)
Class M | ||||||
Year Ended August 31, | ||||||
BNY Mellon Focused Equity Opportunities Fund | Six Months Ended February 28, 2017 (Unaudited) | 2016 | 2015 | 2014 | 2013 | 2012 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 14.63 | 14.66 | 18.30 | 15.24 | 13.08 | 12.04 |
Investment Operations: | ||||||
Investment income—neta | .04 | .12 | .12 | .11 | .16 | .08 |
Net realized and unrealized | 1.78 | 1.20 | (.69) | 4.31 | 2.12 | 1.01 |
Total from Investment Operations | 1.82 | 1.32 | (.57) | 4.42 | 2.28 | 1.09 |
Distributions: | ||||||
Dividends from investment income—net | (.19) | (.11) | (.10) | (.14) | (.12) | (.02) |
Dividends from net realized gain on investments | (1.15) | (1.24) | (2.97) | (1.22) | - | (.03) |
Total Distributions | (1.34) | (1.35) | (3.07) | (1.36) | (.12) | (.05) |
Net asset value, end of period | 15.11 | 14.63 | 14.66 | 18.30 | 15.24 | 13.08 |
Total Return (%) | 13.18b | 9.39 | (3.82) | 30.54 | 17.54 | 9.07 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | .87c | .87 | .85 | .85 | .86 | .87 |
Ratio of net expenses to average net assets | .87c | .87 | .85 | .85 | .86 | .87 |
Ratio of net investment income | .62c | .83 | .73 | .65 | 1.12 | .62 |
Portfolio Turnover | 36.81b | 48.25 | 74.72 | 76.48 | 77.03 | 59.71 |
Net Assets, end of period ($ x 1,000) | 429,914 | 434,171 | 561,399 | 674,222 | 539,019 | 467,903 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
96
Investor Shares | ||||||
Year Ended August 31, | ||||||
BNY Mellon Focused Equity Opportunities Fund | Six Months Ended February 28, 2017 (Unaudited) | 2016 | 2015 | 2014 | 2013 | 2012 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 14.51 | 14.55 | 18.20 | 15.18 | 13.05 | 12.04 |
Investment Operations: | ||||||
Investment income—neta | .03 | .08 | .08 | .06 | .12 | .06 |
Net realized and unrealized | 1.75 | 1.19 | (.69) | 4.30 | 2.10 | .99 |
Total from Investment Operations | 1.78 | 1.27 | (.61) | 4.36 | 2.22 | 1.05 |
Distributions: | ||||||
Dividends from investment income—net | (.15) | (.07) | (.07) | (.12) | (.09) | (.01) |
Dividends from net realized gain on investments | (1.15) | (1.24) | (2.97) | (1.22) | - | (.03) |
Total Distributions | (1.30) | (1.31) | (3.04) | (1.34) | (.09) | (.04) |
Net asset value, end of period | 14.99 | 14.51 | 14.55 | 18.20 | 15.18 | 13.05 |
Total Return (%) | 13.03b | 9.13 | (4.05) | 30.18 | 17.12 | 8.73 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.12c | 1.12 | 1.11 | 1.11 | 1.13 | 1.13 |
Ratio of net expenses to average net assets | 1.12c | 1.12 | 1.11 | 1.11 | 1.13 | 1.13 |
Ratio of net investment income | .39c | .59 | .47 | .36 | .90 | .52 |
Portfolio Turnover | 36.81b | 48.25 | 74.72 | 76.48 | 77.03 | 59.71 |
Net Assets, end of period ($ x 1,000) | 4,592 | 4,206 | 8,593 | 3,569 | 979 | 203 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
97
FINANCIAL HIGHLIGHTS (continued)
Class M | ||||||
Year Ended August 31, | ||||||
BNY Mellon Small/Mid Cap Multi-Strategy Fund | Six Months Ended February 28, 2017 (Unaudited) | 2016 | 2015 | 2014 | 2013 | 2012 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 12.44 | 12.72 | 16.98 | 15.09 | 12.99 | 13.14 |
Investment Operations: | ||||||
Investment income (loss)—neta | .01 | .01 | (.01) | .07 | .12 | .05 |
Net realized and unrealized | 1.72 | .50 | .10 | 2.82 | 2.19 | (.02) |
Total from Investment Operations | 1.73 | .51 | .09 | 2.89 | 2.31 | .03 |
Distributions: | ||||||
Dividends from investment income—net | (.01) | (.04) | - | (.08) | (.21) | (.18) |
Dividends from net realized gain on investments | (.04) | (.75) | (4.35) | (.92) | - | - |
Total Distributions | (.05) | (.79) | (4.35) | (1.00) | (.21) | (.18) |
Net asset value, end of period | 14.12 | 12.44 | 12.72 | 16.98 | 15.09 | 12.99 |
Total Return (%) | 13.95b | 4.35 | 1.71 | 19.84 | 18.07 | .34 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | .94c | .95 | .94 | .91 | .92 | .92 |
Ratio of net expenses to average net assets | .94c | .95 | .94 | .91 | .92 | .92 |
Ratio of net investment income (loss) | .17c | .10 | (.08) | .46 | .83 | .38 |
Portfolio Turnover | 46.56b | 99.45 | 110.79 | 144.87 | 169.30 | 149.30 |
Net Assets, end of period ($ x 1,000) | 328,552 | 300,557 | 339,836 | 411,334 | 464,031 | 526,484 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
98
Investor Shares | ||||||
Year Ended August 31, | ||||||
BNY Mellon Small/Mid Cap Multi-Strategy Fund | Six Months Ended February 28, 2017 (Unaudited) | 2016 | 2015 | 2014 | 2013 | 2012 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 12.31 | 12.59 | 16.88 | 15.02 | 12.94 | 13.11 |
Investment Operations: | ||||||
Investment income (loss)—neta | (.01) | (.01) | (.04) | (.00)b | .09 | .00b |
Net realized and unrealized | 1.69 | .48 | .10 | 2.84 | 2.17 | (.01) |
Total from Investment Operations | 1.68 | .47 | .06 | 2.84 | 2.26 | (.01) |
Distributions: | ||||||
Dividends from investment income—net | - | - | - | (.06) | (.18) | (.16) |
Dividends from net realized gain on investments | (.04) | (.75) | (4.35) | (.92) | - | - |
Total Distributions | (.04) | (.75) | (4.35) | (.98) | (.18) | (.16) |
Net asset value, end of period | 13.95 | 12.31 | 12.59 | 16.88 | 15.02 | 12.94 |
Total Return (%) | 13.69c | 4.08 | 1.48 | 19.53 | 17.65 | .08 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.19d | 1.20 | 1.19 | 1.17 | 1.17 | 1.17 |
Ratio of net expenses to average net assets | 1.19d | 1.20 | 1.19 | 1.17 | 1.17 | 1.17 |
Ratio of net investment income (loss) | (.12)d | (.11) | (.32) | (.03) | .64 | .04 |
Portfolio Turnover | 46.56c | 99.45 | 110.79 | 144.87 | 169.30 | 149.30 |
Net Assets, end of period ($ x 1,000) | 1,285 | 1,697 | 1,536 | 3,088 | 439 | 957 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
c Not annualized.
d Annualized.
See notes to financial statements.
99
FINANCIAL HIGHLIGHTS (continued)
Class M | ||||||||||
Year Ended August 31, | ||||||||||
BNY Mellon International Fund | Six Months Ended | 2016 | 2015 |
| 2014 |
| 2013 |
| 2012 |
|
Per Share Data ($): | ||||||||||
Net asset value, beginning of period | 11.22 | 11.55 | 12.72 | 11.14 | 9.29 | 9.94 | ||||
Investment Operations: | ||||||||||
Investment income—net a | .03 | .18 | .18 | .21 | .19 | .22 | ||||
Net realized and unrealized | .50 | (.35) | (1.16) | 1.57 | 1.98 | (.54) | ||||
Total from Investment Operations | .53 | (.17) | (.98) | 1.78 | 2.17 | (.32) | ||||
Distributions: | ||||||||||
Dividends from investment income—net | (.22) | (.16) | (.19) | (.20) | (.32) | (.33) | ||||
Net asset value, end of period | 11.53 | 11.22 | 11.55 | 12.72 | 11.14 | 9.29 | ||||
Total Return (%) | 4.88b | (1.49) | (7.68) | 16.11 | 23.74 | (2.98) | ||||
Ratios/Supplemental Data (%): | ||||||||||
Ratio of total expenses to average net assets | 1.06c | 1.03 | 1.03 | 1.03 | 1.05 | 1.04 | ||||
Ratio of net expenses to average net assets | 1.06c | 1.03 | 1.03 | 1.03 | 1.05 | 1.04 | ||||
Ratio of net investment income | .63c | 1.59 | 1.49 | 1.64 | 1.77 | 2.35 | ||||
Portfolio Turnover | 46.79b | 86.83 | 112.69 | 92.94 | 55.78 | 44.62 | ||||
Net Assets, end of period ($ x 1,000) | 945,468 | 1,007,752 | 1,005,637 | 990,119 | 519,964 | 549,601 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
100
Investor Shares | ||||||||||
Year Ended August 31, | ||||||||||
BNY Mellon International Fund | Six Months Ended | 2016 | 2015 |
| 2014 |
| 2013 |
| 2012 |
|
Per Share Data ($): | ||||||||||
Net asset value, beginning of period | 11.92 | 12.26 | 13.50 | 11.82 | 9.84 | 10.51 | ||||
Investment Operations: | ||||||||||
Investment income—net a | .02 | .15 | .15 | .19 | .17 | .18 | ||||
Net realized and unrealized | .55 | (.37) | (1.22) | 1.67 | 2.10 | (.54) | ||||
Total from Investment Operations | .57 | (.22) | (1.07) | 1.86 | 2.27 | (.36) | ||||
Distributions: | ||||||||||
Dividends from investment income—net | (.20) | (.12) | (.17) | (.18) | (.29) | (.31) | ||||
Net asset value, end of period | 12.29 | 11.92 | 12.26 | 13.50 | 11.82 | 9.84 | ||||
Total Return (%) | 4.83b | (1.78) | (7.88) | 15.85 | 23.36 | (3.20) | ||||
Ratios/Supplemental Data (%): | ||||||||||
Ratio of total expenses to average net assets | 1.31c | 1.28 | 1.28 | 1.28 | 1.30 | 1.29 | ||||
Ratio of net expenses to average net assets | 1.31c | 1.28 | 1.28 | 1.28 | 1.30 | 1.29 | ||||
Ratio of net investment income | .35c | 1.25 | 1.17 | 1.38 | 1.51 | 1.85 | ||||
Portfolio Turnover Rate | 46.79b | 86.83 | 112.69 | 92.94 | 55.78 | 44.62 | ||||
Net Assets, end of period ($ x 1,000) | 11,772 | 11,553 | 14,040 | 8,952 | 4,432 | 4,116 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
101
FINANCIAL HIGHLIGHTS (continued)
Class M | ||||||||||
Year Ended August 31, | ||||||||||
BNY Mellon Emerging Markets Fund | Six Months Ended | 2016 | 2015 |
| 2014 |
| 2013 |
| 2012 |
|
Per Share Data ($): | ||||||||||
Net asset value, beginning of period | 8.96 | 7.98 | 10.98 | 9.11 | 9.19 | 10.65 | ||||
Investment Operations: | ||||||||||
Investment income (loss)—net a | (.01) | .09 | .09 | .10 | .12 | .12 | ||||
Net realized and unrealized | .35 | .96 | (2.96) | 1.88 | (.10) | (1.16) | ||||
Total from Investment Operations | .34 | 1.05 | (2.87) | 1.98 | .02 | (1.04) | ||||
Distributions: | ||||||||||
Dividends from investment income—net | (.07) | (.07) | (.13) | (.11) | (.10) | (.11) | ||||
Dividends from net realized gain on investments | — | — | — | — | — | (.31) | ||||
Total Distributions | (.07) | (.07) | (.13) | (.11) | (.10) | (.42) | ||||
Net asset value, end of period | 9.23 | 8.96 | 7.98 | 10.98 | 9.11 | 9.19 | ||||
Total Return (%) | 3.86b | 13.35 | (26.28) | 21.82 | .09 | (9.55) | ||||
Ratios/Supplemental Data (%): | ||||||||||
Ratio of total expenses to average net assets | 1.37c | 1.44 | 1.42 | 1.42 | 1.41 | 1.40 | ||||
Ratio of net expenses to average net assets | 1.37c | 1.44 | 1.42 | 1.42 | 1.41 | 1.40 | ||||
Ratio of net investment income (loss) | (.30)c | 1.10 | .98 | 1.04 | 1.19 | 1.21 | ||||
Portfolio Turnover | 36.93b | 103.60 | 107.27 | 70.89 | 53.25 | 67.21 | ||||
Net Assets, end of period ($ x 1,000) | 667,755 | 693,652 | 1,108,616 | 2,046,317 | 1,830,754 | 2,138,311 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
102
Investor Shares | ||||||||||
Year Ended August 31, | ||||||||||
BNY Mellon Emerging Markets Fund | Six Months Ended | 2016 | 2015 |
| 2014 |
| 2013 |
| 2012 |
|
Per Share Data ($): | ||||||||||
Net asset value, beginning of period | 9.20 | 8.17 | 11.25 | 9.33 | 9.41 | 10.91 | ||||
Investment Operations: | ||||||||||
Investment income (loss)—net a | (.03) | .07 | .08 | .09 | .09 | .09 | ||||
Net realized and unrealized | .37 | 1.00 | (3.04) | 1.91 | (.10) | (1.19) | ||||
Total from Investment Operations | .34 | 1.07 | (2.96) | 2.00 | (.01) | (1.10) | ||||
Distributions: | ||||||||||
Dividends from investment income—net | (.05) | (.04) | (.12) | (.08) | (.07) | (.09) | ||||
Dividends from net realized gain on investments | — | — | — | — | — | (.31) | ||||
Total Distributions | (.05) | (.04) | (.12) | (.08) | (.07) | (.40) | ||||
Net asset value, end of period | 9.49 | 9.20 | 8.17 | 11.25 | 9.33 | 9.41 | ||||
Total Return (%) | 3.74b | 13.13 | (26.49) | 21.57 | (.19) | (9.86) | ||||
Ratios/Supplemental Data (%): | ||||||||||
Ratio of total expenses to average net assets | 1.62c | 1.69 | 1.67 | 1.67 | 1.65 | 1.65 | ||||
Ratio of net expenses to average net assets | 1.62c | 1.69 | 1.67 | 1.67 | 1.65 | 1.65 | ||||
Ratio of net investment income (loss) | (.55)c | .85 | .76 | .90 | .90 | .87 | ||||
Portfolio Turnover Rate | 36.93b | 103.60 | 107.27 | 70.89 | 53.25 | 67.21 | ||||
Net Assets, end of period ($ x 1,000) | 13,790 | 11,263 | 17,033 | 22,947 | 10,864 | 16,326 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
103
FINANCIAL HIGHLIGHTS (continued)
Class M | ||||||
Year Ended August 31, | ||||||
BNY Mellon International Appreciation Fund | Six Months End February 28, 2017 (Unaudited) | 2016 | 2015 | 2014 | 2013 | 2012 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 12.19 | 12.51 | 13.90 | 12.38 | 10.80 | 11.31 |
Investment Operations: | ||||||
Investment income—net a | .06 | .26 | .27 | .38 | .27 | .28 |
Net realized and unrealized | .53 | (.29) | (1.26) | 1.42 | 1.69 | (.39) |
Total from Investment Operations | .59 | (.03) | (.99) | 1.80 | 1.96 | (.11) |
Distributions: | ||||||
Dividends from investment income—net | (.33) | (.29) | (.40) | (.28) | (.38) | (.40) |
Net asset value, end of period | 12.45 | 12.19 | 12.51 | 13.90 | 12.38 | 10.80 |
Total Return (%) | 4.96b | (.22) | (7.14) | 14.65 | 18.39 | (.55) |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | .93c | .92 | .83 | .81 | .83 | .83 |
Ratio of net expenses to average net assets | .93c | .92 | .83 | .81 | .83 | .83 |
Ratio of net investment income | 1.02c | 2.21 | 2.02 | 2.78 | 2.27 | 2.66 |
Portfolio Turnover Rate | 1.32b | 3.04 | 12.51 | 4.41 | 1.24 | 1.49 |
Net Assets, end of period ($ x 1,000) | 71,040 | 73,896 | 101,023 | 111,225 | 98,361 | 119,730 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
104
Investor Shares | ||||||
Year Ended August 31, | ||||||
BNY Mellon International Appreciation Fund | Six Months Ended February 28, 2017 (Unaudited) | 2016 | 2015 | 2014 | 2013 | 2012 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 12.04 | 12.37 | 13.74 | 12.24 | 10.68 | 11.19 |
Investment Operations: | ||||||
Investment income—net a | .03 | .23 | .23 | .34 | .25 | .27 |
Net realized and unrealized | .53 | (.31) | (1.24) | 1.41 | 1.66 | (.41) |
Total from Investment Operations | .56 | (.08) | (1.01) | 1.75 | 1.91 | (.14) |
Distributions: | ||||||
Dividends from investment income—net | (.25) | (.25) | (.36) | (.25) | (.35) | (.37) |
Net asset value, end of period | 12.35 | 12.04 | 12.37 | 13.74 | 12.24 | 10.68 |
Total Return (%) | 4.77b | (.57) | (7.32) | 14.39 | 18.13 | (.85) |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.18c | 1.17 | 1.08 | 1.06 | 1.08 | 1.09 |
Ratio of net expenses to average net assets | 1.18c | 1.17 | 1.08 | 1.06 | 1.08 | 1.09 |
Ratio of net investment income | .48c | 1.96 | 1.77 | 2.52 | 2.08 | 2.52 |
Portfolio Turnover | 1.32b | 3.04 | 12.51 | 4.41 | 1.24 | 1.49 |
Net Assets, end of period ($ x 1,000) | 1,293 | 4,360 | 4,966 | 5,310 | 4,773 | 4,032 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
105
FINANCIAL HIGHLIGHTS (continued)
Class M | ||||||||||
Year Ended August 31, | ||||||||||
BNY Mellon International Equity Income Fund | Six Months Ended | 2016 | 2015 |
| 2014 |
| 2013 |
| 2012 | a |
Per Share Data ($): | ||||||||||
Net asset value, beginning of period | 12.35 | 11.92 | 14.82 | 13.81 | 12.87 | 12.50 | ||||
Investment Operations: | ||||||||||
Investment income—net b | .10 | .34 | .43 | .75 | .64 | .65 | ||||
Net realized and unrealized | .57 | .41 | (2.82) | .90 | .87 | (.02) | ||||
Total from Investment Operations | .67 | .75 | (2.39) | 1.65 | 1.51 | .63 | ||||
Distributions: | ||||||||||
Dividends from investment income—net | (.22) | (.32) | (.51) | (.64) | (.57) | (.26) | ||||
Net asset value, end of period | 12.80 | 12.35 | 11.92 | 14.82 | 13.81 | 12.87 | ||||
Total Return (%) | 5.53c | 6.51 | (16.51) | 12.08 | 11.96 | 5.28 | c | |||
Ratios/Supplemental Data (%): | ||||||||||
Ratio of total expenses to average net assets | 1.10d | 1.09 | 1.07 | 1.08 | 1.15 | 1.62 | d | |||
Ratio of net expenses to average net assets | 1.10d | 1.09 | 1.07 | 1.08 | 1.15 | 1.20 | d | |||
Ratio of net investment income | 1.62d | 2.85 | 3.25 | 5.13 | 4.57 | 7.38 | d | |||
Portfolio Turnover | 20.74c | 78.17 | 88.45 | 83.07 | 74.80 | 95.27 | c | |||
Net Assets, end of period ($ x 1,000) | 317,197 | 282,609 | 283,099 | 341,645 | 165,132 | 81,034 |
a From December 15, 2011 (commencement of operations) to August 31, 2012.
b Based on average shares outstanding.
c Not annualized.
d Annualized.
See notes to financial statements.
106
Investor Shares | ||||||||||
Year Ended August 31, | ||||||||||
BNY Mellon International Equity Income Fund | Six Months Ended | 2016 | 2015 |
| 2014 |
| 2013 |
| 2012 | a |
Per Share Data ($): | ||||||||||
Net asset value, beginning of period | 12.47 | 11.97 | 14.89 | 13.89 | 12.88 | 12.50 | ||||
Investment Operations: | ||||||||||
Investment income—net b | .08 | .23 | .39 | .50 | .98 | .65 | ||||
Net realized and unrealized | .58 | .52 | (2.83) | 1.11 | .49 | (.04) | ||||
Total from Investment Operations | .66 | .75 | (2.44) | 1.61 | 1.47 | .61 | ||||
Distributions: | ||||||||||
Dividends from investment income—net | (.20) | (.25) | (.48) | (.61) | (.46) | (.23) | ||||
Net asset value, end of period | 12.93 | 12.47 | 11.97 | 14.89 | 13.89 | 12.88 | ||||
Total Return (%) | 5.39c | 6.40 | (16.77) | 11.79 | 11.56 | 5.10 | c | |||
Ratios/Supplemental Data (%): | ||||||||||
Ratio of total expenses to average net assets | 1.35d | 1.34 | 1.33 | 1.36 | 1.42 | 2.10 | d | |||
Ratio of net expenses to average net assets | 1.35d | 1.34 | 1.33 | 1.36 | 1.42 | 1.45 | d | |||
Ratio of net investment income | 1.29d | 1.92 | 2.84 | 3.81 | 5.34 | 7.14 | d | |||
Portfolio Turnover Rate | 20.74c | 78.17 | 88.45 | 83.07 | 74.80 | 95.27 | c | |||
Net Assets, end of period ($ x 1,000) | 670 | 765 | 2,924 | 919 | 51 | 10 |
a From December 15, 2011 (commencement of operations) to August 31, 2012.
b Based on average shares outstanding.
c Not annualized.
d Annualized.
See notes to financial statements.
107
FINANCIAL HIGHLIGHTS (continued)
Class M | ||||||
Year Ended August 31, | ||||||
BNY Mellon Asset Allocation Fund | Six Months Ended February 28, 2017 (Unaudited) | 2016 | 2015 | 2014 | 2013 | 2012 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 11.30 | 11.51 | 12.57 | 11.68 | 10.97 | 10.63 |
Investment Operations: | ||||||
Investment income—neta | .11 | .17 | .18 | .17 | .19 | .17 |
Net realized and unrealized | .54 | .39 | (.46) | 1.67 | .81 | .43 |
Total from Investment Operations | .65 | .56 | (.28) | 1.84 | 1.00 | .60 |
Distributions: | ||||||
Dividends from investment income—net | (.13) | (.19) | (.32) | (.26) | (.26) | (.21) |
Dividends from net realized gain on investments | (.10) | (.58) | (.46) | (.69) | (.03) | (.05) |
Total Distributions | (.23) | (.77) | (.78) | (.95) | (.29) | (.26) |
Net asset value, end of period | 11.72 | 11.30 | 11.51 | 12.57 | 11.68 | 10.97 |
Total Return (%) | 5.84b | 5.08 | (2.39) | 16.25 | 9.20 | 5.72 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assetsc | .39d | .37 | .35 | .35 | .37 | .37 |
Ratio of net expenses to average net assetsc | .30d | .27 | .26 | .26 | .25 | .27 |
Ratio of net investment income | 1.93d | 1.52 | 1.48 | 1.43 | 1.69 | 1.59 |
Portfolio Turnover | 12.98b | 23.99 | 30.31 | 48.28 | 27.39e | 81.55 |
Net Assets, end of period ($ x 1,000) | 449,125 | 444,399 | 467,431 | 493,660 | 411,214 | 392,948 |
a Based on average shares outstanding.
b Not annualized.
c Amount does not include the expenses of the underlying funds.
d Annualized.
e The portfolio turnover rate excluding mortgage dollar roll transactions for the period ended August 31, 2013 was 27.03%.
See notes to financial statements.
108
Investor Shares | ||||||
Year Ended August 31, | ||||||
BNY Mellon Asset Allocation Fund | Six Months Ended February 28, 2017 (Unaudited) | 2016 | 2015 | 2014 | 2013 | 2012 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 11.38 | 11.58 | 12.64 | 11.74 | 11.03 | 10.69 |
Investment Operations: | ||||||
Investment income—neta | .10 | .14 | .15 | .14 | .17 | .14 |
Net realized and unrealized | .54 | .40 | (.46) | 1.68 | .80 | .43 |
Total from Investment Operations | .64 | .54 | (.31) | 1.82 | .97 | .57 |
Distributions: | ||||||
Dividends from investment income—net | (.12) | (.16) | (.29) | (.23) | (.23) | (.18) |
Dividends from net realized gain on investments | (.10) | (.58) | (.46) | (.69) | (.03) | (.05) |
Total Distributions | (.22) | (.74) | (.75) | (.92) | (.26) | (.23) |
Net asset value, end of period | 11.80 | 11.38 | 11.58 | 12.64 | 11.74 | 11.03 |
Total Return (%) | 5.71b | 4.89 | (2.62) | 15.96 | 8.86 | 5.44 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assetsc | .64d | .62 | .60 | .61 | .62 | .62 |
Ratio of net expenses to average net assetsc | .55d | .52 | .51 | .52 | .50 | .53 |
Ratio of net investment income | 1.63d | 1.25 | 1.25 | 1.17 | 1.45 | 1.28 |
Portfolio Turnover | 12.98b | 23.99 | 30.31 | 48.28 | 27.39e | 81.55 |
Net Assets, end of period ($ x 1,000) | 6,396 | 5,131 | 6,393 | 8,338 | 4,939 | 5,091 |
a Based on average shares outstanding.
b Not annualized.
c Amount does not include the expenses of the underlying funds.
d Annualized.
e The portfolio turnover rate excluding mortgage dollar roll transactions for the period ended August 31, 2013 was 27.03%.
See notes to financial statements.
109
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1—Significant Accounting Policies:
BNY Mellon Funds Trust (the “Trust”), a Massachusetts business trust that is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company and operates as a series company currently consisting of twenty-five series, including the following diversified funds: BNY Mellon Large Cap Stock Fund, BNY Mellon Large Cap Market Opportunities Fund, BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund, BNY Mellon Income Stock Fund, BNY Mellon Mid Cap Multi-Strategy Fund, BNY Mellon Small Cap Multi-Strategy Fund, BNY Mellon Small/Mid Cap Multi-Strategy Fund, BNY Mellon International Fund, BNY Mellon Emerging Markets Fund, BNY Mellon International Appreciation Fund, BNY Mellon International Equity Income Fund and BNY Mellon Asset Allocation Fund and the following non-diversified fund: BNY Mellon Focused Equity Opportunities Fund (each, a “fund” and collectively, the “funds”). The objectives of the funds are as follows: BNY Mellon Large Cap Stock Fund, BNY Mellon Mid Cap Multi-Strategy Fund, BNY Mellon Small Cap Multi-Strategy Fund, BNY Mellon Focused Equity Opportunities Fund and BNY Mellon Small/Mid Cap Multi-Strategy Fund seek capital appreciation. BNY Mellon Income Stock Fund and BNY Mellon International Equity Income Fund seek total return (consisting of capital appreciation and income). BNY Mellon International Fund and BNY Mellon Emerging Markets Fund seek long-term capital growth. BNY Mellon Large Cap Market Opportunities Fund, BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund and BNY Mellon International Appreciation Fund seek long-term capital appreciation. BNY Mellon Asset Allocation Fund seeks long-term growth of principal in conjunction with current income.
BNY Mellon Fund Advisers, a division of The Dreyfus Corporation (the “Manager” or “Dreyfus”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”), serves as each fund’s investment adviser (the “Investment Adviser”). The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of Dreyfus, serves as administrator for the funds pursuant to an Administration Agreement with the Trust (the “Administration Agreement”). The Bank of New York Mellon has entered into a Sub-Administration Agreement with Dreyfus pursuant to which The Bank of New York Mellon pays Dreyfus for performing certain administrative services. Walter Scott & Partners Limited (“Walter Scott”), also a wholly-owned subsidiary of BNY Mellon and an affiliate of Dreyfus, serves as the BNY Mellon Large Cap Market Opportunities Fund’s and BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund’s sub-investment adviser with respect to the U.S. Large Cap Equity Strategy of each fund. Boston Partners Global Investors, Inc. (“Boston Partners”), and Geneva Capital Management LLC (“Geneva”), doing business as Henderson Geneva Capital Management LLC, serve as BNY Mellon Mid Cap Multi-Strategy Fund’s sub-investment adviser with respect to the Boston Partners Mid Cap Value Strategy and the Henderson Geneva Mid Cap Growth Strategy of the fund, respectively. MBSC Securities Corporation (the “Distributor”), a wholly-owned subsidiary of Dreyfus, is the distributor of each fund’s shares.
Each fund is authorized to issue an unlimited number of $.001 par value shares of Beneficial Interest in each of the following classes of shares: Class M, Investor, Class A, Class C, Class I and Class Y. Class A shares generally are subject to a sales charge imposed at the time of purchase. Class C shares are subject to a contingent deferred sales charge (“CDSC”) imposed on Class C shares redeemed within one year of purchase. Class I and Class Y shares are sold at net asset value per share generally to institutional investors. Other differences between the classes include the services offered to and the expenses borne by each class, the allocation of certain transfer agency costs, and certain voting rights. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.
As of February 28, 2017, MBC Investments Corp., an indirect subsidiary of BNY Mellon, held all of the outstanding Class Y shares of BNY Mellon Income Stock Fund.
The Trust accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that series’ operations; expenses which are applicable to all series are allocated among them on a pro rata basis.
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
110
(a) Portfolio valuation: The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.
Various inputs are used in determining the value of each fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:
Level 1—unadjusted quoted prices in active markets for identical investments.
Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).
Level 3—significant unobservable inputs (including the funds’ own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value each fund’s investments are as follows:
BNY Mellon Asset Allocation Fund: Investments in debt securities, excluding short-term investments (other than U.S. Treasury Bills), are valued each business day by an independent pricing service (the “Service”) approved by the Trust’s Board of Trustees (the “Board”). Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Other investments are valued as determined by the Service, based on methods which include consideration of the following: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. These securities are generally categorized within Level 2 of the fair value hierarchy.
Investments in equity securities are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. For open short positions, asked prices are used for valuation purposes. Bid price is used when no asked price is available. Registered investment companies that are not traded on an exchange are valued at their net asset value. All of the preceding securities are generally categorized within Level 1 of the fair value hierarchy.
Securities not listed on an exchange or the national securities market, or securities for which there were no transactions, are valued at the average of the most recent bid and asked prices. U.S Treasury Bills are valued at the mean price between quoted prices and asked prices by the Service. These securities are generally categorized within Level 2 of the fair value hierarchy.
The Service is engaged under the general supervision of the Board.
Fair valuing of securities may be determined with the assistance of a pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant ADRs and futures. Utilizing these techniques may result in transfers between Level 1 and Level 2 of the fair value hierarchy.
When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market), but before the funds calculate their net asset value, the funds may value these investments at fair value as determined in accordance with the procedures approved by the Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.
111
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are generally categorized within Level 3 of the fair value hierarchy.
Investments denominated in foreign currencies are translated to U.S. dollars at the prevailing rates of exchange.
Futures and options, which are traded on an exchange, are valued at the last sales price on the securities exchange on which such securities are primarily traded or at the last sales price on the national securities market on each business day and are generally categorized within Level 1 of the fair value hierarchy. Options traded over-the-counter (“OTC”) are valued at the mean between the bid and asked price and are generally categorized within Level 2 of the fair value hierarchy. Forward foreign currency exchange contracts (“forward contracts”) are valued at the forward rate and are generally categorized within Level 2 of the fair value hierarchy.
Table 1 summarizes the inputs used as of February 28, 2017 in valuing each fund’s investments:
At February 28, 2017, there were no transfers between levels of the fair value hierarchy.
(b) Foreign currency transactions: BNY Mellon International Fund, BNY Mellon Emerging Markets Fund and BNY Mellon International Equity Income Fund do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.
Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized on securities transactions between trade and settlement date, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments resulting from changes in exchange rates. Foreign currency gains and losses on foreign currency transactions are also included with net realized and unrealized gain or loss on investments.
Table 1—Fair Value Measurements | |||||||||||||||||
Investments in Securities | |||||||||||||||||
Level 1—Unadjusted |
| Level 2—Other |
| Level 3-Significant Unobservable Inputs |
|
| |||||||||||
|
| Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Total | |||||||||
BNY Mellon Large Cap | |||||||||||||||||
Equity Securities—Domestic | 306,679,541 | - | - | - | - | - | 306,679,541 | ||||||||||
BNY Mellon Large Cap Market | |||||||||||||||||
Equity Securities—Domestic | 32,306,416 | - | - | - | - | - | 32,306,416 | ||||||||||
Equity Securities—Foreign | 1,363,452 | - | - | - | - | - | 1,363,452 | ||||||||||
Registered Investment Companies | 37,271,322 | - | - | - | - | - | 37,271,322 | ||||||||||
BNY Mellon Tax-Sensitive | |||||||||||||||||
Equity Securities—Domestic | 215,920,479 | - | - | - | - | - | 215,920,479 | ||||||||||
Equity Securities—Foreign | 4,187,129 | - | - | - | - | - | 4,187,129 | ||||||||||
Registered Investment Companies | 123,025,582 | - | - | - | - | - | 123,025,582 |
112
Table 1—Fair Value Measurements (continued) | |||||||||||||||||
Investments in Securities | |||||||||||||||||
Level 1—Unadjusted |
| Level 2—Other |
| Level 3-Significant |
|
| |||||||||||
|
| Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Total | |||||||||
BNY Mellon Income Stock Fund | |||||||||||||||||
Equity Securities—Domestic | 1,164,040,211 | - | - | - | - | - | 1,164,040,211 | ||||||||||
Equity Securities—Domestic | 9,611,117 | - | - | - | - | - | 9,611,117 | ||||||||||
Equity Securities—Foreign | 24,005,107 | - | - | - | - | - | 24,005,107 | ||||||||||
Registered Investment Companies | 108,667,897 | - | - | - | - | - | 108,667,897 | ||||||||||
Other Financial Instruments: | |||||||||||||||||
Options Purchased | 1,102,400 | - | - | - | - | - | 1,102,400 | ||||||||||
Options Written | - | (589,113) | - | - | - | - | (589,113) | ||||||||||
BNY Mellon Mid Cap | |||||||||||||||||
Equity Securities—Domestic | 2,521,588,520 | - | - | - | - | - | 2,521,588,520 | ||||||||||
Equity Securities—Foreign | 56,533,194 | - | - | - | - | - | 56,533,194 | ||||||||||
Exchange-Traded Funds | 44,818,041 | - | - | - | - | - | 44,818,041 | ||||||||||
Master Limited Partnership† | 2,331,592 | - | - | - | - | - | 2,331,592 | ||||||||||
Registered Investment Companies | 134,916,952 | - | - | - | - | - | 134,916,952 | ||||||||||
Rights† | 287 | - | - | - | - | - | 287 | ||||||||||
BNY Mellon Small Cap | |||||||||||||||||
Equity Securities—Domestic | 461,726,824 | - | - | - | - | - | 461,726,824 | ||||||||||
Equity Securities—Foreign | 28,079,944 | - | - | - | - | - | 28,079,944 | ||||||||||
Exchange-Traded Funds | 3,751,111 | - | - | - | - | - | 3,751,111 | ||||||||||
Registered Investment Companies | 52,037,204 | - | - | - | - | - | 52,037,204 | ||||||||||
BNY Mellon Focused Equity | |||||||||||||||||
Equity Securities—Domestic | 412,054,975 | - | - | - | - | - | 412,054,975 | ||||||||||
Equity Securities—Foreign | 21,352,233 | - | - | - | - | - | 21,352,233 | ||||||||||
Registered Investment Companies | 444,671 | - | - | - | - | - | 444,671 | ||||||||||
BNY Mellon Small/Mid Cap | |||||||||||||||||
Equity Securities—Domestic | 305,760,545 | - | - | - | - | - | 305,760,545 | ||||||||||
Equity Securities—Foreign | 14,618,986 | - | - | - | - | - | 14,618,986 | ||||||||||
Exchange-Traded Funds | 4,459,667 | - | - | - | - | - | 4,459,667 | ||||||||||
Registered Investment Companies | 25,607,417 | - | - | - | - | - | 25,607,417 |
113
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
Table 1—Fair Value Measurements (continued) | |||||||||||||||||
Investments in Securities | |||||||||||||||||
Level 1—Unadjusted |
| Level 2—Other |
| Level 3-Significant Unobservable Inputs |
|
| |||||||||||
|
| Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Total | |||||||||
BNY Mellon International Fund | |||||||||||||||||
Equity Securities—Foreign | 938,516,121 | - | - | - | - | - | 938,516,121 | ||||||||||
Exchange-Traded Funds | 4,546,860 | - | - | - | - | - | 4,546,860 | ||||||||||
Registered Investment Company | 6,746,514 | - | - | - | - | - | 6,746,514 | ||||||||||
Other Financial Instruments: | |||||||||||||||||
Forward Foreign Currency | - | - | 1,287 | (2,134) | - | - | (847) | ||||||||||
BNY Mellon | |||||||||||||||||
Equity Securities—Foreign | 614,537,507 | - | - | - | - | - | 614,537,507 | ||||||||||
Equity Securities—Foreign | 26,846,301 | - | - | - | - | - | 26,846,301 | ||||||||||
Exchange-Traded Funds | 24,457,924 | - | - | - | - | - | 24,457,924 | ||||||||||
Registered Investment Companies | 5,106,359 | - | - | - | - | - | 5,106,359 | ||||||||||
Rights† | 26,316 | - | - | - | - | - | 26,316 | ||||||||||
BNY Mellon International | |||||||||||||||||
Equity Securities—Foreign | 71,307,901 | - | - | - | - | - | 71,307,901 | ||||||||||
Registered Investment Companies | 632,013 | - | - | - | - | - | 632,013 | ||||||||||
U.S. Treasury | - | - | 89,985 | - | - | - | 89,985 | ||||||||||
Other Financial Instruments: | |||||||||||||||||
Futures†† | 12,476 | - | - | - | - | - | 12,476 | ||||||||||
BNY Mellon International | |||||||||||||||||
Equity Securities—Foreign | 301,268,158 | - | - | - | - | - | 301,268,158 | ||||||||||
Equity Securities—Foreign | 1,350,643 | - | - | - | - | - | 1,350,643 | ||||||||||
Exchange-Traded Fund | 10,378,480 | - | - | - | - | - | 10,378,480 | ||||||||||
Registered Investment Company | 5,350,369 | - | - | - | - | - | 5,350,369 | ||||||||||
BNY Mellon Asset | |||||||||||||||||
Commercial Mortgage-Backed | - | - | 833,557 | - | - | - | 833,557 | ||||||||||
Corporate Bonds† | - | - | 28,141,599 | - | - | - | 28,141,599 | ||||||||||
Equity Securities—Domestic | 104,505,686 | - | - | - | - | - | 104,505,686 | ||||||||||
Foreign Government | - | - | 910,308 | - | - | - | 910,308 | ||||||||||
Municipal Bonds† | - | - | 4,488,990 | - | - | - | 4,488,990 | ||||||||||
Registered Investment Companies | 287,865,757 | - | - | - | - | - | 287,865,757 | ||||||||||
U.S. Government | - | - | 16,664,776 | - | - | - | 16,664,776 | ||||||||||
U.S. Treasury | - | - | 13,699,217 | - | - | - | 13,699,217 |
† See Statement of Investments for additional detailed categorizations.
†† Amount shown represents unrealized appreciation (depreciation) at period end.
114
(c) Securities transactions and investment income: Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recognized on the ex-dividend date and interest income, including, where applicable, accretion of discount and amortization of premium on investments, is recognized on the accrual basis.
Pursuant to a securities lending agreement with The Bank of New York Mellon, the funds may lend securities to qualified institutions. It is the funds’ policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by Dreyfus, or U.S. Government and Agency securities. The funds are entitled to receive all dividends, interest and distributions on securities loaned, in addition to income earned as a result of the lending transaction. Should a borrower fail to return the securities in a timely manner, The Bank of New York Mellon is required to replace the securities for the benefit of the funds or credit the funds with the market value of the unreturned securities and is subrogated to the funds’ rights against the borrower and the collateral. Additionally, the contractual maturity of security lending transactions are on an overnight and continuous basis. Table 2 summarizes the amount The Bank of New York Mellon earned from each relevant fund from lending portfolio securities, pursuant to the securities lending agreement during the period ended February 28, 2017.
Table 2—Securities Lending Agreement |
|
BNY Mellon Large Cap Stock Fund | $3,223 |
BNY Mellon Large Cap Market Opportunities Fund | 100 |
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | 1,000 |
BNY Mellon Income Stock Fund | 8,744 |
BNY Mellon Mid Cap Multi-Strategy Fund | 68,256 |
BNY Mellon Small Cap Multi-Strategy Fund | 27,753 |
BNY Mellon Focused Equity Opportunities Fund | 546 |
BNY Mellon Small/Mid Cap Multi-Strategy Fund | 15,778 |
BNY Mellon Emerging Markets Fund | 27 |
BNY Mellon Asset Allocation Fund | 238 |
(d) Affiliated issuers: Investments in other investment companies advised by Dreyfus are defined as “affiliated” under the Act. Table 3 summarizes each fund’s investments in affiliated investment companies during the period ended February 28, 2017.
(e) Risk: BNY Mellon International Fund, BNY Mellon Emerging Markets Fund and BNY Mellon International Equity Income Fund invest in foreign markets which may involve special risks and considerations not typically associated with investing in the U.S. These risks include revaluation of currencies, high rates of inflation, repatriation restrictions on income and capital, and adverse political and economic developments. Moreover, securities issued in these markets may be less liquid, subject to government ownership controls and delayed settlements, and their prices may be more volatile than those of comparable securities in the U.S.
BNY Mellon Asset Allocation Fund invests in debt securities. Failure of an issuer of the debt securities to make timely interest or principal payments, or a decline or the perception of a decline in the credit quality of a debt security, can cause the debt security’s price to fall, potentially lowering the fund’s share price. In addition, the value of debt securities may decline due to general market conditions that are not specifically related to a particular issuer, such as real or perceived adverse economic conditions, changes in outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment. They may also decline because of factors that affect a particular industry.
BNY Mellon Focused Equity Opportunities Fund is non-diversified, which means that a relatively high percentage of the fund’s assets may be invested in a limited number of issuers. Therefore, the fund’s performance may be vulnerable to changes in market value of a single issuer or group of issuers and more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund.
115
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
Table 3—Affiliated Investment Companies | |||||||||||||
| Value | Purchases ($) | † | Sales ($) | Net Realized | Net Unrealized | Value | Net | Dividends/ | ||||
BNY Mellon Large Cap | |||||||||||||
Dreyfus Institutional Cash Advantage Fund, Institutional Shares†† | 4,718,547 | 9,807,494 | 14,526,041 | – | – | – | – | – | |||||
Dreyfus Institutional | 1,504,500 | 37,918,079 | 39,422,579 | – | – | – | – | – | |||||
Dreyfus Institutional | – | 28,343,968 | 28,343,968 | – | – | – | – | – | |||||
Total | 6,223,047 | 76,069,541 | 82,292,588 | – | – | – | – | – | |||||
BNY Mellon | |||||||||||||
BNY Mellon Income | 11,553,775 | – | 3,858,765 | 168,631 | 484,733 | 8,348,374 | 11.8 | 463,270 | |||||
Dreyfus Institutional Cash Advantage Fund, Institutional Shares†† | 173,853 | 403,904 | 577,757 | – | – | – | – | – | |||||
Dreyfus Institutional | 637,948 | 10,059,945 | 9,981,451 | – | – | 716,442 | 1.0 | 889 | |||||
Dreyfus Institutional | – | 1,699,656 | 1,645,490 | – | – | 54,166 | .1 | – | |||||
Dreyfus Research | 16,328,934 | – | 2,162,932 | 299,931 | (239,425) | 14,226,508 | 20.1 | 828,830 | |||||
Dreyfus Strategic | 15,070,157 | – | 2,815,739 | (802) | 1,672,216 | 13,925,832 | 19.6 | 413,571 | |||||
Total | 43,764,667 | 12,163,505 | 21,042,134 | 467,760 | 1,917,524 | 37,271,322 | 52.6 | 1,706,560 | |||||
BNY Mellon | |||||||||||||
BNY Mellon Income | 37,992,839 | – | 10,013,273 | 737,979 | 1,865,154 | 30,582,699 | 8.9 | 1,589,645 | |||||
Dreyfus Institutional Cash Advantage Fund, Institutional Shares†† | 2,232,376 | 3,731,776 | 5,964,152 | – | – | – | – | – | |||||
Dreyfus Institutional | 1,056,039 | 16,505,024 | 13,862,675 | – | – | 3,698,388 | 1.1 | 5,879 | |||||
Dreyfus Institutional | – | 14,718,851 | 13,389,099 | – | – | 1,329,752 | .4 | – | |||||
Dreyfus Research | 37,371,737 | – | 906,225 | 132,972 | 197,862 | 36,796,346 | 10.8 | 1,970,059 | |||||
Dreyfus Strategic | 38,381,360 | 8,500,030 | 905,364 | (41,085) | 4,683,456 | 50,618,397 | 14.8 | 1,161,848 | |||||
Total | 117,034,351 | 43,455,681 | 45,040,788 | 829,866 | 6,746,472 | 123,025,582 | 36.0 | 4,727,431 |
116
Table 3—Affiliated Investment Companies (continued) | |||||||||||||||
| Value | Purchases ($) | † | Sales ($) | Net Realized | Net Unrealized | Value | Net | Dividends/ | ||||||
BNY Mellon | |||||||||||||||
Dreyfus Institutional Cash Advantage Fund, Institutional Shares†† | – | 84,508,090 | 84,508,090 | – | – | – | – | – | |||||||
Dreyfus Institutional | 38,468,816 | 224,819,246 | 186,356,738 | – | – | 76,931,324 | 6.1 | – | |||||||
Dreyfus Institutional | – | 185,089,604 | 153,353,031 | – | – | 31,736,573 | 2.5 | – | |||||||
Total | 38,468,816 | 494,416,940 | 424,217,859 | – | – | 108,667,897 | 8.6 | – | |||||||
BNY Mellon Mid Cap | |||||||||||||||
Dreyfus Institutional Cash Advantage Fund, Institutional Shares†† | 54,977,193 | 46,789,146 | 101,766,339 | – | – | – | – | – | |||||||
Dreyfus Institutional | 26,052,381 | 215,531,585 | 178,171,415 | – | – | 63,412,551 | 2.3 | – | |||||||
Dreyfus Institutional | – | 288,590,956 | 217,086,555 | – | – | 71,504,401 | 2.7 | – | |||||||
Total | 81,029,574 | 550,911,687 | 497,024,309 | – | – | 134,916,952 | 5.0 | – | |||||||
BNY Mellon Small Cap | |||||||||||||||
Dreyfus Institutional Cash Advantage Fund, Institutional Shares†† | 35,676,403 | 28,397,835 | 64,074,238 | – | – | – | – | – | |||||||
Dreyfus Institutional | 6,748,382 | 57,683,786 | 57,030,008 | – | – | 7,402,160 | 1.5 | – | |||||||
Dreyfus Institutional | – | 154,242,015 | 109,606,971 | – | – | 44,635,044 | 8.9 | – | |||||||
Total | 42,424,785 | 240,323,636 | 230,711,217 | – | – | 52,037,204 | 10.4 | – | |||||||
BNY Mellon Focused | |||||||||||||||
Dreyfus Institutional | – | 16,322,312 | 15,877,641 | – | – | 444,671 | .1 | – | |||||||
Dreyfus Institutional | – | 15,024,892 | 15,024,892 | – | – | – | – | – | |||||||
Total | – | 31,347,204 | 30,902,533 | – | – | 444,671 | .1 | – |
117
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
Table 3—Affiliated Investment Companies (continued) | |||||||||||||||
| Value | Purchases ($) | † | Sales ($) | Net Realized | Net Unrealized | Value | Net | Dividends/ | ||||||
BNY Mellon Small/ | |||||||||||||||
Dreyfus Institutional Cash Advantage Fund, Institutional Shares†† | 16,425,833 | 19,285,053 | 35,710,886 | – | – | – | – | – | |||||||
Dreyfus Institutional | 4,590,205 | 33,898,489 | 34,842,137 | – | – | 3,646,557 | 1.1 | – | |||||||
Dreyfus Institutional | – | 100,285,632 | 78,324,772 | – | – | 21,960,860 | 6.6 | – | |||||||
Total | 21,016,038 | 153,469,174 | 148,877,795 | – | – | 25,607,417 | 7.7 | – | |||||||
BNY Mellon | |||||||||||||||
Dreyfus Institutional | 6,769,193 | 170,487,769 | 170,510,448 | – | – | 6,746,514 | .7 | – | |||||||
BNY Mellon | |||||||||||||||
Dreyfus Institutional | 2,740,735 | 105,045,983 | 102,786,424 | – | – | 5,000,294 | .7 | – | |||||||
Dreyfus Institutional | – | 2,299,419 | 2,193,354 | – | – | 106,065 | .0 | – | |||||||
Total | 2,740,735 | 107,345,402 | 104,979,778 | – | – | 5,106,359 | .7 | – | |||||||
BNY Mellon International | |||||||||||||||
Dreyfus Institutional | 672,923 | 7,416,674 | 7,457,584 | – | – | 632,013 | .9 | – | |||||||
BNY Mellon International | |||||||||||||||
Dreyfus Institutional | 3,566,489 | 51,861,052 | 50,077,172 | – | – | 5,350,369 | 1.7 | – | |||||||
BNY Mellon | |||||||||||||||
BNY Mellon Corporate | 12,190,973 | 187,706 | – | – | (214,478) | 12,164,201 | 2.7 | 222,759 | |||||||
BNY Mellon Emerging | 10,013,307 | 77,782 | – | – | 308,720 | 10,399,809 | 2.3 | 77,782 | |||||||
BNY Mellon Focused Equity | 31,874,148 | 2,914,643 | – | – | 1,285,872 | 36,074,663 | 7.9 | 2,914,644 |
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Table 3—Affiliated Investment Companies (continued) | |||||||||||||
| Value | Purchases ($) | † | Sales ($) | Net Realized | Net Unrealized | Value | Net | Dividends/ | ||||
BNY Mellon | |||||||||||||
BNY Mellon Income | 13,114,016 | 546,019 | – | – | 989,381 | 14,649,416 | 3.2 | 571,088 | |||||
BNY Mellon Intermediate | 23,946,952 | 201,239 | – | – | (414,216) | 23,733,975 | 5.2 | 239,153 | |||||
BNY Mellon International | 11,168,773 | 223,773 | – | – | 321,085 | 11,713,631 | 2.6 | 223,774 | |||||
BNY Mellon Mid Cap | 36,592,119 | 636,163 | – | – | 2,776,911 | 40,005,193 | 8.8 | 636,163 | |||||
BNY Mellon Small Cap | – | 5,000,000 | – | – | 172,973 | 5,172,973 | 1.1 | – | |||||
BNY Mellon Small/Mid Cap | 8,418,520 | 36,543 | – | – | 1,138,165 | 9,593,228 | 2.1 | 36,543 | |||||
Dreyfus Floating Rate | 9,999,226 | 197,771 | – | – | 110,001 | 10,306,998 | 2.3 | 197,771 | |||||
Dreyfus Global Real Estate | 8,465,494 | 428,900 | – | – | (697,755) | 8,196,639 | 1.8 | 428,901 | |||||
Dreyfus High Yield | 13,755,572 | 316,896 | – | – | 294,945 | 14,367,413 | 3.1 | 379,310 | |||||
Dreyfus Institutional Cash Advantage Fund, Institutional Shares†† | 1,417,190 | 295,310 | 1,712,500 | – | – | – | – | – | |||||
Dreyfus Institutional | 15,993,029 | 16,960,538 | 31,924,498 | – | – | 1,029,069 | .2 | 13,583 | |||||
Dreyfus Institutional Preferred Money Market Fund, Hamilton Shares†† | – | 3,526,861 | 1,837,192 | – | – | 1,689,669 | .4 | – | |||||
Dreyfus International | 9,610,881 | 167,900 | – | – | 243,691 | 10,022,472 | 2.2 | 167,899 | |||||
Dreyfus Research | 7,947,699 | 429,650 | – | – | 104,874 | 8,482,223 | 1.9 | 429,649 | |||||
Dreyfus Select | 15,125,168 | – | – | – | 1,266,640 | 16,391,808 | 3.6 | – | |||||
Dreyfus Select | 13,195,172 | 86,029 | – | – | 1,647,429 | 14,928,630 | 3.3 | 86,028 | |||||
Dreyfus U.S. Equity | 2,731,184 | – | 2,802,900 | 710,919 | (639,203) | – | – | – | |||||
Dreyfus/Newton | 10,995,886 | 153,776 | – | – | (87,255) | 11,062,407 | 2.4 | 153,776 | |||||
Dynamic Total Return | 7,733,123 | 14,308 | – | – | 131,782 | 7,879,213 | 1.7 | 14,308 | |||||
Global Stock Fund Cl. Y | 7,718,686 | – | 7,633,631 | 1,816,662 | (1,901,717) | – | – | – | |||||
Total | 272,007,118 | 32,401,807 | 45,910,721 | 2,527,581 | 6,837,845 | 267,863,630 | 58.8 | 6,793,131 |
† Includes reinvested dividends/distributions.
†† During the period ended February 28, 2017, Dreyfus Institutional Cash Advantage Fund was acquired by Dreyfus Institutional Preferred Money Market Fund.
119
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
(f) Dividends and distributions to shareholders: Dividends and distributions payable to shareholders are recorded by each fund on the ex-dividend date. BNY Mellon Large Cap Stock Fund, BNY Mellon Income Stock Fund and BNY Mellon Asset Allocation Fund normally declare and pay dividends from investment income-net monthly. BNY Mellon International Equity Income Fund normally declares and pays dividends from investment income-net quarterly. BNY Mellon Large Cap Market Opportunities Fund, BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund, BNY Mellon Mid Cap Multi-Strategy Fund, BNY Mellon Small Cap Multi-Strategy Fund, BNY Mellon Focused Equity Opportunities Fund, BNY Mellon Small/Mid Cap Multi-Strategy Fund, BNY Mellon International Fund, BNY Mellon Emerging Markets Fund and BNY Mellon International Appreciation Fund normally declare and pay dividends from investment income-net annually. Dividends from net realized capital gains, if any, are normally declared and paid annually, but each fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the “Code”). To the extent that net realized capital gains can be offset by capital loss carryovers of a fund, it is the policy of each fund not to distribute such gains. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
(g) Federal income taxes: It is the policy of each fund to continue to qualify as a regulated investment company, if such qualification is in the best interests of its shareholders, by complying with the applicable provisions of the Code, and to make distributions of taxable income sufficient to relieve it from substantially all federal income and excise taxes. For federal income tax purposes, each fund is treated as a separate entity for the purpose of determining such qualification.
As of and during the period ended February 28, 2017, the funds did not have any liabilities for any uncertain tax positions. Each fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the period ended February 28, 2017, the funds did not incur any interest or penalties.
Each tax year in the three-year period ended August 31, 2016 remains subject to examination by the Internal Revenue Service and state taxing authorities.
Under the Regulated Investment Company Modernization Act of 2010 (the “2010 Act”), each fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 (“post-enactment losses”) for an unlimited period. Furthermore, post-enactment capital loss carryovers retain their character as either short-term or long-term capital losses rather than short-term as they were under previous statute. The 2010 Act requires post-enactment losses to be utilized before the utilization of losses incurred in taxable years prior to the effective date of the 2010 Act (“pre-enactment losses”). As a result of this ordering rule, pre-enactment losses may be more likely to expire unused.
Table 4 summarizes each relevant fund’s unused capital loss carryover available for federal income tax purposes to be applied against future net realized capital gains, realized subsequent to August 31, 2016.
Table 5 summarizes each fund’s tax character of distributions paid to shareholders during the fiscal year ended August 31, 2016. The tax character of current year distributions will be determined at the end of the current fiscal year.
Table 4—Capital Loss Carryover | ||||||||
Expiring in fiscal year | Post-Enactment Losses ($)†† | Post-Enactment Losses ($)††† | ||||||
2017 ($)† | 2018 ($)† | Total ($) | ||||||
BNY Mellon Small/Mid Cap Multi-Strategy Fund | - | - | 3,412,561 | - | 3,412,561 | |||
BNY Mellon International Fund | 87,733,773 | 462,294,170 | 41,410,131 | 75,059,661 | 666,497,735 | |||
BNY Mellon Emerging Markets Fund | - | - | 212,188,767 | 262,989,250 | 475,178,017 | |||
BNY Mellon International Appreciation Fund | 15,657,135 | - | 547,866 | 28,473,186 | 44,678,187 | |||
BNY Mellon International Equity Income Fund | - | - | 36,174,938 | 15,793,061 | 51,967,999 |
† If not applied, the carryovers expire in the above fiscal years.
†† Post-enactment short-term capital losses which can be carried forward for an unlimited period.
††† Post-enactment long-term capital losses which can be carried forward for an unlimited period.
120
Table 5—Tax Character of Distributions Paid | ||||||||||
2016 | ||||||||||
|
|
| Ordinary Income ($) | Long-Term Capital Gains ($) | ||||||
BNY Mellon Large Cap Stock Fund | 6,198,924 | 35,080,419 | ||||||||
BNY Mellon Large Cap Market Opportunities Fund | 1,000,346 | 20,355,484 | ||||||||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | 4,001,301 | 29,096,521 | ||||||||
BNY Mellon Income Stock Fund | 40,861,818 | 78,955,736 | ||||||||
BNY Mellon Mid Cap Multi-Strategy Fund | 3,707,741 | 101,413,768 | ||||||||
BNY Mellon Small Cap Multi-Strategy Fund | – | 14,512,283 | ||||||||
BNY Mellon Focused Equity Opportunities Fund | 3,924,693 | 43,858,883 | ||||||||
BNY Mellon Small/Mid Cap Multi-Strategy Fund | 2,398,472 | 17,197,755 | ||||||||
BNY Mellon International Fund | 14,985,335 | – | ||||||||
BNY Mellon Emerging Markets Fund | 7,875,624 | — | ||||||||
BNY Mellon International Appreciation Fund | 2,244,800 | — | ||||||||
BNY Mellon International Equity Income Fund | 6,916,630 | — | ||||||||
BNY Mellon Asset Allocation Fund | 8,125,141 | 22,308,569 | ||||||||
NOTE 2—Bank Lines of Credit:
The funds participate with other Dreyfus-managed funds in an $810 million unsecured credit facility led by Citibank, N.A. and a $300 million unsecured credit facility provided by The Bank of New York Mellon (each, a “Facility”), each to be utilized primarily for temporary or emergency purposes, including the financing of redemptions. Prior to October 5, 2016, the unsecured credit facility with Citibank, N.A. was $555 million. In connection therewith, each fund has agreed to pay its pro rata portion of commitment fees for each Facility. Interest is charged to the funds based on rates determined pursuant to the terms of the respective Facility at the time of borrowing. During the period ended February 28, 2017, BNY Mellon Large Cap Market Opportunities Fund, BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund, BNY Mellon Income Stock Fund, BNY Mellon Mid Cap Multi-Strategy Fund, BNY Mellon Small Cap Multi-Strategy Fund and BNY Mellon Asset Allocation Fund did not borrow under the Facilities.
The average amount of borrowings outstanding under the Facilities during the period ended February 28, 2017 for BNY Mellon Large Cap Stock Fund was approximately $81,200, with a related weighted average annualized interest rate of 1.46%.
The average amount of borrowings outstanding under the Facilities during the period ended February 28, 2017 for BNY Mellon Focused Equity Opportunities Fund was approximately $366,900, with a related weighted average annualized interest rate of 1.48%.
The average amount of borrowings outstanding under the Facilities during the period ended February 28, 2017 for BNY Mellon Small/Mid Cap Multi-Strategy Fund was approximately $32,600, with a related weighted average annualized interest rate of 1.61%.
The average amount of borrowings outstanding under the Facilities during the period ended February 28, 2017 for BNY Mellon International Fund was approximately $261,300, with a related weighted average annualized interest rate of 1.54%.
The average amount of borrowings outstanding under the Facilities during the period ended February 28, 2017 for BNY Mellon Emerging Markets Fund was approximately $228,700, with a related weighted average annualized interest rate of 1.47%.
The average amount of borrowings outstanding under the Facilities during the period ended February 28, 2017 for BNY Mellon International Appreciation Fund was approximately $48,600, with a related weighted average annualized interest rate of 1.56%.
The average amount of borrowings outstanding under the Facilities during the period ended February 28, 2017 for BNY Mellon International Equity Income Fund was approximately $13,300, with a related weighted average annualized interest rate of 1.46%.
NOTE 3—Investment Advisory Fee, Administration Fee, Sub-Investment Advisory Fee and Other Transactions with Affiliates:
(a) Fees payable by the funds pursuant to the provisions of an investment advisory agreement with the Investment Adviser are payable monthly, computed on the average daily value of each fund’s net assets at the following annual rates: .65% of BNY Mellon Large Cap Stock Fund, .70% (direct investment in securities) and .15% (other underlying funds, which may consist of affiliated funds, mutual funds and
121
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
exchange traded funds) of BNY Mellon Large Cap Market Opportunities Fund, .70% (direct investment in securities) and .15% (other underlying funds, which may consist of affiliated funds, mutual funds and exchange traded funds) of BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund, .65% of BNY Mellon Income Stock Fund, .75% of BNY Mellon Mid Cap Multi-Strategy Fund, .85% of BNY Mellon Small Cap Multi-Strategy Fund, .70% of BNY Mellon Focused Equity Opportunities Fund, .75% of BNY Mellon Small/Mid Cap Multi-Strategy Fund, .85% of BNY Mellon International Fund, 1.15% of BNY Mellon Emerging Markets Fund, .50% of BNY Mellon International Appreciation Fund, .85% of BNY Mellon International Equity Income Fund and .65% (equity investments), .40% (debt securities) and .15% (money market investments and other underlying funds, which may consist of affiliated funds, mutual funds and exchange traded funds) of BNY Mellon Asset Allocation Fund.
For BNY Mellon Income Stock Fund, the Investment Adviser has contractually agreed, from September 1, 2016 through June 1, 2017, to waive receipt of its fees and/or assume the direct expense of the fund, so that the total expenses of Class A, Class C, Class I and Class Y shares (excluding Rule 12b-1 Distribution Plan fees, Shareholder Services Plan fees, taxes interest expense, brokerage commissions, commitment fees on borrowings and extraordinary expenses) do not exceed .90% of the value of the fund’s average daily net assets. The reduction in expenses, pursuant to the undertaking, amounted to $167 during the period ended February 28, 2017.
For BNY Mellon Asset Allocation Fund, the Investment Adviser has contractually agreed, from September 1, 2016 through December 31, 2017, to waive receipt of its fees and/or assume the direct expense of the fund, so that the total annual fund operating expenses of neither class (including indirect fees, and expense of the underlying funds, but excluding Shareholder Services Plan fees, taxes interest expense, brokerage commissions, commitment fees on borrowings and extraordinary expenses) do not exceed .87% of the value of the fund’s average daily net assets. The reduction in expenses, pursuant to the undertaking, amounted to $196,547 during the period ended February 28, 2017.
During the period ended February 28, 2017, the Distributor retained $139 from commissions earned on sales of BNY Mellon Income Stock Fund Class A shares.
Pursuant to the Administration Agreement, The Bank of New York Mellon provides or arranges for fund accounting, transfer agency and other fund administration services and receives a fee based on the total net assets of the Trust based on the following rates:
0 up to $6 billion .15%
$6 billion up to $12 billion .12%
In excess of $12 billion .10%
No administration fee is applied to assets held by BNY Mellon Large Cap Market Opportunities Fund and BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund which are invested in shares of other underlying funds.
No administration fee is applied to assets held by BNY Mellon Asset Allocation Fund which are invested in cash or money market instruments or shares of other underlying funds.
Pursuant to a sub-investment advisory agreement between Dreyfus and Walter Scott, Dreyfus pays Walter Scott a monthly fee at an annual rate of .41% of BNY Mellon Large Cap Market Opportunities Fund’s and BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund’s average daily net assets allocated to the U.S. Large Cap Equity Strategy.
Pursuant to separate sub-investment advisory agreements between Dreyfus and Boston Partners, each serves as the fund’s sub-investment adviser responsible for the day-to-day management of a portion of BNY Mellon Mid Cap Multi-Strategy Fund’s portfolio. Dreyfus pays Boston Partners and Geneva separate monthly fees at an annual percentage of BNY Mellon Mid Cap Multi-Strategy Fund’s average daily net assets allocated to the Boston Partners Mid Cap Value Strategy and Henderson Geneva Mid Cap Growth Strategy, respectively. Dreyfus has obtained an exemptive order from the SEC (the “Order”), upon which the funds may rely, to use a manager of managers approach that permits Dreyfus, subject to certain conditions and approval by the Board, to enter into and materially amend sub-investment advisory agreements with one or more sub-investment advisers who are either unaffiliated with Dreyfus or are wholly-owned subsidiaries (as defined under the Act) of Dreyfus’ ultimate parent company, BNY Mellon, without obtaining shareholder approval. The Order also allows the funds to disclose the sub-investment advisory fee paid by Dreyfus to any unaffiliated sub-investment adviser in the aggregate with other unaffiliated sub-investment advisers in documents filed with the SEC and provided to shareholders. In addition, pursuant to the Order, it is not necessary to disclose the sub-investment advisory fee payable by Dreyfus separately to a sub-investment adviser that is a wholly-owned subsidiary of BNY Mellon in documents filed with the SEC and provided to shareholders; such fees are to be aggregated with fees payable to Dreyfus. Dreyfus has ultimate responsibility
122
(subject to oversight by the Board) to supervise any sub-investment adviser and recommend the hiring, termination, and replacement of any sub-investment adviser to the Board.
(b) Under the Distribution Plan adopted pursuant to Rule 12b-1 under the Act, Class C shares of BNY Mellon Income Stock Fund pay the Distributor for distributing its shares at an annual rate of .75% of the value of its average daily net assets. During the period ended February 28, 2017, Class C shares were charged $881 pursuant to the Distribution Plan.
Each fund has adopted a Shareholder Services Plan with respect to its Investor shares. BNY Mellon Income Stock Fund has also adopted a Shareholder Services Plan with respect to its Class A and Class C shares. Each fund pays the Distributor at an annual rate of .25% of the value of its Investor shares, and BNY Mellon Income Stock Fund pays the Distributor at an annual rate of .25% of the value of its Class A and Class C shares, based on the respective fund’s average daily net assets for the provision of certain services. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding a fund and providing reports and other information, and services related to the maintenance of such shareholder accounts. The Shareholder Services Plan allows the Distributor to make payments from the shareholder services fees it collects from each fund to compensate service agents (certain banks, securities brokers or dealers and other financial institutions) with respect to these services. Table 6 summarizes the amounts Investor, Class A and Class C shares were charged during the period ended February 28, 2017, pursuant to the Shareholder Services Plan. Additional fees included in Shareholder servicing costs in the Statements of Operations primarily include fees paid for cash management charges.
Table 6—Shareholder Services Plan Fees |
|
BNY Mellon Large Cap Stock Fund | $12,154 |
BNY Mellon Large Cap Market Opportunities Fund | 866 |
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | 8,227 |
BNY Mellon Income Stock Fund | |
Investor Shares | 22,270 |
Class A | 465 |
Class C | 294 |
BNY Mellon Mid Cap Multi-Strategy Fund | 82,418 |
BNY Mellon Small Cap Multi-Strategy Fund | 19,828 |
BNY Mellon Focused Equity Opportunities Fund | 6,403 |
BNY Mellon Small/Mid Cap Multi-Strategy Fund | 1,698 |
BNY Mellon International Fund | 14,414 |
BNY Mellon Emerging Markets Fund | 16,037 |
BNY Mellon International Appreciation Fund | 2,047 |
BNY Mellon International Equity Income Fund | 856 |
BNY Mellon Asset Allocation Fund | 6,998 |
The funds have arrangements with the transfer agent and the custodian whereby the funds may receive earnings credits when positive cash balances are maintained, which are used to offset transfer agency and custody fees. For financial reporting purposes, the funds include net earnings credits as expense offsets in the Statements of Operations.
Each fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of Dreyfus, under a transfer agency agreement for providing transfer agency and cash management services for the funds. The majority of transfer agency fees are comprised of amounts paid on a per account basis, while cash management fees are related to fund subscriptions and redemptions. The Bank of New York Mellon pays each fund’s transfer agent fees out of the administration fee it receives from the Trust. Table 7 summarizes the amount each fund was charged during the period ended February 28, 2017 for cash management services, which is included in Shareholder servicing costs in the Statements of Operations. Cash management fees were partially offset by earnings credits, also summarized in Table 7.
123
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
Table 7—Cash Management Agreement Fees | ||||
| Dreyfus Transfer, Inc. | Dreyfus Transfer, Inc. | ||
BNY Mellon Large Cap Stock Fund | 44 | (33) | ||
BNY Mellon Large Cap Market Opportunities Fund | 9 | (7) | ||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | 15 | (12) | ||
BNY Mellon Income Stock Fund | 81 | (61) | ||
BNY Mellon Mid Cap Multi-Strategy Fund | 685 | (511) | ||
BNY Mellon Small Cap Multi-Strategy Fund | 274 | (205) | ||
BNY Mellon Focused Equity Opportunities Fund | 28 | (21) | ||
BNY Mellon Small/Mid Cap Multi-Strategy Fund | 24 | (18) | ||
BNY Mellon International Fund | 66 | (49) | ||
BNY Mellon Emerging Markets Fund | 77 | (58) | ||
BNY Mellon International Appreciation Fund | 113 | (85) | ||
BNY Mellon International Equity Income Fund | 19 | (14) | ||
BNY Mellon Asset Allocation Fund | 19 | (15) |
Table 8—Custody Agreement Fees | ||||
| Custody Fees ($) | Earnings Credits ($) | ||
BNY Mellon Large Cap Stock Fund | 29,651 | – | ||
BNY Mellon Large Cap Market Opportunities Fund | 11,854 | – | ||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | 7,982 | – | ||
BNY Mellon Income Stock Fund | 37,536 | – | ||
BNY Mellon Mid Cap Multi-Strategy Fund | 60,011 | (40) | ||
BNY Mellon Small Cap Multi-Strategy Fund | 46,759 | (12) | ||
BNY Mellon Focused Equity Opportunities Fund | 22,756 | – | ||
BNY Mellon Small/Mid Cap Multi-Strategy Fund | 28,440 | (3) | ||
BNY Mellon International Fund | 191,314 | – | ||
BNY Mellon Emerging Markets Fund | 202,243 | – | ||
BNY Mellon International Appreciation Fund | 5,841 | (721) | ||
BNY Mellon International Equity Income Fund | 82,917 | – | ||
BNY Mellon Asset Allocation Fund | 10,517 | – |
Each fund compensates The Bank of New York Mellon, under a custody agreement for providing custodial services for each fund. These fees are determined based on net assets, geographic region and transaction activity. Table 8 summarizes the amount each fund was charged during the period ended February 28, 2017 pursuant to the custody agreement.
Table 9 summarizes the amount each fund was charged for services performed by the Chief Compliance Officer and his staff, during the period ended February 28, 2017.
Table 9—Chief Compliance Officer Fees |
|
BNY Mellon Large Cap Stock Fund | 5,604 |
BNY Mellon Large Cap Market Opportunities Fund | 7,846 |
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | 7,846 |
BNY Mellon Income Stock Fund | 5,604 |
BNY Mellon Mid Cap Multi-Strategy Fund | 8,967 |
BNY Mellon Small Cap Multi-Strategy Fund | 5,604 |
BNY Mellon Focused Equity Opportunities Fund | 5,604 |
BNY Mellon Small/Mid Cap Multi-Strategy Fund | 5,604 |
BNY Mellon International Fund | 5,604 |
BNY Mellon Emerging Markets Fund | 5,604 |
BNY Mellon International Appreciation Fund | 5,604 |
BNY Mellon International Equity Income Fund | 5,604 |
BNY Mellon Asset Allocation Fund | 6,725 |
124
Table 10 summarizes the components of “Due to The Dreyfus Corporation and affiliates” in the Statements of Assets and Liabilities for each fund.
(c) Each Board member also serves as a Board member of other funds within the Trust. Annual retainer fees and attendance fees are allocated to each fund based on net assets.
NOTE 4—Securities Transactions:
Table 11 summarizes each fund’s aggregate amount of purchases and sales (including paydowns) of investment securities, excluding short-term securities, forward contracts, futures and options transactions, during the period ended February 28, 2017.
Derivatives: A derivative is a financial instrument whose performance is derived from the performance of another asset. Each relevant fund enters into International Swaps and Derivatives Association, Inc. Master Agreements or similar agreements (collectively, “Master Agreements”) with its OTC derivative contract counterparties in order to, among other things, reduce its credit risk to counterparties. Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under a Master Agreement, the fund may offset with the counterparty certain derivative financial instrument’s payables and/or receivables with collateral held and/or posted and create one single net payment in the event of default or termination.
Each type of derivative instrument that was held by each relevant fund during the period ended February 28, 2017 is discussed below.
Table 10—Due to The Dreyfus Corporation and Affiliates | ||||||||
| Investment | Distribution | Shareholder | Custodian | Chief Compliance | Less Expense | ||
BNY Mellon Large Cap Stock Fund | 152,952 | – | 1,962 | 44,988 | 4,670 | – | ||
BNY Mellon Large Cap Market Opportunities Fund | 22,554 | – | 150 | 17,662 | 6,538 | – | ||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | 146,438 | – | 1,018 | 13,659 | 6,538 | – | ||
BNY Mellon Income Stock Fund | 588,306 | 304 | 3,806 | 57,616 | 4,670 | (59) | ||
BNY Mellon Mid Cap Multi-Strategy Fund | 1,530,966 | – | 13,375 | 109,379 | 7,472 | – | ||
BNY Mellon Small Cap Multi-Strategy Fund | 321,228 | — | 3,429 | 80,986 | 4,670 | – | ||
BNY Mellon Focused Equity Opportunities Fund | 232,418 | – | 876 | 35,167 | 4,670 | – | ||
BNY Mellon Small/Mid Cap Multi-Strategy Fund | 188,830 | – | 253 | 60,412 | 4,670 | – | ||
BNY Mellon International Fund | 617,268 | – | 2,184 | 231,674 | 4,670 | – | ||
BNY Mellon Emerging Markets Fund | 603,711 | – | 2,584 | 519,934 | 4,670 | – | ||
BNY Mellon International Appreciation Fund | 27,713 | – | 246 | 6,000 | 4,670 | – | ||
BNY Mellon International Equity Income Fund | 203,030 | – | 146 | 118,825 | 4,670 | – | ||
BNY Mellon Asset Allocation Fund | 103,829 | – | 1,220 | 15,470 | 5,604 | (18,063) |
Table 11—Purchases and Sales | ||||||||
| Purchases ($) | Sales ($) | ||||||
BNY Mellon Large Cap Stock Fund | 70,219,687 | 129,477,714 | ||||||
BNY Mellon Large Cap Market Opportunities Fund | 10,909,069 | 30,181,211 | ||||||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | 37,353,786 | 77,239,393 | ||||||
BNY Mellon Income Stock Fund | 336,025,501 | 309,235,279 | ||||||
BNY Mellon Mid Cap Multi-Strategy Fund | 632,886,483 | 697,845,714 | ||||||
BNY Mellon Small Cap Multi-Strategy Fund | 209,618,090 | 176,324,071 | ||||||
BNY Mellon Focused Equity Opportunities Fund | 157,378,509 | 212,679,980 | ||||||
BNY Mellon Small/Mid Cap Multi-Strategy Fund | 142,670,277 | 154,557,994 | ||||||
BNY Mellon International Fund | 448,975,234 | 557,691,958 | ||||||
BNY Mellon Emerging Markets Fund | 247,806,974 | 307,477,279 | ||||||
BNY Mellon International Appreciation Fund | 957,576 | 9,819,756 | ||||||
BNY Mellon International Equity Income Fund | 80,628,279 | 59,101,154 | ||||||
BNY Mellon Asset Allocation Fund | 58,492,855 | 56,937,936 |
125
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
Futures: In the normal course of pursuing its investment objective, BNY Mellon International Appreciation Fund is exposed to market risk, including equity price risk, as a result of changes in value of underlying financial instruments. The fund invests in futures in order to manage its exposure to or protect against changes in the market. A futures contract represents a commitment for the future purchase or a sale of an asset at a specified date. Upon entering into such contracts, these investments require initial margin deposits with a counterparty, which consist of cash or cash equivalents. The amount of these deposits is determined by the exchange or Board of Trade on which the contract is traded and is subject to change. Accordingly, variation margin payments are received or made to reflect daily unrealized gains or losses which are recorded in the Statements of Operations. When the contracts are closed, the fund recognizes a realized gain or loss which is reflected in the Statements of Operations. There is minimal counterparty credit risk to the fund with futures since they are exchange traded, and the exchange guarantees the futures against default. Futures open at February 28, 2017 are set forth in the Statements of Futures.
Options Transactions: BNY Mellon Income Stock Fund purchases and writes (sells) put and call options to hedge against changes in the values of equities or as a substitute for an investment. The fund is subject to market risk, in the course of pursuing its investment objectives through its investments in options contracts. A call option gives the purchaser of the option the right (but not the obligation) to buy, and obligates the writer to sell, the underlying financial instrument at the exercise price at any time during the option period, or at a specified date. Conversely, a put option gives the purchaser of the option the right (but not the obligation) to sell, and obligates the writer to buy the underlying financial instrument at the exercise price at any time during the option period, or at a specified date.
As a writer of call options, the fund receives a premium at the outset and then bears the market risk of unfavorable changes in the price of the financial instrument underlying the option. Generally, the fund realizes a gain, to the extent of the premium, if the price of the underlying financial instrument decreases between the date the option is written and the date on which the option is terminated. Generally, the fund incurs a loss if the price of the financial instrument increases between those dates.
As a writer of put options, the fund receives a premium at the outset and then bears the market risk of unfavorable changes in the price of the financial instrument underlying the option. Generally, the fund realizes a gain, to the extent of the premium, if the price of the underlying financial instrument increases between the date the option is written and the date on which the option is terminated. Generally, the fund incurs a loss if the price of the financial instrument decreases between those dates.
As a writer of an option, the fund has no control over whether the underlying financial instrument may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the financial instrument underlying the written option. There is a risk of loss from a change in value of such options which may exceed the related premiums received. The Statement of Operations reflects any unrealized gains or losses which occurred during the period as well as any realized gains or losses which occurred upon the expiration or closing of the option transaction. Table 12 summarizes BNY Mellon Income Stock Fund’s call/put options written during the period ended February 28, 2017.
Table 12—Options Written | |||||||
BNY Mellon Income Stock Fund | Options Terminated | ||||||
Options Written | Number of | Premiums | Cost ($) | Net Realized | |||
Contracts outstanding August 31, 2016 | 1,779 | 76,495 | |||||
Contracts written | 20,163 | 2,282,248 | |||||
Contracts terminated: | |||||||
Contracts closed | 4,213 | 215,976 | 707,936 | (491,960) | |||
Contracts expired | 12,569 | 655,875 | – | 655,875 | |||
Contracts exercised | 142 | 5,680 | |||||
Total contracts terminated | 16,924 | 877,531 | 707,936 | 163,915 | |||
Contracts outstanding February 28, 2017 | 5,018 | 1,481,212 |
126
Forward Foreign Currency Exchange Contracts: BNY Mellon International Fund, BNY Mellon Emerging Markets Fund and BNY Mellon International Equity Income Fund enter into forward contracts in order to hedge their exposure to changes in foreign currency exchange rates on its foreign portfolio holdings, to settle foreign currency transactions or as a part of their investment strategies. When executing forward contracts, each fund is obligated to buy or sell a foreign currency at a specified rate on a certain date in the future. With respect to sales of forward contracts, each fund incurs a loss if the value of the contract increases between the date the forward contract is opened and the date the forward contract is closed. Each fund realizes a gain if the value of the contract decreases between those dates. With respect to purchases of forward contracts, each fund incurs a loss if the value of the contract decreases between the date the forward contract is opened and the date the forward contract is closed. Each fund realizes a gain if the value of the contract increases between those dates. Any realized or unrealized gains or losses which occurred during the period are reflected in the Statements of Operations. Each fund is exposed to foreign currency risk as a result of changes in value of underlying financial instruments. Each fund is also exposed to credit risk associated with counterparty non-performance on these forward contracts, which is generally limited to the unrealized gain on each open contract. This risk may be mitigated by Master Agreements, if any, between each fund and the counterparty and the posting of collateral, if any, by the counterparty to each fund to cover the funds’ exposure to the counterparty. At February 28, 2017, there were no forward contracts outstanding for BNY Mellon Emerging Markets Fund and BNY Mellon International Equity Income Fund. Table 13 summarizes open forward contracts for each relevant fund at February 28, 2017.
Table 13—Forward Foreign Currency Exchange Contracts
BNY Mellon International Fund | ||||
Forward Foreign Currency Exchange Contracts | Foreign Currency | Cost/ | Value ($) | Unrealized |
Purchases: | ||||
Morgan Stanley Capital Services | ||||
Euro, | ||||
Expiring | ||||
3/1/2017 | 3,276,673 | 3,471,942 | 3,471,309 | (633) |
Sales: | ||||
Bank of America | ||||
Swiss Franc, | ||||
Expiring | ||||
3/1/2017 | 1,442,564 | 1,434,815 | 1,436,316 | (1,501) |
JP Morgan Chase Bank | ||||
Australian Dollar, | ||||
Expiring | ||||
3/1/2017 | 1,928,103 | 1,479,565 | 1,478,278 | 1,287 |
Gross Unrealized Appreciation | 1,287 | |||
Gross Unrealized Depreciation | (2,134) |
The provisions of ASC Topic 210 “Disclosures about Offsetting Assets and Liabilities” require disclosure on the offsetting of financial assets and liabilities. These disclosures are required for certain investments, including derivative financial instruments subject to Master Agreements which are eligible for offsetting in the Statement of Assets and Liabilities and require each relevant fund to disclose both gross and net information with respect to such investments. For financial reporting purposes, each relevant fund does not offset derivative assets and derivative liabilities that are subject to Master Agreements in the Statement of Assets and Liabilities.
Table 14 summarizes each relevant fund’s derivatives assets and liabilities (by type) on a gross basis, and net of amounts available for offsetting under Master Agreements and net of related collateral received or pledged, if any, as of February 28, 2017.
127
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
Table 14—Derivative of Assets and Liabilities subject to Master Netting Agreements
BNY Mellon International Fund |
|
|
| ||
|
|
|
|
|
|
Derivative Financial Instruments: |
| Assets ($) |
| Liabilities ($) |
|
Forward contracts |
| 1,287 |
| (2,134) |
|
Total gross amount of derivative |
|
|
|
|
|
assets and liabilities in the |
|
|
|
|
|
Statement of Assets and Liabilities |
| 1,287 |
| (2,134) |
|
Derivatives not subject to |
|
|
|
|
|
Master Agreements |
| - |
| - |
|
Total gross amount of assets |
|
|
|
|
|
and liabilities subject to |
|
|
|
|
|
Master Agreements |
| 1,287 |
| (2,134) |
|
|
|
|
|
|
|
|
|
|
| Financial |
|
|
|
|
|
| Instruments |
|
|
|
|
|
| and Derivatives |
|
|
|
| Gross Amount of |
| Available | Collateral |
| Net Amount of |
Counterparty | Assets ($) | 1 | for Offset ($) | Received ($) |
| Assets ($) |
JP Morgan | 1,287 |
| - | - |
| 1,287 |
|
|
| Financial |
|
|
|
|
|
| Instruments |
|
|
|
|
|
| and Derivatives |
|
|
|
| Gross Amount of |
| Available | Collateral |
| Net Amount of |
Counterparty | Liabilities ($) | 1 | for Offset ($) | Pledged ($) |
| Liabilities ($) |
Bank of America | (1,501) |
| - | - |
| (1,501) |
Morgan Stanley | (633) |
| - | - |
| (633) |
Total | (2,134) |
| - | - |
| (2,134) |
1 Absent a default event or early termination, OTC derivative assets and liabilities are presented at gross amounts and are not offset in the Statement of Assets and Liabilities. |
Table 15 summarizes each relevant fund’s average market value of derivatives outstanding during the period ended February 28, 2017.
Table 15—Average Market Value of Derivatives | |
Average Market Value ($) | |
BNY Mellon Income Stock Fund | 1,439,841 |
BNY Mellon International Fund | 8,634,778 |
BNY Mellon Emerging Markets Fund | 1,853,425 |
BNY Mellon International Appreciation Fund | 775,234 |
BNY Mellon International Equity Income Fund | 601,826 |
Table 16 summarizes gross appreciation, gross depreciation and accumulated net unrealized appreciation (depreciation) on investments for each fund at February 28, 2017.
At February 28, 2017, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statements of Investments).
128
Table 16—Accumulated Net Unrealized Appreciation (Depreciation) | ||||||||
| Gross | Gross | Net ($) | |||||
BNY Mellon Large Cap Stock Fund | 72,613,624 | 3,029,221 | 69,584,403 | |||||
BNY Mellon Large Cap Market Opportunities Fund | 15,522,441 | 74,563 | 15,447,878 | |||||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | 109,472,804 | 57,091 | 109,415,713 | |||||
BNY Mellon Income Stock Fund | 258,285,521 | 21,580,744 | 236,704,777 | |||||
BNY Mellon Mid Cap Multi-Strategy Fund | 740,864,326 | 19,541,544 | 721,322,782 | |||||
BNY Mellon Small Cap Multi-Strategy Fund | 106,002,658 | 7,490,721 | 98,511,937 | |||||
BNY Mellon Focused Equity Opportunities Fund | 103,503,220 | 375,300 | 103,127,920 | |||||
BNY Mellon Small/Mid Cap Multi-Strategy Fund | 64,964,059 | 3,607,649 | 61,356,410 | |||||
BNY Mellon International Fund | 64,097,954 | 52,683,492 | 11,414,462 | |||||
BNY Mellon Emerging Markets Fund | 147,796,866 | 15,217,526 | 132,579,340 | |||||
BNY Mellon International Appreciation Fund | 10,511,308 | 32,825,379 | (22,314,071) | |||||
BNY Mellon International Equity Income Fund | 32,299,998 | 9,870,961 | 22,429,037 | |||||
BNY Mellon Asset Allocation Fund | 57,178,874 | 5,028,624 | 52,150,250 |
129
NOTES
130
NOTES
131
The BNY Mellon Funds
c/o The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Investment Adviser
BNY Mellon Fund Advisers, a division of
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Sub-Investment Adviser
Walter Scott & Partners Limited
One Charlotte Square
Edinburgh, Scotland, UK
Geneva Capital Management LLC
d.b.a Henderson Geneva Capital Management LLC
100 East Wisconsin Avenue
Suite 2550,
Milwaukee, WI 53202
Boston Partners Global Investors, Inc.
d.b.a Boston Partners
909 Third Avenue
New York, NY 10022
Administrator
The Bank of New York Mellon
225 Liberty Street
New York, NY 10286
Sub-Administrator
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Custodian
The Bank of New York Mellon
225 Liberty Street
New York, NY 10286
Transfer Agent &
Dividend Disbursing Agent
Dreyfus Transfer, Inc.
200 Park Avenue
New York, NY 10166
Distributor
MBSC Securities Corporation
200 Park Avenue
New York, NY 10166
Ticker Symbols: | ||||||
BNY Mellon Large Cap Stock Fund | Class M: MPLCX | Investor: MILCX | ||||
BNY Mellon Large Cap Market Opportunities Fund | Class M: MMOMX | Investor: MMOIX | ||||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | Class M: MTSMX | Investor: MTSIX | ||||
BNY Mellon Income Stock Fund | Class M: MPISX | Investor: MIISX | Class A: BMIAX | Class C: BMISX | Class I: BMIIX | Class Y: BMIYX |
BNY Mellon Mid Cap Multi-Strategy Fund | Class M: MPMCX | Investor: MIMSX | ||||
BNY Mellon Small Cap Multi-Strategy Fund | Class M: MPSSX | Investor: MISCX | ||||
BNY Mellon Focused Equity Opportunities Fund | Class M: MFOMX | Investor: MFOIX | ||||
BNY Mellon Small/Mid Cap Multi-Strategy Fund | Class M: MMCMX | Investor: MMCIX | ||||
BNY Mellon International Fund | Class M: MPITX | Investor: MIINX | ||||
BNY Mellon Emerging Markets Fund | Class M: MEMKX | Investor: MIEGX | ||||
BNY Mellon International Appreciation Fund | Class M: MPPMX | Investor: MARIX | ||||
BNY Mellon International Equity Income Fund | Class M: MLIMX | Investor: MLIIX | ||||
BNY Mellon Asset Allocation Fund | Class M: MPBLX | Investor: MIBLX |
Telephone Wealth Management (WM) Clients, please contact your Account Officer or call 1-888-281-7350. Brokerage Clients of BNY Mellon Wealth Advisors (BNYWA), please contact your financial representative or call 1-800-830-0549, Option 2. Individual Account holders, please call Dreyfus at 1-800-DREYFUS.
Mail WM clients, write to your Account Officer, c/o The Bank of New York Mellon, One Mellon Bank Center, Pittsburgh, PA 15258
BNYMWA Brokerage Clients, write to your financial representative, P.O. Box 9012, Hicksville, NY 11802-9012
Individual Account Holders, write to: BNY Mellon Funds, P.O. Box 9879, Providence, RI 02940-8079
Each fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The fund’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
A description of the policies and procedures that the fund uses to determine how to vote proxies relating to portfolio securities, and information regarding how the fund voted these proxies for the most recent 12-month period ended June 30 is available at http://www.dreyfus.com and on the SEC’s website at http://www.sec.gov. The description of the policies and procedures is also available without charge, upon request, by calling 1-800-DREYFUS.
© 2017 MBSC Securities Corporation | MFTSA0217-EQ |
The BNY Mellon Funds
BNY Mellon Bond Fund
BNY Mellon Intermediate Bond Fund
BNY Mellon Corporate Bond Fund
BNY Mellon Short-Term U.S. Government Securities Fund
SEMIANNUAL REPORT February 28, 2017 | |
Contents
THE FUNDS
FOR MORE INFORMATION
Back Cover
The views expressed herein are current to the date of this report. These views and the composition of the funds’ portfolios are subject to change at any time based on market and other conditions. |
Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value |
The Funds |
Dear Shareholder:
We are pleased to present this semiannual report for BNY Mellon Funds Trust, covering the six-month period from September 1, 2016 through February 28, 2017. For information about how the fund performed during the reporting period, as well as general market perspectives, we provide a Discussion of Fund Performance on the pages that follow.
Stocks advanced solidly but bonds lost a degree of value over the reporting period amid heightened market volatility stemming from various economic and political developments. After rallying in response to stabilizing commodity prices, improving global economic data, and better-than-expected corporate earnings, stocks and corporate-backed bonds generally produced flat returns in September. Meanwhile, U.S. government securities began to give back previous gains in anticipation of higher inflation and short-term interest-rate hikes from U.S. monetary policymakers. Stock prices moderated in the weeks before U.S. elections in November, but equity markets subsequently rallied to a series of new highs over the remainder of the reporting period as investors revised their expectations for U.S. fiscal, regulatory, and tax policies. In the bond market, yields surged higher and prices fell after the election, while lower rated corporate-backed bonds continued to advance in anticipation of a more business-friendly political climate.
U.S. political developments and ongoing global economic headwinds suggest that volatility may persist in the financial markets over the foreseeable future. Some asset classes and industry groups seem likely to benefit from a changing economic and geopolitical landscape, while others probably will face challenges. Consequently, selectivity seems likely to be an important determinant of investment success in the months ahead. As always, we encourage you to discuss the implications of our observations with your financial advisor.
Sincerely,
Patrick T. Crowe
President
BNY Mellon Funds Trust
March 15, 2017
3
DISCUSSION OF FUND PERFORMANCE
For the period from September 1, 2016 through February 28, 2017, as provided by John F. Flahive, CFA, and Timothy J. Sanville, CFA, Portfolio Managers
Market and Fund Performance Overview
For the six-month period ended February 28, 2017, BNY Mellon Bond Fund’s Class M shares produced a total return of -1.92%, and Investor shares produced a total return of -1.97%.1 In comparison, the fund’s benchmark, the Bloomberg Barclays U.S. Aggregate Index (the “Index”), produced a total return of -2.19% for the same period.2
Bonds lost a modest degree of value over the reporting period due to rising interest rates amid expectations of greater economic growth and rising inflationary pressures. Favorable results from our duration management and sector allocation strategies enabled the fund to outperform the Index.
The Fund’s Investment Approach
The fund seeks total return (consisting of capital appreciation and current income). To pursue its goal, the fund actively manages bond market and maturity exposure and invests at least 80% of its net assets in bonds, such as U.S. government and agency bonds, corporate bonds, municipal bonds, mortgage-related securities, and foreign corporate and government bonds. The fund’s investments in bonds must be rated investment grade at the time of purchase or, if unrated, deemed of comparable quality by the investment adviser. Generally, the average effective duration of the fund’s portfolio will not exceed eight years.3
Interest Rates Climbed in Post-Election Trading
Near the start of the reporting period, encouraging global economic data and better-than-expected corporate profits helped boost investors’ risk appetites, driving prices of riskier corporate-backed securities higher and prices of U.S. government securities and other traditional safe havens lower. In addition, investors began to anticipate that the Federal Reserve Board would raise short-term interest rates, as indeed it did in December. The long-awaited rate hike sent the overnight federal funds rate higher by 25 basis points to between 0.50% and 0.75%.
Bond prices declined broadly in October as political uncertainty intensified in advance of U.S. elections. In the wake of the election’s widely unexpected outcome, prices of U.S. government securities fell sharply and lower-rated corporate bonds rallied in anticipation of changes in U.S. fiscal, tax, and regulatory policies. Investors generally viewed the new presidential administration’s business-friendly proposals as likely to increase economic growth and inflation, which historically have been considered negative for high-quality bonds but positive for lower-rated corporate securities that tend to be more sensitive to their issuers’ underlying business fundamentals. Longer-term bond yields moderated to a degree over the first two months of 2017 when investors recognized that proposed policy changes would take time and political capital to enact, helping to recoup some of the fixed-income market’s losses by the end of the reporting period.
Short Duration Position Bolstered Fund’s Relative Results
The fund’s performance compared to the Index benefited during the reporting period from a relatively short average duration, which helped shelter the fund from the full brunt of rising interest rates after the November election. The fund’s sector allocation strategy also added a degree of value, as we maintained underweighted exposure to U.S. Treasury securities and overweighted positions in better-performing corporate-backed bonds with relatively defensive durations. Fund holdings issued on behalf of companies in the technology and financial industry groups fared especially well, more than offsetting relative weakness in the energy sector. The fund also benefited from out-of-index exposure to Treasury Inflation Protected Securities (“TIPS”), which fared well amid rising inflation expectations.
On the other hand, the fund’s positions in mortgage-backed securities lagged market averages when lower-coupon mortgages proved vulnerable to rising interest rates after the election. Although we generally maintained the fund’s average duration in a shorter-than-average position, rising interest rates caused expectations of prepayment activity to moderate substantially, which lengthened the effective durations of mortgage-backed securities and made them more sensitive to rising interest rates.
Maintaining a Constructive Investment Posture
Although bonds currently appear to be fairly valued, we expect U.S. fixed-income securities to encounter bouts of heightened volatility in the months ahead. On the one hand, interest rates are rising, and U.S. government reforms and stronger overseas economies could drive bond yields higher and prices lower. On the other hand, any unexpected developments that prevent or delay these changes could lead to lower bond yields.
Therefore, as of the end of the reporting period, we have maintained the fund’s modestly short duration posture. In addition, we have retained overweighted exposure to corporate bonds and an underweighted position in U.S. Treasury securities that are more vulnerable to rising interest rates. We have complemented these core positions with exposure to mortgage-backed securities and TIPS. In our judgment, these are prudent strategies that can enable us to respond quickly to new developments as they arise.
March 15, 2017
Bond funds are subject generally to interest-rate, credit, liquidity, and market risks, to varying degrees, all of which are more fully described in the fund’s prospectus. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes, and rate increases can cause price declines. The fund may use derivative instruments, such as options, futures, options on futures, forward contracts, and swaps. A small investment in derivatives could have a potentially large impact on the fund’s performance. The use of derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying assets.
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price, yield, and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.
2 Source: Lipper Inc. — The Bloomberg Barclays U.S. Aggregate Index is a broad-based flagship benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS and CMBS (agency and nonagency). Investors cannot invest directly in any index.
3 The fund may continue to own investment-grade bonds (at the time of purchase), which are subsequently downgraded to below investment grade.
4
For the period from September 1, 2016 through February 28, 2017, as provided by John F. Flahive, CFA, and Timothy J. Sanville, CFA, Portfolio Managers
Market and Fund Performance Overview
For the six-month period ended February 28, 2017, BNY Mellon Intermediate Bond Fund’s Class M shares produced a total return of -0.73%, and Investor shares produced a total return of -0.79%.1 In comparison, the fund’s benchmark, the Bloomberg Barclays U.S. Intermediate Government/Credit Index (the “Index”), produced a total return of -1.21%.2
Intermediate-term bonds lost a mild degree of value over the reporting period due to rising interest rates amid expectations of greater economic growth and rising inflationary pressures. Favorable results from our duration management and sector allocation strategies enabled the fund to outperform the Index.
The Fund’s Investment Approach
The fund seeks total return (consisting of capital appreciation and current income). To pursue its goal, the fund actively manages bond market and maturity exposure and invests at least 80% of its net 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 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 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.
Interest Rates Climbed in Post-Election Trading
Near the start of the reporting period, encouraging global economic data and better-than-expected corporate profits helped boost investors’ risk appetites, driving prices of riskier corporate-backed securities higher and prices of U.S. government securities and other traditional safe havens lower. In addition, investors began to anticipate that the Federal Reserve Board would raise short-term interest rates, as indeed it did in December. The long-awaited rate hike sent the overnight federal funds rate higher by 25 basis points to between 0.50% and 0.75%.
Bond prices declined broadly in October as political uncertainty intensified in advance of U.S. elections. After the election, prices of U.S. government securities fell sharply and lower-rated corporate bonds rallied in anticipation of changes in U.S. fiscal, tax, and regulatory policies. Investors generally viewed the new presidential administration’s business-friendly proposals as likely to increase economic growth and inflation, which historically have been considered negative for high-quality bonds but positive for lower-rated corporate securities that tend to be more sensitive to their issuers’ underlying business fundamentals. Longer-term bond yields moderated to a degree over the first two months of 2017 when investors recognized that proposed policy changes would take time and political capital to enact, helping to recoup some of the market’s losses by the reporting period’s end.
Short Duration Position Bolstered Fund’s Relative Results
The fund’s performance compared to the Index benefited during the reporting period from a relatively short average duration, which helped shelter it from the full brunt of rising interest rates. Our sector allocation strategy also added a degree of value, as we maintained underweighted exposure to U.S. Treasury securities and overweighted positions in better-performing corporate-backed bonds with relatively defensive durations. Fund holdings from companies in the technology, industrial, consumer cyclical, and consumer non-cyclical industry groups fared especially well, more than offsetting relative weakness in the energy sector. The fund also benefited from out-of-index exposure to Treasury Inflation Protected Securities (“TIPS”) and taxable municipal bonds.
Although mortgage-backed securities proved particularly vulnerable to rising interest rates after the election, our security selection helped offset any resulting weakness, and the fund’s mortgage holdings had little material impact on the fund’s relative performance overall.
Maintaining a Constructive Investment Posture
Although bonds currently appear to be fairly valued, we expect U.S. fixed-income securities to encounter bouts of heightened volatility in the months ahead. On the one hand, interest rates are rising, and U.S. government reforms and stronger overseas economies could drive bond yields higher and prices lower. On the other hand, any unexpected developments that prevent or delay these changes could lead to lower bond yields.
Therefore, as of the end of the reporting period, we have maintained the fund’s short duration posture. In addition, we have retained overweighted exposure to corporate bonds and an underweighted position in U.S. Treasury securities that are more vulnerable to rising interest rates. We have complemented these core positions with exposure to mortgage-backed securities, TIPS, and taxable municipal bonds. In our judgment, these are prudent strategies that can enable us to respond quickly to new developments as they arise.
March 15, 2017
Bonds are subject generally to interest-rate, credit, liquidity, and market risks, to varying degrees, all of which are more fully described in the fund’s prospectus. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes, and rate increases can cause price declines.
The fund may use derivative instruments, such as options, futures, options on futures, forward contracts, and swaps. A small investment in derivatives could have a potentially large impact on the fund’s performance. The use of derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying assets.
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price, yield, and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.
2 Source: Lipper Inc. – The Bloomberg Barclays U.S. Intermediate Government/Credit Index is a broad-based flagship benchmark that measures the non-securitized component of the Bloomberg Barclays U.S. Aggregate Index. Investors cannot invest directly in any index.
3 The fund may continue to own investment-grade bonds (at the time of purchase), which are subsequently downgraded to below investment grade.
5
DISCUSSION OF FUND PERFORMANCE (continued)
For the period from September 1, 2016 through February 28, 2017, as provided by John F. Flahive, CFA, and Timothy J. Sanville, CFA, Portfolio Managers
Market and Fund Performance Overview
For the six-month period ended February 28, 2017, BNY Mellon Corporate Bond Fund’s Class M shares produced a total return of 0.07%, and Investor shares produced a total return of -0.13%.1 In comparison, the fund’s benchmark, the Bloomberg Barclays U.S. Intermediate Credit Index (the “Index”), produced a total return of -0.74%, and the Bloomberg Barclays U.S. Credit Index, the fund’s former benchmark, produced a total return of -1.83% for the same period.2
Investment-grade corporate bonds lost a modest degree of value over the reporting period due to rising interest rates amid expectations of greater economic growth and rising inflationary pressures. Favorable results from our sector allocation and security selection strategies enabled the fund to outperform the Index.
The Fund’s Investment Approach
The fund seeks total return (consisting of capital appreciation and current income). To pursue its goal, the fund normally invests at least 80% of its net assets in corporate bonds, which include U.S. dollar-denominated bonds issued by U.S. and foreign corporations. The remainder of the fund’s assets may be invested in U.S. government and agency bonds, mortgage-related securities, including commercial mortgage-backed securities, asset-backed securities, foreign corporate bonds denominated in foreign currencies, foreign government bonds, municipal bonds and commercial paper, and other money market instruments. For additional yield, the fund may invest up to 20% of its assets in fixed-income securities rated below investment grade (“high yield” or “junk” bonds) or the unrated equivalent as determined by the investment adviser.
We employ a disciplined process to select bonds and manage risk, choosing bonds based on yield, credit quality, the level of interest rates and inflation, general economic and financial trends, and our outlook for the securities markets. In selecting corporate bonds for investment, we analyze fundamental metrics, including the issuer’s cash flow, leverage and operating margins, as well as its business strategy and operating performance, and macroeconomic factors.
Interest Rates Climbed in Post-Election Trading
Near the start of the reporting period, encouraging global economic data and better-than-expected corporate profits helped boost investors’ risk appetites, driving prices of corporate-backed securities higher and prices of high-quality U.S. government securities lower. In addition, investors began to anticipate that the Federal Reserve Board would raise short-term interest rates, as indeed it did in December. The long-awaited rate hike sent the overnight federal funds rate higher by 25 basis points to between 0.50% and 0.75%.
Bond prices declined broadly in October as political uncertainty intensified in advance of U.S. elections. After the election, prices of U.S. government securities fell sharply and corporate bonds rallied in anticipation of changes in U.S. fiscal, tax, and regulatory policies. Investors generally viewed the new presidential administration’s business-friendly proposals as likely to increase economic growth and inflation, which historically have been considered negative for high-quality bonds but positive for lower-rated corporate securities that tend to be more sensitive to their issuers’ underlying business fundamentals.
Sector Allocations Bolstered Fund’s Relative Results
The fund’s performance compared to the Index benefited during the reporting period from its sector allocation strategy. Overweighted exposure to corporate-backed bonds proved especially effective, particularly among securities with credit ratings toward the lower end of the investment-grade spectrum. Meanwhile, our security selection strategy produced attractive results in the technology, energy, banking, and finance industry groups. Strong results in these subsectors more than offset mild weakness among bonds backed by communications companies. The fund’s allocations to taxable municipal bonds and U.S. government agency debentures also helped support its relative results.
While the fund’s focus on longer maturities helped it capture incrementally higher yields, the fund’s relative performance was constrained to a degree by its relatively long average duration, which boosted its sensitivity to rising interest rates after the November election.
Maintaining a Constructive Investment Posture
Although bonds generally appear to be fairly valued as of the end of the reporting period, we expect U.S. fixed-income securities to encounter bouts of heightened volatility in the months ahead. On the one hand, interest rates are rising, and U.S. government reforms and stronger overseas economies could drive bond yields higher and prices lower. On the other hand, any unexpected developments that prevent or delay these changes could lead to lower bond yields.
Therefore, we have retained overweighted exposure to corporate bonds, including securities with BBB credit ratings and longer maturities. Lower-rated bonds also tend to offer higher yields and typically are less vulnerable to rising interest rates than their higher-quality counterparts. We have identified an ample number of corporate securities meeting our investment criteria in the technology, communications, and real estate subsectors, but we have found fewer opportunities among bonds issued on behalf of banking institutions. We have complemented these core positions in corporate bonds with exposure to taxable municipal bonds and U.S. government agency securities.
March 15, 2017
Bond funds are subject generally to interest-rate, credit, liquidity, and market risks, to varying degrees, all of which are more fully described in the fund’s prospectus. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes, and rate increases can cause price declines.
The fund may use derivative instruments, such as options, futures, options on futures, forward contracts, and swaps. A small investment in derivatives could have a potentially large impact on the fund’s performance. The use of derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying assets.
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price, yield, and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.
2 Source: Lipper Inc. – The Bloomberg Barclays U.S. Intermediate Credit Index measures the investment-grade, U.S. dollar-denominated, fixed-rate, taxable corporate and government-related bond markets with a maturity greater than 1 year and less than 10 years. It is composed of the U.S. Corporate Index and a non-corporate component that includes non-U.S. agencies, sovereigns, supranationals and local authorities constrained by maturity. The U.S. Intermediate Credit Index is a subset of the U.S. Credit Index, which feeds into the U.S. Government/Credit Index and U.S. Aggregate Index. Investors cannot invest directly in any index.
6
For the period from September 1, 2016 through February 28, 2017, as provided by Lawrence R. Dunn, CFA, and Timothy J. Sanville, CFA, Portfolio Managers
Market and Fund Performance Overview
For the six-month period ended February 28, 2017, BNY Mellon Short-Term U.S. Government Securities Fund’s Class M shares produced a total return of –0.34%, and Investor shares produced a total return of –0.45%.1 In comparison, the Bloomberg Barclays U.S. Government 1-3 Year Bond Index (the “Index”), the fund’s benchmark, produced a total return of –0.09%.2
Short-term U.S. government securities lost a modest degree of value over the reporting period due to rising interest rates amid expectations of greater economic growth and rising inflationary pressures. The fund lagged the Index, mainly due to its exposure to mortgage-backed securities that proved vulnerable to rising interest rates.
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 net assets in securities issued or guaranteed by the U.S. government or its agencies or instrumentalities and in repurchase agreements. The fund may invest 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.
Interest Rates Climbed in Post-Election Trading
Near the start of the reporting period, encouraging global economic data and better-than-expected corporate profits helped boost investors’ risk appetites, driving prices of U.S. government securities and other traditional safe havens lower. In addition, investors began to anticipate that the Federal Reserve Board (the “Fed”) would raise short-term interest rates, as indeed it did in December. The long-awaited rate hike sent the overnight federal funds rate higher by 25 basis points to between 0.50% and 0.75%.
Bond prices declined moderately in October as political uncertainty intensified in advance of U.S. elections. After the election, prices of U.S. government securities fell more sharply as investors’ risk appetites expanded. Investors generally viewed the new presidential administration’s business-friendly fiscal, tax, and regulatory policies as likely to increase economic growth and inflation, which historically have been considered negative for high-quality bonds. Bond prices recovered to a degree over the first two months of 2017 when investors recognized that proposed policy changes would take time and political capital to enact, helping to recoup some of the market’s losses by the reporting period’s end despite widespread expectations of another rate hike at the Fed’s March meeting. These influences had a greater impact on longer term bonds than on their short-term counterparts.
Mortgage-Backed Securities Dampened Relative Results
The fund’s performance compared to the Index was constrained during the reporting period by its exposure to mortgage-backed securities from U.S. government agencies. Rising interest rates caused expectations of prepayment activity among homeowners to moderate substantially, which lengthened the effective durations of mortgage-backed securities and made them more sensitive to rising interest rates.
The fund achieved better results in other areas. Underweighted exposure to nominal U.S. Treasury securities and overweighted positions in U.S. government agency securities helped the fund earn incrementally higher yields. The fund also benefited from a modest position in taxable municipal bonds, which are not represented in the Index.
We generally maintained the fund’s average duration in a market-neutral position. Consequently, our interest-rate strategy had little impact on the fund’s relative results.
Maintaining a Yield-Oriented Investment Posture
We expect U.S. fixed-income securities to encounter bouts of heightened volatility in the months ahead. On one hand, interest rates are rising, and U.S. government reforms and stronger overseas economies could drive bond yields higher and prices lower. On the other hand, any economic disappointments or unexpected developments that prevent or delay changes in government policy could lead to lower bond yields and higher prices.
As of the end of the reporting period, we have maintained the fund’s emphasis on higher yielding U.S. government agency securities, including agency-issued mortgage-backed securities, over nominal U.S. Treasury securities. While we have retained the fund’s market-neutral duration posture for now, we are prepared to shift to a more defensive position as interest rates rise.
March 15, 2017
Bonds are subject generally to interest-rate, credit, liquidity, and market risks, to varying degrees, all of which are more fully described in the fund’s prospectus. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes, and rate increases can cause price declines.
The fund may use derivative instruments, such as options, futures, options on futures, forward contracts, and swaps. A small investment in derivatives could have a potentially large impact on the fund’s performance. The use of derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying assets.
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price, yield, and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.
2 Source: Lipper Inc. – The Bloomberg Barclays U.S. Government 1-3 Year Bond Index comprises the U.S. Treasury and U.S. Agency Indices. The index includes U.S. dollar-denominated, fixed-rate, nominal U.S. Treasuries and U.S. agency debentures, which reach maturity in 1-3 years. Investors cannot invest directly in any index.
7
UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited)
As a mutual fund investor, you pay ongoing expenses, such as management fees and other expenses. Using the information below, you can estimate how these expenses affect your investment and compare them with the expenses of other funds. You also may pay one-time transaction expenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial adviser.
Review your fund’s expenses
The table below shows the expenses you would have paid on a $1,000 investment in each class of each fund from September 1, 2016 to February 28, 2017. 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, 2017 | ||||||||||
|
|
|
| Class M |
| InvestorShares |
| |||
BNY Mellon Bond Fund | ||||||||||
Expenses paid per $1,000† | $2.75 | $3.98 | ||||||||
Ending value (after expenses) |
| $980.80 |
| $980.30 | ||||||
Annualized expense ratio (%) | .56 | .81 | ||||||||
BNY Mellon Intermediate Bond Fund | ||||||||||
Expenses paid per $1,000† |
| $2.77 |
| $4.00 | ||||||
Ending value (after expenses) |
| $992.70 |
| $992.10 | ||||||
Annualized expense ratio (%) | .56 | .81 | ||||||||
BNY Mellon Corporate Bond Fund | ||||||||||
Expenses paid per $1,000† |
| $2.78 |
| $4.01 | ||||||
Ending value (after expenses) |
| $1,000.70 |
| $998.70 | ||||||
Annualized expense ratio (%) | .56 | .81 | ||||||||
BNY Mellon Short-Term U.S. Government Securities Fund | ||||||||||
Expenses paid per $1,000† |
| $2.67 | $3.91 | |||||||
Ending value (after expenses) |
| $996.60 |
| $995.50 | ||||||
Annualized expense ratio (%) | .54 | .79 |
† Expenses are equal to each fund’s annualized expense ratios as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
8
COMPARING YOUR FUND’S EXPENSES
WITH THOSE OF OTHER FUNDS (Unaudited)
Using the SEC’s method to compare expenses
The Securities and Exchange Commission (SEC) has established guidelines to help investors assess fund expenses. Per these guidelines, the table below shows your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return. You can use this information to compare the ongoing expenses (but not transaction expenses or total cost) of investing in the fund with those of other funds. All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.
Expenses and Value of a $1,000 Investment | |||||||||||||
assuming a hypothetical 5% annualized return for the six months ended February 28, 2017 | |||||||||||||
|
|
|
|
|
| Class M |
| Investor Shares |
| ||||
BNY Mellon Bond Fund | |||||||||||||
Expenses paid per $1,000† |
| $2.81 |
| $4.06 | |||||||||
Ending value (after expenses) |
| $1,022.02 | $1,020.78 | ||||||||||
Annualized expense ratio (%) | .56 | .81 | |||||||||||
BNY Mellon Intermediate Bond Fund | |||||||||||||
Expenses paid per $1,000† |
| $2.81 |
| $4.06 | |||||||||
Ending value (after expenses) |
| $1,022.02 |
| $1,020.78 | |||||||||
Annualized expense ratio (%) | .56 | .81 | |||||||||||
BNY Mellon Corporate Bond Fund | |||||||||||||
Expenses paid per $1,000† |
| $2.81 |
| $4.06 | |||||||||
Ending value (after expenses) |
| $1,022.02 |
| $1,020.78 | |||||||||
Annualized expense ratio (%) | .56 | .81 | |||||||||||
BNY Mellon Short-Term U.S. Government Securities Fund | |||||||||||||
Expenses paid per $1,000† |
| $2.71 |
| $3.96 | |||||||||
Ending value (after expenses) | $1,022.12 |
| $1,020.88 | ||||||||||
Annualized expense ratio (%) | .54 | .79 |
† Expenses are equal to each fund’s annualized expense ratios as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
9
STATEMENT OF INVESTMENTS
February 28, 2017 (Unaudited)
BNY Mellon Bond Fund | |||||||||||
Bonds and Notes - 98.6% | Coupon | Maturity | Principal | Value ($) | |||||||
Commercial Mortgage Pass-Through Ctfs. - 1.4% | |||||||||||
UBS Commercial Mortgage Trust, | 3.40 | 5/10/45 | 4,234,732 | 4,420,433 | |||||||
WFRBS Commercial Mortgage Trust, | 3.00 | 5/15/45 | 9,045,000 | 9,146,322 | |||||||
13,566,755 | |||||||||||
Consumer Discretionary - 3.6% | |||||||||||
21st Century Fox America, | 6.15 | 3/1/37 | 5,054,000 | 6,052,837 | |||||||
Comcast, | 3.13 | 7/15/22 | 9,270,000 | 9,486,668 | |||||||
General Motors Financial, | 3.20 | 7/6/21 | 4,400,000 | 4,450,503 | |||||||
President and Fellows of Harvard College, | 3.15 | 7/15/46 | 2,735,000 | 2,543,142 | |||||||
Scripps Networks Interactive, | 2.80 | 6/15/20 | 5,465,000 | 5,516,136 | |||||||
Time Warner, | 4.00 | 1/15/22 | 7,570,000 | 7,905,321 | |||||||
35,954,607 | |||||||||||
Consumer Staples - 2.4% | |||||||||||
Anheuser-Busch InBev Finance, | 4.90 | 2/1/46 | 5,935,000 | 6,546,709 | |||||||
CVS Health, | 4.88 | 7/20/35 | 5,540,000 | 6,047,193 | |||||||
Kroger, | 2.60 | 2/1/21 | 3,735,000 | a | 3,739,870 | ||||||
PepsiCo, | 4.50 | 1/15/20 | 7,040,000 | 7,565,247 | |||||||
23,899,019 | |||||||||||
Energy - 2.0% | |||||||||||
Apache, | 3.25 | 4/15/22 | 4,120,000 | 4,165,662 | |||||||
BP Capital Markets, | 4.75 | 3/10/19 | 4,640,000 | 4,902,564 | |||||||
Enterprise Products Operating, | 2.55 | 10/15/19 | 3,235,000 | 3,274,645 | |||||||
Exxon Mobil, | 1.71 | 3/1/19 | 4,425,000 | 4,434,810 | |||||||
Spectra Energy Partners, | 3.50 | 3/15/25 | 3,145,000 | 3,105,386 | |||||||
19,883,067 | |||||||||||
Financials - 17.4% | |||||||||||
AerCap Ireland Capital, | 4.50 | 5/15/21 | 10,430,000 | 11,064,457 | |||||||
Bank of America, | 2.60 | 1/15/19 | 9,330,000 | 9,449,583 | |||||||
Bank of America, | 3.95 | 4/21/25 | 9,170,000 | 9,219,124 | |||||||
Barclays, | 5.20 | 5/12/26 | 4,055,000 | 4,214,021 | |||||||
Citigroup, | 4.45 | 9/29/27 | 10,200,000 | 10,465,251 | |||||||
Citizens Financial Group, | 4.15 | 9/28/22 | 8,555,000 | b | 8,803,035 | ||||||
Cooperatieve Rabobank, | 4.50 | 1/11/21 | 8,060,000 | 8,672,866 | |||||||
Deutsche Bank , | 6.00 | 9/1/17 | 5,485,000 | 5,600,542 | |||||||
Ford Motor Credit, | 3.22 | 1/9/22 | 6,225,000 | 6,266,259 | |||||||
GE Capital International Funding, | 2.34 | 11/15/20 | 6,873,000 | 6,932,060 | |||||||
Goldman Sachs Group, | 6.75 | 10/1/37 | 8,270,000 | 10,396,655 | |||||||
HSBC Finance, | 6.68 | 1/15/21 | 10,510,000 | 11,914,031 | |||||||
Hyundai Capital America, | 2.40 | 10/30/18 | 3,035,000 | b | 3,046,925 |
10
BNY Mellon Bond Fund (continued) | |||||||||||
Bonds and Notes - 98.6% (continued) | Coupon | Maturity | Principal | Value ($) | |||||||
Financials - 17.4% (continued) | |||||||||||
JPMorgan Chase & Co., | 3.38 | 5/1/23 | 5,770,000 | 5,805,987 | |||||||
MetLife, | 7.72 | 2/15/19 | 6,865,000 | 7,630,351 | |||||||
Morgan Stanley, | 4.88 | 11/1/22 | 11,490,000 | 12,398,698 | |||||||
NYSE Holdings, | 2.00 | 10/5/17 | 7,340,000 | 7,372,846 | |||||||
Royal Bank of Canada, | 1.25 | 6/16/17 | 2,165,000 | 2,166,877 | |||||||
Societe Generale, | 4.75 | 11/24/25 | 8,355,000 | b | 8,370,958 | ||||||
Total System Services, | 4.80 | 4/1/26 | 5,765,000 | 6,223,341 | |||||||
Toyota Motor Credit, | 1.55 | 7/13/18 | 5,385,000 | 5,388,193 | |||||||
Volkswagen International Finance, | 1.60 | 11/20/17 | 2,585,000 | b | 2,582,513 | ||||||
Wells Fargo & Co., | 2.60 | 7/22/20 | 3,415,000 | 3,457,223 | |||||||
Wells Fargo & Co., | 4.90 | 11/17/45 | 6,265,000 | 6,693,037 | |||||||
174,134,833 | |||||||||||
Foreign/Governmental - 1.6% | |||||||||||
Petroleos Mexicanos, | 4.88 | 1/24/22 | 8,605,000 | 8,798,612 | |||||||
Province of Ontario Canada, | 4.00 | 10/7/19 | 6,500,000 | 6,853,223 | |||||||
15,651,835 | |||||||||||
Health Care - 2.1% | |||||||||||
AbbVie, | 2.90 | 11/6/22 | 5,090,000 | 5,066,138 | |||||||
Amgen, | 5.65 | 6/15/42 | 4,955,000 | 5,715,057 | |||||||
Biogen, | 2.90 | 9/15/20 | 5,600,000 | 5,716,446 | |||||||
Celgene, | 2.88 | 8/15/20 | 4,305,000 | 4,373,359 | |||||||
20,871,000 | |||||||||||
Industrials - 2.7% | |||||||||||
ABB Finance USA, | 2.88 | 5/8/22 | 7,215,000 | 7,299,863 | |||||||
American Airlines , | 3.38 | 11/1/28 | 5,064,286 | 4,994,652 | |||||||
Burlington Northern Santa Fe, | 3.45 | 9/15/21 | 6,415,000 | 6,685,514 | |||||||
General Electric, | 5.00 | 12/29/49 | 5,393,000 | c | 5,689,615 | ||||||
General Electric, | 5.30 | 2/11/21 | 2,373,000 | 2,639,061 | |||||||
27,308,705 | |||||||||||
Information Technology - 7.8% | |||||||||||
Adobe Systems, | 3.25 | 2/1/25 | 4,895,000 | 4,944,689 | |||||||
Amazon.com, | 2.50 | 11/29/22 | 6,675,000 | 6,643,514 | |||||||
Apple, | 4.38 | 5/13/45 | 4,895,000 | 5,110,145 | |||||||
Arrow Electronics, | 3.50 | 4/1/22 | 5,620,000 | 5,639,940 | |||||||
Diamond 1 Finance, | 6.02 | 6/15/26 | 5,775,000 | b | 6,379,100 | ||||||
eBay, | 2.60 | 7/15/22 | 5,295,000 | 5,180,633 | |||||||
Fidelity National Information Services, | 3.88 | 6/5/24 | 7,445,000 | 7,652,723 | |||||||
Flex, | 4.75 | 6/15/25 | 4,895,000 | 5,178,195 | |||||||
Intel, | 2.70 | 12/15/22 | 4,020,000 | 4,073,012 |
11
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Bond Fund (continued) | |||||||||||
Bonds and Notes - 98.6% (continued) | Coupon | Maturity | Principal | Value ($) | |||||||
Information Technology - 7.8% (continued) | |||||||||||
Intel, | 4.90 | 7/29/45 | 7,250,000 | 8,283,132 | |||||||
Microsoft, | 3.75 | 2/12/45 | 7,035,000 | 6,760,424 | |||||||
Oracle, | 2.50 | 5/15/22 | 9,660,000 | 9,669,303 | |||||||
Seagate HDD Cayman, | 4.75 | 1/1/25 | 3,135,000 | 3,034,993 | |||||||
78,549,803 | |||||||||||
Materials - .4% | |||||||||||
Eastman Chemical, | 3.60 | 8/15/22 | 3,440,000 | 3,558,969 | |||||||
Municipal Bonds - 7.3% | |||||||||||
California Earthquake Authority, | 2.81 | 7/1/19 | 5,700,000 | 5,767,944 | |||||||
California Educational Facilities Authority, | 5.00 | 10/1/32 | 6,125,000 | 7,606,760 | |||||||
Chicago, | 7.38 | 1/1/33 | 4,710,000 | 4,845,036 | |||||||
Florida Hurricane Catastrophe Fund Finance Corporation, | 3.00 | 7/1/20 | 14,000,000 | 14,425,040 | |||||||
Massachusetts, | 4.20 | 12/1/21 | 335,000 | 359,190 | |||||||
New York City, | 6.25 | 6/1/35 | 5,470,000 | 6,067,652 | |||||||
New York City Municipal Water Finance Authority, | 6.28 | 6/15/42 | 8,440,000 | 9,520,489 | |||||||
Oakland Unified School District, | 9.50 | 8/1/34 | 3,550,000 | 4,172,812 | |||||||
Philadelphia School District, | 5.06 | 9/1/42 | 5,260,000 | 5,250,585 | |||||||
South Carolina Public Service Authority, | 2.39 | 12/1/23 | 3,950,000 | 3,770,275 | |||||||
Texas Public Finance Authority, | 8.25 | 7/1/24 | 4,890,000 | 5,214,745 | |||||||
University of California Regents, | 4.13 | 5/15/45 | 5,530,000 | 5,581,540 | |||||||
72,582,068 | |||||||||||
Real Estate - 2.2% | |||||||||||
Alexandria Real Estate Equities, | 4.30 | 1/15/26 | 4,180,000 | 4,351,359 | |||||||
Boston Properties, | 4.13 | 5/15/21 | 3,005,000 | 3,179,711 | |||||||
CubeSmart, | 4.80 | 7/15/22 | 5,173,000 | 5,562,470 | |||||||
Kimco Realty, | 3.40 | 11/1/22 | 5,595,000 | 5,681,381 | |||||||
Tanger Properties, | 3.13 | 9/1/26 | 3,605,000 | 3,444,343 | |||||||
22,219,264 | |||||||||||
Telecommunications - 2.9% | |||||||||||
AT&T, | 4.45 | 5/15/21 | 7,980,000 | 8,465,623 | |||||||
Telefonica Emisiones, | 5.13 | 4/27/20 | 9,395,000 | 10,082,554 | |||||||
Verizon Communications, | 6.55 | 9/15/43 | 8,570,000 | 10,533,138 | |||||||
29,081,315 | |||||||||||
U.S. Government Agencies/Mortgage-Backed - 25.0% | |||||||||||
Federal Home Loan Mortgage Corp. | |||||||||||
3.50%, 12/1/28-11/1/46 | 33,488,104 | d | 34,372,038 | ||||||||
4.00%, 6/1/26-11/1/33 | 6,027,330 | d | 6,395,648 | ||||||||
4.50%, 12/1/40 | 13,024,090 | d | 14,116,101 | ||||||||
5.00%, 12/1/39-7/1/40 | 6,847,180 | d | 7,530,775 | ||||||||
Federal National Mortgage Association | |||||||||||
2.50%, 10/1/31 | 17,104,165 | d | 17,165,344 | ||||||||
3.00%, 3/1/32-9/1/46 | 49,853,854 | d | 49,983,968 | ||||||||
3.50%, 1/1/28-1/1/47 | 39,103,979 | d | 40,217,179 |
12
BNY Mellon Bond Fund (continued) | |||||||||||
Bonds and Notes - 98.6% (continued) | Coupon | Maturity | Principal | Value ($) | |||||||
U.S. Government Agencies/Mortgage-Backed - 25.0% (continued) | |||||||||||
4.00%, 11/1/46-2/1/47 | 34,337,248 | d | 36,125,220 | ||||||||
5.00%, 11/1/43 | 1,521,780 | d | 1,684,215 | ||||||||
Government National Mortgage Association I | |||||||||||
5.00%, 11/15/34 | 12,236 | 13,588 | |||||||||
Government National Mortgage Association II | |||||||||||
3.00%, 8/20/46 | 13,374,645 | 13,556,310 | |||||||||
3.50%, 2/20/47 | 7,745,000 | 8,064,180 | |||||||||
4.00%, 11/20/46 | 15,848,844 | 16,795,391 | |||||||||
4.50%, 12/20/46 | 3,570,443 | 3,820,819 | |||||||||
249,840,776 | |||||||||||
U.S. Government Securities - 18.9% | |||||||||||
U.S. Treasury Bonds | 2.50 | 5/15/46 | 14,580,000 | 13,200,601 | |||||||
U.S. Treasury Bonds | 2.25 | 8/15/46 | 5,500,000 | a | 4,707,444 | ||||||
U.S. Treasury Inflation Protected Securities, | 1.00 | 2/15/46 | 9,552,469 | e | 9,871,607 | ||||||
U.S. Treasury Inflation Protected Securities, | 1.38 | 1/15/20 | 6,380,569 | e | 6,757,080 | ||||||
U.S. Treasury Inflation Protected Securities, | 0.13 | 4/15/20 | 4,845,465 | e | 4,936,269 | ||||||
U.S. Treasury Inflation Protected Securities, | 0.63 | 7/15/21 | 14,203,979 | e | 14,800,717 | ||||||
U.S. Treasury Inflation Protected Securities, | 0.38 | 7/15/25 | 12,430,635 | e | 12,542,411 | ||||||
U.S. Treasury Notes | 2.63 | 1/31/18 | 4,000,000 | a | 4,060,236 | ||||||
U.S. Treasury Notes | 1.25 | 12/31/18 | 15,675,000 | 15,689,703 | |||||||
U.S. Treasury Notes | 1.13 | 1/15/19 | 47,750,000 | 47,675,414 | |||||||
U.S. Treasury Notes | 1.13 | 1/31/19 | 1,500,000 | a | 1,497,335 | ||||||
U.S. Treasury Notes | 1.13 | 2/28/19 | 13,750,000 | 13,722,335 | |||||||
U.S. Treasury Notes | 1.38 | 2/15/20 | 13,250,000 | a | 13,207,560 | ||||||
U.S. Treasury Notes | 1.13 | 2/28/21 | 11,905,000 | 11,612,256 | |||||||
U.S. Treasury Notes | 2.13 | 9/30/21 | 12,500,000 | 12,637,700 | |||||||
U.S. Treasury Notes | 1.38 | 8/31/23 | 2,760,000 | 2,630,951 | |||||||
189,549,619 | |||||||||||
Utilities - .9% | |||||||||||
Consumers Energy, | 3.25 | 8/15/46 | 2,720,000 | 2,466,629 | |||||||
Exelon, | 3.40 | 4/15/26 | 4,400,000 | 4,369,992 | |||||||
Public Service Enterprise Group, | 1.60 | 11/15/19 | 2,670,000 | 2,641,591 | |||||||
9,478,212 | |||||||||||
Total Bonds and Notes | 986,129,847 | ||||||||||
Other Investment - 1.0% | Shares | Value ($) | |||||||||
Registered Investment Company; | |||||||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 10,305,075 | f | 10,305,075 |
13
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Bond Fund (continued) | ||||||||||
Investment of Cash Collateral for Securities Loaned - 1.8% | Shares | Value ($) | ||||||||
Registered Investment Company; | ||||||||||
Dreyfus Institutional Preferred Money Market Fund, Hamilton Shares | 17,918,128 | f | 17,918,128 | |||||||
Total Investments (cost $1,004,035,050) | 101.4% | 1,014,353,050 | ||||||||
Liabilities, Less Cash and Receivables | (1.4%) | (13,791,208) | ||||||||
Net Assets | 100.0% | 1,000,561,842 |
GO—General Obligation
REMIC—Real Estate Mortgage Investment Conduit
a Security, or portion thereof, on loan. At February 28, 2017, the value of the fund’s securities on loan was $21,842,796 and the value of the collateral held by the fund was $26,048,965, consisting of cash collateral of $17,918,128 and U.S. Government & Agency securities valued at $8,130,837.
b Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 28, 2017, these securities were valued at $29,182,531 or 2.92% of net assets.
c Variable rate security—rate shown is the interest rate in effect at period end.
d The Federal Housing Finance Agency (“FHFA”) placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies.
e Principal amount for accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
f Investment in affiliated money market mutual fund.
Portfolio Summary (Unaudited) † | Value (%) |
Corporate Bonds | 44.5 |
U.S. Government Agencies/Mortgage-Backed | 25.0 |
U.S. Government Securities | 18.9 |
Municipal Bonds | 7.2 |
Money Market Investments | 2.8 |
Foreign/Governmental | 1.6 |
Commercial Mortgage-Backed | 1.4 |
101.4 |
† Based on net assets.
See notes to financial statements.
14
BNY Mellon Intermediate Bond Fund | |||||||||||
Bonds and Notes - 99.0% | Coupon | Maturity | Principal | Value ($) | |||||||
Asset-Backed Ctfs./Auto Receivables - .0% | |||||||||||
GM Financial Automobile Leasing Trust, | 1.22 | 1/22/18 | 52,655 | a | 52,658 | ||||||
Consumer Discretionary - 5.9% | |||||||||||
21st Century Fox America, | 3.00 | 9/15/22 | 7,200,000 | 7,202,786 | |||||||
American Honda Finance, | 1.70 | 9/9/21 | 4,260,000 | 4,139,783 | |||||||
General Motors Financial, | 3.20 | 7/6/21 | 3,735,000 | 3,777,870 | |||||||
Grupo Televisa, | 6.00 | 5/15/18 | 6,120,000 | 6,417,430 | |||||||
Hyundai Capital America, | 2.40 | 10/30/18 | 2,665,000 | a | 2,675,471 | ||||||
Macy's Retail Holdings , | 3.88 | 1/15/22 | 3,520,000 | b | 3,506,173 | ||||||
NBCUniversal Media, | 4.38 | 4/1/21 | 7,050,000 | 7,609,213 | |||||||
Stanford University, | 4.75 | 5/1/19 | 5,000,000 | 5,334,290 | |||||||
Time Warner, | 4.00 | 1/15/22 | 7,400,000 | 7,727,790 | |||||||
Volkswagen International Finance, | 1.60 | 11/20/17 | 2,250,000 | a | 2,247,836 | ||||||
50,638,642 | |||||||||||
Consumer Staples - 4.1% | |||||||||||
Anheuser-Busch InBev Finance, | 2.65 | 2/1/21 | 6,635,000 | 6,711,123 | |||||||
Coca-Cola, | 1.15 | 4/1/18 | 3,335,000 | 3,331,368 | |||||||
CVS Health, | 2.80 | 7/20/20 | 4,340,000 | 4,414,735 | |||||||
Dr. Pepper Snapple Group, | 2.60 | 1/15/19 | 6,145,000 | 6,224,774 | |||||||
Kroger, | 2.30 | 1/15/19 | 4,570,000 | 4,607,570 | |||||||
McDonald's, | 5.80 | 10/15/17 | 955,000 | 981,521 | |||||||
Wal-Mart Stores, | 3.63 | 7/8/20 | 7,920,000 | 8,373,515 | |||||||
34,644,606 | |||||||||||
Energy - 1.9% | |||||||||||
Apache, | 3.25 | 4/15/22 | 3,525,000 | 3,564,068 | |||||||
BP Capital Markets, | 4.75 | 3/10/19 | 5,813,000 | 6,141,940 | |||||||
Enterprise Products Operating, | 2.55 | 10/15/19 | 3,330,000 | 3,370,809 | |||||||
Spectra Energy Partners, | 3.50 | 3/15/25 | 2,760,000 | 2,725,235 | |||||||
15,802,052 | |||||||||||
Financials - 17.8% | |||||||||||
AerCap Ireland Capital, | 4.50 | 5/15/21 | 4,435,000 | 4,704,781 | |||||||
American Express Credit, | 1.80 | 7/31/18 | 6,735,000 | 6,751,245 | |||||||
Bank of America, | 2.60 | 1/15/19 | 7,325,000 | 7,418,885 | |||||||
Bank of America, | 3.95 | 4/21/25 | 7,175,000 | 7,213,436 | |||||||
Bank of Montreal, | 1.40 | 4/10/18 | 4,605,000 | 4,600,570 | |||||||
Bank of Montreal, | 2.10 | 12/12/19 | 3,640,000 | 3,648,973 | |||||||
Berkshire Hathaway Finance, | 1.70 | 3/15/19 | 3,225,000 | 3,238,197 | |||||||
Citigroup, | 2.50 | 7/29/19 | 5,565,000 | 5,621,724 |
15
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Intermediate Bond Fund (continued) | |||||||||||
Bonds and Notes - 99.0% (continued) | Coupon | Maturity | Principal | Value ($) | |||||||
Financials - 17.8% (continued) | |||||||||||
Citigroup, | 4.40 | 6/10/25 | 5,500,000 | 5,658,763 | |||||||
Citizens Financial Group, | 4.30 | 12/3/25 | 6,885,000 | 7,103,303 | |||||||
Cooperatieve Rabobank, | 3.75 | 7/21/26 | 6,785,000 | 6,639,360 | |||||||
Deutsche Bank, | 3.38 | 5/12/21 | 4,420,000 | 4,448,102 | |||||||
Fidelity National Information Services, | 3.88 | 6/5/24 | 5,470,000 | 5,622,618 | |||||||
Ford Motor Credit, | 3.81 | 1/9/24 | 4,915,000 | 4,963,757 | |||||||
GE Capital International Funding, | 2.34 | 11/15/20 | 2,293,000 | 2,312,704 | |||||||
Goldman Sachs Group, | 2.63 | 1/31/19 | 7,790,000 | 7,889,159 | |||||||
HSBC Finance, | 6.68 | 1/15/21 | 9,502,000 | 10,771,372 | |||||||
Intercontinental Exchange, | 2.75 | 12/1/20 | 6,195,000 | 6,306,291 | |||||||
JPMorgan Chase & Co., | 3.38 | 5/1/23 | 7,895,000 | 7,944,241 | |||||||
Morgan Stanley, | 4.88 | 11/1/22 | 7,610,000 | 8,211,844 | |||||||
Royal Bank of Canada, | 4.65 | 1/27/26 | 6,510,000 | 6,944,718 | |||||||
Santander Holdings USA, | 2.65 | 4/17/20 | 4,615,000 | 4,603,583 | |||||||
Societe Generale, | 2.63 | 10/1/18 | 2,000,000 | 2,024,100 | |||||||
Societe Generale, | 4.75 | 11/24/25 | 7,335,000 | a | 7,349,010 | ||||||
Sumitomo Mitsui Banking, | 1.76 | 10/19/18 | 4,725,000 | 4,709,545 | |||||||
Toyota Motor Credit, | 2.10 | 1/17/19 | 5,640,000 | 5,696,361 | |||||||
152,396,642 | |||||||||||
Foreign/Governmental - 1.6% | |||||||||||
Petroleos Mexicanos, | 4.88 | 1/24/22 | 6,390,000 | 6,533,775 | |||||||
Province of Ontario Canada, | 4.00 | 10/7/19 | 6,515,000 | 6,869,038 | |||||||
13,402,813 | |||||||||||
Health Care - 5.3% | |||||||||||
Abbott Laboratories, | 2.35 | 11/22/19 | 3,925,000 | 3,948,063 | |||||||
Abbvie, | 2.85 | 5/14/23 | 4,235,000 | 4,160,536 | |||||||
Actavis Funding, | 3.45 | 3/15/22 | 4,560,000 | 4,663,134 | |||||||
Aetna, | 2.40 | 6/15/21 | 4,350,000 | 4,399,272 | |||||||
Amgen, | 5.70 | 2/1/19 | 2,905,000 | 3,120,673 | |||||||
AstraZeneca, | 5.90 | 9/15/17 | 6,040,000 | 6,184,175 | |||||||
GlaxoSmithKline Capital, | 5.65 | 5/15/18 | 5,853,000 | 6,146,428 | |||||||
Providence St Joseph Health Obligated Group, | 2.75 | 10/1/26 | 4,095,000 | 3,901,786 | |||||||
Shire Acquisitions Investments Ireland, | 3.20 | 9/23/26 | 5,005,000 | 4,780,851 | |||||||
UnitedHealth Group, | 1.90 | 7/16/18 | 4,335,000 | 4,363,975 | |||||||
45,668,893 | |||||||||||
Industrials - 3.5% | |||||||||||
American Airlines 2015-1A PTT, | 3.38 | 11/1/28 | 4,367,366 | 4,307,314 | |||||||
Caterpillar Financial Services, | 2.10 | 6/9/19 | 6,590,000 | 6,645,791 |
16
BNY Mellon Intermediate Bond Fund (continued) | |||||||||||
Bonds and Notes - 99.0% (continued) | Coupon | Maturity | Principal | Value ($) | |||||||
Industrials - 3.5% (continued) | |||||||||||
General Electric, | 5.00 | 12/29/49 | 3,884,000 | c | 4,097,620 | ||||||
General Electric, | 5.30 | 2/11/21 | 792,000 | 880,799 | |||||||
John Deere Capital, | 1.95 | 1/8/19 | 4,915,000 | 4,952,723 | |||||||
Snap-On, | 3.25 | 3/1/27 | 3,890,000 | 3,945,853 | |||||||
Waste Management, | 3.13 | 3/1/25 | 4,775,000 | 4,824,144 | |||||||
29,654,244 | |||||||||||
Information Technology - 9.5% | |||||||||||
Adobe Systems, | 4.75 | 2/1/20 | 6,414,000 | 6,924,208 | |||||||
Amazon.com, | 2.60 | 12/5/19 | 6,345,000 | 6,483,200 | |||||||
Apple, | 2.25 | 2/23/21 | 5,915,000 | 5,939,027 | |||||||
Automatic Data Processing, | 2.25 | 9/15/20 | 4,135,000 | 4,174,795 | |||||||
Cisco Systems, | 2.13 | 3/1/19 | 7,265,000 | 7,348,322 | |||||||
Diamond 1 Finance, | 6.02 | 6/15/26 | 4,850,000 | a | 5,357,339 | ||||||
EMC, | 1.88 | 6/1/18 | 5,710,000 | 5,687,748 | |||||||
Fiserv, | 3.85 | 6/1/25 | 6,035,000 | 6,238,591 | |||||||
Flex, | 4.75 | 6/15/25 | 4,265,000 | 4,511,747 | |||||||
Intel, | 2.45 | 7/29/20 | 7,930,000 | 8,073,969 | |||||||
Microsoft, | 3.13 | 11/3/25 | 6,550,000 | 6,636,021 | |||||||
Oracle, | 2.50 | 5/15/22 | 7,000,000 | 7,006,741 | |||||||
Seagate HDD Cayman, | 4.75 | 1/1/25 | 2,710,000 | 2,623,551 | |||||||
Thomson Reuters, | 1.65 | 9/29/17 | 4,305,000 | 4,312,344 | |||||||
81,317,603 | |||||||||||
Materials - .5% | |||||||||||
Dow Chemical, | 4.25 | 11/15/20 | 4,053,000 | 4,316,903 | |||||||
Municipal Bonds - 4.3% | |||||||||||
California Earthquake Authority, | 2.81 | 7/1/19 | 4,800,000 | 4,857,216 | |||||||
Chicago, | 7.05 | 1/1/29 | 4,000,000 | 4,119,600 | |||||||
Florida Hurricane Catastrophe Fund Finance Corporation, | 3.00 | 7/1/20 | 7,100,000 | 7,315,556 | |||||||
Massachusetts, | 4.20 | 12/1/21 | 6,495,000 | 6,964,004 | |||||||
South Carolina Public Service Authority, | 2.39 | 12/1/23 | 3,380,000 | 3,226,210 | |||||||
Texas Public Finance Authority, | 8.25 | 7/1/24 | 4,305,000 | 4,590,895 | |||||||
University of California Regents, | 1.80 | 7/1/19 | 5,675,000 | 5,705,645 | |||||||
36,779,126 | |||||||||||
Real Estate - 1.4% | |||||||||||
Boston Properties, | 3.70 | 11/15/18 | 3,473,000 | 3,573,727 | |||||||
Kimco Realty, | 3.40 | 11/1/22 | 3,290,000 | 3,340,794 | |||||||
UDR, | 2.95 | 9/1/26 | 3,620,000 | 3,408,310 | |||||||
Weingarten Realty Investors, | 3.25 | 8/15/26 | 2,135,000 | 2,049,888 | |||||||
12,372,719 |
17
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Intermediate Bond Fund (continued) | |||||||||||
Bonds and Notes - 99.0% (continued) | Coupon | Maturity | Principal | Value ($) | |||||||
Telecommunications - 2.8% | |||||||||||
AT&T, | 4.45 | 5/15/21 | 6,960,000 | 7,383,551 | |||||||
Telefonica Emisiones, | 4.57 | 4/27/23 | 4,460,000 | 4,733,135 | |||||||
Verizon Communications, | 5.15 | 9/15/23 | 10,515,000 | 11,586,868 | |||||||
23,703,554 | |||||||||||
U.S. Government Agencies - 1.0% | |||||||||||
Federal Home Loan Bank, | 5.38 | 5/15/19 | 4,795,000 | 5,211,321 | |||||||
Federal National Mortgage Association, | 2.00 | 4/30/20 | 3,610,000 | d | 3,650,306 | ||||||
8,861,627 | |||||||||||
U.S. Government Agencies/Mortgage-Backed - .4% | |||||||||||
Government National Mortgage Association, | 2.30 | 1/16/49 | 3,741,204 | 3,621,037 | |||||||
U.S. Government Securities - 38.4% | |||||||||||
U.S. Treasury Inflation Protected Securities, | 0.13 | 4/15/18 | 14,726,322 | e | 14,943,226 | ||||||
U.S. Treasury Inflation Protected Securities, | 0.13 | 4/15/20 | 4,144,419 | b,e | 4,222,085 | ||||||
U.S. Treasury Inflation Protected Securities, | 0.63 | 7/15/21 | 11,665,259 | e | 12,155,340 | ||||||
U.S. Treasury Inflation Protected Securities, | 0.38 | 1/15/27 | 8,695,302 | b,e | 8,725,136 | ||||||
U.S. Treasury Notes | 0.63 | 5/31/17 | 16,750,000 | 16,755,126 | |||||||
U.S. Treasury Notes | 1.88 | 8/31/17 | 20,610,000 | 20,725,931 | |||||||
U.S. Treasury Notes | 0.63 | 9/30/17 | 32,515,000 | 32,489,606 | |||||||
U.S. Treasury Notes | 0.75 | 10/31/17 | 41,775,000 | b | 41,765,225 | ||||||
U.S. Treasury Notes | 2.63 | 1/31/18 | 39,010,000 | b | 39,597,452 | ||||||
U.S. Treasury Notes | 1.00 | 5/31/18 | 15,000,000 | 14,998,245 | |||||||
U.S. Treasury Notes | 1.13 | 1/31/19 | 20,900,000 | b | 20,862,861 | ||||||
U.S. Treasury Notes | 0.88 | 5/15/19 | 23,000,000 | 22,792,011 | |||||||
U.S. Treasury Notes | 0.75 | 8/15/19 | 18,000,000 | 17,739,486 | |||||||
U.S. Treasury Notes | 2.00 | 11/30/20 | 5,955,000 | 6,019,665 | |||||||
U.S. Treasury Notes | 1.13 | 2/28/21 | 8,610,000 | 8,398,280 | |||||||
U.S. Treasury Notes | 1.13 | 6/30/21 | 5,000,000 | 4,854,005 | |||||||
U.S. Treasury Notes | 1.88 | 1/31/22 | 10,250,000 | b | 10,236,788 | ||||||
U.S. Treasury Notes | 1.75 | 9/30/22 | 8,000,000 | 7,884,688 | |||||||
U.S. Treasury Notes | 1.38 | 8/31/23 | 4,000,000 | 3,812,972 | |||||||
U.S. Treasury Notes | 2.25 | 11/15/24 | 11,325,000 | 11,309,519 | |||||||
U.S. Treasury Notes | 1.63 | 5/15/26 | 9,500,000 | 8,917,565 | |||||||
329,205,212 | |||||||||||
Utilities - .6% | |||||||||||
Southern, | 1.55 | 7/1/18 | 4,990,000 | 4,976,317 | |||||||
Total Bonds and Notes | 847,414,648 | ||||||||||
Other Investment - .6% | Shares | Value ($) | |||||||||
Registered Investment Company; | |||||||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 0.51 | 5,350,283 | f | 5,350,283 |
18
BNY Mellon Intermediate Bond Fund (continued) | ||||||||||
Investment of Cash Collateral for Securities Loaned - .2% | Shares | Value ($) | ||||||||
Registered Investment Company; | ||||||||||
Dreyfus Institutional Preferred Money Market Fund, Hamilton Shares | 1,970,640 | f | 1,970,640 | |||||||
Total Investments (cost $847,936,132) | 99.8% | 854,735,571 | ||||||||
Cash and Receivables (Net) | 0.2% | 1,840,513 | ||||||||
Net Assets | 100.0% | 856,576,084 |
GO—General Obligation
a Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 28, 2017, these securities were valued at $17,682,314 or 2.06% of net assets.
b Security, or portion thereof, on loan. At February 28, 2017, the value of the fund’s securities on loan was $96,243,063 and the value of the collateral held by the fund was $98,485,928, consisting of cash collateral of $1,970,640 and U.S. Government & Agency securities valued at $96,515,288.
c Variable rate security—rate shown is the interest rate in effect at period end.
d The Federal Housing Finance Agency (“FHFA”) placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies.
e Principal amount for accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
f Investment in affiliated money market mutual fund.
Portfolio Summary (Unaudited) † | Value (%) |
Corporate Bonds | 53.3 |
U.S. Government Securities | 38.4 |
Municipal Bonds | 4.3 |
Foreign/Governmental | 1.6 |
U.S. Government Agencies/Mortgage-Backed | 1.4 |
Money Market Investments | .8 |
Asset-Backed | .0 |
99.8 |
† Based on net assets.
See notes to financial statements.
19
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Corporate Bond Fund | |||||||||||
Bonds and Notes - 98.6% | Coupon | Maturity | Principal | Value ($) | |||||||
Consumer Discretionary - 13.0% | |||||||||||
21st Century Fox America, | 3.00 | 9/15/22 | 4,250,000 | 4,251,645 | |||||||
Borgwarner, | 4.63 | 9/15/20 | 3,000,000 | 3,213,564 | |||||||
Brinker International, | 3.88 | 5/15/23 | 4,000,000 | 3,798,000 | |||||||
D.R. Horton, | 4.00 | 2/15/20 | 6,000,000 | 6,255,000 | |||||||
Daimler Finance North America, | 2.25 | 7/31/19 | 4,000,000 | a,b | 4,004,112 | ||||||
Ford Motor Credit, | 4.39 | 1/8/26 | 3,000,000 | 3,092,229 | |||||||
General Motors Financial, | 3.45 | 1/14/22 | 2,100,000 | 2,131,704 | |||||||
General Motors Financial, | 3.70 | 5/9/23 | 2,500,000 | 2,525,918 | |||||||
General Motors Financial, | 4.00 | 1/15/25 | 2,000,000 | 2,018,316 | |||||||
Grupo Televisa, | 6.00 | 5/15/18 | 5,000,000 | 5,242,998 | |||||||
Grupo Televisa, | 4.63 | 1/30/26 | 1,000,000 | 1,027,991 | |||||||
Harley-Davidson Financial Services, | 2.15 | 2/26/20 | 5,000,000 | a | 4,975,050 | ||||||
Hasbro, | 3.15 | 5/15/21 | 6,000,000 | 6,099,690 | |||||||
Kohl's, | 4.25 | 7/17/25 | 2,000,000 | b | 1,940,626 | ||||||
Macy's Retail Holdings, | 3.63 | 6/1/24 | 3,000,000 | b | 2,900,670 | ||||||
Marriott International, | 2.88 | 3/1/21 | 3,000,000 | 3,033,717 | |||||||
NBCUniversal Media, | 4.38 | 4/1/21 | 5,000,000 | 5,396,605 | |||||||
Newell Brands, | 4.20 | 4/1/26 | 5,000,000 | 5,265,455 | |||||||
NVR, | 3.95 | 9/15/22 | 6,750,000 | 6,989,571 | |||||||
Scripps Networks Interactive, | 2.80 | 6/15/20 | 5,500,000 | 5,551,463 | |||||||
Sky, | 2.63 | 9/16/19 | 4,000,000 | a | 4,022,964 | ||||||
Thomson Reuters, | 4.70 | 10/15/19 | 5,000,000 | 5,302,345 | |||||||
Time Warner, | 4.00 | 1/15/22 | 2,000,000 | 2,088,592 | |||||||
Time Warner, | 3.80 | 2/15/27 | 2,500,000 | 2,479,255 | |||||||
Volkswagen Group of America Finance, | 2.13 | 5/23/19 | 5,000,000 | a | 4,987,985 | ||||||
Wyndham Worldwide, | 5.10 | 10/1/25 | 3,000,000 | 3,193,581 | |||||||
101,789,046 | |||||||||||
Consumer Staples - 3.5% | |||||||||||
Anheuser-Busch InBev Finance, | 3.65 | 2/1/26 | 5,000,000 | 5,082,350 | |||||||
Becle, | 3.75 | 5/13/25 | 6,000,000 | a | 5,854,598 | ||||||
Flowers Foods, | 4.38 | 4/1/22 | 5,500,000 | b | 5,818,439 | ||||||
Flowers Foods, | 3.50 | 10/1/26 | 2,000,000 | 1,944,396 | |||||||
Grupo Bimbo, | 3.88 | 6/27/24 | 3,000,000 | a | 3,017,557 | ||||||
Kraft Heinz Foods, | 4.88 | 2/15/25 | 3,599,000 | a | 3,849,246 | ||||||
Whole Foods Market, | 5.20 | 12/3/25 | 2,000,000 | 2,130,818 | |||||||
27,697,404 |
20
BNY Mellon Corporate Bond Fund (continued) | |||||||||||
Bonds and Notes - 98.6% (continued) | Coupon | Maturity | Principal | Value ($) | |||||||
Energy - 8.6% | |||||||||||
Anadarko Petroleum, | 5.55 | 3/15/26 | 2,750,000 | b | 3,093,502 | ||||||
Antero Resources, | 5.13 | 12/1/22 | 3,000,000 | b | 3,030,000 | ||||||
Boardwalk Pipelines, | 4.95 | 12/15/24 | 4,000,000 | 4,222,228 | |||||||
ConocoPhillips, | 4.95 | 3/15/26 | 2,500,000 | 2,774,100 | |||||||
Continental Resources, | 5.00 | 9/15/22 | 3,750,000 | 3,834,375 | |||||||
Enbridge, | 4.25 | 12/1/26 | 4,000,000 | 4,140,204 | |||||||
EQT Midstream Partners, | 4.13 | 12/1/26 | 3,000,000 | 2,998,521 | |||||||
Marathon Oil, | 2.80 | 11/1/22 | 5,000,000 | 4,857,795 | |||||||
Newfield Exploration, | 5.63 | 7/1/24 | 1,355,000 | 1,456,625 | |||||||
Newfield Exploration, | 5.38 | 1/1/26 | 2,000,000 | 2,095,000 | |||||||
Noble Energy, | 3.90 | 11/15/24 | 3,000,000 | 3,071,709 | |||||||
Petrobras Global Finance, | 5.38 | 1/27/21 | 7,500,000 | 7,603,125 | |||||||
Pioneer Natural Resources, | 3.95 | 7/15/22 | 5,855,000 | 6,118,288 | |||||||
Regency Energy Partners, | 5.88 | 3/1/22 | 2,500,000 | 2,773,497 | |||||||
Sabine Lass Liquefaction, | 4.20 | 3/15/28 | 5,000,000 | a | 4,995,150 | ||||||
Sunoco Logistics Partners Operations, | 3.45 | 1/15/23 | 3,100,000 | 3,093,022 | |||||||
Sunoco Logistics Partners Operations, | 4.25 | 4/1/24 | 2,250,000 | 2,298,796 | |||||||
Tesoro, | 4.75 | 12/15/23 | 4,000,000 | a | 4,155,000 | ||||||
Valero Energy Partners, | 4.38 | 12/15/26 | 1,000,000 | 1,027,128 | |||||||
67,638,065 | |||||||||||
Financials - 24.2% | |||||||||||
Apollo Management Holdings, | 4.00 | 5/30/24 | 7,000,000 | a | 7,067,445 | ||||||
Assured Guaranty U.S. Holdings, | 5.00 | 7/1/24 | 7,000,000 | b | 7,655,445 | ||||||
BAC Capital Trust XIV, | 4.00 | 9/29/49 | 3,000,000 | c | 2,332,050 | ||||||
Bank of America, | 4.20 | 8/26/24 | 5,000,000 | 5,168,200 | |||||||
Barclays, | 5.20 | 5/12/26 | 7,000,000 | 7,274,512 | |||||||
BBVA Bancomer, | 4.38 | 4/10/24 | 5,000,000 | a | 5,122,500 | ||||||
Blackstone Holdings Finance, | 6.63 | 8/15/19 | 2,000,000 | a | 2,210,890 | ||||||
Blackstone Holdings Finance, | 4.75 | 2/15/23 | 3,000,000 | a | 3,237,258 | ||||||
Carlyle Holdings Finance, | 3.88 | 2/1/23 | 5,921,000 | a | 6,004,439 | ||||||
Citigroup, | 5.95 | 12/31/49 | 5,000,000 | b,c | 5,234,300 | ||||||
Citigroup, | 4.40 | 6/10/25 | 4,000,000 | 4,115,464 | |||||||
Citizens Financial Group, | 3.75 | 7/1/24 | 6,000,000 | 5,905,128 | |||||||
Cooperatieve Rabobank, | 4.38 | 8/4/25 | 5,000,000 | 5,109,330 | |||||||
Credit Suisse Group Funding, | 3.80 | 9/15/22 | 7,000,000 | 7,082,796 | |||||||
Deutsche Bank, | 4.50 | 4/1/25 | 9,000,000 | b | 8,633,304 |
21
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Corporate Bond Fund (continued) | |||||||||||
Bonds and Notes - 98.6% (continued) | Coupon | Maturity | Principal | Value ($) | |||||||
Financials - 24.2% (continued) | |||||||||||
Five Corners Funding Trust, | 4.42 | 11/15/23 | 6,000,000 | a | 6,389,400 | ||||||
Goldman Sachs Group, | 6.15 | 4/1/18 | 3,000,000 | 3,143,025 | |||||||
Goldman Sachs Group, | 4.25 | 10/21/25 | 4,000,000 | 4,107,992 | |||||||
HSBC Finance, | 6.68 | 1/15/21 | 7,000,000 | 7,935,130 | |||||||
International Lease Finance, | 5.88 | 8/15/22 | 8,000,000 | 9,036,160 | |||||||
JPMorgan Chase & Co., | 3.38 | 5/1/23 | 3,000,000 | 3,018,711 | |||||||
Legg Mason, | 4.75 | 3/15/26 | 3,750,000 | 3,961,331 | |||||||
Lloyds Banking Group, | 4.65 | 3/24/26 | 7,000,000 | 7,177,478 | |||||||
Moody's, | 2.75 | 7/15/19 | 2,000,000 | 2,028,502 | |||||||
Moody's, | 4.50 | 9/1/22 | 5,000,000 | 5,368,600 | |||||||
Morgan Stanley, | 4.88 | 11/1/22 | 7,000,000 | 7,553,602 | |||||||
Nasdaq, | 3.85 | 6/30/26 | 2,000,000 | 2,017,878 | |||||||
Royal Bank of Canada, | 4.65 | 1/27/26 | 6,000,000 | 6,400,662 | |||||||
Royal Bank of Scotland Group, | 8.63 | 12/29/49 | 3,000,000 | c | 3,177,000 | ||||||
Royal Bank of Scotland Group, | 6.13 | 12/15/22 | 5,000,000 | 5,321,905 | |||||||
Santander UK Group Holdings, | 2.88 | 8/5/21 | 6,000,000 | 5,944,512 | |||||||
Societe Generale, | 4.75 | 11/24/25 | 7,250,000 | a | 7,263,847 | ||||||
Stifel Financial, | 4.25 | 7/18/24 | 7,000,000 | 7,094,661 | |||||||
TIAA Asset Management Finance, | 2.95 | 11/1/19 | 5,000,000 | a | 5,097,575 | ||||||
Toronto-Dominion Bank, | 3.63 | 9/15/31 | 1,000,000 | c | 986,755 | ||||||
Westpac Banking, | 4.32 | 11/23/31 | 4,250,000 | c | 4,298,828 | ||||||
189,476,615 | |||||||||||
Foreign/Governmental - 2.2% | |||||||||||
Bermudian Government, | 5.60 | 7/20/20 | 6,102,000 | a | 6,687,304 | ||||||
Petroleos Mexicanos, | 5.50 | 1/21/21 | 3,000,000 | 3,174,000 | |||||||
Petroleos Mexicanos, | 4.63 | 9/21/23 | 5,000,000 | 5,012,500 | |||||||
Saudi Arabian Government, | 2.38 | 10/26/21 | 2,700,000 | a | 2,669,625 | ||||||
17,543,429 | |||||||||||
Health Care - 4.9% | |||||||||||
AbbVie, | 3.60 | 5/14/25 | 5,000,000 | 4,987,270 | |||||||
Aetna, | 2.20 | 3/15/19 | 4,000,000 | 4,033,108 | |||||||
Amgen, | 3.88 | 11/15/21 | 3,500,000 | 3,696,007 | |||||||
Dignity Health, | 3.13 | 11/1/22 | 5,000,000 | 4,923,285 | |||||||
Express Scripts Holdings, | 3.00 | 7/15/23 | 3,000,000 | 2,917,188 | |||||||
Mylan, | 3.15 | 6/15/21 | 6,000,000 | 6,007,908 | |||||||
Teva Pharmaceutical Finance IV, | 2.25 | 3/18/20 | 4,000,000 | 3,959,600 | |||||||
Teva Pharmaceutical Finance Netherlands III, | 3.15 | 10/1/26 | 5,000,000 | b | 4,637,115 |
22
BNY Mellon Corporate Bond Fund (continued) | |||||||||||
Bonds and Notes - 98.6% (continued) | Coupon | Maturity | Principal | Value ($) | |||||||
Health Care - 4.9% (continued) | |||||||||||
Unitedhealth Group, | 3.35 | 7/15/22 | 3,000,000 | 3,117,633 | |||||||
38,279,114 | |||||||||||
Industrials - 5.2% | |||||||||||
Air Canada 2015-1A PTT, | 3.60 | 9/15/28 | 2,880,731 | a | 2,855,524 | ||||||
American Airlines 2015-1A PTT, | 3.38 | 11/1/28 | 4,181,521 | 4,124,025 | |||||||
GATX, | 4.75 | 6/15/22 | 3,000,000 | 3,243,900 | |||||||
GATX, | 3.25 | 3/30/25 | 2,000,000 | 1,942,762 | |||||||
General Electric, | 5.00 | 12/31/49 | 6,838,000 | c | 7,214,090 | ||||||
Pentair Finance, | 2.65 | 12/1/19 | 4,500,000 | 4,516,213 | |||||||
Stanley Black & Decker, | 1.62 | 11/17/18 | 3,000,000 | 2,994,102 | |||||||
Tech Data, | 4.95 | 2/15/27 | 5,000,000 | 5,060,215 | |||||||
United Airlines 2016-2 A PTT, | 3.10 | 4/7/30 | 5,000,000 | 4,831,250 | |||||||
Waste Management, | 4.75 | 6/30/20 | 3,853,000 | 4,164,827 | |||||||
40,946,908 | |||||||||||
Information Technology - 13.6% | |||||||||||
Adobe Systems, | 4.75 | 2/1/20 | 4,000,000 | 4,318,184 | |||||||
Arrow Electronics, | 5.13 | 3/1/21 | 3,000,000 | 3,187,029 | |||||||
Arrow Electronics, | 3.50 | 4/1/22 | 3,000,000 | 3,010,644 | |||||||
Arrow Electronics, | 4.00 | 4/1/25 | 2,000,000 | 2,016,192 | |||||||
Avnet, | 4.88 | 12/1/22 | 3,000,000 | 3,172,692 | |||||||
Black Knight InfoServ, | 5.75 | 4/15/23 | 1,556,000 | 1,633,800 | |||||||
Broadridge Financial Solutions, | 3.95 | 9/1/20 | 4,850,000 | 5,098,635 | |||||||
CA, | 2.88 | 8/15/18 | 3,750,000 | 3,804,465 | |||||||
CA, | 3.60 | 8/1/20 | 5,000,000 | 5,173,365 | |||||||
Cadence Design Systems, | 4.38 | 10/15/24 | 5,250,000 | 5,295,229 | |||||||
Diamond 1 Finance, | 7.13 | 6/15/24 | 1,000,000 | a,b | 1,105,469 | ||||||
Diamond 1 Finance, | 6.02 | 6/15/26 | 2,250,000 | a | 2,485,364 | ||||||
Diamond 1 Finance, | 8.10 | 7/15/36 | 3,000,000 | a | 3,782,715 | ||||||
eBay, | 2.60 | 7/15/22 | 2,000,000 | 1,956,802 | |||||||
eBay , | 3.80 | 3/9/22 | 2,500,000 | 2,588,573 | |||||||
Electronic Arts, | 4.80 | 3/1/26 | 4,426,000 | 4,775,632 | |||||||
Fidelity National Information Services, | 5.00 | 3/15/22 | 4,000,000 | 4,104,704 | |||||||
Fidelity National Information Services, | 3.50 | 4/15/23 | 2,000,000 | 2,032,998 | |||||||
Fiserv, | 3.50 | 10/1/22 | 7,000,000 | 7,164,633 | |||||||
Flex , | 4.75 | 6/15/25 | 7,000,000 | 7,404,978 | |||||||
Jabil Circuit, | 5.63 | 12/15/20 | 4,737,000 | 5,139,645 | |||||||
Lam Research, | 3.80 | 3/15/25 | 8,000,000 | 8,095,888 |
23
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Corporate Bond Fund (continued) | |||||||||||
Bonds and Notes - 98.6% (continued) | Coupon | Maturity | Principal | Value ($) | |||||||
Information Technology - 13.6% (continued) | |||||||||||
Maxim Integrated Products, | 2.50 | 11/15/18 | 5,000,000 | 5,049,990 | |||||||
Seagate HDD Cayman, | 4.88 | 6/1/27 | 6,000,000 | 5,619,078 | |||||||
Total System Services, | 4.80 | 4/1/26 | 7,500,000 | 8,096,280 | |||||||
106,112,984 | |||||||||||
Materials - 4.1% | |||||||||||
Allegheny Technologies, | 7.88 | 8/15/23 | 7,000,000 | c | 7,262,500 | ||||||
CRH America, | 3.88 | 5/18/25 | 3,000,000 | a | 3,090,759 | ||||||
Dow Chemical, | 4.13 | 11/15/21 | 5,500,000 | 5,857,093 | |||||||
Georgia-Pacific, | 3.16 | 11/15/21 | 6,000,000 | a | 6,111,840 | ||||||
Glencore Funding, | 4.63 | 4/29/24 | 3,000,000 | a | 3,166,965 | ||||||
International Paper, | 3.00 | 2/15/27 | 5,000,000 | 4,741,860 | |||||||
Valmont Industries, | 6.63 | 4/20/20 | 1,667,000 | 1,852,105 | |||||||
32,083,122 | |||||||||||
Municipal Bonds - 7.0% | |||||||||||
Alabama Economic Settlement Authority, | 3.16 | 9/15/25 | 5,000,000 | 5,062,750 | |||||||
Chicago, | 7.05 | 1/1/29 | 4,000,000 | 4,119,600 | |||||||
Illinois, | 5.88 | 3/1/19 | 2,000,000 | 2,115,080 | |||||||
Illinois, | 6.20 | 7/1/21 | 1,100,000 | 1,156,639 | |||||||
Las Vegas Valley Water District, | 7.10 | 6/1/39 | 5,000,000 | 5,490,550 | |||||||
Massachusetts Development Finance Agency, | 2.96 | 1/1/19 | 4,000,000 | 3,998,640 | |||||||
New Jersey Transportation Trust Fund Authority, | 1.76 | 12/15/18 | 5,000,000 | 4,914,200 | |||||||
North Texas Tollway Authority, | 8.91 | 2/1/30 | 5,000,000 | 5,828,600 | |||||||
Texas Public Finance Authority, | 8.25 | 7/1/24 | 7,500,000 | 7,998,075 | |||||||
The Medical Center Hospital Authority, | 4.88 | 8/1/22 | 5,000,000 | 5,019,900 | |||||||
Wayne County, | 4.25 | 12/1/18 | 3,105,000 | 3,120,773 | |||||||
West Contra Costa Unified School District, | 8.46 | 8/1/34 | 5,000,000 | 5,717,950 | |||||||
54,542,757 | |||||||||||
Real Estate - 7.3% | |||||||||||
Alexandria Real Estate Equities, | 4.30 | 1/15/26 | 2,000,000 | 2,081,990 | |||||||
Alexandria Real Estate Equities, | 3.95 | 1/15/27 | 3,327,000 | 3,359,861 | |||||||
Brixmor Operating Partnership, | 3.88 | 8/15/22 | 3,970,000 | 4,076,535 | |||||||
CBRE Services, | 4.88 | 3/1/26 | 6,000,000 | 6,196,758 | |||||||
CubeSmart, | 4.80 | 7/15/22 | 6,000,000 | 6,451,734 | |||||||
Duke Realty, | 3.25 | 6/30/26 | 1,000,000 | 977,453 | |||||||
EPR Properties, | 4.75 | 12/15/26 | 2,500,000 | 2,525,150 | |||||||
Essex Portfolio, | 3.25 | 5/1/23 | 2,500,000 | 2,499,773 | |||||||
First Industrial, | 7.50 | 12/1/17 | 2,500,000 | 2,608,092 | |||||||
Kilroy Realty, | 4.38 | 10/1/25 | 5,000,000 | 5,244,985 |
24
BNY Mellon Corporate Bond Fund (continued) | |||||||||||
Bonds and Notes - 98.6% (continued) | Coupon | Maturity | Principal | Value ($) | |||||||
Real Estate - 7.3% (continued) | |||||||||||
Kimco Realty, | 3.40 | 11/1/22 | 2,240,000 | 2,274,583 | |||||||
Liberty Property, | 3.25 | 10/1/26 | 4,000,000 | 3,869,600 | |||||||
Prologis, | 2.75 | 2/15/19 | 3,000,000 | 3,045,207 | |||||||
Retail Opportunity Investments Partnership, | 5.00 | 12/15/23 | 3,750,000 | 3,852,450 | |||||||
Retail Opportunity Investments Partnership, | 4.00 | 12/15/24 | 3,000,000 | 2,886,423 | |||||||
WEA Finance, | 1.75 | 9/15/17 | 2,000,000 | a | 2,002,246 | ||||||
Weingarten Realty Investors, | 3.50 | 4/15/23 | 3,000,000 | 3,020,202 | |||||||
56,973,042 | |||||||||||
Telecommunications - 2.8% | |||||||||||
AT&T, | 3.60 | 2/17/23 | 7,000,000 | 7,072,779 | |||||||
Telefonica Emisiones, | 4.57 | 4/27/23 | 6,500,000 | 6,898,066 | |||||||
Verizon Communications, | 5.15 | 9/15/23 | 7,000,000 | 7,713,559 | |||||||
21,684,404 | |||||||||||
Utilities - 2.2% | |||||||||||
Black Hills, | 4.25 | 11/30/23 | 5,000,000 | 5,282,285 | |||||||
Entergy, | 2.95 | 9/1/26 | 2,000,000 | 1,910,718 | |||||||
Exelon, | 2.45 | 4/15/21 | 3,000,000 | 2,969,502 | |||||||
NextEra Energy Capital Holdings, | 2.70 | 9/15/19 | 3,000,000 | 3,048,117 | |||||||
PPL Capital Funding, | 1.90 | 6/1/18 | 2,000,000 | 2,000,634 | |||||||
PPL Capital Funding, | 3.95 | 3/15/24 | 2,000,000 | 2,089,818 | |||||||
17,301,074 | |||||||||||
Total Bonds and Notes | 772,067,964 | ||||||||||
Other Investment - .8% | Shares | Value ($) | |||||||||
Registered Investment Company; | |||||||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 6,527,248 | d | 6,527,248 | ||||||||
Investment of Cash Collateral for Securities Loaned - 4.5% | |||||||||||
Registered Investment Company; | |||||||||||
Dreyfus Institutional Preferred Money Market Fund, Hamilton Shares | 35,300,303 | d | 35,300,303 | ||||||||
Total Investments (cost $795,585,649) | 103.9% | 813,895,515 | |||||||||
Liabilities, Less Cash and Receivables | (3.9%) | (30,574,303) | |||||||||
Net Assets | 100.0% | 783,321,212 |
GO—General Obligation
a Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 28, 2017, these securities were valued at $116,212,827 or 14.84% of net assets.
b Security, or portion thereof, on loan. At February 28, 2017, the value of the fund’s securities on loan was $37,080,248 and the value of the collateral held by the fund was $38,447,443, consisting of cash collateral of $35,300,303 and U.S. Government & Agency securities valued at $3,147,140.
c Variable rate security—rate shown is the interest rate in effect at period end.
d Investment in affiliated money market mutual fund.
25
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Portfolio Summary (Unaudited) † | Value (%) |
Corporate Bonds | 89.4 |
Municipal Bonds | 7.0 |
Money Market Investments | 5.3 |
Foreign/Governmental | 2.2 |
103.9 |
† Based on net assets.
See notes to financial statements.
26
BNY Mellon Short-Term U.S. Government Securities Fund | |||||||||||
Bonds and Notes - 96.8% | Coupon | Maturity | Principal | Value ($) | |||||||
Municipal Bonds - 3.9% | |||||||||||
California Earthquake Authority, | 2.81 | 7/1/19 | 1,275,000 | 1,290,198 | |||||||
Florida Hurricane Catastrophe Fund Finance Corporation, | 2.11 | 7/1/18 | 2,850,000 | 2,882,005 | |||||||
Kansas Development Finance Authority, | 1.88 | 4/15/18 | 1,000,000 | 1,003,110 | |||||||
University of California Regents, | 1.28 | 7/1/17 | 3,000,000 | a | 3,000,300 | ||||||
8,175,613 | |||||||||||
U.S. Government Agencies - 29.9% | |||||||||||
Federal Farm Credit Bank, | 1.10 | 10/15/18 | 6,500,000 | 6,478,927 | |||||||
Federal Farm Credit Bank, | 1.23 | 1/25/19 | 7,660,000 | 7,620,359 | |||||||
Federal Farm Credit Bank, | 1.11 | 1/28/19 | 3,050,000 | 3,037,934 | |||||||
Federal Farm Credit Bank, | 1.25 | 3/4/19 | 2,775,000 | 2,761,305 | |||||||
Federal Farm Credit Bank, | 1.18 | 8/1/19 | 2,000,000 | 1,988,656 | |||||||
Federal Farm Credit Bank, | 1.16 | 9/26/19 | 1,000,000 | 990,597 | |||||||
Federal Farm Credit Bank, | 1.17 | 1/13/20 | 3,000,000 | 2,962,374 | |||||||
Federal Home Loan Bank, | 5.38 | 5/15/19 | 650,000 | 706,436 | |||||||
Federal Home Loan Mortgage Corp., | 1.30 | 5/24/19 | 2,000,000 | b | 1,993,594 | ||||||
Federal Home Loan Mortgage Corp., | 1.25 | 8/15/19 | 2,105,000 | b | 2,079,761 | ||||||
Federal Home Loan Mortgage Corp., | 1.30 | 9/20/19 | 4,000,000 | b | 3,972,780 | ||||||
Federal Home Loan Mortgage Corp., | 1.80 | 1/27/20 | 3,450,000 | b | 3,449,113 | ||||||
Federal Home Loan Mortgage Corp., | 1.05 | 2/26/18 | 3,000,000 | b | 2,999,466 | ||||||
Federal National Mortgage Association, | 1.25 | 2/26/19 | 1,810,000 | b | 1,798,975 | ||||||
Federal National Mortgage Association, | 1.27 | 2/26/19 | 1,710,000 | b | 1,705,482 | ||||||
Federal National Mortgage Association, | 1.38 | 6/21/19 | 6,000,000 | b | 5,986,260 | ||||||
Federal National Mortgage Association, | 1.15 | 7/26/19 | 1,815,000 | b | 1,804,284 | ||||||
Federal National Mortgage Association, | 1.25 | 7/26/19 | 2,180,000 | b | 2,170,218 | ||||||
Federal National Mortgage Association, | 1.20 | 8/16/19 | 1,800,000 | b | 1,781,537 | ||||||
Federal National Mortgage Association, | 1.54 | 7/6/21 | 2,965,000 | b | 2,868,483 | ||||||
Federal National Mortgage Association, | 1.00 | 4/30/18 | 3,310,000 | b | 3,309,364 | ||||||
Federal National Mortgage Association, | 1.15 | 8/23/19 | 1,000,000 | b | 987,860 | ||||||
63,453,765 | |||||||||||
U.S. Government Agencies/Mortgage-Backed - 32.3% | |||||||||||
Federal Home Loan Mortgage Corp.: | |||||||||||
REMIC, Ser. 3846, Cl. CK, 1.50%, 9/15/20 | 104,539 | b | 104,501 | ||||||||
REMIC, Ser. 4020, Cl. PC, 1.75%, 3/15/27 | 1,271,460 | b | 1,250,421 | ||||||||
2.00%, 5/1/23 | 961,703 | b | 965,430 | ||||||||
REMIC, Ser. 4016, Cl. AB, 2.00%, 10/15/21 | 5,387,968 | b | 5,407,654 | ||||||||
Multifamily Structured Pass Through Certificates, Ser. K709, Cl. A2, 2.09%, 3/25/19 | 2,000,000 | b | 2,014,543 | ||||||||
2.50%, 8/1/25 | 1,429,200 | b | 1,455,976 | ||||||||
3.50%, 10/1/26-5/1/27 | 3,118,504 | b | 3,197,038 | ||||||||
REMIC, Ser. 3986, Cl. P, 4.00%, 9/15/18 | 111,585 | b | 112,354 | ||||||||
4.50%, 9/1/26 | 335,372 | b | 344,529 |
27
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Short-Term U.S. Government Securities Fund (continued) | |||||||||||
Bonds and Notes - 96.8% (continued) | Coupon | Maturity | Principal | Value ($) | |||||||
U.S. Government Agencies/Mortgage-Backed - 32.3% (continued) | |||||||||||
Federal National Mortgage Association: | |||||||||||
REMIC, Ser. 2010-124, Cl. AG, 1.75%, 11/25/20 | 2,976,702 | b | 2,951,209 | ||||||||
2.00%, 12/1/22-2/1/27 | 17,274,549 | b | 17,321,413 | ||||||||
REMIC, Ser. 2010-13, Cl. KA, 2.00%, 12/25/18 | 286,038 | b | 286,699 | ||||||||
2.50%, 12/1/23-10/1/26 | 10,580,362 | b | 10,755,108 | ||||||||
REMIC, Ser. 2013-138, Cl. BE, 2.50%, 1/25/29 | 1,591,057 | b | 1,609,479 | ||||||||
REMIC, Ser. 2011-23, Cl. AB, 2.75%, 6/25/20 | 770,507 | b | 776,247 | ||||||||
REMIC, Ser. 2012-94, Cl. E, 3.00%, 6/25/22 | 1,039,270 | b | 1,057,898 | ||||||||
REMIC, Ser. 2009-41, Cl. LE, 4.00%, 3/25/24 | 310,812 | b | 311,573 | ||||||||
4.50%, 11/1/22 | 2,298,279 | b | 2,372,621 | ||||||||
REMIC, Ser. 2003-67, Cl. TJ, 4.75%, 7/25/18 | 164,994 | b | 168,371 | ||||||||
5.00%, 2/1/22 | 648,547 | b | 665,953 | ||||||||
Government National Mortgage Association I: | |||||||||||
Ser. 2013-101, Cl. A, 0.51%, 5/16/35 | 2,785,640 | 2,734,597 | |||||||||
Ser. 2013-73, Cl. A, 0.98%, 12/16/35 | 4,011,301 | 3,954,056 | |||||||||
Ser. 2012-55, Cl. A, 1.70%, 8/16/33 | 2,699,874 | 2,696,030 | |||||||||
Ser. 2013-105, Cl. A, 1.71%, 2/16/37 | 3,472,833 | 3,414,804 | |||||||||
Ser. 2011-20, Cl. A, 1.88%, 4/16/32 | 994,971 | 993,700 | |||||||||
Ser. 2011-49, Cl. A, 2.45%, 7/16/38 | 1,561,600 | 1,566,945 | |||||||||
68,489,149 | |||||||||||
U.S. Government Securities - 30.7% | |||||||||||
U.S. Treasury Notes | 1.00 | 5/15/18 | 4,500,000 | 4,500,175 | |||||||
U.S. Treasury Notes | 0.63 | 6/30/18 | 5,000,000 | c | 4,972,070 | ||||||
U.S. Treasury Notes | 1.38 | 7/31/18 | 7,500,000 | 7,533,255 | |||||||
U.S. Treasury Notes | 1.00 | 8/15/18 | 7,500,000 | 7,492,237 | |||||||
U.S. Treasury Notes | 0.75 | 10/31/18 | 5,000,000 | 4,966,795 | |||||||
U.S. Treasury Notes | 1.00 | 11/30/18 | 4,000,000 | c | 3,988,752 | ||||||
U.S. Treasury Notes | 1.13 | 1/15/19 | 5,000,000 | 4,992,190 | |||||||
U.S. Treasury Notes | 0.88 | 4/15/19 | 4,000,000 | 3,967,032 | |||||||
U.S. Treasury Notes | 0.88 | 6/15/19 | 7,750,000 | 7,672,500 | |||||||
U.S. Treasury Notes | 0.75 | 7/15/19 | 8,000,000 | c | 7,890,472 | ||||||
U.S. Treasury Notes | 0.88 | 9/15/19 | 1,250,000 | 1,234,180 | |||||||
U.S. Treasury Notes | 1.00 | 10/15/19 | 4,750,000 | 4,700,643 | |||||||
U.S. Treasury Notes | 1.00 | 11/15/19 | 1,250,000 | 1,235,791 | |||||||
65,146,092 | |||||||||||
Total Bonds and Notes | 205,264,619 | ||||||||||
Other Investment - 1.6% | Shares | Value ($) | |||||||||
Registered Investment Company; | |||||||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund | 3,334,930 | d | 3,334,930 | ||||||||
Total Investments (cost $210,048,734) | 98.4% | 208,599,549 | |||||||||
Cash and Receivables (Net) | 1.6% | 3,359,925 | |||||||||
Net Assets | 100.0% | 211,959,474 |
REMIC—Real Estate Mortgage Investment Conduit
a Variable rate security—rate shown is the interest rate in effect at period end. Date shown represents the earlier of the next interest reset date or ultimate maturity date.
b The Federal Housing Finance Agency (“FHFA”) placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies.
c Security, or portion thereof, on loan. At February 28, 2017, the value of the fund’s securities on loan was $9,368,711 and the value of the collateral held by the fund was $9,643,287, consisting of U.S. Government & Agency securities.
d Investment in affiliated money market mutual fund.
Portfolio Summary (Unaudited) † | Value (%) |
U.S. Government Agencies/Mortgage-Backed | 62.2 |
U.S. Government Securities | 30.7 |
Municipal Bonds | 3.9 |
Money Market Investment | 1.6 |
98.4 |
† Based on net assets.
See notes to financial statements.
28
STATEMENTS OF ASSETS AND LIABILITIES
February 28, 2017 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| BNY Mellon Bond Fund |
| BNY Mellon Intermediate Bond Fund |
| BNY Mellon Corporate Bond Fund |
| BNY Mellon Short-Term U.S. Government Securities Fund |
| |
Assets ($): |
|
|
|
|
|
|
|
|
|
|
| |
Investments in securities—See Statements |
|
|
|
|
|
|
|
|
|
|
| |
Unaffiliated issuers |
|
|
| 986,129,847 |
| 847,414,648 |
| 772,067,964 |
| 205,264,619 |
| |
Affiliated issuers |
|
|
| 28,223,203 |
| 7,320,923 |
| 41,827,551 |
| 3,334,930 |
| |
Cash |
|
|
| - |
| - |
| 691,482 |
| 2,324,941 |
| |
Receivable for investment securities sold |
|
|
| 17,468,202 |
| - |
| 1,010,868 |
| - | ||
Interest receivable |
|
|
| 6,534,390 |
| 5,172,129 |
| 8,204,525 |
| 424,076 |
| |
Receivable for shares of Beneficial |
|
|
| 257,487 |
| 224,244 |
| 415,952 |
| 2,236,107 |
| |
Dividends receivable |
|
|
| 3,411 |
| 2,844 |
| 1,843 |
| 565 |
| |
Securities lending receivable |
|
|
| 1,731 |
| 6,545 |
| 16,924 |
| 844 |
| |
Prepaid expenses |
|
|
| 24,372 |
| 26,825 |
| 33,929 |
| 18,869 |
| |
|
|
|
| 1,038,642,643 |
| 860,168,158 |
| 824,271,038 |
| 213,604,951 |
|
|
Liabilities ($): |
|
|
|
|
|
|
|
|
|
|
| |
Due to The Dreyfus Corporation |
|
|
| 367,660 |
| 317,385 |
| 287,596 |
| 77,318 |
| |
Due to Administrator—Note 3(a) |
|
|
| 94,628 |
| 82,549 |
| 74,929 |
| 21,263 |
| |
Cash overdraft due to Custodian |
|
|
| 1,232,113 |
| 507,306 |
| - |
| - |
| |
Liability for securities on loan—Note 1(b) |
|
|
| 17,918,128 |
| 1,970,640 |
| 35,300,303 |
| - | ||
Payable for investment securities purchased |
|
|
| 17,715,793 |
| - |
| 4,995,150 |
| 978,794 | ||
Payable for shares of Beneficial |
|
|
| 695,792 |
| 656,672 |
| 246,289 |
| 539,501 |
| |
Accrued expenses |
|
|
| 56,687 |
| 57,522 |
| 45,559 |
| 28,601 |
| |
|
|
|
| 38,080,801 |
| 3,592,074 |
| 40,949,826 |
| 1,645,477 |
|
|
Net Assets ($) |
|
|
| 1,000,561,842 |
| 856,576,084 |
| 783,321,212 |
| 211,959,474 |
|
|
Composition of Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
| |
Paid-in capital |
|
|
| 997,577,417 |
| 863,181,670 |
| 783,437,949 |
| 225,518,426 |
| |
Accumulated undistributed (distributions in |
|
|
| (1,794,291) |
| (1,463,862) |
| (1,310,247) |
| (328,394) |
| |
Accumulated net realized gain (loss) |
|
|
| (5,539,284) |
| (11,941,163) |
| (17,116,356) |
| (11,781,373) |
| |
Accumulated net unrealized appreciation |
|
|
| 10,318,000 |
| 6,799,439 |
| 18,309,866 |
| (1,449,185) |
| |
Net Assets ($) |
|
|
| 1,000,561,842 |
| 856,576,084 |
| 783,321,212 |
| 211,959,474 |
|
|
† Investments at cost ($) |
|
|
|
|
|
|
|
|
|
|
|
|
Unaffiliated issuers |
|
|
| 975,811,847 |
| 840,615,209 |
| 753,758,098 |
| 206,713,804 |
|
|
Affiliated issuers |
|
|
| 28,223,203 |
| 7,320,923 |
| 41,827,551 |
| 3,334,930 |
|
|
†† Value of securities on loan ($) |
|
|
| 21,842,796 |
| 96,243,063 |
| 37,080,248 |
| 9,368,711 |
|
|
Net Asset Value Per Share |
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
|
|
|
|
|
|
|
|
|
| |
Net Assets ($) |
|
|
| 992,108,747 |
| 850,351,162 |
| 781,219,737 |
| 210,136,531 |
| |
Shares Outstanding |
|
|
| 78,397,035 |
| 67,927,086 |
| 60,832,580 |
| 17,949,291 |
| |
Net Asset Value Per Share ($) |
|
|
| 12.65 |
| 12.52 |
| 12.84 |
| 11.71 |
| |
Investor Shares |
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| 8,453,095 |
| 6,224,922 |
| 2,101,475 |
| 1,822,943 |
| |
Shares Outstanding |
|
|
| 669,383 |
| 496,953 |
| 163,783 |
| 155,917 |
| |
Net Asset Value Per Share ($) |
|
|
| 12.63 |
| 12.53 |
| 12.83 |
| 11.69 |
| |
| ||||||||||||
See notes to financial statements. |
|
29
STATEMENTS OF OPERATIONS
Six Months Ended February 28, 2017 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BNY Mellon Bond Fund |
| BNY Mellon Intermediate Bond Fund |
| BNY Mellon Corporate Bond Fund |
| BNY Mellon Short-Term U.S. Government Securities Fund |
|
Investment Income ($): |
|
|
|
|
|
|
|
|
|
| ||
Income: |
|
|
|
|
|
|
|
|
|
| ||
Interest |
|
| 14,646,802 |
| 9,455,426 |
| 15,658,917 |
| 1,242,875 |
| ||
Dividends from affiliated issuers |
|
| 24,165 |
| 15,296 |
| 10,257 |
| 5,669 |
| ||
Income from securities lending—Note 1(b) |
|
| 12,927 |
| 38,264 |
| 106,270 |
| 14,803 |
| ||
Total Income |
|
| 14,683,894 |
| 9,508,986 |
| 15,775,444 |
| 1,263,347 |
| ||
Expenses: |
|
|
|
|
|
|
|
|
|
| ||
Investment advisory fee—Note 3(a) |
|
| 2,010,969 |
| 1,733,696 |
| 1,652,656 |
| 382,259 |
| ||
Administration fee—Note 3(a) |
|
| 627,035 |
| 540,595 |
| 515,312 |
| 136,227 |
| ||
Custodian fees—Note 3(b) |
|
| 40,568 |
| 34,093 |
| 29,691 |
| 8,651 |
| ||
Trustees’ fees and expenses—Note 3(c) |
|
| 32,991 |
| 41,058 |
| 29,700 |
| 7,229 |
| ||
Professional fees |
|
| 27,717 |
| 27,238 |
| 24,548 |
| 17,793 | |||
Registration fees |
|
| 18,940 |
| 17,180 |
| 22,908 |
| 17,790 |
| ||
Loan commitment fees—Note 2 |
|
| 13,432 |
| 13,602 |
| 15,777 |
| 4,082 |
| ||
Shareholder servicing costs—Note 3(b) |
|
| 11,407 |
| 9,080 |
| 1,892 |
| 2,501 |
| ||
Prospectus and shareholders’ reports |
|
| 3,535 |
| 6,733 |
| 2,271 |
| 5,786 | |||
Interest expense—Note 2 |
|
| - |
| - |
| 59 |
| - |
| ||
Miscellaneous |
|
| 27,810 |
| 24,215 |
| 31,306 |
| 14,228 |
| ||
Total Expenses |
|
| 2,814,404 |
| 2,447,490 |
| 2,326,120 |
| 596,546 |
| ||
Less—reduction in fees due to earnings credits—Note 3(b) |
|
| (99) |
| (81) |
| (21) |
| (22) |
| ||
Net Expenses |
|
| 2,814,305 |
| 2,447,409 |
| 2,326,099 |
| 596,524 |
| ||
Investment Income—Net |
|
| 11,869,589 |
| 7,061,577 |
| 13,449,345 |
| 666,823 |
| ||
Realized and Unrealized Gain (Loss) |
|
|
|
|
|
|
|
| ||||
Net realized gain (loss) on investments | (897,119) |
| 821,183 |
| 1,754,134 |
| (100,082) |
| ||||
Net unrealized appreciation (depreciation) on investments |
|
| (30,943,177) |
| (14,082,390) |
| (15,824,480) |
| (1,117,979) |
| ||
Net Realized and Unrealized Gain (Loss) on Investments |
|
| (31,840,296) |
| (13,261,207) |
| (14,070,346) |
| (1,218,061) |
| ||
Net (Decrease) in Net Assets Resulting from Operations |
| (19,970,707) |
| (6,199,630) |
| (621,001) |
| (551,238) |
| |||
See notes to financial statements. |
30
STATEMENTS OF CHANGES IN NET ASSETS
|
|
|
| BNY Mellon Bond Fund |
| BNY Mellon Intermediate Bond Fund |
| ||||||||
|
|
|
| Six Months Ended |
|
|
| Year Ended |
| Six Months Ended |
|
|
| Year Ended |
|
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 11,869,589 |
|
|
| 24,158,082 |
| 7,061,577 |
|
|
| 14,004,644 |
| |
Net realized gain (loss) on investments |
| (897,119) |
|
|
| 6,515,181 |
| 821,183 |
|
|
| 158,106 |
| ||
Net unrealized appreciation (depreciation) |
| (30,943,177) |
|
|
| 26,968,596 |
| (14,082,390) |
|
|
| 15,914,271 |
| ||
Net Increase (Decrease) in Net Assets | (19,970,707) |
|
|
| 57,641,859 |
| (6,199,630) |
|
|
| 30,077,021 |
| |||
Distributions to Shareholders from ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (14,052,481) |
|
|
| (28,195,330) |
| (8,701,101) |
|
|
| (17,610,181) |
| |
Investor Shares |
|
| (113,213) |
|
|
| (221,091) |
| (61,343) |
|
|
| (127,578) |
| |
Net realized gain on investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (2,338,221) |
|
|
| - |
| - |
|
|
| - |
| |
Investor Shares |
|
| (20,354) |
|
|
| - |
| - |
|
|
| - |
| |
Total Distributions |
|
| (16,524,269) |
|
|
| (28,416,421) |
| (8,762,444) |
|
|
| (17,737,759) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 86,324,330 |
|
|
| 135,302,949 |
| 89,536,985 |
|
|
| 121,361,604 |
| |
Investor Shares |
|
| 4,554,185 |
|
|
| 8,842,498 |
| 2,643,781 |
|
|
| 9,093,845 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 2,498,989 |
|
|
| 4,861,827 |
| 1,885,462 |
|
|
| 3,762,278 |
| |
Investor Shares |
|
| 102,710 |
|
|
| 195,680 |
| 58,492 |
|
|
| 120,111 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (91,239,405) |
|
|
| (148,837,129) |
| (95,662,378) |
|
|
| (145,270,631) |
| |
Investor Shares |
|
| (5,487,731) |
|
|
| (7,895,083) |
| (4,590,907) |
|
|
| (8,529,880) |
| |
Increase (Decrease) in Net Assets | (3,246,922) |
|
|
| (7,529,258) |
| (6,128,565) |
|
|
| (19,462,673) |
| |||
Total Increase (Decrease) in Net Assets | (39,741,898) |
|
|
| 21,696,180 |
| (21,090,639) |
|
|
| (7,123,411) |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 1,040,303,740 |
|
|
| 1,018,607,560 |
| 877,666,723 |
|
|
| 884,790,134 |
| |
End of Period |
|
| 1,000,561,842 |
|
|
| 1,040,303,740 |
| 856,576,084 |
|
|
| 877,666,723 |
| |
Undistributed (distributions in excess of) | (1,794,291) |
|
|
| 501,814 |
| (1,463,862) |
|
|
| 237,005 |
| |||
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class Ma |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 6,764,529 |
|
|
| 10,496,743 |
| 7,141,986 |
|
|
| 9,608,380 |
| |
Shares issued for distributions reinvested |
|
| 196,093 |
|
|
| 377,002 |
| 150,155 |
|
|
| 297,744 |
| |
Shares redeemed |
|
| (7,183,930) |
|
|
| (11,582,419) |
| (7,631,594) |
|
|
| (11,519,147) |
| |
Net Increase (Decrease) in Shares Outstanding | (223,308) |
|
|
| (708,674) |
| (339,453) |
|
|
| (1,613,023) |
| |||
Investor Sharesa |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 354,719 |
|
|
| 685,758 |
| 209,961 |
|
|
| 718,365 |
| |
Shares issued for distributions reinvested |
|
| 8,077 |
|
|
| 15,197 |
| 4,653 |
|
|
| 9,500 |
| |
Shares redeemed |
|
| (428,766) |
|
|
| (612,572) |
| (364,984) |
|
|
| (675,154) |
| |
Net Increase (Decrease) in Shares Outstanding | (65,970) |
|
|
| 88,383 |
| (150,370) |
|
|
| 52,711 |
| |||
|
| ||||||||||||||
aDuring the period ended February 28, 2017, 315,566 Class M shares representing $4,054,881 were exchanged for 316,229 Investor shares for BNY Mellon Bond Fund and 204,035 Class M shares representing $2,567,116 were exchanged for 203,934 Investor shares for BNY Mellon Intermediate Bond Fund. | |||||||||||||||
See notes to financial statements. |
31
STATEMENTS OF CHANGES IN NET ASSETS (continued)
|
|
|
| BNY Mellon Corporate Bond Fund |
| BNY Mellon Short-Term U.S. Government Securities Fund |
| ||||||||
|
|
|
| Six Months Ended |
|
|
| Year Ended |
| Six Months Ended |
|
|
| Year Ended |
|
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 13,449,345 |
|
|
| 24,423,382 |
| 666,823 |
|
|
| 739,478 |
| |
Net realized gain (loss) on investments |
| 1,754,134 |
|
|
| (2,483,138) |
| (100,082) |
|
|
| (27,501) |
| ||
Net unrealized appreciation (depreciation) |
| (15,824,480) |
|
|
| 35,559,289 |
| (1,117,979) |
|
|
| 672,612 |
| ||
Net Increase (Decrease) in Net Assets | (621,001) |
|
|
| 57,499,533 |
| (551,238) |
|
|
| 1,384,589 |
| |||
Distributions to Shareholders from ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (15,273,221) |
|
|
| (27,952,207) |
| (1,058,992) |
|
|
| (2,050,626) |
| |
Investor Shares |
|
| (25,706) |
|
|
| (105,956) |
| (7,593) |
|
|
| (12,314) |
| |
Total Distributions |
|
| (15,298,927) |
|
|
| (28,058,163) |
| (1,066,585) |
|
|
| (2,062,940) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 87,629,445 |
|
|
| 200,332,812 |
| 102,442,880 |
|
|
| 115,776,155 |
| |
Investor Shares |
|
| 2,068,322 |
|
|
| 3,830,590 |
| 1,254,178 |
|
|
| 1,396,436 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 4,419,124 |
|
|
| 8,733,097 |
| 257,564 |
|
|
| 505,001 |
| |
Investor Shares |
|
| 16,797 |
|
|
| 36,078 |
| 6,771 |
|
|
| 11,133 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (144,943,502) |
|
|
| (174,562,705) |
| (105,716,726) |
|
|
| (96,504,648) |
| |
Investor Shares |
|
| (1,759,738) |
|
|
| (7,400,689) |
| (1,327,299) |
|
|
| (1,070,230) |
| |
Increase (Decrease) in Net Assets | (52,569,552) |
|
|
| 30,969,183 |
| (3,082,632) |
|
|
| 20,113,847 |
| |||
Total Increase (Decrease) in Net Assets | (68,489,480) |
|
|
| 60,410,553 |
| (4,700,455) |
|
|
| 19,435,496 |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 851,810,692 |
|
|
| 791,400,139 |
| 216,659,929 |
|
|
| 197,224,433 |
| |
End of Period |
|
| 783,321,212 |
|
|
| 851,810,692 |
| 211,959,474 |
|
|
| 216,659,929 |
| |
Undistributed (distributions in excess of) | (1,310,247) |
|
|
| 539,335 |
| (328,394) |
|
|
| 71,368 |
| |||
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class Ma |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 6,815,909 |
|
|
| 15,773,365 |
| 8,749,129 |
|
|
| 9,784,196 |
| |
Shares issued for distributions reinvested |
|
| 344,188 |
|
|
| 687,925 |
| 21,935 |
|
|
| 42,689 |
| |
Shares redeemed |
|
| (11,339,514) |
|
|
| (13,882,122) |
| (9,012,036) |
|
|
| (8,159,136) |
| |
Net Increase (Decrease) in Shares Outstanding | (4,179,417) |
|
|
| 2,579,168 |
| (240,972) |
|
|
| 1,667,749 |
| |||
Investor Sharesa |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 161,774 |
|
|
| 301,786 |
| 106,636 |
|
|
| 118,090 |
| |
Shares issued for distributions reinvested |
|
| 1,310 |
|
|
| 2,849 |
| 578 |
|
|
| 942 |
| |
Shares redeemed |
|
| (136,546) |
|
|
| (589,556) |
| (112,995) |
|
|
| (90,655) |
| |
Net Increase (Decrease) in Shares Outstanding | 26,538 |
|
|
| (284,921) |
| (5,781) |
|
|
| 28,377 |
| |||
|
| ||||||||||||||
aDuring the period ended February 28, 2017, 171,820 Class M shares representing $2,196,476 were exchanged for 171,962 Investor shares for BNY Mellon Corporate Bond Fund and 107,201 Class M shares representing $1,262,137 were exchanged for 107,317 Investor shares for BNY Mellon Short-Term U.S. Government Securities Fund. | |||||||||||||||
See notes to financial statements. |
32
FINANCIAL HIGHLIGHTS
The following tables describe the performance for each share class of each fund for the fiscal periods indicated. All information (except portfolio turnover) reflects financial results for a single fund share. Total return shows how much your investment in each fund would have increased (or decreased) during each period, assuming you had reinvested all dividends and distributions. These figures have been derived from the funds’ financial statements.
Class M Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Bond Fund | Six Months Ended February 28, 2017 (Unaudited) | 2016 |
| 2015 |
| 2014 |
| 2013 |
| 2012 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 13.11 | 12.74 | 13.00 | 12.89 | 13.71 | 13.38 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—net a | .15 | .31 | .29 | .31 | .32 | .38 | |||||||||
Net realized and unrealized | (.40) | .42 | (.18) | .34 | (.64) | .42 | |||||||||
Total from Investment Operations | (.25) | .73 | .11 | .65 | (.32) | .80 | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.18) | (.36) | (.34) | (.36) | (.39) | (.44) | |||||||||
Dividends from net realized gain on investments | (.03) | - | (.03) | (.18) | (.11) | (.03) | |||||||||
Total Distributions | (.21) | (.36) | (.37) | (.54) | (.50) | (.47) | |||||||||
Net asset value, end of period | 12.65 | 13.11 | 12.74 | 13.00 | 12.89 | 13.71 | |||||||||
Total Return (%) | (1.92) | b | 5.82 | .87 | 5.19 | (2.41) | 6.05 | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .56 | c | .56 | .55 | .55 | .55 | .55 | ||||||||
Ratio of net expenses to average net assets | .56 | c | .56 | .55 | .55 | .55 | .55 | ||||||||
Ratio of net investment income | 2.36 | c | 2.38 | 2.21 | 2.41 | 2.40 | 2.80 | ||||||||
Portfolio Turnover Rate | 38.23 | b | 72.21 | 59.94 | 43.62 | 66.14 | d | 76.43 | |||||||
Net Assets, end of period ($ x 1,000) | 992,109 | 1,030,685 | 1,010,387 | 1,040,204 | 1,148,032 | 1,326,472 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
d The portfolio turnover rate excluding mortgage dollar roll transactions for the period ended August 31, 2013 was 65.03%.
See notes to financial statements.
33
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Bond Fund | Six Months Ended | 2016 |
| 2015 |
| 2014 |
| 2013 |
| 2012 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 13.08 | 12.71 | 12.97 | 12.86 | 13.69 | 13.35 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—net a | .14 | .27 | .26 | .28 | .29 | .34 | |||||||||
Net realized and unrealized | (.40) | .43 | (.18) | .34 | (.65) | .43 | |||||||||
Total from Investment Operations | (.26) | .70 | .08 | .62 | (.36) | .77 | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.16) | (.33) | (.31) | (.33) | (.36) | (.40) | |||||||||
Dividends from net realized gain on investments | (.03) | - | (.03) | (.18) | (.11) | (.03) | |||||||||
Total Distributions | (.19) | (.33) | (.34) | (.51) | (.47) | (.43) | |||||||||
Net asset value, end of period | 12.63 | 13.08 | 12.71 | 12.97 | 12.86 | 13.69 | |||||||||
Total Return (%) | (1.97) | b | 5.55 | .62 | 4.95 | (2.74) | 5.87 | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .81 | c | .81 | .80 | .80 | .80 | .80 | ||||||||
Ratio of net expenses to average net assets | .81 | c | .81 | .80 | .80 | .80 | .80 | ||||||||
Ratio of net investment income | 2.11 | c | 2.14 | 1.95 | 2.16 | 2.16 | 2.55 | ||||||||
Portfolio Turnover Rate | 38.23 | b | 72.21 | 59.94 | 43.62 | 66.14 | d | 76.43 | |||||||
Net Assets, end of period ($ x 1,000) | 8,453 | 9,619 | 8,221 | 9,246 | 8,387 | 9,240 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
d The portfolio turnover rate excluding mortgage dollar roll transactions for the period ended August 31, 2013 was 65.03%.
See notes to financial statements.
34
Class M Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Intermediate Bond Fund | Six Months Ended | 2016 |
| 2015 |
| 2014 |
| 2013 |
| 2012 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 12.74 | 12.55 | 12.75 | 12.73 | 13.26 | 13.09 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—net a | .10 | .20 | .19 | .21 | .23 | .29 | |||||||||
Net realized and unrealized | (.19) | .25 | (.15) | .17 | (.44) | .25 | |||||||||
Total from Investment Operations | (.09) | .45 | .04 | .38 | (.21) | .54 | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.13) | (.26) | (.24) | (.27) | (.30) | (.37) | |||||||||
Dividends from net realized gain on investments | - | - | - | (.09) | (.02) | (.00) | b | ||||||||
Total Distributions | (.13) | (.26) | (.24) | (.36) | (.32) | (.37) | |||||||||
Net asset value, end of period | 12.52 | 12.74 | 12.55 | 12.75 | 12.73 | 13.26 | |||||||||
Total Return (%) | (.73) | c | 3.60 | .39 | 2.87 | (1.64) | 4.18 | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .56 | d | .56 | .55 | .55 | .56 | .55 | ||||||||
Ratio of net expenses to average net assets | .56 | d | .56 | .55 | .55 | .56 | .55 | ||||||||
Ratio of net investment income | 1.63 | d | 1.61 | 1.46 | 1.66 | 1.77 | 2.23 | ||||||||
Portfolio Turnover Rate | 21.27 | c | 32.99 | 50.80 | 42.45 | 44.76 | 39.00 | ||||||||
Net Assets, end of period ($ x 1,000) | 850,351 | 869,419 | 877,322 | 912,247 | 949,095 | 957,778 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
c Not annualized.
d Annualized.
See notes to financial statements.
35
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Intermediate Bond Fund | Six Months Ended | 2016 |
| 2015 |
| 2014 |
| 2013 |
| 2012 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 12.74 | 12.56 | 12.75 | 12.73 | 13.26 | 13.09 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—net a | .09 | .17 | .15 | .18 | .20 | .26 | |||||||||
Net realized and unrealized | (.19) | .24 | (.13) | .16 | (.45) | .24 | |||||||||
Total from Investment Operations | (.10) | .41 | .02 | .34 | (.25) | .50 | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.11) | (.23) | (.21) | (.23) | (.26) | (.33) | |||||||||
Dividends from net realized gain on investments | - | - | - | (.09) | (.02) | (.00) | b | ||||||||
Total Distributions | (.11) | (.23) | (.21) | (.32) | (.28) | (.33) | |||||||||
Net asset value, end of period | 12.53 | 12.74 | 12.56 | 12.75 | 12.73 | 13.26 | |||||||||
Total Return (%) | (.79) | c | 3.26 | .14 | 2.69 | (1.91) | 3.91 | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .81 | d | .81 | .80 | .80 | .82 | .81 | ||||||||
Ratio of net expenses to average net assets | .81 | d | .81 | .80 | .80 | .82 | .81 | ||||||||
Ratio of net investment income | 1.38 | d | 1.36 | 1.21 | 1.40 | 1.51 | 1.98 | ||||||||
Portfolio Turnover Rate | 21.27 | c | 32.99 | 50.80 | 42.45 | 44.76 | 39.00 | ||||||||
Net Assets, end of period ($ x 1,000) | 6,225 | 8,247 | 7,468 | 6,415 | 8,397 | 5,012 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
c Not annualized.
d Annualized.
See notes to financial statements.
36
Class M Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Corporate Bond Fund | Six Months Ended | 2016 | 2015 |
| 2014 |
| 2013 |
| 2012 | a | |||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 13.07 | 12.59 | 12.96 | 12.49 | 12.91 | 12.50 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—net b | .21 | .39 | .35 | .32 | .30 | .12 | |||||||||
Net realized and unrealized | (.20) | .54 | (.31) | .56 | (.29) | .43 | |||||||||
Total from Investment Operations | .01 | .93 | .04 | .88 | .01 | .55 | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.24) | (.45) | (.41) | (.41) | (.39) | (.14) | |||||||||
Dividends from net realized gain on investments | - | - | - | (.00) | c | (.04) | - | ||||||||
Total Distributions | (.24) | (.45) | (.41) | (.41) | (.43) | (.14) | |||||||||
Net asset value, end of period | 12.84 | 13.07 | 12.59 | 12.96 | 12.49 | 12.91 | |||||||||
Total Return (%) | .07 | d | 7.55 | .31 | 7.21 | .02 | 4.40 | d | |||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .56 | e | .56 | .56 | .56 | .58 | .70 | e | |||||||
Ratio of net expenses to average net assets | .56 | e | .56 | .56 | .56 | .58 | .60 | e | |||||||
Ratio of net investment income | 3.26 | e | 3.10 | 2.71 | 2.48 | 2.31 | 2.25 | e | |||||||
Portfolio Turnover Rate | 19.32 | d | 34.99 | 34.56 | 33.17 | 36.99 | 34.08 | d | |||||||
Net Assets, end of period ($ x 1,000) | 781,220 | 850,017 | 786,085 | 747,274 | 554,152 | 312,231 |
a From March 2, 2012 (commencement of operations) to August 31, 2012.
b Based on average shares outstanding.
c Amount represents less than $.01 per share.
d Not annualized.
e Annualized.
See notes to financial statements.
37
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Corporate Bond Fund | Six Months Ended | 2016 | 2015 |
| 2014 |
| 2013 |
| 2012 | a | |||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 13.07 | 12.59 | 12.96 | 12.49 | 12.91 | 12.50 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—net b | .19 | .35 | .33 | .28 | .26 | .07 | |||||||||
Net realized and unrealized | (.21) | .55 | (.32) | .57 | (.29) | .46 | |||||||||
Total from Investment Operations | (.02) | .90 | .01 | .85 | (.03) | .53 | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.22) | (.42) | (.38) | (.38) | (.35) | (.12) | |||||||||
Dividends from net realized gain on investments | - | - | - | (.00) | c | (.04) | - | ||||||||
Total Distributions | (.22) | (.42) | (.38) | (.38) | (.39) | (.12) | |||||||||
Net asset value, end of period | 12.83 | 13.07 | 12.59 | 12.96 | 12.49 | 12.91 | |||||||||
Total Return (%) | (.13) | d | 7.29 | .04 | 6.92 | (.24) | 4.29 | d | |||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .81 | e | .81 | .81 | .82 | .85 | 1.12 | e | |||||||
Ratio of net expenses to average net assets | .81 | e | .81 | .81 | .82 | .85 | .85 | e | |||||||
Ratio of net investment income | 3.02 | e | 2.83 | 2.46 | 2.21 | 2.05 | 1.67 | e | |||||||
Portfolio Turnover Rate | 19.32 | d | 34.99 | 34.56 | 33.17 | 36.99 | 34.08 | d | |||||||
Net Assets, end of period ($ x 1,000) | 2,101 | 1,793 | 5,315 | 1,519 | 575 | 40 |
a From March 2, 2012 (commencement of operations) to August 31, 2012.
b Based on average shares outstanding.
c Amount represents less than $.01 per share.
d Not annualized.
e Annualized.
See notes to financial statements.
38
Class M Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Short-Term | Six Months Ended February 28, 2017 (Unaudited) | 2016 |
| 2015 |
| 2014 |
| 2013 |
| 2012 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 11.81 | 11.84 | 11.95 | 12.03 | 12.22 | 12.30 | |||||||||
Investment Operations: | |||||||||||||||
Investment income (loss)—net a | .04 | .04 | .06 | .02 | (.02) | (.00) | b | ||||||||
Net realized and unrealized | (.08) | .05 | (.02) | .03 | (.04) | .01 | |||||||||
Total from Investment Operations | (.04) | .09 | .04 | .05 | (.06) | .01 | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.06) | (.12) | (.15) | (.13) | (.13) | (.09) | |||||||||
Net asset value, end of period | 11.71 | 11.81 | 11.84 | 11.95 | 12.03 | 12.22 | |||||||||
Total Return (%) | (.34) | c | .77 | .31 | .44 | (.49) | .07 | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .54 | d | .55 | .54 | .53 | .53 | .52 | ||||||||
Ratio of net expenses to average net assets | .54 | d | .55 | .54 | .53 | .53 | .52 | ||||||||
Ratio of net investment income | .61 | d | .37 | .47 | .19 | (.13) | (.00) | e | |||||||
Portfolio Turnover Rate | 43.67 | c | 100.46 | 105.49 | 116.19 | 125.01 | 152.13 | ||||||||
Net Assets, end of period ($ x 1,000) | 210,137 | 214,754 | 195,648 | 253,961 | 279,192 | 302,756 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
c Not annualized.
d Annualized.
e Amount represents less than .01%.
See notes to financial statements.
39
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | |||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Short-Term | Six Months Ended February 28, 2017 (Unaudited) | 2016 |
| 2015 |
| 2014 |
| 2013 |
| 2012 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 11.79 | 11.82 | 11.93 | 12.01 | 12.21 | 12.29 | |||||||||
Investment Operations: | |||||||||||||||
Investment income (loss)—net a | .02 | .01 | .03 | (.01) | (.05) | (.04) | |||||||||
Net realized and unrealized | (.07) | .05 | (.02) | .03 | (.05) | .02 | |||||||||
Total from Investment Operations | (.05) | .06 | .01 | .02 | (.10) | (.02) | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.05) | (.09) | (.12) | (.10) | (.10) | (.06) | |||||||||
Net asset value, end of period | 11.69 | 11.79 | 11.82 | 11.93 | 12.01 | 12.21 | |||||||||
Total Return (%) | (.45) | b | .51 | .07 | .18 | (.84) | (.15) | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .79 | c | .80 | .79 | .78 | .78 | .78 | ||||||||
Ratio of net expenses to average net assets | .79 | c | .80 | .79 | .78 | .78 | .78 | ||||||||
Ratio of net investment income | .36 | c | .12 | .22 | (.06) | (.40) | (.29) | ||||||||
Portfolio Turnover Rate | 43.67 | b | 100.46 | 105.49 | 116.19 | 125.01 | 152.13 | ||||||||
Net Assets, end of period ($ x 1,000) | 1,823 | 1,906 | 1,576 | 801 | 894 | 1,142 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
40
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1—Significant Accounting Policies:
BNY Mellon Funds Trust (the “Trust”), a Massachusetts business trust that is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company, operates as a series company currently consisting of twenty-five series, including the following diversified funds: BNY Mellon Bond Fund, BNY Mellon Intermediate Bond Fund, BNY Mellon Corporate Bond Fund and BNY Mellon Short-Term U.S. Government Securities Fund (each, a “fund” and collectively, the “funds”). The objectives of the funds are as follows: BNY Mellon Bond Fund, BNY Mellon Intermediate Bond Fund and BNY Mellon Corporate Bond Fund seek total return (consisting of capital appreciation and current income). BNY Mellon Short-Term U.S. Government Securities Fund seeks to provide as high a level of current income as is consistent with the preservation of capital.
BNY Mellon Fund Advisers, a division of The Dreyfus Corporation (the “Manager” or “Dreyfus”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”), serves as each fund’s investment adviser (the “Investment Adviser”). The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of Dreyfus, serves as administrator for the funds pursuant to an Administration Agreement with the Trust (the “Administration Agreement”). The Bank of New York Mellon has entered into a Sub-Administration Agreement with Dreyfus pursuant to which The Bank of New York Mellon pays Dreyfus for performing certain administrative services. MBSC Securities Corporation (the “Distributor”), a wholly-owned subsidiary of Dreyfus, is the distributor of each fund’s shares, which are sold without a sales charge.
Each fund is authorized to issue an unlimited number of $.001 par value shares of Beneficial Interest in each of the following classes of shares: Class M and Investor. Other differences between the classes include the services offered to and the expenses borne by each class, the allocation of certain transfer agency costs, and certain voting rights. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.
The Trust accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that series’ operations; expenses which are applicable to all series are allocated among them on a pro rata basis.
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
(a) Portfolio valuation: The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.
Various inputs are used in determining the value of each fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:
Level 1—unadjusted quoted prices in active markets for identical investments.
Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).
Level 3—significant unobservable inputs (including the funds’ own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value each fund’s investments are as follows:
41
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
Registered investment companies that are not traded on an exchange are valued at their net asset value and are generally categorized within Level 1 of the fair value hierarchy.
Investments in securities, excluding short-term investments (other than U.S. Treasury Bills), are valued each business day by an independent pricing service (the “Service”) approved by the Trust’s Board of Trustees (the “Board”). Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Other investments (which constitute a majority of the portfolio securities) are valued as determined by the Service, based on methods which include consideration of the following: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. These securities are generally categorized within Level 2 of the fair value hierarchy.
The Service is engaged under the general supervision of the Board.
When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market), but before the funds calculate their net asset value, the funds may value these investments at fair value as determined in accordance with the procedures approved by the Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.
For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are generally categorized within Level 3 of the fair value hierarchy.
Table 1 summarizes the inputs used as of February 28, 2017 in valuing each fund’s investments:
At February 28, 2017, there were no transfers between levels of the fair value hierarchy.
Table 1—Fair Value Measurements | |||||||||||||||||
Investments in Securities | |||||||||||||||||
Level 1—Unadjusted |
| Level 2—Other |
| Level 3—Significant Unobservable Inputs |
|
| |||||||||||
|
| Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Total | |||||||||
BNY Mellon Bond Fund | |||||||||||||||||
Commercial Mortgage-Backed | - | - | 13,566,755 | - | - | - | 13,566,755 | ||||||||||
Corporate Bonds† | - | - | 444,938,794 | - | - | - | 444,938,794 | ||||||||||
Foreign Government | - | - | 15,651,835 | - | - | - | 15,651,835 | ||||||||||
Municipal Bonds† | - | - | 72,582,068 | - | - | - | 72,582,068 | ||||||||||
Registered Investment | 28,223,203 | - | - | - | - | - | 28,223,203 | ||||||||||
U.S. Government Agencies/ | - | - | 249,840,776 | - | - | - | 249,840,776 | ||||||||||
U.S. Treasury | - | - | 72,582,068 | - | - | - | 189,549,619 |
42
Table 1—Fair Value Measurements (contibued) | |||||||||||||||||
Investments in Securities | |||||||||||||||||
Level 1—Unadjusted |
| Level 2—Other |
| Level 3—Significant Unobservable Inputs |
|
| |||||||||||
|
| Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Total | |||||||||
BNY Mellon | |||||||||||||||||
Asset-Backed | - | - | 52,658 | - | - | - | 52,658 | ||||||||||
Corporate Bonds† | - | - | 455,492,175 | - | - | - | 455,492,175 | ||||||||||
Foreign Government | - | - | 13,402,813 | - | - | - | 13,402,813 | ||||||||||
Municipal Bonds† | - | - | 36,779,126 | - | - | - | 36,779,126 | ||||||||||
Registered Investment | 7,320,923 | - | - | - | - | - | 7,320,923 | ||||||||||
U.S. Government Agencies/ | - | - | 12,482,664 | - | - | - | 12,482,664 | ||||||||||
U.S. Treasury | - | - | 329,205,212 | - | - | - | 329,205,212 | ||||||||||
BNY Mellon | |||||||||||||||||
Corporate Bonds† | - | - | 699,981,778 | - | - | - | 699,981,778 | ||||||||||
Foreign Government | - | - | 17,543,429 | - | - | - | 17,543,429 | ||||||||||
Municipal Bonds† | - | - | 54,542,757 | - | - | - | 54,542,757 | ||||||||||
Registered Investment | 41,827,551 | - | - | - | - | - | 41,827,551 | ||||||||||
BNY Mellon Short-Term U.S. | |||||||||||||||||
Municipal Bonds† | - | - | 8,175,613 | - | - | - | 8,175,613 | ||||||||||
Registered Investment | 3,334,930 | - | - | - | - | - | 3,334,930 | ||||||||||
U.S. Government Agencies/ | - | - | 131,942,914 | - | - | - | 131,942,914 | ||||||||||
U.S. Treasury | - | - | 65,146,092 | - | - | - | 65,146,092 |
† See Statement of Investments for additional detailed categorizations.
(b) Securities transactions and investment income: Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recognized on the ex-dividend date and interest income, including, where applicable, accretion of discount and amortization of premium on investments, is recognized on the accrual basis.
Pursuant to a securities lending agreement with The Bank of New York Mellon, the funds may lend securities to qualified institutions. It is the funds’ policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by Dreyfus, or U.S. Government and Agency securities. The funds are entitled to receive all dividends, interest and distributions on securities loaned, in addition to income earned as a result of the lending transaction. Should a borrower fail to return the securities in a timely manner, The Bank of New York Mellon is required to replace the securities for the benefit of the funds or credit the funds with the market value of the unreturned securities and is subrogated to the funds’ rights against the borrower and the collateral. Additionally, the contractual maturity of security lending transactions are on an overnight and continuous basis. Table 2 summarizes the amount The Bank of New York Mellon earned from each fund from lending portfolio securities, pursuant to the securities lending agreement during the period ended February 28, 2017.
43
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
Table 2—Securities Lending Agreement |
|
BNY Mellon Bond Fund | $ 2,526 |
BNY Mellon Intermediate Bond Fund | 7,582 |
BNY Mellon Corporate Bond Fund | 21,613 |
BNY Mellon Short-Term U.S. | 2,988 |
(c) Affiliated issuers: Investments in other investment companies advised by Dreyfus are defined as “affiliated” under the Act. Table 3 summarizes each fund’s investments in affiliated investment companies during the period ended February 28, 2017.
(d) Risk: The funds invests primarily in debt securities. Failure of an issuer of the debt securities to make timely interest or principal payments, or a decline or the perception of a decline in the credit quality of a debt security, can cause the debt security’s price to fall, potentially lowering each fund’s share price. In addition, the value of debt securities may decline due to general market conditions that are not specifically related to a particular issuer, such as real or perceived adverse economic conditions, changes in outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment. They may also decline because of factors that affect a particular industry.
Table 3—Affiliated Investment Companies | |||||||||
| Value | Purchases ($) | Sales ($) | Value | Net | ||||
BNY Mellon Bond Fund | |||||||||
Dreyfus Institutional Cash Advantage Fund, | 5,312,290 | 1,990,050 | 7,302,340 | - | - | ||||
Dreyfus Institutional Preferred | 32,727,374 | 110,103,009 | 132,525,308 | 10,305,075 | 1.0 | ||||
Dreyfus Institutional Preferred | - | 31,046,805 | 13,128,677 | 17,918,128 | 1.8 | ||||
Total | 38,039,664 | 143,139,864 | 152,956,325 | 28,223,203 | 2.8 | ||||
BNY Mellon Intermediate Bond Fund | |||||||||
Dreyfus Institutional Cash Advantage Fund, | 8,656,030 | 183,090 | 8,839,120 | - | - | ||||
Dreyfus Institutional Preferred | 10,324,571 | 97,963,092 | 102,937,380 | 5,350,283 | .6 | ||||
Dreyfus Institutional Preferred | - | 14,002,151 | 12,031,511 | 1,970,640 | .2 | ||||
Total | 18,980,601 | 112,148,333 | 123,808,011 | 7,320,923 | .8 | ||||
BNY Mellon Corporate Bond Fund | |||||||||
Dreyfus Institutional Cash Advantage Fund, | 26,115,869 | 17,048,360 | 43,164,229 | - | - | ||||
Dreyfus Institutional Preferred | 3,826,896 | 104,312,895 | 101,612,543 | 6,527,248 | .8 | ||||
Dreyfus Institutional Preferred | - | 103,237,280 | 67,936,977 | 35,300,303 | 4.5 | ||||
Total | 29,942,765 | 224,598,535 | 212,713,749 | 41,827,551 | 5.3 | ||||
BNY Mellon Short-Term U.S. | |||||||||
Dreyfus Institutional Preferred | 2,814,000 | 108,495,595 | 107,974,665 | 3,334,930 | 1.6 | ||||
Dreyfus Institutional Preferred | - | 11,938,802 | 11,938,802 | - | - | ||||
Total | 2,814,000 | 120,434,397 | 119,913,467 | 3,334,930 | 1.6 |
† During the period ended February 28, 2017, Dreyfus Institutional Cash Advantage Fund was acquired by Dreyfus Institutional Preferred Money Market Fund.
44
(e) Dividends and distributions to shareholders: Dividends and distributions payable to shareholders are recorded by each fund on the ex-dividend date. The funds normally declare and pay dividends from investment income-net monthly. Dividends from net realized capital gains, if any, are normally declared and paid annually, but each fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the “Code”). To the extent that net realized capital gains can be offset by capital loss carryovers of a fund, it is the policy of each fund not to distribute such gains. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
(f) Federal income taxes: It is the policy of each fund to continue to qualify as a regulated investment company, if such qualification is in the best interests of its shareholders, by complying with the applicable provisions of the Code, and to make distributions of taxable income sufficient to relieve it from substantially all federal income and excise taxes. For federal income tax purposes, each fund is treated as a separate entity for the purpose of determining such qualification.
As of and during the period ended February 28, 2017, the funds did not have any liabilities for any uncertain tax positions. Each fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the period ended February 28, 2017, the funds did not incur any interest or penalties.
Each tax year in the three-year period ended August 31, 2016 remains subject to examination by the Internal Revenue Service and state taxing authorities.
Under the Regulated Investment Company Modernization Act of 2010 (the “2010 Act”), each fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 (“post-enactment losses”) for an unlimited period. Furthermore, post-enactment capital loss carryovers retain their character as either short-term or long-term capital losses rather than short-term as they were under previous statute. The 2010 Act requires post-enactment losses to be utilized before the utilization of losses incurred in taxable years prior to the effective date of the 2010 Act (“pre-enactment losses”). As a result of this ordering rule, pre-enactment losses may be more likely to expire unused.
Table 4 summarizes each relevant fund’s unused capital loss carryover available for federal income tax purposes to be applied against future net realized capital gains, realized subsequent to August 31, 2016.
Table 5 summarizes each fund’s tax character of distributions paid to shareholders during the fiscal year ended August 31, 2016. The tax character of current year distributions will be determined at the end of the current fiscal year.
Table 4—Capital Loss Carryover | ||||||||||
Expiring in fiscal year | Post-Enactment | †† | Post-Enactment | |||||||
2018 ($) | † | 2019 ($) | † | ††† | Total($) | |||||
BNY Mellon Intermediate Bond Fund | - | - | 4,417,099 | 2,625,266 | 7,042,365 | |||||
BNY Mellon Corporate Bond Fund | - | - | 3,595,641 | 7,446,559 | 11,042,200 | |||||
BNY Mellon Short-Term U.S. Government Securities Fund | 28,528 | 64,834 | 6,744,744 | 4,656,712 | 11,494,818 |
† If not applied, the carryovers expire in the above fiscal years.
†† Post-enactment short-term losses which can be carried forward for an unlimited period.
††† Post-enactment long-term losses which can be carried forward for an unlimited period.
Table 5—Tax Character of Distributions Paid | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||
2016 | ||||||||||||||||
|
|
| Ordinary | |||||||||||||
BNY Mellon Bond Fund | 28,416,421 | |||||||||||||||
BNY Mellon Intermediate Bond Fund | 17,737,759 | |||||||||||||||
BNY Mellon Corporate Bond Fund | 28,058,163 | |||||||||||||||
BNY Mellon Short-Term U.S. Government Securities Fund | 2,062,940 |
45
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
NOTE 2—Bank Lines of Credit:
The funds participate with other Dreyfus-managed funds in an $810 million unsecured credit facility led by Citibank, N.A. and a $300 million unsecured credit facility provided by The Bank of New York Mellon (each, a “Facility”), each to be utilized primarily for temporary or emergency purposes, including the financing of redemptions. Prior to October 5, 2016, the unsecured credit facility with Citibank, N.A. was $555 million. In connection therewith, each fund has agreed to pay its pro rata portion of commitment fees for each Facility. Interest is charged to the funds based on rates determined pursuant to the terms of the respective Facility at the time of borrowing. During the period ended February 28, 2017, BNY Mellon Bond Fund, BNY Mellon Intermediate Bond Fund and BNY Mellon Short-Term U.S. Government Securities Fund did not borrow under the Facilities.
The average amount of borrowings outstanding under the Facilities during the period ended February 28, 2017 for BNY Mellon Corporate Bond Fund was approximately $7,200, with a related weighted average annualized interest rate of 1.64%.
NOTE 3—Investment Advisory Fee, Administration Fee and Other Transactions with Affiliates:
(a) Fees payable by the funds pursuant to the provisions of an investment advisory agreement with the Investment Adviser are payable monthly, computed on the average daily value of each fund’s net assets at the following annual rates: .40% of BNY Mellon Bond Fund, .40% of BNY Mellon Intermediate Bond Fund, .40% of BNY Mellon Corporate Bond Fund and .35% of BNY Mellon Short-Term U.S. Government Securities Fund.
Pursuant to the Administration Agreement, The Bank of New York Mellon provides or arranges for fund accounting, transfer agency and other fund administration services and receives a fee based on the total net assets of the Trust based on the following rates:
0 up to $6 billion .15%
$6 billion up to $12 billion .12%
In excess of $12 billion .10%
(b) Each fund has adopted a Shareholder Services Plan with respect to its Investor shares. Each fund pays the Distributor at an annual rate of .25% of the value of its Investor shares average daily net assets for the provision of certain services. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding a fund and providing reports and other information, and services related to the maintenance of such shareholder accounts. The Shareholder Services Plan allows the Distributor to make payments from the shareholder services fees it collects from each fund to compensate service agents (certain banks, securities brokers or dealers and other financial institutions) with respect to these services. Table 6 summarizes the amounts Investor shares were charged during the period ended February 28, 2017, pursuant to the Shareholder Services Plan. Additional fees included in Shareholder servicing costs in the Statements of Operations primarily include fees paid for cash management charges.
Table 6—Shareholder Services Plan Fees |
|
BNY Mellon Bond Fund | $11,183 |
BNY Mellon Intermediate Bond Fund | 8,862 |
BNY Mellon Corporate Bond Fund | 1,848 |
BNY Mellon Short-Term | 2,453 |
The funds have arrangements with the transfer agent and the custodian whereby the funds may receive earnings credits when positive cash balances are maintained, which are used to offset transfer agency and custody fees. For financial reporting purposes, the funds include net earnings credits as expense offsets in the Statements of Operations.
Each fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of Dreyfus, under a transfer agency agreement for providing transfer agency and cash management services for the funds. The majority of transfer agency fees are comprised of amounts paid on a per account basis, while cash management fees are related to fund subscriptions and redemptions. The Bank of New York Mellon pays each fund’s transfer agent fees out of the administration fee it receives from the Trust. Table 7 summarizes the amount each fund was charged during the period ended February 28, 2017 for cash management services, which is included in Shareholder servicing costs in the Statements of Operations. Cash management fees were partially offset by earnings credits, also summarized in Table 7.
46
Table 7—Cash Management Agreement Fees | ||||
| Dreyfus Transfer, Inc. | Dreyfus Transfer, Inc. | ||
BNY Mellon Bond Fund | 134 | (99) | ||
BNY Mellon Intermediate Bond Fund | 110 | (81) | ||
BNY Mellon Corporate Bond Fund | 27 | (21) | ||
BNY Mellon Short-Term U.S. Government Securities Fund | 30 | (22) |
Each fund compensates The Bank of New York Mellon, under a custody agreement for providing custodial services for each fund. These fees are determined based on net assets, geographic region and transaction activity. Table 8 summarizes the amount each fund was charged during the period ended February 28, 2017 pursuant to the custody agreement.
Table 8—Custody Agreement Fees |
|
BNY Mellon Bond Fund | $ 40,568 |
BNY Mellon Intermediate Bond Fund | 34,093 |
BNY Mellon Corporate Bond Fund | 29,691 |
BNY Mellon Short-Term U.S. Government Securities Fund | 8,651 |
Each fund compensates The Bank of New York Mellon under a shareholder redemptions draft processing agreement for providing certain services related to the funds’ check writing privilege. Table 9 summarizes the amount each fund was charged during the period ended February 28, 2017 for cash management services, which is included in Shareholder servicing costs in the Statements of Operations.
Table 9—The Bank of New York Mellon Cash Management Fees |
|
BNY Mellon Bond Fund | $44 |
BNY Mellon Intermediate Bond Fund | 63 |
BNY Mellon Corporate Bond Fund | 10 |
BNY Mellon Short-Term | 9 |
During the period ended February 28, 2017, each fund was charged $5,604 for services performed by the Chief Compliance Officer and his staff.
Table 10 summarizes the components of “Due to The Dreyfus Corporation and affiliates” in the Statements of Assets and Liabilities for each fund.
(c) Each Board member also serves as a Board member of other funds within the Trust. Annual retainer fees and attendance fees are allocated to each fund based on net assets.
NOTE 4—Securities Transactions:
Table 11 summarizes each fund’s aggregate amount of purchases and sales (including paydowns) of investment securities, excluding short-term securities during the period ended February 28, 2017.
Table 12 summarizes gross appreciation, gross depreciation and accumulated net unrealized appreciation (depreciation) on investments for each fund at February 28, 2017.
At February 28, 2017, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statements of Investments).
Table 10—Due to The Dreyfus Corporation and Affiliates | ||||||||
| Investment | Shareholder | Custodian | Chief | ||||
BNY Mellon Bond Fund | 303,386 | 1,644 | 57,960 | 4,670 | ||||
BNY Mellon Intermediate Bond Fund | 264,660 | 1,255 | 46,800 | 4,670 | ||||
BNY Mellon Corporate Bond Fund | 240,228 | 398 | 42,300 | 4,670 | ||||
BNY Mellon Short-Term U.S. Government Securities Fund | 59,650 | 326 | 12,672 | 4,670 |
47
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
Table 11—Purchases and Sales | ||||||||
| Purchases ($) | Sales ($) | ||||||
BNY Mellon Bond Fund | 383,135,436 | 392,377,710 | ||||||
BNY Mellon Intermediate Bond Fund | 182,729,662 | 183,772,707 | ||||||
BNY Mellon Corporate Bond Fund | 158,371,443 | 211,073,302 | ||||||
BNY Mellon Short-Term U.S. Government Securities Fund | 92,944,338 | 99,870,539 |
Table 12—Accumulated Net Unrealized Appreciation (Depreciation) | ||||||||
| Gross | Gross | Net ($) | |||||
BNY Mellon Bond Fund | 20,222,372 | 9,904,372 | 10,318,000 | |||||
BNY Mellon Intermediate Bond Fund | 11,035,210 | 4,235,771 | 6,799,439 | |||||
BNY Mellon Corporate Bond Fund | 20,775,309 | 2,465,443 | 18,309,866 | |||||
BNY Mellon Short-Term U.S. Government Securities Fund | 60,283 | 1,509,468 | (1,449,185) |
48
NOTES
49
NOTES
50
NOTES
51
The BNY Mellon Funds
c/o The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Investment Adviser
BNY Mellon Fund Advisers, a division of
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Administrator
The Bank of New York Mellon
225 Liberty Street
New York, NY 10286
Sub-Administrator
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Custodian
The Bank of New York Mellon
225 Liberty Street
New York, NY 10286
Transfer Agent &
Dividend Disbursing Agent
Dreyfus Transfer, Inc.
200 Park Avenue
New York, NY 10166
Distributor
MBSC Securities Corporation
200 Park Avenue
New York, NY 10166
Ticker Symbols: | |||||||
BNY Mellon Bond Fund | Class M: MPBFX | Investor: MIBDX | |||||
BNY Mellon Intermediate Bond Fund | Class M: MPIBX | Investor: MIIDX | |||||
BNY Mellon Corporate Bond Fund | Class M: BYMMX | Investor: BYMIX | |||||
BNY Mellon Short-Term U.S. Government Securities Fund | Class M: MPSUX | Investor: MISTX |
Telephone Wealth Management (WM) Clients, please contact your Account Officer or call 1-888-281-7350. Brokerage Clients of BNY Mellon Wealth Advisors (BNYWA), please contact your financial representative or call 1-800-830-0549, Option 2. Individual Account holders, please call Dreyfus at 1-800-DREYFUS.
Mail WM clients, write to your Account Officer, c/o The Bank of New York Mellon, One Mellon Bank Center, Pittsburgh, PA 15258
BNYMWA Brokerage Clients, write to your financial representative, P.O. Box 9012, Hicksville, NY 11802-9012
Individual Account Holders, write to: BNY Mellon Funds, P.O. Box 9879, Providence, RI 02940-8079
Each fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The fund’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
A description of the policies and procedures that the fund uses to determine how to vote proxies relating to portfolio securities, and information regarding how the fund voted these proxies for the most recent 12-month period ended June 30 is available at http://www.dreyfus.com and on the SEC’s website at http://www.sec.gov. The description of the policies and procedures is also available without charge, upon request, by calling 1-800-DREYFUS.
© 2017 MBSC Securities Corporation | MFTSA0217-TB |
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, 2017 | |
Contents
THE FUNDS
FOR MORE INFORMATION
Back Cover
The views expressed herein are current to the date of this report. These views and the composition of the funds’ portfolios are subject to change at any time based on market and other conditions. |
Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value |
The Funds |
Dear Shareholder:
We are pleased to present this semiannual report for BNY Mellon Funds Trust, covering the six-month period from September 1, 2016 through February 28, 2017. For information about how the fund performed during the reporting period, as well as general market perspectives, we provide a Discussion of Fund Performance on the pages that follow.
Stocks advanced solidly but bonds lost a degree of value over the reporting period amid heightened market volatility stemming from various economic and political developments. After rallying in response to stabilizing commodity prices, improving global economic data, and better-than-expected corporate earnings, stocks and corporate-backed bonds generally produced flat returns in September. Meanwhile, U.S. government securities began to give back previous gains in anticipation of higher inflation and short-term interest-rate hikes from U.S. monetary policymakers. Stock prices moderated in the weeks before U.S. elections in November, but equity markets subsequently rallied to a series of new highs over the remainder of the reporting period as investors revised their expectations for U.S. fiscal, regulatory, and tax policies. In the bond market, yields surged higher and prices fell after the election, while lower rated corporate-backed bonds continued to advance in anticipation of a more business-friendly political climate.
U.S. political developments and ongoing global economic headwinds suggest that volatility may persist in the financial markets over the foreseeable future. Some asset classes and industry groups seem likely to benefit from a changing economic and geopolitical landscape, while others probably will face challenges. Consequently, selectivity seems likely to be an important determinant of investment success in the months ahead. As always, we encourage you to discuss the implications of our observations with your financial advisor.
Sincerely,
Patrick T. Crowe
President
BNY Mellon Funds Trust
March 15, 2017
3
DISCUSSION OF FUND PERFORMANCE
For the period from September 1, 2016 through February 28, 2017, as provided by John F. Flahive and Mary Collette O’Brien, Portfolio Managers
Market and Fund Performance Overview
For the six-month period ended February 28, 2017, BNY Mellon National Intermediate Municipal Bond Fund’s Class M shares produced a total return of -2.63%, and Investor shares produced a total return of -2.75%.1 In comparison, the fund’s benchmark index, the S&P Municipal Bond Investment Grade Intermediate Index (the “Index”), produced a total return of -2.60%,2 and the fund’s former benchmark, the S&P Municipal Bond Intermediate Index, produced a total return of -2.53% for the same period.3,4
Municipal bonds produced mild losses in a volatile market due to rising interest rates, changing supply-and-demand dynamics, and political uncertainty. The fund produced returns that were roughly in line with the Index.
The Fund’s Investment Approach
The fund seeks to maximize current income exempt from federal income tax to the extent consistent with the preservation of capital. To pursue its goal, the fund normally invests at least 80% of its net assets in municipal bonds that provide income exempt from federal income tax. The fund 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.5 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.
Political and Technical Factors Fueled Market Volatility
In the wake of relatively strong returns from municipal bonds earlier in 2016, volatility began to increase near the start of the reporting period when issuers came to market with a flood of new municipal securities in anticipation of a short-term interest rate hike from the Federal Reserve Board (the “Fed”). Market declines accelerated in November as previously robust investor demand faltered in response to the unexpected election of a new presidential administration, which immediately sparked greater uncertainty regarding potential changes in the federal government’s future tax and fiscal policies. By the end of the reporting period, municipal bonds generally lost value.
Meanwhile, a growing U.S. economy continued to support sound credit conditions for most municipal bond issuers. Several states and municipalities are facing pressure from underfunded pension systems, but most have benefited from rising tax revenues, balanced operating budgets, and replenished “rainy day” reserves.
Security Selection Strategy Supported Fund’s Relative Results
The fund’s performance compared to the Index was enhanced during the reporting period by revenue-backed bonds, particularly those with shorter maturities and credit ratings toward the lower end of the market’s investment-grade spectrum. A small position in high yield municipal bonds, which are rated below investment grade, also proved beneficial. The fund achieved especially strong results from its investments in shorter maturity securities issued by the state of Illinois, the territory of Puerto Rico, and bonds backed by revenues from transportation facilities such as airports and toll roads. Results were further bolstered by the fund’s holdings of escrowed bonds.
Our interest rate strategies also proved effective, as a mildly short average duration helped reduce the fund’s sensitivity to rising rates. More significantly, our use of futures contracts added substantial value in the rising interest-rate environment.
The benefits of these relatively successful strategies were balanced by shortfalls in other areas. Longer maturity bonds from New York and California underperformed national market averages, as did AAA-rated securities and revenue-backed bonds issued on behalf of hospitals.
A Conservative Investment Posture
As of the end of the reporting period, the national municipal bond market has remained volatile in light of the December 2016 rate hike by the Fed, expectations of further interest-rate increases, ongoing political uncertainty, and changing supply-and-demand dynamics. Therefore, we have retained a relatively defensive investment posture, including a mildly short average duration. While we generally have maintained the fund’s credit quality and sector allocations in ranges that are roughly in line with those of the Index, we have identified an ample number of opportunities among revenue-backed bonds from the transportation sector. In contrast, the fund held relatively few positions in tax-supported general obligation bonds, particularly those from local issuers.
We currently expect yield differences to narrow along the market’s maturity spectrum, and we have attempted to capture the benefits of falling yield spreads by maintaining a “barbell” yield curve strategy with overweighted exposure at the short and long ends of the market’s maturity range. In our view, these are prudent strategies until the implications of upcoming tax reform proposals become clearer.
March 15, 2017
Bonds are subject generally to interest-rate, credit, liquidity, and market risks, to varying degrees, all of which are more fully described in the fund’s prospectus. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes, and rate increases can cause price declines.
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price, yield, and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost. Income may be subject to state and local taxes, and some income may be subject to the federal alternative minimum tax (AMT) for certain investors. Capital gains, if any, are fully taxable.
2 Source: Bloomberg L.P. — The S&P Municipal Bond Investment Grade Intermediate Index consists of bonds in the S&P Municipal Bond Index that are rated at least BBB- by Standard & Poor’s, Baa3 by Moody’s or BBB- by Fitch Ratings. All bonds must also have a minimum maturity of 3 years and a maximum maturity of up to, but not including, 15 years as measured from the rebalancing date. Investors cannot invest directly in any index.
3 Source: Lipper Inc.— S&P Municipal Bond Intermediate Index is an unmanaged, market-weighted index designed to measure the performance of municipal bonds with a minimum maturity of 3 years and a maximum maturity of up to, but not including, 15 years. Unlike a mutual fund, the index is not subject to charges, fees, and other expenses. Investors cannot invest directly in any index.
4 The S&P Municipal Bond Investment Grade Intermediate Index was first calculated on March 19, 2013. Accordingly, the fund will continue to report the performance of the S&P Municipal Bond Intermediate Index until the S&P Municipal Bond Investment Grade Index has been calculated for a 10-year period.
5 The fund may continue to own investment-grade bonds (at the time of purchase), which are subsequently downgraded to below investment grade.
4
For the period from September 1, 2016 through February 28, 2017, as provided by John F. Flahive, Portfolio Manager
Market and Fund Performance Overview
For the six-month period ended February 28, 2017, BNY Mellon National Short-Term Municipal Bond Fund’s Class M shares produced a total return of -0.28%, and Investor shares produced a total return of -0.33%.1 In comparison, the fund’s benchmark index, the S&P Municipal Bond Investment Grade Short Index (the “Index”), produced a total return of -0.02%,2 and the fund’s former benchmark, the S&P Municipal Bond Short Index, produced a total return of -0.04% for the same period.3,4
Short-term municipal bonds produced roughly flat total returns amid rising interest rates, changing supply-and-demand dynamics, and political uncertainty. The fund produced lower returns than the Index, mainly due to its exposure in the rising interest-rate environment to securities 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 net 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.5 Generally, the average effective portfolio maturity and the average effective portfolio duration of the fund’s portfolio will be less than three years.
Political and Technical Factors Fueled Market Volatility
In the wake of relatively strong returns from municipal bonds earlier in 2016, volatility began to increase near the start of the reporting period when issuers came to market with a flood of new municipal securities in anticipation of a short-term interest rate hike from the Federal Reserve Board (the “Fed”), which indeed occurred in mid-December. Market declines accelerated in November as previously robust investor demand faltered in response to the unexpected election of a new presidential administration, which immediately sparked greater uncertainty regarding potential changes in the federal government’s future tax and fiscal policies. By the end of the reporting period, municipal bonds generally lost value. These influences had a greater impact on intermediate- and long-term securities than on their short-term counterparts.
Meanwhile, a growing U.S. economy continued to support sound credit conditions for most municipal bond issuers. Several states and municipalities are facing pressure from underfunded pension systems, but most have benefited from rising tax revenues, balanced operating budgets, and replenished “rainy day” reserves.
Longer Maturities Dampened Fund’s Relative Results
The fund’s performance compared to the Index was constrained during the reporting period by its holdings of longer maturity bonds - including those with maturities that are not represented in the Index - that proved more sensitive to rising interest rates than shorter term securities. Underweighted exposure to escrowed bonds, state-issued general obligation bonds, and bonds backed by revenues from educational facilities and public utilities also weighed on the fund’s relative results to a degree.
The fund achieved better relative results in other areas. Securities with final maturities of less than one year fared especially well, as did shorter duration municipal bonds issued by New York and Illinois. Among revenue-backed bonds, the fund achieved attractive returns from securities issued on behalf of transportation facilities such as airports and toll roads. From a credit quality perspective, the fund’s overweighted position in A-rated bonds generally added value due to their shorter maturities, but longer term AAA securities lagged market averages.
A Conservative Investment Posture
As of the end of the reporting period, the national municipal bond market has remained volatile in light of expectations of additional rate hikes from Fed, ongoing political uncertainty, and changing supply-and-demand dynamics. Therefore, we have retained a relatively defensive investment posture, including a mildly short average duration. While we generally have maintained the fund’s sector allocations in ranges that are roughly in line with those of the Index, we have identified an ample number of income opportunities among bonds with A and BBB credit ratings. We currently expect yield differences to narrow along the market’s maturity spectrum, and we have attempted to capture the benefits of falling yield spreads by maintaining a “barbell” yield curve strategy with overweighted exposure at the short and long ends of the fund’s maturity range. In our view, these are prudent strategies until the implications of upcoming tax reform proposals become clearer.
March 15, 2017
Bonds are subject generally to interest-rate, credit, liquidity, and market risks, to varying degrees, all of which are more fully described in the fund’s prospectus. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes, and rate increases can cause price declines.
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price, yield, and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost. Income may be subject to state and local taxes, and some income may be subject to the federal alternative minimum tax (AMT) for certain investors. Capital gains, if any, are fully taxable.
2 Source: Bloomberg L.P. — The S&P Municipal Bond Investment Grade Short Index consists of bonds in the S&P Municipal Bond Index that are rated at least BBB- by Standard & Poor’s, Baa3 by Moody’s or BBB- by Fitch Ratings. For the avoidance of doubt, the lowest rating is used in determining if a bond is eligible for the index. S&P Dow Jones Indices looks at the long term rating, either insured or uninsured, and the underlying rating for index inclusion. Bonds that are pre-refunded or escrowed to maturity are included in this index. All bonds must also have a minimum maturity of six months and a maximum maturity of up to, but not including, four years as measured from the rebalancing date. Investors cannot invest directly in any index. 3 Source: Lipper Inc. — The S&P Municipal Bond Short Index is an unmanaged, market-weighted index designed to measure the performance of municipal bonds with a minimum maturity of six months and a maximum maturity of up to, but not including, four years. Unlike a mutual fund, the Index is not subject to charges, fees, and other expenses. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report. Index return does not reflect fees and expenses associated with operating a mutual fund. Investors cannot invest directly in any index.
4 The S&P Municipal Bond Investment Grade Short Index was first calculated on March 19, 2013. Accordingly, the fund will continue to report the performance of the S&P Municipal Bond Short Index until the S&P Municipal Bond Investment Grade Short Index has been calculated for a 10-year period.
5 The fund may continue to own investment-grade bonds (at the time of purchase), which are subsequently downgraded to below investment grade.
5
DISCUSSION OF FUND PERFORMANCE (continued)
For the period from September 1, 2016 through February 28, 2017, as provided by Gregory J. Conant and Mary Collette O’Brien, Portfolio Managers
Market and Fund Performance Overview
For the six-month period ended February 28, 2017, BNY Mellon Pennsylvania Intermediate Municipal Bond Fund’s Class M shares produced a total return of -2.63%, and Investor shares produced a total return of -2.83%.1 In comparison, the fund’s benchmark index, the S&P Municipal Bond Investment Grade Intermediate Index (the “Index”), produced a total return of -2.60%,2 and the fund’s former benchmark, the S&P Municipal Bond Intermediate Index, produced a total return of -2.53% for the same period.3,4
Municipal bonds produced mild losses in a volatile market due to rising interest rates, changing supply-and-demand dynamics, and political uncertainty. Although Pennsylvania bonds generally underperformed national market averages, the fund’s security selection strategy enabled it to produce returns that were roughly in line with the Index.
The Fund’s Investment Approach
The fund seeks as high a level of income exempt from federal and Pennsylvania state income taxes as is consistent with the preservation of capital. To pursue its goal, the fund normally invests at least 80% of its net assets in municipal bonds, the interest from which is exempt from federal and Pennsylvania state personal income taxes. The fund’s investments in municipal and taxable bonds must be rated investment grade at the time of purchase or, if unrated, deemed of comparable quality by the investment adviser.5 Generally, the fund’s average effective portfolio maturity will be between 3 and 10 years, and the average effective duration of the fund’s portfolio will not exceed 8 years.
Political and Technical Factors Fueled Market Volatility
In the wake of relatively strong returns from municipal bonds earlier in 2016, volatility began to increase near the start of the reporting period when issuers came to market with a flood of new municipal securities in anticipation of a short-term interest rate hike from the Federal Reserve Board (the “Fed”). Market declines accelerated in November as previously robust investor demand faltered in response to the unexpected election of a new presidential administration, which immediately sparked greater uncertainty regarding potential changes in the federal government’s future tax and fiscal policies. By the end of the reporting period, municipal bonds generally lost value.
Meanwhile, a growing U.S. economy continued to support sound credit conditions for most municipal bond issuers. Several states and municipalities are facing pressure from underfunded pension systems, but most have benefited from rising tax revenues, balanced operating budgets, and replenished “rainy day” reserves. Pennsylvania has participated in the national economic recovery, and it recently has shown improved fiscal discipline after previously struggling with various budget matters.
Pennsylvania Bonds Lagged National Averages
The fund’s performance compared to the Index was enhanced during the reporting period by its holdings of municipal securities with relatively short maturities, including escrowed bonds, revenue-backed bonds issued on behalf of educational facilities, and securities with AAA and AA credit ratings. Our interest-rate strategies also proved effective, as a mildly short average duration over much of the reporting period helped reduce the fund’s sensitivity to rising rates. More significantly, our use of futures contracts added substantial value in the rising interest-rate environment.
The benefits of these relatively successful strategies were balanced by the fund’s focus on securities from Pennsylvania issuers, which generally underperformed national market averages. In addition, the fund encountered shortfalls among longer-maturity bonds, including revenue-backed bonds issued on behalf of health care facilities and holdings with longer maturities that are not represented in the Index.
A Conservative Investment Posture
As of the end of the reporting period, the national municipal bond market has remained volatile in light of the December 2016 rate hike by the Fed, expectations of additional interest-rate increases, ongoing political uncertainty, and changing supply-and-demand dynamics. Therefore, we have retained a relatively defensive investment posture, including an average duration that is roughly in line with that of the Index. While we generally have maintained the fund’s credit quality and sector allocations in ranges that also roughly match the Index’s composition, we have identified an ample number of opportunities among bonds backed by revenues from health care and educational facilities. In contrast, we have found fewer municipal bonds meeting our criteria among the Commonwealth of Pennsylvania’s tax-supported general obligation bonds and, to a lesser extent, general obligation bonds from local issuers.
We currently expect yield differences to narrow along the market’s maturity spectrum, and we have attempted to capture the benefits of falling yield spreads by maintaining a “barbell” yield curve strategy with overweighted exposure at the short and long ends of the market’s maturity range. In our view, these are prudent strategies until the implications of upcoming tax reform proposals become clearer.
March 15, 2017
Bonds are subject generally to interest-rate, credit, liquidity, and market risks, to varying degrees, all of which are more fully described in the fund’s prospectus. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes, and rate increases can cause price declines.
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.— The S&P Municipal Bond Intermediate Index is an unmanaged, market-weighted index designed to measure the performance of municipal bonds with a minimum maturity of 3 years and a maximum maturity of up to, but not including, 15 years. Unlike a mutual fund, the index is not subject to charges, fees, and other expenses and is not limited to investments principally in Pennsylvania municipal obligations. Investors cannot invest directly in any index.
3 Source: Bloomberg L.P. — The S&P Municipal Bond Investment Grade Intermediate Index consists of bonds in the S&P Municipal Bond Index that are rated at least BBB- by Standard & Poor’s, Baa3 by Moody’s or BBB- by Fitch Ratings. All bonds must also have a minimum maturity of 3 years and a maximum maturity of up to, but not including, 15 years as measured from the rebalancing date. Unlike a mutual fund, the index is not subject to charges, fees, and other expenses and is not limited to investments principally in Pennsylvania municipal obligations. Investors cannot invest directly in any index.
4 The S&P Municipal Bond Investment Grade Intermediate Index was first calculated on March 19, 2013. Accordingly, the fund will continue to report the performance of the S&P Municipal Bond Intermediate Index until the S&P Municipal Bond Investment Grade Index has been calculated for a 10-year period.
5 The fund may continue to own investment-grade bonds (at the time of purchase), which are subsequently downgraded to below investment grade.
6
For the period from September 1, 2016 through February 28, 2017, as provided by Mary Collette O’Brien and Stephen J. O'Brien, Portfolio Managers
Market and Fund Performance Overview
For the six-month period ended February 28, 2017, BNY Mellon Massachusetts Intermediate Municipal Bond Fund’s Class M shares produced a total return of -2.74%, and Investor shares produced a total return of -2.86%.1 In comparison, the fund’s benchmark index, the S&P Municipal Bond Investment Grade Intermediate Index (the “Index”), produced a total return of -2.60%,2 and the fund’s former benchmark, the S&P Municipal Bond Intermediate Index, produced a total return of -2.53% for the same period.3,4
Municipal bonds produced mild losses in a volatile market due to rising interest rates, changing supply-and-demand dynamics, and political uncertainty. The fund produced lower returns than the Index, largely as a result of the underperformance of Massachusetts securities compared to national averages.
The Fund’s Investment Approach
The fund seeks as high a level of income exempt from federal and Massachusetts state income taxes as is consistent with the preservation of capital. To pursue its goal, the fund normally invests at least 80% of its net assets in municipal bonds, the interest from which is exempt from federal and Massachusetts state personal income taxes. The fund’s investments in municipal and taxable bonds must be rated investment grade at the time of purchase or, if unrated, deemed of comparable quality by the investment adviser.5 Generally, the fund’s average effective portfolio maturity will be between 3 and 10 years, and the average effective duration of the fund’s portfolio will not exceed 8 years.
Political and Technical Factors Fueled Market Volatility
In the wake of relatively strong returns from municipal bonds earlier in 2016, volatility began to increase near the start of the reporting period when issuers came to market with a flood of new municipal securities in anticipation of a short-term interest rate hike from the Federal Reserve Board (the “Fed”). Market declines accelerated in November as previously robust investor demand faltered in response to the unexpected election of a new presidential administration, which immediately sparked greater uncertainty regarding potential changes in the federal government’s future tax and fiscal policies. By the end of the reporting period, municipal bonds generally lost value on an after-tax basis.
Meanwhile, a growing U.S. economy continued to support sound credit conditions for most municipal bond issuers. Several states and municipalities are facing pressure from underfunded pension systems, but most have benefited from rising tax revenues, balanced operating budgets, and replenished “rainy day” reserves. Massachusetts has ranked among the more fiscally sound states due to its diverse and stable economy, good fiscal discipline, and its ability to pass balanced budgets in a timely fashion.
Massachusetts Bonds Lagged National Averages
The fund’s performance compared to the Index was hindered to a degree by its focus on securities of Massachusetts issuers which generally underperformed national market averages during the reporting period. In particular, longer bonds with BBB and A credit ratings saw declines outpacing the broader muni market in like maturities. Revenue-backed bonds issued on behalf of hospitals and educational facilities also weighed on the fund’s relative results.
These detractors were offset by better results in other areas. The fund achieved relatively strong results from its investments in shorter-maturity securities, including escrowed bonds and credits with AA-or-better ratings. Our interest-rate strategies also proved effective, as a mildly short average duration helped reduce the fund’s sensitivity to rising rates. More significantly, our use of futures contracts added substantial value in the rising interest-rate environment.
A Conservative Investment Posture
As of the end of the reporting period, the national municipal bond market has remained volatile in light of the December 2016 rate hike by the Fed, expectations of additional interest-rate increases, ongoing political uncertainty, and changing supply-and-demand dynamics. Therefore, we have retained a relatively defensive investment posture, including a mildly short average duration. While we have maintained the fund’s credit quality and sector allocations in ranges that are roughly in line with those of the Index, we have identified an ample number of income opportunities among bonds with credit ratings toward the lower end of the investment-grade spectrum.
We currently expect yield differences to narrow along the market’s maturity spectrum, and we have attempted to capture the benefits of falling yield spreads by maintaining a “barbell” yield curve strategy with overweighted exposure at the short and long ends of the market’s maturity range. In our view, these are prudent strategies until the implications of upcoming tax reform proposals become clearer.
March 15, 2017
Bonds are subject generally to interest-rate, credit, liquidity, and market risks, to varying degrees, all of which are more fully described in the fund’s prospectus. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes, and rate increases can cause price declines. The amount of public information available about municipal bonds is generally less than that for corporate equities or bonds. Special factors, such as legislative changes, and state and local economic and business developments, may adversely affect the yield and/or value of the fund’s investments in municipal bonds. Other factors include the general conditions of the municipal bond market, the size of the particular offering, the maturity of the obligation, and the rating of the issue. Changes in economic, business, or political conditions relating to a particular municipal project, municipality, or state in which the fund invests may have an impact on the fund’s share price.
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price, yield, and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost. Income may be subject to state and local taxes for non-Massachusetts residents, and some income may be subject to the federal alternative minimum tax (AMT) for certain investors. Capital gains, if any, are taxable.
2 Source: Bloomberg L.P. — The S&P Municipal Bond Investment Grade Intermediate Index consists of bonds in the S&P Municipal Bond Index that are rated at least BBB- by Standard & Poor’s, Baa3 by Moody’s or BBB- by Fitch Ratings. All bonds must also have a minimum maturity of 3 years and a maximum maturity of up to, but not including, 15 years as measured from the rebalancing date. Investors cannot invest directly in any index.
3 Source: Lipper Inc. — The S&P Municipal Bond Intermediate Index is an unmanaged, market-weighted index designed to measure the performance of municipal bonds with a minimum maturity of 3 years and a maximum maturity of up to, but not including, 15 years. Unlike a mutual fund, the index is not subject to charges, fees, and other expenses and is not limited to investments principally in Massachusetts municipal obligations. Investors cannot invest directly in any index.
4 The S&P Municipal Bond Investment Grade Intermediate Index was first calculated on March 19, 2013. Accordingly, the fund will continue to report the performance of the S&P Municipal Bond Intermediate Index until the S&P Municipal Bond Investment Grade Index has been calculated for a 10-year period.
5 The fund may continue to own investment-grade bonds (at the time of purchase), which are subsequently downgraded to below investment grade.
7
DISCUSSION OF FUND PERFORMANCE (continued)
For the period from September 1, 2016 through February 28, 2017, as provided by John F. Flahive and Gregory J. Conant, Portfolio Managers
Market and Fund Performance Overview
For the six-month period ended February 28, 2017, BNY Mellon New York Intermediate Tax-Exempt Bond Fund’s Class M shares produced a total return of -2.82%, and Investor shares produced a total return of -2.85%.1 In comparison, the fund’s benchmark index, the S&P Municipal Bond Investment Grade Intermediate Index (the “Index”), produced a total return of -2.60%,2 and the fund’s former benchmark, the S&P Municipal Bond Intermediate Index, produced a total return of -2.53% for the same period.3,4
Municipal bonds produced mild losses in a volatile market due to rising interest rates, changing supply-and-demand dynamics, and political uncertainty. The fund produced lower returns than the Index, mainly as a result of the underperformance of New York securities compared to national averages.
The Fund’s Investment Approach
The fund seeks as high a level of income exempt from federal, New York state, and New York City income taxes as is consistent with the preservation of capital. This objective may be changed without shareholder approval. To pursue its goal, the fund normally invests at least 80% of its net assets in municipal bonds that provide income exempt from federal, New York state, and New York City personal income taxes. These municipal bonds include those issued by New York state and New York City as well as those issued by U.S. territories and possessions.5 Generally, the fund’s average effective portfolio maturity will be between 3 and 10 years.
Political and Technical Factors Fueled Market Volatility
In the wake of relatively strong returns from municipal bonds earlier in 2016, volatility began to increase near the start of the reporting period when issuers came to market with a flood of new municipal securities in anticipation of a short-term interest-rate hike from the Federal Reserve Board (the “Fed”). Market declines accelerated in November as previously robust investor demand faltered in response to the unexpected election of a new presidential administration, which immediately sparked greater uncertainty regarding potential changes in the federal government’s future tax and fiscal policies. By the end of the reporting period, municipal bonds generally lost value.
Meanwhile, a growing U.S. economy continued to support sound credit conditions for most municipal bond issuers. Several states and municipalities are facing pressure from underfunded pension systems, but most have benefited from rising tax revenues, balanced operating budgets, and replenished “rainy day” reserves. New York has ranked among the stronger states during the national economic recovery due to its diverse and stable economy, good fiscal discipline, and ability to pass balanced budgets in a timely fashion.
New York Bonds Lagged National Averages
Securities of New York issuers generally underperformed national market averages during the reporting period. In addition, the fund encountered shortfalls among longer-maturity bonds with AAA and AA credit ratings. Revenue-backed bonds issued on behalf of health care and transportation facilities also weighed on the fund’s relative results due to their relatively long maturities.
These detractors were offset by better results in other areas, including the fund’s holdings of municipal bonds with shorter maturities. The fund further benefited from an underweighted position in tax-supported general obligation bonds from local issuers, relatively light exposure to debt securities backed by tax appropriations, and an overweighted positon in shorter-term, dedicated tax bonds. Our interest-rate strategies also proved effective during the reporting period, as a mildly short average duration helped reduce the fund’s sensitivity to rising rates. More significantly, our use of futures contracts, a form of derivative instrument, added substantial value in the rising interest-rate environment.
A Conservative Investment Posture
As of the end of the reporting period, the national municipal bond market has remained volatile in light of the December 2016 rate hike by the Fed, ongoing political uncertainty, and changing supply-and-demand dynamics. Therefore, we have retained a relatively defensive investment posture, including an average duration, credit characteristics, and sector allocations that are roughly in line with those of the Index.
We currently expect yield differences to narrow along the market’s maturity spectrum, and we have attempted to capture the benefits of falling yield spreads by maintaining a “barbell” yield curve strategy with overweighted exposure at the short and long ends of the market’s maturity range. In our view, these are prudent strategies until the implications of upcoming tax reform proposals become clearer.
March 15, 2017
Bonds are subject generally to interest-rate, credit, liquidity, and market risks, to varying degrees, all of which are more fully described in the fund’s prospectus. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes, and rate increases can cause price declines.
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price, yield, and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost. Income may be subject to state and local taxes for non-New York residents, and some income may be subject to the federal alternative minimum tax (AMT) for certain investors. Capital gains, if any, are fully taxable. The fund’s returns reflect the absorption of certain fund expenses by BNY Mellon Fund Advisers pursuant to an agreement in effect through December 31, 2017, at which time it may be extended, terminated, or modified. Had these expenses not been absorbed, the fund’s returns would have been lower.
2 Source: Bloomberg L.P. — The S&P Municipal Bond Investment Grade Intermediate Index consists of bonds in the S&P Municipal Bond Index that are rated at least BBB- by Standard & Poor’s, Baa3 by Moody’s or BBB- by Fitch Ratings. All bonds must also have a minimum maturity of 3 years and a maximum maturity of up to, but not including, 15 years as measured from the rebalancing date. Unlike a mutual fund, the index is not subject to charges, fees, and other expenses and is not limited to investments principally in New York municipal obligations. Investors cannot invest directly in any index.
3 Source: Lipper Inc. — The S&P Municipal Bond Intermediate Index consists of bonds in the S&P Municipal Bond Index with a minimum maturity of three years and a maximum maturity of up to, but not including, 15 years as measured from the rebalancing date. Unlike a mutual fund, neither index is subject to charges, fees, and other expenses and is not limited to investments principally in New York municipal obligations. Investors cannot invest directly in any index.
4 The S&P Municipal Bond Investment Grade Intermediate Index was first calculated on March 19, 2013. Accordingly, the fund will continue to report the performance of the S&P Municipal Bond Intermediate Index until the S&P Municipal Bond Investment Grade Index has been calculated for a 10-year period.
5 The fund may continue to own investment-grade bonds (at the time of purchase), which are subsequently downgraded to below investment grade.
8
For the period from September 1, 2016 through February 28, 2017, as provided by John F. Flahive, Portfolio Manager
Market and Fund Performance Overview
For the six-month period ended February 28, 2017, BNY Mellon Municipal Opportunities Fund’s Class M shares produced a total return of -2.82%, and Investor shares produced a total return of -2.94%.1 In comparison, the fund’s benchmark, the Bloomberg Barclays U.S. Municipal Bond Index (the “Index”), produced a total return of -2.80% for the same period.2
Municipal bonds produced mild losses amid heightened market volatility in an environment of rising interest rates, changing supply-and-demand dynamics, and political uncertainty. The fund produced returns that were roughly in line with the Index, as strong results from our interest-rate strategies were balanced by some security selection shortfalls.
The Fund’s Investment Approach
The fund seeks to maximize total return consisting of high current income exempt from federal income tax and capital appreciation. This objective may be changed without shareholder approval. To pursue its goal, the fund normally invests at least 80% of its net assets in U.S. dollar-denominated fixed-income securities that provide income exempt from federal income tax (municipal bonds). While the fund typically invests in a diversified portfolio of municipal bonds, it may invest up to 20% of its assets in taxable fixed-income securities, including taxable municipal bonds and non U.S. dollar-denominated foreign debt securities, such as Brady bonds and sovereign debt obligations.
We seek to deliver value-added excess returns (“alpha”) by applying an investment approach designed to identify and exploit relative value opportunities within the municipal bond market. Although the fund seeks to be diversified by geography and sector, it may at times invest a significant portion of its assets in a particular state or region or in a particular sector due to market conditions.
Political and Technical Factors Fueled Market Volatility
In the wake of relatively strong returns from municipal bonds earlier in 2016, volatility began to increase near the start of the reporting period when issuers came to market with a flood of new municipal securities in anticipation of a short-term interest rate hike from the Federal Reserve Board (the “Fed”), which indeed occurred in mid-December. Market declines accelerated in November as previously robust investor demand faltered in response to the election of a new presidential administration. The widely unexpected election outcome immediately sparked greater uncertainty regarding potential changes to the federal government’s future tax and fiscal policies. As a result, municipal bonds generally lost value over the reporting period.
Meanwhile, a growing U.S. economy continued to support sound credit conditions for most municipal bond issuers. Several states and municipalities are facing pressure from underfunded pension systems, but most have benefited from rising tax revenues, balanced operating budgets, and replenished “rainy day” reserves.
Interest Rate Strategies Supported Fund’s Relative Results
The fund’s performance compared to the Index was enhanced during the reporting period by its interest rate strategies, including overweighted exposure to municipal bonds with 10- to 15-year maturities. More significantly, our use of futures contracts added substantial value in the rising interest-rate environment. The fund also benefited from strong performance among its holdings issued by the State of New York. From a portfolio composition standpoint, the fund’s emphasis on revenue-backed bonds and an underweighted position in tax-supported general obligation bonds added additional value over the reporting period.
The benefits of these relatively successful strategies were largely offset by shortfalls in other areas. Underweighted exposure to short-term municipal bonds weighed on relative results, as did overweighted exposure to securities with BBB credit ratings and underweighted positions in longer maturity, AA-rated bonds. Holdings issued by the states of California, Illinois, Massachusetts, and Texas also underperformed national market averages.
A Conservative Investment Posture
As of the end of the reporting period, the national municipal bond market has remained volatile in light of the December 2016 rate hike by the Fed, expectations of additional moves toward higher interest rates, ongoing political uncertainty, and changing supply-and-demand dynamics. Therefore, we have retained a relatively defensive investment posture. While we generally have maintained the fund’s credit quality and sector allocations in ranges that are roughly in line with those of the Index, we have continued to identify an ample number of opportunities among revenue-backed bonds. In contrast, the fund has retained relatively light positions in tax-supported general obligation bonds, particularly those from local issuers.
We currently expect yield differences to narrow along the market’s maturity spectrum, and we have attempted to capture the benefits of falling yield spreads by maintaining a “barbell” yield curve strategy with overweighted exposure at the short and long ends of the market’s maturity range. In our view, these are prudent strategies until the implications of upcoming tax reform proposals become clearer.
March 15, 2017
Bonds are subject generally to interest-rate, credit, liquidity, and market risks, to varying degrees, all of which are more fully described in the fund’s prospectus. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes, and rate increases can cause price declines.
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price, yield, and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost. Income may be subject to state and local taxes, and some income may be subject to the federal alternative minimum tax (AMT) for certain investors. Capital gains, if any, are fully taxable.
2 Source: Lipper Inc. — The Bloomberg Barclays U.S. Municipal Bond Index covers the USD-denominated long-term tax-exempt bond market. Investors cannot invest directly in any index.
9
UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited)
As a mutual fund investor, you pay ongoing expenses, such as management fees and other expenses. Using the information below, you can estimate how these expenses affect your investment and compare them with the expenses of other funds. You also may pay one-time transaction expenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial adviser.
Review your fund’s expenses
The table below shows the expenses you would have paid on a $1,000 investment in each class of each fund from September 1, 2016 to February 28, 2017. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.
Expenses and Value of a $1,000 Investment |
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assuming actual returns for the six months ended February 28, 2017 | |||||||||||||||||
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BNY Mellon National Intermediate | |||||||||||||||||
Expenses paid per $1,000† | $ | 2.45 | $ | 3.67 | |||||||||||||
Ending value (after expenses) | $ | 973.70 | $ | 972.50 | |||||||||||||
Annualized expense ratio (%) | .50 | .75 | |||||||||||||||
BNY Mellon National Short-Term | |||||||||||||||||
Expenses paid per $1,000† | $ | 2.53 | $ | 3.76 | |||||||||||||
Ending value (after expenses) | $ | 997.20 | $ | 996.70 | |||||||||||||
Annualized expense ratio (%) | .51 | .76 | |||||||||||||||
BNY Mellon Pennsylvania | |||||||||||||||||
Expenses paid per $1,000† | $ | 3.43 | $ | 4.64 | |||||||||||||
Ending value (after expenses) | $ | 973.70 | $ | 971.70 | |||||||||||||
Annualized expense ratio (%) | .70 | .95 | |||||||||||||||
BNY Mellon Massachusetts | |||||||||||||||||
Expenses paid per $1,000† | $ | 2.64 | $ | 3.86 | |||||||||||||
Ending value (after expenses) | $ | 972.60 | $ | 971.40 | |||||||||||||
Annualized expense ratio (%) | .54 | .79 | |||||||||||||||
BNY Mellon New York | |||||||||||||||||
Expenses paid per $1,000† | $ | 2.88 | $ | 4.11 | |||||||||||||
Ending value (after expenses) | $ | 971.80 | $ | 971.50 | |||||||||||||
Annualized expense ratio (%) | .59 | .84 | |||||||||||||||
BNY Mellon Municipal | |||||||||||||||||
Expenses paid per $1,000† | $ | 3.57 | $ | 4.79 | |||||||||||||
Ending value (after expenses) | $ | 971.80 | $ | 970.60 | |||||||||||||
Annualized expense ratio (%) | .73 | .98 |
† Expenses are equal to each fund’s annualized expense ratios as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
10
COMPARING YOUR FUND’S EXPENSES
WITH THOSE OF OTHER FUNDS (Unaudited)
Using the SEC’s method to compare expenses
The Securities and Exchange Commission (SEC) has established guidelines to help investors assess fund expenses. Per these guidelines, the table below shows your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return. You can use this information to compare the ongoing expenses (but not transaction expenses or total cost) of investing in the fund with those of other funds. All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.
Expenses and Value of a $1,000 Investment |
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assuming a hypothetical 5% annualized return for the six months ended February 28, 2017 | |||||||||||||||||
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BNY Mellon National Intermediate | |||||||||||||||||
Expenses paid per $1,000† | $2.51 | $3.76 | |||||||||||||||
Ending value (after expenses) | $1,022.32 | $1,021.08 | |||||||||||||||
Annualized expense ratio (%) | .50 | .75 | |||||||||||||||
BNY Mellon National Short-Term | |||||||||||||||||
Expenses paid per $1,000† | $2.56 | $3.81 | |||||||||||||||
Ending value (after expenses) | $1,022.27 | $1,021.03 | |||||||||||||||
Annualized expense ratio (%) | .51 | .76 | |||||||||||||||
BNY Mellon Pennsylvania | |||||||||||||||||
Expenses paid per $1,000† | $3.51 | $4.76 | |||||||||||||||
Ending value (after expenses) | $1,021.32 | $1,020.08 | |||||||||||||||
Annualized expense ratio (%) | .70 | .95 | |||||||||||||||
BNY Mellon Massachusetts | |||||||||||||||||
Expenses paid per $1,000† | $2.71 | $3.96 | |||||||||||||||
Ending value (after expenses) | $1,022.12 | $1,020.88 | |||||||||||||||
Annualized expense ratio (%) | .54 | .79 | |||||||||||||||
BNY Mellon New York | |||||||||||||||||
Expenses paid per $1,000† | $2.96 | $4.21 | |||||||||||||||
Ending value (after expenses) | $1,021.87 | $1,020.63 | |||||||||||||||
Annualized expense ratio (%) | .59 | .84 | |||||||||||||||
BNY Mellon Municipal | |||||||||||||||||
Expenses paid per $1,000† | $3.66 | $4.91 | |||||||||||||||
Ending value (after expenses) | $1,021.17 | $1,019.93 | |||||||||||||||
Annualized expense ratio (%) | .73 | .98 |
† Expenses are equal to each fund’s annualized expense ratios as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
11
STATEMENT OF INVESTMENTS
February 28, 2017 (Unaudited)
BNY Mellon National Intermediate Municipal Bond Fund | |||||||||||
Long-Term Municipal Investments - 99.7% | Coupon | Maturity | Principal | Value ($) | |||||||
Alabama - .8% | |||||||||||
Alabama 21st Century Authority, | 5.00 | 6/1/20 | 1,500,000 | 1,664,280 | |||||||
Alabama 21st Century Authority, | 5.00 | 6/1/21 | 1,240,000 | 1,402,279 | |||||||
Jefferson County, | 5.00 | 1/1/24 | 13,325,000 | 13,376,568 | |||||||
16,443,127 | |||||||||||
Alaska - .3% | |||||||||||
Alaska, | 5.00 | 10/1/32 | 5,000,000 | 5,651,200 | |||||||
Arizona - .4% | |||||||||||
Maricopa County Industrial Development Authority, | 5.00 | 1/1/27 | 5,000,000 | 6,007,050 | |||||||
Salt River Project Agricultural Improvement and Power District, | 5.00 | 12/1/26 | 2,000,000 | 2,242,420 | |||||||
8,249,470 | |||||||||||
California - 17.9% | |||||||||||
Alameda Corridor Transportation Authority, | 5.00 | 10/1/34 | 1,500,000 | 1,669,005 | |||||||
Alameda Corridor Transportation Authority, | 5.00 | 10/1/35 | 2,050,000 | 2,302,211 | |||||||
Anaheim Housing and Public Improvements Authority, | 5.00 | 10/1/35 | 8,000,000 | 8,933,200 | |||||||
Anaheim Housing and Public Improvements Authority, | 5.00 | 10/1/36 | 2,400,000 | 2,677,728 | |||||||
Anaheim Housing and Public Improvements Authority, | 5.00 | 10/1/41 | 2,300,000 | 2,555,576 | |||||||
Bay Area Toll Authority, | 1.88 | 4/1/19 | 10,000,000 | 10,119,500 | |||||||
Bay Area Toll Authority, | 2.00 | 4/1/21 | 10,000,000 | 10,158,400 | |||||||
California, | 5.00 | 9/1/21 | 5,000,000 | 5,783,650 | |||||||
California, | 5.00 | 12/1/23 | 2,500,000 | 2,978,925 | |||||||
California, | 5.00 | 12/1/23 | 12,500,000 | 14,894,625 | |||||||
California, | 5.25 | 9/1/29 | 10,000,000 | 11,789,100 | |||||||
California, | 4.00 | 9/1/31 | 10,000,000 | 10,617,600 | |||||||
California, | 5.00 | 9/1/31 | 20,000,000 | 22,602,800 | |||||||
California, | 6.00 | 3/1/33 | 11,445,000 | 12,977,485 | |||||||
California, | 6.50 | 4/1/33 | 8,750,000 | 9,746,625 | |||||||
California, | 5.50 | 3/1/40 | 7,950,000 | 8,848,111 | |||||||
California Department of Water Resources, | 5.00 | 12/1/19 | 115,000 | 127,388 | |||||||
California Health Facilities Financing Authority, | 4.00 | 3/1/33 | 10,000,000 | 10,318,100 | |||||||
California Health Facilities Financing Authority, | 5.00 | 11/15/23 | 1,500,000 | 1,730,310 | |||||||
California Health Facilities Financing Authority, | 5.00 | 11/15/24 | 1,600,000 | 1,841,472 | |||||||
California Health Facilities Financing Authority, | 6.25 | 10/1/18 | 4,000,000 | a | 4,339,720 | ||||||
California Health Facilities Financing Authority, | 6.25 | 10/1/18 | 8,500,000 | a | 9,221,905 |
12
BNY Mellon National Intermediate Municipal Bond Fund (continued) | ||||||||||
Long-Term Municipal Investments - 99.7% (continued) | Coupon | Maturity | Principal | Value ($) | ||||||
California - 17.9% (continued) | ||||||||||
California Health Facilities Financing Authority, | 6.50 | 10/1/18 | 60,000 | a | 65,347 | |||||
California Health Facilities Financing Authority, | 6.50 | 10/1/18 | 3,440,000 | a | 3,746,573 | |||||
California Infrastructure and Economic Development Bank, | 4.00 | 10/1/45 | 8,275,000 | 8,588,953 | ||||||
California State Public Works Board, | 5.00 | 10/1/20 | 2,000,000 | 2,260,320 | ||||||
California Statewide Communities Development Authority, | 6.25 | 8/1/19 | 4,170,000 | a | 4,689,749 | |||||
California Statewide Communities Development Authority, | 4.50 | 7/1/18 | 1,190,000 | 1,223,356 | ||||||
Escondido Union School District, | 5.00 | 8/1/23 | 1,105,000 | 1,292,198 | ||||||
Escondido Union School District, | 5.00 | 8/1/25 | 1,320,000 | 1,569,493 | ||||||
Golden State Tobacco Securitization Corporation, | 5.00 | 6/1/29 | 10,680,000 | 12,132,053 | ||||||
Golden State Tobacco Securitization Corporation, | 5.00 | 6/1/32 | 2,000,000 | 2,250,080 | ||||||
Long Beach Unified School District, | 4.00 | 8/1/38 | 10,300,000 | 10,651,642 | ||||||
Los Angeles Department of Airports, | 5.25 | 5/15/26 | 15,520,000 | 17,460,466 | ||||||
Los Angeles Unified School District, | 5.00 | 7/1/32 | 10,000,000 | 11,341,700 | ||||||
New Haven Unified School District, | 0.00 | 8/1/33 | 4,000,000 | b | 2,111,800 | |||||
Oakland Unified School District, | 5.00 | 8/1/29 | 4,000,000 | 4,783,960 | ||||||
Palomar Health, | 4.00 | 8/1/31 | 3,805,000 | 3,987,716 | ||||||
Palomar Health, | 4.00 | 8/1/32 | 3,180,000 | 3,309,235 | ||||||
Port of Oakland, | 5.00 | 5/1/19 | 2,250,000 | 2,427,773 | ||||||
Port of Oakland, | 5.00 | 5/1/23 | 1,875,000 | 2,097,356 | ||||||
Riverside County Transportation Commission, | 5.25 | 6/1/28 | 5,000,000 | 5,949,650 | ||||||
Sacramento County Sanitation Districts Financing Authority, | 1.15 | 12/1/35 | 10,000,000 | c | 8,588,900 | |||||
Sacramento County Water Financing Authority, | 1.17 | 6/1/34 | 8,000,000 | c | 6,992,320 | |||||
San Francisco City and County, | 5.00 | 4/1/27 | 3,555,000 | 4,133,861 | ||||||
San Francisco City and County Public Utilities Commission, | 5.00 | 11/1/37 | 11,000,000 | 12,462,780 | ||||||
San Francisco Community College District, | 5.00 | 6/15/29 | 5,000,000 | 5,876,500 | ||||||
Simi Valley Unified School District, | 5.00 | 8/1/22 | 1,080,000 | 1,261,732 | ||||||
Simi Valley Unified School District, | 5.00 | 8/1/23 | 2,235,000 | 2,646,687 | ||||||
Simi Valley Unified School District, | 5.00 | 8/1/24 | 3,000,000 | 3,594,930 | ||||||
Simi Valley Unified School District, | 5.00 | 8/1/25 | 1,000,000 | 1,209,890 | ||||||
Simi Valley Unified School District, | 5.00 | 8/1/26 | 2,000,000 | 2,444,880 | ||||||
Simi Valley Unified School District, | 5.00 | 8/1/27 | 1,495,000 | 1,843,365 | ||||||
Southern California Public Power Authority, | 5.25 | 11/1/20 | 4,000,000 | 4,483,960 | ||||||
Southern California Public Power Authority, | 5.00 | 7/1/30 | 1,000,000 | 1,163,060 |
13
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||||
Long-Term Municipal Investments - 99.7% (continued) | Coupon | Maturity | Principal | Value ($) | |||||||
California - 17.9% (continued) | |||||||||||
Southern California Public Power Authority, | 5.00 | 7/1/31 | 3,855,000 | 4,452,872 | |||||||
Southern California Public Power Authority, | 5.00 | 7/1/33 | 3,380,000 | 3,863,036 | |||||||
Successor Agency to the Redevelopment Agency of the City of Pittsburg, | 5.00 | 9/1/20 | 6,000,000 | 6,704,820 | |||||||
Successor Agency to the Redevelopment Agency of the City of Pittsburg, | 5.00 | 9/1/21 | 1,325,000 | 1,513,336 | |||||||
Successor Agency to the Redevelopment Agency of the City of Pittsburg, | 5.00 | 9/1/26 | 6,610,000 | 7,875,352 | |||||||
University of California Regents, | 5.00 | 5/15/31 | 9,000,000 | 10,551,600 | |||||||
University of California Regents, | 5.00 | 5/15/30 | 11,000,000 | 12,869,890 | |||||||
372,706,627 | |||||||||||
Colorado - 1.7% | |||||||||||
City and County of Denver, | 5.25 | 11/15/19 | 4,445,000 | 4,579,150 | |||||||
Colorado Department of Transportation, | 5.00 | 6/15/41 | 3,000,000 | 3,194,490 | |||||||
Colorado Health Facilities Authority, | 6.00 | 10/1/23 | 2,000,000 | 2,144,940 | |||||||
Colorado Health Facilities Authority, | 6.25 | 10/1/33 | 1,600,000 | 1,709,360 | |||||||
E-470 Public Highway Authority, | 2.39 | 9/1/17 | 5,000,000 | c | 5,000,000 | ||||||
E-470 Public Highway Authority, | 5.00 | 9/1/17 | 3,500,000 | 3,567,655 | |||||||
Public Authority for Colorado Energy, | 5.75 | 11/15/18 | 995,000 | 1,035,118 | |||||||
Public Authority for Colorado Energy, | 6.13 | 11/15/23 | 5,350,000 | 6,420,749 | |||||||
Regional Transportation District of Colorado, | 5.00 | 6/1/19 | 1,750,000 | 1,900,430 | |||||||
Regional Transportation District of Colorado, | 5.00 | 6/1/20 | 2,700,000 | 3,013,200 | |||||||
Regional Transportation District of Colorado, | 5.50 | 6/1/22 | 2,200,000 | 2,484,636 | |||||||
35,049,728 | |||||||||||
Connecticut - 1.5% | |||||||||||
Connecticut, | 5.00 | 11/15/21 | 9,430,000 | 10,755,669 | |||||||
Connecticut, | 5.00 | 4/15/22 | 5,000,000 | 5,709,100 | |||||||
Connecticut, | 5.00 | 5/15/23 | 10,000,000 | 11,232,600 | |||||||
Connecticut, | 4.00 | 6/15/30 | 3,000,000 | 3,176,010 | |||||||
30,873,379 | |||||||||||
Delaware - .7% | |||||||||||
Delaware River and Bay Authority, | 5.00 | 1/1/21 | 2,000,000 | 2,258,720 | |||||||
Delaware River and Bay Authority, | 5.00 | 1/1/22 | 2,710,000 | 3,113,031 | |||||||
Delaware River and Bay Authority, | 5.00 | 1/1/23 | 1,500,000 | 1,740,615 | |||||||
Delaware River and Bay Authority, | 5.00 | 1/1/24 | 1,000,000 | 1,171,370 |
14
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||||
Long-Term Municipal Investments - 99.7% (continued) | Coupon | Maturity | Principal | Value ($) | |||||||
Delaware - .7% (continued) | |||||||||||
University of Delaware, | 5.00 | 11/1/27 | 5,440,000 | 6,319,920 | |||||||
14,603,656 | |||||||||||
District of Columbia - .4% | |||||||||||
Metropolitan Washington Airports Authority, | 5.00 | 10/1/23 | 4,250,000 | 4,824,600 | |||||||
Metropolitan Washington Airports Authority, | 5.00 | 10/1/24 | 2,500,000 | 2,823,600 | |||||||
7,648,200 | |||||||||||
Florida - 3.6% | |||||||||||
Citizens Property Insurance Corporation, | 5.00 | 6/1/20 | 10,000,000 | 10,993,800 | |||||||
Florida Department of Transportation, | 5.00 | 7/1/19 | 4,220,000 | 4,321,575 | |||||||
Florida Department of Transportation, | 5.00 | 7/1/20 | 2,500,000 | 2,560,175 | |||||||
Florida State Board of Education, | 5.00 | 6/1/26 | 10,000,000 | 11,861,900 | |||||||
Jacksonville, | 5.00 | 10/1/21 | 2,500,000 | 2,874,200 | |||||||
Jacksonville Electric Authority, | 5.00 | 10/1/21 | 2,000,000 | 2,190,380 | |||||||
Jacksonville Electric Authority, | 5.00 | 10/1/22 | 1,625,000 | 1,779,245 | |||||||
Jacksonville Electric Authority, | 5.00 | 10/1/24 | 1,000,000 | 1,093,850 | |||||||
Lee County, | 5.50 | 10/1/23 | 3,565,000 | 4,064,278 | |||||||
Lee County, | 5.50 | 10/1/24 | 5,000,000 | 5,659,300 | |||||||
Miami-Dade County, | 5.50 | 10/1/25 | 3,165,000 | 3,593,225 | |||||||
Miami-Dade County School Board, | 5.00 | 5/1/26 | 5,600,000 | 6,513,808 | |||||||
Palm Beach County School Board, | 5.00 | 8/1/27 | 4,595,000 | 5,352,394 | |||||||
Sarasota County, | 5.25 | 10/1/18 | 240,000 | a | 256,538 | ||||||
Sarasota County, | 5.25 | 10/1/18 | 245,000 | a | 261,883 | ||||||
Sarasota County, | 5.25 | 10/1/18 | 210,000 | a | 224,471 | ||||||
Sarasota County, | 5.25 | 10/1/18 | 1,790,000 | a | 1,913,349 | ||||||
Sarasota County, | 5.25 | 10/1/18 | 1,085,000 | a | 1,159,767 | ||||||
Tampa Bay Water A Regional Water Supply Authority, | 5.00 | 10/1/20 | 5,000,000 | 5,656,450 | |||||||
Tampa Sports Authority, | 5.00 | 1/1/24 | 90,000 | 106,802 | |||||||
Tampa Sports Authority, | 5.00 | 1/1/25 | 2,865,000 | 3,428,402 | |||||||
75,865,792 | |||||||||||
Georgia - 2.0% | |||||||||||
Burke County Development Authority, | 2.35 | 12/11/20 | 7,500,000 | 7,559,250 | |||||||
Burke County Development Authority, | 7.00 | 1/1/23 | 6,000,000 | 6,281,580 | |||||||
DeKalb County, | 5.25 | 10/1/36 | 3,500,000 | 3,972,325 | |||||||
Georgia, | 4.00 | 10/1/24 | 10,000,000 | 11,141,200 |
15
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||||
Long-Term Municipal Investments - 99.7% (continued) | Coupon | Maturity | Principal | Value ($) | |||||||
Georgia - 2.0% (continued) | |||||||||||
Main Street Natural Gas Inc., | 6.38 | 7/15/38 | 1,335,000 | d | 14,605 | ||||||
Municipal Electric Authority of Georgia, | 5.75 | 7/1/18 | 3,595,000 | a | 3,829,969 | ||||||
Private Colleges and Universities Authority, | 5.00 | 9/1/41 | 6,990,000 | 7,838,376 | |||||||
40,637,305 | |||||||||||
Hawaii - .8% | |||||||||||
Hawaii, | 5.00 | 10/1/28 | 5,000,000 | 6,010,400 | |||||||
University of Hawaii Board of Regents, | 5.00 | 10/1/31 | 8,750,000 | 10,302,775 | |||||||
16,313,175 | |||||||||||
Idaho - .8% | |||||||||||
Idaho Health Facilities Authority, | 5.00 | 12/1/33 | 5,000,000 | 5,573,000 | |||||||
University of Idaho Regents, | 5.25 | 4/1/21 | 9,685,000 | 10,966,519 | |||||||
16,539,519 | |||||||||||
Illinois - 5.6% | |||||||||||
Chicago, | 5.00 | 1/1/22 | 4,615,000 | 5,280,575 | |||||||
Chicago, | 5.00 | 1/1/23 | 2,000,000 | 2,317,240 | |||||||
Chicago, | 5.00 | 1/1/24 | 5,000,000 | 5,832,750 | |||||||
Chicago, | 5.00 | 1/1/25 | 4,450,000 | 5,216,868 | |||||||
Chicago, | 5.00 | 1/1/25 | 7,055,000 | 8,049,049 | |||||||
Chicago, | 5.00 | 1/1/26 | 2,000,000 | 2,349,280 | |||||||
Chicago, | 5.00 | 1/1/27 | 2,500,000 | 2,917,375 | |||||||
Chicago, | 5.00 | 1/1/24 | 4,500,000 | 4,549,050 | |||||||
Chicago, | 5.00 | 1/1/26 | 3,000,000 | 2,993,430 | |||||||
Chicago, | 5.50 | 1/1/35 | 3,750,000 | 3,720,263 | |||||||
Chicago, | 5.50 | 1/1/37 | 3,500,000 | 3,458,105 | |||||||
Chicago, | 5.00 | 12/1/17 | 1,110,000 | 1,113,497 | |||||||
Chicago, | 5.25 | 1/1/22 | 1,000,000 | 1,027,860 | |||||||
Chicago, | 5.00 | 1/1/26 | 2,270,000 | 2,288,773 | |||||||
Chicago, | 5.00 | 1/1/24 | 3,000,000 | 3,364,560 | |||||||
Chicago, | 5.00 | 1/1/25 | 2,110,000 | 2,373,033 | |||||||
Chicago Board of Education, | 5.50 | 12/1/18 | 1,605,000 | 1,637,437 | |||||||
Illinois, | 5.00 | 8/1/18 | 19,900,000 | 20,691,622 | |||||||
Illinois, | 5.00 | 8/1/19 | 10,000,000 | 10,514,400 | |||||||
Illinois, | 5.00 | 9/1/19 | 185,000 | 185,590 |
16
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||||
Long-Term Municipal Investments - 99.7% (continued) | Coupon | Maturity | Principal | Value ($) | |||||||
Illinois - 5.6% (continued) | |||||||||||
Illinois, | 5.00 | 8/1/23 | 5,000,000 | 5,304,700 | |||||||
Illinois, | 5.25 | 2/1/28 | 6,000,000 | 6,172,440 | |||||||
Illinois, | 5.00 | 1/1/20 | 5,000,000 | 5,349,200 | |||||||
Railsplitter Tobacco Settlement Authority, | 6.25 | 6/1/24 | 10,000,000 | 10,003,200 | |||||||
116,710,297 | |||||||||||
Kansas - 1.3% | |||||||||||
Kansas Department of Transportation, | 5.00 | 9/1/27 | 5,000,000 | 5,927,300 | |||||||
Kansas Department of Transportation, | 5.00 | 9/1/28 | 6,000,000 | 7,079,460 | |||||||
Kansas Department of Transportation, | 5.00 | 9/1/29 | 1,300,000 | 1,526,083 | |||||||
Kansas Development Finance Authority, | 4.00 | 5/1/21 | 3,370,000 | 3,633,500 | |||||||
Wichita, | 5.00 | 10/1/21 | 7,990,000 | 9,224,215 | |||||||
27,390,558 | |||||||||||
Kentucky - .7% | |||||||||||
Kentucky Property and Buildings Commission, | 5.00 | 11/1/22 | 5,000,000 | 5,758,700 | |||||||
Kentucky State Property and Buildings Commission, | 5.00 | 8/1/21 | 1,785,000 | 2,024,690 | |||||||
Kentucky State Property and Buildings Commission, | 5.00 | 2/1/28 | 5,150,000 | 5,953,657 | |||||||
13,737,047 | |||||||||||
Louisiana - 1.9% | |||||||||||
Jefferson Sales Tax District, | 5.25 | 12/1/17 | 4,000,000 | a | 4,127,800 | ||||||
Louisiana, | 5.00 | 8/1/26 | 5,000,000 | 5,834,550 | |||||||
Louisiana Citizens Property Insurance Corporation, | 6.13 | 6/1/18 | 9,500,000 | a | 10,131,940 | ||||||
Louisiana Citizens Property Insurance Corporation, | 5.00 | 6/1/21 | 5,000,000 | 5,684,450 | |||||||
Louisiana Local Government Environmental Facilities and Community Development Authority, | 5.00 | 10/1/22 | 5,000,000 | 5,558,100 | |||||||
Louisiana Public Facilities Authority, | 6.00 | 7/1/29 | 2,000,000 | 2,184,000 | |||||||
Louisiana Public Facilities Authority, | 5.00 | 10/1/41 | 6,000,000 | 6,305,700 | |||||||
39,826,540 | |||||||||||
Maryland - 3.6% | |||||||||||
Anne Arundel County, | 5.00 | 4/1/28 | 2,480,000 | 2,905,047 | |||||||
Anne Arundel County, | 5.00 | 4/1/29 | 4,640,000 | 5,412,838 | |||||||
Anne Arundel County, | 5.00 | 4/1/30 | 4,640,000 | 5,395,485 | |||||||
Maryland, | 4.00 | 6/1/27 | 10,000,000 | 11,102,600 | |||||||
Maryland Department of Transportation, | 5.00 | 12/1/21 | 6,300,000 | 7,345,044 | |||||||
Maryland Department of Transportation, | 4.00 | 11/1/27 | 10,000,000 | 11,101,500 | |||||||
Maryland Economic Development Corporation, | 5.00 | 3/31/24 | 6,000,000 | 6,704,940 | |||||||
Montgomery County, | 5.00 | 11/1/26 | 10,000,000 | 12,087,400 |
17
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||||
Long-Term Municipal Investments - 99.7% (continued) | Coupon | Maturity | Principal | Value ($) | |||||||
Maryland - 3.6% (continued) | |||||||||||
Montgomery County, | 4.00 | 12/1/30 | 12,000,000 | 12,997,320 | |||||||
75,052,174 | |||||||||||
Massachusetts - 1.8% | |||||||||||
Massachusetts, | 4.00 | 6/1/46 | 10,000,000 | 10,232,900 | |||||||
Massachusetts, | 1.15 | 11/1/18 | 2,000,000 | c | 1,998,600 | ||||||
Massachusetts, | 5.00 | 9/1/28 | 5,000,000 | 5,825,000 | |||||||
Massachusetts, | 5.50 | 10/1/20 | 3,285,000 | 3,778,177 | |||||||
Massachusetts Development Finance Agency, | 5.00 | 12/1/35 | 3,750,000 | 4,241,213 | |||||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/33 | 5,000,000 | 5,386,600 | |||||||
Massachusetts Development Finance Agency, | 5.00 | 5/1/44 | 2,505,000 | 2,821,883 | |||||||
Massachusetts Health and Educational Facilities Authority, | 7.50 | 10/1/18 | 1,180,000 | a | 1,301,493 | ||||||
Massachusetts Health and Educational Facilities Authority, | 7.50 | 10/1/18 | 820,000 | a | 904,427 | ||||||
Massachusetts Water Pollution Abatement Trust, | 5.75 | 8/1/29 | 380,000 | 381,611 | |||||||
36,871,904 | |||||||||||
Michigan - 3.0% | |||||||||||
Detroit, | 5.75 | 7/1/22 | 7,000,000 | 7,420,630 | |||||||
Michigan Building Authority, | 5.00 | 10/15/22 | 2,400,000 | 2,802,384 | |||||||
Michigan Building Authority, | 5.00 | 10/15/29 | 10,000,000 | 11,462,500 | |||||||
Michigan Building Authority, | 5.00 | 10/15/33 | 5,000,000 | 5,648,350 | |||||||
Michigan Finance Authority, | 5.00 | 12/1/31 | 10,000,000 | 11,224,300 | |||||||
Michigan Finance Authority, | 5.00 | 12/1/35 | 5,000,000 | 5,549,650 | |||||||
Michigan Finance Authority, | 5.00 | 12/1/39 | 7,095,000 | 7,960,306 | |||||||
Michigan Finance Authority, | 5.00 | 7/1/26 | 1,875,000 | 2,156,381 | |||||||
Michigan Finance Authority, | 5.00 | 7/1/27 | 3,000,000 | 3,430,890 | |||||||
Michigan Finance Authority, | 5.00 | 7/1/28 | 2,500,000 | 2,842,200 | |||||||
Michigan Finance Authority, | 5.00 | 7/1/26 | 2,500,000 | 2,875,175 | |||||||
63,372,766 | |||||||||||
Minnesota - .7% | |||||||||||
Minneapolis, | 6.63 | 11/15/18 | 12,000,000 | a | 13,156,920 | ||||||
Western Minnesota Municipal Power Agency, | 5.00 | 1/1/22 | 1,500,000 | 1,736,655 | |||||||
14,893,575 |
18
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||||
Long-Term Municipal Investments - 99.7% (continued) | Coupon | Maturity | Principal | Value ($) | |||||||
Mississippi - .1% | |||||||||||
Mississippi Home Corporation, | 4.38 | 12/1/18 | 335,000 | 341,811 | |||||||
Southern Mississippi Educational Building Corporation, | 5.00 | 9/1/24 | 450,000 | 532,202 | |||||||
Southern Mississippi Educational Building Corporation, | 5.00 | 9/1/25 | 250,000 | 297,070 | |||||||
Southern Mississippi Educational Building Corporation, | 5.00 | 9/1/26 | 550,000 | 658,004 | |||||||
1,829,087 | |||||||||||
Missouri - 1.9% | |||||||||||
Missouri Environmental Improvement and Energy Resources Authority, | 5.00 | 7/1/21 | 1,505,000 | 1,737,237 | |||||||
Missouri Environmental Improvement and Energy Resources Authority, | 5.00 | 7/1/22 | 1,685,000 | 1,981,442 | |||||||
Missouri Environmental Improvement and Energy Resources Authority, | 5.00 | 7/1/23 | 2,125,000 | 2,528,708 | |||||||
Missouri Environmental Improvement and Energy Resources Authority, | 5.00 | 1/1/26 | 750,000 | 887,288 | |||||||
Missouri Environmental Improvement and Energy Resources Authority, | 5.00 | 7/1/21 | 45,000 | 51,862 | |||||||
Missouri Environmental Improvement and Energy Resources Authority, | 5.00 | 7/1/22 | 65,000 | 76,454 | |||||||
Missouri Environmental Improvement and Energy Resources Authority, | 5.00 | 7/1/23 | 75,000 | 89,447 | |||||||
Missouri Health and Educational Facilities Authority, | 5.00 | 10/1/38 | 2,000,000 | 2,252,500 | |||||||
Missouri Highways and Transportation Commission, | 5.00 | 5/1/23 | 25,625,000 | 30,529,369 | |||||||
40,134,307 | |||||||||||
Montana - .2% | |||||||||||
Montana Board of Housing, | 3.50 | 6/1/44 | 4,895,000 | 5,144,351 | |||||||
Nebraska - .5% | |||||||||||
Central Plains Energy Project, | 5.00 | 12/1/19 | 10,000,000 | 10,841,000 | |||||||
Nevada - 1.2% | |||||||||||
Clark County, | 5.00 | 7/1/19 | 10,000,000 | a | 10,911,200 | ||||||
Clark County School District, | 5.00 | 6/15/20 | 12,930,000 | 13,474,353 | |||||||
24,385,553 | |||||||||||
New Jersey - 5.6% | |||||||||||
New Jersey Economic Development Authority, | 5.00 | 6/15/21 | 10,000,000 | 10,870,200 | |||||||
New Jersey Economic Development Authority, | 5.00 | 6/15/24 | 5,000,000 | 5,379,550 | |||||||
New Jersey Economic Development Authority, | 5.00 | 6/15/20 | 5,000,000 | 5,305,700 | |||||||
New Jersey Economic Development Authority, | 5.50 | 12/15/19 | 1,410,000 | 1,511,153 | |||||||
New Jersey Economic Development Authority, | 5.25 | 12/15/20 | 5,000,000 | 5,387,250 |
19
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||||
Long-Term Municipal Investments - 99.7% (continued) | Coupon | Maturity | Principal | Value ($) | |||||||
New Jersey - 5.6% (continued) | |||||||||||
New Jersey Economic Development Authority, | 5.00 | 3/1/25 | 13,000,000 | 14,161,420 | |||||||
New Jersey Economic Development Authority, | 5.50 | 9/1/23 | 10,000,000 | 11,442,600 | |||||||
New Jersey Educational Facilities Authority, | 7.50 | 6/1/19 | 3,750,000 | a | 4,284,975 | ||||||
New Jersey Health Care Facilities Financing Authority, | 5.00 | 7/1/22 | 1,830,000 | 2,109,313 | |||||||
New Jersey Health Care Facilities Financing Authority, | 5.00 | 7/1/24 | 3,005,000 | 3,387,206 | |||||||
New Jersey Health Care Facilities Financing Authority, | 5.00 | 7/1/19 | 2,000,000 | 2,170,100 | |||||||
New Jersey Health Care Facilities Financing Authority, | 5.00 | 7/1/24 | 1,000,000 | 1,125,140 | |||||||
New Jersey Health Care Facilities Financing Authority, | 5.00 | 7/1/25 | 1,060,000 | 1,192,002 | |||||||
New Jersey Health Care Facilities Financing Authority, | 5.00 | 7/1/26 | 1,000,000 | 1,126,680 | |||||||
New Jersey Transportation Trust Fund Authority, | 5.25 | 12/15/21 | 7,000,000 | 7,599,970 | |||||||
New Jersey Transportation Trust Fund Authority, | 5.50 | 6/15/31 | 5,000,000 | 5,255,000 | |||||||
New Jersey Transportation Trust Fund Authority, | 5.50 | 12/15/21 | 10,000,000 | 11,288,900 | |||||||
New Jersey Transportation Trust Fund Authority, | 5.00 | 6/15/24 | 10,000,000 | 10,303,800 | |||||||
New Jersey Transportation Trust Fund Authority, | 5.00 | 6/15/19 | 10,000,000 | 10,525,700 | |||||||
Rutgers The State University, | 5.00 | 5/1/21 | 2,000,000 | 2,288,360 | |||||||
116,715,019 | |||||||||||
New Mexico - .5% | |||||||||||
New Mexico Municipal Energy Acquisition Authority, | 5.00 | 8/1/19 | 10,000,000 | 10,802,900 | |||||||
New York - 12.6% | |||||||||||
Brooklyn Arena Local Development Corporation, | 4.00 | 7/15/29 | 2,610,000 | 2,743,214 | |||||||
Brooklyn Arena Local Development Corporation, | 4.00 | 7/15/31 | 1,685,000 | 1,749,097 | |||||||
Brooklyn Arena Local Development Corporation, | 4.00 | 7/15/32 | 750,000 | 770,333 | |||||||
Brooklyn Arena Local Development Corporation, | 4.00 | 7/15/33 | 900,000 | 919,899 | |||||||
Brooklyn Arena Local Development Corporation, | 4.00 | 7/15/34 | 1,000,000 | 1,017,140 | |||||||
Metropolitan Transportation Authority, | 6.50 | 11/15/28 | 2,250,000 | 2,461,545 | |||||||
Metropolitan Transportation Authority, | 5.00 | 11/15/31 | 10,000,000 | 11,646,600 | |||||||
Metropolitan Transportation Authority, | 6.50 | 11/15/18 | 9,030,000 | a | 9,896,158 | ||||||
Metropolitan Transportation Authority, | 6.50 | 11/15/18 | 720,000 | a | 789,062 | ||||||
Metropolitan Transportation Authority Hudson Rail Yards Trust, | 5.00 | 11/15/46 | 10,000,000 | 10,715,000 | |||||||
Metropolitan Transportation Authority Hudson Rail Yards Trust, | 5.00 | 11/15/51 | 5,000,000 | 5,370,200 |
20
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||||
Long-Term Municipal Investments - 99.7% (continued) | Coupon | Maturity | Principal | Value ($) | |||||||
New York - 12.6% (continued) | |||||||||||
New York City, | 5.00 | 8/1/23 | 5,000,000 | 5,908,950 | |||||||
New York City, | 5.00 | 8/1/24 | 5,000,000 | 5,948,800 | |||||||
New York City, | 5.00 | 10/1/25 | 2,500,000 | 2,873,625 | |||||||
New York City, | 5.00 | 8/1/26 | 5,660,000 | 6,555,355 | |||||||
New York City, | 5.00 | 8/1/28 | 16,000,000 | 18,268,320 | |||||||
New York City Transitional Finance Authority, | 5.00 | 2/1/23 | 8,325,000 | 9,481,509 | |||||||
New York City Transitional Finance Authority, | 5.00 | 11/1/25 | 20,000,000 | 23,599,000 | |||||||
New York Counties Tobacco Trust VI, | 5.00 | 6/1/45 | 2,000,000 | 2,136,760 | |||||||
New York Liberty Development Corporation, | 5.00 | 11/15/44 | 8,000,000 | e | 8,386,880 | ||||||
New York State Dormitory Authority, | 5.00 | 10/1/41 | 7,500,000 | 8,394,600 | |||||||
New York State Dormitory Authority, | 5.75 | 7/1/18 | 85,000 | 88,023 | |||||||
New York State Dormitory Authority, | 5.00 | 7/1/34 | 5,000,000 | 5,689,450 | |||||||
New York State Dormitory Authority, | 5.00 | 7/1/40 | 10,000,000 | 10,833,700 | |||||||
New York State Dormitory Authority, | 5.00 | 3/15/23 | 11,000,000 | 13,022,020 | |||||||
New York State Dormitory Authority, | 5.00 | 3/15/31 | 5,165,000 | 5,958,447 | |||||||
New York State Dormitory Authority, | 5.00 | 2/15/33 | 25,000,000 | 28,651,750 | |||||||
New York State Dormitory Authority, | 5.00 | 3/15/34 | 2,500,000 | 2,849,500 | |||||||
New York State Thruway Authority, | 5.00 | 1/1/32 | 3,000,000 | 3,405,150 | |||||||
New York State Urban Development Corporation, | 5.00 | 3/15/25 | 5,000,000 | 5,998,700 | |||||||
New York State Urban Development Corporation, | 5.00 | 3/15/29 | 10,000,000 | 11,553,900 | |||||||
New York Transportation Development Corporation, | 5.00 | 7/1/41 | 2,000,000 | 2,120,180 | |||||||
New York Transportation Development Corporation, | 5.00 | 7/1/46 | 2,500,000 | 2,632,200 | |||||||
Port Authority of New York and New Jersey, | 5.00 | 5/1/36 | 3,000,000 | 3,307,290 | |||||||
Port Authority of New York and New Jersey, | 5.00 | 5/1/37 | 3,400,000 | 3,748,262 | |||||||
Port Authority of New York and New Jersey, | 5.00 | 5/1/38 | 1,375,000 | 1,513,160 | |||||||
Sales Tax Asset Receivable Corporation, | 5.00 | 10/15/29 | 6,370,000 | 7,509,911 | |||||||
Triborough Bridge and Tunnel Authority, | 0.00 | 11/15/29 | 10,000,000 | b | 6,459,900 | ||||||
TSASC, Inc. of New York, | 5.00 | 6/1/23 | 5,000,000 | 5,740,100 | |||||||
Utility Debt Securitization Authority of New York, | 5.00 | 12/15/26 | 2,500,000 | 2,961,025 | |||||||
263,674,715 | |||||||||||
North Carolina - 1.1% | |||||||||||
North Carolina Eastern Municipal Power Agency, | 5.00 | 1/1/19 | 11,000,000 | a | 11,809,160 | ||||||
North Carolina Medical Care Commission, | 5.00 | 10/1/26 | 1,000,000 | 1,177,050 | |||||||
North Carolina Medical Care Commission, | 5.00 | 10/1/28 | 1,030,000 | 1,211,229 | |||||||
North Carolina Medical Care Commission, | 5.00 | 10/1/29 | 1,725,000 | 2,015,335 |
21
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||||
Long-Term Municipal Investments - 99.7% (continued) | Coupon | Maturity | Principal | Value ($) | |||||||
North Carolina - 1.1% (continued) | |||||||||||
North Carolina Medical Care Commission, | 5.00 | 10/1/30 | 780,000 | 905,822 | |||||||
North Carolina Municipal Power Agency Number 1, | 5.00 | 1/1/24 | 1,585,000 | 1,692,257 | |||||||
North Carolina Municipal Power Agency Number 1, | 5.00 | 1/1/19 | 3,915,000 | a | 4,198,524 | ||||||
23,009,377 | |||||||||||
Ohio - 1.2% | |||||||||||
Columbus, | 5.00 | 7/1/21 | 3,005,000 | 3,461,850 | |||||||
Hamilton County, | 5.00 | 12/1/26 | 3,500,000 | 4,106,165 | |||||||
Kettering City School District, | 5.00 | 12/1/19 | 1,450,000 | 1,597,625 | |||||||
Kettering City School District, | 5.00 | 12/1/21 | 1,780,000 | 2,056,078 | |||||||
Kettering City School District, | 5.00 | 12/1/24 | 1,480,000 | 1,767,238 | |||||||
Kettering City School District, | 5.00 | 12/1/25 | 1,080,000 | 1,298,905 | |||||||
Montgomery County, | 6.00 | 10/1/23 | 3,055,000 | 3,276,396 | |||||||
Ohio Housing Finance Agency, | 4.00 | 3/1/47 | 7,565,000 | 8,150,909 | |||||||
25,715,166 | |||||||||||
Oklahoma - .3% | |||||||||||
Grand River Dam Authority, | 5.00 | 6/1/25 | 5,000,000 | 5,953,050 | |||||||
Oregon - .3% | |||||||||||
Oregon Housing and Community Services Department, | 4.00 | 1/1/47 | 4,885,000 | 5,237,550 | |||||||
Pennsylvania - 5.3% | |||||||||||
Montgomery County Industrial Development Authority, | 5.00 | 11/15/36 | 7,500,000 | 8,004,900 | |||||||
Pennsylvania, | 5.00 | 8/15/21 | 7,210,000 | 8,216,228 | |||||||
Pennsylvania, | 5.00 | 6/15/22 | 5,220,000 | 5,989,167 | |||||||
Pennsylvania, | 5.00 | 11/15/22 | 5,000,000 | 5,700,750 | |||||||
Pennsylvania, | 5.00 | 3/15/31 | 5,000,000 | 5,622,650 | |||||||
Pennsylvania, | 5.00 | 4/1/26 | 11,520,000 | 13,174,618 | |||||||
Pennsylvania, | 5.00 | 6/1/28 | 7,540,000 | 8,453,245 | |||||||
Pennsylvania Higher Educational Facilities Authority, | 5.00 | 8/15/24 | 5,000,000 | 5,899,050 | |||||||
Pennsylvania Higher Educational Facilities Authority, | 5.00 | 6/15/29 | 5,000,000 | 5,765,650 | |||||||
Pennsylvania Housing Finance Agency, | 4.00 | 10/1/46 | 3,000,000 | 3,232,350 | |||||||
Pennsylvania Turnpike Commission, | 5.00 | 12/1/31 | 5,110,000 | 5,769,497 | |||||||
Pennsylvania Turnpike Commission, | 5.00 | 6/1/18 | 2,300,000 | 2,411,895 | |||||||
Pennsylvania Turnpike Commission, | 5.00 | 12/1/20 | 3,675,000 | 4,099,683 | |||||||
Pennsylvania Turnpike Commission, | 5.00 | 12/1/21 | 3,740,000 | 4,260,384 | |||||||
Pennsylvania Turnpike Commission, | 5.00 | 6/1/24 | 5,000,000 | 5,775,500 | |||||||
State Public School Building Authority, | 5.00 | 4/1/22 | 1,000,000 | 1,099,970 |
22
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||||
Long-Term Municipal Investments - 99.7% (continued) | Coupon | Maturity | Principal | Value ($) | |||||||
Pennsylvania - 5.3% (continued) | |||||||||||
State Public School Building Authority, | 5.00 | 4/1/25 | 2,750,000 | 2,958,395 | |||||||
State Public School Building Authority, | 5.00 | 6/1/25 | 5,000,000 | 5,638,400 | |||||||
State Public School Building Authority, | 5.00 | 6/1/31 | 5,000,000 | 5,534,550 | |||||||
West Mifflin Area School District, | 5.00 | 4/1/27 | 1,140,000 | 1,290,457 | |||||||
West Mifflin Area School District, | 5.00 | 4/1/28 | 1,000,000 | 1,125,200 | |||||||
110,022,539 | |||||||||||
South Carolina - .9% | |||||||||||
Greenville County School District, | 5.50 | 12/1/18 | 3,000,000 | 3,234,000 | |||||||
Growth Remedy Opportunity Without Tax Hike, | 5.00 | 12/1/28 | 1,750,000 | 2,019,833 | |||||||
Growth Remedy Opportunity Without Tax Hike, | 5.00 | 12/1/29 | 2,000,000 | 2,296,440 | |||||||
South Carolina Public Service Authority, | 5.00 | 12/1/22 | 7,500,000 | 8,735,925 | |||||||
South Carolina Public Service Authority, | 5.00 | 12/1/29 | 2,865,000 | 3,339,902 | |||||||
19,626,100 | |||||||||||
South Dakota - .1% | |||||||||||
South Dakota Educational Enhancement Funding Corporation, | 5.00 | 6/1/25 | 1,800,000 | 2,000,520 | |||||||
South Dakota Educational Enhancement Funding Corporation, | 5.00 | 6/1/27 | 500,000 | 550,085 | |||||||
2,550,605 | |||||||||||
Tennessee - .2% | |||||||||||
Clarksville Natural Gas Acquisition Corporation, | 5.00 | 12/15/20 | 1,690,000 | 1,857,547 | |||||||
Tennessee Housing Development Agency, | 3.50 | 1/1/47 | 2,875,000 | 3,036,834 | |||||||
4,894,381 | |||||||||||
Texas - 10.1% | |||||||||||
Clifton Higher Education Finance Corporation, | 5.00 | 8/15/23 | 1,100,000 | 1,206,744 | |||||||
Culberson County-Allamoore Independent School District, | 4.00 | 2/15/41 | 1,300,000 | 1,341,093 | |||||||
Dallas and Fort Worth, | 5.00 | 11/1/31 | 5,000,000 | 5,586,700 | |||||||
Dallas and Fort Worth, | 5.00 | 11/1/26 | 3,000,000 | 3,371,310 | |||||||
Dallas and Fort Worth, | 5.00 | 11/1/27 | 3,400,000 | 3,820,818 | |||||||
Dallas Area Rapid Transit, | 5.00 | 12/1/22 | 5,700,000 | 6,734,607 | |||||||
Dallas Independent School District, | 4.00 | 2/15/32 | 3,000,000 | 3,191,400 | |||||||
Denton Independent School District, | 2.00 | 8/1/20 | 5,000,000 | 5,084,200 | |||||||
El Paso, | 5.00 | 3/1/22 | 1,000,000 | 1,159,820 | |||||||
Forney Independent School District, | 5.00 | 8/15/27 | 2,200,000 | 2,617,714 | |||||||
Forney Independent School District, | 5.75 | 8/15/18 | 1,000,000 | a | 1,070,420 |
23
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||||
Long-Term Municipal Investments - 99.7% (continued) | Coupon | Maturity | Principal | Value ($) | |||||||
Texas - 10.1% (continued) | |||||||||||
Harris County, | 5.00 | 8/15/25 | 2,000,000 | 2,390,080 | |||||||
Harris County, | 5.00 | 8/15/26 | 1,500,000 | 1,802,595 | |||||||
Harris County, | 5.00 | 10/1/21 | 10,000,000 | 10,995,000 | |||||||
Harris County Flood Control District, | 5.00 | 10/1/26 | 10,000,000 | 11,845,900 | |||||||
Harris County Health Facilities Development Corporation, | 7.00 | 12/1/18 | 5,000,000 | a | 5,526,600 | ||||||
Harris County-Houston Sports Authority, | 5.00 | 11/15/22 | 6,500,000 | 7,549,750 | |||||||
Houston, | 5.00 | 5/15/21 | 5,000,000 | 5,728,550 | |||||||
Houston Community College System, | 5.00 | 2/15/32 | 8,200,000 | 9,314,626 | |||||||
Houston Community College System, | 5.00 | 2/15/21 | 2,250,000 | 2,562,660 | |||||||
Klein Independent School District, | 4.00 | 8/1/46 | 2,000,000 | 2,065,040 | |||||||
North Texas Tollway Authority, | 5.00 | 1/1/26 | 10,000,000 | 11,569,700 | |||||||
North Texas Tollway Authority, | 5.00 | 1/1/29 | 2,885,000 | 3,344,667 | |||||||
North Texas Tollway Authority, | 5.00 | 1/1/40 | 5,000,000 | 5,534,800 | |||||||
North Texas Tollway Authority, | 5.00 | 1/1/30 | 3,000,000 | 3,452,550 | |||||||
North Texas Tollway Authority, | 5.00 | 1/1/31 | 11,415,000 | 12,965,157 | |||||||
San Antonio, | 3.00 | 12/1/19 | 5,800,000 | 6,024,112 | |||||||
San Antonio Independent School District, | 5.00 | 2/15/23 | 9,535,000 | 11,302,026 | |||||||
Schertz-Cibolo-Universal City Independent School District, | 4.00 | 2/1/46 | 3,000,000 | 3,090,840 | |||||||
Texas Public Finance Authority, | 5.00 | 10/1/23 | 4,220,000 | 4,838,568 | |||||||
Texas Public Finance Authority, | 5.00 | 10/1/24 | 5,000,000 | 6,011,550 | |||||||
Texas Public Finance Authority, | 5.00 | 10/1/21 | 5,165,000 | a | 5,989,024 | ||||||
Texas Transportation Commission, | 5.00 | 10/1/24 | 5,900,000 | 7,093,629 | |||||||
Texas Transportation Commission, | 5.00 | 10/1/24 | 4,000,000 | 4,806,480 | |||||||
Texas Transportation Commission, | 5.00 | 4/1/24 | 10,000,000 | 11,939,600 | |||||||
Texas Transportation Commission, | 5.00 | 4/1/27 | 5,000,000 | 5,766,600 | |||||||
Texas Water Development Board, | 5.00 | 10/15/28 | 6,915,000 | 8,186,115 | |||||||
Ysleta Independent School District, | 4.00 | 8/15/47 | 3,620,000 | 3,730,482 | |||||||
210,611,527 | |||||||||||
Utah - .8% | |||||||||||
Saint George, | 5.00 | 6/1/33 | 1,000,000 | 1,157,960 | |||||||
Saint George, | 5.00 | 6/1/35 | 1,200,000 | 1,378,056 | |||||||
Salt Lake City, | 5.00 | 7/1/29 | 2,500,000 | 2,925,900 |
24
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||||
Long-Term Municipal Investments - 99.7% (continued) | Coupon | Maturity | Principal | Value ($) | |||||||
Utah - .8% (continued) | |||||||||||
Salt Lake City, | 5.00 | 7/1/30 | 2,000,000 | 2,326,260 | |||||||
Salt Lake City, | 5.00 | 7/1/31 | 2,400,000 | 2,777,712 | |||||||
Utah Associated Municipal Power Systems, | 5.00 | 4/1/22 | 5,675,000 | 6,486,695 | |||||||
17,052,583 | |||||||||||
Virginia - .4% | |||||||||||
Fairfax County Industrial Development Authority, | 4.00 | 5/15/29 | 5,000,000 | 5,250,400 | |||||||
Virginia College Building Authority, | 5.00 | 2/1/21 | 2,235,000 | 2,549,465 | |||||||
7,799,865 | |||||||||||
Washington - 4.0% | |||||||||||
Energy Northwest, | 5.00 | 7/1/20 | 10,955,000 | 12,314,406 | |||||||
Energy Northwest, | 5.00 | 7/1/31 | 7,500,000 | 8,264,550 | |||||||
FYI Properties, | 5.25 | 6/1/29 | 5,625,000 | 6,097,050 | |||||||
King County, | 5.00 | 7/1/39 | 20,000,000 | 22,490,200 | |||||||
Port of Seattle, | 5.00 | 3/1/28 | 1,750,000 | 2,029,650 | |||||||
Port of Seattle, | 5.00 | 4/1/29 | 1,000,000 | 1,154,870 | |||||||
Port of Seattle, | 5.00 | 4/1/30 | 2,840,000 | 3,263,529 | |||||||
Washington, | 5.00 | 9/1/22 | 5,000,000 | 5,846,850 | |||||||
Washington, | 5.00 | 9/1/23 | 5,000,000 | 5,914,400 | |||||||
Washington, | 5.00 | 2/1/23 | 5,315,000 | 6,269,361 | |||||||
Washington, | 5.00 | 8/1/23 | 3,570,000 | 4,110,712 | |||||||
Washington Health Care Facilities Authority, | 5.00 | 10/1/21 | 5,550,000 | 6,347,590 | |||||||
84,103,168 | |||||||||||
West Virginia - 1.1% | |||||||||||
West Virginia Economic Development Authority, | 5.00 | 6/1/28 | 10,000,000 | 11,390,500 | |||||||
West Virginia Economic Development Authority, | 5.00 | 6/1/29 | 10,000,000 | 11,384,300 | |||||||
22,774,800 | |||||||||||
Wisconsin - 1.1% | |||||||||||
Wisconsin, | 5.00 | 5/1/20 | 5,000,000 | a | 5,595,100 | ||||||
Wisconsin Health and Educational Facilities Authority, | 4.00 | 11/15/34 | 10,000,000 | 10,232,000 | |||||||
WPPI Energy, | 5.00 | 7/1/29 | 1,000,000 | 1,141,140 | |||||||
WPPI Energy, | 5.00 | 7/1/30 | 1,000,000 | 1,135,810 | |||||||
WPPI Energy, | 5.00 | 7/1/31 | 1,000,000 | 1,131,580 | |||||||
WPPI Energy, | 5.00 | 7/1/32 | 500,000 | 562,980 | |||||||
WPPI Energy, | 5.00 | 7/1/33 | 2,000,000 | 2,240,760 | |||||||
22,039,370 | |||||||||||
U.S. Related - .7% | |||||||||||
A.B. Won International Airport Authority of Guam, | 5.50 | 10/1/33 | 1,000,000 | 1,153,650 |
25
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||||
Long-Term Municipal Investments - 99.7% (continued) | Coupon | Maturity | Principal | Value ($) | |||||||
U.S. Related - .7% (continued) | |||||||||||
Guam, | 5.00 | 12/1/28 | 2,000,000 | 2,231,180 | |||||||
Guam, | 5.00 | 12/1/29 | 2,000,000 | 2,213,960 | |||||||
Puerto Rico Electric Power Authority, | 5.25 | 7/1/18 | 5,000,000 | 3,250,000 | |||||||
Puerto Rico Public Buildings Authority, | 5.75 | 7/1/17 | 5,000 | 5,085 | |||||||
Puerto Rico Sales Tax Financing Corporation, | 0/6.25 | 8/1/33 | 2,500,000 | f | 801,225 | ||||||
Puerto Rico Sales Tax Financing Corporation, | 6.75 | 8/1/32 | 11,000,000 | 5,770,380 | |||||||
15,425,480 | |||||||||||
Total Long-Term Municipal Investments | 2,078,778,532 | ||||||||||
Short-Term Municipal Investments - .5% | |||||||||||
Kansas - .1% | |||||||||||
Kansas Development Finance Authority, | 0.58 | 3/1/17 | 1,400,000 | g | 1,400,000 | ||||||
New York - .4% | |||||||||||
New York City, | 0.62 | 3/1/17 | 2,700,000 | g | 2,700,000 | ||||||
New York City Municipal Water Finance Authority, | 0.59 | 3/1/17 | 4,500,000 | g | 4,500,000 | ||||||
New York City Transitional Finance Authority, | 0.58 | 3/1/17 | 1,400,000 | g | 1,400,000 | ||||||
8,600,000 | |||||||||||
Tennessee - .0% | |||||||||||
Montgomery County Public Building Authority, | 0.68 | 3/1/17 | 1,400,000 | g | 1,400,000 | ||||||
Total Short-Term Municipal Investments | 11,400,000 | ||||||||||
Total Investments (cost $2,050,590,700) | 100.2% | 2,090,178,532 | |||||||||
Liabilities, Less Cash and Receivables | (0.2%) | (4,882,016) | |||||||||
Net Assets | 100.0% | 2,085,296,516 |
a These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
b Security issued with a zero coupon. Income is recognized through the accretion of discount.
c Variable rate security—rate shown is the interest rate in effect at period end.
d Non-income producing—security in default.
e Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 28, 2017, these securities were valued at $8,386,880 or .4% of net assets.
f Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity.
g Variable rate demand note—rate shown is the interest rate in effect at February 28, 2017. Maturity date represents the next demand date, or the ultimate maturity date if earlier.
26
Portfolio Summary (Unaudited) † | Value (%) |
Transportation Services | 18.0 |
State/Territory | 15.7 |
Education | 10.6 |
Special Tax | 9.6 |
Utility-Water and Sewer | 6.8 |
Health Care | 6.1 |
Prerefunded | 5.0 |
Utility-Electric | 4.8 |
City | 4.3 |
Lease | 4.1 |
County | 4.1 |
Housing | 1.5 |
Industrial | .8 |
Pollution Control | .0 |
Other | 8.8 |
100.2 |
† Based on net assets.
See notes to financial statements.
27
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Short-Term Municipal Bond Fund | |||||||||||
Long-Term Municipal Investments - 99.7% | Coupon | Maturity | Principal | Value ($) | |||||||
Alabama - .4% | |||||||||||
Black Belt Energy Gas District, | 4.00 | 6/1/21 | 3,500,000 | 3,775,835 | |||||||
Alaska - .3% | |||||||||||
Valdez, | 5.00 | 1/1/18 | 3,000,000 | 3,091,290 | |||||||
Arizona - 2.1% | |||||||||||
Arizona, | 5.00 | 10/1/19 | 7,000,000 | 7,671,020 | |||||||
Maricopa County, | 5.00 | 7/1/18 | 5,000,000 | 5,274,800 | |||||||
Maricopa County Pollution Control Corporation, | 1.75 | 5/30/18 | 5,000,000 | 5,035,250 | |||||||
Phoenix Union High School District Number 210, | 5.00 | 7/1/20 | 1,000,000 | 1,120,940 | |||||||
19,102,010 | |||||||||||
California - 8.2% | |||||||||||
Bay Area Toll Authority, | 1.50 | 4/2/18 | 8,160,000 | 8,189,539 | |||||||
California Health Facilities Financing Authority, | 1.25 | 10/1/20 | 5,000,000 | 4,949,450 | |||||||
California Health Facilities Financing Authority, | 5.00 | 10/17/17 | 1,390,000 | 1,426,071 | |||||||
California Health Facilities Financing Authority, | 1.00 | 8/15/19 | 10,000,000 | 9,915,500 | |||||||
California Municipal Finance Authority, | 5.00 | 2/1/18 | 500,000 | 518,015 | |||||||
California Municipal Finance Authority, | 5.00 | 2/1/19 | 1,000,000 | 1,068,950 | |||||||
California Pollution Control Finance Authority, | 1.50 | 6/1/18 | 1,500,000 | 1,504,845 | |||||||
California State University Trustees, | 3.00 | 11/1/19 | 1,690,000 | 1,755,826 | |||||||
California Statewide Communities Development Authority, | 5.00 | 5/1/17 | 3,500,000 | 3,526,425 | |||||||
Chula Vista, | 1.65 | 7/1/18 | 20,130,000 | 20,144,695 | |||||||
Escondido Union School District, | 4.00 | 8/1/18 | 1,000,000 | 1,035,600 | |||||||
Escondido Union School District, | 4.00 | 8/1/20 | 1,250,000 | 1,349,863 | |||||||
Hayward Unified School District, | 0.00 | 8/1/20 | 12,500,000 | a,b | 3,826,375 | ||||||
Simi Valley Unified School District, | 5.00 | 8/1/19 | 1,000,000 | 1,085,460 | |||||||
Simi Valley Unified School District, | 5.00 | 8/1/20 | 1,000,000 | 1,117,400 | |||||||
Simi Valley Unified School District, | 5.00 | 8/1/21 | 1,000,000 | 1,144,870 | |||||||
South Monterey County Joint Union High School District, | 5.00 | 8/1/19 | 1,665,000 | 1,806,425 | |||||||
Successor Agency to the Redevelopment Agency of the City of Pittsburg, | 5.00 | 9/1/18 | 2,750,000 | 2,910,957 | |||||||
Sulphur Springs Union School District, | 0.00 | 1/1/18 | 2,750,000 | b | 2,732,950 | ||||||
Sulphur Springs Union School District, | 0.00 | 7/1/19 | 5,000,000 | b | 4,867,550 | ||||||
74,876,766 | |||||||||||
Colorado - 2.8% | |||||||||||
Colorado Educational and Cultural Facilities Authority, | 5.00 | 4/1/20 | 1,300,000 | 1,431,963 | |||||||
Colorado Health Facilities Authority, | 1.88 | 11/6/19 | 5,000,000 | 5,034,700 |
28
BNY Mellon National Short-Term Municipal Bond Fund (continued) | |||||||||||
Long-Term Municipal Investments - 99.7% (continued) | Coupon | Maturity | Principal | Value ($) | |||||||
Colorado - 2.8% (continued) | |||||||||||
Denver Urban Renewal Authority, | 5.00 | 12/1/17 | 4,005,000 | 4,126,472 | |||||||
E-470 Public Highway Authority, | 2.39 | 9/1/17 | 8,000,000 | 8,000,000 | |||||||
Regional Transportation District of Colorado, | 5.00 | 6/1/18 | 5,000,000 | 5,251,000 | |||||||
University of Colorado Hospital Authority, | 4.00 | 3/1/20 | 2,000,000 | c | 2,128,080 | ||||||
25,972,215 | |||||||||||
Connecticut - 2.9% | |||||||||||
Bridgeport, | 4.00 | 8/15/18 | 2,000,000 | 2,074,800 | |||||||
Connecticut, | 1.39 | 6/15/18 | 11,495,000 | 11,522,933 | |||||||
Connecticut Health and Educational Facilities Authority, | 1.38 | 7/11/18 | 7,500,000 | 7,528,275 | |||||||
Connecticut Health and Educational Facilities Authority, | 1.20 | 2/1/19 | 5,000,000 | 4,998,600 | |||||||
26,124,608 | |||||||||||
Delaware - .4% | |||||||||||
Delaware, | 5.00 | 3/1/20 | 3,650,000 | 4,070,881 | |||||||
Florida - 5.2% | |||||||||||
Citizens Property Insurance Corporation, | 5.25 | 6/1/17 | 5,470,000 | 5,534,601 | |||||||
Citizens Property Insurance Corporation, | 5.00 | 6/1/19 | 3,685,000 | 3,997,009 | |||||||
Citizens Property Insurance Corporation, | 5.00 | 6/1/20 | 3,000,000 | 3,338,850 | |||||||
Miami-Dade County, | 5.00 | 10/1/18 | 3,700,000 | 3,916,117 | |||||||
Miami-Dade County, | 5.00 | 10/1/20 | 4,000,000 | 4,510,120 | |||||||
Miami-Dade County School Board, | 4.00 | 11/1/17 | 3,205,000 | 3,273,940 | |||||||
Miami-Dade County School Board, | 5.00 | 5/1/18 | 5,000,000 | 5,235,400 | |||||||
Orange County Health Facilities Authority, | 5.25 | 10/1/20 | 5,000,000 | 5,493,550 | |||||||
Orlando-Orange County Expressway Authority, | 5.00 | 7/1/21 | 5,000,000 | 5,622,200 | |||||||
Palm Beach County Health Facilities Authority, | 4.00 | 11/15/19 | 2,000,000 | 2,112,720 | |||||||
Palm Beach County Health Facilities Authority, | 4.00 | 11/15/20 | 2,000,000 | 2,135,220 | |||||||
Putnam County Development Authority, | 5.35 | 5/1/18 | 2,250,000 | 2,356,245 | |||||||
47,525,972 | |||||||||||
Georgia - 2.1% | |||||||||||
Atlanta, | 5.00 | 1/1/18 | 1,000,000 | 1,032,830 | |||||||
Burke County Development Authority, | 2.35 | 12/11/20 | 5,000,000 | 5,039,500 | |||||||
Georgia Municipal Association, Inc., | 5.00 | 12/1/19 | 2,270,000 | 2,488,783 | |||||||
Monroe County Development Authority, | 2.00 | 6/21/18 | 7,000,000 | 7,070,490 |
29
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Short-Term Municipal Bond Fund (continued) | |||||||||||
Long-Term Municipal Investments - 99.7% (continued) | Coupon | Maturity | Principal | Value ($) | |||||||
Georgia - 2.1% (continued) | |||||||||||
Richmond County Board of Education, | 5.00 | 10/1/20 | 3,000,000 | 3,394,980 | |||||||
19,026,583 | |||||||||||
Illinois - 6.8% | |||||||||||
Central Lake County Joint Action Water Agency, | 4.00 | 5/1/17 | 5,430,000 | 5,462,254 | |||||||
Chicago, | 5.00 | 1/1/18 | 6,000,000 | 6,191,280 | |||||||
Chicago, | 5.00 | 11/1/19 | 3,250,000 | 3,515,265 | |||||||
Chicago Board of Education, | 4.64 | 3/1/17 | 5,000,000 | 4,999,850 | |||||||
Chicago Board of Education, | 5.00 | 12/1/17 | 2,345,000 | 2,286,445 | |||||||
Chicago Board of Education, | 4.25 | 12/1/18 | 5,020,000 | 4,720,959 | |||||||
Chicago Board of Education, | 5.00 | 12/1/18 | 1,455,000 | 1,488,640 | |||||||
Illinois, | 5.00 | 7/1/17 | 3,150,000 | 3,188,335 | |||||||
Illinois, | 4.00 | 7/1/18 | 5,000,000 | 5,125,600 | |||||||
Illinois, | 5.00 | 6/1/18 | 1,960,000 | 1,979,384 | |||||||
Illinois, | 5.00 | 1/1/19 | 10,000,000 | 10,506,100 | |||||||
Illinois Department of Employment Security, | 5.00 | 6/15/17 | 2,000,000 | 2,010,260 | |||||||
Illinois Development Finance Authority, | 1.88 | 3/1/19 | 3,500,000 | 3,532,620 | |||||||
Illinois Finance Authority, | 5.00 | 7/1/17 | 2,000,000 | 2,030,180 | |||||||
Illinois Toll Highway Authority, | 5.00 | 12/1/18 | 2,000,000 | 2,139,000 | |||||||
Springfield, | 5.00 | 3/1/17 | 3,040,000 | 3,041,094 | |||||||
62,217,266 | |||||||||||
Indiana - 1.9% | |||||||||||
Indiana Finance Authority, | 1.95 | 9/14/17 | 2,500,000 | 2,514,850 | |||||||
Whiting, | 1.85 | 10/1/19 | 10,000,000 | 10,022,300 | |||||||
Whiting, | 1.39 | 12/2/19 | 5,000,000 | c | 4,976,000 | ||||||
17,513,150 | |||||||||||
Kentucky - 3.3% | |||||||||||
Kentucky Property and Buildings Commission, | 5.00 | 11/1/20 | 10,000,000 | 11,193,200 | |||||||
Kentucky Property and Buildings Commission, | 5.00 | 11/1/17 | 4,200,000 | 4,320,876 | |||||||
Kentucky Public Transportation Infrastructure Authority, | 5.00 | 7/1/17 | 10,000,000 | 10,119,600 | |||||||
Louisville/Jefferson County Metro Government, | 1.65 | 4/3/17 | 4,940,000 | 4,943,656 | |||||||
30,577,332 | |||||||||||
Louisiana - 2.0% | |||||||||||
East Baton Rouge Sewerage Commission, | 1.05 | 8/1/18 | 7,055,000 | 7,016,903 | |||||||
England District Sub-District Number 1, | 5.00 | 8/15/17 | 3,055,000 | 3,115,520 | |||||||
Louisiana Citizens Property Insurance Corporation, | 5.00 | 6/1/18 | 5,000,000 | 5,238,750 |
30
BNY Mellon National Short-Term Municipal Bond Fund (continued) | |||||||||||
Long-Term Municipal Investments - 99.7% (continued) | Coupon | Maturity | Principal | Value ($) | |||||||
Louisiana - 2.0% (continued) | |||||||||||
Louisiana Public Facilities Authority, | 5.00 | 6/1/20 | 2,800,000 | 3,108,532 | |||||||
18,479,705 | |||||||||||
Maryland - .6% | |||||||||||
University System of Maryland, | 1.25 | 6/1/18 | 5,000,000 | 5,019,750 | |||||||
Massachusetts - 1.8% | |||||||||||
Massachusetts, | 1.05 | 7/1/20 | 10,000,000 | 9,836,100 | |||||||
Massachusetts Educational Financing Authority, | 4.00 | 7/1/18 | 2,780,000 | 2,866,653 | |||||||
Massachusetts Health and Educational Facilities Authority, | 1.15 | 4/1/19 | 4,000,000 | 3,997,840 | |||||||
16,700,593 | |||||||||||
Michigan - 3.6% | |||||||||||
Michigan, | 5.00 | 3/15/20 | 3,700,000 | 4,103,189 | |||||||
Michigan Building Authority, | 5.00 | 10/15/20 | 2,250,000 | 2,536,875 | |||||||
Michigan Finance Authority, | 1.10 | 8/15/19 | 3,000,000 | 2,984,070 | |||||||
Michigan Finance Authority, | 4.00 | 10/1/17 | 1,155,000 | 1,176,344 | |||||||
Michigan Finance Authority, | 5.00 | 10/1/18 | 2,280,000 | 2,411,123 | |||||||
Michigan Finance Authority, | 5.00 | 7/1/18 | 1,500,000 | 1,573,140 | |||||||
Michigan Finance Authority, | 5.00 | 7/1/18 | 1,000,000 | 1,048,760 | |||||||
Michigan Finance Authority, | 5.00 | 1/1/20 | 5,525,000 | 6,028,438 | |||||||
Michigan Finance Authority, | 5.00 | 7/1/21 | 10,000,000 | 10,563,500 | |||||||
Michigan Strategic Fund, | 1.45 | 9/1/21 | 1,000,000 | 977,360 | |||||||
33,402,799 | |||||||||||
Minnesota - .4% | |||||||||||
Rochester, | 4.00 | 11/15/18 | 1,755,000 | 1,841,925 | |||||||
Rochester, | 4.00 | 11/15/18 | 2,050,000 | 2,151,537 | |||||||
3,993,462 | |||||||||||
Mississippi - .1% | |||||||||||
Mississippi Business Finance Corporation, | 1.38 | 3/1/18 | 800,000 | 800,000 | |||||||
Missouri - .4% | |||||||||||
Missouri State Environmental Improvement and Energy Resources Authority, | 2.88 | 7/2/18 | 3,400,000 | 3,451,680 | |||||||
Nebraska - 1.7% | |||||||||||
Central Plains Energy Project, | 5.00 | 12/1/19 | 14,625,000 | 15,854,962 | |||||||
Nevada - .6% | |||||||||||
Washoe County, | 1.50 | 6/3/19 | 5,500,000 | 5,453,745 |
31
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Short-Term Municipal Bond Fund (continued) | |||||||||||
Long-Term Municipal Investments - 99.7% (continued) | Coupon | Maturity | Principal | Value ($) | |||||||
New Hampshire - .1% | |||||||||||
New Hampshire Business Finance Authority, | 2.13 | 6/1/18 | 1,000,000 | 1,010,460 | |||||||
New Jersey - 4.5% | |||||||||||
New Jersey Economic Development Authority, | 5.00 | 6/15/18 | 6,500,000 | 6,747,975 | |||||||
New Jersey Economic Development Authority, | 5.00 | 6/15/20 | 3,000,000 | 3,221,130 | |||||||
New Jersey Economic Development Authority, | 5.00 | 3/1/17 | 1,275,000 | 1,275,370 | |||||||
New Jersey Economic Development Authority, | 5.00 | 12/15/18 | 1,500,000 | 1,570,185 | |||||||
New Jersey Economic Development Authority, | 5.00 | 6/15/19 | 10,700,000 | 11,261,001 | |||||||
New Jersey Sports and Exposition Authority, | 5.00 | 9/1/18 | 3,950,000 | 4,115,702 | |||||||
New Jersey Transportation Trust Fund Authority, | 5.75 | 6/15/17 | 2,500,000 | 2,531,475 | |||||||
New Jersey Transportation Trust Fund Authority, | 5.00 | 12/15/17 | 2,500,000 | 2,565,725 | |||||||
New Jersey Transportation Trust Fund Authority, | 5.00 | 6/15/21 | 5,000,000 | 5,189,050 | |||||||
New Jersey Water Supply Authority, | 5.00 | 8/1/19 | 2,670,000 | 2,917,349 | |||||||
41,394,962 | |||||||||||
New Mexico - .3% | |||||||||||
New Mexico Finance Authority, | 5.25 | 6/15/18 | 2,605,000 | 2,640,376 | |||||||
New York - 12.1% | |||||||||||
Brooklyn Arena Local Development Corporation, | 5.00 | 7/15/17 | 155,000 | 157,258 | |||||||
Harrisville Central School District, | 1.50 | 7/19/17 | 3,500,000 | 3,504,235 | |||||||
Long Island Power Authority, | 1.20 | 11/1/18 | 10,000,000 | 10,000,600 | |||||||
Metropolitan Transportation Authority, | 5.00 | 2/15/20 | 10,000,000 | 10,981,100 | |||||||
Nassau County, | 5.00 | 4/1/19 | 10,000,000 | 10,818,300 | |||||||
New York City, | 2.84 | 8/1/17 | 5,000,000 | c | 5,012,150 | ||||||
New York City Housing Development Corporation, | 1.38 | 5/1/20 | 5,000,000 | 4,995,100 | |||||||
New York City Industrial Development Agency, | 2.93 | 3/1/23 | 2,000,000 | c | 1,950,500 | ||||||
New York State Environmental Facilities Corporation, | 2.75 | 7/1/17 | 2,000,000 | 2,011,260 | |||||||
New York State Housing Finance Agency, | 1.00 | 11/1/19 | 3,465,000 | 3,446,462 | |||||||
New York State Thruway Authority, | 5.00 | 5/1/19 | 20,475,000 | 22,157,021 | |||||||
New York State Urban Development Corporation, | 5.00 | 1/1/21 | 5,005,000 | 5,540,635 | |||||||
Port Authority of New York and New Jersey, | 5.00 | 9/1/17 | 2,000,000 | 2,043,380 | |||||||
Triborough Bridge and Tunnel Authority, | 1.10 | 12/1/18 | 15,000,000 | 15,013,500 | |||||||
Triborough Bridge and Tunnel Authority, | 1.08 | 1/1/19 | 250,000 | 249,910 | |||||||
TSASC, Inc. of New York, | 4.00 | 6/1/19 | 3,000,000 | 3,157,290 | |||||||
TSASC, Inc. of New York, | 5.00 | 6/1/20 | 2,500,000 | 2,746,175 | |||||||
Yonkers, | 3.00 | 8/1/17 | 2,045,000 | 2,062,955 | |||||||
Yonkers, | 4.00 | 8/1/18 | 3,130,000 | 3,250,787 |
32
BNY Mellon National Short-Term Municipal Bond Fund (continued) | |||||||||||
Long-Term Municipal Investments - 99.7% (continued) | Coupon | Maturity | Principal | Value ($) | |||||||
New York - 12.1% (continued) | |||||||||||
Yonkers, | 4.00 | 9/1/18 | 1,230,000 | 1,280,811 | |||||||
110,379,429 | |||||||||||
North Carolina - .4% | |||||||||||
North Carolina Medical Care Commission, | 1.38 | 12/1/17 | 2,300,000 | 2,295,952 | |||||||
North Carolina Medical Care Commission, | 5.00 | 10/1/20 | 890,000 | 980,282 | |||||||
3,276,234 | |||||||||||
Ohio - 1.2% | |||||||||||
Hamilton County, | 4.00 | 12/1/20 | 1,280,000 | 1,402,547 | |||||||
Hamilton County, | 5.00 | 12/1/17 | 3,850,000 | 3,976,087 | |||||||
Indian Hill Exempted Village School District, | 4.00 | 12/1/19 | 1,220,000 | 1,313,818 | |||||||
Miami University (A State University of Ohio), | 5.00 | 9/1/19 | 4,015,000 | 4,397,108 | |||||||
11,089,560 | |||||||||||
Oklahoma - .3% | |||||||||||
Oklahoma County Independent School District Number 12, | 2.00 | 8/1/19 | 3,020,000 | 3,082,272 | |||||||
Pennsylvania - 8.0% | |||||||||||
Delaware River Port Authority, | 5.00 | 1/1/18 | 1,080,000 | 1,108,609 | |||||||
Lehigh County Industrial Development Authority, | 0.90 | 8/15/17 | 6,000,000 | 6,003,180 | |||||||
Pennsylvania, | 5.00 | 8/15/19 | 4,995,000 | 5,445,249 | |||||||
Pennsylvania Economic Development Financing Authority, | 4.00 | 6/30/18 | 4,000,000 | 4,127,160 | |||||||
Pennsylvania Economic Development Financing Authority, | 5.00 | 6/30/19 | 2,500,000 | 2,673,475 | |||||||
Pennsylvania Economic Development Financing Authority, | 5.00 | 12/31/19 | 2,000,000 | 2,160,700 | |||||||
Pennsylvania Economic Development Financing Authority, | 5.00 | 6/30/20 | 2,000,000 | 2,179,300 | |||||||
Pennsylvania Economic Development Financing Authority, | 2.25 | 7/1/19 | 5,000,000 | 5,050,150 | |||||||
Pennsylvania Economic Development Financing Authority, | 5.00 | 7/1/20 | 3,720,000 | 4,055,358 | |||||||
Pennsylvania Turnpike Commission, | 1.44 | 12/1/18 | 5,000,000 | 4,999,900 | |||||||
Philadelphia, | 5.00 | 1/1/20 | 6,150,000 | 6,779,083 | |||||||
Philadelphia, | 5.00 | 8/1/17 | 3,690,000 | 3,757,564 | |||||||
Philadelphia School District, | 5.00 | 9/1/18 | 5,350,000 | 5,608,619 | |||||||
Pittsburgh, | 5.00 | 9/1/18 | 7,000,000 | 7,421,680 | |||||||
Pittsburgh and Allegheny County Sports and Exhibition Authority, | 5.00 | 2/1/18 | 2,540,000 | 2,632,558 | |||||||
State Public School Building Authority, | 1.32 | 9/1/18 | 2,665,000 | 2,662,015 | |||||||
State Public School Building Authority, | 5.00 | 6/1/17 | 1,500,000 | 1,514,535 | |||||||
Woodland Hills School District, | 5.00 | 9/1/17 | 5,010,000 | 5,111,753 | |||||||
73,290,888 |
33
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Short-Term Municipal Bond Fund (continued) | |||||||||||
Long-Term Municipal Investments - 99.7% (continued) | Coupon | Maturity | Principal | Value ($) | |||||||
Rhode Island - .7% | |||||||||||
Rhode Island Commerce Corporation, | 5.00 | 6/15/19 | 2,000,000 | 2,164,400 | |||||||
Rhode Island Health and Educational Building Corporation, | 5.00 | 5/15/18 | 1,250,000 | 1,301,375 | |||||||
Rhode Island Health and Educational Building Corporation, | 5.00 | 5/15/19 | 1,500,000 | 1,602,765 | |||||||
Rhode Island Health and Educational Building Corporation, | 5.00 | 5/15/20 | 1,500,000 | 1,635,840 | |||||||
6,704,380 | |||||||||||
South Carolina - 1.5% | |||||||||||
South Carolina Public Service Authority, | 5.00 | 12/1/18 | 5,000,000 | 5,350,350 | |||||||
South Carolina Public Service Authority, | 5.00 | 12/1/19 | 8,000,000 | 8,825,600 | |||||||
14,175,950 | |||||||||||
Tennessee - 1.7% | |||||||||||
Memphis-Shelby County Airport Authority, | 5.00 | 7/1/17 | 4,905,000 | 4,973,719 | |||||||
Memphis-Shelby County Airport Authority, | 5.38 | 7/1/18 | 3,175,000 | 3,345,593 | |||||||
Metropolitan Government of Nashville and Davidson County Health and Educational Facilities Board, | 1.55 | 11/3/20 | 7,500,000 | 7,480,050 | |||||||
15,799,362 | |||||||||||
Texas - 13.0% | |||||||||||
Alvin Independent School District, | 3.00 | 8/14/19 | 4,000,000 | 4,158,840 | |||||||
Clear Creek Independent School District, | 1.35 | 8/15/18 | 2,000,000 | 2,007,840 | |||||||
Corpus Christi, | 4.00 | 3/1/19 | 2,000,000 | 2,114,240 | |||||||
Cypress-Fairbanks Independent School District, | 1.05 | 8/15/17 | 6,880,000 | 6,881,720 | |||||||
Cypress-Fairbanks Independent School District, | 3.00 | 8/15/17 | 7,500,000 | 7,580,250 | |||||||
Dallas Independent School District, | 1.50 | 8/15/18 | 4,050,000 | 4,065,835 | |||||||
Dallas Independent School District, | 5.00 | 2/15/21 | 3,000,000 | 3,383,160 | |||||||
Eagle Mountain-Saginaw Independent School District, | 2.00 | 8/1/19 | 9,925,000 | 10,100,573 | |||||||
Fort Bend Independent School District, | 0.90 | 8/1/18 | 5,500,000 | 5,482,730 | |||||||
Harris County Cultural Education Facilities Finance Corporation, | 5.00 | 11/15/18 | 1,550,000 | 1,650,549 | |||||||
Houston Convention and Entertainment Facilities Department, | 4.88 | 9/1/17 | 5,000,000 | 5,018,200 | |||||||
Katy Independent School District, | 5.00 | 8/15/17 | 4,000,000 | 4,076,960 | |||||||
Lamar Consolidated Independent School District, | 1.05 | 8/15/18 | 14,300,000 | 14,293,851 | |||||||
New Hope Cultural Education Facilities Finance Corporation, | 1.00 | 2/1/18 | 1,460,000 | 1,457,620 |
34
BNY Mellon National Short-Term Municipal Bond Fund (continued) | |||||||||||
Long-Term Municipal Investments - 99.7% (continued) | Coupon | Maturity | Principal | Value ($) | |||||||
Texas - 13.0% (continued) | |||||||||||
North Central Texas Health Facilities Development Corporation, | 5.00 | 8/15/17 | 1,000,000 | 1,019,670 | |||||||
North Harris County Regional Water Authority, | 5.00 | 12/15/19 | 1,150,000 | 1,267,450 | |||||||
Northside Independent School District, | 1.35 | 6/1/18 | 9,550,000 | 9,582,852 | |||||||
Northside Independent School District, | 2.00 | 6/1/21 | 5,000,000 | 5,053,400 | |||||||
Plano, | 5.00 | 9/1/20 | 2,125,000 | 2,393,048 | |||||||
Round Rock Independent School District, | 1.50 | 8/1/21 | 10,000,000 | 9,917,100 | |||||||
San Antonio Independent School District, | 2.00 | 8/1/17 | 8,710,000 | 8,747,627 | |||||||
San Antonio Independent School District, | 2.00 | 8/1/18 | 2,810,000 | 2,845,631 | |||||||
Texas Department of Housing and Community Affairs, | 0.65 | 8/1/17 | 2,100,000 | 2,096,388 | |||||||
Texas Municipal Gas Acquisition and Supply Corporation I, | 5.25 | 12/15/18 | 3,325,000 | 3,528,889 | |||||||
118,724,423 | |||||||||||
Virginia - 2.1% | |||||||||||
Greater Richmond Convention Center Authority, | 5.00 | 6/15/17 | 2,280,000 | 2,309,207 | |||||||
Greater Richmond Convention Center Authority, | 5.00 | 6/15/18 | 1,750,000 | 1,841,805 | |||||||
Peninsula Ports Authority of Virginia, | 1.55 | 10/1/19 | 2,750,000 | 2,737,047 | |||||||
York County Economic Development Authority, | 1.88 | 5/16/19 | 12,075,000 | 12,216,881 | |||||||
19,104,940 | |||||||||||
Washington - 3.7% | |||||||||||
Port of Seattle, | 5.00 | 2/1/19 | 5,875,000 | 6,309,574 | |||||||
Port of Seattle, | 5.00 | 12/1/21 | 5,000,000 | 5,609,900 | |||||||
Seattle, | 1.32 | 11/1/18 | 7,500,000 | 7,500,300 | |||||||
Washington, | 4.00 | 7/1/20 | 1,000,000 | 1,086,290 | |||||||
Washington, | 5.00 | 7/1/20 | 3,345,000 | 3,741,249 | |||||||
Washington, | 5.00 | 7/1/20 | 8,325,000 | 9,358,049 | |||||||
33,605,362 | |||||||||||
West Virginia - .3% | |||||||||||
West Virginia Economic Development Authority, | 1.70 | 9/1/20 | 2,500,000 | 2,448,300 | |||||||
Wisconsin - 2.1% | |||||||||||
La Crosse County, | 1.00 | 10/15/17 | 6,200,000 | 6,200,496 | |||||||
Muskego, | 2.25 | 9/1/18 | 1,500,000 | 1,509,915 | |||||||
Stanley, | 2.25 | 3/1/18 | 4,725,000 | 4,755,051 | |||||||
Wisconsin, | 4.00 | 3/1/19 | 2,340,000 | 2,466,945 | |||||||
Wisconsin, | 5.00 | 3/1/20 | 2,280,000 | 2,513,882 | |||||||
Wisconsin Health and Educational Facilities Authority, | 4.00 | 3/1/18 | 1,500,000 | 1,545,555 | |||||||
18,991,844 |
35
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Short-Term Municipal Bond Fund (continued) | |||||||||||
Long-Term Municipal Investments - 99.7% (continued) | Coupon | Maturity | Principal | Value ($) | |||||||
U.S. Related - .1% | |||||||||||
Puerto Rico Highways and Transportation Authority, | 5.00 | 7/1/17 | 2,885,000 | 811,406 | |||||||
Total Long-Term Municipal Investments | 913,560,752 | ||||||||||
Short-Term Municipal Investments - 1.1% | |||||||||||
Maryland - .1% | |||||||||||
Maryland Health & Higher Educational Facilities Authority | 0.57 | 3/1/17 | 1,050,000 | c,d | 1,050,000 | ||||||
New York - .8% | |||||||||||
New York City, | 0.60 | 3/1/17 | 2,000,000 | c,d | 2,000,000 | ||||||
New York City, | 0.62 | 3/1/17 | 2,300,000 | c,d | 2,300,000 | ||||||
New York City Transitional Finance Authority, | 0.58 | 3/1/17 | 2,800,000 | d | 2,800,000 | ||||||
7,100,000 | |||||||||||
Texas - .2% | |||||||||||
Tarrant County Cultural Education Facilities Finance Corporation, | 0.57 | 3/1/17 | 2,045,000 | d | 2,045,000 | ||||||
Total Short-Term Municipal Investments | 10,195,000 | ||||||||||
Total Investments (cost $926,900,551) | 100.8% | 923,755,752 | |||||||||
Liabilities, Less Cash and Receivables | (0.8%) | (7,560,982) | |||||||||
Net Assets | 100.0% | 916,194,770 |
a These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
b Security issued with a zero coupon. Income is recognized through the accretion of discount.
c Variable rate security—rate shown is the interest rate in effect at period end. Date shown represents the earlier of the next interest reset date or ultimate maturity date.
d Variable rate demand note—rate shown is the interest rate in effect at February 28, 2017. Maturity date represents the next demand date, or the ultimate maturity date if earlier.
Portfolio Summary (Unaudited) † | Value (%) |
Transportation Services | 15.1 |
Education | 14.1 |
City | 9.7 |
Utility-Electric | 8.6 |
State/Territory | 7.2 |
Health Care | 7.2 |
Utility-Water and Sewer | 6.4 |
Lease | 3.9 |
Special Tax | 3.3 |
Industrial | 2.6 |
County | 2.1 |
Resource Recovery | 1.7 |
Housing | 1.5 |
Pollution Control | .9 |
Prerefunded | .4 |
Other | 16.1 |
100.8 |
† Based on net assets.
See notes to financial statements.
36
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | |||||||||||
Long-Term Municipal Investments - 99.7% | Coupon | Maturity | Principal | Value ($) | |||||||
Alabama - 1.5% | |||||||||||
Jefferson County, | 5.50 | 1/1/21 | 3,500,000 | 3,513,545 | |||||||
Florida - .8% | |||||||||||
Lake County School Board, | 5.00 | 6/1/27 | 1,620,000 | 1,822,824 | |||||||
Illinois - 2.2% | |||||||||||
Chicago, | 5.00 | 1/1/24 | 500,000 | 505,450 | |||||||
Chicago, | 5.25 | 1/1/22 | 1,285,000 | 1,320,800 | |||||||
Illinois, | 5.25 | 2/1/29 | 2,000,000 | 2,077,960 | |||||||
Illinois, | 5.50 | 8/1/17 | 1,000,000 | 1,017,650 | |||||||
4,921,860 | |||||||||||
Michigan - .9% | |||||||||||
Michigan Finance Authority, | 5.00 | 12/1/33 | 1,850,000 | 2,062,010 | |||||||
New Jersey - 3.0% | |||||||||||
New Jersey Economic Development Authority, | 5.00 | 3/1/27 | 2,000,000 | 2,066,500 | |||||||
New Jersey Economic Development Authority, | 5.25 | 12/15/20 | 1,250,000 | 1,346,812 | |||||||
New Jersey Economic Development Authority, | 5.25 | 12/15/21 | 2,000,000 | 2,235,380 | |||||||
New Jersey Transportation Trust Fund Authority, | 5.00 | 6/15/24 | 1,250,000 | 1,287,975 | |||||||
6,936,667 | |||||||||||
New York - 2.7% | |||||||||||
Metropolitan Transportation Authority Hudson Rail Yards Trust, | 5.00 | 11/15/46 | 1,550,000 | 1,660,825 | |||||||
New York Liberty Development Corporation, | 5.00 | 11/15/44 | 1,750,000 | a | 1,834,630 | ||||||
New York State Environmental Facilities Coporation, | 4.00 | 6/15/46 | 2,000,000 | 2,086,780 | |||||||
TSASC, Inc. of New York, | 5.00 | 6/1/22 | 450,000 | 510,435 | |||||||
6,092,670 | |||||||||||
Pennsylvania - 85.4% | |||||||||||
Allegheny County Higher Education Building Authority, | 5.00 | 3/1/26 | 750,000 | 880,695 | |||||||
Allegheny County Port Authority, | 5.25 | 3/1/24 | 2,000,000 | 2,275,160 | |||||||
Beaver County Hospital Authority, | 5.00 | 5/15/23 | 1,345,000 | 1,507,516 | |||||||
Beaver County Hospital Authority, | 5.00 | 5/15/25 | 1,250,000 | 1,381,025 | |||||||
Berks County Municipal Authority, | 5.00 | 11/1/19 | 2,000,000 | 2,195,340 | |||||||
Boyertown Area School District, | 5.00 | 10/1/34 | 1,060,000 | 1,181,593 | |||||||
Boyertown Area School District, | 5.00 | 10/1/35 | 1,425,000 | 1,583,688 | |||||||
Canonsburg-Houston Joint Authority, | 5.00 | 12/1/23 | 1,260,000 | 1,459,156 | |||||||
Chester County, | 5.00 | 7/15/19 | 1,055,000 | b | 1,152,830 | ||||||
Cumberland Valley School District, | 5.00 | 11/15/26 | 1,100,000 | 1,267,596 | |||||||
Dallastown Area School Districk York County, | 5.00 | 4/15/31 | 1,400,000 | 1,596,756 |
37
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund (continued) | ||||||||||
Long-Term Municipal Investments - 99.7% (continued) | Coupon | Maturity | Principal | Value ($) | ||||||
Pennsylvania - 85.4% (continued) | ||||||||||
Dallastown Area School Districk York County, | 5.00 | 4/15/32 | 1,000,000 | 1,134,430 | ||||||
Dauphin County General Authority, | 5.00 | 6/1/29 | 2,500,000 | 2,882,025 | ||||||
Delaware County Authority, | 5.00 | 8/1/30 | 1,000,000 | 1,145,360 | ||||||
Easton Area School District, | 5.50 | 4/1/23 | 2,260,000 | 2,368,096 | ||||||
Erie County, | 5.50 | 9/1/22 | 1,640,000 | 1,952,420 | ||||||
Fox Chapel Area School District, | 5.00 | 8/1/34 | 3,190,000 | 3,568,781 | ||||||
Lancaster County Hospital Authority, | 5.00 | 8/15/31 | 1,250,000 | 1,429,162 | ||||||
Lancaster County Solid Waste Management Authority, | 5.00 | 12/15/33 | 1,895,000 | 2,118,989 | ||||||
Lower Paxton Township, | 5.00 | 4/1/42 | 1,000,000 | 1,113,370 | ||||||
Monroeville Finance Authority, | 5.00 | 2/15/26 | 2,135,000 | 2,540,479 | ||||||
Monroeville Finance Authority, | 5.00 | 2/15/25 | 1,000,000 | 1,180,900 | ||||||
Montgomery County, | 4.00 | 4/1/28 | 1,500,000 | 1,621,545 | ||||||
Montgomery County, | 5.00 | 12/15/19 | 100,000 | b | 110,701 | |||||
Montgomery County Industrial Development Authority, | 5.50 | 8/1/20 | 995,000 | b | 1,137,653 | |||||
Montgomery County Industrial Development Authority, | 5.00 | 1/15/20 | 1,000,000 | 1,081,640 | ||||||
Montgomery County Industrial Development Authority, | 5.00 | 11/15/36 | 2,500,000 | 2,668,300 | ||||||
Northhampton County General Purpose Authority, | 5.00 | 11/1/43 | 3,500,000 | 3,931,690 | ||||||
Pennsylvania, | 5.00 | 7/1/20 | 5,000,000 | 5,571,650 | ||||||
Pennsylvania, | 5.00 | 9/15/23 | 1,000,000 | 1,158,690 | ||||||
Pennsylvania, | 5.00 | 3/15/28 | 2,200,000 | 2,508,726 | ||||||
Pennsylvania, | 5.00 | 8/15/22 | 3,060,000 | 3,527,629 | ||||||
Pennsylvania Economic Development Financing Authority, | 5.00 | 11/1/26 | 1,000,000 | 1,091,420 | ||||||
Pennsylvania Economic Development Financing Authority, | 5.00 | 11/1/27 | 1,535,000 | 1,668,269 | ||||||
Pennsylvania Economic Development Financing Authority, | 5.00 | 3/1/25 | 1,000,000 | 1,129,250 | ||||||
Pennsylvania Economic Development Financing Authority, | 5.00 | 2/1/26 | 2,455,000 | 2,854,649 | ||||||
Pennsylvania Economic Development Financing Authority, | 2.25 | 7/1/19 | 5,000,000 | 5,050,150 | ||||||
Pennsylvania Economic Development Financing Authority, | 5.00 | 7/1/20 | 4,000,000 | 4,360,600 | ||||||
Pennsylvania Higher Educational Facilities Authority, | 5.00 | 8/15/24 | 1,310,000 | 1,545,551 | ||||||
Pennsylvania Higher Educational Facilities Authority, | 5.00 | 8/15/40 | 2,000,000 | 2,201,160 | ||||||
Pennsylvania Higher Educational Facilities Authority, | 5.00 | 5/1/31 | 775,000 | 884,461 | ||||||
Pennsylvania Higher Educational Facilities Authority, | 5.00 | 11/1/25 | 2,010,000 | 2,233,251 | ||||||
Pennsylvania Higher Educational Facilities Authority, | 5.00 | 6/15/22 | 1,500,000 | 1,726,500 | ||||||
Pennsylvania Higher Educational Facilities Authority, | 5.25 | 6/15/24 | 5,000,000 | 5,698,450 |
38
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund (continued) | ||||||||||
Long-Term Municipal Investments - 99.7% (continued) | Coupon | Maturity | Principal | Value ($) | ||||||
Pennsylvania - 85.4% (continued) | ||||||||||
Pennsylvania Higher Educational Facilities Authority, | 5.00 | 6/15/26 | 1,000,000 | 1,104,030 | ||||||
Pennsylvania Higher Educational Facilities Authority, | 5.00 | 6/15/30 | 1,875,000 | 2,084,137 | ||||||
Pennsylvania Higher Educational Facilities Authority, | 5.00 | 4/1/26 | 1,000,000 | 1,131,720 | ||||||
Pennsylvania Higher Educational Facilities Authority, | 5.00 | 8/15/32 | 2,240,000 | 2,648,778 | ||||||
Pennsylvania Higher Educational Facilities Authority, | 5.25 | 9/1/18 | 1,485,000 | 1,575,318 | ||||||
Pennsylvania Industrial Development Authority, | 5.00 | 7/1/21 | 5,000,000 | 5,671,950 | ||||||
Pennsylvania Infrastructure Investment Authority, | 5.00 | 5/15/22 | 2,155,000 | 2,519,152 | ||||||
Pennsylvania Intergovernmental Cooperation Authority, | 5.00 | 6/15/21 | 2,000,000 | 2,229,620 | ||||||
Pennsylvania Intergovernmental Cooperation Authority, | 5.00 | 6/15/22 | 3,395,000 | 3,782,132 | ||||||
Pennsylvania State University, | 5.00 | 3/1/28 | 1,980,000 | 2,189,484 | ||||||
Pennsylvania State University, | 5.00 | 3/1/40 | 3,000,000 | 3,277,470 | ||||||
Pennsylvania Turnpike Commission, | 5.00 | 12/1/32 | 1,190,000 | 1,327,612 | ||||||
Pennsylvania Turnpike Commission, | 5.00 | 12/1/38 | 2,415,000 | 2,661,861 | ||||||
Pennsylvania Turnpike Commission, | 5.00 | 12/1/30 | 1,325,000 | 1,551,562 | ||||||
Pennsylvania Turnpike Commission, | 5.25 | 7/15/25 | 2,500,000 | 3,004,500 | ||||||
Pennsylvania Turnpike Commission, | 5.00 | 12/1/40 | 2,000,000 | 2,179,960 | ||||||
Pennsylvania Turnpike Commission, | 5.25 | 12/1/35 | 2,280,000 | 2,560,326 | ||||||
Perkiomen Valley School District, | 4.00 | 3/1/28 | 3,345,000 | 3,579,050 | ||||||
Philadelphia, | 5.00 | 6/15/20 | 1,750,000 | 1,938,842 | ||||||
Philadelphia, | 5.00 | 11/1/27 | 2,840,000 | 3,255,691 | ||||||
Philadelphia, | 5.00 | 7/1/31 | 2,000,000 | 2,271,060 | ||||||
Philadelphia, | 5.00 | 1/1/36 | 2,830,000 | 3,110,425 | ||||||
Philadelphia Authority for Industrial Development, | 5.00 | 5/1/28 | 1,145,000 | 1,341,482 | ||||||
Philadelphia Authority for Industrial Development, | 5.00 | 4/1/25 | 2,500,000 | 2,956,300 | ||||||
Philadelphia Authority for Industrial Development, | 5.00 | 4/1/31 | 2,000,000 | 2,282,340 | ||||||
Philadelphia Authority for Industrial Development, | 5.00 | 9/1/35 | 2,000,000 | 2,208,780 | ||||||
Philadelphia School District, | 5.00 | 9/1/20 | 1,805,000 | 1,967,143 | ||||||
Pittsburgh, | 5.00 | 9/1/25 | 2,000,000 | 2,277,120 | ||||||
Pittsburgh, | 5.00 | 9/1/26 | 5,000,000 | 5,671,600 | ||||||
Pittsburgh Water and Sewer Authority, | 5.00 | 9/1/25 | 2,580,000 | 2,992,619 | ||||||
Saint Mary Hospital Authority, | 5.25 | 11/15/23 | 2,000,000 | 2,222,280 | ||||||
Southcentral Pennsylvania General Authority, | 5.00 | 6/1/27 | 2,085,000 | 2,395,394 |
39
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund (continued) | |||||||||||
Long-Term Municipal Investments - 99.7% (continued) | Coupon | Maturity | Principal | Value ($) | |||||||
Pennsylvania - 85.4% (continued) | |||||||||||
Southeastern Pennsylvania Transportation Authority, | 5.00 | 6/1/23 | 2,000,000 | 2,242,280 | |||||||
Southeastern Pennsylvania Transportation Authority, | 5.00 | 3/1/26 | 2,450,000 | 2,701,958 | |||||||
State Public School Building Authority, | 5.00 | 6/1/24 | 2,000,000 | 2,277,840 | |||||||
State Public School Building Authority, | 5.00 | 4/1/31 | 2,490,000 | 2,708,747 | |||||||
Swarthmore Borough Authority, | 5.00 | 9/15/38 | 1,800,000 | 2,071,368 | |||||||
Upper Merion Area School District, | 5.00 | 1/15/35 | 650,000 | 731,387 | |||||||
Upper Merion Area School District, | 5.00 | 1/15/37 | 400,000 | 447,424 | |||||||
West Mifflin Area School District, | 5.00 | 4/1/26 | 1,000,000 | 1,131,730 | |||||||
West View Borough Municipal Authority, | 5.00 | 11/15/32 | 3,000,000 | 3,443,700 | |||||||
Westmoreland County Municipal Authority, | 5.00 | 8/15/27 | 1,500,000 | 1,735,230 | |||||||
Westmoreland County Municipal Authority, | 5.00 | 8/15/28 | 1,000,000 | 1,149,220 | |||||||
194,287,924 | |||||||||||
U.S. Related - 3.2% | |||||||||||
Guam, | 5.00 | 1/1/24 | 1,500,000 | 1,613,175 | |||||||
Guam, | 5.63 | 12/1/19 | 1,000,000 | b | 1,119,340 | ||||||
Puerto Rico Commonwealth, | 5.50 | 7/1/19 | 3,000,000 | 3,067,770 | |||||||
Puerto Rico Infrastructure Financing Authority, | 5.00 | 7/1/21 | 4,000,000 | c | 730,000 | ||||||
Puerto Rico Sales Tax Financing Corporation, | 6.75 | 8/1/32 | 1,000,000 | 524,580 | |||||||
Puerto Rico Sales Tax Financing Corporation, | 0/6.25 | 8/1/33 | 500,000 | d | 160,245 | ||||||
7,215,110 | |||||||||||
Total Long-Term Municipal Investments | 226,852,610 | ||||||||||
Short-Term Municipal Investments - .7% | |||||||||||
New York - .7% | |||||||||||
New York City, | 0.60 | 3/1/17 | 1,600,000 | e | 1,600,000 | ||||||
Total Investments (cost $226,929,670) | 100.4% | 228,452,610 | |||||||||
Liabilities, Less Cash and Receivables | (0.4%) | (1,013,365) | |||||||||
Net Assets | 100.0% | 227,439,245 |
a Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 28, 2017, these securities were valued at $1,834,630 or .81% of net assets.
b These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
c Non-income producing—security in default.
d Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity.
e Variable rate demand note—rate shown is the interest rate in effect at February 28, 2017. Maturity date represents the next demand date, or the ultimate maturity date if earlier.
40
Portfolio Summary (Unaudited) † | Value (%) |
Education | 22.0 |
Health Care | 11.2 |
Transportation Services | 10.5 |
Utility-Water and Sewer | 9.9 |
City | 8.0 |
State/Territory | 7.5 |
Special Tax | 5.2 |
Lease | 3.5 |
Industrial | 3.3 |
County | 3.1 |
Municipal Bonds | 2.4 |
Resource Recovery | 2.2 |
Prerefunded | 1.5 |
Other | 10.1 |
100.4 |
† Based on net assets.
See notes to financial statements.
41
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | |||||||||||
Long-Term Municipal Investments - 96.0% | Coupon | Maturity | Principal | Value ($) | |||||||
California - 1.9% | |||||||||||
California, | 5.00 | 9/1/30 | 2,000,000 | 2,355,320 | |||||||
Palomar Health, | 4.00 | 8/1/30 | 3,000,000 | 3,160,980 | |||||||
5,516,300 | |||||||||||
Illinois - .7% | |||||||||||
Chicago, | 5.00 | 1/1/23 | 1,970,000 | 1,998,762 | |||||||
Massachusetts - 85.0% | |||||||||||
Barnstable, | 4.00 | 9/15/21 | 580,000 | 648,179 | |||||||
Berkshire Wind Power Cooperative Corporation, | 5.25 | 7/1/23 | 750,000 | 827,055 | |||||||
Boston Water and Sewer Commission, | 5.00 | 11/1/28 | 500,000 | 589,565 | |||||||
Boston Water and Sewer Commission, | 5.00 | 11/1/29 | 1,000,000 | 1,173,580 | |||||||
Boston Water and Sewer Commission, | 5.00 | 11/1/30 | 1,000,000 | 1,170,430 | |||||||
Boston Water and Sewer Commission, | 5.00 | 11/1/31 | 600,000 | 700,098 | |||||||
Boston Water and Sewer Commission, | 5.00 | 11/1/19 | 2,500,000 | a | 2,757,875 | ||||||
Canton, | 5.00 | 3/15/21 | 1,250,000 | 1,431,850 | |||||||
Groton-Dunstable Regional School District, | 5.00 | 9/1/20 | 725,000 | 816,865 | |||||||
Massachusetts, | 4.00 | 6/1/46 | 2,500,000 | 2,558,225 | |||||||
Massachusetts, | 5.00 | 6/15/25 | 5,060,000 | 6,051,305 | |||||||
Massachusetts, | 5.00 | 6/15/27 | 2,000,000 | 2,358,260 | |||||||
Massachusetts, | 1.15 | 11/1/18 | 2,500,000 | b | 2,498,250 | ||||||
Massachusetts, | 5.25 | 8/1/21 | 1,975,000 | 2,305,042 | |||||||
Massachusetts, | 5.25 | 8/1/23 | 1,000,000 | 1,207,650 | |||||||
Massachusetts, | 5.00 | 7/1/25 | 2,500,000 | 2,914,700 | |||||||
Massachusetts, | 5.00 | 8/1/26 | 5,000,000 | 5,752,700 | |||||||
Massachusetts, | 5.00 | 3/1/31 | 2,250,000 | 2,579,962 | |||||||
Massachusetts, | 5.00 | 8/1/21 | 920,000 | a | 1,062,821 | ||||||
Massachusetts, | 5.00 | 6/1/21 | 2,100,000 | 2,418,150 | |||||||
Massachusetts, | 5.00 | 6/1/21 | 2,095,000 | a | 2,408,475 | ||||||
Massachusetts Bay Transportation Authority, | 5.25 | 7/1/21 | 3,085,000 | 3,587,793 | |||||||
Massachusetts Bay Transportation Authority, | 5.25 | 7/1/21 | 2,000,000 | 2,325,960 | |||||||
Massachusetts Bay Transportation Authority, | 5.25 | 7/1/22 | 2,430,000 | 2,878,942 | |||||||
Massachusetts Bay Transportation Authority, | 0.00 | 7/1/32 | 2,500,000 | c | 1,493,425 | ||||||
Massachusetts Clean Energy Cooperative Corporation, | 5.00 | 7/1/28 | 1,250,000 | 1,431,388 | |||||||
Massachusetts College Building Authority, | 4.00 | 5/1/19 | 345,000 | 366,801 |
42
BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued) | ||||||||||
Long-Term Municipal Investments - 96.0% (continued) | Coupon | Maturity | Principal | Value ($) | ||||||
Massachusetts - 85.0% (continued) | ||||||||||
Massachusetts College Building Authority, | 5.00 | 5/1/27 | 3,000,000 | 3,486,240 | ||||||
Massachusetts Department of Transportation, | 5.00 | 1/1/32 | 1,530,000 | 1,669,460 | ||||||
Massachusetts Department of Transportation, | 5.00 | 1/1/35 | 3,045,000 | 3,334,092 | ||||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/25 | 545,000 | 646,735 | ||||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/24 | 350,000 | 410,015 | ||||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/40 | 1,500,000 | 1,684,260 | ||||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/29 | 1,000,000 | 1,170,830 | ||||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/37 | 1,750,000 | 1,983,607 | ||||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/23 | 1,750,000 | 2,076,130 | ||||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/23 | 765,000 | 870,975 | ||||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/24 | 475,000 | 541,704 | ||||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/25 | 500,000 | 569,350 | ||||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/26 | 500,000 | 568,485 | ||||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/44 | 2,000,000 | 2,097,160 | ||||||
Massachusetts Development Finance Agency, | 4.00 | 10/1/32 | 1,000,000 | 1,044,560 | ||||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/46 | 2,000,000 | 2,253,000 | ||||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/22 | 1,000,000 | 1,149,900 | ||||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/24 | 1,000,000 | 1,175,140 | ||||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/26 | 1,000,000 | 1,192,410 | ||||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/29 | 1,000,000 | 1,159,660 | ||||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/30 | 1,000,000 | 1,153,050 | ||||||
Massachusetts Development Finance Agency, | 5.00 | 12/1/32 | 1,565,000 | 1,799,437 | ||||||
Massachusetts Development Finance Agency, | 5.00 | 12/1/33 | 1,500,000 | 1,716,585 | ||||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/19 | 2,000,000 | 2,111,260 | ||||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/22 | 565,000 | 624,941 | ||||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/23 | 400,000 | 446,420 | ||||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/25 | 1,000,000 | 1,120,240 | ||||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/30 | 1,000,000 | 1,104,770 | ||||||
Massachusetts Development Finance Agency, | 4.00 | 10/1/46 | 1,000,000 | 935,710 | ||||||
Massachusetts Development Finance Agency, | 5.00 | 8/15/27 | 1,000,000 | 1,113,990 | ||||||
Massachusetts Development Finance Agency, | 5.00 | 8/15/28 | 1,000,000 | 1,111,000 | ||||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/28 | 1,550,000 | 1,797,442 | ||||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/31 | 1,000,000 | 1,142,580 | ||||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/37 | 465,000 | 521,856 | ||||||
Massachusetts Development Finance Agency, | 5.00 | 11/1/38 | 5,000,000 | 5,597,450 |
43
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued) | ||||||||||
Long-Term Municipal Investments - 96.0% (continued) | Coupon | Maturity | Principal | Value ($) | ||||||
Massachusetts - 85.0% (continued) | ||||||||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/25 | 1,825,000 | 2,068,236 | ||||||
Massachusetts Development Finance Agency, | 4.00 | 7/1/32 | 2,000,000 | 2,083,880 | ||||||
Massachusetts Development Finance Agency, | 5.00 | 4/15/33 | 3,410,000 | 3,616,748 | ||||||
Massachusetts Development Finance Agency, | 5.00 | 4/15/40 | 1,230,000 | 1,288,118 | ||||||
Massachusetts Development Finance Agency, | 5.25 | 10/1/24 | 465,000 | 532,597 | ||||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/25 | 700,000 | 798,070 | ||||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/29 | 2,820,000 | 3,123,742 | ||||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/24 | 530,000 | 617,005 | ||||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/25 | 500,000 | 585,375 | ||||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/28 | 750,000 | 868,740 | ||||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/41 | 2,000,000 | 2,192,100 | ||||||
Massachusetts Development Finance Agency, | 4.00 | 7/1/20 | 530,000 | 571,218 | ||||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/28 | 1,000,000 | 1,203,340 | ||||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/32 | 1,910,000 | 2,203,701 | ||||||
Massachusetts Development Finance Agency, | 5.25 | 4/1/23 | 3,675,000 | 4,213,645 | ||||||
Massachusetts Development Finance Agency, | 5.25 | 4/1/24 | 4,500,000 | 5,155,740 | ||||||
Massachusetts Development Finance Agency, | 5.00 | 9/1/21 | 300,000 | 339,300 | ||||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/24 | 1,000,000 | 1,135,470 | ||||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/25 | 2,375,000 | 2,704,412 | ||||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/28 | 1,000,000 | 1,124,550 | ||||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/20 | 705,000 | 778,574 | ||||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/24 | 550,000 | 629,591 | ||||||
Massachusetts Development Finance Agency, | 5.00 | 9/1/35 | 1,350,000 | 1,454,612 | ||||||
Massachusetts Development Finance Agency, | 5.00 | 9/1/40 | 2,650,000 | 2,863,325 | ||||||
Massachusetts Development Finance Agency, | 4.00 | 1/1/19 | 170,000 | 178,962 | ||||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/20 | 200,000 | 220,458 | ||||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/21 | 100,000 | 112,896 | ||||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/22 | 200,000 | 229,644 | ||||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/23 | 250,000 | 289,953 | ||||||
Massachusetts Development Finance Agency, | 3.00 | 1/1/25 | 190,000 | 195,219 | ||||||
Massachusetts Development Finance Agency, | 4.00 | 1/1/26 | 130,000 | 143,641 | ||||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/27 | 310,000 | 367,105 | ||||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/28 | 140,000 | 164,529 | ||||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/29 | 200,000 | 233,612 |
44
BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued) | ||||||||||
Long-Term Municipal Investments - 96.0% (continued) | Coupon | Maturity | Principal | Value ($) | ||||||
Massachusetts - 85.0% (continued) | ||||||||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/30 | 410,000 | 475,633 | ||||||
Massachusetts Development Finance Agency, | 5.00 | 1/1/31 | 415,000 | 478,877 | ||||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/20 | 905,000 | 1,023,817 | ||||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/21 | 830,000 | 961,007 | ||||||
Massachusetts Development Finance Agency, | 5.00 | 5/1/34 | 1,000,000 | 1,134,310 | ||||||
Massachusetts Development Finance Agency, | 5.00 | 5/1/39 | 1,460,000 | 1,652,282 | ||||||
Massachusetts Development Finance Agency, | 5.75 | 5/1/19 | 2,000,000 | a | 2,201,440 | |||||
Massachusetts Educational Financing Authority, | 4.00 | 1/1/18 | 2,500,000 | 2,550,550 | ||||||
Massachusetts Educational Financing Authority, | 5.00 | 1/1/20 | 1,400,000 | 1,509,774 | ||||||
Massachusetts Educational Financing Authority, | 5.00 | 7/1/21 | 2,350,000 | 2,596,327 | ||||||
Massachusetts Health and Educational Facilities Authority, | 5.00 | 10/1/32 | 125,000 | 127,773 | ||||||
Massachusetts Health and Educational Facilities Authority, | 5.00 | 10/1/37 | 360,000 | 367,794 | ||||||
Massachusetts Health and Educational Facilities Authority, | 5.13 | 11/15/19 | 1,000,000 | a | 1,107,810 | |||||
Massachusetts Health and Educational Facilities Authority, | 5.00 | 7/1/18 | 690,000 | 726,494 | ||||||
Massachusetts Health and Educational Facilities Authority, | 5.25 | 7/1/18 | 1,000,000 | a | 1,058,700 | |||||
Massachusetts Health and Educational Facilities Authority, | 5.25 | 12/1/22 | 2,750,000 | 2,955,205 | ||||||
Massachusetts Health and Educational Facilities Authority, | 5.25 | 12/1/27 | 2,000,000 | 2,142,140 | ||||||
Massachusetts Health and Educational Facilities Authority, | 5.00 | 5/1/19 | 2,525,000 | a | 2,741,569 | |||||
Massachusetts Health and Educational Facilities Authority, | 5.00 | 5/1/19 | 1,000,000 | a | 1,085,770 | |||||
Massachusetts Health and Educational Facilities Authority, | 5.50 | 7/1/22 | 1,800,000 | 2,164,680 | ||||||
Massachusetts Health and Educational Facilities Authority, | 5.00 | 7/1/23 | 3,335,000 | 3,988,460 | ||||||
Massachusetts Health and Educational Facilities Authority, | 5.00 | 10/1/24 | 1,000,000 | 1,150,940 | ||||||
Massachusetts Health and Educational Facilities Authority, | 5.00 | 10/1/24 | 2,000,000 | 2,226,940 | ||||||
Massachusetts Health and Educational Facilities Authority, | 5.63 | 10/1/29 | 3,000,000 | 3,313,770 | ||||||
Massachusetts Health and Educational Facilities Authority, | 5.00 | 10/1/30 | 3,000,000 | 3,323,550 | ||||||
Massachusetts Health and Educational Facilities Authority, | 5.00 | 7/1/22 | 115,000 | 116,605 | ||||||
Massachusetts Health and Educational Facilities Authority, | 5.00 | 7/1/17 | 135,000 | a | 137,018 | |||||
Massachusetts Health and Educational Facilities Authority, | 7.50 | 10/1/18 | 410,000 | a | 452,214 | |||||
Massachusetts Health and Educational Facilities Authority, | 7.50 | 10/1/18 | 590,000 | a | 650,746 | |||||
Massachusetts Health and Educational Facilities Authority, | 5.00 | 7/1/20 | 4,640,000 | a | 5,219,026 | |||||
Massachusetts Health and Educational Facilities Authority, | 6.25 | 7/1/30 | 2,100,000 | 2,309,475 |
45
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued) | |||||||||||
Long-Term Municipal Investments - 96.0% (continued) | Coupon | Maturity | Principal | Value ($) | |||||||
Massachusetts - 85.0% (continued) | |||||||||||
Massachusetts Health and Educational Facilities Authority, | 5.25 | 2/15/26 | 3,130,000 | 3,871,591 | |||||||
Massachusetts Housing Finance Agency, | 4.00 | 6/1/19 | 1,625,000 | 1,712,181 | |||||||
Massachusetts Housing Finance Agency, | 2.95 | 12/1/32 | 1,000,000 | 922,310 | |||||||
Massachusetts Housing Finance Agency, | 3.50 | 12/1/46 | 1,500,000 | 1,574,790 | |||||||
Massachusetts Port Authority, | 4.00 | 7/1/20 | 1,000,000 | 1,091,430 | |||||||
Massachusetts Port Authority, | 5.00 | 7/1/24 | 315,000 | 372,963 | |||||||
Massachusetts Port Authority, | 5.00 | 7/1/27 | 1,345,000 | 1,524,356 | |||||||
Massachusetts Port Authority, | 5.00 | 7/1/28 | 200,000 | 231,880 | |||||||
Massachusetts Port Authority, | 5.00 | 7/1/28 | 2,500,000 | 2,791,050 | |||||||
Massachusetts Port Authority, | 5.00 | 7/1/29 | 200,000 | 230,516 | |||||||
Massachusetts Port Authority, | 5.00 | 7/1/31 | 1,500,000 | 1,710,555 | |||||||
Massachusetts Port Authority, | 5.00 | 7/1/32 | 750,000 | 863,078 | |||||||
Massachusetts Port Authority, | 5.00 | 7/1/33 | 2,000,000 | 2,291,520 | |||||||
Massachusetts School Building Authority, | 5.00 | 8/15/26 | 4,000,000 | 4,644,960 | |||||||
Massachusetts School Building Authority, | 5.00 | 8/15/29 | 2,700,000 | 3,119,391 | |||||||
Massachusetts School Building Authority, | 5.00 | 8/15/30 | 2,000,000 | 2,310,660 | |||||||
Massachusetts School Building Authority, | 4.00 | 8/15/32 | 2,500,000 | 2,641,550 | |||||||
Massachusetts State College Building Authority, | 4.00 | 5/1/20 | 715,000 | 777,956 | |||||||
Massachusetts Turnpike Authority, | 5.00 | 1/1/20 | 2,295,000 | 2,447,732 | |||||||
Massachusetts Water Pollution Abatement Trust, | 5.00 | 8/1/18 | 75,000 | 75,282 | |||||||
Massachusetts Water Pollution Abatement Trust, | 5.00 | 8/1/23 | 3,000,000 | 3,584,520 | |||||||
Massachusetts Water Pollution Abatement Trust, | 5.75 | 8/1/29 | 155,000 | 155,657 | |||||||
Massachusetts Water Resources Authority, | 5.00 | 8/1/27 | 2,570,000 | 3,001,015 | |||||||
Massachusetts Water Resources Authority, | 5.25 | 8/1/17 | 160,000 | a | 163,158 | ||||||
Massachusetts Water Resources Authority, | 5.25 | 8/1/17 | 65,000 | a | 66,283 | ||||||
Massachusetts Water Resources Authority, | 5.25 | 8/1/17 | 95,000 | a | 96,875 | ||||||
Massachusetts Water Resources Authority, | 5.00 | 8/1/21 | 500,000 | a | 577,155 | ||||||
Metropolitan Boston Transit Parking Corporation, | 5.00 | 7/1/25 | 1,000,000 | 1,132,170 | |||||||
Mount Greylock Regional School District, | 4.00 | 6/15/27 | 640,000 | 703,328 | |||||||
Mount Greylock Regional School District, | 4.00 | 6/15/28 | 420,000 | 456,011 | |||||||
Mount Greylock Regional School District, | 4.00 | 6/15/29 | 745,000 | 803,244 | |||||||
Mount Greylock Regional School District, | 4.00 | 6/15/30 | 315,000 | 337,415 | |||||||
Weston, | 4.00 | 12/1/23 | 530,000 | 606,500 | |||||||
250,823,676 |
46
BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued) | |||||||||||
Long-Term Municipal Investments - 96.0% (continued) | Coupon | Maturity | Principal | Value ($) | |||||||
Michigan - .7% | |||||||||||
Michigan Finance Authority, | 5.00 | 12/1/33 | 2,000,000 | 2,229,200 | |||||||
New Jersey - 2.8% | |||||||||||
New Jersey Economic Development Authority, | 5.25 | 12/15/20 | 1,760,000 | 1,896,312 | |||||||
New Jersey Economic Development Authority, | 5.00 | 6/15/25 | 2,000,000 | 2,208,520 | |||||||
New Jersey Economic Development Authority, | 5.25 | 12/15/21 | 2,160,000 | 2,414,210 | |||||||
New Jersey Transportation Trust Fund Authority, | 5.00 | 6/15/24 | 1,750,000 | 1,803,165 | |||||||
8,322,207 | |||||||||||
New Mexico - .4% | |||||||||||
New Mexico Finance Authority, | 5.00 | 6/1/24 | 1,100,000 | 1,311,673 | |||||||
New York - 2.3% | |||||||||||
Metropolitan Transportation Authority Hudson Rail Yards Trust, | 5.00 | 11/15/46 | 2,250,000 | 2,410,875 | |||||||
New York Liberty Development Corporation, | 5.00 | 11/15/44 | 1,750,000 | d | 1,834,630 | ||||||
New York State Energy Research and Development Authority, | 2.00 | 5/1/20 | 2,000,000 | 1,996,520 | |||||||
TSASC, Inc. of New York, | 5.00 | 6/1/22 | 550,000 | 623,865 | |||||||
6,865,890 | |||||||||||
U.S. Related - 2.2% | |||||||||||
Guam, | 5.00 | 1/1/25 | 1,500,000 | 1,591,785 | |||||||
Guam, | 6.00 | 11/1/26 | 500,000 | 578,780 | |||||||
Guam, | 5.63 | 12/1/19 | 1,000,000 | a | 1,119,340 | ||||||
Puerto Rico Commonwealth, | 5.50 | 7/1/19 | 1,000,000 | 1,046,840 | |||||||
Puerto Rico Electric Power Authority, | 5.00 | 7/1/17 | 1,000,000 | 1,004,990 | |||||||
Puerto Rico Infrastructure Financing Authority, | 5.00 | 7/1/20 | 2,000,000 | e | 365,000 | ||||||
Puerto Rico Sales Tax Financing Corporation, | 6.75 | 8/1/32 | 1,000,000 | 524,580 | |||||||
Puerto Rico Sales Tax Financing Corporation, | 0/6.25 | 8/1/33 | 750,000 | f | 240,368 | ||||||
6,471,683 | |||||||||||
Total Long-Term Municipal Investments | 283,539,391 | ||||||||||
Short-Term Municipal Investments - 3.7% | |||||||||||
Massachusetts - 3.7% | |||||||||||
Massachusetts Health and Educational Facilities Authority, | 0.53 | 3/1/17 | 1,300,000 | g | 1,300,000 | ||||||
Massachusetts Health and Educational Facilities Authority, | 0.56 | 3/1/17 | 500,000 | g | 500,000 | ||||||
Massachusetts Health and Educational Facilities Authority, | 0.58 | 3/1/17 | 1,800,000 | g | 1,800,000 | ||||||
Massachusetts Health and Educational Facilities Authority, | 0.57 | 3/1/17 | 1,100,000 | g | 1,100,000 |
47
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued) | ||||||||||
Short-Term Municipal Investments - 3.7% (continued) | Coupon | Maturity Date | Principal | Value ($) | ||||||
Massachusetts - 3.7% (continued) | ||||||||||
Massachusetts Health and Educational Facilities Authority, | 0.57 | 3/1/17 | 6,100,000 | g | 6,100,000 | |||||
Total Short-Term Municipal Investments | 10,800,000 | |||||||||
Total Investments (cost $290,866,044) | 99.7% | 294,339,391 | ||||||||
Cash and Receivables (Net) | 0.3% | 893,207 | ||||||||
Net Assets | 100.0% | 295,232,598 |
a These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
b Variable rate security—rate shown is the interest rate in effect at period end.
c Security issued with a zero coupon. Income is recognized through the accretion of discount.
d Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 28, 2017, these securities were valued at $1,834,630 or .62% of net assets.
e Non-income producing—security in default.
f Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity.
g Variable rate demand note—rate shown is the interest rate in effect at February 28, 2017. Maturity date represents the next demand date, or the ultimate maturity date if earlier.
Portfolio Summary (Unaudited) † | Value (%) |
Education | 33.8 |
Health Care | 13.3 |
Transportation Services | 12.8 |
Prerefunded | 8.2 |
State/Territory | 6.5 |
Special Tax | 4.7 |
City | 3.2 |
Housing | 2.4 |
Utility-Water and Sewer | 2.3 |
Industrial | 1.3 |
Utility-Electric | 1.1 |
Pollution Control | .0 |
Other | 10.1 |
99.7 |
† Based on net assets.
See notes to financial statements.
48
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | |||||||||||
Long-Term Municipal Investments - 97.9% | Coupon | Maturity | Principal | Value ($) | |||||||
Illinois - .7% | |||||||||||
Chicago, | 5.25 | 1/1/22 | 1,150,000 | 1,182,039 | |||||||
Michigan - .8% | |||||||||||
Michigan Finance Authority, | 5.00 | 12/1/33 | 1,150,000 | 1,281,790 | |||||||
New Jersey - 2.1% | |||||||||||
New Jersey Economic Development Authority, | 5.25 | 12/15/20 | 1,000,000 | 1,077,450 | |||||||
New Jersey Economic Development Authority, | 5.25 | 12/15/21 | 1,265,000 | 1,413,878 | |||||||
New Jersey Transportation Trust Fund Authority, | 5.00 | 6/15/24 | 1,000,000 | 1,030,380 | |||||||
3,521,708 | |||||||||||
New York - 91.5% | |||||||||||
Albany County Airport Authority, | 5.00 | 12/15/23 | 1,500,000 | 1,656,045 | |||||||
Battery Park City Authority, | 5.00 | 11/1/23 | 1,065,000 | 1,285,466 | |||||||
Dutchess County Local Development Corporation, | 5.00 | 7/1/27 | 1,000,000 | 1,171,200 | |||||||
Erie County Fiscal Stability Authority, | 5.00 | 12/1/24 | 1,000,000 | 1,152,830 | |||||||
Haverstraw-Stony Point Central School District, | 5.00 | 10/15/33 | 725,000 | 830,328 | |||||||
Haverstraw-Stony Point Central School District, | 5.00 | 10/15/34 | 730,000 | 832,711 | |||||||
Haverstraw-Stony Point Central School District, | 5.00 | 10/15/35 | 2,900,000 | 3,298,576 | |||||||
Long Island Power Authority, | 5.00 | 5/1/20 | 1,000,000 | 1,108,770 | |||||||
Long Island Power Authority, | 5.00 | 5/1/21 | 1,000,000 | 1,132,160 | |||||||
Long Island Power Authority, | 5.00 | 9/1/24 | 1,270,000 | 1,493,063 | |||||||
Long Island Power Authority, | 5.00 | 9/1/30 | 1,000,000 | 1,151,870 | |||||||
Metropolitan Transportation Authority, | 5.25 | 11/15/28 | 1,000,000 | 1,236,570 | |||||||
Metropolitan Transportation Authority, | 6.25 | 11/15/23 | 60,000 | 65,398 | |||||||
Metropolitan Transportation Authority, | 5.00 | 11/15/24 | 1,465,000 | 1,745,797 | |||||||
Metropolitan Transportation Authority, | 5.00 | 11/15/28 | 2,375,000 | 2,753,860 | |||||||
Metropolitan Transportation Authority, | 5.00 | 11/15/29 | 2,000,000 | 2,347,480 | |||||||
Metropolitan Transportation Authority, | 6.25 | 11/15/18 | 5,000 | a | 5,458 | ||||||
Metropolitan Transportation Authority, | 6.25 | 11/15/18 | 235,000 | a | 256,542 | ||||||
Metropolitan Transportation Authority Hudson Rail Yards Trust, | 5.00 | 11/15/46 | 2,200,000 | 2,357,300 | |||||||
Nassau County, | 5.00 | 10/1/20 | 2,000,000 | 2,182,600 | |||||||
Nassau County, | 5.00 | 4/1/29 | 1,500,000 | 1,705,995 | |||||||
Nassau County, | 5.00 | 10/1/23 | 1,100,000 | 1,299,661 | |||||||
Nassau County, | 5.00 | 10/1/27 | 1,190,000 | 1,429,368 | |||||||
Nassau County, | 5.00 | 7/1/22 | 145,000 | 152,549 |
49
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon New York Intermediate Tax-Exempt Bond Fund (continued) | ||||||||||
Long-Term Municipal Investments - 97.9% (continued) | Coupon | Maturity | Principal | Value ($) | ||||||
New York - 91.5% (continued) | ||||||||||
Nassau County Sewer and Storm Water Finance Authority, | 5.38 | 11/1/18 | 1,000,000 | a | 1,075,540 | |||||
New York City, | 5.00 | 8/1/20 | 750,000 | 843,368 | ||||||
New York City, | 5.00 | 8/1/23 | 1,050,000 | 1,240,879 | ||||||
New York City, | 5.00 | 8/1/25 | 1,255,000 | 1,504,845 | ||||||
New York City Industrial Development Agency, | 7.00 | 3/1/49 | 1,000,000 | 1,112,230 | ||||||
New York City Municipal Water Finance Authority, | 5.00 | 6/15/44 | 2,110,000 | 2,344,442 | ||||||
New York City Transitional Finance Authority, | 5.00 | 11/1/18 | 1,750,000 | 1,868,475 | ||||||
New York City Transitional Finance Authority, | 5.00 | 11/1/25 | 1,000,000 | 1,219,690 | ||||||
New York City Transitional Finance Authority, | 5.00 | 5/1/29 | 2,000,000 | 2,293,560 | ||||||
New York City Transitional Finance Authority, | 5.00 | 11/1/31 | 1,980,000 | 2,209,997 | ||||||
New York City Trust for Cultural Resources, | 5.00 | 12/1/26 | 1,075,000 | 1,282,421 | ||||||
New York City Trust for Cultural Resources, | 5.00 | 1/1/34 | 2,000,000 | 2,131,180 | ||||||
New York City Trust for Cultural Resources, | 5.00 | 1/1/39 | 2,500,000 | 2,662,550 | ||||||
New York City Trust for Cultural Resources, | 5.00 | 8/1/31 | 1,480,000 | 1,709,726 | ||||||
New York Counties Tobacco Trust VI, | 5.00 | 6/1/45 | 1,000,000 | 1,068,380 | ||||||
New York Liberty Development Corporation, | 5.00 | 9/15/29 | 1,000,000 | 1,151,110 | ||||||
New York Liberty Development Corporation, | 5.00 | 9/15/40 | 615,000 | 694,630 | ||||||
New York Liberty Development Corporation, | 5.00 | 12/15/41 | 1,205,000 | 1,339,189 | ||||||
New York Liberty Development Corporation, | 5.00 | 11/15/44 | 1,500,000 | b | 1,572,540 | |||||
New York Local Government Assistance Corporation, | 5.00 | 4/1/21 | 1,560,000 | 1,744,174 | ||||||
New York Local Government Assistance Corporation, | 5.00 | 4/1/23 | 1,395,000 | 1,557,434 | ||||||
New York State Dormitory Authority, | 5.75 | 7/1/18 | 695,000 | 721,848 | ||||||
New York State Dormitory Authority, | 5.00 | 10/1/41 | 2,500,000 | 2,798,200 | ||||||
New York State Dormitory Authority, | 5.63 | 11/1/35 | 1,000,000 | 1,141,900 | ||||||
New York State Dormitory Authority, | 5.00 | 7/1/23 | 1,000,000 | 1,164,570 | ||||||
New York State Dormitory Authority, | 5.00 | 7/1/26 | 3,000,000 | 3,266,100 | ||||||
New York State Dormitory Authority, | 5.00 | 7/1/25 | 1,000,000 | 1,189,660 | ||||||
New York State Dormitory Authority, | 5.00 | 7/1/31 | 2,000,000 | 2,282,080 | ||||||
New York State Dormitory Authority, | 5.00 | 7/1/37 | 2,155,000 | 2,434,266 | ||||||
New York State Dormitory Authority, | 5.00 | 7/1/37 | 650,000 | 734,149 | ||||||
New York State Dormitory Authority, | 5.00 | 7/1/43 | 2,400,000 | 2,689,944 | ||||||
New York State Dormitory Authority, | 5.00 | 7/1/23 | 1,000,000 | 1,110,710 | ||||||
New York State Dormitory Authority, | 5.00 | 10/1/18 | 1,540,000 | 1,639,161 |
50
BNY Mellon New York Intermediate Tax-Exempt Bond Fund (continued) | ||||||||||
Long-Term Municipal Investments - 97.9% (continued) | Coupon | Maturity | Principal | Value ($) | ||||||
New York - 91.5% (continued) | ||||||||||
New York State Dormitory Authority, | 5.00 | 7/1/32 | 1,530,000 | 1,725,381 | ||||||
New York State Dormitory Authority, | 5.00 | 7/1/40 | 3,000,000 | 3,250,110 | ||||||
New York State Dormitory Authority, | 5.00 | 2/15/20 | 1,000,000 | 1,112,880 | ||||||
New York State Dormitory Authority, | 5.00 | 3/15/20 | 1,000,000 | 1,115,640 | ||||||
New York State Dormitory Authority, | 5.00 | 2/15/28 | 1,000,000 | 1,202,290 | ||||||
New York State Dormitory Authority, | 5.00 | 3/15/32 | 1,500,000 | 1,741,860 | ||||||
New York State Dormitory Authority, | 5.00 | 3/15/21 | 1,000,000 | 1,148,470 | ||||||
New York State Dormitory Authority, | 5.00 | 3/15/26 | 1,500,000 | 1,782,900 | ||||||
New York State Dormitory Authority, | 5.00 | 3/15/30 | 1,275,000 | 1,518,678 | ||||||
New York State Dormitory Authority, | 5.00 | 3/15/33 | 1,215,000 | 1,413,908 | ||||||
New York State Energy Research and Development Authority, | 2.00 | 5/1/20 | 2,000,000 | 1,996,520 | ||||||
New York State Environmental Facilities Coporation, | 4.00 | 6/15/46 | 2,475,000 | 2,582,390 | ||||||
New York State Environmental Facilities Corporation, | 5.00 | 5/15/26 | 1,700,000 | 2,051,186 | ||||||
New York State Thruway Authority, | 5.00 | 1/1/32 | 1,000,000 | 1,135,050 | ||||||
New York State Thruway Authority, | 5.00 | 1/1/31 | 2,000,000 | 2,300,180 | ||||||
New York State Urban Development Corporation, | 5.00 | 1/1/20 | 2,075,000 | 2,295,220 | ||||||
New York State Urban Development Corporation, | 5.00 | 3/15/23 | 1,410,000 | 1,669,186 | ||||||
New York State Urban Development Corporation, | 5.00 | 3/15/25 | 1,000,000 | 1,199,740 | ||||||
New York State Urban Development Corporation, | 5.00 | 3/15/29 | 1,000,000 | 1,155,390 | ||||||
Onondaga County Trust for Cultural Resources, | 5.00 | 12/1/19 | 2,500,000 | 2,759,675 | ||||||
Oyster Bay, | 4.00 | 11/1/19 | 2,000,000 | 2,103,060 | ||||||
Oyster Bay, | 5.00 | 3/15/21 | 1,330,000 | 1,477,896 | ||||||
Oyster Bay, | 5.00 | 8/15/22 | 1,715,000 | 1,930,267 | ||||||
Port Authority of New York and New Jersey, | 5.00 | 5/1/30 | 1,000,000 | 1,166,080 | ||||||
Rockland County, | 5.00 | 6/1/23 | 575,000 | 662,015 | ||||||
Sales Tax Asset Receivable Corporation, | 5.00 | 10/15/21 | 1,585,000 | 1,842,879 | ||||||
Sales Tax Asset Receivable Corporation, | 5.00 | 10/15/31 | 1,060,000 | 1,242,225 | ||||||
Suffolk County, | 5.00 | 2/1/22 | 1,000,000 | 1,149,000 | ||||||
Suffolk County, | 5.00 | 5/15/24 | 2,205,000 | 2,588,868 | ||||||
Suffolk County Water Authority, | 4.00 | 6/1/30 | 1,895,000 | 2,052,190 | ||||||
Triborough Bridge and Tunnel Authority, | 5.00 | 11/15/30 | 1,645,000 | 1,915,635 | ||||||
TSASC, Inc. of New York, | 5.00 | 6/1/22 | 1,000,000 | 1,134,300 |
51
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon New York Intermediate Tax-Exempt Bond Fund (continued) | |||||||||||
Long-Term Municipal Investments - 97.9% (continued) | Coupon | Maturity | Principal | Value ($) | |||||||
New York - 91.5% (continued) | |||||||||||
Utility Debt Securitization Authority of New York, | 5.00 | 12/15/25 | 1,000,000 | 1,190,520 | |||||||
Utility Debt Securitization Authority of New York, | 5.00 | 6/15/26 | 2,000,000 | 2,374,420 | |||||||
Westchester County Health Care Corporation, | 5.00 | 11/1/20 | 1,400,000 | 1,564,206 | |||||||
Westchester County Health Care Corporation, | 5.00 | 11/1/24 | 1,500,000 | 1,668,510 | |||||||
Westchester County Local Development Corporation, | 5.00 | 11/1/28 | 1,000,000 | 1,105,030 | |||||||
Yonkers, | 5.00 | 9/1/21 | 2,640,000 | 3,018,127 | |||||||
Yonkers, | 5.00 | 11/15/26 | 1,000,000 | 1,181,860 | |||||||
152,974,287 | |||||||||||
U.S. Related - 2.8% | |||||||||||
Guam, | 5.00 | 1/1/24 | 1,000,000 | 1,075,450 | |||||||
Puerto Rico Commonwealth, | 5.50 | 7/1/19 | 2,500,000 | 2,617,100 | |||||||
Puerto Rico Housing Finance Authority, | 5.00 | 12/1/18 | 260,000 | 266,240 | |||||||
Puerto Rico Sales Tax Financing Corporation, | 6.75 | 8/1/32 | 1,200,000 | 629,496 | |||||||
Puerto Rico Sales Tax Financing Corporation, | 0/6.25 | 8/1/33 | 500,000 | c | 160,245 | ||||||
4,748,531 | |||||||||||
Total Long-Term Municipal Investments | 163,708,355 | ||||||||||
Short-Term Municipal Investments - 1.0% | |||||||||||
New York - 1.0% | |||||||||||
New York City, | 0.60 | 3/1/17 | 1,200,000 | d | 1,200,000 | ||||||
New York City Municipal Water Finance Authority, | 0.59 | 3/1/17 | 500,000 | d | 500,000 | ||||||
Total Short-Term Municipal Investments | 1,700,000 | ||||||||||
Total Investments (cost $162,616,445) | 98.9% | 165,408,355 | |||||||||
Cash and Receivables (Net) | 1.1% | 1,883,982 | |||||||||
Net Assets | 100.0% | 167,292,337 |
a These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
b Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 28, 2017, these securities were valued at $1,572,540 or .94% of net assets.
c Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity.
d Variable rate demand note—rate shown is the interest rate in effect at February 28, 2017. Maturity date represents the next demand date, or the ultimate maturity date if earlier.
52
Portfolio Summary (Unaudited) † | Value (%) |
Education | 22.2 |
Special Tax | 17.3 |
Transportation Services | 13.4 |
County | 8.8 |
City | 7.2 |
Health Care | 6.7 |
Utility-Water and Sewer | 5.7 |
Utility-Electric | 5.1 |
Industrial | 3.9 |
Prerefunded | .8 |
Lease | .8 |
Housing | .7 |
Other | 6.3 |
98.9 |
† Based on net assets.
See notes to financial statements.
53
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Municipal Opportunities Fund | |||||||||||
Bonds and Notes - .5% | Coupon | Maturity | Principal | Value ($) | |||||||
Health Care - .2% | |||||||||||
Northwell Healthcare, | 3.98 | 11/1/46 | 2,000,000 | 1,867,362 | |||||||
Industrials - .3% | |||||||||||
California Institute of Technology, | 4.28 | 9/1/16 | 5,000,000 | 4,278,355 | |||||||
Total Bonds and Notes | 6,145,717 | ||||||||||
Long-Term Municipal Investments - 97.1% | |||||||||||
Alabama - 1.7% | |||||||||||
Jefferson County, | 5.25 | 1/1/18 | 5,000,000 | 5,019,350 | |||||||
Jefferson County, | 6.00 | 10/1/42 | 7,000,000 | 7,979,020 | |||||||
Lower Alabama Gas District, | 5.00 | 9/1/46 | 5,170,000 | 5,991,565 | |||||||
Tuscaloosa Public Educational Building Authority, | 6.75 | 7/1/18 | 1,100,000 | a | 1,186,845 | ||||||
20,176,780 | |||||||||||
Arizona - .9% | |||||||||||
Arizona Board of Regents, | 6.00 | 7/1/18 | 750,000 | a | 800,153 | ||||||
Arizona Health Facilities Authority, | 5.00 | 2/1/42 | 6,000,000 | 6,325,980 | |||||||
Salt River Project Agricultural Improvement and Power District, | 5.00 | 1/1/38 | 1,130,000 | 1,311,907 | |||||||
University Medical Center Corporation, | 6.00 | 7/1/21 | 2,500,000 | a | 2,981,550 | ||||||
11,419,590 | |||||||||||
California - 14.3% | |||||||||||
Alameda Corridor Transportation Authority, | 5.00 | 10/1/35 | 2,500,000 | 2,773,125 | |||||||
Alameda Corridor Transportation Authority, | 4.00 | 10/1/35 | 1,500,000 | 1,520,265 | |||||||
Alameda Corridor Transportation Authority, | 3.13 | 10/1/36 | 2,500,000 | 2,222,025 | |||||||
Alameda Corridor Transportation Authority, | 5.00 | 10/1/36 | 1,000,000 | 1,118,700 | |||||||
Alameda Corridor Transportation Authority, | 4.00 | 10/1/37 | 1,000,000 | 1,009,510 | |||||||
Alameda Corridor Transportation Authority, | 5.00 | 10/1/37 | 1,325,000 | 1,478,846 | |||||||
Anaheim Public Financing Authority, | 5.00 | 5/1/46 | 2,000,000 | 2,206,140 | |||||||
California, | 5.50 | 3/1/40 | 7,950,000 | 8,848,111 | |||||||
California, | 5.00 | 9/1/46 | 4,430,000 | 5,067,521 | |||||||
California Education Facilities Authority, | 5.00 | 4/1/42 | 2,000,000 | 2,214,940 | |||||||
California Education Facilities Authority, | 5.00 | 4/1/47 | 2,500,000 | 2,757,625 | |||||||
California Health Facilities Financing Authority, | 6.50 | 10/1/18 | 10,000 | a | 10,891 | ||||||
California Health Facilities Financing Authority, | 5.00 | 7/1/37 | 2,270,000 | 2,534,478 |
54
BNY Mellon Municipal Opportunities Fund (continued) | ||||||||||
Long-Term Municipal Investments - 97.1% (continued) | Coupon | Maturity Date | Principal | Value ($) | ||||||
California - 14.3% (continued) | ||||||||||
California Infrastructure and Economic Development Bank, | 5.25 | 10/1/34 | 900,000 | 1,010,142 | ||||||
California Municipal Finance Authority, | 5.00 | 2/1/42 | 1,000,000 | 1,094,950 | ||||||
California Municipal Finance Authority, | 5.00 | 2/1/47 | 1,000,000 | 1,093,200 | ||||||
California Municipal Finance Authority, | 6.00 | 1/1/42 | 6,000,000 | 6,813,960 | ||||||
California Municipal Finance Authority, | 5.25 | 11/1/41 | 1,200,000 | 1,297,272 | ||||||
California Municipal Finance Authority, | 5.00 | 11/1/47 | 2,000,000 | 2,104,880 | ||||||
California Municipal Finance Authority, | 5.25 | 11/1/47 | 700,000 | 752,710 | ||||||
California Municipal Finance Authority, | 6.50 | 11/1/31 | 300,000 | 353,562 | ||||||
California Municipal Finance Authority, | 5.00 | 6/1/35 | 600,000 | 638,562 | ||||||
California Municipal Finance Authority, | 5.00 | 6/1/50 | 2,750,000 | 2,883,457 | ||||||
California Pollution Control Financing Authority, | 5.00 | 11/21/45 | 6,000,000 | b | 6,002,820 | |||||
California State Public Works Board, | 5.00 | 12/1/31 | 2,000,000 | 2,254,500 | ||||||
California State University Trustees, | 4.00 | 11/1/45 | 500,000 | 513,915 | ||||||
California Statewide Communities Development Authority, | 6.75 | 8/1/19 | 2,230,000 | a | 2,534,016 | |||||
California Statewide Communities Development Authority, | 2.63 | 12/1/23 | 3,000,000 | 3,046,020 | ||||||
California Statewide Communities Development Authority, | 5.00 | 12/1/36 | 2,500,000 | b | 2,622,600 | |||||
California Statewide Communities Development Authority, | 5.00 | 12/1/41 | 2,500,000 | b | 2,612,900 | |||||
California Statewide Communities Development Authority, | 5.25 | 12/1/44 | 2,000,000 | 2,113,260 | ||||||
California Statewide Communities Development Authority, | 5.00 | 12/1/46 | 3,500,000 | b | 3,639,160 | |||||
California Statewide Communities Development Authority, | 6.00 | 8/15/42 | 6,000,000 | 6,833,820 | ||||||
California Statewide Communities Development Authority, | 5.00 | 5/15/40 | 3,000,000 | 3,245,970 | ||||||
California Statewide Communities Development Authority, | 5.38 | 5/15/38 | 1,900,000 | 2,092,318 | ||||||
Capistrano Unified School District Community Facilities District Number 90-2, | 5.00 | 9/1/32 | 4,000,000 | 4,515,160 | ||||||
Galt Redevelopment Agency, | 7.38 | 9/1/33 | 2,000,000 | 2,387,800 | ||||||
Grant Joint Union High School District, | 0.00 | 8/1/29 | 2,080,000 | c | 1,325,293 | |||||
Grant Joint Union High School District, | 0.00 | 2/1/33 | 4,380,000 | c | 2,331,080 | |||||
Irvine Reassessment District Number 12-1, | 4.00 | 9/2/29 | 1,000,000 | 1,043,370 | ||||||
Long Beach, | 5.00 | 5/15/40 | 2,500,000 | 2,691,550 | ||||||
Long Beach, | 5.00 | 5/15/45 | 2,000,000 | 2,147,420 | ||||||
Los Angeles County Public Works Financing Authority, | 5.00 | 12/1/34 | 1,000,000 | 1,137,470 | ||||||
Los Angeles County Public Works Financing Authority, | 5.00 | 12/1/39 | 1,000,000 | 1,126,410 | ||||||
New Haven Unified School District, | 0.00 | 8/1/32 | 2,500,000 | c | 1,386,600 |
55
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||||
Long-Term Municipal Investments - 97.1% (continued) | Coupon | Maturity Date | Principal | Value ($) | |||||||
California - 14.3% (continued) | |||||||||||
Northern California Gas Authority Number 1, | 1.39 | 7/1/27 | 660,000 | 589,255 | |||||||
Oakland Unified School District, | 5.00 | 8/1/40 | 3,000,000 | 3,386,490 | |||||||
Palomar Health, | 5.00 | 11/1/39 | 1,000,000 | 1,049,210 | |||||||
Riverside County Transportation Commission, | 5.25 | 6/1/30 | 2,000,000 | 2,321,040 | |||||||
Riverside County Transportation Commission, | 5.25 | 6/1/31 | 2,000,000 | 2,321,040 | |||||||
Riverside County Transportation Commission, | 5.25 | 6/1/33 | 3,500,000 | 4,061,820 | |||||||
Riverside County Transportation Commission, | 5.75 | 6/1/44 | 2,000,000 | 2,244,860 | |||||||
Riverside County Transportation Commission, | 5.75 | 6/1/48 | 5,000,000 | 5,605,550 | |||||||
San Diego Unified School District, | 0.00 | 7/1/25 | 4,000,000 | c | 3,130,560 | ||||||
San Diego Unified School District, | 4.00 | 7/1/35 | 2,205,000 | 2,308,481 | |||||||
San Francisco City and County Redevelopment Agency Community Facilities District Number 6, | 0.00 | 8/1/38 | 2,000,000 | c | 617,940 | ||||||
San Francisco City and County Redevelopment Agency Community Facilities District Number 6, | 0.00 | 8/1/43 | 7,835,000 | c | 1,787,790 | ||||||
San Francisco City and County Redevelopment Financing Authority, | 6.63 | 8/1/41 | 1,250,000 | 1,458,025 | |||||||
San Joaquin Hills Transportation Corridor Agency, | 5.00 | 1/15/50 | 5,000,000 | 5,357,600 | |||||||
South Bayside Waste Management Authority, | 6.00 | 9/1/36 | 1,000,000 | 1,108,010 | |||||||
Tender Option Bond Trust Receipts (Series 2016-XM0427) Non-recourse, | 5.25 | 5/15/18 | 10,000,000 | b,d | 11,250,300 | ||||||
University of California Regents, | 5.00 | 5/15/37 | 14,605,000 | 16,740,835 | |||||||
174,747,130 | |||||||||||
Colorado - .1% | |||||||||||
City and County of Denver, | 5.25 | 11/15/19 | 1,000,000 | 1,030,180 | |||||||
Colorado Health Facilities Authority, | 6.00 | 10/1/23 | 500,000 | 536,235 | |||||||
1,566,415 | |||||||||||
Delaware - 1.1% | |||||||||||
Tender Option Bond Trust Receipts (Series 2016-XM0431) Non-recourse, | 5.00 | 5/1/21 | 12,230,000 | b,d | 13,723,402 | ||||||
District of Columbia - 1.5% | |||||||||||
District of Columbia, | 5.00 | 6/1/32 | 3,500,000 | 3,620,470 | |||||||
District of Columbia, | 6.00 | 7/1/33 | 1,100,000 | 1,279,641 | |||||||
District of Columbia, | 6.00 | 7/1/43 | 1,700,000 | 1,956,530 | |||||||
District of Columbia, | 6.00 | 7/1/48 | 1,450,000 | 1,664,339 | |||||||
Metropolitan Washington Airports Authority, | 0.00 | 10/1/36 | 6,275,000 | c | 2,688,273 |
56
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||||
Long-Term Municipal Investments - 97.1% (continued) | Coupon | Maturity Date | Principal | Value ($) | |||||||
District of Columbia - 1.5% (continued) | |||||||||||
Metropolitan Washington Airports Authority, | 0.00 | 10/1/39 | 17,560,000 | c | 6,636,978 | ||||||
17,846,231 | |||||||||||
Florida - 3.4% | |||||||||||
Brevard County Health Facilities Authority, | 7.00 | 4/1/19 | 1,675,000 | a | 1,881,762 | ||||||
Collier County Health Facilities Authority, | 5.00 | 5/1/45 | 2,500,000 | 2,712,650 | |||||||
Higher Educational Facilities Financing Authority, | 5.25 | 4/1/42 | 1,100,000 | 1,194,908 | |||||||
Jacksonville, | 5.00 | 10/1/30 | 750,000 | 844,763 | |||||||
Miami Beach Redevelopment Agency, | 5.00 | 2/1/40 | 7,545,000 | 8,342,884 | |||||||
Miami-Dade County, | 5.50 | 10/1/41 | 1,200,000 | 1,332,492 | |||||||
Miami-Dade County, | 5.50 | 10/1/42 | 14,145,000 | 16,382,739 | |||||||
Miami-Dade County Expressway Authority, | 5.00 | 7/1/40 | 1,050,000 | 1,152,029 | |||||||
Orange County Health Facilities Authority, | 5.00 | 10/1/42 | 5,000,000 | 5,358,900 | |||||||
Sarasota County Public Hospital District, | 5.63 | 7/1/39 | 2,000,000 | 2,138,860 | |||||||
41,341,987 | |||||||||||
Georgia - .4% | |||||||||||
Atlanta Development Authority, | 5.25 | 7/1/44 | 1,500,000 | 1,711,710 | |||||||
Burke County Development Authority, | 7.00 | 1/1/23 | 1,000,000 | 1,046,930 | |||||||
Gainesville and Hall County Development Authority, | 5.00 | 11/15/33 | 2,225,000 | 2,464,855 | |||||||
5,223,495 | |||||||||||
Hawaii - 3.3% | |||||||||||
Hawaii Department of Budget and Finance, | 6.50 | 7/1/39 | 6,000,000 | 6,515,880 | |||||||
Hawaii Department of Budget and Finance, | 5.00 | 7/1/35 | 7,000,000 | 7,883,050 | |||||||
Hawaii Department of Budget and Finance, | 5.13 | 11/15/32 | 1,000,000 | 1,064,250 | |||||||
Hawaii Department of Budget and Finance, | 5.25 | 11/15/37 | 1,000,000 | 1,061,130 | |||||||
Tender Option Bond Trust Receipts (Series 2016-XM0429) Non-recourse, | 5.00 | 12/1/19 | 20,000,000 | b,d | 23,172,519 | ||||||
39,696,829 | |||||||||||
Idaho - .4% | |||||||||||
Idaho Health Facilities Authority, | 5.00 | 12/1/32 | 3,900,000 | 4,357,080 | |||||||
Illinois - 10.3% | |||||||||||
Chicago, | 5.50 | 1/1/43 | 4,000,000 | 4,475,160 | |||||||
Chicago, | 5.00 | 1/1/31 | 15,000,000 | 16,814,550 | |||||||
Chicago, | 5.00 | 1/1/41 | 5,000,000 | 5,541,800 | |||||||
Chicago, | 5.75 | 1/1/39 | 2,500,000 | 2,816,300 |
57
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||||
Long-Term Municipal Investments - 97.1% (continued) | Coupon | Maturity Date | Principal | Value ($) | |||||||
Illinois - 10.3% (continued) | |||||||||||
Chicago, | 6.50 | 1/1/21 | 5,000,000 | a | 5,975,250 | ||||||
Chicago, | 5.50 | 1/1/40 | 5,000,000 | 4,916,600 | |||||||
Chicago, | 5.50 | 1/1/42 | 1,250,000 | 1,228,300 | |||||||
Chicago, | 5.50 | 1/1/42 | 1,750,000 | 1,719,620 | |||||||
Chicago, | 7.75 | 1/1/42 | 7,350,000 | 7,572,264 | |||||||
Chicago, | 5.00 | 1/1/35 | 5,000,000 | 4,783,450 | |||||||
Chicago, | 6.00 | 1/1/38 | 10,000,000 | 10,321,500 | |||||||
Chicago Board of Education, | 6.00 | 4/1/46 | 2,500,000 | 2,552,950 | |||||||
Chicago Board of Education, | 5.00 | 12/1/21 | 3,090,000 | 2,771,421 | |||||||
Chicago Board of Education, | 6.50 | 12/1/46 | 4,500,000 | 4,148,595 | |||||||
Chicago Board of Education, | 5.25 | 12/1/39 | 8,500,000 | 6,866,470 | |||||||
Chicago Board of Education, | 7.00 | 12/1/44 | 2,500,000 | 2,382,175 | |||||||
Chicago Transit Authority, | 5.00 | 12/1/51 | 9,000,000 | 9,622,890 | |||||||
Illinois, | 5.50 | 7/1/33 | 2,500,000 | 2,611,200 | |||||||
Illinois, | 5.50 | 7/1/38 | 2,500,000 | 2,604,250 | |||||||
Illinois, | 5.00 | 2/1/39 | 5,000,000 | 5,002,700 | |||||||
Illinois Finance Authority, | 6.25 | 10/1/33 | 2,760,000 | 3,035,503 | |||||||
Illinois Finance Authority, | 5.25 | 5/15/47 | 4,250,000 | 4,264,152 | |||||||
Illinois Finance Authority, | 5.63 | 5/15/42 | 3,000,000 | 3,102,240 | |||||||
Illinois Finance Authority, | 5.50 | 7/1/28 | 1,560,000 | 1,771,099 | |||||||
Illinois Finance Authority, | 6.50 | 7/1/34 | 2,140,000 | 2,261,509 | |||||||
Illinois Finance Authority, | 6.00 | 7/1/43 | 5,000,000 | 5,723,450 | |||||||
Illinois Finance Authority, | 6.00 | 3/1/19 | 1,000,000 | a | 1,099,460 | ||||||
125,984,858 | |||||||||||
Indiana - .8% | |||||||||||
Allen County, | 6.75 | 1/15/43 | 750,000 | b | 765,803 | ||||||
Allen County, | 6.88 | 1/15/52 | 1,250,000 | b | 1,276,275 | ||||||
Indiana Finance Authority, | 5.25 | 2/1/35 | 5,000,000 | 5,779,550 | |||||||
Indiana Finance Authority, | 5.25 | 9/1/40 | 2,000,000 | 2,056,800 | |||||||
9,878,428 | |||||||||||
Kentucky - .3% | |||||||||||
Kentucky Public Transportation Infrastructure Authority, | 5.75 | 7/1/49 | 3,000,000 | 3,288,240 | |||||||
Kentucky State Property and Buildings Commission, | 5.38 | 11/1/23 | 165,000 | 176,529 | |||||||
3,464,769 | |||||||||||
Louisiana - 1.3% | |||||||||||
Jefferson Parish Hospital Service District Number 2, | 6.25 | 7/1/31 | 5,000,000 | 5,346,350 | |||||||
Louisiana Public Facilities Authority, | 6.00 | 7/1/29 | 1,000,000 | 1,092,000 |
58
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||||
Long-Term Municipal Investments - 97.1% (continued) | Coupon | Maturity Date | Principal | Value ($) | |||||||
Louisiana - 1.3% (continued) | |||||||||||
Louisiana Public Facilities Authority, | 0.00 | 10/1/23 | 7,500,000 | e | 6,140,250 | ||||||
New Orleans, | 5.00 | 12/1/34 | 500,000 | 554,130 | |||||||
New Orleans Aviation Board, | 6.00 | 1/1/23 | 2,000,000 | 2,165,120 | |||||||
15,297,850 | |||||||||||
Maine - .7% | |||||||||||
Maine Health and Higher Educational Facilities Authority, | 6.00 | 7/1/26 | 825,000 | 887,799 | |||||||
Maine Health and Higher Educational Facilities Authority, | 6.75 | 7/1/41 | 2,725,000 | 2,958,124 | |||||||
Maine Health and Higher Educational Facilities Authority, | 7.00 | 7/1/41 | 4,240,000 | 4,647,718 | |||||||
8,493,641 | |||||||||||
Maryland - 2.3% | |||||||||||
Maryland, | 4.00 | 3/15/25 | 20,000,000 | 21,489,800 | |||||||
Maryland Economic Development Corporation, | 5.75 | 6/1/35 | 3,500,000 | 3,763,760 | |||||||
Maryland Health and Higher Educational Facilities Authority, | 6.75 | 7/1/19 | 2,000,000 | a | 2,263,480 | ||||||
Maryland Health and Higher Educational Facilities Authority, | 5.13 | 7/1/19 | 250,000 | a | 273,563 | ||||||
27,790,603 | |||||||||||
Massachusetts - 6.7% | |||||||||||
Massachusetts Development Finance Agency, | 5.25 | 11/15/41 | 4,370,000 | 4,854,196 | |||||||
Massachusetts Development Finance Agency, | 5.00 | 7/1/40 | 5,500,000 | 6,175,620 | |||||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/39 | 5,000,000 | 5,658,700 | |||||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/46 | 4,000,000 | 4,506,000 | |||||||
Massachusetts Development Finance Agency, | 5.00 | 12/1/41 | 3,500,000 | 3,900,015 | |||||||
Massachusetts Development Finance Agency, | 5.25 | 1/1/42 | 5,500,000 | 6,073,320 | |||||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/43 | 4,260,000 | 4,519,732 | |||||||
Massachusetts Development Finance Agency, | 4.00 | 10/1/46 | 5,000,000 | 4,678,550 | |||||||
Massachusetts Development Finance Agency, | 5.00 | 4/15/40 | 1,500,000 | 1,570,875 | |||||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/36 | 2,115,000 | 2,275,380 | |||||||
Massachusetts Development Finance Agency, | 7.25 | 1/1/32 | 3,090,000 | 3,603,311 | |||||||
Massachusetts Development Finance Agency, | 6.75 | 1/1/36 | 1,165,000 | 1,324,162 | |||||||
Massachusetts Development Finance Agency, | 6.88 | 1/1/41 | 1,000,000 | 1,141,130 | |||||||
Massachusetts Development Finance Agency, | 5.00 | 10/1/46 | 2,015,000 | 2,170,800 | |||||||
Massachusetts Health and Educational Facilities Authority, | 7.50 | 10/1/18 | 205,000 | a | 226,107 | ||||||
Massachusetts Health and Educational Facilities Authority, | 7.50 | 10/1/18 | 295,000 | a | 325,373 | ||||||
Massachusetts Water Pollution Abatement Trust, | 5.75 | 8/1/29 | 50,000 | 50,212 | |||||||
Tender Option Bond Trust Receipts (Series 2016-XM0428) Non-recourse, | 5.00 | 4/1/19 | 15,000,000 | b,d | 17,185,200 | ||||||
Tender Option Bond Trust Receipts (Series 2016-XM0430) Non-recourse, | 5.00 | 8/15/20 | 10,000,000 | b,d | 11,422,878 | ||||||
81,661,561 |
59
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||||
Long-Term Municipal Investments - 97.1% (continued) | Coupon | Maturity Date | Principal | Value ($) | |||||||
Michigan - 1.2% | |||||||||||
Michigan Building Authority, | 5.38 | 10/15/41 | 3,000,000 | 3,349,650 | |||||||
Michigan Finance Authority, | 5.00 | 8/1/32 | 2,000,000 | 2,211,140 | |||||||
Michigan Finance Authority, | 5.00 | 12/1/38 | 6,475,000 | 7,166,724 | |||||||
Michigan Finance Authority, | 5.00 | 5/1/25 | 1,250,000 | 1,448,362 | |||||||
14,175,876 | |||||||||||
Minnesota - 2.5% | |||||||||||
Tender Option Bond Trust Receipts (Series 2016-XM0425) Non-recourse, | 5.00 | 8/1/18 | 17,125,000 | b,d | 19,229,420 | ||||||
Tender Option Bond Trust Receipts (Series 2016-XM0426) Non-recourse, | 5.00 | 8/1/18 | 10,000,000 | b,d | 11,277,200 | ||||||
30,506,620 | |||||||||||
Mississippi - .3% | |||||||||||
Mississippi Development Bank, | 6.88 | 12/1/40 | 1,625,000 | 2,074,816 | |||||||
Warren County, | 5.80 | 5/1/34 | 1,500,000 | 1,663,935 | |||||||
3,738,751 | |||||||||||
New Hampshire - .9% | |||||||||||
New Hampshire Business Finance Authority, | 1.02 | 5/1/21 | 12,250,000 | 11,576,250 | |||||||
New Jersey - 2.9% | |||||||||||
New Jersey, | 5.25 | 6/15/19 | 1,000,000 | a | 1,093,080 | ||||||
New Jersey Economic Development Authority, | 5.00 | 6/15/26 | 2,500,000 | 2,659,525 | |||||||
New Jersey Economic Development Authority, | 5.13 | 1/1/34 | 5,325,000 | 5,633,797 | |||||||
New Jersey Economic Development Authority, | 5.38 | 1/1/43 | 5,500,000 | 5,838,525 | |||||||
New Jersey Economic Development Authority, | 5.00 | 6/15/29 | 13,000,000 | 13,992,420 | |||||||
New Jersey Health Care Facilities Financing Authority, | 6.25 | 7/1/35 | 1,500,000 | 1,602,990 | |||||||
New Jersey Transportation Trust Fund Authority, | 5.00 | 6/15/30 | 1,500,000 | 1,590,405 | |||||||
New Jersey Transportation Trust Fund Authority, | 5.00 | 6/15/31 | 3,000,000 | 3,068,340 | |||||||
35,479,082 | |||||||||||
New York - 10.3% | |||||||||||
Brooklyn Arena Local Development Corporation, | 6.00 | 1/15/20 | 9,500,000 | a | 10,806,155 | ||||||
Brooklyn Arena Local Development Corporation, | 6.25 | 1/15/20 | 6,000,000 | a | 6,867,300 | ||||||
Hudson Yards Infrastructure Corporation, | 5.75 | 2/15/47 | 5,000,000 | 5,688,350 | |||||||
Metropolitan Transportation Authority, | 6.50 | 11/15/28 | 140,000 | 153,163 | |||||||
Metropolitan Transportation Authority, | 6.50 | 11/15/18 | 55,000 | a | 60,276 | ||||||
Metropolitan Transportation Authority Hudson Rail Yards Trust, | 5.00 | 11/15/56 | 5,000,000 | 5,392,300 |
60
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||||
Long-Term Municipal Investments - 97.1% (continued) | Coupon | Maturity Date | Principal | Value ($) | |||||||
New York - 10.3% (continued) | |||||||||||
New York City, | 6.00 | 10/15/23 | 365,000 | 395,120 | |||||||
New York City, | 5.00 | 12/1/34 | 2,000,000 | 2,314,140 | |||||||
New York City, | 5.00 | 12/1/35 | 2,000,000 | 2,301,420 | |||||||
New York City, | 5.00 | 12/1/37 | 3,150,000 | 3,607,663 | |||||||
New York City, | 5.00 | 12/1/41 | 4,000,000 | 4,570,360 | |||||||
New York City, | 6.00 | 10/15/18 | 135,000 | a | 146,264 | ||||||
New York City Industrial Development Agency, | 6.50 | 1/1/46 | 325,000 | 353,594 | |||||||
New York City Industrial Development Agency, | 7.00 | 3/1/49 | 1,300,000 | 1,445,899 | |||||||
New York City Industrial Development Agency, | 3.29 | 3/1/20 | 6,100,000 | f | 6,127,755 | ||||||
New York City Municipal Water Finance Authority, | 5.75 | 6/15/40 | 10,840,000 | 11,490,834 | |||||||
New York City Municipal Water Finance Authority, | 5.75 | 6/15/18 | 3,250,000 | a | 3,458,617 | ||||||
New York Counties Tobacco Trust VI, | 5.00 | 6/1/51 | 9,585,000 | 9,844,562 | |||||||
New York Liberty Development Corporation, | 5.75 | 11/15/51 | 5,000,000 | 5,713,350 | |||||||
New York Liberty Development Corporation, | 5.00 | 3/15/44 | 2,000,000 | 2,164,580 | |||||||
New York Liberty Development Corporation, | 5.00 | 11/15/44 | 10,000,000 | b | 10,483,600 | ||||||
New York State Dormitory Authority, | 5.00 | 5/1/38 | 500,000 | 523,370 | |||||||
New York Transportation Development Corporation, | 5.00 | 8/1/26 | 5,000,000 | 5,266,700 | |||||||
New York Transportation Development Corporation, | 5.25 | 1/1/50 | 2,000,000 | 2,130,720 | |||||||
Port Authority of New York and New Jersey, | 6.00 | 12/1/42 | 5,000,000 | 5,628,600 | |||||||
Triborough Bridge and Tunnel Authority, | 0.00 | 11/15/27 | 2,000,000 | c | 1,457,380 | ||||||
Triborough Bridge and Tunnel Authority, | 0.00 | 11/15/28 | 4,715,000 | c | 3,262,308 | ||||||
Triborough Bridge and Tunnel Authority, | 5.00 | 11/15/42 | 1,000,000 | 1,149,150 | |||||||
Triborough Bridge and Tunnel Authority, | 5.00 | 11/15/47 | 2,500,000 | 2,858,850 | |||||||
Triborough Bridge and Tunnel Authority, | 0.00 | 11/15/31 | 5,000,000 | c | 2,972,650 | ||||||
Triborough Bridge and Tunnel Authority, | 0.00 | 11/15/32 | 3,000,000 | c | 1,701,150 | ||||||
TSASC, Inc. of New York, | 5.00 | 6/1/41 | 5,000,000 | 5,438,550 | |||||||
125,774,730 | |||||||||||
North Carolina - .8% | |||||||||||
North Carolina Eastern Municipal Power Agency, | 6.00 | 1/1/19 | 105,000 | 111,854 | |||||||
North Carolina Medical Care Commission, | 5.00 | 10/1/31 | 750,000 | 867,053 | |||||||
North Carolina Medical Care Commission, | 5.00 | 10/1/33 | 1,550,000 | 1,772,394 | |||||||
North Carolina Medical Care Commission, | 5.00 | 10/1/34 | 1,000,000 | 1,137,290 | |||||||
North Carolina Medical Care Commission, | 5.00 | 10/1/35 | 1,000,000 | 1,132,470 |
61
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||||
Long-Term Municipal Investments - 97.1% (continued) | Coupon | Maturity Date | Principal | Value ($) | |||||||
North Carolina - .8% (continued) | |||||||||||
North Carolina Turnpike Authority, | 5.00 | 7/1/47 | 4,000,000 | 4,351,320 | |||||||
9,372,381 | |||||||||||
Ohio - .8% | |||||||||||
Montgomery County, | 6.25 | 10/1/33 | 1,115,000 | 1,196,685 | |||||||
Ohio, | 5.00 | 12/31/35 | 3,000,000 | 3,268,500 | |||||||
Ohio, | 5.00 | 12/31/39 | 2,000,000 | 2,165,600 | |||||||
Ohio Turnpike and Infrastructure Commission, | 0/5.70 | 2/15/34 | 3,000,000 | e | 2,748,420 | ||||||
9,379,205 | |||||||||||
Pennsylvania - 1.0% | |||||||||||
Beaver County Industrial Development Authority, | 4.38 | 7/1/22 | 3,500,000 | 3,184,195 | |||||||
Pennsylvania Economic Development Financing Authority, | 5.00 | 12/1/43 | 4,425,000 | 4,885,111 | |||||||
Pennsylvania Higher Educational Facilities Authority, | 5.00 | 7/1/32 | 1,000,000 | 1,085,650 | |||||||
Pennsylvania Higher Educational Facilities Authority, | 5.75 | 8/15/21 | 2,550,000 | a | 3,030,828 | ||||||
12,185,784 | |||||||||||
Rhode Island - .6% | |||||||||||
Rhode Island Health and Educational Building Corporation, | 5.00 | 11/1/45 | 7,000,000 | 7,740,810 | |||||||
South Carolina - .2% | |||||||||||
South Carolina Public Service Authority, | 5.00 | 12/1/35 | 2,000,000 | 2,258,440 | |||||||
Texas - 18.7% | |||||||||||
Arlington Higher Education Finance Corporation, | 5.00 | 12/1/36 | 1,315,000 | 1,387,733 | |||||||
Arlington Higher Education Finance Corporation, | 5.00 | 12/1/46 | 1,100,000 | 1,148,345 | |||||||
Austin, | 5.00 | 11/15/46 | 2,500,000 | 2,835,075 | |||||||
Austin, | 5.00 | 11/15/39 | 13,555,000 | 15,189,191 | |||||||
Bexar County Health Facilities Development Corporation, | 5.00 | 7/15/41 | 1,750,000 | 1,842,277 | |||||||
Bexar County Health Facilities Development Corporation, | 4.00 | 7/15/45 | 3,750,000 | 3,502,312 | |||||||
Central Texas Regional Mobility Authority, | 5.00 | 1/1/40 | 7,300,000 | 7,904,586 | |||||||
Central Texas Regional Mobility Authority, | 5.00 | 1/1/46 | 2,000,000 | 2,167,760 | |||||||
Central Texas Regional Mobility Authority, | 6.00 | 1/1/21 | 5,000,000 | a | 5,863,350 | ||||||
Clifton Higher Education Finance Corporation, | 5.50 | 8/15/31 | 1,250,000 | 1,351,613 | |||||||
Clifton Higher Education Finance Corporation, | 5.00 | 8/15/32 | 2,745,000 | 2,861,196 | |||||||
Clifton Higher Education Finance Corporation, | 6.00 | 8/15/33 | 1,500,000 | 1,710,645 | |||||||
Clifton Higher Education Finance Corporation, | 5.75 | 8/15/41 | 1,000,000 | 1,076,130 | |||||||
Clifton Higher Education Finance Corporation, | 5.00 | 8/15/42 | 6,135,000 | 6,307,025 | |||||||
Clifton Higher Education Finance Corporation, | 6.00 | 8/15/43 | 2,770,000 | 3,150,404 |
62
BNY Mellon Municipal Opportunities Fund (continued) | ||||||||||
Long-Term Municipal Investments - 97.1% (continued) | Coupon | Maturity Date | Principal | Value ($) | ||||||
Texas - 18.7% (continued) | ||||||||||
Clifton Higher Education Finance Corporation, | 5.00 | 12/1/45 | 3,855,000 | 4,012,168 | ||||||
Clint Independent School District, | 5.00 | 8/15/45 | 5,000,000 | 5,650,750 | ||||||
Dallas and Fort Worth, | 5.00 | 11/1/32 | 7,500,000 | 8,149,425 | ||||||
El Paso Independent School District, | 5.00 | 8/15/42 | 6,000,000 | 6,865,260 | ||||||
Grand Parkway Transportation Corporation, | 5.50 | 4/1/53 | 4,500,000 | 4,972,860 | ||||||
Grand Parkway Transportation Corporation, | 0/5.20 | 10/1/31 | 2,000,000 | e | 1,733,140 | |||||
Grand Parkway Transportation Corporation, | 0/5.40 | 10/1/33 | 2,500,000 | e | 2,153,225 | |||||
Grand Parkway Transportation Corporation, | 0/5.45 | 10/1/34 | 2,235,000 | e | 1,917,384 | |||||
Harris County Health Facilities Development Corporation, | 7.00 | 12/1/18 | 1,000,000 | a | 1,105,320 | |||||
Houston, | 5.00 | 7/1/32 | 500,000 | 539,260 | ||||||
Houston, | 1.44 | 7/1/30 | 10,250,000 | 9,532,500 | ||||||
Houston, | 1.44 | 7/1/30 | 3,550,000 | 3,301,500 | ||||||
Houston Higher Education Finance Corporation, | 6.50 | 5/15/31 | 1,270,000 | 1,454,594 | ||||||
Houston Higher Education Finance Corporation, | 6.50 | 5/15/21 | 1,530,000 | a | 1,848,561 | |||||
Houston Higher Education Finance Corporation, | 5.88 | 5/15/21 | 630,000 | 677,464 | ||||||
Houston Higher Education Finance Corporation, | 6.88 | 5/15/21 | 4,400,000 | a | 5,380,408 | |||||
Lower Colorado River Authority, | 4.00 | 5/15/42 | 1,500,000 | 1,526,580 | ||||||
Mission Economic Development Corporation, | 5.75 | 10/1/31 | 1,000,000 | b | 1,049,020 | |||||
New Hope Cultural Education Facilities Corporation, | 5.00 | 7/1/47 | 6,500,000 | 6,794,905 | ||||||
Newark Higher Education Finance Corporation, | 5.50 | 8/15/35 | 750,000 | b | 744,825 | |||||
Newark Higher Education Finance Corporation, | 5.75 | 8/15/45 | 1,000,000 | b | 1,002,630 | |||||
North Texas Education Finance Corporation, | 4.88 | 12/1/32 | 1,630,000 | 1,680,889 | ||||||
North Texas Tollway Authority, | 6.00 | 1/1/38 | 7,000,000 | 8,032,990 | ||||||
North Texas Tollway Authority, | 5.50 | 9/1/41 | 20,000,000 | 22,854,800 | ||||||
Pottsboro Higher Education Finance Corporation, | 5.00 | 8/15/46 | 1,000,000 | 951,650 | ||||||
Schertz-Cibolo-Universal City Independent School District, | 4.00 | 2/1/46 | 4,000,000 | 4,121,120 | ||||||
Texas Private Activity Bond Surface Transportation Corporation, | 5.00 | 12/31/45 | 1,000,000 | 1,057,980 |
63
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||||
Long-Term Municipal Investments - 97.1% (continued) | Coupon | Maturity Date | Principal | Value ($) | |||||||
Texas - 18.7% (continued) | |||||||||||
Texas Private Activity Bond Surface Transportation Corporation, | 7.00 | 6/30/40 | 9,150,000 | 10,461,012 | |||||||
Texas Private Activity Bond Surface Transportation Corporation, | 7.00 | 12/31/38 | 10,000,000 | 11,390,300 | |||||||
Texas Private Activity Bond Surface Transportation Corporation, | 6.75 | 6/30/43 | 5,000,000 | 5,764,050 | |||||||
Texas Private Activity Bond Surface Transportation Corporation, | 7.50 | 12/31/31 | 2,500,000 | 2,865,950 | |||||||
Texas Transportation Commission, | 5.00 | 8/15/37 | 15,950,000 | 17,786,483 | |||||||
Texas Transportation Commission, | 5.00 | 8/15/41 | 6,000,000 | 6,559,380 | |||||||
Ysleta Independent School District | 5.00 | 8/15/47 | 5,000,000 | 5,700,800 | |||||||
227,936,825 | |||||||||||
Utah - 1.1% | |||||||||||
Salt Lake City, | 5.00 | 7/1/42 | 1,000,000 | 1,136,610 | |||||||
Salt Lake City, | 5.00 | 7/1/42 | 4,000,000 | 4,457,840 | |||||||
Salt Lake City, | 5.00 | 7/1/47 | 2,000,000 | 2,263,900 | |||||||
Salt Lake City, | 5.00 | 7/1/47 | 5,000,000 | 5,549,550 | |||||||
13,407,900 | |||||||||||
Vermont - .1% | |||||||||||
Burlington, | 5.00 | 7/1/30 | 1,000,000 | 1,108,280 | |||||||
Virginia - 1.3% | |||||||||||
Chesapeake, | 0/4.88 | 7/15/40 | 2,000,000 | e | 1,545,400 | ||||||
Virginia Small Business Financing Authority, | 5.00 | 1/1/40 | 7,510,000 | 7,724,561 | |||||||
Virginia Small Business Financing Authority, | 5.25 | 1/1/32 | 4,000,000 | 4,296,800 | |||||||
Virginia Small Business Financing Authority, | 6.00 | 1/1/37 | 1,665,000 | 1,869,995 | |||||||
15,436,756 | |||||||||||
Wisconsin - .6% | |||||||||||
Oneida Tribe of Indians, | 6.50 | 2/1/31 | 1,325,000 | b | 1,457,778 | ||||||
Wisconsin, | 5.75 | 5/1/33 | 1,370,000 | 1,498,451 | |||||||
Wisconsin, | 6.00 | 5/1/33 | 930,000 | 1,024,274 | |||||||
Wisconsin, | 5.75 | 5/1/19 | 130,000 | a | 143,212 | ||||||
Wisconsin, | 6.00 | 5/1/19 | 70,000 | a | 77,490 | ||||||
Wisconsin Center District, | 0.00 | 12/15/44 | 8,735,000 | c | 2,515,418 | ||||||
Wisconsin Center District, | 0.00 | 12/15/46 | 3,990,000 | c | 1,035,804 | ||||||
7,752,427 | |||||||||||
U.S. Related - 4.3% | |||||||||||
A.B. Won International Airport Authority of Guam, | 6.25 | 10/1/34 | 1,000,000 | 1,137,200 |
64
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||||
Long-Term Municipal Investments - 97.1% (continued) | Coupon | Maturity Date | Principal | Value ($) | |||||||
U.S. Related - 4.3% (continued) | |||||||||||
A.B. Won International Airport Authority of Guam, | 6.38 | 10/1/43 | 1,000,000 | 1,142,910 | |||||||
A.B. Won International Airport Authority of Guam, | 6.00 | 10/1/34 | 2,000,000 | 2,280,620 | |||||||
A.B. Won International Airport Authority of Guam, | 6.13 | 10/1/43 | 2,000,000 | 2,276,300 | |||||||
Guam, | 6.00 | 11/1/26 | 2,500,000 | 2,893,900 | |||||||
Guam, | 6.13 | 11/1/31 | 5,000,000 | 5,809,000 | |||||||
Guam, | 6.50 | 11/1/40 | 2,000,000 | 2,334,260 | |||||||
Guam, | 5.00 | 12/1/46 | 1,500,000 | 1,600,125 | |||||||
Guam Government Department of Education, | 6.63 | 12/1/30 | 1,000,000 | 1,051,810 | |||||||
Puerto Rico Commonwealth, | 8.00 | 7/1/35 | 5,000,000 | g | 3,675,000 | ||||||
Puerto Rico Electric Power Authority, | 5.00 | 7/1/22 | 2,000,000 | 1,300,000 | |||||||
Puerto Rico Electric Power Authority, | 6.75 | 7/1/36 | 10,000,000 | 6,500,000 | |||||||
Puerto Rico Electric Power Authority, | 5.00 | 7/1/17 | 750,000 | 753,743 | |||||||
Puerto Rico Electric Power Authority, | 5.00 | 7/1/21 | 500,000 | 506,120 | |||||||
Puerto Rico Sales Tax Financing Corporation, | 5.00 | 8/1/22 | 4,585,000 | 3,308,261 | |||||||
Puerto Rico Sales Tax Financing Corporation, | 0/6.25 | 8/1/33 | 750,000 | e | 240,368 | ||||||
Puerto Rico Sales Tax Financing Corporation, | 6.75 | 8/1/32 | 15,000,000 | 7,868,700 | |||||||
Virgin Islands Public Finance Authority, | 5.00 | 10/1/29 | 2,250,000 | 1,757,025 | |||||||
Virgin Islands Public Finance Authority, | 5.00 | 10/1/30 | 5,000,000 | 3,916,200 | |||||||
Virgin Islands Public Finance Authority, | 5.00 | 10/1/34 | 1,500,000 | 1,099,620 | |||||||
Virgin Islands Public Finance Authority, | 6.75 | 10/1/37 | 1,250,000 | 972,425 | |||||||
52,423,587 | |||||||||||
Total Long-Term Municipal Investments | 1,182,924,353 | ||||||||||
Short-Term Municipal Investments - 6.3% | |||||||||||
Colorado - 1.7% | |||||||||||
Colorado Education Loan Program, | 4.00 | 6/29/17 | 20,000,000 | h | 20,221,800 | ||||||
Iowa - .5% | |||||||||||
Iowa Finance Authority, | 0.59 | 3/1/17 | 3,630,000 | h | 3,630,000 | ||||||
Iowa Higher Education Loan Authority, | 0.58 | 3/1/17 | 3,100,000 | h | 3,100,000 | ||||||
6,730,000 | |||||||||||
Kansas - .1% | |||||||||||
Kansas Development Finance Authority, | 0.58 | 3/1/17 | 1,000,000 | h | 1,000,000 | ||||||
Missouri - .3% | |||||||||||
Missouri Health and Educational Facilities Authority, | 0.58 | 3/1/17 | 4,200,000 | h | 4,200,000 |
65
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||||
Short-Term Municipal Investments - 6.3% (continued) | Coupon | Maturity Date | Principal | Value ($) | |||||||
New York - 2.6% | |||||||||||
New York City, | 0.60 | 3/1/17 | 8,000,000 | h | 8,000,000 | ||||||
New York City, | 0.62 | 3/1/17 | 2,500,000 | h | 2,500,000 | ||||||
New York City, | 0.62 | 3/1/17 | 3,800,000 | h | 3,800,000 | ||||||
New York City Municipal Water Finance Authority, | 0.58 | 3/1/17 | 2,400,000 | h | 2,400,000 | ||||||
New York City Transitional Finance Authority, | 0.58 | 3/1/17 | 1,300,000 | h | 1,300,000 | ||||||
New York State Housing Finance Agency, | 0.61 | 3/1/17 | 10,000,000 | h | 10,000,000 | ||||||
New York State Housing Finance Agency, | 0.63 | 3/7/17 | 3,100,000 | h | 3,100,000 | ||||||
31,100,000 | |||||||||||
Tennessee - .9% | |||||||||||
Clarksville Public Building Authority, | 0.68 | 3/1/17 | 5,000,000 | h | 5,000,000 | ||||||
Montgomery County Public Building Authority, | 0.68 | 3/1/17 | 5,500,000 | h | 5,500,000 | ||||||
10,500,000 | |||||||||||
Vermont - .1% | |||||||||||
Vermont Educational and Health Buildings Financing Agency, | 0.59 | 3/1/17 | 1,060,000 | h | 1,060,000 | ||||||
Wisconsin - .1% | |||||||||||
Wisconsin Health and Educational Facilities Authority, | 0.58 | 3/1/17 | 1,400,000 | h | 1,400,000 | ||||||
Total Short-Term Municipal Investments | 76,211,800 | ||||||||||
Total Investments (cost $1,223,013,001) | 103.9% | 1,265,281,870 | |||||||||
Liabilities, Less Cash and Receivables | (3.9%) | (47,358,046) | |||||||||
Net Assets | 100.0% | 1,217,923,824 |
a These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
b Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 28, 2017, these securities were valued at $138,918,330 or 11.41% of net assets.
c Security issued with a zero coupon. Income is recognized through the accretion of discount.
d Collateral for floating rate borrowings.
e Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity.
f Variable rate security—rate shown is the interest rate in effect at period end. Date shown represents the earlier of the next interest reset date or ultimate maturity date.
g Non-income producing—security in default.
h Variable rate demand note—rate shown is the interest rate in effect at February 28, 2017. Maturity date represents the next demand date, or the ultimate maturity date if earlier.
66
Portfolio Summary (Unaudited) † | Value (%) |
Transportation Services | 26.3 |
Education | 22.2 |
Health Care | 11.3 |
Special Tax | 8.5 |
Prerefunded | 5.2 |
City | 4.5 |
Industrial | 4.3 |
Utility-Water and Sewer | 4.2 |
State/Territory | 3.0 |
Lease | 2.6 |
Utility-Electric | 2.5 |
Housing | 1.5 |
County | 1.0 |
Resource Recovery | .2 |
Pollution Control | .1 |
Other | 6.5 |
103.9 |
† Based on net assets.
See notes to financial statements.
67
STATEMENTS OF FUTURES
February 28, 2017 (Unaudited)
BNY Mellon National Intermediate Municipal Bond Fund | Contracts | Market Value Covered by Contracts ($) | Expiration | Unrealized (Depreciation) ($) | ||
Futures Short | ||||||
U.S. Treasury 10 Year Notes | 84 | (10,464,562) | June 2017 | (25,594) | ||
U.S. Treasury 5 Year Notes | 134 | (15,772,219) | June 2017 | (19,891) | ||
Ultra 10 Year U.S. Treasury Notes | 430 | (57,593,125) | June 2017 | (396,406) | ||
Gross Unrealized Depreciation | (441,891) |
See notes to financial statements.
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | Contracts | Market Value Covered by Contracts ($) | Expiration | Unrealized (Depreciation) ($) | ||
Futures Short | ||||||
U.S. Treasury 10 Year Notes | 9 | (1,121,203) | June 2017 | (2,742) | ||
U.S. Treasury 5 Year Notes | 14 | (1,647,844) | June 2017 | (2,078) | ||
Ultra 10 Year U.S. Treasury Notes | 47 | (6,295,062) | June 2017 | (43,328) | ||
Gross Unrealized Depreciation | (48,148) |
See notes to financial statements.
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | Contracts | Market Value Covered by Contracts ($) | Expiration | Unrealized (Depreciation) ($) | ||
Futures Short | ||||||
U.S. Treasury 10 Year Notes | 12 | (1,494,938) | June 2017 | (3,656) | ||
U.S. Treasury 5 Year Notes | 19 | (2,236,359) | June 2017 | (2,820) | ||
Ultra 10 Year U.S. Treasury Notes | 60 | (8,036,250) | June 2017 | (55,313) | ||
Gross Unrealized Depreciation | (61,789) |
See notes to financial statements.
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | Contracts | Market Value Covered by Contracts ($) | Expiration | Unrealized (Depreciation) ($) | ||
Futures Short | ||||||
U.S. Treasury 10 Year Notes | 7 | (872,047) | June 2017 | (2,133) | ||
U.S. Treasury 5 Year Notes | 11 | (1,294,734) | June 2017 | (1,633) | ||
Ultra 10 Year U.S. Treasury Notes | 34 | (4,553,875) | June 2017 | (31,343) | ||
Gross Unrealized Depreciation | (35,109) |
See notes to financial statements.
BNY Mellon Municipal Opportunities Fund | Contracts | Market Value Covered by Contracts ($) | Expiration | Unrealized (Depreciation) ($) | ||
Futures Short | ||||||
U.S. Treasury 10 Year Notes | 213 | (26,535,141) | June 2017 | (64,899) | ||
U.S. Treasury 5 Year Notes | 630 | (74,152,969) | June 2017 | (93,516) | ||
U.S. Treasury Ultra Long Bond | 300 | (48,534,375) | June 2017 | (513,281) | ||
Ultra 10 Year U.S. Treasury Notes | 733 | (98,176,187) | June 2017 | (675,734) | ||
Gross Unrealized Depreciation | (1,347,430) |
See notes to financial statements.
68
Summary of Abbreviations (Unaudited) | |||
ABAG | Association of Bay Area | ACA | American Capital Access |
AGC | ACE Guaranty Corporation | AGIC | Asset Guaranty Insurance Company |
AMBAC | American Municipal Bond | ARRN | Adjustable Rate |
BAN | Bond Anticipation Notes | BPA | Bond Purchase Agreement |
CIFG | CDC Ixis Financial Guaranty | COP | Certificate of Participation |
CP | Commercial Paper | DRIVERS | Derivative Inverse |
EDR | Economic Development | EIR | Environmental Improvement |
FGIC | Financial Guaranty | FHA | Federal Housing Administration |
FHLB | Federal Home | FHLMC | Federal Home Loan Mortgage |
FNMA | Federal National | GAN | Grant Anticipation Notes |
GIC | Guaranteed Investment | GNMA | Government National Mortgage |
GO | General Obligation | HR | Hospital Revenue |
IDB | Industrial Development Board | IDC | Industrial Development Corporation |
IDR | Industrial Development | LIFERS | Long Inverse Floating |
LOC | Letter of Credit | LOR | Limited Obligation Revenue |
LR | Lease Revenue | MERLOTS | Municipal Exempt Receipts |
MFHR | Multi-Family Housing Revenue | MFMR | Multi-Family Mortgage Revenue |
PCR | Pollution Control Revenue | PILOT | Payment in Lieu of Taxes |
P-FLOATS | Puttable Floating Option | PUTTERS | Puttable Tax-Exempt Receipts |
RAC | Revenue Anticipation Certificates | RAN | Revenue Anticipation Notes |
RAW | Revenue Anticipation Warrants | RIB | Residual Interest Bonds |
ROCS | Reset Options Certificates | RRR | Resources Recovery Revenue |
SAAN | State Aid Anticipation Notes | SBPA | Standby Bond Purchase Agreement |
SFHR | Single Family Housing Revenue | SFMR | Single Family Mortgage Revenue |
SONYMA | State of New York | SPEARS | Short Puttable Exempt |
SWDR | Solid Waste Disposal Revenue | TAN | Tax Anticipation Notes |
TAW | Tax Anticipation Warrants | TRAN | Tax and Revenue Anticipation Notes |
XLCA | XL Capital Assurance |
See notes to financial statements.
69
STATEMENTS OF ASSETS AND LIABILITIES
February 28, 2017 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| BNY Mellon National Intermediate Municipal Bond Fund |
| BNY Mellon National Short-Term Municipal Bond Fund |
| BNY Mellon Pennsylvania Intermediate Municipal Bond Fund |
| BNY Mellon Massachusetts Intermediate Municipal Bond Fund |
| |
Assets ($): |
|
|
|
|
|
|
|
|
|
|
| |
Investments in securities—See Statements |
|
|
| 2,090,178,532 |
| 923,755,752 |
| 228,452,610 |
| 294,339,391 |
| |
Cash |
|
|
| 644,366 |
| 1,174,863 |
| - |
| 208,150 |
| |
Cash collateral held by broker—Note 4 |
|
|
| 1,181,700 |
| - |
| 128,350 |
| 165,550 |
| |
Interest receivable |
|
|
| 24,923,153 |
| 7,282,266 |
| 2,659,950 |
| 2,840,370 |
| |
Receivable for shares of Beneficial |
|
|
| 2,732,383 |
| 234,471 |
| - |
| 10,045 |
| |
Receivable for investment securities sold |
|
|
| 1,814,290 |
| - |
| - |
| - |
| |
Prepaid expenses |
|
|
| 34,028 |
| 28,536 |
| 17,007 |
| 15,845 |
| |
|
|
|
| 2,121,508,452 |
| 932,475,888 |
| 231,257,917 |
| 297,579,351 |
|
|
Liabilities ($): |
|
|
|
|
|
|
|
|
|
|
| |
Due to The Dreyfus Corporation |
|
|
| 648,794 |
| 313,887 |
| 111,926 |
| 107,387 |
| |
Due to Administrator—Note 3(a) |
|
|
| 198,825 |
| 88,584 |
| 21,778 |
| 27,816 |
| |
Cash overdraft due to Custodian |
|
|
| - |
| - |
| 387,497 |
| - |
| |
Payable for investment securities purchased |
|
|
| 31,874,809 |
| 12,793,887 |
| 2,710,316 |
| 2,090,851 | ||
Payable for shares of Beneficial |
|
|
| 3,386,380 |
| 3,014,078 |
| 538,416 |
| 75,925 |
| |
Payable for futures |
|
|
| 34,203 |
| - |
| 3,797 |
| 4,742 |
| |
Accrued expenses |
|
|
| 68,925 |
| 70,682 |
| 44,942 |
| 40,032 |
| |
|
|
|
| 36,211,936 |
| 16,281,118 |
| 3,818,672 |
| 2,346,753 |
|
|
Net Assets ($) |
|
|
| 2,085,296,516 |
| 916,194,770 |
| 227,439,245 |
| 295,232,598 |
|
|
Composition of Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
| |
Paid-in capital |
|
|
| 2,041,572,899 |
| 921,258,392 |
| 225,219,718 |
| 291,813,295 |
| |
Accumulated undistributed investment |
|
|
| 126,297 |
| 6,270 |
| - |
| - |
| |
Accumulated net realized gain (loss) |
|
|
| 4,451,379 |
| (1,925,093) |
| 744,735 |
| 7,745 |
| |
Accumulated net unrealized appreciation |
|
|
| 39,587,832 |
| (3,144,799) |
| 1,522,940 |
| 3,473,347 |
| |
Accumulated net unrealized appreciation |
|
|
| (441,891) |
| - |
| (48,148) |
| (61,789) |
| |
Net Assets ($) |
|
|
| 2,085,296,516 |
| 916,194,770 |
| 227,439,245 |
| 295,232,598 |
|
|
† Investments at cost ($) |
|
|
| 2,050,590,700 |
| 926,900,551 |
| 226,929,670 |
| 290,866,044 |
|
|
Net Asset Value Per Share |
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
|
|
|
|
|
|
|
|
|
| |
Net Assets ($) |
|
|
| 2,035,533,246 |
| 908,351,010 |
| 221,611,988 |
| 284,144,122 |
| |
Shares Outstanding |
|
|
| 152,209,436 |
| 71,160,059 |
| 18,475,108 |
| 22,703,848 |
| |
Net Asset Value Per Share ($) |
|
|
| 13.37 |
| 12.76 |
| 12.00 |
| 12.52 |
| |
Investor Shares |
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| 49,763,270 |
| 7,843,760 |
| 5,827,257 |
| 11,088,476 |
| |
Shares Outstanding |
|
|
| 3,725,173 |
| 614,901 |
| 486,360 |
| 886,183 |
| |
Net Asset Value Per Share ($) |
|
|
| 13.36 |
| 12.76 |
| 11.98 |
| 12.51 |
| |
| ||||||||||||
See notes to financial statements. |
|
70
|
|
|
|
|
|
|
| |
|
|
|
| BNY Mellon New York Intermediate Tax-Exempt Bond Fund |
| BNY Mellon Municipal Opportunities Fund |
| |
Assets ($): |
|
|
|
|
|
|
| |
Investments in securities—See Statements |
|
|
| 165,408,355 |
| 1,265,281,870 |
| |
Cash |
|
|
| - |
| 5,092,482 |
| |
Cash collateral held by broker—Note 4 |
|
|
| 94,300 |
| 4,136,950 |
| |
Interest receivable |
|
|
| 2,044,276 |
| 12,585,409 |
| |
Receivable for shares of Beneficial |
|
|
| 117,068 |
| 1,132,001 |
| |
Prepaid expenses |
|
|
| 20,885 |
| 40,456 |
| |
|
|
|
| 167,684,884 |
| 1,288,269,168 |
|
|
Liabilities ($): |
|
|
|
|
|
|
| |
Due to The Dreyfus Corporation |
|
|
| 65,564 |
| 529,750 |
| |
Due to Administrator—Note 3(a) |
|
|
| 15,945 |
| 114,989 |
| |
Cash overdraft due to Custodian |
|
|
| 242,766 |
| - |
| |
Payable for shares of Beneficial |
|
|
| 26,906 |
| 20,925 |
| |
Payable for investment securities purchased |
|
|
| - |
| 10,058,781 |
| |
Payable for futures |
|
|
| 2,664 |
| 182,078 |
| |
Payable for floating rate notes issued—Note 4 |
|
|
| - |
| 58,975,000 |
| |
Interest and expense payable related to |
|
|
| - |
| 160,751 |
| |
Accrued expenses |
|
|
| 38,702 |
| 303,070 |
| |
|
|
|
| 392,547 |
| 70,345,344 |
|
|
Net Assets ($) |
|
|
| 167,292,337 |
| 1,217,923,824 |
|
|
Composition of Net Assets ($): |
|
|
|
|
|
|
| |
Paid-in capital |
|
|
| 164,125,794 |
| 1,200,815,711 |
| |
Accumulated undistributed investment |
|
|
| 8,474 |
| 286,323 |
| |
Accumulated net realized gain (loss) |
|
|
| 401,268 |
| (24,099,649) |
| |
Accumulated net unrealized appreciation |
|
|
| 2,791,910 |
| 42,268,869 |
| |
Accumulated net unrealized appreciation |
|
|
| (35,109) |
| (1,347,430) |
| |
Net Assets ($) |
|
|
| 167,292,337 |
| 1,217,923,824 |
|
|
† Investments at cost ($) |
|
|
| 162,616,445 |
| 1,223,013,001 |
|
|
Net Asset Value Per Share |
|
|
|
|
|
|
| |
Class M |
|
|
|
|
|
|
| |
Net Assets ($) |
|
|
| 154,591,879 |
| 1,200,704,279 |
| |
Shares Outstanding |
|
|
| 14,078,441 |
| 93,468,333 |
| |
Net Asset Value Per Share ($) |
|
|
| 10.98 |
| 12.85 |
| |
Investor Shares |
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| 12,700,458 |
| 17,219,545 |
| |
Shares Outstanding |
|
|
| 1,155,902 |
| 1,340,113 |
| |
Net Asset Value Per Share ($) |
|
|
| 10.99 |
| 12.85 |
| |
| ||||||||
See notes to financial statements. |
|
71
STATEMENTS OF OPERATIONS
Six Months Ended February 28, 2017 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BNY Mellon National Intermediate Municipal Bond Fund |
| BNY Mellon National Short-Term Municipal Bond Fund |
| BNY Mellon Pennsylvania Intermediate Municipal Bond Fund |
| BNY Mellon Massachusetts Intermediate Municipal Bond Fund |
|
Investment Income ($): |
|
|
|
|
|
|
|
|
|
| ||
Interest Income |
|
| 32,723,746 |
| 7,134,327 |
| 3,778,901 |
| 4,736,972 |
| ||
Expenses: |
|
|
|
|
|
|
|
|
|
| ||
Investment advisory fee—Note 3(a) |
|
| 3,796,140 |
| 1,773,424 |
| 602,889 |
| 573,726 |
| ||
Administration fee—Note 3(a) |
|
| 1,352,727 |
| 631,919 |
| 150,382 |
| 204,424 |
| ||
Trustees’ fees and expenses—Note 3(c) |
|
| 76,133 |
| 37,067 |
| 8,771 |
| 11,148 | |||
Shareholder servicing costs—Note 3(b) |
|
| 67,029 |
| 8,299 |
| 7,153 |
| 11,246 | |||
Custodian fees—Note 3(b) |
|
| 53,293 |
| 39,591 |
| 12,734 |
| 15,672 |
| ||
Professional fees |
|
| 41,909 |
| 24,497 |
| 25,807 |
| 24,897 | |||
Loan commitment fees—Note 2 |
|
| 30,806 |
| 14,757 |
| 3,674 |
| 4,977 |
| ||
Registration fees |
|
| 25,716 |
| 27,492 |
| 16,837 |
| 16,242 |
| ||
Prospectus and shareholders’ reports |
|
| 9,154 |
| 5,676 |
| 5,347 |
| 6,267 | |||
Miscellaneous |
|
| 56,931 |
| 32,949 |
| 18,077 |
| 28,915 |
| ||
Total Expenses |
|
| 5,509,838 |
| 2,595,671 |
| 851,671 |
| 897,514 |
| ||
Less—reduction in fees due to earnings credits—Note 3(b) |
|
| (149) |
| (39) |
| (17) |
| (56) |
| ||
Net Expenses |
|
| 5,509,689 |
| 2,595,632 |
| 851,654 |
| 897,458 |
| ||
Investment Income—Net |
|
| 27,214,057 |
| 4,538,695 |
| 2,927,247 |
| 3,839,514 |
| ||
Realized and Unrealized Gain (Loss) |
|
|
|
|
|
|
|
| ||||
Net realized gain (loss) on investments | 2,625,066 |
| (1,858,479) |
| 1,014,238 |
| 787,647 |
| ||||
Net realized gain (loss) on futures |
|
| 4,837,010 |
| - |
| 552,396 |
| 778,819 |
| ||
Net Realized Gain (Loss) |
|
| 7,462,076 |
| (1,858,479) |
| 1,566,634 |
| 1,566,466 |
| ||
Net unrealized appreciation (depreciation) on investments |
|
| (97,663,829) |
| (6,447,242) |
| (11,701,399) |
| (16,523,889) |
| ||
Net unrealized appreciation (depreciation) on futures |
|
| (418,079) |
| - |
| (45,445) |
| (57,976) |
| ||
Net Unrealized Appreciation (Depreciation) |
|
| (98,081,908) |
| (6,447,242) |
| (11,746,844) |
| (16,581,865) |
| ||
Net Realized and Unrealized Gain (Loss) on Investments |
|
| (90,619,832) |
| (8,305,721) |
| (10,180,210) |
| (15,015,399) |
| ||
Net (Decrease) in Net Assets Resulting from Operations |
| (63,405,775) |
| (3,767,026) |
| (7,252,963) |
| (11,175,885) |
| |||
See notes to financial statements. |
72
|
|
|
|
|
|
|
|
|
|
|
|
|
| BNY Mellon New York Intermediate Tax-Exempt Bond Fund |
| BNY Mellon Municipal Opportunities Fund |
|
Investment Income ($): |
|
|
|
|
|
| ||
Interest Income |
|
| 2,617,315 |
| 23,736,657 |
| ||
Expenses: |
|
|
|
|
|
| ||
Investment advisory fee—Note 3(a) |
|
| 439,588 |
| 2,751,506 |
| ||
Administration fee—Note 3(a) |
|
| 109,649 |
| 686,381 |
| ||
Professional fees | 22,318 | 37,878 | ||||||
Registration fees | 17,367 |
| 31,008 | |||||
Shareholder servicing costs—Note 3(b) |
|
| 17,054 |
| 22,304 | |||
Custodian fees—Note 3(b) |
|
| 9,401 |
| 41,411 |
| ||
Prospectus and shareholders’ reports |
|
| 8,606 |
| 5,670 |
| ||
Trustees’ fees and expenses—Note 3(c) |
|
| 6,476 |
| 32,305 |
| ||
Loan commitment fees—Note 2 |
|
| 2,248 |
| 14,813 |
| ||
Interest and expense related to floating rate notes issued—Note 4 |
|
| - |
| 398,280 |
| ||
Miscellaneous |
|
| 20,299 |
| 41,383 |
| ||
Total Expenses |
|
| 653,006 |
| 4,062,939 |
| ||
Less—reduction in expenses due to undertakings—Note 3(a) |
|
| (115,241) |
| - |
| ||
Less—reduction in fees due to earnings credits—Note 3(b) |
|
| (160) |
| (33) |
| ||
Net Expenses |
|
| 537,605 |
| 4,062,906 |
| ||
Investment Income—Net |
|
| 2,079,710 |
| 19,673,751 |
| ||
Realized and Unrealized Gain (Loss) |
|
|
|
| ||||
Net realized gain (loss) on investments | 716,526 |
| 6,104,445 |
| ||||
Net realized gain (loss) on futures |
|
| 400,623 |
| 13,510,599 |
| ||
Net Realized Gain (Loss) |
|
| 1,117,149 |
| 19,615,044 |
| ||
Net unrealized appreciation (depreciation) on investments |
|
| (8,567,364) |
| (67,174,836) |
| ||
Net unrealized appreciation (depreciation) on futures |
|
| (33,140) |
| (1,267,547) |
| ||
Net Unrealized Appreciation (Depreciation) |
|
| (8,600,504) |
| (68,442,383) |
| ||
Net Realized and Unrealized Gain (Loss) on Investments |
|
| (7,483,355) |
| (48,827,339) |
| ||
Net (Decrease) in Net Assets Resulting from Operations |
| (5,403,645) |
| (29,153,588) |
| |||
See notes to financial statements. |
73
STATEMENT OF CASH FLOWS
Six Months Ended February 28, 2017 (Unaudited)
BNY Mellon Municipal Opportunities Fund |
|
|
Cash Flows from Operating Activities ($): | ||
Purchases of portfolio securities | (237,376,623) | |
Proceeds from sales of portfolio securities | 145,506,321 | |
Futures transactions | 11,665,289 | |
Net sales of short-term portfolio securities | (69,665,000) | |
Interest received | 24,580,466 | |
Operating expenses paid | (995,156) | |
Cash paid to The Dreyfus Corporation for investment advisory fee | (2,743,879) | |
Net Cash provided by Operating Activities | (129,028,582) | |
Cash Flows from Financing Activities ($): | ||
Net Beneficial Interest transactions | 147,207,054 | |
Dividends paid | (11,686,966) | |
Net Cash Used in Financing Activities | 135,520,088 | |
Decrease in cash overdraft due to custodian | 6,491,506 | |
Cash overdraft at beginning of period | (1,399,024) | |
Cash at end of period | 5,092,482 | |
Reconciliation of Net Decrease in Net Assets Resulting | ||
Net Decrease in Net Assets Resulting from Operations | (29,153,588) | |
Adjustments to reconcile net increase in net assets resulting | ||
Purchases of portfolio securities | (237,376,623) | |
Proceeds from sales of portfolio securities | 145,506,321 | |
Futures transactions | 11,665,289 | |
Net purchases of short-term portfolio securities | (69,665,000) | |
Increase in interest receivable | (834,823) | |
Increase in accrued expenses | 226,606 | |
Decrease in prepaid expenses | 91,657 | |
Increase in Due to The Dreyfus Corporation and affiliates | 7,627 | |
Decrease in Due to Administrator | (2,019) | |
Decrease in interest and expense payable related to floating rate notes issued | (77,627) | |
Net realized gain on investments and financial futures transactions | (19,615,044) | |
Net unrealized depreciation on investments and financial futures | 68,442,383 | |
Net amortization of premiums on investments | 1,756,259 | |
Net Cash Provided by Operating Activities | (129,028,582) | |
Supplemental non-cash financing disclosure: | ||
Reinvestment of dividends | 7,926,704 |
See notes to financial statements.
74
STATEMENTS OF CHANGES IN NET ASSETS
|
|
|
| BNY Mellon National Intermediate Municipal Bond Fund |
| BNY Mellon National Short-Term Municipal Bond Fund |
| ||||||||
|
|
|
| Six Months Ended |
|
|
| Year Ended |
| Six Months Ended |
|
|
| Year Ended |
|
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 27,214,057 |
|
|
| 55,074,682 |
| 4,538,695 |
|
|
| 8,593,002 |
| |
Net realized gain (loss) on investments |
| 7,462,076 |
|
|
| 8,381,167 |
| (1,858,479) |
|
|
| 1,414,237 |
| ||
Net unrealized appreciation (depreciation) |
| (98,081,908) |
|
|
| 60,585,704 |
| (6,447,242) |
|
|
| 2,131,577 |
| ||
Net Increase (Decrease) in Net Assets | (63,405,775) |
|
|
| 124,041,553 |
| (3,767,026) |
|
|
| 12,138,816 |
| |||
Distributions to Shareholders from ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (26,485,532) |
|
|
| (53,472,330) |
| (4,510,756) |
|
|
| (8,533,801) |
| |
Investor Shares |
|
| (602,228) |
|
|
| (1,201,131) |
| (21,669) |
|
|
| (51,886) |
| |
Net realized gain on investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (14,139,955) |
|
|
| (311,121) |
| (1,195,000) |
|
|
| (564,699) |
| |
Investor Shares |
|
| (353,740) |
|
|
| (7,743) |
| (8,660) |
|
|
| (4,219) |
| |
Total Distributions |
|
| (41,581,455) |
|
|
| (54,992,325) |
| (5,736,085) |
|
|
| (9,154,605) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 288,734,108 |
|
|
| 446,910,370 |
| 214,731,537 |
|
|
| 510,854,039 |
| |
Investor Shares |
|
| 16,801,362 |
|
|
| 22,844,489 |
| 6,039,851 |
|
|
| 13,119,723 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 3,496,441 |
|
|
| 8,175,890 |
| 897,585 |
|
|
| 2,160,503 |
| |
Investor Shares |
|
| 458,768 |
|
|
| 913,677 |
| 15,419 |
|
|
| 41,803 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (377,988,468) |
|
|
| (269,483,160) |
| (401,979,119) |
|
|
| (419,336,843) |
| |
Investor Shares |
|
| (20,149,893) |
|
|
| (20,370,559) |
| (4,048,982) |
|
|
| (19,480,019) |
| |
Increase (Decrease) in Net Assets | (88,647,682) |
|
|
| 188,990,707 |
| (184,343,709) |
|
|
| 87,359,206 |
| |||
Total Increase (Decrease) in Net Assets | (193,634,912) |
|
|
| 258,039,935 |
| (193,846,820) |
|
|
| 90,343,417 |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 2,278,931,428 |
|
|
| 2,020,891,493 |
| 1,110,041,590 |
|
|
| 1,019,698,173 |
| |
End of Period |
|
| 2,085,296,516 |
|
|
| 2,278,931,428 |
| 916,194,770 |
|
|
| 1,110,041,590 |
| |
Undistributed investment income—net | 126,297 |
|
|
| - |
| 6,270 |
|
|
| - |
| |||
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class Ma |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 21,384,386 |
|
|
| 32,344,857 |
| 16,850,124 |
|
|
| 39,780,572 |
| |
Shares issued for distributions reinvested |
|
| 260,425 |
|
|
| 591,223 |
| 70,392 |
|
|
| 168,311 |
| |
Shares redeemed |
|
| (28,218,656) |
|
|
| (19,527,706) |
| (31,571,477) |
|
|
| (32,660,748) |
| |
Net Increase (Decrease) in Shares Outstanding | (6,573,845) |
|
|
| 13,408,374 |
| (14,650,961) |
|
|
| 7,288,135 |
| |||
Investor Sharesa |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 1,237,296 |
|
|
| 1,656,631 |
| 473,888 |
|
|
| 1,022,248 |
| |
Shares issued for distributions reinvested |
|
| 34,039 |
|
|
| 66,122 |
| 1,210 |
|
|
| 3,258 |
| |
Shares redeemed |
|
| (1,497,163) |
|
|
| (1,478,831) |
| (317,461) |
|
|
| (1,516,993) |
| |
Net Increase (Decrease) in Shares Outstanding | (225,828) |
|
|
| 243,922 |
| 157,637 |
|
|
| (491,487) |
| |||
|
| ||||||||||||||
aDuring the period ended February 28, 2017, 1,201,569 Class M shares representing $16,345,579 were exchanged for 1,203,055 Investor shares for BNY Mellon National Intermediate Municipal Bond Fund and 474,772 Class M shares representing $6,055,701 were exchanged for 475,139 Investor shares for BNY Mellon National Short-Term Municipal Bond Fund. During the period ended August 31, 2016, 1,615,596 Class M shares representing $22,300,611 were exchanged for 1,617,313 Investor shares for BNY Mellon National Intermediate Municipal Bond Fund and 1,019,730 Class M shares representing $13,095,762 were exchanged for 1,020,395 Investor shares for BNY Mellon National Short-Term Municipal Bond Fund. | |||||||||||||||
See notes to financial statements. |
75
STATEMENTS OF CHANGES IN NET ASSETS (continued)
|
|
|
| BNY Mellon Pennsylvania Intermediate |
| BNY Mellon Massachusetts Intermediate |
| ||||||||
|
|
|
| Six Months Ended |
|
|
| Year Ended |
| Six Months Ended |
|
|
| Year Ended |
|
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 2,927,247 |
|
|
| 6,910,537 |
| 3,839,514 |
|
|
| 8,180,432 |
| |
Net realized gain (loss) on investments |
| 1,566,634 |
|
|
| 3,033,976 |
| 1,566,466 |
|
|
| 2,527,957 |
| ||
Net unrealized appreciation (depreciation) |
| (11,746,844) |
|
|
| 6,166,564 |
| (16,581,865) |
|
|
| 8,616,605 |
| ||
Net Increase (Decrease) in Net Assets | (7,252,963) |
|
|
| 16,111,077 |
| (11,175,885) |
|
|
| 19,324,994 |
| |||
Distributions to Shareholders from ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (2,864,737) |
|
|
| (6,770,211) |
| (3,745,337) |
|
|
| (7,991,350) |
| |
Investor Shares |
|
| (62,510) |
|
|
| (138,974) |
| (94,177) |
|
|
| (187,729) |
| |
Net realized gain on investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (3,691,537) |
|
|
| (848,376) |
| (2,949,849) |
|
|
| - |
| |
Investor Shares |
|
| (86,542) |
|
|
| (20,018) |
| (92,935) |
|
|
| - |
| |
Total Distributions |
|
| (6,705,326) |
|
|
| (7,777,579) |
| (6,882,298) |
|
|
| (8,179,079) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 18,558,131 |
|
|
| 14,446,424 |
| 45,336,993 |
|
|
| 72,373,497 |
| |
Investor Shares |
|
| 2,138,621 |
|
|
| 6,992,631 |
| 4,205,253 |
|
|
| 2,551,555 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 2,267,473 |
|
|
| 867,070 |
| 1,906,911 |
|
|
| 1,577,519 |
| |
Investor Shares |
|
| 127,902 |
|
|
| 117,564 |
| 146,268 |
|
|
| 156,147 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (40,607,776) |
|
|
| (45,185,314) |
| (105,570,194) |
|
|
| (35,329,243) |
| |
Investor Shares |
|
| (2,084,497) |
|
|
| (6,862,020) |
| (1,252,853) |
|
|
| (3,223,400) |
| |
Increase (Decrease) in Net Assets | (19,600,146) |
|
|
| (29,623,645) |
| (55,227,622) |
|
|
| 38,106,075 |
| |||
Total Increase (Decrease) in Net Assets | (33,558,435) |
|
|
| (21,290,147) |
| (73,285,805) |
|
|
| 49,251,990 |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 260,997,680 |
|
|
| 282,287,827 |
| 368,518,403 |
|
|
| 319,266,413 |
| |
End of Period |
|
| 227,439,245 |
|
|
| 260,997,680 |
| 295,232,598 |
|
|
| 368,518,403 |
| |
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class Ma |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 1,537,254 |
|
|
| 1,157,054 |
| 3,604,417 |
|
|
| 5,580,704 |
| |
Shares issued for distributions reinvested |
|
| 190,131 |
|
|
| 69,588 |
| 152,573 |
|
|
| 121,414 |
| |
Shares redeemed |
|
| (3,357,200) |
|
|
| (3,607,100) |
| (8,425,557) |
|
|
| (2,728,472) |
| |
Net Increase (Decrease) in Shares Outstanding | (1,629,815) |
|
|
| (2,380,458) |
| (4,668,567) |
|
|
| 2,973,646 |
| |||
Investor Sharesa |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 176,506 |
|
|
| 558,093 |
| 335,197 |
|
|
| 196,148 |
| |
Shares issued for distributions reinvested |
|
| 10,669 |
|
|
| 9,395 |
| 11,684 |
|
|
| 12,025 |
| |
Shares redeemed |
|
| (172,873) |
|
|
| (547,547) |
| (100,109) |
|
|
| (246,900) |
| |
Net Increase (Decrease) in Shares Outstanding | 14,302 |
|
|
| 19,941 |
| 246,772 |
|
|
| (38,727) |
| |||
|
| ||||||||||||||
aDuring the period ended February 28, 2017, 175,941 Class M shares representing $2,133,620 were exchanged for 176,109 Investor shares for BNY Mellon Pennsylvania Intermediate Municipal Bond Fund and 332,689 Class M shares representing $4,172,711 were exchanged for 332,697 Investor shares for BNY Mellon Massachusetts Intermediate Municipal Bond Fund. During the period ended August 31, 2016, 557,431 Class M shares representing $6,992,789 were exchanged for 558,106 Investor shares for BNY Mellon Pennsylvania Intermediate Municipal Bond Fund and 134,145 Class M shares representing $1,755,584 were exchanged for 134,223 Investor shares for BNY Mellon Massachusetts Intermediate Municipal Bond Fund. | |||||||||||||||
See notes to financial statements. |
76
|
|
|
| BNY Mellon New York Intermediate |
| BNY Mellon Municipal Opportunities Fund |
| ||||||||
|
|
|
| Six Months Ended |
|
|
| Year Ended |
| Six Months Ended |
|
|
| Year Ended |
|
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 2,079,710 |
|
|
| 4,593,092 |
| 19,673,751 |
|
|
| 42,709,644 |
| |
Net realized gain (loss) on investments |
| 1,117,149 |
|
|
| 1,954,231 |
| 19,615,044 |
|
|
| (9,838,513) |
| ||
Net unrealized appreciation (depreciation) |
| (8,600,504) |
|
|
| 4,557,161 |
| (68,442,383) |
|
|
| 47,606,727 |
| ||
Net Increase (Decrease) in Net Assets | (5,403,645) |
|
|
| 11,104,484 |
| (29,153,588) |
|
|
| 80,477,858 |
| |||
Distributions to Shareholders from ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (1,929,648) |
|
|
| (4,219,342) |
| (19,096,113) |
|
|
| (39,846,368) |
| |
Investor Shares |
|
| (141,588) |
|
|
| (343,142) |
| (291,315) |
|
|
| (623,308) |
| |
Net realized gain on investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (2,556,555) |
|
|
| (452,142) |
| (223,073) |
|
|
| - |
| |
Investor Shares |
|
| (209,342) |
|
|
| (43,068) |
| (3,169) |
|
|
| - |
| |
Total Distributions |
|
| (4,837,133) |
|
|
| (5,057,694) |
| (19,613,670) |
|
|
| (40,469,676) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 12,796,366 |
|
|
| 22,940,063 |
| 247,403,661 |
|
|
| 10,802,969 |
| |
Investor Shares |
|
| 646,669 |
|
|
| 993,077 |
| 6,983,289 |
|
|
| 20,503,815 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 1,604,243 |
|
|
| 718,050 |
| 7,675,206 |
|
|
| 16,389,949 |
| |
Investor Shares |
|
| 302,446 |
|
|
| 339,400 |
| 251,498 |
|
|
| 396,563 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (25,386,489) |
|
|
| (23,482,588) |
| (91,105,407) |
|
|
| (123,224,652) |
| |
Investor Shares |
|
| (1,805,279) |
|
|
| (3,011,738) |
| (14,629,925) |
|
|
| (12,904,709) |
| |
Increase (Decrease) in Net Assets | (11,842,044) |
|
|
| (1,503,736) |
| 156,578,322 |
|
|
| (88,036,065) |
| |||
Total Increase (Decrease) in Net Assets | (22,082,822) |
|
|
| 4,543,054 |
| 107,811,064 |
|
|
| (48,027,883) |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 189,375,159 |
|
|
| 184,832,105 |
| 1,110,112,760 |
|
|
| 1,158,140,643 |
| |
End of Period |
|
| 167,292,337 |
|
|
| 189,375,159 |
| 1,217,923,824 |
|
|
| 1,110,112,760 |
| |
Undistributed investment income—net | 8,474 |
|
|
| - |
| 286,323 |
|
|
| - |
| |||
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class Ma |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 1,154,679 |
|
|
| 2,002,590 |
| 19,353,397 |
|
|
| 812,230 |
| |
Shares issued for distributions reinvested |
|
| 146,720 |
|
|
| 62,831 |
| 592,319 |
|
|
| 1,238,379 |
| |
Shares redeemed |
|
| (2,291,549) |
|
|
| (2,065,435) |
| (7,083,017) |
|
|
| (9,329,500) |
| |
Net Increase (Decrease) in Shares Outstanding | (990,150) |
|
|
| (14) |
| 12,862,699 |
|
|
| (7,278,891) |
| |||
Investor Sharesa |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 57,144 |
|
|
| 86,483 |
| 539,801 |
|
|
| 1,539,987 |
| |
Shares issued for distributions reinvested |
|
| 27,491 |
|
|
| 29,638 |
| 19,323 |
|
|
| 29,889 |
| |
Shares redeemed |
|
| (160,823) |
|
|
| (262,083) |
| (1,111,026) |
|
|
| (973,681) |
| |
Net Increase (Decrease) in Shares Outstanding | (76,188) |
|
|
| (145,962) |
| (551,902) |
|
|
| 596,195 |
| |||
|
| ||||||||||||||
aDuring the period ended February 28, 2017, 27,688 Class M shares representing $309,772 were exchanged for 27,669 Investor shares for BNY Mellon New York Intermediate Tax-Exempt Bond Fund and 385,916 Class M shares representing $5,009,164 were exchanged for 385,835 Investor shares for BNY Mellon Municipal Opportunities Fund. During the period ended August 31, 2016, 71,936 Class M shares representing $824,338 were exchanged for 71,891 Investor shares for BNY Mellon New York Intermediate Tax-Exempt Bond Fund and 1,544,688 Class M shares representing $20,563,879 were exchanged for 1,544,529 Investor shares for BNY Mellon Municipal Opportunities Fund. | |||||||||||||||
See notes to financial statements. |
77
FINANCIAL HIGHLIGHTS
The following tables describe the performance for each share class of each fund for the fiscal periods indicated. All information (except portfolio turnover rate) reflects financial results for a single fund share. Total return shows how much your investment in each fund would have increased (or decreased) during each period, assuming you had reinvested all dividends and distributions. These figures have been derived from the funds’ financial statements.
Class M Shares | |||||||||||||||
Six Months Ended | |||||||||||||||
February 28, 2017 | Year Ended August 31, | ||||||||||||||
BNY Mellon National Intermediate Municipal Bond Fund | (Unaudited) | 2016 |
| 2015 |
| 2014 |
| 2013 |
| 2012 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 14.00 | 13.56 | 13.77 | 13.22 | 13.98 | 13.45 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—net a | .17 | .36 | .37 | .39 | .41 | .43 | |||||||||
Net realized and unrealized gain (loss) on investments | (.54) | .43 | (.21) | .55 | (.73) | .53 | |||||||||
Total from Investment Operations | (.37) | .79 | .16 | .94 | (.32) | .96 | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.17) | (.35) | (.37) | (.39) | (.39) | (.43) | |||||||||
Dividends from net realized gain on investments | (.09) | (.00) | b | - | - | (.05) | (.00) | b | |||||||
Total Distributions | (.26) | (.35) | (.37) | (.39) | (.44) | (.43) | |||||||||
Net asset value, end of period | 13.37 | 14.00 | 13.56 | 13.77 | 13.22 | 13.98 | |||||||||
Total Return (%) | (2.63) | c | 5.94 | 1.23 | 7.18 | (2.43) | 7.25 | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .50 | d | .50 | .50 | .50 | .50 | .50 | ||||||||
Ratio of net expenses to average net assets | .50 | d | .50 | .50 | .50 | .50 | .50 | ||||||||
Ratio of net investment income to average net assets | 2.52 | d | 2.58 | 2.70 | 2.90 | 2.94 | 3.16 | ||||||||
Portfolio Turnover Rate | 15.52 | c | 18.61 | 35.65 | 24.65 | 24.05 | 25.31 | ||||||||
Net Assets, end of period ($ x 1,000) | 2,035,533 | 2,223,660 | 1,970,693 | 1,827,575 | 1,692,786 | 1,697,522 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
c Not annualized.
d Annualized.
See notes to financial statements.
78
Investor Shares | |||||||||||||||
Six Months Ended | |||||||||||||||
February 28, 2017 | Year Ended August 31, | ||||||||||||||
BNY Mellon National Intermediate Municipal Bond Fund | (Unaudited) | 2016 |
| 2015 |
| 2014 |
| 2013 |
| 2012 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 13.99 | 13.54 | 13.75 | 13.20 | 13.97 | 13.44 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—net a | .15 | .32 | .34 | .36 | .37 | .40 | |||||||||
Net realized and unrealized gain (loss) on investments | (.54) | .45 | (.22) | .54 | (.74) | .53 | |||||||||
Total from Investment Operations | (.39) | .77 | .12 | .90 | (.37) | .93 | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.15) | (.32) | (.33) | (.35) | (.35) | (.40) | |||||||||
Dividends from net realized gain on investments | (.09) | (.00) | b | - | - | (.05) | (.00) | b | |||||||
Total Distributions | (.24) | (.32) | (.33) | (.35) | (.40) | (.40) | |||||||||
Net asset value, end of period | 13.36 | 13.99 | 13.54 | 13.75 | 13.20 | 13.97 | |||||||||
Total Return (%) | (2.75) | c | 5.76 | .90 | 6.92 | (2.68) | 6.99 | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .75 | d | .75 | .75 | .75 | .75 | .75 | ||||||||
Ratio of net expenses to average net assets | .75 | d | .75 | .75 | .75 | .75 | .75 | ||||||||
Ratio of net investment income to average net assets | 2.27 | d | 2.33 | 2.45 | 2.65 | 2.68 | 2.92 | ||||||||
Portfolio Turnover Rate | 15.52 | c | 18.61 | 35.65 | 24.65 | 24.05 | 25.31 | ||||||||
Net Assets, end of period ($ x 1,000) | 49,763 | 55,272 | 50,199 | 42,042 | 37,095 | 38,067 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
c Not annualized.
d Annualized.
See notes to financial statements.
79
FINANCIAL HIGHLIGHTS (continued)
Class M Shares | |||||||||||||||
Six Months Ended | |||||||||||||||
February 28, 2017 | Year Ended August 31, | ||||||||||||||
BNY Mellon National Short-Term Municipal Bond Fund | (Unaudited) | 2016 |
| 2015 |
| 2014 |
| 2013 |
| 2012 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 12.87 | 12.83 | 12.94 | 12.86 | 13.01 | 12.99 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—net a | .06 | .11 | .11 | .10 | .12 | .15 | |||||||||
Net realized and unrealized gain (loss) on investments | (.09) | .05 | (.09) | .09 | (.15) | .02 | |||||||||
Total from Investment Operations | (.03) | .16 | .02 | .19 | (.03) | .17 | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.06) | (.11) | (.11) | (.10) | (.12) | (.15) | |||||||||
Dividends from net realized gain on investments | (.02) | (.01) | (.02) | (.01) | - | - | |||||||||
Total Distributions | (.08) | (.12) | (.13) | (.11) | (.12) | (.15) | |||||||||
Net asset value, end of period | 12.76 | 12.87 | 12.83 | 12.94 | 12.86 | 13.01 | |||||||||
Total Return (%) | (.28) | b | 1.21 | .17 | 1.37 | (.27) | 1.34 | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .51 | c | .51 | .50 | .50 | .50 | .51 | ||||||||
Ratio of net expenses to average net assets | .51 | c | .51 | .50 | .50 | .50 | .51 | ||||||||
Ratio of net investment income to average net assets | .90 | c | .84 | .82 | .77 | .89 | 1.18 | ||||||||
Portfolio Turnover Rate | 13.29 | b | 51.47 | 34.24 | 39.43 | 41.94 | 34.17 | ||||||||
Net Assets, end of period ($ x 1,000) | 908,351 | 1,104,162 | 1,007,532 | 1,244,187 | 1,181,988 | 1,241,129 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
80
Investor Shares | |||||||||||||||
Six Months Ended | |||||||||||||||
February 28, 2017 | Year Ended August 31, | ||||||||||||||
BNY Mellon National Short-Term Municipal Bond Fund | (Unaudited) | 2016 |
| 2015 |
| 2014 |
| 2013 |
| 2012 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 12.86 | 12.82 | 12.93 | 12.85 | 13.00 | 12.97 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—net a | .04 | .08 | .08 | .07 | .08 | .12 | |||||||||
Net realized and unrealized gain (loss) on investments | (.08) | .05 | (.10) | .09 | (.15) | .03 | |||||||||
Total from Investment Operations | (.04) | .13 | (.02) | .16 | (.07) | .15 | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.04) | (.08) | (.07) | (.07) | (.08) | (.12) | |||||||||
Dividends from net realized gain on investments | (.02) | (.01) | (.02) | (.01) | - | - | |||||||||
Total Distributions | (.06) | (.09) | (.09) | (.08) | (.08) | (.12) | |||||||||
Net asset value, end of period | 12.76 | 12.86 | 12.82 | 12.93 | 12.85 | 13.00 | |||||||||
Total Return (%) | (.33) | b | .97 | (.15) | 1.20 | (.52) | 1.17 | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .76 | c | .76 | .76 | .76 | .76 | .76 | ||||||||
Ratio of net expenses to average net assets | .76 | c | .76 | .76 | .76 | .76 | .76 | ||||||||
Ratio of net investment income to average net assets | .66 | c | .60 | .59 | .52 | .63 | .92 | ||||||||
Portfolio Turnover Rate | 13.29 | b | 51.47 | 34.24 | 39.43 | 41.94 | 34.17 | ||||||||
Net Assets, end of period ($ x 1,000) | 7,844 | 5,880 | 12,166 | 9,696 | 4,479 | 4,009 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
81
FINANCIAL HIGHLIGHTS (continued)
Class M Shares | |||||||||||||||
Six Months Ended | |||||||||||||||
February 28, 2017 | Year Ended August 31, | ||||||||||||||
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | (Unaudited) | 2016 |
| 2015 |
| 2014 |
| 2013 |
| 2012 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 12.68 | 12.31 | 12.56 | 12.27 | 13.15 | 12.77 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—net a | .15 | .32 | .33 | .36 | .36 | .42 | |||||||||
Net realized and unrealized gain (loss) on investments | (.48) | .41 | (.25) | .40 | (.79) | .38 | |||||||||
Total from Investment Operations | (.33) | .73 | .08 | .76 | (.43) | .80 | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.15) | (.32) | (.33) | (.36) | (.36) | (.42) | |||||||||
Dividends from net realized gain on investments | (.20) | (.04) | - | (.11) | (.09) | - | |||||||||
Total Distributions | (.35) | (.36) | (.33) | (.47) | (.45) | (.42) | |||||||||
Net asset value, end of period | 12.00 | 12.68 | 12.31 | 12.56 | 12.27 | 13.15 | |||||||||
Total Return (%) | (2.63) | b | 5.96 | .74 | 6.31 | (3.47) | 6.34 | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .70 | c | .69 | .68 | .68 | .67 | .67 | ||||||||
Ratio of net expenses to average net assets | .70 | c | .69 | .68 | .68 | .67 | .67 | ||||||||
Ratio of net investment income to average net assets | 2.43 | c | 2.52 | 2.65 | 2.89 | 2.80 | 3.23 | ||||||||
Portfolio Turnover Rate | 12.18 | b | 25.94 | 35.96 | 25.84 | 29.10 | 27.16 | ||||||||
Net Assets, end of period ($ x 1,000) | 221,612 | 255,017 | 276,729 | 306,673 | 357,431 | 403,371 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
82
Investor Shares | |||||||||||||||
Six Months Ended | |||||||||||||||
February 28, 2017 | Year Ended August 31, | ||||||||||||||
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | (Unaudited) | 2016 |
| 2015 |
| 2014 |
| 2013 |
| 2012 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 12.67 | 12.29 | 12.54 | 12.25 | 13.14 | 12.75 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—net a | .14 | .28 | .30 | .33 | .33 | .38 | |||||||||
Net realized and unrealized gain (loss) on investments | (.50) | .42 | (.25) | .39 | (.80) | .41 | |||||||||
Total from Investment Operations | (.36) | .70 | .05 | .72 | (.47) | .79 | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.13) | (.28) | (.30) | (.32) | (.33) | (.40) | |||||||||
Dividends from net realized gain on investments | (.20) | (.04) | - | (.11) | (.09) | - | |||||||||
Total Distributions | (.33) | (.32) | (.30) | (.43) | (.42) | (.40) | |||||||||
Net asset value, end of period | 11.98 | 12.67 | 12.29 | 12.54 | 12.25 | 13.14 | |||||||||
Total Return (%) | (2.83) | b | 5.79 | .40 | 6.04 | (3.71) | 6.28 | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .95 | c | .94 | .93 | .93 | .92 | .92 | ||||||||
Ratio of net expenses to average net assets | .95 | c | .94 | .93 | .93 | .92 | .92 | ||||||||
Ratio of net investment income to average net assets | 2.20 | c | 2.27 | 2.41 | 2.64 | 2.58 | 2.97 | ||||||||
Portfolio Turnover Rate | 12.18 | b | 25.94 | 35.96 | 25.84 | 29.10 | 27.16 | ||||||||
Net Assets, end of period ($ x 1,000) | 5,827 | 5,981 | 5,558 | 4,437 | 4,200 | 8,520 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
83
FINANCIAL HIGHLIGHTS (continued)
Class M Shares | |||||||||||||||
Six Months Ended | |||||||||||||||
February 28, 2017 | Year Ended August 31, | ||||||||||||||
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | (Unaudited) | 2016 |
| 2015 |
| 2014 |
| 2013 |
| 2012 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 13.16 | 12.73 | 12.95 | 12.62 | 13.54 | 13.12 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—net a | .15 | .31 | .33 | .36 | .37 | .41 | |||||||||
Net realized and unrealized gain (loss) on investments | (.51) | .43 | (.21) | .42 | (.77) | .44 | |||||||||
Total from Investment Operations | (.36) | .74 | .12 | .78 | (.40) | .85 | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.15) | (.31) | (.34) | (.36) | (.37) | (.42) | |||||||||
Dividends from net realized gain on investments | (.13) | - | - | (.09) | (.15) | (.01) | |||||||||
Total Distributions | (.28) | (.31) | (.34) | (.45) | (.52) | (.43) | |||||||||
Net asset value, end of period | 12.52 | 13.16 | 12.73 | 12.95 | 12.62 | 13.54 | |||||||||
Total Return (%) | (2.74) | b | 5.88 | .98 | 6.21 | (3.11) | 6.50 | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .54 | c | .54 | .53 | .53 | .53 | .53 | ||||||||
Ratio of net expenses to average net assets | .54 | c | .54 | .53 | .53 | .53 | .53 | ||||||||
Ratio of net investment income to average net assets | 2.35 | c | 2.39 | 2.60 | 2.85 | 2.79 | 3.11 | ||||||||
Portfolio Turnover Rate | 17.99 | b | 28.71 | 41.79 | 32.80 | 21.16 | 29.39 | ||||||||
Net Assets, end of period ($ x 1,000) | 284,144 | 360,108 | 310,635 | 305,513 | 312,640 | 346,647 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
84
Investor Shares | |||||||||||||||
Six Months Ended | |||||||||||||||
February 28, 2017 | Year Ended August 31, | ||||||||||||||
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | (Unaudited) | 2016 |
| 2015 |
| 2014 |
| 2013 |
| 2012 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 13.15 | 12.73 | 12.94 | 12.62 | 13.54 | 13.12 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—net a | .13 | .28 | .31 | .34 | .34 | .38 | |||||||||
Net realized and unrealized gain (loss) on investments | (.51) | .42 | (.22) | .40 | (.77) | .43 | |||||||||
Total from Investment Operations | (.38) | .70 | .09 | .74 | (.43) | .81 | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.13) | (.28) | (.30) | (.33) | (.34) | (.38) | |||||||||
Dividends from net realized gain on investments | (.13) | - | - | (.09) | (.15) | (.01) | |||||||||
Total Distributions | (.26) | (.28) | (.30) | (.42) | (.49) | (.39) | |||||||||
Net asset value, end of period | 12.51 | 13.15 | 12.73 | 12.94 | 12.62 | 13.54 | |||||||||
Total Return (%) | (2.86) | b | 5.54 | .73 | 5.95 | (3.35) | 6.23 | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .79 | c | .79 | .78 | .78 | .78 | .78 | ||||||||
Ratio of net expenses to average net assets | .79 | c | .79 | .78 | .78 | .78 | .78 | ||||||||
Ratio of net investment income to average net assets | 2.12 | c | 2.15 | 2.35 | 2.60 | 2.55 | 2.86 | ||||||||
Portfolio Turnover Rate | 17.99 | b | 28.71 | 41.79 | 32.80 | 21.16 | 29.39 | ||||||||
Net Assets, end of period ($ x 1,000) | 11,088 | 8,410 | 8,632 | 9,910 | 8,261 | 9,107 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
85
FINANCIAL HIGHLIGHTS (continued)
Class M Shares | |||||||||||||||
Six Months Ended | |||||||||||||||
February 28, 2017 | Year Ended August 31, | ||||||||||||||
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | (Unaudited) | 2016 |
| 2015 |
| 2014 |
| 2013 |
| 2012 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 11.62 | 11.24 | 11.40 | 11.11 | 11.92 | 11.46 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—net a | .13 | .29 | .30 | .31 | .30 | .36 | |||||||||
Net realized and unrealized gain (loss) on investments | (.46) | .41 | (.16) | .46 | (.69) | .49 | |||||||||
Total from Investment Operations | (.33) | .70 | .14 | .77 | (.39) | .85 | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.13) | (.29) | (.30) | (.31) | (.30) | (.36) | |||||||||
Dividends from net realized gain on investments | (.18) | (.03) | - | (.17) | (.12) | (.03) | |||||||||
Total Distributions | (.31) | (.32) | (.30) | (.48) | (.42) | (.39) | |||||||||
Net asset value, end of period | 10.98 | 11.62 | 11.24 | 11.40 | 11.11 | 11.92 | |||||||||
Total Return (%) | (2.82) | b | 6.30 | 1.33 | 7.04 | (3.40) | 7.48 | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .72 | c | .72 | .71 | .71 | .70 | .71 | ||||||||
Ratio of net expenses to average net assets | .59 | c | .59 | .59 | .59 | .59 | .59 | ||||||||
Ratio of net investment income to average net assets | 2.38 | c | 2.53 | 2.64 | 2.79 | 2.57 | 3.06 | ||||||||
Portfolio Turnover Rate | 16.37 | b | 36.53 | 52.79 | 36.42 | 39.32 | 30.96 | ||||||||
Net Assets, end of period ($ x 1,000) | 154,592 | 175,053 | 169,337 | 172,407 | 184,657 | 203,768 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
86
Investor Shares | |||||||||||||||
Six Months Ended | |||||||||||||||
February 28, 2017 | Year Ended August 31, | ||||||||||||||
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | (Unaudited) | 2016 |
| 2015 |
| 2014 |
| 2013 |
| 2012 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 11.62 | 11.24 | 11.40 | 11.12 | 11.93 | 11.47 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—net a | .12 | .26 | .27 | .29 | .27 | .33 | |||||||||
Net realized and unrealized gain (loss) on investments | (.45) | .41 | (.16) | .44 | (.69) | .49 | |||||||||
Total from Investment Operations | (.33) | .67 | .11 | .73 | (.42) | .82 | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.12) | (.26) | (.27) | (.28) | (.27) | (.33) | |||||||||
Dividends from net realized gain on investments | (.18) | (.03) | - | (.17) | (.12) | (.03) | |||||||||
Total Distributions | (.30) | (.29) | (.27) | (.45) | (.39) | (.36) | |||||||||
Net asset value, end of period | 10.99 | 11.62 | 11.24 | 11.40 | 11.12 | 11.93 | |||||||||
Total Return (%) | (2.85) | b | 6.03 | .98 | 6.77 | (3.63) | 7.20 | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .97 | c | .97 | .96 | .96 | .95 | .96 | ||||||||
Ratio of net expenses to average net assets | .84 | c | .84 | .84 | .84 | .84 | .84 | ||||||||
Ratio of net investment income to average net assets | 2.14 | c | 2.28 | 2.39 | 2.54 | 2.32 | 2.81 | ||||||||
Portfolio Turnover Rate | 16.37 | b | 36.53 | 52.79 | 36.42 | 39.32 | 30.96 | ||||||||
Net Assets, end of period ($ x 1,000) | 12,700 | 14,322 | 15,495 | 16,428 | 17,930 | 19,097 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
87
FINANCIAL HIGHLIGHTS (continued)
Class M Shares | |||||||||||||||
Six Months Ended | |||||||||||||||
February 28, 2017 | Year Ended August 31, | ||||||||||||||
BNY Mellon Municipal Opportunities Fund | (Unaudited) | 2016 |
| 2015 |
| 2014 |
| 2013 |
| 2012 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 13.46 | 12.99 | 13.16 | 12.38 | 13.42 | 12.27 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—net a | .23 | .50 | .47 | .49 | .43 | .50 | |||||||||
Net realized and unrealized gain (loss) on investments | (.61) | .45 | (.18) | 1.04 | (.92) | 1.15 | |||||||||
Total from Investment Operations | (.38) | .95 | .29 | 1.53 | (.49) | 1.65 | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.23) | (.48) | (.46) | (.48) | (.43) | (.50) | |||||||||
Dividends from net realized gain on investments | (.00) | b | - | - | (.27) | (.12) | - | ||||||||
Total Distributions | (.23) | (.48) | (.46) | (.75) | (.55) | (.50) | |||||||||
Net asset value, end of period | 12.85 | 13.46 | 12.99 | 13.16 | 12.38 | 13.42 | |||||||||
Total Return (%) | (2.82) | c | 7.40 | 2.20 | 12.88 | (3.95) | 13.65 | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .73 | d | .71 | .69 | .71 | .71 | .73 | ||||||||
Ratio of net expenses to average net assets | .73 | d | .71 | .69 | .71 | .71 | .73 | ||||||||
Ratio of interest and expense related to floating | .07 | d | .05 | .04 | .05 | .05 | .06 | ||||||||
Ratio of net investment income to average net assets | 3.58 | d | 3.79 | 3.57 | 3.88 | 3.22 | 3.84 | ||||||||
Portfolio Turnover Rate | 12.72 | c | 31.92 | 41.90 | 58.87 | 93.04 | 119.90 | ||||||||
Net Assets, end of period ($ x 1,000) | 1,200,704 | 1,084,650 | 1,141,309 | 1,023,660 | 946,739 | 721,943 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
c Not annualized.
d Annualized.
See notes to financial statements.
88
Investor Shares | |||||||||||||||
Six Months Ended | |||||||||||||||
February 28, 2017 | Year Ended August 31, | ||||||||||||||
BNY Mellon Municipal Opportunities Fund | (Unaudited) | 2016 |
| 2015 |
| 2014 |
| 2013 |
| 2012 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 13.46 | 12.99 | 13.16 | 12.38 | 13.43 | 12.27 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—net a | .21 | .47 | .43 | .46 | .40 | .47 | |||||||||
Net realized and unrealized gain (loss) on investments | (.61) | .44 | (.18) | 1.05 | (.93) | 1.16 | |||||||||
Total from Investment Operations | (.40) | .91 | .25 | 1.51 | (.53) | 1.63 | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.21) | (.44) | (.42) | (.46) | (.40) | (.47) | |||||||||
Dividends from net realized gain on investments | (.00) | b | - | - | (.27) | (.12) | - | ||||||||
Total Distributions | (.21) | (.44) | (.42) | (.73) | (.52) | (.47) | |||||||||
Net asset value, end of period | 12.85 | 13.46 | 12.99 | 13.16 | 12.38 | 13.43 | |||||||||
Total Return (%) | (2.94) | c | 7.13 | 1.93 | 12.54 | (4.19) | 13.46 | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .98 | d | .96 | .96 | .98 | .96 | .99 | ||||||||
Ratio of net expenses to average net assets | .98 | d | .96 | .96 | .98 | .96 | .99 | ||||||||
Ratio of interest and expense related to floating | .07 | d | .05 | .04 | .05 | .05 | .06 | ||||||||
Ratio of net investment income to average net assets | 3.33 | d | 3.55 | 3.30 | 3.67 | 2.98 | 3.63 | ||||||||
Portfolio Turnover Rate | 12.72 | c | 31.92 | 41.90 | 58.87 | 93.04 | 119.90 | ||||||||
Net Assets, end of period ($ x 1,000) | 17,220 | 25,463 | 16,832 | 5,126 | 2,947 | 2,328 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
c Not annualized.
d Annualized.
See notes to financial statements.
89
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1—Significant Accounting Policies:
BNY Mellon Funds Trust (the “Trust”), a Massachusetts business trust that is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company, operates as a series company currently consisting of twenty-five series, including the following non-diversified funds: BNY Mellon National Intermediate Municipal Bond Fund, BNY Mellon National Short-Term Municipal Bond Fund, BNY Mellon Pennsylvania Intermediate Municipal Bond Fund, BNY Mellon Massachusetts Intermediate Municipal Bond Fund, BNY Mellon New York Intermediate Tax-Exempt Bond Fund and BNY Mellon Municipal Opportunities Fund (each, a “fund” and collectively, the “funds”). The objectives of the funds are as follows: BNY Mellon National Intermediate Municipal Bond Fund and BNY Mellon National Short-Term Municipal Bond Fund seek to maximize current income exempt from federal income tax to the extent consistent with the preservation of capital. BNY Mellon Pennsylvania Intermediate Municipal Bond Fund seeks as high a level of income exempt from federal and Pennsylvania state income taxes as is consistent with the preservation of capital. BNY Mellon Massachusetts Intermediate Municipal Bond Fund seeks as high a level of income exempt from federal and Massachusetts state income taxes as is consistent with the preservation of capital. BNY Mellon New York Intermediate Tax-Exempt Bond Fund seeks as high a level of current income exempt from federal, New York state and New York city income taxes as is consistent with the preservation of capital. BNY Mellon Municipal Opportunities Fund seeks to maximize total return consisting of high current income exempt from federal income tax and capital appreciation. Effective December 15, 2016, BNY Mellon Municipal Opportunities Fund, was reopened to new and existing investors.
BNY Mellon Fund Advisers, a division of The Dreyfus Corporation (the “Manager” or “Dreyfus”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”), serves as each fund’s investment adviser (the “Investment Adviser”). The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of Dreyfus, serves as administrator for the funds pursuant to an Administration Agreement with the Trust (the “Administration Agreement”). The Bank of New York Mellon has entered into a Sub-Administration Agreement with Dreyfus pursuant to which The Bank of New York Mellon pays Dreyfus for performing certain administrative services. MBSC Securities Corporation (the “Distributor”), a wholly-owned subsidiary of Dreyfus, is the distributor of each fund’s shares, which are sold without a sales charge.
Each fund is authorized to issue an unlimited number of $.001 par value shares of Beneficial Interest in each of the following classes of shares: Class M and Investor. Other differences between the classes include the services offered to and the expenses borne by each class, the allocation of certain transfer agency costs and certain voting rights. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.
The Trust accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that series’ operations; expenses which are applicable to all series are allocated among them on a pro rata basis.
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
(a) Portfolio valuation: The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.
Various inputs are used in determining the value of each fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:
90
Level 1—unadjusted quoted prices in active markets for identical investments.
Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).
Level 3—significant unobservable inputs (including the funds’ own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value each fund’s investments are as follows:
Investments in securities are valued each business day by an independent pricing service (the “Service”) approved by the Trust’s Board of Trustees (the “Board”). Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Other investments (which constitute a majority of the portfolio securities) are carried at fair value as determined by the Service, based on methods which include consideration of the following: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. All of the preceding securities are generally categorized within Level 2 of the fair value hierarchy.
The Service is engaged under the general supervision of the Board.
When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the funds calculate their net asset value, the funds may value these investments at fair value as determined in accordance with the procedures approved by the Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.
For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are generally categorized within Level 3 of the fair value hierarchy.
Futures on municipal and U.S. Treasury securities are valued at the last sales price on the securities exchange on which such securities are primarily traded or at the last sales price on the national securities market on each business day and are generally categorized within Level 1 of the fair value hierarchy.
Table 1 summarizes the inputs used as of February 28, 2017 in valuing each fund’s investments:
At February 28, 2017, there were no transfers between levels of the fair value hierarchy.
Table 1—Fair Value Measurements | |||||||||||||||||
Investments in Securities | |||||||||||||||||
Level 1—Unadjusted |
| Level 2—Other |
| Level 3—Significant Unobservable Inputs |
|
| |||||||||||
|
| Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Total | |||||||||
BNY Mellon National | |||||||||||||||||
Municipal Bonds† | - | - | 2,090,178,532 | - | - | - | 2,090,178,532 | ||||||||||
Other Financial Instruments: | |||||||||||||||||
Futures†† | - | (441,891) | - | - | - | - | (441,891) | ||||||||||
BNY Mellon National | |||||||||||||||||
Municipal Bonds† | - | - | 923,755,752 | - | - | - | 923,755,752 |
91
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
Table 1—Fair Value Measurements (continued) | |||||||||||||||||
Investments in Securities | |||||||||||||||||
Level 1—Unadjusted |
| Level 2—Other |
| Level 3—Significant Unobservable Inputs |
|
| |||||||||||
|
| Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Total | |||||||||
BNY Mellon Pennsylvania | |||||||||||||||||
Municipal Bonds† | - | - | 228,452,610 | - | - | - | 228,452,610 | ||||||||||
Other Financial Instruments: | |||||||||||||||||
Futures†† | - | (48,148) | - | - | - | - | (48,148) | ||||||||||
BNY Mellon Massachusetts | |||||||||||||||||
Municipal Bonds† | - | - | 294,339,391 | - | - | - | 294,339,391 | ||||||||||
Other Financial Instruments: | |||||||||||||||||
Futures†† | - | (61,789) | - | - | - | - | (61,789) | ||||||||||
BNY Mellon New York | |||||||||||||||||
Municipal Bonds† | - | - | 165,408,355 | - | - | - | 165,408,355 | ||||||||||
Other Financial Instruments: | |||||||||||||||||
Futures†† | - | (35,109) | - | - | - | - | (35,109) | ||||||||||
BNY Mellon Municipal | |||||||||||||||||
Corporate Bonds† | 6,145,717 | - | - | - | 6,145,717 | ||||||||||||
Municipal Bonds† | - | - | 1,259,136,153 | - | - | - | 1,259,136,153 | ||||||||||
Other Financial Instruments: | |||||||||||||||||
Futures†† | - | (1,347,430) | - | - | - | - | (1,347,430) | ||||||||||
Floating Rate Notes††† | - | - | - | (58,975,000) | - | - | (58,975,000) |
† See Statement of Investments for additional detailed categorizations.
†† Amount shown represents unrealized depreciation at period end.
††† Certain of the fund’s liabilities are held at carrying amount, which approximates fair value for financial reporting purposes.
(b) Securities transactions and investment income: Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Interest income, adjusted for accretion of discount and amortization of premium on investments, is earned from settlement date and recognized on the accrual basis. Securities purchased or sold on a when issued or delayed delivery basis may be settled a month or more after the trade date.
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund, BNY Mellon Massachusetts Intermediate Municipal Bond Fund and BNY Mellon New York Intermediate Tax-Exempt Bond Fund each follow an investment policy of investing primarily in municipal obligations of one state. Economic changes affecting the state and certain of its public bodies and municipalities may affect the ability of issuers within the state to pay interest on, or repay principal of, municipal obligations held by the funds.
(c) Dividends and distributions to shareholders: It is the policy of each fund to declare dividends daily from investment income-net. Such dividends are paid monthly. Dividends from net realized capital gains, if any, are normally declared and paid annually, but each fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the “Code”). To the extent that net realized capital gains can be offset by capital loss carryovers, it is the policy of each fund not to distribute such gains. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
(d) Federal income taxes: It is the policy of each fund to continue to qualify as a regulated investment company, which can distribute tax-exempt dividends, by complying with the applicable provisions of the Code, and to make distributions of income and net realized capital gain sufficient
92
to relieve it from substantially all federal income and excise taxes. For federal income tax purposes, each fund is treated as a separate entity for the purpose of determining such qualification.
As of and during the period ended February 28, 2017, the funds did not have any liabilities for any uncertain tax positions. Each fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the period ended February 28, 2017, the funds did not incur any interest or penalties.
Each tax year in the three-year period ended August 31, 2016 remains subject to examination by the Internal Revenue Service and state taxing authorities.
Under the Regulated Investment Company Modernization Act of 2010, each fund is permitted to carry forward capital losses for an unlimited period. Furthermore, capital loss carryovers retain their character as either short-term or long-term capital losses.
Table 2 summarizes each relevant fund’s unused capital loss carryover available for federal income tax purposes to be applied against future net realized capital gains, realized subsequent to August 31, 2016.
Table 3 summarizes each fund’s tax character of distributions paid to shareholders during the fiscal year ended August 31, 2016. The tax character of current year distributions will be determined at the end of the current fiscal year.
Table 2—Capital Loss Carryover | ||||||
Short-Term | Long-Term | Total($) | ||||
BNY Mellon Municipal Opportunities Fund | 29,749,625 | 16,042,039 | 45,791,664 |
† Short-term capital losses which can be carried forward for an unlimited period.
†† Long-term capital losses which can be carried forward for an unlimited period.
Table 3—Tax Character of Distributions Paid | |||||||
2016 | |||||||
| Tax-Exempt |
| Ordinary | Long-Term Capital | |||
BNY Mellon National Intermediate Municipal Bond Fund | 54,673,461 | 121,472 | 197,392 | ||||
BNY Mellon National Short-Term Municipal Bond Fund | 8,585,687 | 296,479 | 272,439 | ||||
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | 6,909,186 | 139,845 | 728,548 | ||||
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | 8,179,079 | - | - | ||||
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | 4,562,484 | - | 495,210 | ||||
BNY Mellon Municipal Opportunities Fund | 39,326,061 | 1,143,615 | - |
NOTE 2—Bank Lines of Credit:
The funds participate with other Dreyfus-managed funds in an $810 million unsecured credit facility led by Citibank, N.A. and a $300 million unsecured credit facility provided by The Bank of New York Mellon (each, a “Facility”), each to be utilized primarily for temporary or emergency purposes, including the financing of redemptions. Prior to October 5, 2016, the unsecured credit facility with Citibank, N.A. was $555 million. In connection therewith, each fund has agreed to pay its pro rata portion of commitment fees for each Facility. Interest is charged to the funds based on rates determined pursuant to the terms of the respective Facility at the time of borrowing. During the period ended February 28, 2017, the funds did not borrow under the Facilities.
NOTE 3—Investment Advisory Fee, Administration Fee and Other Transactions with Affiliates:
(a) Fees payable by the funds pursuant to the provisions of an Investment Advisory Agreement with the Investment Adviser are payable monthly, computed on the average daily value of each fund’s net assets at the following annual rates: .35% of BNY Mellon National Intermediate Municipal Bond Fund, .35% of BNY Mellon National Short-Term Municipal Bond Fund, .50% of BNY Mellon Pennsylvania Intermediate Municipal Bond Fund, .35% of BNY Mellon Massachusetts Intermediate Municipal Bond Fund, .50% of BNY Mellon New York Intermediate Tax-Exempt Bond Fund and .50% of BNY Mellon Municipal Opportunities Fund.
For BNY Mellon New York Intermediate Tax-Exempt Bond Fund, the Investment Adviser has contractually agreed from September 1, 2016 through December 31, 2017, to waive receipt of its fees and/or assume the expense of the fund so that the direct expense of neither class (excluding Shareholder Services Plan fees, taxes, interest expense, brokerage commissions, commitment fees on borrowings and extraordinary expenses) exceed .59% of the value of the fund’s average daily net assets. The reduction in expenses,
93
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
pursuant to the undertaking, amounted to $115,241 during the period ended February 28, 2017.
Pursuant to the Administration Agreement, The Bank of New York Mellon provides or arranges for fund accounting, transfer agency and other fund administration services and receives a fee based on the total net assets of the Trust based on the following rates:
0 up to $6 billion .15%
$6 billion up to $12 billion .12%
In excess of $12 billion .10%
(b) Each fund has adopted a Shareholder Services Plan with respect to its Investor shares. Each fund pays the Distributor at an annual rate of .25% of the value of its Investor shares average daily net assets for the provision of certain services. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding a fund and providing reports and other information, and services related to the maintenance of such shareholder accounts. The Shareholder Services Plan allows the Distributor to make payments from the shareholder services fees it collects from each fund to compensate service agents (certain banks, securities brokers or dealers and other financial institutions) with respect to these services. Table 4 summarizes the amounts Investor shares were charged during the period ended February 28, 2017, pursuant to the Shareholder Services Plan. Additional fees included in Shareholder servicing costs in the Statements of Operations primarily include fees paid for cash management charges.
Table 4—Shareholder Services Plan Fees |
|
BNY Mellon National Intermediate | $66,663 |
BNY Mellon National Short-Term | 8,211 |
BNY Mellon Pennsylvania Intermediate | 7,111 |
BNY Mellon Massachusetts Intermediate | 11,104 |
BNY Mellon New York Intermediate | 16,642 |
BNY Mellon Municipal | 22,224 |
The funds have arrangements with the transfer agent and the custodian whereby the funds may receive earnings credits when positive cash balances are maintained, which are used to offset transfer agency and custody fees. For financial reporting purposes, the funds include net earnings credits as expense offsets in the Statements of Operations.
Each fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of Dreyfus, under a transfer agency agreement for providing transfer agency and cash management services for the funds. The majority of transfer agency fees are comprised of amounts paid on a per account basis, while cash management fees are related to fund subscriptions and redemptions. The Bank of New York Mellon pays each fund’s transfer agent fees out of the administration fee it receives from the Trust. Table 5 summarizes the amount each fund was charged during the period ended February 28, 2017 for cash management services, which is included in Shareholder servicing costs in the Statements of Operations. Cash management fees were partially offset by earnings credits, also summarized in Table 5.
Each fund compensates The Bank of New York Mellon, under a custody agreement for providing custodial services for each fund. These fees are determined based on net assets, geographic region and transaction activity. Table 6 summarizes the amount each fund was charged during the period ended February 28, 2017 pursuant to the custody agreement.
Table 6—Custody Agreement Fees |
|
BNY Mellon National Intermediate | $53,293 |
BNY Mellon National Short-Term | 39,591 |
BNY Mellon Pennsylvania Intermediate | 12,734 |
BNY Mellon Massachusetts Intermediate | 15,672 |
BNY Mellon New York Intermediate | 9,401 |
BNY Mellon Municipal | 41,411 |
Table 5—Cash Management Agreement Fees | |||
| Dreyfus Transfer, Inc. | Dreyfus Transfer, Inc. | |
BNY Mellon National Intermediate Municipal Bond Fund | 201 | (149) | |
BNY Mellon National Short-Term Municipal Bond Fund | 52 | (39) | |
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | 24 | (17) | |
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | 75 | (56) | |
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | 216 | (160) | |
BNY Mellon Municipal Opportunities Fund | 44 | (33) |
94
Each fund compensates The Bank of New York Mellon under a shareholder redemptions draft processing agreement for providing certain services related to the funds’ check writing privilege. Table 7 summarizes the amount each fund was charged during the period ended February 28, 2017 for cash management services, which is included in Shareholder servicing costs in the Statements of Operations.
Table 7—The Bank of New York Mellon Cash Management Fees | |
BNY Mellon National Intermediate | $97 |
BNY Mellon National Short-Term | 21 |
BNY Mellon Pennsylvania Intermediate | 11 |
BNY Mellon Massachusetts Intermediate | 44 |
BNY Mellon New York Intermediate | 124 |
BNY Mellon Municipal | 18 |
During the period ended February 28, 2017, each fund was charged $5,604 for services performed by the Chief Compliance Officer and his staff.
Table 8 summarizes the components of “Due to The Dreyfus Corporation and affiliates” in the Statements of Assets and Liabilities for each fund.
(c) Each Board member also serves as a Board member of other funds within the Trust. Annual retainer fees and attendance fees are allocated to each fund based on net assets.
NOTE 4—Securities Transactions:
Table 9 summarizes each fund’s aggregate amount of purchases and sales of investment securities, excluding short-term securities and futures, during the period ended February 28, 2017.
Table 8—Due to The Dreyfus Corporation and Affiliates | |||||
| Investment | Shareholder | Custodian | Chief | Less Expense |
BNY Mellon National Intermediate Municipal Bond Fund | 557,771 | 9,757 | 76,596 | 4,670 | - |
BNY Mellon National Short-Term Municipal Bond Fund | 248,509 | 1,453 | 59,255 | 4,670 | - |
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | 87,274 | 1,082 | 18,900 | 4,670 | - |
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | 78,032 | 1,915 | 22,770 | 4,670 | - |
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | 63,901 | 2,441 | 13,467 | 4,670 | (18,915) |
BNY Mellon Municipal Opportunities Fund | 460,828 | 3,054 | 61,198 | 4,670 | - |
Table 9—Purchases and Sales | ||
| Purchases ($) | Sales ($) |
BNY Mellon National Intermediate Municipal Bond Fund | 340,259,893 | 433,102,624 |
BNY Mellon National Short-Term Municipal Bond Fund | 133,328,509 | 297,364,123 |
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | 29,396,234 | 49,728,120 |
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | 57,840,279 | 112,196,825 |
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | 28,698,669 | 42,600,667 |
BNY Mellon Municipal Opportunities Fund | 218,444,256 | 136,485,246 |
95
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
Inverse Floater Securities: BNY Mellon Municipal Opportunities Fund participates in secondary inverse floater structures in which fixed-rate, tax-exempt municipal bonds are transferred to a trust (the “Inverse Floater Trust”). The Inverse Floater Trust typically issues two variable rate securities that are collateralized by the cash flows of the fixed-rate, tax-exempt municipal bonds. One of these variable rate securities pays interest based on a short-term floating rate set by a remarketing agent at predetermined intervals (“Trust Certificates”). A residual interest tax-exempt security is also created by the Inverse Floater Trust, which is transferred to the fund, and is paid interest based on the remaining cash flows of the Inverse Floater Trust, after payment of interest on the other securities and various expenses of the Inverse Floater Trust. An inverse floater security may be collapsed without the consent of the fund due to certain termination events such as bankruptcy, default or other credit event.
The fund accounts for the transfer of bonds to the Inverse Floater Trust as secured borrowings, with the securities transferred remaining in the fund’s investments, and the related floating rate certificate securities reflected as fund liabilities in the Statement of Assets and Liabilities.
The fund may invest in inverse floater securities on either a non-recourse or recourse basis. These securities are typically supported by a liquidity facility provided by a bank or other financial institution (the “Liquidity Provider”) that allows the holders of the Trust Certificates to tender their certificates in exchange for payment from the Liquidity Provider of par plus accrued interest on any business day prior to a termination event. When the fund invests in inverse floater securities on a non-recourse basis, the Liquidity Provider is required to make a payment under the liquidity facility due to a termination event to the holders of the Trust Certificates. When this occurs, the Liquidity Provider typically liquidates all or a portion of the municipal securities held in the Inverse Floater Trust. A liquidation shortfall occurs if the Trust Certificates exceed the proceeds of the sale of the bonds in the Inverse Floater Trust (“Liquidation Shortfall”). When a fund invests in inverse floater securities on a recourse basis, the fund typically enters into a reimbursement agreement with the Liquidity Provider where the fund is required to repay the Liquidity Provider the amount of any Liquidation Shortfall. As a result, a fund investing in a recourse inverse floater security bears the risk of loss with respect to any Liquidation Shortfall.
The average amount of borrowings outstanding under the inverse floater structure during the period ended February 28, 2017, was approximately $64,258,000 with a related weighted average annualized interest rate of 1.25%.
Derivatives: A derivative is a financial instrument whose performance is derived from the performance of another asset. Each type of derivative instrument that was held by each fund during the period ended February 28, 2017 is discussed below.
Futures: In the normal course of pursuing its investment objective, BNY Mellon National Intermediate Municipal Bond Fund, BNY Mellon Pennsylvania Intermediate Municipal Bond Fund, BNY Mellon Massachusetts Intermediate Municipal Bond Fund, BNY Mellon New York Intermediate Tax-Exempt Bond Fund and BNY Mellon Municipal Opportunities Fund are exposed to market risk, including interest rate risk, as a result of changes in value of underlying financial instruments. The funds invest in futures in order to manage its exposure to or protect against changes in the market. A futures contract represents a commitment for the future purchase or a sale of an asset at a specified date. Upon entering into such contracts, these investments require initial margin deposits with a counterparty, which consist of cash or cash equivalents. The amount of these deposits is determined by the exchange or Board of Trade on which the contract is traded and is subject to change. Accordingly, variation margin payments are received or made to reflect daily unrealized gains or losses which are recorded in the Statements of Operations. When the contracts are closed, the funds recognize a realized gain or loss which is reflected in the Statements of Operations. There is minimal counterparty credit risk to the funds with futures since they are exchange traded, and the exchange guarantees the futures against default. Futures open at February 28, 2017 are set forth in the Statements of Futures.
96
Table 10 summarizes each fund’s average market value of derivatives outstanding during the period ended February 28, 2017.
Table 10—Average Market Value of Derivatives |
|
Average | |
BNY Mellon National Intermediate | $91,144,033 |
BNY Mellon Pennsylvania Intermediate | 10,174,722 |
BNY Mellon Massachusetts Intermediate | 13,952,632 |
BNY Mellon New York Intermediate | 7,420,768 |
BNY Mellon Municipal | 262,447,835 |
Table 11 summarizes gross appreciation, gross depreciation and accumulated net unrealized appreciation (depreciation) on investments for each fund at February 28, 2017.
At February 28, 2017, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statements of Investments).
Table 11—Accumulated Net Unrealized Appreciation (Depreciation) | |||
| Gross | Gross | Net ($) |
BNY Mellon National Intermediate Municipal Bond Fund | 62,220,114 | 22,632,282 | 39,587,832 |
BNY Mellon National Short-Term Municipal Bond Fund | 2,182,721 | 5,327,520 | (3,144,799) |
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | 6,890,155 | 5,367,215 | 1,522,940 |
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | 8,782,024 | 5,308,677 | 3,473,347 |
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | 4,742,287 | 1,950,377 | 2,791,910 |
BNY Mellon Municipal Opportunities Fund | 70,381,840 | 28,112,971 | 42,268,869 |
97
NOTES
98
NOTES
99
The BNY Mellon Funds
c/o The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Investment Adviser
BNY Mellon Fund Advisers, a division of
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Administrator
The Bank of New York Mellon
225 Liberty Street
New York, NY 10286
Sub-Administrator
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Custodian
The Bank of New York Mellon
225 Liberty Street
New York, NY 10286
Transfer Agent &
Dividend Disbursing Agent
Dreyfus Transfer, Inc.
200 Park Avenue
New York, NY 10166
Distributor
MBSC Securities Corporation
200 Park Avenue
New York, NY 10166
Ticker Symbols: | ||||||||
BNY Mellon National Intermediate Municipal Bond Fund | Class M: MPNIX | Investor: MINMX | ||||||
BNY Mellon National Short-Term Municipal Bond Fund | Class M: MPSTX | Investor: MINSX | ||||||
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | Class M: MPPIX | Investor: MIPAX | ||||||
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | Class M: MMBMX | Investor: MMBIX | ||||||
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | Class M: MNYMX | Investor: MNYIX | ||||||
BNY Mellon Municipal Opportunities Fund | Class M: MOTMX | Investor: MOTIX |
Telephone Wealth Management (WM) Clients, please contact your Account Officer or call 1-888-281-7350. Brokerage Clients of BNY Mellon Wealth Advisors (BNYWA), please contact your financial representative or call 1-800-830-0549, Option 2. Individual Account holders, please call Dreyfus at 1-800-DREYFUS.
Mail WM clients, write to your Account Officer, c/o The Bank of New York Mellon, One Mellon Bank Center, Pittsburgh, PA 15258
BNYMWA Brokerage Clients, write to your financial representative, P.O. Box 9012, Hicksville, NY 11802-9012
Individual Account Holders, write to: BNY Mellon Funds, P.O. Box 9879, Providence, RI 02940-8079
Each fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The fund’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
A description of the policies and procedures that the fund uses to determine how to vote proxies relating to portfolio securities, and information regarding how the fund voted these proxies for the most recent 12-month period ended June 30 is available at http://www.dreyfus.com and on the SEC’s website at http://www.sec.gov. The description of the policies and procedures is also available without charge, upon request, by calling 1-800-DREYFUS.
© 2016 MBSC Securities Corporation | MFTSA0217-MB |
The BNY Mellon Funds
BNY Mellon Government Money Market Fund
BNY Mellon National Municipal Money Market Fund
SEMIANNUAL REPORT February 28, 2017 | |
Contents
THE FUNDS
FOR MORE INFORMATION
Back Cover
The views expressed herein are current to the date of this report. These views and the composition of the funds’ portfolios are subject to change at any time based on market and other conditions. |
Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value |
The Funds |
Dear Shareholder:
We are pleased to present this semiannual report for BNY Mellon Funds Trust, covering the six-month period from September 1, 2016 through February 28, 2017. For information about how the fund performed during the reporting period, as well as general market perspectives, we provide a Discussion of Fund Performance on the pages that follow.
Stocks advanced solidly but bonds lost a degree of value over the reporting period amid heightened market volatility stemming from various economic and political developments. After rallying in response to stabilizing commodity prices, improving global economic data, and better-than-expected corporate earnings, stocks and corporate-backed bonds generally produced flat returns in September. Meanwhile, U.S. government securities began to give back previous gains in anticipation of higher inflation and short-term interest-rate hikes from U.S. monetary policymakers. Stock prices moderated in the weeks before U.S. elections in November, but equity markets subsequently rallied to a series of new highs over the remainder of the reporting period as investors revised their expectations for U.S. fiscal, regulatory, and tax policies. In the bond market, yields surged higher and prices fell after the election, while lower rated corporate-backed bonds continued to advance in anticipation of a more business-friendly political climate.
U.S. political developments and ongoing global economic headwinds suggest that volatility may persist in the financial markets over the foreseeable future. Some asset classes and industry groups seem likely to benefit from a changing economic and geopolitical landscape, while others probably will face challenges. Consequently, selectivity seems likely to be an important determinant of investment success in the months ahead. As always, we encourage you to discuss the implications of our observations with your financial advisor.
Sincerely,
Patrick T. Crowe
President
BNY Mellon Funds Trust
March 15, 2017
3
DISCUSSION OF FUND PERFORMANCE
For the period from September 1, 2016 through February 28, 2017, as provided by Patricia A. Larkin, Senior Portfolio Manager
Market and Fund Performance Overview
For the six-month period ended February 28, 2017, BNY Mellon Government Money Market Fund’s Class M shares produced an annualized yield of 0.15%, and its Investor shares produced an annualized yield of 0.01%. Taking into account the effects of compounding, the fund’s Class M shares and Investor shares produced annualized effective yields of 0.15% and 0.01%, respectively.1
Yields of money market instruments climbed modestly over the reporting period when the Federal Reserve Board (the “Fed”) raised short-term interest rates and investors anticipated higher levels of inflation and economic growth.
The Fund’s Investment Approach
The fund seeks as high a level of current income as is consistent with the preservation of capital and the maintenance of liquidity. To pursue its goal, the fund, which is a “government money market fund,” normally invests at least 99.5% of its total assets in securities issued or guaranteed as to principal and interest by the U.S. government or its agencies or instrumentalities, repurchase agreements collateralized solely by cash and/or government securities, and cash. The securities in which the fund invests include those backed by the full faith and credit of the U.S. government, and those that are neither insured nor guaranteed by the U.S. government. The fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in government securities and/or repurchase agreements that are collateralized solely by government securities.
U.S. Economy Continued to Expand Slowly
The reporting period began in the midst of an economic recovery characterized by a strengthening labor market, improved consumer confidence, and rising corporate earnings. In September, 249,000 new jobs were added to the U.S. labor force even as the unemployment rate climbed to 5.0%. U.S. GDP grew at a relatively robust 3.5% annualized rate for the third quarter overall.
Despite political uncertainty ahead of the U.S. election, economic data generally remained positive in October. The unemployment rate slid lower to 4.9% as an estimated 124,000 jobs were created, and quarterly corporate earnings exceeded most analysts’ expectations. November saw a post-election rally in most financial markets when investors looked forward to more stimulative fiscal, tax, and regulatory policies from a new presidential administration. Consumer confidence rose to its highest level since July 2007, and the unemployment rate slid to 4.6% while 164,000 new jobs were created.
The Fed implemented a long-awaited rate hike in December, raising the overnight federal funds rate by 0.25 percentage points to between 0.50% and 0.75% in response to labor market gains and an expected acceleration of inflation. The unemployment rate ticked up to end the year at 4.7%, and 155,000 jobs were created during the month. In addition, consumer confidence continued to improve. U.S. GDP growth moderated to an estimated 1.9% annualized rate during the fourth quarter as declining export activity partly offset gains in consumer spending.
In January 2017, the economy added 238,000 new jobs, but the unemployment rate increased to 4.8%. Meanwhile, both manufacturing and non-manufacturing activity continued to expand. February saw additional growth in the U.S. labor market with the addition of 235,000 jobs, a reduction in first-time claims for unemployment benefits, and a decrease in the unemployment rate to 4.7%. Corporate earnings reports generally continued to exceed analysts’ expectations, manufacturing activity continued to expand, and consumer and business confidence remained high.
More Rate Hikes Expected
As of the reporting period’s end, investors have continued to respond positively to expectations that a tighter labor market and the new presidential administration’s business-friendly agenda will fuel greater economic growth and rising inflationary pressures. Therefore, most analysts expect the Fed to raise short-term rates further in 2017. Indeed, just two weeks after the end of the reporting period, the Fed implemented its second rate hike in three months, raising the federal funds rate another 0.25 percentage points to between 0.75% and 1.00%.
In the rising interest-rate environment, we have maintained the fund’s weighted average maturity in a range that is modestly shorter than industry averages. This strategy seeks to capture higher yields as they become available. As always, we have retained our longstanding focus on quality and liquidity.
March 15, 2017
An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (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.
Short-term corporate, asset-backed securities holdings and municipal securities holdings (as applicable), while rated in the highest rating category by one or more Nationally Recognized Statistical Ratings Organizations (NRSROs) (or unrated, if deemed of comparable quality by the investment adviser), involve credit and liquidity risks and risk of principal loss.
1 Annualized effective yield is based upon dividends declared daily and reinvested monthly. Past performance is no guarantee of future results. Yields fluctuate. Yields provided reflect the absorption of certain fund expenses by the investment adviser pursuant to an undertaking, which is voluntary and temporary, not contractual, and that can be terminated at any time without notice. Had these expenses not been absorbed, fund yields would have been lower, and in some cases, 7-day yields during the reporting period would have been negative absent the expense absorption.
4
For the period from September 1, 2016 through February 28, 2017, as provided by Joseph Irace, Senior Portfolio Manager
Market and Fund Performance Overview
For the six-month period ended February 28, 2017, BNY Mellon National Municipal Money Market Fund’s Class M shares produced an annualized yield of 0.37%, and Investor shares produced an annualized yield of 0.12%. Taking into account the effects of compounding, the fund’s Class M and Investor shares also produced annualized effective yields of 0.37% and 0.12%, respectively.1
Yields of municipal money market instruments climbed over the reporting period in response to changing supply-and-demand dynamics and higher short-term interest rates from the Federal Reserve Board (the “Fed”).
The Fund’s Investment Approach
The fund seeks as high a level of current income exempt from federal income tax as is consistent with the preservation of capital and maintenance of liquidity. To pursue its goal, the fund invests at least 80% of its net assets in short-term, high-quality municipal obligations that provide income exempt from federal income tax. Among these are municipal notes, short-term municipal bonds, tax-exempt commercial paper, and municipal leases. The fund may invest up to 20% of its total assets in taxable money market securities, such as U.S. government obligations, U.S. and foreign bank and corporate obligations, and commercial paper. The fund also may invest in custodial receipts.
Supply-and-Demand Factors Drove Yields Higher
In the months before the start of the reporting period, supply-and-demand dynamics caused yields of one-year municipal notes and variable rate demand notes (VRDNs) to begin to rise from historically low levels. Demand for tax-exempt money market instruments fell significantly in anticipation of money market reforms slated to take effect in October 2016, but issuance volumes increased from states and local authorities entering the market with one-year note financings in advance of expected rate hikes from the Fed. These developments put significant upward pressure on short-term yields through October.
Yields of one-year notes climbed further in the weeks following the U.S. elections in November, when investors revised upward their expectations for U.S. economic growth, inflation, and interest rates in anticipation of more economically stimulative fiscal, tax, and regulatory policies from a new presidential administration. In mid-December, the Fed increased its target for the overnight federal funds rate by 25 basis points to between 0.50% and 0.75%. Yields moderated slightly, however, when investor demand increased and new issuance volumes fell over the first two months of 2017. Meanwhile, yields of seven-day VRDNs peaked in October, falling somewhat when supply-and-demand forces stabilized after the implementation of money market reforms. VRDN yields subsequently remained in a relatively narrow trading range over the final months of the reporting period.
Despite some isolated pockets of concern, fiscal conditions for tax-exempt issuers generally have remained favorable, as municipal credit quality appears to have stabilized after years of gradual improvement. This is particularly evident at the state government level, where replenished rainy day emergency funds may provide a cushion against future economic downturns. In addition, tax receipts for most states have surpassed pre-recession levels.
Maintaining a Prudent Investment Posture
In this environment, most municipal money market funds maintained historically short weighted average maturities with a focus on liquidity. The fund was no exception, as we set its weighted average maturity in a range that is consistent with industry averages. Indeed, the fund’s weighted average maturity helped it capture higher yields more quickly.
We also have maintained a careful and well-researched credit selection strategy. We have focused mainly on instruments with strong liquidity characteristics, including VRDNs, and we have emphasized broad diversification across municipal issuers and instruments backed by third parties. In our judgment, many state general obligation bonds; essential service revenue bonds issued by water, sewer, and electric enterprises; certain local credits with strong financial positions and stable tax bases; and various health care and education issuers should remain stable credits.
More Rate Hikes Expected
While it remains to be seen if the new presidential administration’s fiscal and tax proposals will be enacted into law, many investors currently expect higher government spending and a friendlier business environment. Indeed, just two weeks after the reporting period’s end, the Fed implemented its second rate hike in three months by raising the federal funds rate by 0.25 percentage points to between 0.75% and 1.00%. The Fed’s statement suggested that the U.S. labor market and economic activity were likely to continue to expand, but that monetary policy will remain accommodative for some time.
While most analysts expect additional rate hikes in 2017, we believe that any increases are likely to be modest. Therefore, in our view, an emphasis on preservation of capital and liquidity remains the prudent course for the fund’s management.
March 15, 2017
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.
Short-term corporate, asset-backed securities holdings and municipal securities holdings (as applicable), while rated in the highest rating category by one or more nationally recognized statistical rating organizations (or unrated, if deemed of comparable quality by Dreyfus), involve credit and liquidity risks and risk of principal loss.
1 Annualized effective yield is based upon dividends declared daily and reinvested monthly. Past performance is no guarantee of future results. Yields fluctuate. Yields provided reflect the absorption of certain fund expenses by the investment adviser pursuant to an undertaking, which is voluntary and temporary, not contractual, and can be terminated at any time without notice. Had these expenses not been absorbed, fund yields would have been lower, and in some cases, 7-day yields during the reporting period would have been negative absent the expense absorption.
5
UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited)
As a mutual fund investor, you pay ongoing expenses, such as management fees and other expenses. Using the information below, you can estimate how these expenses affect your investment and compare them with the expenses of other funds. You also may pay one-time transaction expenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial adviser.
Review your fund’s expenses
The table below shows the expenses you would have paid on a $1,000 investment in each class of each fund from September 1, 2016 to February 28, 2017. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.
Expenses and Value of a $1,000 Investment |
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assuming actual returns for the six months ended February 28, 2017 | ||||||||||||||||||
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| Class M |
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| Investor Shares |
| |||||||
BNY Mellon Government Money Market Fund | ||||||||||||||||||
Expenses paid per $1,000† | $ | 1.54 | $ | 2.28 | ||||||||||||||
Ending value (after expenses) | $ | 1,000.80 | $ | 1,000.10 | ||||||||||||||
Annualized expense ratio (%) | .31 | .46 | ||||||||||||||||
BNY Mellon National Municipal Money Market Fund | ||||||||||||||||||
Expenses paid per $1,000† | $ | 1.59 | $ | 2.83 | ||||||||||||||
Ending value (after expenses) | $ | 1,001.90 | $ | 1,000.60 | ||||||||||||||
Annualized expense ratio (%) | .32 | .57 |
COMPARING YOUR FUND’S EXPENSES
WITH THOSE OF OTHER FUNDS (Unaudited)
Using the SEC’s method to compare expenses
The Securities and Exchange Commission (SEC) has established guidelines to help investors assess fund expenses. Per these guidelines, the table below shows your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return. You can use this information to compare the ongoing expenses (but not transaction expenses or total cost) of investing in the fund with those of other funds. All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.
Expenses and Value of a $1,000 Investment |
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assuming a hypothetical 5% annualized return for the six months ended February, 28, 2017 | ||||||||||||||||||
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| Class M |
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| Investor Shares |
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BNY Mellon Government Money Market Fund | ||||||||||||||||||
Expenses paid per $1,000† | $ | 1.56 | $ | 2.31 | ||||||||||||||
Ending value (after expenses) | $ | 1,023.26 | $ | 1,022.51 | ||||||||||||||
Annualized expense ratio (%) | .31 | .46 | ||||||||||||||||
BNY Mellon National Municipal Money Market Fund | ||||||||||||||||||
Expenses paid per $1,000† | $ | 1.61 | $ | 2.86 | ||||||||||||||
Ending value (after expenses) | $ | 1,023.21 | $ | 1,021.97 | ||||||||||||||
Annualized expense ratio (%) | .32 | .57 |
† Expenses are equal to each fund’s annualized expense ratios as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
6
STATEMENT OF INVESTMENTS
February 28, 2017 (Unaudited)
BNY Mellon Government Money Market Fund | |||||
U.S. Government Agencies - 32.7% | Principal | Value ($) | |||
Federal Farm Credit Bank | |||||
0.83% - 0.92%, 3/1/17 - 8/27/18 | 45,000,000 | a | 44,978,958 | ||
Federal Home Loan Bank | |||||
0.53% - 0.56%, 3/8/17 - 5/12/17 | 100,000,000 | 99,939,223 | |||
Federal Home Loan Bank | |||||
0.73% - 0.78%, 3/9/17 - 3/28/17 | 100,000,000 | a | 100,000,010 | ||
Total U.S. Government Agencies |
| ||||
U.S. Treasury Notes - 23.9% | |||||
U.S. Treasury Floating Rate Notes | |||||
0.66%, 3/1/17 | 4,000,000 | 4,000,000 | |||
U.S. Treasury Notes | |||||
0.52% - 0.80%, 4/30/17 - 9/30/17 | 175,000,000 | 174,998,247 | |||
Total U.S. Treasury Notes |
| ||||
Repurchase Agreements - 43.5% | |||||
ABN AMRO Bank | |||||
Tri-Party Agreement thru BNY Mellon, 0.53%, dated 2/28/17, due 3/1/17 in the amount of $33,000,486 (fully collateralized by $32,661,588 U.S. Treasuries, 0.13%-2.63%, due 3/31/17-8/15/25, value $33,660,021) | 33,000,000 | 33,000,000 | |||
Bank of Nova Scotia | |||||
Tri-Party Agreement thru BNY Mellon, 0.52%, dated 2/28/17, due 3/1/17 in the amount of $3,000,043 (fully collateralized by $3,001,044 U.S. Treasuries, 0.13%-6.25%, due 10/31/17-8/15/45, value $3,060,000) | 3,000,000 | 3,000,000 | |||
BNP Paribas | |||||
Tri-Party Agreement thru BNY Mellon, 0.51%, dated 2/28/17, due 3/1/17 in the amount of $100,001,417 (fully collateralized by $106,795,426 U.S. Treasuries (including strips), 0%-3.63%, due 1/31/18-5/15/44, value $102,000,000) | 100,000,000 | 100,000,000 | |||
Credit Agricole CIB | |||||
Tri-Party Agreement thru BNY Mellon, 0.52%, dated 2/28/17, due 3/1/17 in the amount of $40,000,578 (fully collateralized by $44,291,476 U.S. Treasuries (including strips), 0%-4.50%, due 6/30/18-11/15/45, value $40,800,001) | 40,000,000 | 40,000,000 | |||
HSBC USA Inc. | |||||
Tri-Party Agreement thru BNY Mellon, 0.51%, dated 2/28/17, due 3/1/17 in the amount of $150,002,125 (fully collateralized by $152,150,100 U.S. Treasuries, 0.81%-4%, due 1/31/18-5/15/45, value $153,000,080) | 150,000,000 | 150,000,000 | |||
Total Repurchase Agreements |
| ||||
Total Investments (cost $749,916,438) | 100.1% | 749,916,438 | |||
Liabilities, Less Cash and Receivables | (.1%) | (860,291) | |||
Net Assets | 100.0% | 749,056,147 |
a Variable rate security—rate shown is the interest rate in effect at period end. Date shown represents the earlier of the next interest reset date or ultimate maturity date.
Portfolio Summary (Unaudited) † | Value (%) |
Repurchase Agreements | 43.5 |
Federal Home Loan Bank | 26.7 |
U.S. Treasury Notes | 23.4 |
Federal Farm Credit Bank | 6.0 |
U.S. Treasury Floating Rate Notes | .5 |
100.1 |
† Based on net assets.
See notes to financial statements.
7
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Municipal Money Market Fund | |||||||||||
Short-Term Investments - 100.0% | Coupon | Maturity | Principal | Value ($) | |||||||
Alabama - 2.4% | |||||||||||
Chatom Industrial Development Board, | 0.78 | 3/7/17 | 12,700,000 | a | 12,700,000 | ||||||
Arizona - .6% | |||||||||||
Casa Grande Industrial Development Authority, | 0.67 | 3/7/17 | 2,010,000 | a | 2,010,000 | ||||||
Phoenix Industrial Development Authority, | 0.72 | 3/7/17 | 1,140,000 | a | 1,140,000 | ||||||
3,150,000 | |||||||||||
California - 7.8% | |||||||||||
ABAG Finance Authority for Nonprofit Corporations, | 0.70 | 3/7/17 | 2,185,000 | a | 2,185,000 | ||||||
California Enterprise Development Authority, | 0.74 | 3/7/17 | 4,585,000 | a | 4,585,000 | ||||||
California Enterprise Development Authority, | 0.79 | 3/7/17 | 4,900,000 | a | 4,900,000 | ||||||
California Enterprise Development Authority, | 0.74 | 3/7/17 | 10,300,000 | a,b | 10,300,000 | ||||||
California Pollution Control Financing Authority, | 0.85 | 3/7/17 | 2,200,000 | a | 2,200,000 | ||||||
California Statewide Communities Development Authority, | 0.71 | 3/7/17 | 2,200,000 | a | 2,200,000 | ||||||
RIB Floater Trust (Series 2017-004), | 0.72 | 3/7/17 | 14,000,000 | a,b,c | 14,000,000 | ||||||
San Diego County, | 0.74 | 3/7/17 | 300,000 | a | 300,000 | ||||||
Vacaville, | 0.68 | 3/7/17 | 1,400,000 | a | 1,400,000 | ||||||
42,070,000 | |||||||||||
Colorado - 8.9% | |||||||||||
Colorado Educational and Cultural Facilities Authority, | 0.72 | 3/7/17 | 1,165,000 | a | 1,165,000 | ||||||
Colorado Health Facilities Authority, | 0.72 | 3/7/17 | 1,935,000 | a | 1,935,000 | ||||||
JPMorgan Chase Putters Drivers Trust (Series 5008), | 0.62 | 3/1/17 | 12,990,000 | a,b,c | 12,990,000 | ||||||
Pitkin County, | 0.67 | 3/7/17 | 2,235,000 | a | 2,235,000 | ||||||
Sheridan Redevelopment Agency, | 0.66 | 3/7/17 | 4,700,000 | a | 4,700,000 | ||||||
Southern Ute Indian Tribe of the Southern Ute Indian Reservation, | 0.69 | 3/7/17 | 9,000,000 | a | 9,000,000 | ||||||
Southern Ute Indian Tribe of the Southern Ute Indian Reservation, | 0.69 | 3/7/17 | 16,000,000 | a,b | 16,000,000 | ||||||
48,025,000 | |||||||||||
District of Columbia - 1.0% | |||||||||||
District of Columbia, | 0.74 | 3/7/17 | 1,000,000 | a | 1,000,000 |
8
BNY Mellon National Municipal Money Market Fund (continued) | |||||||||||
Short-Term Investments - 100.0% (continued) | Coupon | Maturity | Principal | Value ($) | |||||||
District of Columbia - 1.0% (continued) | |||||||||||
District of Columbia Housing Finance Agency, | 0.67 | 3/7/17 | 4,250,000 | a | 4,250,000 | ||||||
5,250,000 | |||||||||||
Florida - 3.3% | |||||||||||
Brevard County, | 0.77 | 3/7/17 | 445,000 | a | 445,000 | ||||||
Jacksonville, | 0.72 | 3/7/17 | 2,900,000 | a | 2,900,000 | ||||||
Pinellas County Health Facilities Authority, | 0.62 | 3/1/17 | 14,650,000 | a | 14,650,000 | ||||||
17,995,000 | |||||||||||
Georgia - .0% | |||||||||||
Cobb County Development Authority, | 0.72 | 3/7/17 | 175,000 | a | 175,000 | ||||||
Illinois - 4.2% | |||||||||||
Illinois Development Finance Authority, | 0.71 | 3/7/17 | 300,000 | a | 300,000 | ||||||
Illinois Finance Authority, | 0.71 | 3/7/17 | 3,000,000 | a | 3,000,000 | ||||||
Illinois Finance Authority, | 0.72 | 3/7/17 | 2,010,000 | a | 2,010,000 | ||||||
Illinois Finance Authority, | 0.72 | 3/7/17 | 5,080,000 | a | 5,080,000 | ||||||
Illinois Housing Development Authority, | 0.67 | 3/7/17 | 7,845,000 | a | 7,845,000 | ||||||
Lake Villa, | 0.70 | 3/7/17 | 1,880,000 | a | 1,880,000 | ||||||
McCook, | 0.70 | 3/7/17 | 2,800,000 | a | 2,800,000 | ||||||
22,915,000 | |||||||||||
Indiana - 4.9% | |||||||||||
Crawfordsville, | 0.72 | 3/7/17 | 4,000,000 | a | 4,000,000 | ||||||
Indiana Development Finance Authority, | 0.70 | 3/7/17 | 5,350,000 | a | 5,350,000 | ||||||
Indiana Development Finance Authority, | 0.71 | 3/7/17 | 3,500,000 | a | 3,500,000 | ||||||
Indiana Finance Authority, | 0.70 | 3/7/17 | 2,310,000 | a | 2,310,000 | ||||||
Indiana Finance Authority, | 0.70 | 3/7/17 | 3,535,000 | a | 3,535,000 | ||||||
Indiana Health Facility Financing Authority, | 0.72 | 3/7/17 | 1,900,000 | a | 1,900,000 | ||||||
Saint Joseph County, | 0.70 | 3/7/17 | 5,605,000 | a | 5,605,000 | ||||||
26,200,000 | |||||||||||
Iowa - .3% | |||||||||||
Iowa Finance Authority, | 0.68 | 3/7/17 | 1,880,000 | a | 1,880,000 |
9
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Municipal Money Market Fund (continued) | |||||||||||
Short-Term Investments - 100.0% (continued) | Coupon | Maturity | Principal | Value ($) | |||||||
Kentucky - .8% | |||||||||||
Jefferson County, | 0.75 | 3/7/17 | 3,625,000 | a | 3,625,000 | ||||||
Lexington-Fayette Urban County Government, | 0.70 | 3/7/17 | 705,000 | a | 705,000 | ||||||
4,330,000 | |||||||||||
Louisiana - 4.7% | |||||||||||
Louisiana Local Government Environmental Facilities and Community Development Authority, | 0.69 | 3/7/17 | 3,650,000 | a | 3,650,000 | ||||||
Louisiana Public Facilities Authority, | 0.61 | 3/1/17 | 21,450,000 | a | 21,450,000 | ||||||
25,100,000 | |||||||||||
Maryland - 1.2% | |||||||||||
Baltimore County, | 0.68 | 3/7/17 | 4,165,000 | a | 4,165,000 | ||||||
Maryland Economic Development Corporation, | 0.81 | 3/7/17 | 2,145,000 | a | 2,145,000 | ||||||
6,310,000 | |||||||||||
Michigan - 4.6% | |||||||||||
Michigan Housing Development Authority, | 0.70 | 3/7/17 | 25,025,000 | a | 25,025,000 | ||||||
Minnesota - .3% | |||||||||||
Minneapolis, | 0.72 | 3/7/17 | 240,000 | a | 240,000 | ||||||
Minnesota Higher Education Facilities Authority, | 0.70 | 3/7/17 | 1,200,000 | a | 1,200,000 | ||||||
1,440,000 | |||||||||||
Mississippi - .2% | |||||||||||
Mississippi Business Finance Corporation, | 0.69 | 3/7/17 | 1,000,000 | a | 1,000,000 | ||||||
New Jersey - 3.2% | |||||||||||
New Jersey Economic Development Authority, | 0.77 | 3/7/17 | 400,000 | a | 400,000 | ||||||
New Jersey Health Care Facilities Financing Authority, | 0.70 | 3/7/17 | 280,000 | a | 280,000 | ||||||
Tender Option Bond Trust Receipts (Series 2016-XF2370), | 0.71 | 3/7/17 | 3,670,000 | a,b,c | 3,670,000 | ||||||
Tender Option Bond Trust Receipts (Series 2016-ZF0468), | 0.71 | 3/7/17 | 11,500,000 | a,b,c | 11,500,000 | ||||||
Tender Option Bond Trust Receipts (Series 2016-ZF0470), | 0.71 | 3/7/17 | 1,200,000 | a,b,c | 1,200,000 | ||||||
17,050,000 | |||||||||||
New York - 29.6% | |||||||||||
JPMorgan Chase Putters/Drivers Trust (Series 5012), | 0.62 | 3/1/17 | 25,000,000 | a,b,c | 25,000,000 | ||||||
Metropolitan Transportation Authority, | 0.62 | 3/1/17 | 25,000,000 | a | 25,000,000 | ||||||
New York City, | 0.62 | 3/1/17 | 25,000,000 | a | 25,000,000 | ||||||
New York City Capital Resource Corporation, | 0.76 | 3/7/17 | 3,700,000 | a | 3,700,000 |
10
BNY Mellon National Municipal Money Market Fund (continued) | |||||||||||
Short-Term Investments - 100.0% (continued) | Coupon | Maturity | Principal | Value ($) | |||||||
New York - 29.6% (continued) | |||||||||||
New York City Municipal Water Finance Authority, | 0.61 | 3/1/17 | 25,000,000 | a | 25,000,000 | ||||||
New York City Transitional Finance Authority, | 0.62 | 3/1/17 | 25,000,000 | a | 25,000,000 | ||||||
Tender Option Bond Trust Receipts (Series 2016-XF2360), | 0.67 | 3/7/17 | 700,000 | a,b,c | 700,000 | ||||||
Tompkins County Industrial Development Agency, | 0.74 | 3/7/17 | 5,300,000 | a | 5,300,000 | ||||||
Triborough Bridge and Tunnel Authority, | 0.62 | 3/1/17 | 25,000,000 | a | 25,000,000 | ||||||
159,700,000 | |||||||||||
North Carolina - .9% | |||||||||||
North Carolina Capital Facilities Finance Agency, | 0.68 | 3/7/17 | 1,620,000 | a | 1,620,000 | ||||||
North Carolina Medical Care Commission, | 0.68 | 3/7/17 | 3,150,000 | a | 3,150,000 | ||||||
4,770,000 | |||||||||||
Ohio - 6.3% | |||||||||||
Allen County, | 0.59 | 3/1/17 | 15,200,000 | a | 15,200,000 | ||||||
Hamilton County, | 0.70 | 3/7/17 | 3,190,000 | a | 3,190,000 | ||||||
RIB Floater Trust (Series 2017-003), | 0.79 | 3/7/17 | 10,250,000 | a,b,c | 10,250,000 | ||||||
Salem, | 0.70 | 3/7/17 | 5,570,000 | a | 5,570,000 | ||||||
34,210,000 | |||||||||||
Pennsylvania - .1% | |||||||||||
Pennsylvania Economic Development Financing Authority, | 0.84 | 3/7/17 | 400,000 | a | 400,000 | ||||||
South Carolina - .4% | |||||||||||
South Carolina Jobs-Economic Development Authority, | 0.72 | 3/7/17 | 2,290,000 | a | 2,290,000 | ||||||
Tennessee - 1.5% | |||||||||||
Clarksville Public Building Authority, | 0.68 | 3/1/17 | 5,200,000 | a | 5,200,000 | ||||||
Clarksville Public Building Authority, | 0.70 | 3/7/17 | 1,150,000 | a | 1,150,000 | ||||||
Hawkins County Industrial Development Board, | 0.87 | 3/7/17 | 1,750,000 | a | 1,750,000 | ||||||
8,100,000 | |||||||||||
Texas - 6.7% | |||||||||||
Atascosa County Industrial Development Corporation, | 0.70 | 3/7/17 | 25,000,000 | a | 25,000,000 | ||||||
Houston, | 0.80 | 3/14/17 | 5,000,000 | 5,000,000 |
11
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Municipal Money Market Fund (continued) | |||||||||||
Short-Term Investments - 100.0% (continued) | Coupon | Maturity | Principal | Value ($) | |||||||
Texas - 6.7% (continued) | |||||||||||
Mission Economic Development Corporation, | 0.69 | 3/7/17 | 6,100,000 | a | 6,100,000 | ||||||
36,100,000 | |||||||||||
Utah - .4% | |||||||||||
Ogden City Redevelopment Agency, | 0.72 | 3/7/17 | 2,370,000 | a | 2,370,000 | ||||||
Vermont - .2% | |||||||||||
Vermont Educational and Health Buildings Financing Agency, | 0.80 | 3/7/17 | 870,000 | a | 870,000 | ||||||
Virginia - 1.5% | |||||||||||
Fairfax County Industrial Development Authority, | 0.68 | 3/7/17 | 2,800,000 | a | 2,800,000 | ||||||
Fairfax County Industrial Development Authority, | 0.68 | 3/7/17 | 2,600,000 | a | 2,600,000 | ||||||
Fairfax County Industrial Development Authority, | 0.68 | 3/7/17 | 2,500,000 | a | 2,500,000 | ||||||
7,900,000 | |||||||||||
Washington - 1.5% | |||||||||||
Squaxin Island Tribe, | 0.71 | 3/7/17 | 8,365,000 | a | 8,365,000 | ||||||
Wisconsin - 2.5% | |||||||||||
Byron, | 0.72 | 3/7/17 | 5,250,000 | a | 5,250,000 | ||||||
Wisconsin Health and Educational Facilities Authority, | 0.72 | 3/7/17 | 5,605,000 | a | 5,605,000 | ||||||
Wisconsin Health and Educational Facilities Authority, | 0.71 | 3/7/17 | 160,000 | a | 160,000 | ||||||
Wisconsin Housing and Economic Development Authority, | 0.66 | 3/7/17 | 2,670,000 | a | 2,670,000 | ||||||
13,685,000 | |||||||||||
Total Investments (cost $539,375,000) | 100.0% | 539,375,000 | |||||||||
Cash and Receivables (Net) | 0.0% | 120,307 | |||||||||
Net Assets | 100.0% | 539,495,307 |
a Variable rate demand note—rate shown is the interest rate in effect at February 28, 2017. Maturity date represents the next demand date, or the ultimate maturity date if earlier.
b Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 28, 2017, these securities amounted to $105,610,000 or 19.58% of net assets.
c The fund does not directly own the municipal security indicated; the fund owns an interest in a special purpose entity that, in turn, owns the underlying municipal security. The special purpose entity permits the fund to own interests in underlying assets, but in a manner structured to provide certain advantages not inherent in the underlying bonds (e.g., enhanced liquidity, yields linked to short-term rates).
12
Portfolio Summary (Unaudited) † | Value (%) |
Industrial | 22.6 |
Health Care | 17.4 |
Transportation Services | 12.4 |
Housing | 9.7 |
Utility-Water and Sewer | 5.6 |
Special Tax | 5.5 |
Utility-Electric | 4.6 |
City | 4.6 |
Education | 3.0 |
State/Territory | 2.1 |
Resource Recovery | 1.1 |
Pollution Control | .4 |
Other | 11.0 |
100.0 |
† Based on net assets.
See notes to financial statements.
13
Summary of Abbreviations (Unaudited) | |||
ABAG | Association of Bay Area | ACA | American Capital Access |
AGC | ACE Guaranty Corporation | AGIC | Asset Guaranty Insurance Company |
AMBAC | American Municipal Bond | ARRN | Adjustable Rate |
BAN | Bond Anticipation Notes | BPA | Bond Purchase Agreement |
CIFG | CDC Ixis Financial Guaranty | COP | Certificate of Participation |
CP | Commercial Paper | DRIVERS | Derivative Inverse |
EDR | Economic Development | EIR | Environmental Improvement |
FGIC | Financial Guaranty | FHA | Federal Housing Administration |
FHLB | Federal Home | FHLMC | Federal Home Loan Mortgage |
FNMA | Federal National | GAN | Grant Anticipation Notes |
GIC | Guaranteed Investment | GNMA | Government National Mortgage |
GO | General Obligation | HR | Hospital Revenue |
IDB | Industrial Development Board | IDC | Industrial Development Corporation |
IDR | Industrial Development | LIFERS | Long Inverse Floating |
LOC | Letter of Credit | LOR | Limited Obligation Revenue |
LR | Lease Revenue | MERLOTS | Municipal Exempt Receipts |
MFHR | Multi-Family Housing Revenue | MFMR | Multi-Family Mortgage Revenue |
PCR | Pollution Control Revenue | PILOT | Payment in Lieu of Taxes |
P-FLOATS | Puttable Floating Option | PUTTERS | Puttable Tax-Exempt Receipts |
RAC | Revenue Anticipation Certificates | RAN | Revenue Anticipation Notes |
RAW | Revenue Anticipation Warrants | RIB | Residual Interest Bonds |
ROCS | Reset Options Certificates | RRR | Resources Recovery Revenue |
SAAN | State Aid Anticipation Notes | SBPA | Standby Bond Purchase Agreement |
SFHR | Single Family Housing Revenue | SFMR | Single Family Mortgage Revenue |
SONYMA | State of New York | SPEARS | Short Puttable Exempt |
SWDR | Solid Waste Disposal Revenue | TAN | Tax Anticipation Notes |
TAW | Tax Anticipation Warrants | TRAN | Tax and Revenue Anticipation Notes |
XLCA | XL Capital Assurance |
See notes to financial statements.
14
STATEMENTS OF ASSETS AND LIABILITIES
February 28, 2017 (Unaudited)
|
|
|
|
|
|
|
| |
|
|
|
| BNY Mellon Government Money Market Fund |
| BNY Mellon National Municipal Money Market Fund |
| |
Assets ($): |
|
|
|
|
|
|
| |
Investments in securities—See Statements |
|
|
| 749,916,438 | †† | 539,375,000 |
| |
Interest receivable |
|
|
| 433,820 |
| 367,780 |
| |
Prepaid expenses |
|
|
| 30,400 |
| 31,615 |
| |
|
|
|
| 750,380,658 |
| 539,774,395 |
|
|
Liabilities ($): |
|
|
|
|
|
|
| |
Due to The Dreyfus Corporation |
|
|
| 149,218 |
| 121,685 |
| |
Due to Administrator—Note 2(a) |
|
|
| 76,620 |
| 52,617 |
| |
Cash overdraft due to Custodian |
|
|
| 1,056,103 |
| 55,341 |
| |
Accrued expenses |
|
|
| 42,570 |
| 49,445 |
| |
|
|
|
| 1,324,511 |
| 279,088 |
|
|
Net Assets ($) |
|
|
| 749,056,147 |
| 539,495,307 |
|
|
Composition of Net Assets ($): |
|
|
|
|
|
|
| |
Paid-in capital |
|
|
| 749,045,694 |
| 540,368,168 |
| |
Accumulated net realized gain (loss) |
|
|
| 10,453 |
| (872,861) |
| |
Net Assets ($) |
|
|
| 749,056,147 |
| 539,495,307 |
|
|
† Investments at cost ($) |
|
|
| 749,916,438 |
| 539,375,000 |
|
|
†† Value of repurchase |
|
|
| 326,000,000 |
| - |
|
|
Net Asset Value Per Share |
|
|
|
|
|
|
| |
Class M |
|
|
|
|
|
|
| |
Net Assets ($) |
|
|
| 735,138,152 |
| 539,455,381 |
| |
Shares Outstanding |
|
|
| 735,130,729 |
| 540,329,083 |
| |
Net Asset Value Per Share ($) |
|
|
| 1.00 |
| 1.00 |
| |
Investor Shares |
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| 13,917,995 |
| 39,926 |
| |
Shares Outstanding |
|
|
| 13,917,759 |
| 40,000 |
| |
Net Asset Value Per Share ($) |
|
|
| 1.00 |
| 1.00 |
| |
| ||||||||
See notes to financial statements. |
|
15
STATEMENTS OF OPERATIONS
Six Months Ended February 28, 2017 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
| BNY Mellon Government Money Market Fund |
| BNY Mellon National Municipal Money Market Fund |
|
Investment Income ($): |
|
|
|
|
|
| ||
Interest Income |
|
| 1,979,356 |
| 1,876,738 |
| ||
Expenses: |
|
|
|
|
|
| ||
Investment advisory fee—Note 2(a) |
|
| 641,388 |
| 408,116 |
| ||
Administration fee—Note 2(a) |
|
| 533,318 |
| 339,342 |
| ||
Professional fees |
|
| 43,334 |
| 27,999 |
| ||
Custodian fees—Note 2(b) |
|
| 41,255 |
| 29,778 |
| ||
Trustees’ fees and expenses—Note 2(c) |
|
| 40,162 |
| 10,695 |
| ||
Shareholder servicing costs—Note 2(b) |
|
| 17,465 |
| 2,256 |
| ||
Registration fees |
|
| 16,372 |
| 17,463 |
| ||
Prospectus and shareholders’ reports |
|
| 10,706 |
| 6,611 |
| ||
Miscellaneous |
|
| 11,031 |
| 17,597 |
| ||
Total Expenses |
|
| 1,355,031 |
| 859,857 |
| ||
Less—reduction in expenses due to undertakings—Note 2(a) |
|
| (6,338) |
| - |
| ||
Less—reduction in administration fees due to undertakings—Note 2(a) |
|
| (1,279) |
| - |
| ||
Less—reduction in fees due to earnings credits—Note 2(b) |
|
| (15,423) |
| (3) |
| ||
Net Expenses |
|
| 1,331,991 |
| 859,854 |
| ||
Investment Income—Net |
|
| 647,365 |
| 1,016,884 |
| ||
Realized and Unrealized Gain (Loss) |
|
|
|
| ||||
Net realized gain (loss) on investments | 2,833 |
| 45,740 |
| ||||
Net unrealized appreciation (depreciation) on investments |
|
| - |
| (9,775) |
| ||
Net Realized and Unrealized Gain (Loss) on Investments |
|
| 2,833 |
| 35,965 |
| ||
Net Increase in Net Assets Resulting from Operations |
| 650,198 |
| 1,052,849 |
| |||
See notes to financial statements. |
16
STATEMENTS OF CHANGES IN NET ASSETS
|
|
|
| BNY Mellon Government Money Market Fund |
| BNY Mellon National Municipal Money Market Fund |
| ||||||||
|
|
|
| Six Months Ended |
|
|
| Year Ended |
| Six Months Ended |
|
|
| Year Ended |
|
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 647,365 |
|
|
| 152,519 |
| 1,016,884 |
|
|
| 322,855 |
| |
Net realized gain (loss) on investments |
| 2,833 |
|
|
| 7,620 |
| 45,740 |
|
|
| 290,055 |
| ||
Net unrealized appreciation (depreciation) |
| - |
|
|
| - |
| (9,775) |
|
|
| 8,154 |
| ||
Net Increase (Decrease) in Net Assets | 650,198 |
|
|
| 160,139 |
| 1,052,849 |
|
|
| 621,064 |
| |||
Distributions to Shareholders from ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (646,482) |
|
|
| (152,052) |
| (1,016,841) |
|
|
| (322,615) |
| |
Investor Shares |
|
| (883) |
|
|
| (705) |
| (43) |
|
|
| (240) |
| |
Total Distributions |
|
| (647,365) |
|
|
| (152,757) |
| (1,016,884) |
|
|
| (322,855) |
| |
Beneficial Interest Transactions ($1.00 per share): |
|
|
|
|
|
|
|
|
|
|
| ||||
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 729,965,448 |
|
|
| 1,044,715,703 |
| 532,891,487 |
|
|
| 1,340,898,174 |
| |
Investor Shares |
|
| 9,867,623 |
|
|
| 13,246,904 |
| 71,063 |
|
|
| 1,940,243 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 18 |
|
|
| 2 |
| 36,503 |
|
|
| 11,125 |
| |
Investor Shares |
|
| 883 |
|
|
| 703 |
| 1 |
|
|
| 240 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (834,306,970) |
|
|
| (534,359,610) |
| (564,791,787) |
|
|
| (1,550,891,069) |
| |
Investor Shares |
|
| (4,749,638) |
|
|
| (12,483,499) |
| (2,365,959) |
|
|
| (6,403,884) |
| |
Increase (Decrease) in Net Assets | (99,222,636) |
|
|
| 511,120,203 |
| (34,158,692) |
|
|
| (214,445,171) |
| |||
Total Increase (Decrease) in Net Assets | (99,219,803) |
|
|
| 511,127,585 |
| (34,122,727) |
|
|
| (214,146,962) |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 848,275,950 |
|
|
| 337,148,365 |
| 573,618,034 |
|
|
| 787,764,996 |
| |
End of Period |
|
| 749,056,147 |
|
|
| 848,275,950 |
| 539,495,307 |
|
|
| 573,618,034 |
| |
|
| ||||||||||||||
See notes to financial statements. |
17
FINANCIAL HIGHLIGHTS
The following tables describe the performance for each share class of each fund for the fiscal periods indicated. All information reflects financial results for a single fund share. Total return shows how much your investment in each fund would have increased (or decreased) during each period, assuming you had reinvested all dividends and distributions. These figures have been derived from the funds’ financial statements.
Six Months Ended February 28, 2017 (Unaudited) | Class M Shares | ||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Government Money Market Fund | 2016 |
| 2015 |
| 2014 |
| 2013 |
| 2012 |
| |||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—net | .001 | .000 | a | .000 | a | .000 | a | .000 | a | .000 | a | ||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.001) | (.000) | a | (.000) | a | (.000) | a | (.000) | a | (.000) | a | ||||
Net asset value, end of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |||||||||
Total Return (%) | .08 | b | .04 | .00 | c | .00 | c | .00 | c | .00 | c | ||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .31 | d | .33 | .32 | .32 | .31 | .30 | ||||||||
Ratio of net expenses to average net assets | .31 | d | .30 | .19 | .14 | .20 | .21 | ||||||||
Ratio of net investment income to average net assets | .15 | d | .04 | .00 | c | .00 | c | .00 | c | .00 | c | ||||
Net Assets, end of period ($ x 1,000) | 735,138 | 839,477 | 329,114 | 381,864 | 387,463 | 857,600 |
a Amount represents less than $.001 per share.
b Not annualized.
c Amount represents less than .01%.
d Annualized.
See notes to financial statements
18
Six Months Ended February 28, 2017 (Unaudited) | Investor Shares | ||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon Government Money Market Fund | 2016 |
| 2015 |
| 2014 |
| 2013 |
| 2012 |
| |||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—net a | .000 | .000 | .000 | .000 | .000 | .000 | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net a | (.000) | (.000) | (.000) | (.000) | (.000) | (.000) | |||||||||
Net asset value, end of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |||||||||
Total Return (%) | .01 | b | .01 | .00 | c | .00 | c | .00 | c | .00 | c | ||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .56 | d | .58 | .57 | .57 | .56 | .58 | ||||||||
Ratio of net expenses to average net assets | .46 | d | .32 | .19 | .14 | .19 | .22 | ||||||||
Ratio of net investment income to average net assets | .01 | d | .01 | .00 | c | .00 | c | .00 | c | .00 | c | ||||
Net Assets, end of period ($ x 1,000) | 13,918 | 8,799 | 8,035 | 8,056 | 4,640 | 10,340 |
a Amount represents less than $.001 per share.
b Not annualized.
c Amount represents less than .01%.
d Annualized.
See notes to financial statements
19
FINANCIAL HIGHLIGHTS (continued)
Six Months Ended February 28, 2017 (Unaudited) | Class M Shares | ||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon National Municipal Money Market Fund | 2016 |
| 2015 |
| 2014 |
| 2013 |
| 2012 |
| |||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—net | .002 | .000 | a | .000 | a | .000 | a | .000 | a | .000 | a | ||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.002) | (.000) | a | (.000) | a | (.000) | a | (.000) | a | (.000) | a | ||||
Net asset value, end of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |||||||||
Total Return (%) | .19 | b | .04 | .00 | c | .00 | c | .00 | c | .00 | c | ||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .32 | d | .31 | .30 | .30 | .30 | .30 | ||||||||
Ratio of net expenses to average net assets | .32 | d | .16 | .08 | .13 | .23 | .22 | ||||||||
Ratio of net investment income to average net assets | .37 | d | .04 | .00 | c | .00 | c | .00 | c | .00 | c | ||||
Net Assets, end of period ($ x 1,000) | 539,455 | 571,287 | 780,977 | 851,238 | 1,009,973 | 1,316,666 |
a Amount represents less than $.001 per share.
b Not annualized.
c Amount represents less than .01%.
d Annualized.
See notes to financial statements
.
20
Six Months Ended February 28, 2017 (Unaudited) | Investor Shares | ||||||||||||||
Year Ended August 31, | |||||||||||||||
BNY Mellon National Municipal Money Market Fund | 2016 |
| 2015 |
| 2014 |
| 2013 |
| 2012 |
| |||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—net | .001 | .000 | a | .000 | a | .000 | a | .000 | a | .000 | a | ||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.001) | (.000) | a | (.000) | a | (.000) | a | (.000) | a | (.000) | a | ||||
Net asset value, end of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |||||||||
Total Return (%) | .06 | b | .01 | .00 | c | .00 | c | .00 | c | .00 | c | ||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .57 | d | .56 | .56 | .55 | .57 | .56 | ||||||||
Ratio of net expenses to average net assets | .57 | d | .17 | .09 | .13 | .24 | .23 | ||||||||
Ratio of net investment income to average net assets | .07 | d | .01 | .00 | c | .00 | c | .00 | c | .00 | c | ||||
Net Assets, end of period ($ x 1,000) | 40 | 2,331 | 6,788 | 2,648 | 2,865 | 1,022 |
a Amount represents less than $.001 per share.
b Not annualized.
c Amount represents less than .01%.
d Annualized.
See notes to financial statements
21
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1—Significant Accounting Policies:
BNY Mellon Funds Trust (the “Trust”), a Massachusetts business trust that is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company, operates as a series company currently consisting of twenty-five series, including the following diversified funds: BNY Mellon Government Money Market Fund and BNY Mellon National Municipal Money Market Fund (each, a “fund” and collectively, the “funds”). The objectives of the funds are as follows: BNY Mellon Government Money Market Fund’s investment objective is to seek as high a level of current income as is consistent with the preservation of capital and the maintenance of liquidity. BNY Mellon National Municipal Money Market Fund’s investment objective is to provide investors with as high a level of current income exempt from federal income tax as is consistent with the preservation of capital and the maintenance of liquidity.
BNY Mellon Fund Advisers, a division of The Dreyfus Corporation (the “Manager” or “Dreyfus”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”), serves as each fund’s investment adviser (the “Investment Adviser”). The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of Dreyfus, serves as administrator for the funds pursuant to an Administration Agreement with the Trust (the “Administration Agreement”). The Bank of New York Mellon has entered into a Sub-Administration Agreement with Dreyfus pursuant to which The Bank of New York Mellon pays Dreyfus for performing certain administrative services. MBSC Securities Corporation (the “Distributor”), a wholly-owned subsidiary of Dreyfus, is the distributor of each fund’s shares, which are sold without a sales charge.
Each fund is authorized to issue an unlimited number of $.001 par value shares of Beneficial Interest in each of the following classes of shares: Class M and Investor. Other differences between the classes include the services offered to and the expenses borne by each class, the allocation of certain transfer agency costs, and certain voting rights. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.
It is each fund’s policy to maintain a constant net asset value (NAV) per share of $1.00; the funds have adopted certain investment, portfolio valuation and dividend and distribution policies to enable it to do so. There is no assurance, however, that the funds will be able to maintain a constant NAV per share of $1.00.
BNY Mellon National Municipal Money Market Fund operates as a “retail money market fund” as that term is defined in Rule 2a-7 under the Act, and, such, the fund may, or in certain circumstances, must impose a fee upon the sale of shares or may temporarily suspend redemptions if the fund’s weekly liquid assets fall below required minimums because of market conditions or other factors. BNY Mellon Government Money Market Fund is a “government money market fund” as that term is defined in Rule 2a-7 under the Act, and, as such, the fund is not subject to liquidity fees or temporary suspensions of redemptions due to declines in the fund’s weekly liquid assets.
The Trust accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that series’ operations; expenses which are applicable to all series are allocated among them on a pro rata basis.
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
(a) Portfolio valuation: Investments in securities are valued at amortized cost in accordance with Rule 2a-7 under the Act. If amortized cost is determined not to approximate market value, the fair value of the portfolio securities will be determined by procedures established by and under the general supervision of the Board.
The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
22
Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.
Various inputs are used in determining the value of each fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:
Level 1—unadjusted quoted prices in active markets for identical investments.
Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).
Level 3—significant unobservable inputs (including the funds’ own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the Act. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected within Level 2 of the fair value hierarchy.
At February 28, 2017, all of the securities in each fund were considered Level 2 within the fair value hierarchy.
At February 28, 2017, there were no transfers between levels of the fair value hierarchy.
(b) Securities transactions and investment income: Securities transactions are recorded on a trade date basis. Interest income, adjusted for accretion of discount and amortization of premium on investments, is earned from settlement date and is recognized on the accrual basis. Realized gains and losses from securities transactions are recorded on the identified cost basis.
BNY Mellon Government Money Market Fund may enter into repurchase agreements with financial institutions, deemed to be creditworthy by Dreyfus, subject to the seller’s agreement to repurchase and the fund agreement to resell such securities at a mutually agreed upon price. Pursuant to the terms of the repurchase agreement, such securities must have an aggregate market value greater than or equal to the terms of the repurchase price plus accrued interest at all times. If the value of the underlying securities falls below the value of the repurchase price plus accrued interest, the fund will require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults on its repurchase obligation, the fund maintains its right to sell the underlying securities at market value and may claim any resulting loss against the seller. The collateral is held on behalf of the fund by the tri-party administrator with respect to any tri-party agreement. The fund may also jointly enter into one or more repurchase agreements with other Dreyfus-managed funds in accordance with an exemptive order granted by the SEC pursuant to section 17(d) and Rule 17d-1 under the Act. Any joint repurchase agreements must be collateralized fully by U.S. Government securities.
(c) Dividends and distributions to shareholders: It is the policy of each fund to declare dividends daily from investment income-net. Such dividends are paid monthly. Dividends from net realized capital gains, if any, are normally declared and paid annually, but each fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the “Code”). To the extent that net realized capital gains can be offset by capital loss carryovers, it is the policy of each fund not to distribute such gains.
(d) Federal income taxes: It is the policy of BNY Mellon Government Money Market Fund to continue to qualify as a regulated investment company if such qualification is in the best interests of its shareholders, by complying with the applicable provisions of the Code and to make distributions of taxable income sufficient to relieve it from substantially all federal income and excise taxes.
It is the policy of BNY Mellon National Municipal Money Market Fund to continue to qualify as a regulated investment company, which can distribute tax-exempt dividends, by complying with the applicable provisions of the Code and to make distributions of income and net realized capital gain sufficient to relieve it from substantially all federal income and excise taxes.
For federal income tax purposes, each fund is treated as a separate entity for the purpose of determining such qualification.
As of and during the period ended February 28, 2017, the funds did not have any liabilities for any uncertain tax positions. Each fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the period ended February 28, 2017, the funds did not incur any interest or penalties.
23
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
Each tax year in the three-year period ended August 31, 2016 remains subject to examination by the Internal Revenue Service and state taxing authorities.
Under the Regulated Investment Company Modernization Act of 2010 (the “2010 Act”), each fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 (“post-enactment losses”) for an unlimited period. Furthermore, post-enactment capital loss carryovers retain their character as either short-term or long-term capital losses rather than short-term as they were under previous statute. The 2010 Act requires post-enactment losses to be utilized before the utilization of losses incurred in taxable years prior to the effective date of the 2010 Act (“pre-enactment losses”). As a result of this ordering rule, pre-enactment losses may be more likely to expire unused.
BNY Mellon National Municipal Money Market Fund has an unused capital loss carryover of $918,601 available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to August 31, 2016. If not applied, the carryover expires in fiscal year 2017.
The tax character of distributions paid to shareholders for each fund during the fiscal year ended August 31, 2016 was all ordinary income for BNY Mellon Money Market Fund and all tax-exempt income for BNY Mellon National Municipal Money Market Fund. The tax character of current year distributions will be determined at the end of the current fiscal year.
At February 28, 2017, the cost of investments for federal income tax purposes for each fund was substantially the same as the cost for financial reporting purposes (see the Statements of Investments).
NOTE 2—Investment Advisory Fee, Administration Fee and Other Transactions with Affiliates:
(a) Fees payable by the funds pursuant to the provisions of an investment advisory agreement with the Investment Adviser are payable monthly, computed on the average daily value of each fund’s net assets at the following annual rates: .15% of BNY Mellon Government Money Market Fund and .15% of BNY Mellon National Municipal Money Market Fund.
Pursuant to the Administration Agreement, The Bank of New York Mellon provides or arranges for fund accounting, transfer agency and other fund administration services and receives a fee based on the total net assets of the Trust based on the following rates:
0 up to $6 billion .15%
$6 billion up to $12 billion .12%
In excess of $12 billion .10%
The Investment Adviser has undertaken to waive receipt of the management/administration fee and/or reimburse operating expenses in order to facilitate a daily yield at or above a certain level which may change from time to time. This undertaking is voluntary and not contractual, and may be terminated at any time. Table 1 summarizes the reduction in expenses for each relevant fund, pursuant to these undertakings, during the period ended February 28, 2017.
Table 1 —Expense Reductions |
|
BNY Mellon Government Money Market Fund | |
Expense waiver | $6,338 |
Administration fee waiver | 1,279 |
(b) Each fund has adopted a Shareholder Services Plan with respect to its Investor shares. Each fund pays the Distributor at an annual rate of .25% of the value of its Investor shares average daily net assets for the provision of certain services. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding a fund and providing reports and other information, and services related to the maintenance of such shareholder accounts. The Shareholder Services Plan allows the Distributor to make payments from the shareholder services fees it collects from each fund to compensate service agents (certain banks, securities brokers or dealers and other financial institutions) with respect to these services. Table 2 summarizes the amounts Investor shares were charged during the period ended February 28, 2017, pursuant to the Shareholder Services Plan. Additional fees included in Shareholder servicing costs in the Statements of Operations primarily include fees paid for cash management charges.
Table 2 —Shareholder Services Plan Fees |
|
BNY Mellon Government Money Market Fund | $17,453 |
BNY Mellon National Municipal | 149 |
24
The funds have arrangements with the transfer agent and the custodian whereby the funds may receive earnings credits when positive cash balances are maintained, which are used to offset transfer agency and custody fees. For financial reporting purposes, the funds include net earnings credits as expense offsets in the Statements of Operations.
Each fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of Dreyfus, under a transfer agency agreement for providing transfer agency and cash management services for the funds. The majority of transfer agency fees are comprised of amounts paid on a per account basis, while cash management fees are related to fund subscriptions and redemptions. The Bank of New York Mellon pays each fund’s transfer agent fees out of the administration fee it receives from the Trust. Table 3 summarizes the amount each fund was charged during the period ended February 28, 2017 for cash management services, which is included in Shareholder servicing costs in the Statements of Operations. Cash management fees were partially offset by earnings credits, also summarized in Table 3.
Each fund compensates The Bank of New York Mellon, under a custody agreement for providing custodial services for each fund. These fees are determined based on net assets, geographic region and transaction activity. Table 4 summarizes the amount each fund was charged during the period ended February 28, 2017 pursuant to the custody agreement. These fees were partially offset by earnings credits for each relevant fund, also summarized in Table 4.
Each fund compensates The Bank of New York Mellon under a shareholder redemptions draft processing agreement for providing certain services related to the funds’ check writing privilege. Table 5 summarizes the amount each fund was charged during the period ended February 28, 2017 for cash management services, which is included in Shareholder servicing costs in the Statements of Operations.
Table 5 —The Bank of New York Mellon Cash Management Fees |
|
BNY Mellon Government Money Market Fund | $2 |
BNY Mellon National Municipal | 1 |
During the period ended February 28, 2017, each fund was charged $5,604 for services performed by the Chief Compliance Officer and his staff.
Table 6 summarizes the components of “Due to The Dreyfus Corporation and affiliates” in the Statements of Assets and Liabilities for each fund.
Table 3—Cash Management Agreement Fees | ||||
| Dreyfus Transfer, Inc. | Dreyfus Transfer, Inc. | ||
BNY Mellon Government Money Market Fund | 8 | (6) | ||
BNY Mellon National Municipal Money Market Fund | 4 | (3) |
Table 4—Custody Agreement Fees | |||
| Custody Fees ($) | Earnings Credits ($) | |
BNY Mellon Government Money Market Fund | 41,255 | (15,417) | |
BNY Mellon National Municipal Money Market Fund | 29,778 | - |
Table 6—Due to The Dreyfus Corporation and Affiliates | ||||||||
| Investment | Shareholder | Custodian | Chief | Less Expense | |||
BNY Mellon Government Money Market Fund | 92,119 | 2,695 | 49,742 | 4,670 | (8) | |||
BNY Mellon National Municipal Money Market Fund | 63,261 | 8 | 53,746 | 4,670 | - |
(c) Each Board member also serves as a Board member of other funds within the Trust. Annual retainer fees and attendance fees are allocated to each fund based on net assets.
25
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
NOTE 3—Securities Transactions:
BNY Mellon National Municipal Money Market Fund is permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the fund from or to another fund or portfolio that are, or could be, considered an affiliate by virtue of having a common investment adviser (or affiliated investment adviser), common Trustees and/or common officers, complies with Rule 17a-7 under the Act. During the period ended February 28, 2017, the fund engaged in purchases and sales of securities pursuant to Rule 17a-7 under the Act amounting to $239,240,000 and $121,955,000 respectively.
26
NOTES
27
The BNY Mellon Funds
c/o The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Investment Adviser
BNY Mellon Fund Advisers, a division of
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Administrator
The Bank of New York Mellon
225 Liberty Street
New York, NY 10286
Sub-Administrator
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Custodian
The Bank of New York Mellon
225 Liberty Street
New York, NY 10286
Transfer Agent &
Dividend Disbursing Agent
Dreyfus Transfer, Inc.
200 Park Avenue
New York, NY 10166
Distributor
MBSC Securities Corporation
200 Park Avenue
New York, NY 10166
Ticker Symbols: | ||||||||
BNY Mellon Government Money Market Fund | Class M: MLMXX | Investor: MLOXX | ||||||
BNY Mellon National Municipal Money Market Fund | Class M: MOMXX | Investor: MNTXX |
Telephone Wealth Management (WM) Clients, please contact your Account Officer or call 1-888-281-7350. Brokerage Clients of BNY Mellon Wealth Advisors (BNYWA), please contact your financial representative or call 1-800-830-0549, Option 2. Individual Account holders, please call Dreyfus at 1-800-DREYFUS.
Mail WM clients, write to your Account Officer, c/o The Bank of New York Mellon, One Mellon Bank Center, Pittsburgh, PA 15258
BNYMWA Brokerage Clients, write to your financial representative, P.O. Box 9012, Hicksville, NY 11802-9012
Individual Account Holders, write to: BNY Mellon Funds, P.O. Box 9879, Providence, RI 02940-8079
Each fund will disclose daily, on www.dreyfus.com, the fund’s complete schedule of holdings as of the end of the previous business day. The schedule of holdings will remain on the website until the fund files its Form N-Q or Form N-CSR for the period that includes the date of the posted holdings.
Each fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The fund’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
A description of the policies and procedures that the fund uses to determine how to vote proxies relating to portfolio securities, and information regarding how the fund voted these proxies for the most recent 12-month period ended June 30 is available at http://www.dreyfus.com and on the SEC’s website at http://www.sec.gov. The description of the policies and procedures is also available without charge, upon request, by calling 1-800-DREYFUS.
© 2017 MBSC Securities Corporation | MFTSA0217-MM |
Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures applicable to Item 10.
Item 11. Controls and Procedures.
(a) The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
(b) There were no changes to the Registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
Item 12. Exhibits.
(a)(1) Not applicable.
(a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.
(a)(3) Not applicable.
(b) Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
BNY Mellon Funds Trust
By: /s/ Patrick T. Crowe
Patrick T. Crowe
President
Date: April 28, 2017
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: /s/ Patrick T. Crowe
Patrick T. Crowe
President
Date: April 28, 2017
By: /s/ James Windels
James Windels
Treasurer
Date: April 28, 2017
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)