UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number | 811-09903 | |||||
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| BNY Mellon Funds Trust |
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| (Exact name of Registrant as specified in charter) |
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c/o BNY Mellon Investment Adviser, Inc. 240 Greenwich Street New York, New York 10286 |
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| (Address of principal executive offices) (Zip code) |
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| Bennett A. MacDougall, Esq. 240 Greenwich Street New York, New York 10286 |
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| (Name and address of agent for service) |
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Registrant's telephone number, including area code: | (212) 922-6400 | |||||
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Date of fiscal year end:
| 08/31 |
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Date of reporting period: | 02/28/2021
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FORM N-CSR
Item 1. Reports to Stockholders.
The BNY Mellon Funds
BNY Mellon Large Cap Stock Fund |
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund |
BNY Mellon Income Stock Fund |
BNY Mellon Mid Cap Multi-Strategy Fund |
BNY Mellon Small Cap Multi-Strategy Fund |
BNY Mellon Focused Equity Opportunities Fund |
BNY Mellon Small/Mid Cap Multi-Strategy Fund |
BNY Mellon International Fund |
BNY Mellon Emerging Markets Fund |
BNY Mellon International Equity Income Fund |
BNY Mellon Asset Allocation Fund |
SEMIANNUAL REPORT February 28, 2021 | |
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 |
DISCUSSION OF FUND PERFORMANCE (Unaudited)
For the period of September 1, 2020 through February 28, 2021, as provided by Peter D. Goslin, CFA, Syed A. Zamil, CFA and Chris Yao, CFA, Portfolio Managers
Market and Fund Performance Overview
For the six-month period ended February 28, 2021 BNY Mellon Large Cap Stock Fund’s Class M shares produced a total return of 6.98%, and Investor shares returned 6.85%.1 In comparison, the S&P 500® Index (the “Index”), the fund’s benchmark, posted a total return of 9.75% for the same period.2
Large-cap stocks generally rose over the reporting period, supported by accommodative central bank policies and improving investor sentiment. The fund underperformed the Index due to security selection shortfalls within the consumer discretionary and communication services sectors.
The Fund’s Investment Approach
The fund seeks capital appreciation. To pursue its goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in stocks of large-capitalization companies with market capitalizations of $5 billion or more at the time of purchase.
The fund’s portfolio managers apply a systematic, quantitative investment approach designed to identify and exploit relative misvaluations primarily within large-cap stocks in the U.S. stock market. The portfolio managers use a proprietary valuation model that identifies and ranks stocks to construct the fund’s portfolio. The portfolio managers construct the fund’s portfolio through a systematic structured approach, focusing on stock selection as opposed to making proactive decisions as to industry or sector exposure. Within each sector and style subset, the fund overweights the most attractive stocks and underweights or zero weights the stocks that have been ranked least attractive. The fund typically will hold between 100 and 250 securities.
A Tale of Two Markets
After a strong summer rally, volatility crept back into equity markets in September 2020 as increasing COVID-19 infection rates began to concern investors. By October 2020, several countries had begun to reinstitute some degree of behavioral restriction among residents in order to stem the spread of the virus. In addition, mounting political rhetoric in the U.S. due to the election, renewed trade difficulties between the U.S. and China, and other geopolitical events stoked investor anxiety. However, resolution in the U.S. presidential election and promising progress towards a COVID-19 vaccine during November 2020 helped stocks resurrect their upward momentum.
December 2020 brought vaccine approvals and passage of another U.S. fiscal stimulus package, both of which helped to support the rally. Ten-year U.S. Treasury rates began to rise as market participants anticipated the beginning of a strong global economic recovery. A strong rotation began out of companies that were able to benefit in the COVID-economy, such as technology and growth stocks. Investors began to support COVID-sensitive sectors of the market, which had previously lagged, as well as cyclical areas of the market on the theory that these sectors were offering more attractive valuations and would benefit most from economic reopening. As the stock rally continued and sentiment strengthened, the yield curve continued to steepen on increasing concerns over inflation rates, which could lead to tightening by the U.S. Federal Reserve (the “Fed”). This concern stunted the equity rally at the very end of the period, but stocks still produced strong results for the six months.
In this environment, small-cap stocks generally outperformed their mid- and large-cap counterparts.
Security Selections Impact Fund Performance
Stock choices in the consumer discretionary and communication services sectors hampered the fund’s gains over the reporting period. Health care company Procter & Gamble saw decreased demand for its products due to fewer elective procedures being performed because of the pandemic. Communication services company Facebook was also a leading detractor. The stock fell as a rotation took place out of “COVID-beneficiary” sectors and into more cyclical, “COVID-sensitive” sectors. In addition, the company struggled with regulatory issues during the period.
Conversely, contributors during the period included stocks from the financials and energy sectors. In financials, Regions Financial and JPMorgan Chase & Co. were among the leading contributors. Banks benefited during the period from rising interest rates and investor expectations of economic growth. Mobile payments company PayPal Holdings was also among the top performing positions. The company continues to benefit as consumers move towards a cashless economy.
From a factor perspective, investors rewarded value during the period. Momentum, quality and dividend-yield performance lagged during the six months.
A Disciplined Approach to Stock Picking
We look to own a broad set of securities that exhibit what we believe to be both attractive valuation and improving fundamentals. The portfolio is risk controlled from a perspective of sector and market capitalization versus the benchmark. We believe the portfolio is well positioned to attempt to benefit from the current market environment in the coming year. We take a systematic approach to evaluating securities and building portfolios. This systematic approach has allowed us to create an investment process that attempts to participate in rising environments and help protect capital during times of stress in the marketplace.
2
As of the end of the period, the portfolio was modestly overweight the financials, information technology and communication services sectors. We were underweight industrials, health care and consumer discretionary companies versus the Index.
March 15, 2021
1 DUE TO RECENT MARKET VOLATILITY, CURRENT PERFORMANCE MAY BE DIFFERENT THAN THE FIGURES SHOWN. Investors should note that the fund’s short-term performance is highly unusual, in part to unusually favorable market conditions, and is unlikely to be repeated or consistently achieved in the future. Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.
2 Source: Lipper Inc. — The S&P 500® Index is widely regarded as the best single gauge of large-cap U.S. equities. The index includes 500 leading companies and captures approximately 80% coverage of available market capitalization. Investors cannot invest directly in any index.
Equities are subject generally to market, market sector, market liquidity, issuer and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund’s prospectus.
Recent market risks include pandemic risks related to COVID-19. The effects of COVID-19 have contributed to increased volatility in global markets and will likely affect certain countries, companies, industries and market sectors more dramatically than others. To the extent the fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase the fund’s exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.
3
DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)
For the period from September 1, 2020 through February 28, 2021, 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, 2021, BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund’s Class M shares produced a total return of 13.03%, and Investor shares produced a total return of 12.89%.1 In comparison, the S&P 500® Index (the “Index”), the fund’s benchmark, produced a total return of 9.75% for the same period.2
Large-cap stocks gained ground over the reporting period as government-mandated lockdowns were lifted, and COVID-19 vaccine approvals were announced. The fund outperformed the Index due to a favorable allocation decision and to contributions from four of the fund’s active underlying strategies.
The Fund’s Investment Approach
The fund seeks long-term capital appreciation. To pursue its goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of large-cap companies. The fund currently considers large-cap companies to be those companies with total market capitalizations of $5 billion or more at the time of purchase. The fund normally allocates its assets among multiple investment strategies employed by the fund’s investment adviser or its affiliates that invest primarily in equity securities issued by large-cap companies. The fund is designed to provide exposure to various large-cap equity portfolio managers and investment strategies and styles and uses tax-sensitive strategies to reduce the impact of federal and state income taxes on the fund’s after-tax returns.
The fund allocates its assets among some or all of the following: the Large Cap Core Strategy, Large Cap Tax-Sensitive Strategy, Focused Equity Strategy, US Large Cap Equity Strategy, Dynamic Large Cap Value Strategy, Large Cap Growth Strategy, US Large Cap Growth Strategy, Income Stock Strategy, Appreciation Strategy, and Large Cap Dividend Strategy—all of which are more fully described in the fund’s prospectus. The fund invests directly in securities or in other mutual funds as advised by the fund’s investment adviser or its affiliates, referred to as underlying funds.
The investment adviser has the discretion to change the investment strategies, including whether to implement a strategy by investing directly in securities or through an underlying fund, as well as the target allocations and ranges when the investment adviser deems it appropriate.
Stocks Continued to Rebound
During the reporting period, the economy continued to show signs of recovery as government-mandated lockdowns were eased, and COVID-19 vaccines were approved. Retail sales rebounded, and the outlook for manufacturing also improved dramatically. Job creation surged, beating economists’ expectations, and unemployment dropped sharply. Technology and other growth stocks performed particularly well, benefiting from trends, such as e-commerce and working from home, that accelerated during the pandemic.
With the approval of multiple COVID-19 vaccines late in November 2020, performance in the market broadened, and more cyclically-oriented stocks began to perform better. Returns were supported by interest rates, which remained low, while the stimulus package approved by Congress continued to bolster consumers, small businesses and the economy generally.
As the prospect of the end of the pandemic became more likely, businesses became more confident and increased their capital spending. In addition, inventory shortages began to appear, providing another catalyst to economic growth. With the announcement of approved COVID-19 vaccines in November 2020, investors began to take more notice of cyclical stocks, but growth-oriented stocks continued to perform positively.
Fund Performance Helped by Allocation and Underlying Strategies
The fund’s relative return benefited overall from both allocation decisions and performance of four underlying strategies. Returns were boosted primarily by the overweight position in the value-oriented category, which beat the Index, and by the performance of the Dynamic Large Cap Value Strategy, which exceeded its value-oriented benchmark by more than 850 basis points. In the growth-oriented category, although the overall contribution lagged the Index, the strong returns of the underlying strategy, which outperformed its growth-oriented benchmark by more than 350 basis points, contributed positively. The other positive contributors included U.S. Large Cap Equity Strategy and the Income Stock Strategy. Although the latter lagged its income-oriented benchmark, its performance exceeded the Index.
On a less positive note, the fund’s performance was hindered slightly by the returns of two underlying strategies. The Focused Equity Strategy lagged the Index by 23 basis points, and the Large Cap Tax-Sensitive Strategy lagged by six basis points.
4
Monitoring the Recovery
We believe that the fund is well-positioned for market activity going forward. We think that diversification across asset classes may continue to be additive to fund performance, and we will continue to attempt to take advantage of broadening market participation as more asset classes begin to participate in the bull market.
March 15, 2021
1 DUE TO RECENT MARKET VOLATILITY, CURRENT PERFORMANCE MAY BE DIFFERENT THAN THE FIGURES SHOWN.Investors should note that the fund’s short-term performance is highly unusual, in part to unusually favorable market conditions, and is unlikely to be repeated or consistently achieved in the future. Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.
2 Source: Lipper Inc. — The S&P 500® Index is widely regarded as the best single gauge of large-cap U.S. equities. The index includes 500 leading companies and captures approximately 80% coverage of available market capitalization. Investors cannot invest directly in any index.
Equities are subject generally to market, market sector, market liquidity, issuer and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund’s prospectus.
The underlying funds’ underlying strategies may use derivative instruments. 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.
Recent market risks include pandemic risks related to COVID-19. The effects of COVID-19 have contributed to increased volatility in global markets and will likely affect certain countries, companies, industries and market sectors more dramatically than others. To the extent the fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase the fund’s exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.
5
DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)
For the period of September 1, 2020 through February 28, 2021 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, 2021, BNY Mellon Income Stock Fund’s Class M shares produced a total return of 25.53%, Investor shares produced a total return of 25.57%, Class A shares produced a total return of 25.47%, Class C shares produced a total return of 24.96%, Class I shares produced a total return of 25.48% and Class Y shares produced a total return of 25.56%.1 In comparison, the fund’s benchmark, the Dow Jones U.S. Select Dividend™ Index (the “Index”), produced a total return of 27.07% for the same period.2
Stocks gained ground as government-mandated lockdowns were lifted, COVID-19 vaccines were approved, and the global economy continued to recover. The fund underperformed the Index due to unfavorable security selections, primarily in the financial and health care sectors.
The Fund’s Investment Approach
The fund seeks total return (consisting of capital appreciation and income). To pursue its goal, the fund normally invests at least 80% of its assets in stocks. The fund seeks to focus on dividend-paying stocks and other investments and 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.
Stocks Continued to Rebound
During the reporting period, the economy continued to show signs of recovery as government-mandated lockdowns were eased, and COVID-19 vaccines were approved. Retail sales rebounded, and the outlook for manufacturing also improved dramatically. Job creation surged, beating economists’ expectations, and unemployment dropped sharply.
Markets continued to rebound as hope for a COVID-19 vaccine took hold. Technology and other growth stocks performed well, benefiting from trends, such as e-commerce and working from home, that accelerated during the pandemic.
With the approval of multiple COVID-19 vaccines late in 2020, performance in the market broadened, and more cyclically-oriented stocks began to perform better. Returns were supported by interest rates, which remained low, while the stimulus package approved by Congress continued to bolster consumers, small businesses and the economy generally.
As the prospect of the end of the pandemic became more likely, businesses became more confident and increased their capital spending. In addition, inventory shortages began to appear, providing another catalyst to economic growth. Investors began to take more notice of value-oriented stocks toward the end of the reporting period, but growth-oriented stocks continued to perform positively.
Growth stocks performed well throughout the period, but rising long-term interest rates late in the period produced some volatility. A pullback occurred among some growth-oriented stocks that had elevated valuations, while value-oriented stocks began to lead the market.
Performance Hindered by Stock Selections
The fund underperformed the Index, primarily due to stock selections in the financial and health care sectors. In the financial sector, the fund’s holdings rose 40%, but failed to keep pace with the financial sector in the Index, which increased 54%. The fund’s returns were hindered by a decision not to own shares of Wells Fargo, which climbed 51%. In addition, the fund had an underweight position in regional banks, which performed strongly as long-term interest rates rose. In the health care sector, the fund’s large overweight position hampered returns as the sector was the worst-performing one in the Index.
On a more positive note, the performance of the fund relative to the Index was helped primarily by positions in the utilities and consumer discretionary sectors. In the utilities sector, the fund’s large underweight position was beneficial as utilities were the second-worst performing of all the sectors. In addition, shares of NextEra Energy Partners and Clearway Energy performed well on strong demand for renewable energy. In the consumer discretionary sector, shares of General Motors performed well, rising 73% on strong demand, a profitable product mix, favorable news about its electric vehicles and the announcement of an investment by Microsoft in its autonomous vehicles division. In addition, a position in Las Vegas Sands, a casino company, increased 24% on an announcement the company would leave Las Vegas and operate only in Asia, where China’s economic recovery is proving beneficial.
Earnings on Cyclical, Income-Oriented Stocks May Improve
The fund engaged in repositioning during the reporting period, moving to a larger overweight allocation to the energy sector. This move was enabled by reductions in the information technology and materials sectors.
6
We remain optimistic about the prospects for cyclical, income-oriented stocks. The extraordinary amount of fiscal stimulus that is in the works is likely to benefit the economy and more cyclical stocks, while rising interest rates may continue to hinder “bond proxy” and growth-oriented stocks that have elevated valuations. In 2021, cyclical stocks, which experienced depressed earnings in 2020, may be well-positioned for a strong earnings recovery.
March 15, 2021
1 DUE TO RECENT MARKET VOLATILITY, CURRENT PERFORMANCE MAY BE DIFFERENT THAN THE FIGURES SHOWN.Investors should note that the fund’s short-term performance is highly unusual, in part to unusually favorable market conditions, and is unlikely to be repeated or consistently achieved in the future. Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost. The fund’s returns reflect the absorption of certain fund expenses by BNY Mellon Investment Adviser, Inc. pursuant to an agreement in effect through December 31, 2021, for Class A shares, Class C shares, Class I shares and Class Y shares, 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 U.S. $1 billion, and a three-month average daily trading volume of 200,000 shares. Investors cannot invest directly in any index.
Equities are subject to market, market sector, market liquidity, issuer and investment style risks, among other factors, to varying degrees.
Investing in foreign denominated and/or domiciled securities involves special risks, including changes in currency exchange rates, political, economic, and social instability, limited company information, differing auditing and legal standards, and less market liquidity. These risks generally are greater with emerging market countries.
Recent market risks include pandemic risks related to COVID-19. The effects of COVID-19 have contributed to increased volatility in global markets and will likely affect certain countries, companies, industries and market sectors more dramatically than others. To the extent the fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase the fund’s exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.
The fund may, but is not required to, use derivative instruments. 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.
The securities discussed should not be considered recommendations to buy or sell a particular security.
7
DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)
For the period from September 1, 2020 through February 28, 2021, 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, 2021, BNY Mellon Mid Cap Multi-Strategy Fund’s Class M shares produced a total return of 22.82%, and Investor shares produced a total return of 22.71%.1 In comparison, the fund’s benchmark, the Russell Midcap® Index (the “Index”), produced a total return of 23.80% for the reporting period.2 The Russell Midcap® Value Index and Russell Midcap® Growth Index, the fund’s secondary benchmarks, produced total returns of 26.53% and 18.96%, respectively, for the same period.3,4
Mid-cap stocks gained ground over the reporting period as government-mandated lockdowns were lifted, and COVID-19 vaccines were approved. The fund lagged the Index due to an overweight to the growth-oriented category and to underperformance by one of the fund’s active underlying strategies.
The Fund’s Investment Approach
The fund seeks capital appreciation. The fund pursues its goal by normally investing at least 80% of its net assets in equity securities of mid-cap companies. The fund considers mid-cap companies to be those companies with market capitalizations that are within the market-capitalization range of companies comprising the Index. Furthermore, the fund normally allocates assets across multiple investment strategies employed by the investment adviser and unaffiliated sub-investment advisers that invest primarily in equity securities issued by mid-cap companies. The investment adviser determines the investment strategies and sets target allocations and ranges. The fund is designed to provide exposure to various investment strategies and styles, including the Mid Cap Tax-Sensitive Core Strategy, Opportunistic Mid Cap Value Strategy, Mid Cap Growth Strategy, Boston Partners Mid Cap Value Strategy, and Geneva Mid Cap Growth Strategy, all as more particularly described in the fund’s prospectus.
Stocks Continued to Rebound
During the reporting period, the economy continued to show signs of recovery as government-mandated lockdowns were eased, and COVID-19 vaccines were approved. Retail sales rebounded, and the outlook for manufacturing also improved dramatically. Job creation surged, beating economists’ expectations, and unemployment dropped sharply. Technology and other growth stocks performed particularly well, benefiting from trends, such as e-commerce and working from home, that accelerated during the pandemic.
With the approval of multiple COVID-19 vaccines late in November 2020, performance in the market broadened, and more cyclically oriented stocks began to perform better. Returns were supported by interest rates, which remained low, while the stimulus package approved by Congress continued to bolster consumers, small businesses and the economy generally.
As the prospect of the end of the pandemic became more likely, businesses became more confident and increased their capital spending. In addition, inventory shortages began to appear, providing another catalyst to economic growth. With the announcement of approved COVID-19 vaccines in November 2020, investors began to take more notice of cyclical stocks, but growth-oriented stocks continued to perform positively.
Growth-Oriented Stocks Lagged, and One Underlying Strategy Underperformed
The fund’s relative performance was hindered primarily by an overweight to the growth-oriented category, which lagged the Index, and by the underperformance of one underlying strategy.
In the growth-oriented category, both the Mid Cap Growth Strategy and the Geneva Mid Cap Growth Strategy outperformed the Russell Mid Cap Growth benchmark, but this category lagged the Index, and the fund had an overweight position to this category, hindering the fund’s performance. In the tax-sensitive category, the Mid Cap Tax-Sensitive Core Strategy underperformed the Index by more than 600 basis points, hurting the fund’s performance. The fund’s allocation to the tax-sensitive category produced a neutral contribution.
On a more positive note, the underlying strategies in the value-oriented category contributed positively to the fund’s returns. Both the Opportunistic Mid Cap Value Strategy and the Robeco Mid Cap Value Strategy exceeded their benchmarks by more than 200 basis points. The fund’s overall allocation to the value-oriented category also contributed positively to returns.
8
Broadening Performance Expected to Benefit Returns
We believe that the fund is well-positioned for market activity going forward. We think that diversification across asset classes will continue to be additive to fund performance, and we will continue to attempt to take advantage of broadening market participation as more asset classes begin to participate in the bull market.
March 15, 2021
1 DUE TO RECENT MARKET VOLATILITY, CURRENT PERFORMANCE MAY BE DIFFERENT THAN THE FIGURES SHOWN. Investors should note that the fund’s short-term performance is highly unusual, in part to unusually favorable market conditions, and is unlikely to be repeated or consistently achieved in the future.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 midcap opportunity set. Investors cannot invest directly in any index.
3 Source: Lipper Inc. — The Russell Midcap® Value Index measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap® Index companies that are considered more value-oriented relative to the overall market as defined by Russell’s leading style methodology. The Russell Midcap Value® Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap value market. The Russell Midcap® Value Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap value market. Investors cannot invest directly in any index.
4 Source: Lipper Inc. — The Russell Midcap® Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Midcap® Index companies with higher growth earning potential as defined by Russell’s leading style methodology. The Russell Midcap® Growth Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap growth market. The Russell Midcap® Growth Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap growth market. Investors cannot invest directly in any index.
Equities are subject generally to market, market sector, market liquidity, issuer and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund’s prospectus.
Stocks of small- and/or mid-cap companies often experience sharper price fluctuations than stocks of large-cap companies.
Recent market risks include pandemic risks related to COVID-19. The effects of COVID-19 have contributed to increased volatility in global markets and will likely affect certain countries, companies, industries and market sectors more dramatically than others. To the extent the fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase the fund’s exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.
9
DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)
For the period of September 1, 2020 through February 28, 2021, 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, 2021, BNY Mellon Small Cap Multi-Strategy Fund’s Class M shares produced a total return of 35.53 %, and Investor shares produced a total return of 35.40%.1 In comparison, the fund’s primary benchmark, the Russell 2000® Index (the “Index”), produced a total return of 41.69% for the same period.2 The Russell 2000® Growth Index and Russell 2000® Value Index, the fund’s secondary benchmarks, produced total returns of 37.33% and 46.42%, respectively, for the same period.3,4
Small-cap stocks gained ground over the reporting period as government-mandated lockdowns were lifted and COVID-19 vaccine approvals were announced. The fund lagged the Index due to negative contributions from two of the fund’s three underlying strategies.
The Fund’s Investment Approach
The fund seeks capital appreciation. The fund pursues its goal by normally investing at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of small-cap companies. The fund currently considers small-cap companies to be those companies with market capitalizations that are equal to or less than the market capitalization of the largest company included in the Index. Furthermore, the fund normally allocates assets across multiple investment strategies employed by the investment adviser that invest primarily in equity securities issued by small-cap companies. The investment adviser determines the investment strategies and sets target allocations and ranges. The fund is designed to provide exposure to various investment strategies and styles, including the Opportunistic Small Cap Strategy, the Small Cap Value Strategy and the Small Cap Growth Strategy—all of which are more fully described in the fund’s prospectus.
Stocks Continued to Rebound
During the reporting period, the economy continued to show signs of recovery as government-mandated lockdowns were eased, and COVID-19 vaccines were approved. Retail sales rebounded, and the outlook for manufacturing also improved dramatically. Job creation surged, beating economists’ expectations, and unemployment dropped sharply. Technology and other growth stocks performed particularly well, benefiting from trends, such as e-commerce and working from home, that accelerated during the pandemic.
With the approval of multiple COVID-19 vaccines late in November 2020, performance in the market broadened, and more cyclically oriented stocks began to perform better. Returns were supported by interest rates, which remained low, while the stimulus package approved by Congress continued to bolster consumers, small businesses and the economy generally.
As the prospect of the end of the pandemic became more likely, businesses became more confident and increased their capital spending. In addition, inventory shortages began to appear, providing another catalyst to economic growth. With the announcement of approved COVID-19 vaccines in November 2020, investors began to take more notice of cyclical stocks, but growth-oriented stocks continued to perform positively.
Two Underlying Strategies Detracted from Fund Performance
The fund’s returns relative to the Index were hindered by an allocation decision and by the underperformance by two underlying managers. The fund’s growth-oriented strategy lagged the Russell 2000® Growth Index (a secondary benchmark), and this benchmark underperformed the overall Index, resulting in a negative contribution to fund returns. In addition, the fund’s overweight to the growth-oriented category detracted further from returns. The fund’s position in the core category also hindered the fund’s overall performance as the underlying strategy lagged the Index by more than 600 basis points. The underweight to this category produced a neutral effect.
The primary positive contributor to the fund’s returns was the value-oriented category. The underlying strategy in this category lagged the Russell 2000® Value Index (a secondary benchmark) slightly, but this category easily outperformed the overall Index. The fund manager’s overweighted position to this category also benefited fund performance.
10
Broadening Performance May Benefit Returns
We believe that the fund is well-positioned for market activity going forward. We think that diversification across asset classes may continue to be additive to fund performance, and we will continue to attempt to take advantage of broadening market participation as more asset classes begin to participate in the bull market.
March 15, 2021
1 DUE TO RECENT MARKET VOLATILITY, CURRENT PERFORMANCE MAY BE DIFFERENT THAN THE FIGURES SHOWN. Investors should note that the fund’s short-term performance is highly unusual, in part to unusually favorable market conditions, and is unlikely to be repeated or consistently achieved in the future.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® Index is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set. Investors cannot invest directly in any index.
3 Source: Lipper Inc. — The Russell 2000® Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000 companies with higher growth earning potential as defined by Russell’s leading style methodology. The Russell 2000® Growth Index is constructed to provide a comprehensive and unbiased barometer for the small-cap growth segment. The Russell 2000® Growth Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set, and that the represented companies continue to reflect growth characteristics. Investors cannot invest directly in any index.
4 Source: Lipper Inc. — The Russell 2000® Value Index measures the performance of the small-cap value segment of the U.S. equity universe. It includes those Russell 2000 companies that are considered more value-oriented relative to the overall market as defined by Russell’s leading style methodology. The Russell 2000 ®Value Index is constructed to provide a comprehensive and unbiased barometer for the small-cap value segment. The Russell 2000 ®Value Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set, and that the represented companies continue to reflect value characteristics. Investors cannot invest directly in any index.
Equities are subject generally to market, market sector, market liquidity, issuer and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund’s prospectus.
Stocks of small- and/or mid-cap companies often experience sharper price fluctuations than stocks of large-cap companies.
Recent market risks include pandemic risks related to COVID-19. The effects of COVID-19 have contributed to increased volatility in global markets and will likely affect certain countries, companies, industries and market sectors more dramatically than others. To the extent the fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase the fund’s exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.
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DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)
For the period from September 1, 2020 through February 28, 2021, as provided by Donald Sauber and Thomas Lee, Portfolio Managers
Market and Fund Performance Overview
For the six-month period ended February 28, 2021, BNY Mellon Focused Equity Opportunities Fund’s Class M shares produced a total return of 9.04%, and Investor shares produced a total return of 8.92%.1 In comparison, the S&P 500® Index (the “Index”), the fund’s benchmark, produced a total return of 9.75% for the same period.2
Large-cap stocks generally posted gains over the reporting period, amid supportive central bank policies and improving investor sentiment. The fund underperformed the Index for the period, due in part to security selection shortfalls within the materials, health care, communication services and real estate sectors.
The Fund’s Investment Approach
The fund seeks capital appreciation. To pursue its goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities. The fund invests, under normal circumstances, in approximately 25-30 companies that are considered by the investment adviser to be positioned for long-term earnings growth. The fund may hold growth or value stocks or a blend of both. The fund may invest in the stocks of companies of any size, although it focuses on large-cap companies. The fund invests primarily in equity securities of U.S. issuers, but may invest up to 25% of its assets in the equity securities of foreign issuers, including those in emerging market countries.
The portfolio managers monitor sector and security weightings and regularly evaluate the fund’s risk-adjusted returns to manage the risk profile of the fund’s portfolio. The portfolio managers adjusts exposure limits, as necessary.
A Tale of Two Markets
After a strong summer rally, volatility crept back into equity markets in September 2020 as increasing COVID-19 infection rates began to concern investors. By October 2020, several countries had begun to reinstitute some degree of behavioral restrictions among residents in order to stem the spread of the virus. In addition, mounting political rhetoric in the U.S. due to the election, renewed trade difficulties between the U.S. and China, and other geopolitical events stoked investor anxiety. However, resolution in the U.S. presidential election and promising progress towards a COVID-19 vaccine during November 2020 helped stocks resurrect their upward momentum.
December 2020 brought vaccine approvals and passage of another U.S. fiscal stimulus package, both of which helped to support the rally. Ten-year U.S. Treasury rates began to rise as market participants anticipated the beginning of a strong global economic recovery. A strong rotation began out of companies that were able to benefit in the COVID-economy, such as technology and growth stocks. Investors began to support sectors of the market, which had previously lagged, as well as cyclical areas of the market on the theory that these sectors were offering more attractive valuations and would benefit most from economic reopening. As the stock rally continued and sentiment strengthened, the yield curve continued to steepen on increasing concerns over inflation rates, which could lead to tightening by the U.S. Federal Reserve (the “Fed”). This concern stunted the equity rally at the very end of the period, but stocks still produced strong results for the six months.
Stock Selection Benefited Fund Performance
Stock selections within the materials, health care, communication services and real estate sectors were the main detractors from relative performance. Materials company Air Products & Chemicals, was among the leading detractors from portfolio results. The company suffered negative earnings revisions due to COVID-related losses. Within health care, Boston Scientific weighed on results. Demand for the company’s products fell due to a decline in elective medical procedures due to the pandemic. Facebook constrained returns in the communication services sector. The company underperformed due to regulatory headline risk. Within real estate, a lack of exposure to “COVID-sensitive” real estate properties, which rallied during the period, created a drag on results.
Conversely, stock selection in the industrials, financials and utilities sectors benefited results. Within industrials, capital goods exposure helped performance. In particular, a position in Deere & Co. provided a tailwind to results. The stock price of the agricultural products company rose as demand for agricultural products increased during the period. Within financials, American International Group (AIG) was a leading contributor. The stock outperformed after it reported COVID-related losses to be more modest than expected. Company management also announced a potential spin-off of their life and retirement business segment. The news was well received by investors.
Positioned for Economic Reopening
We believe that improvement in vaccination rates will lead to a gradual reopening of the economy over the next 12-to-18 months. We anticipate U.S. economic growth will accelerate and expect the cyclical recovery to continue to be strong for the balance of 2021. It is our opinion that European markets may lag the U.S., but generally that both regions’ macroeconomic factors such as good commodity prices and strong consumer demand will be supportive. We believe that additional COVID support from the Biden administration, as well as the expected infrastructure program from the government during the latter half of the year, should benefit more cyclical parts of the market. It is our opinion that more defensive areas of the market will lag.
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Given this outlook, the portfolio ended the period overweight industrials, financial services, and semiconductor companies. We have increased our position in materials companies, although we are still underweight. We are also underweight telecommunications, consumer staples, real estate and utilities, which we expect will struggle over the coming years.
March 15, 2021
1 DUE TO RECENT MARKET VOLATILITY, CURRENT PERFORMANCE MAY BE DIFFERENT THAN THE FIGURES SHOWN. Investors should note that the fund’s short-term performance is highly unusual, in part to unusually favorable market conditions, and is unlikely to be repeated or consistently achieved in the future. Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.
2 Source: Lipper Inc. — The S&P 500® Index is widely regarded as the best single gauge of large-cap U.S. equities. The index includes 500 leading companies and captures approximately 80% coverage of available market capitalization. Investors cannot invest directly in any index.
Equities are subject to market, market sector, market liquidity, issuer and investment style risks, among other factors, to varying degrees.
Recent market risks include pandemic risks related to COVID-19. The effects of COVID-19 have contributed to increased volatility in global markets and will likely affect certain countries, companies, industries and market sectors more dramatically than others. To the extent the fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase the fund’s exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.
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.
Investing in foreign denominated and/or domiciled securities involves special risks, including changes in currency exchange rates, political, economic, and social instability, limited company information, differing auditing and legal standards, and less market liquidity. These risks generally are greater with emerging market countries.
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DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)
For the period from September 1, 2020 through February 28, 2021, 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, 2021, BNY Mellon Small/Mid Cap Multi-Strategy Fund’s Class M shares produced a total return of 26.20%, and Investor shares produced a total return of 26.03%.1 In comparison, the Russell 2500™ Index (the “Index”), the fund’s primary benchmark, produced a total return of 35.45% for the same period.2 The Russell 2500™ Growth Index and Russell 2500™ Value Index, the fund’s secondary benchmarks, produced total returns of 32.45% and 37.53%, respectively, for the same period.3,4
Small- and mid-cap stocks gained ground over the reporting period as government-mandated lockdowns were lifted, and COVID-19 vaccines were approved. The fund lagged the primary Index due to negative contributions from all three of the fund’s active underlying strategies.
The Fund’s Investment Approach
The fund seeks capital appreciation. The fund pursues its goal by normally investing at least 80% of its net assets in equity securities of small- and mid-cap companies. The fund currently considers small- and mid-cap companies to be those companies with total market capitalizations that are within the market-capitalization range of the smallest company included in the Russell 2000® Index and the largest company included in the Russell Midcap® Index.
The fund normally allocates assets across multiple investment strategies employed by the investment adviser that invest primarily in equity securities issued by small- and mid-cap companies. The investment adviser determines the investment strategies and sets target allocations and ranges. The fund is designed to provide exposure to various investment strategies and styles, including the Opportunistic Small/Mid Cap Strategy, the Small/Mid Cap Value Strategy, and the Small/Mid Cap Growth Strategy — all of which are more fully described in the fund’s prospectus.
Stocks Continued to Rebound
During the reporting period, the economy continued to show signs of recovery as government-mandated lockdowns were eased, and COVID-19 vaccines were approved. Retail sales rebounded, and the outlook for manufacturing also improved dramatically. Job creation surged, beating economists’ expectations, and unemployment dropped sharply. Technology and other growth stocks performed particularly well, benefiting from trends, such as e-commerce and working from home, that accelerated during the pandemic.
With the approval of multiple COVID-19 vaccines late in November 2020, performance in the market broadened, and more cyclically oriented stocks began to perform better. Returns were supported by interest rates, which remained low, while the stimulus package approved by Congress continued to bolster consumers, small businesses and the economy generally.
As the prospect of the end of the pandemic became more likely, businesses became more confident and increased their capital spending. In addition, inventory shortages began to appear, providing another catalyst to economic growth. With the announcement of approved COVID-19 vaccines in November 2020, investors began to take more notice of cyclical stocks, but growth-oriented stocks continued to perform positively.
Three Underlying Strategies Contributed Negatively to Fund Performance
The fund’s performance relative to the Index was hampered by the returns of all three of the underlying strategies. The primary negative contributor to performance was the growth-oriented category. The Small/Mid Cap Growth Strategy lagged the Russell 2500TM Growth Index (a secondary benchmark) by more than 570 basis points, and the fund’s overweight position in this category also detracted from results. In the value-oriented category, the underlying strategy lagged the Russell 2500TM Value Index (a secondary benchmark) by more than 1,400 basis points, producing a drag on overall fund performance. Underperformance in the underlying strategy in the core category also detracted.
The primary positive contributor to performance was the fund’s slight overweight to the value-oriented category, which outperformed the Index. This allocation decision contributed 64 basis points to performance despite the underperformance of the underlying strategy.
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Broadening Performance May Benefit Returns
We believe that the fund is well-positioned for market activity going forward. We think that diversification across asset classes may continue to be additive to fund performance, and we will continue to attempt to take advantage of broadening market participation as more asset classes begin to participate in the bull market.
March 15, 2021
1 DUE TO RECENT MARKET VOLATILITY, CURRENT PERFORMANCE MAY BE DIFFERENT THAN THE FIGURES SHOWN. Investors should note that the fund’s short-term performance is highly unusual, in part to unusually favorable market conditions, and is unlikely to be repeated or consistently achieved in the future. Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.
2 Source: Lipper Inc. — The Russell 2500™ Index measures the performance of the small- to mid-cap segment of the U.S. equity universe, commonly referred to as “smid” cap. The Russell 2500™ Index is a subset of the Russell 3000® Index. It includes approximately 2,500 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2500™ Index is constructed to provide a comprehensive and unbiased barometer for the small- to mid-cap segment. The Russell 2500™ Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small- to mid-cap opportunity set. Investors cannot invest directly in any index.
3 Source: Lipper Inc. — The Russell 2500™ Growth Index measures the performance of the small- to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500 companies with higher growth earning potential as defined by Russell’s leading style methodology. The Russell 2500™ Growth Index is constructed to provide a comprehensive and unbiased barometer of the small- to mid-cap growth market. The Russell 2500™ Growth Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small- to mid-cap opportunity set, and that the represented companies continue to reflect growth characteristics. Investors cannot invest directly in any index.
4 Source: Lipper Inc. — The Russell 2500™ Value Index measures the performance of the small- to mid-cap value segment of the U.S. equity universe. It includes those Russell 2500 companies that are considered more value-oriented relative to the overall market as defined by Russell’s leading style methodology. The Russell 2500™ Value Index is constructed to provide a comprehensive and unbiased barometer of the small- to mid-cap value market. The Russell 2500™ Value Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small- to midcap opportunity set, and that the represented companies continue to reflect value characteristics. Investors cannot invest directly in any index.
Equities are subject generally to market, market sector, market liquidity, issuer and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund’s prospectus. Stocks of small- and/or mid-cap companies often experience sharper price fluctuations than stocks of large-cap companies.
Part of the fund’s recent performance is attributable to positive returns from its initial public offering (IPO) investments. There can be no guarantee that IPOs will have or continue to have a positive effect on fund performance.
Recent market risks include pandemic risks related to COVID-19. The effects of COVID-19 have contributed to increased volatility in global markets and will likely affect certain countries, companies, industries and market sectors more dramatically than others. To the extent the fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase the fund’s exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.
15
DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)
For the period of September 1, 2020 through February 28, 2021, as provided by James A. Lydotes, CFA, and Chris Yao, CFA, Portfolio Managers
Market and Fund Performance Overview
For the six-month period ended February 28, 2021, BNY Mellon International Fund’s Class M shares produced a total return of 13.20%, and Investor shares produced a total return of 13.03%.1 In comparison, the fund’s benchmark, the MSCI EAFE Index (the “Index”), produced a total return of 14.33% for the same period.2
International equity markets largely posted gains as government-mandated lockdowns were lifted, COVID-19 vaccines were approved, and the economy continued to recover. The fund lagged the Index primarily due to weakness in the utilities and health care sectors and in the UK and Sweden.
The Fund’s Investment Approach
The fund seeks long-term capital growth. To pursue its goal, the fund normally invests at least 65% of its total assets in equity securities of foreign issuers. Foreign issuers are companies organized under the laws of a foreign country, whose principal trading market is in a foreign country or with a majority of their assets or business outside the United States. The fund may invest in companies of any size. Though not specifically limited, the fund ordinarily will invest in a broad range of (and in any case at least five different) countries. The fund will limit its investments in any single company to no more than 5% of the fund’s assets at the time of purchase.
The stocks purchased may have value and/or growth characteristics. The portfolio managers employ a “bottom-up” investment approach, which emphasizes individual stock selection. The stock selection process is designed to produce a diversified portfolio that, relative to the Index, has a below-average price/earnings ratio and an above-average earnings growth trend.
Stocks Continued to Rebound
During the reporting period, the economy continued to show signs of recovery as government-mandated lockdowns were eased, and COVID-19 vaccines were approved. Retail sales rebounded, and the outlook for manufacturing also improved dramatically. Job creation surged, beating economists’ expectations, and unemployment dropped sharply.
Markets continued to rebound as hope for a COVID-19 vaccine took hold. Technology and other growth stocks performed well, benefiting from trends, such as e-commerce and working from home, that accelerated during the pandemic.
With the approval of multiple COVID-19 vaccines late in 2020, performance in the market broadened, and more cyclically-oriented stocks began to perform better. Returns were supported by interest rates, which remained low, while the stimulus package approved by Congress continued to bolster consumers, small businesses and the economy generally.
As the prospect of the end of the pandemic became more likely, businesses became more confident and increased their capital spending. In addition, inventory shortages began to appear, providing another catalyst to economic growth. Investors began to take more notice of value-oriented stocks toward the end of the reporting period, but growth-oriented stocks continued to perform positively.
Growth stocks performed well throughout the period, but rising long-term interest rates late in the period produced some volatility. A pullback occurred among some growth-oriented stocks that had elevated valuations, while value-oriented stocks began to lead the market.
Selections in Two Sectors Hinder Performance
From a sector perspective, stock selections in the utilities and health care sectors detracted from returns. In the utilities sector, performance was hindered by the rise of interest rates, which made high-yielding stocks such as those in this sector less attractive. The fund’s position in Enagas, a Spanish liquid petroleum gas company, contributed negatively to performance. The fund’s overweight position in the health care sector also detracted from returns, as did positions in the pharmaceutical companies Roche Holding and Sanofi.
On a more positive note, selections in the materials and information technology sectors were the most positive contributors. In the materials sector, shares of Fortescue Metals Group, an Australian iron ore mining company, rose 45% as iron ore prices have surged due to economic recovery in China. A position in LafargeHolcim, a Swiss building materials company, also was a leading contributor, rising 25% on the prospects of global economic recovery. In the information technology sector, STMicroelectronics, a Swiss semiconductor company, and Advantest, a maker of semiconductor testing equipment, rose 29% and 73%, respectively. Both benefited from a shortage of semiconductors.
From a country perspective, holdings in the UK and Sweden were the primary detractors. In the UK, the Berkeley Group Holdings, a real estate developer, hurt the fund’s returns as rising interest rates weighed on the stock. Shares of Unilever, which benefited tremendously from the COVID-19 pandemic, also declined as investors became concerned that next year’s earnings would not compare favorably. Similarly, in Sweden, shares of Essity, a maker of personal care products, also detracted, declining 11%.
On the other hand, Germany and Switzerland were the primary positive contributors. The fund was underweight to Germany, and the country underperformed the market. A position in HeidelbergCement also added to returns, rising 25%. In Switzerland, the fund had no exposure to health care and consumer staples companies, which were the primary lagging sectors. In addition, as mentioned above, the fund’s position in STMicroelectronics was a primary positive contributor.
Anticipating Recovery in Cyclical Stocks
During the reporting period, the fund added to holdings in the industrials and financial sectors and reduced its holdings in the information technology and communications services sectors.
We believe that developed market equities remain attractively valued relative to U.S. markets. In addition, a shift to cyclical, value-oriented stocks may also be beneficial, especially in
16
Europe, which tends to be more heavily weighted toward these stocks. The rollout of COVID-19 vaccines and abundant stimulus in Europe should also support markets.
March 15, 2021
1 DUE TO RECENT MARKET VOLATILITY, CURRENT PERFORMANCE MAY BE DIFFERENT THAN THE FIGURES SHOWN. Investors should note that the fund’s short-term performance is highly unusual, in part to unusually favorable market conditions, and is unlikely to be repeated or consistently achieved in the future.Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.
2 Source: Lipper Inc. — Reflects reinvestment of net dividends and, where applicable, capital gain distributions. The MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted, market capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. Investors cannot invest directly in any index.
Equities are subject generally to market, market sector, market liquidity, issuer and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund’s prospectus.
The fund’s performance will be influenced by political, social and economic factors affecting investments in foreign companies. Special risks associated with investments in foreign companies include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. These risks are enhanced in emerging market countries.
References to specific securities, asset classes and financial markets are for illustrative purposes only and are not intended to be and should not be interpreted as recommendations.
Recent market risks include pandemic risks related to COVID-19. The effects of COVID-19 have contributed to increased volatility in global markets and will likely affect certain countries, companies, industries and market sectors more dramatically than others. To the extent the fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase the fund’s exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.
The fund may, but is not required to, use derivative instruments. A small investment in derivatives could have a potentially large impact on the fund’s performance. The use of derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying assets.
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DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)
For the period of September 1, 2020 through February 28, 2021, as provided by Julianne D. McHugh and Chris Yao, CFA, Portfolio Managers
Market and Fund Performance Overview
For the six-month period ended February 28, 2021, BNY Mellon Emerging Markets Fund’s Class M shares produced a total return of 21.82%, and Investor shares produced a total return of 21.81%.1 In comparison, the fund’s benchmark, the MSCI Emerging Markets Index (the “Index”), produced a total return of 22.32% for the same period.2
Stocks in emerging markets gained ground as government-mandated lockdowns were lifted, COVID-19 vaccines were approved, and the global economy continued to recover. The fund underperformed the Index mainly due to positions in the consumer staples and consumer discretionary sectors and in China and Brazil.
The Fund’s Investment Approach
The fund seeks long-term capital growth. To pursue its goal, the fund invests at least 80% of its net assets in equity securities of companies organized, or with a majority of assets or operations, in countries considered to be emerging markets. Emerging market countries generally include all countries represented by the Index. The fund may invest in companies of any size.
Normally, the fund will invest in a broad range of (and in any case at least five different) emerging market countries. The stocks purchased may have value and/or growth characteristics. The portfolio managers employ a “bottom-up” investment approach, which emphasizes individual stock selection. The stock selection process is designed to produce a diversified portfolio that, relative to the Index, has a below-average price/earnings ratio and an above-average earnings growth trend.
Stocks Continued to Rebound
During the reporting period, the economy continued to show signs of recovery as government-mandated lockdowns were eased, and COVID-19 vaccines were approved. Retail sales rebounded, and the outlook for manufacturing also improved dramatically. Job creation surged, beating economists’ expectations, and unemployment dropped sharply.
Markets continued to rebound as hope for a COVID-19 vaccine took hold. Technology and other growth stocks performed well, benefiting from trends, such as e-commerce and working from home, that accelerated during the pandemic.
With the approval of multiple COVID-19 vaccines late in 2020, performance in the market broadened, and more cyclically-oriented stocks began to perform better. Returns were supported by interest rates, which remained low, while the stimulus package approved by Congress continued to bolster consumers, small businesses and the economy generally.
As the prospect of the end of the pandemic became more likely, businesses became more confident and increased their capital spending. In addition, inventory shortages began to appear, providing another catalyst to economic growth. Investors began to take more notice of value-oriented stocks toward the end of the reporting period, but growth-oriented stocks continued to perform positively.
Growth stocks performed well throughout the period, but rising long-term interest rates late in the period produced some volatility. A pullback occurred among some growth-oriented stocks that had elevated valuations, while value-oriented stocks began to lead the market.
Certain Selections and Allocations Detracted from Performance
The fund’s performance relative to the Index was hindered by stock selection in the consumer staples and consumer discretionary sectors. In the consumer staples sector, a position in Brazilian food producer Minerva declined 24% as the broader market was one of the worst performers during the reporting period. In the consumer discretionary sector, shares of Alibaba Group Holding, a Chinese e-commerce company, declined late in the period as investors rotated into more value-oriented stocks. In addition, the fund was hurt by a decision not to own NIO, a Chinese maker of electric vehicles, which rose more than 140%.
On the other hand, selections in the information technology and industrials sectors were advantageous. In the information technology sector, shares of Taiwan Semiconductor Manufacturing, a chipmaker, rose 51% on strong demand across all customer segments. Shares of MediaTek, another Taiwanese chipmaker, also contributed positively to performance, rising 70%. In the industrials sector, shares of Zoomlion Heavy Industry Science & Technology, a Chinese maker of heavy equipment, benefited from the reopening of China’s economy. In addition, Adani Ports, an Indian operator of shipping ports, rose 90% in anticipation of a global economic recovery.
From a country perspective, holdings in China and Brazil detracted most from performance. In China, in addition to the position in Alibaba Group Holding and the decision not to own NIO, the fund’s returns were hindered by shares of Anhui Conch Cement. In Brazil, in addition to shares of Minerva, the fund’s lack of exposure to the materials sector, especially the iron ore mining industry, detracted from performance.
On a more positive note, positions in Taiwan and South Africa were the biggest positive contributors. In Taiwan, in addition to the strong performance of chipmaking companies noted above, shares of Chailease Holding, an equipment leasing company, contributed positively due to its exposure to China. In South Africa, the fund’s position in Sibanye Stillwater, a mining company, rose 54% on strong demand for base metals. Similarly, shares of Impala Platinum Holdings also added to returns, rising 80%.
Valuations Still Attractive Versus Developed Markets
The fund engaged in some repositioning during the reporting period, adding to the financial and industrials sectors. In addition, the fund reduced its holdings in the consumer staples and consumer discretionary sectors.
Emerging market equities remain attractively valued relative to developed markets. We believe that growth-oriented stocks are unlikely to continue last year’s run since investors may rotate
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into more cyclical stocks. However, global economic recovery should benefit energy-exporting countries, and markets in emerging Europe and Latin America could also experience stronger returns. If the U.S. dollar weakens versus emerging market currencies, that could provide a boost to investors.
March 15, 2021
1 DUE TO RECENT MARKET VOLATILITY, CURRENT PERFORMANCE MAY BE DIFFERENT THAN THE FIGURES SHOWN. Investors should note that the fund’s short-term performance is highly unusual, in part to unusually favorable market conditions, and is unlikely to be repeated or consistently achieved in the future. Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.
2 Source: Lipper Inc. — Reflects reinvestment of net dividends and, where applicable, capital gain distributions. The MSCI Emerging Markets Index is a free float-adjusted, market capitalization-weighted index that is designed to measure equity market performance of emerging markets. Investors cannot invest directly in any index.
Please note: the position in any security highlighted with italicized typeface was sold during the reporting period.
Equities are subject generally to market, market sector, market liquidity, issuer and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund’s prospectus.
The fund’s performance will be influenced by political, social and economic factors affecting investments in foreign companies. Special risks associated with investments in foreign companies include exposure to currency fluctuations, less liquidity, less developed, or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. These risks are enhanced in emerging market countries.
Recent market risks include pandemic risks related to COVID-19. The effects of COVID-19 have contributed to increased volatility in global markets and will likely affect certain countries, companies, industries and market sectors more dramatically than others. To the extent the fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase the fund’s exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.
The fund may, but is not required to, use derivative instruments. A small investment in derivatives could have a potentially large impact on the fund’s performance. The use of derivative involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying assets.
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DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)
For the period from September 1, 2020 through February 28, 2021, as provided by Peter D. Goslin, CFA, Syed A. Zamil, CFA and Tao Wang, Portfolio Managers
Fund and Market Performance Overview
For the six-month period ended February 28, 2021, BNY Mellon International Equity Income Fund’s Class M shares produced a total return of 17.02%, and Investor shares produced a total return of 16.90%.1 In comparison, the fund’s benchmark, the MSCI ACWI ex USA Index (the “Index”), produced a total return of 16.65% for the same period.2
International equity markets generally rose over the reporting period, supported by accommodative central bank policies and improving investor sentiment. The fund outperformed the Index for the period, due to successful security selection across several sectors and a tilt towards value and high dividend-paying stocks, which offered strong performance during the period.
The Fund’s Investment Approach
The fund seeks total return (consisting of capital appreciation and income). To pursue its goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities. The fund normally invests substantially all of its assets in the equity securities of issuers located outside the United States and diversifies broadly among developed and emerging market countries. The fund focuses on dividend-paying stocks of foreign companies, including those in 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 stock 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.
A Tale of Two Markets
After a strong summer rally, volatility crept back into equity markets in September 2020 as increasing COVID-19 infection rates began to concern investors. By October 2020, several countries had begun to reinstitute some degree of behavioral restrictions among residents in order to stem the spread of the virus. In addition, mounting political rhetoric in the U.S. due to the election, renewed trade difficulties between the U.S. and China, and other geopolitical events stoked investor anxiety. However, resolution in the U.S. presidential election and promising progress towards a COVID-19 vaccine during November 2020 helped stocks resurrect their upward momentum.
December 2020 brought vaccine approvals and passage of another U.S. fiscal stimulus package, both of which helped to support the rally. Ten-year U.S. Treasury rates began to rise as market participants anticipated the beginning of a strong global economic recovery. A strong rotation began out of companies that were able to benefit in the COVID-economy, such as technology and growth stocks. Investors began to support COVID-sensitive sectors of the market, which had previously lagged, as well as cyclical areas of the market on the theory that these sectors were offering more attractive valuations and would benefit most from economic reopening. As the stock rally continued and sentiment strengthened, the yield curve continued to steepen on increasing concerns over inflation rates, which could lead to tightening by the U.S. Federal Reserve (the “Fed”). This concern stunted the equity rally at the very end of the period, but stocks still produced strong results for the six months.
Security Selections Impact Fund Performance
Stock selection in the materials, consumer staples, information technology and utilities sectors helped the fund’s gains over the reporting period as did stocks from Russia, Hong Kong and Taiwan. Zijin Mining Group, a Hong Kong-based materials company, was among the leading contributors to portfolio performance. Taiwan-based technology company, Globalwafers, was also a top performer as was Russian steel company Severstal. From a factor perspective, over the trailing six months, value and high dividend-paying stocks were rewarded. This was a strong source of outperformance for the portfolio. High dividend-paying stocks outperformed stocks which paid smaller dividends, providing a tailwind for portfolio performance.
Conversely, stock selection in the consumer discretionary and health care sectors constrained fund performance. Takeda Pharmaceutical, a Japanese health care company, was among the leading detractors from portfolio performance. From a country perspective, companies based in South Korea and the United Kingdom weighed on results.
20
A Disciplined Approach to Stock Picking
As a result of our process, we ended the period modestly overweight materials, energy and financials. The portfolio was modestly underweight consumer discretionary, industrials and utilities. We continue to own a broad set of securities that we believe display an attractive dividend yield. The portfolio is risk-controlled from a perspective of sector, market capitalization and country exposure relative to the benchmark. We believe the portfolio may be well positioned to benefit from the current market environment.
March 15, 2021
1 DUE TO RECENT MARKET VOLATILITY, CURRENT PERFORMANCE MAY BE DIFFERENT THAN THE FIGURES SHOWN. Investors should note that the fund’s short-term performance is highly unusual, in part to unusually favorable market conditions, and is unlikely to be repeated or consistently achieved in the future.Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.
2 Source: Lipper Inc. — Reflects reinvestment of net dividends and, where applicable, capital gain distributions. The MSCI ACWI ex USA Index captures large- and mid-cap representation across Developed Market (DM) countries (excluding the U.S.) and Emerging-Market (EM) countries. Investors cannot invest directly in any index.
Equities are subject generally to market, market sector, market liquidity, issuer and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund’s prospectus.
Recent market risks include pandemic risks related to COVID-19. The effects of COVID-19 have contributed to increased volatility in global markets and will likely affect certain countries, companies, industries and market sectors more dramatically than others. To the extent the fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase the fund’s exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.
The fund may, but is not required to, use derivative instruments. A small investment in derivatives could have a potentially large impact in 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.
21
DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)
For the period of September 1, 2020 through February 28, 2021, 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, 2021, BNY Mellon Asset Allocation Fund’s Class M shares produced a total return of 11.45%, and Investor shares produced a total return of 11.27%.1 In comparison, the fund’s benchmark, the Morningstar Moderate Target Risk Index (the “Index”), produced a total return of 8.97% for the same period.2
Stocks generally produced positive returns during the period, amid an environment of supportive central bank policies and improving investor sentiment. Bonds produced mixed results in a rising rate environment that were largely dependent upon maturity profile, spread sector and credit rating. The portfolio outperformed the Index, driven by exposure to small-cap, international and emerging market equities.
The Fund’s Investment Approach
The fund seeks long-term growth of principal in conjunction with current income. The fund may invest in both individual securities and other investment companies, including other BNY Mellon funds, funds in the BNY Mellon Family of Funds and unaffiliated open-end funds, closed-end funds, and exchange-traded funds (collectively, the “underlying funds”). To pursue its goal, the fund currently intends to allocate its assets, directly and/or through investment in the underlying funds, to gain investment exposure to the following asset classes: Large-Cap Equities, Small-Cap and Mid-Cap Equities, Developed International and Global Equities, Emerging Market Equities, Investment-Grade Bonds, High-Yield Bonds, Emerging Markets Debt, Diversifying Strategies and Money Market Instruments.
BNY Mellon Investment Adviser, Inc. (BNYM Investment Adviser) allocates the fund’s investments among these asset classes using fundamental and quantitative analysis, and its outlook for the economy and financial markets. The underlying funds are selected by the BNYM Investment Adviser based on their investment objectives and management policies, portfolio holdings, risk/reward profiles, historical performance and other factors, including the correlation and covariance among the underlying funds.
A Tale of Two Markets
After a strong summer rally, volatility crept back into equity markets in September 2020 as increasing COVID-19 infection rates began to concern investors. By October 2020, several countries had begun to reinstitute some degree of behavioral restrictions among residents in order to stem the spread of the virus. In addition, mounting political rhetoric in the U.S. due to the election, renewed trade difficulties between the U.S. and China, and other geopolitical events stoked investor anxiety. However, resolution in the U.S. presidential election and promising progress towards a COVID-19 vaccine during November 2020 helped stocks resurrect their upward momentum.
December 2020 brought vaccine approvals and passage of another U.S. fiscal stimulus package, both of which helped to support the rally. Ten-year U.S. Treasury rates began to rise as market participants anticipated the beginning of a strong global economic recovery. A strong rotation began out of companies that were able to benefit in the COVID-economy, such as technology and growth stocks. Investors began to support COVID-sensitive sectors of the market, which had previously lagged, as well as cyclical areas of the market on the theory that these sectors were offering more attractive valuations and would benefit most from economic reopening. As the stock rally continued and sentiment strengthened, the yield curve continued to steepen on increasing concerns over inflation rates, which could lead to tightening by the U.S. Federal Reserve (the “Fed”). This concern stunted the equity rally at the very end of the period, but stocks still produced strong results for the six months.
Bonds produced mixed results during the period and generally underperformed stocks. The early weeks of September 2020 brought a risk-on environment, but concerns over rising infection rates and renewed economic closures caused spread widening in late September and October 2020. However, the tide turned in November 2020, when news of potential viable vaccines surfaced. Investor sentiment lifted, and a strong risk-on rally began, particularly in areas of the market that were hard hit by the pandemic, such as travel and leisure names, and low-quality and distressed debt. In January 2021, the U.S. Treasury yield curve steepened as rates on intermediate- and long-dated debt increased. In February 2021, the yield curve continued its steepening trend as investors anticipated economic reopening, and concerns surfaced about potential increases in inflation. Securities offering a hedge against inflation rallied, while long-dated Treasuries underperformed the broader market. High yield securities generally offered strong returns for the period, while some other higher-quality spread sectors ended up posting negative performance for the six months due to the rising rate environment in January and February 2021.
Diverse Asset Class Exposure Benefits Performance
The portfolio’s exposure to a diverse range of market capitalizations and asset classes helped outperformance for the six months. The fund’s benchmark contains U.S. large-cap equity for its equity portion. U.S. large-cap equity stocks generally underperformed U.S. small- and mid-cap equities, as well as emerging market and international equities. The fund’s diversification away from U.S. large-cap equities and into other asset types was a boost to performance. From a manager selection standpoint, investment in the BNY Mellon Research Growth Fund and the BNY Mellon International Equity Fund helped relative performance, as both funds beat their respective benchmarks. Within fixed income, direct bond holdings delivered strong relative performance. Manager selection was also beneficial, with the BNY Mellon Corporate Bond Fund beating its benchmark.
Conversely, some funds constrained portfolio performance. Within equities, the BNY Mellon Focused Equity Opportunities Fund and the BNY Mellon Select Managers Small Cap Growth Fund trailed their benchmarks during the period. Within the fixed-income sleeve, the BNY Mellon Floating Rate Income Fund and the BNY Mellon High Yield Fund also underperformed.
22
Positioned for the Current Market Environment
We believe that the fund is well positioned for market activity going forward. We think that diversification across asset classes will continue to be additive to fund performance and will continue to attempt to take advantage of broadening market participation as more asset classes begin to participate in the bull market.
March 15, 2021
1 DUE TO RECENT MARKET VOLATILITY, CURRENT PERFORMANCE MAY BE DIFFERENT THAN THE FIGURES SHOWN.Investors should note that the fund’s short-term performance is highly unusual, in part to unusually favorable market conditions, and is unlikely to be repeated or consistently achieved in the future. 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 return reflects the absorption of certain fund expenses by BNY Mellon Investment Adviser, Inc. pursuant to an agreement in effect through December 31, 2021, at which time it may be extended, modified or terminated. Had these expenses not been absorbed, returns would have been lower.
2 Source: Morningstar Inc. — Morningstar Moderate Target Risk Index serves as a benchmark to help with target-risk, mutual fund selection and evaluation by offering an objective yardstick for moderate performance comparison. Investors cannot invest directly in any index.
Equities are subject generally to market, market sector, market liquidity, issuer and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund’s prospectus.
Bonds are subject generally to interest-rate, credit, liquidity and market risks, to varying degrees, all of which are more fully described in the fund’s prospectus. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes, and rate increases can cause price declines.
Recent market risks include pandemic risks related to COVID-19. The effects of COVID-19 have contributed to increased volatility in global markets and will likely affect certain countries, companies, industries and market sectors more dramatically than others. To the extent the fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase the fund’s exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.
The underlying funds’ underlying strategies may use derivative instruments. 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.
23
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, 2020 to February 28, 2021. 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 | ||||||||||||||
Assume actual returns for the six months ended February 28, 2021 | ||||||||||||||
|
|
| Class M | Investor | Class A |
| Class C |
Class I |
| Class Y | ||||
BNY Mellon Large Cap Stock Fund | ||||||||||||||
Expenses paid per $1,000† | $4.67 | $5.95 | – | – | – | – | ||||||||
Ending value (after expenses) | $1,069.80 | $1,068.50 | – | – | – | – | ||||||||
Annualized expense ratio (%) | .91 | 1.16 | – | – | – | – | ||||||||
BNY Mellon Tax-Sensitive | ||||||||||||||
Expenses paid per $1,000† | $3.12 | $4.43 | – | – | – | – | ||||||||
Ending value (after expenses) | $1,130.30 | 1,128.90 | – | – | – | – | ||||||||
Annualized expense ratio (%) | .59 | .84 | – | – | – | – | ||||||||
BNY Mellon Income Stock Fund | ||||||||||||||
Expenses paid per $1,000† | $4.64 | $6.04 | $6.43 | $10.60 | $5.03 | $4.70 | ||||||||
Ending value (after expenses) | $1,255.30 | $1,255.70 | $1,254.70 | $1,249.60 | $1,254.80 | $1,255.60 | ||||||||
Annualized expense ratio (%) | .83 | 1.08 | 1.15 | 1.90 | .90 | .84 | ||||||||
BNY Mellon Mid Cap Multi-Strategy Fund | ||||||||||||||
Expenses paid per $1,000† | $4.97 | $6.35 | – | – | – | – | ||||||||
Ending value (after expenses) | $1,228.20 | $1,227.10 | – | – | – | – | ||||||||
Annualized expense ratio (%) | .90 | 1.15 | – | – | – | – | ||||||||
BNY Mellon Small Cap Multi-Strategy Fund | ||||||||||||||
Expenses paid per $1,000† | $5.96 | $7.41 | – | – | – | – | ||||||||
Ending value (after expenses) | $1,355.30 | $1,354.00 | – | – | – | – | ||||||||
Annualized expense ratio (%) | 1.02 | 1.27 | – | – | – | – | ||||||||
BNY Mellon Focused | ||||||||||||||
Expenses paid per $1,000† | $4.51 | $5.80 | – | – | – | – | ||||||||
Ending value (after expenses) | $1,090.40 | $1,089.20 | – | – | – | – | ||||||||
Annualized expense ratio (%) | .87 | 1.12 | – | – | – | – |
24
Expenses and Value of a $1,000 Investment (continued) | ||||||||||||||
Assume actual returns for the six months ended February 28, 2021 | ||||||||||||||
|
|
| Class M | Investor | ||||||||||
BNY Mellon Small/Mid Cap Multi-Strategy Fund | ||||||||||||||
Expenses paid per $1,000† | $5.50 | $6.89 | ||||||||||||
Ending value (after expenses) | $1,262.00 | $1,260.30 | ||||||||||||
Annualized expense ratio (%) | .98 | 1.23 | ||||||||||||
BNY Mellon International Fund | ||||||||||||||
Expenses paid per $1,000† | $5.44 | $6.76 | ||||||||||||
Ending value (after expenses) | $1,132.00 | $1,130.30 | ||||||||||||
Annualized expense ratio (%) | 1.03 | 1.28 | ||||||||||||
BNY Mellon Emerging Markets Fund | ||||||||||||||
Expenses paid per $1,000† | $7.59 | $8.96 | ||||||||||||
Ending value (after expenses) | $1,218.20 | $1,218.10 | ||||||||||||
Annualized expense ratio (%) | 1.38 | 1.63 | ||||||||||||
BNY Mellon International Equity Income Fund | ||||||||||||||
Expenses paid per $1,000† | $6.51 | $7.85 | ||||||||||||
Ending value (after expenses) | $1,170.20 | $1,169.00 | ||||||||||||
Annualized expense ratio (%) | 1.21 | 1.46 | ||||||||||||
BNY Mellon Asset Allocation Fund | ||||||||||||||
Expenses paid per $1,000† | $1.73 | $3.04 | ||||||||||||
Ending value (after expenses) | $1,114.50 | $1,112.70 | ||||||||||||
Annualized expense ratio (%) | .33 | .58 |
† Expenses are equal to each fund’s annualized expense ratios as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
25
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, 2021 | ||||||||||||||||
|
|
|
|
| Class M | Investor |
| Class A |
| Class C |
Class I |
| Class Y | |||
BNY Mellon Large Cap Stock Fund | ||||||||||||||||
Expenses paid per $1,000† | $4.56 | $5.81 | – | – | – | – | ||||||||||
Ending value (after expenses) | $1,020.28 | $1,019.04 | – | – | – | – | ||||||||||
Annualized expense ratio (%) | .91 | 1.16 | – | – | – | – | ||||||||||
BNY Mellon Tax-Sensitive | ||||||||||||||||
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 Income Stock Fund | ||||||||||||||||
Expenses paid per $1,000† | $4.16 | $5.41 | $5.76 | $9.49 | $4.51 | $4.21 | ||||||||||
Ending value (after expenses) | $1,020.68 | $1,019.44 | $1,019.09 | $1,015.37 | $1,020.33 | $1,020.63 | ||||||||||
Annualized expense ratio (%) | .83 | 1.08 | 1.15 | 1.90 | .90 | .84 | ||||||||||
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† | $5.11 | $6.36 | – | – | – | – | ||||||||||
Ending value (after expenses) | $1,019.74 | $1,018.50 | – | – | – | – | ||||||||||
Annualized expense ratio (%) | 1.02 | 1.27 | – | – | – | – | ||||||||||
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 | – | – | – | – |
26
Expenses and Value of a $1,000 Investment (continued) | ||||||||||||||||
Assuming a hypothetical 5% annualized return for the six months ended February 28, 2021 | ||||||||||||||||
|
|
|
|
| Class M |
|
Investor |
| ||||||||
BNY Mellon Small/Mid Cap Multi-Strategy Fund | ||||||||||||||||
Expenses paid per $1,000† |
| $4.91 | $6.16 | |||||||||||||
Ending value (after expenses) | $1,019.93 | $1,018.70 | ||||||||||||||
Annualized expense ratio (%) | .98 | 1.23 | ||||||||||||||
BNY Mellon International Fund | ||||||||||||||||
Expenses paid per $1,000† | $5.16 | $6.41 | ||||||||||||||
Ending value (after expenses) | $1,019.69 | $1,018.45 | ||||||||||||||
Annualized expense ratio (%) | 1.03 | 1.28 | ||||||||||||||
BNY Mellon Emerging Markets Fund | ||||||||||||||||
Expenses paid per $1,000† | $6.90 | $8.15 | ||||||||||||||
Ending value (after expenses) | $1,017.95 | $1,016.71 | ||||||||||||||
Annualized expense ratio (%) | 1.38 | 1.63 | ||||||||||||||
BNY Mellon International Equity Income Fund | ||||||||||||||||
Expenses paid per $1,000† | $6.06 | $7.30 | ||||||||||||||
Ending value (after expenses) | $1,018.79 | $1,017.55 | ||||||||||||||
Annualized expense ratio (%) | 1.21 | 1.46 | ||||||||||||||
BNY Mellon Asset Allocation Fund | ||||||||||||||||
Expenses paid per $1,000† | $1.66 | $2.91 | ||||||||||||||
Ending value (after expenses) | $1,023.16 | $1,021.92 | ||||||||||||||
Annualized expense ratio (%) | .33 | .58 |
† Expenses are equal to each fund’s annualized expense ratio as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
27
STATEMENT OF INVESTMENTS
February 28, 2021 (Unaudited)
BNY Mellon Large Cap Stock Fund | |||||
Description | Shares | Value ($) | |||
Common Stocks - 101.2% | |||||
Automobiles & Components - 1.9% | |||||
Harley-Davidson | 3,891 | a | 138,792 | ||
Tesla | 2,733 | b | 1,846,141 | ||
1,984,933 | |||||
Banks - 4.8% | |||||
Bank of America | 27,122 | 941,405 | |||
BOK Financial | 2,445 | 210,417 | |||
Citigroup | 701 | 46,182 | |||
JPMorgan Chase & Co. | 16,150 | 2,376,795 | |||
Regions Financial | 49,281 | 1,016,667 | |||
The PNC Financial Services Group | 2,291 | 385,713 | |||
4,977,179 | |||||
Capital Goods - 5.1% | |||||
3M | 3,573 | 625,489 | |||
AMETEK | 595 | 70,192 | |||
Carlisle | 2,696 | 391,594 | |||
Crane | 369 | 30,944 | |||
Dover | 3,962 | 488,356 | |||
Eaton | 1,030 | 134,096 | |||
Fortive | 8,051 | 529,917 | |||
General Electric | 17,129 | 214,798 | |||
Hubbell | 1,082 | 192,066 | |||
Illinois Tool Works | 3,497 | 707,023 | |||
Lockheed Martin | 2,432 | 803,168 | |||
Northrop Grumman | 483 | 140,872 | |||
Parker-Hannifin | 1,811 | 519,685 | |||
Pentair | 3,559 | 199,055 | |||
Stanley Black & Decker | 1,438 | 251,420 | |||
W.W. Grainger | 181 | 67,461 | |||
5,366,136 | |||||
Commercial & Professional Services - .1% | |||||
Cintas | 239 | 77,517 | |||
Consumer Durables & Apparel - .7% | |||||
Carter's | 2,375 | b | 198,241 | ||
Garmin | 554 | 68,707 | |||
NVR | 54 | b | 243,045 | ||
Polaris | 575 | 67,712 | |||
Tempur Sealy International | 4,096 | 136,847 | |||
714,552 | |||||
Consumer Services - .7% | |||||
Domino's Pizza | 424 | 146,920 | |||
Hilton Worldwide Holdings | 246 | b | 30,425 | ||
McDonald's | 1,647 | 339,513 | |||
Service Corp. International | 3,659 | 174,754 | |||
Starbucks | 150 | 16,205 | |||
707,817 | |||||
Diversified Financials - 5.0% | |||||
Ameriprise Financial | 1,964 | 434,515 | |||
Berkshire Hathaway, Cl. B | 1,899 | b | 456,728 | ||
Capital One Financial | 3,053 | 366,940 | |||
Moody's | 1,142 | 313,924 | |||
Morgan Stanley | 10,245 | 787,533 | |||
OneMain Holdings | 2,529 | 118,635 | |||
S&P Global | 2,957 | 973,918 | |||
State Street | 3,157 | 229,735 | |||
Synchrony Financial | 10,757 | 416,081 | |||
BNY Mellon Large Cap Stock Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 101.2%(continued) | |||||
Diversified Financials - 5.0% (continued) | |||||
T. Rowe Price Group | 2,247 | 364,329 | |||
The Goldman Sachs Group | 2,503 | 799,658 | |||
5,261,996 | |||||
Energy - 2.7% | |||||
Cabot Oil & Gas | 3,240 | a | 59,972 | ||
Chevron | 4,055 | 405,500 | |||
ConocoPhillips | 6,141 | 319,393 | |||
Devon Energy | 16,207 | 349,099 | |||
Equitrans Midstream | 4,450 | 32,174 | |||
Halliburton | 6,230 | 136,001 | |||
Kinder Morgan | 27,329 | 401,736 | |||
Marathon Oil | 55,557 | 616,683 | |||
Murphy Oil | 6,144 | 100,332 | |||
NOV | 4,139 | b | 62,499 | ||
Schlumberger | 11,799 | 329,310 | |||
2,812,699 | |||||
Food & Staples Retailing - 1.0% | |||||
Casey's General Stores | 166 | a | 33,525 | ||
Costco Wholesale | 1,777 | 588,187 | |||
Walmart | 3,683 | 478,495 | |||
1,100,207 | |||||
Food, Beverage & Tobacco - 2.8% | |||||
Altria Group | 12,383 | 539,899 | |||
Campbell Soup | 2,290 | a | 104,149 | ||
Conagra Brands | 6,208 | 210,637 | |||
General Mills | 8,819 | 485,133 | |||
Monster Beverage | 4,315 | b | 378,598 | ||
PepsiCo | 2,072 | 267,682 | |||
Philip Morris International | 8,093 | 679,974 | |||
The Hershey Company | 246 | 35,830 | |||
The Kraft Heinz Company | 4,719 | 171,677 | |||
2,873,579 | |||||
Health Care Equipment & Services - 5.0% | |||||
Abbott Laboratories | 5,432 | 650,645 | |||
Align Technology | 408 | b | 231,381 | ||
AmerisourceBergen | 3,020 | 305,684 | |||
Cerner | 1,081 | 74,740 | |||
Chemed | 43 | 19,144 | |||
CVS Health | 340 | 23,164 | |||
DaVita | 2,104 | b | 214,882 | ||
DexCom | 459 | b | 182,581 | ||
Edwards Lifesciences | 4,804 | b | 399,212 | ||
Globus Medical, Cl. A | 121 | b | 7,563 | ||
Hill-Rom Holdings | 605 | 64,535 | |||
Humana | 1,509 | 572,892 | |||
IDEXX Laboratories | 220 | b | 114,437 | ||
McKesson | 1,407 | 238,515 | |||
ResMed | 986 | 190,081 | |||
Steris | 1,622 | 283,526 | |||
UnitedHealth Group | 4,703 | 1,562,431 | |||
Zimmer Biomet Holdings | 247 | 40,276 | |||
5,175,689 | |||||
Household & Personal Products - 2.8% | |||||
Colgate-Palmolive | 2,919 | 219,509 | |||
Kimberly-Clark | 4,778 | 613,161 |
28
BNY Mellon Large Cap Stock Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 101.2%(continued) | |||||
Household & Personal Products - 2.8% (continued) | |||||
The Procter & Gamble Company | 16,589 | 2,049,239 | |||
2,881,909 | |||||
Insurance - 3.6% | |||||
Aflac | 6,937 | 332,213 | |||
Arch Capital Group | 12,044 | b | 431,416 | ||
Everest Re Group | 1,700 | 411,077 | |||
Fidelity National Financial | 3,723 | 142,516 | |||
Globe Life | 7,015 | 655,201 | |||
Markel | 396 | b | 431,165 | ||
MetLife | 2,446 | 140,890 | |||
The Allstate | 2,735 | 291,551 | |||
The Hanover Insurance Group | 2,612 | 301,294 | |||
The Travelers Companies | 1,630 | 237,165 | |||
Unum Group | 15,874 | 420,344 | |||
3,794,832 | |||||
Materials - 2.2% | |||||
Avery Dennison | 997 | 174,684 | |||
Cabot | 1,887 | 92,897 | |||
Celanese | 1,054 | 146,411 | |||
CF Industries Holdings | 1,702 | 77,067 | |||
Corteva | 2,533 | 114,365 | |||
Dow | 4,122 | 244,476 | |||
FMC | 1,506 | 153,145 | |||
Huntsman | 1,011 | 27,600 | |||
PPG Industries | 2,342 | 315,748 | |||
Reliance Steel & Aluminum | 1,591 | 210,330 | |||
Silgan Holdings | 2,343 | 88,003 | |||
The Mosaic Company | 7,619 | 223,999 | |||
The Sherwin-Williams Company | 378 | 257,169 | |||
Valvoline | 5,884 | 146,865 | |||
2,272,759 | |||||
Media & Entertainment - 10.9% | |||||
Alphabet, Cl. A | 1,203 | b | 2,432,358 | ||
Alphabet, Cl. C | 1,159 | b | 2,360,721 | ||
Charter Communications, Cl. A | 1,595 | b | 978,405 | ||
Comcast, Cl. A | 13,270 | 699,594 | |||
DISH Network, Cl. A | 5,362 | b | 168,957 | ||
Electronic Arts | 1,617 | 216,629 | |||
Facebook, Cl. A | 11,710 | b | 3,016,730 | ||
John Wiley & Sons, Cl. A | 1,561 | a | 82,233 | ||
Netflix | 1,667 | b | 898,263 | ||
Sirius XM Holdings | 51,521 | a | 301,398 | ||
The Interpublic Group of Companies | 7,550 | a | 197,206 | ||
11,352,494 | |||||
Pharmaceuticals Biotechnology & Life Sciences - 6.7% | |||||
AbbVie | 2,798 | 301,457 | |||
Alexion Pharmaceuticals | 2,929 | b | 447,405 | ||
Amgen | 2,234 | 502,471 | |||
Bio-Rad Laboratories, Cl. A | 245 | b | 143,203 | ||
Bristol-Myers Squibb | 1,582 | 97,024 | |||
Eli Lilly & Co. | 6,596 | 1,351,454 | |||
Johnson & Johnson | 4,561 | 722,736 | |||
Mettler-Toledo International | 245 | b | 273,432 | ||
BNY Mellon Large Cap Stock Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 101.2%(continued) | |||||
Pharmaceuticals Biotechnology & Life Sciences - 6.7% (continued) | |||||
Neurocrine Biosciences | 863 | b | 94,507 | ||
Pfizer | 19,484 | 652,519 | |||
Repligen | 431 | b | 91,540 | ||
Seagen | 518 | b | 78,275 | ||
Thermo Fisher Scientific | 1,644 | 739,932 | |||
Vertex Pharmaceuticals | 2,157 | b | 458,470 | ||
Waters | 1,125 | b | 308,115 | ||
Zoetis | 4,881 | 757,726 | |||
7,020,266 | |||||
Real Estate - 3.0% | |||||
American Tower | 3,322 | c | 717,984 | ||
Boston Properties | 3,714 | c | 368,169 | ||
Brandywine Realty Trust | 8,348 | a,c | 102,096 | ||
Corporate Office Properties Trust | 3,560 | c | 92,560 | ||
Equity Residential | 680 | c | 44,479 | ||
Essex Property Trust | 1,412 | c | 359,763 | ||
Lamar Advertising, Cl. A | 489 | c | 42,343 | ||
Mid-America Apartment Communities | 6,736 | c | 907,541 | ||
Public Storage | 1,245 | c | 291,255 | ||
Weyerhaeuser | 6,424 | c | 217,581 | ||
3,143,771 | |||||
Retailing - 7.7% | |||||
Amazon.com | 1,535 | b | 4,747,648 | ||
AutoZone | 357 | b | 414,091 | ||
Dollar General | 989 | 186,911 | |||
eBay | 2,633 | 148,554 | |||
Foot Locker | 2,342 | a | 112,627 | ||
Genuine Parts | 1,446 | 152,336 | |||
LKQ | 5,615 | b | 221,175 | ||
Lowe's | 2,793 | 446,182 | |||
Target | 447 | 81,998 | |||
The Home Depot | 4,427 | 1,143,671 | |||
Tractor Supply | 1,623 | a | 257,992 | ||
Wayfair, Cl. A | 258 | a,b | 74,557 | ||
7,987,742 | |||||
Semiconductors & Semiconductor Equipment - 5.4% | |||||
Advanced Micro Devices | 5,699 | b | 481,622 | ||
Applied Materials | 2,537 | 299,848 | |||
Broadcom | 1,736 | 815,694 | |||
Intel | 10,044 | 610,474 | |||
Lam Research | 378 | 214,398 | |||
Micron Technology | 2,183 | b | 199,810 | ||
NVIDIA | 2,479 | 1,359,930 | |||
Qorvo | 1,239 | b | 216,490 | ||
Qualcomm | 5,934 | 808,151 | |||
Texas Instruments | 3,643 | 627,580 | |||
5,633,997 | |||||
Software & Services - 14.6% | |||||
Adobe | 1,452 | b | 667,441 | ||
Autodesk | 854 | b | 235,704 | ||
Automatic Data Processing | 3,733 | 649,617 | |||
CACI International, Cl. A | 325 | b | 71,936 | ||
Cadence Design Systems | 1,522 | b | 214,739 |
29
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Large Cap Stock Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 101.2%(continued) | |||||
Software & Services - 14.6% (continued) | |||||
FLEETCOR Technologies | 323 | b | 89,571 | ||
Intuit | 817 | 318,744 | |||
Mastercard, Cl. A | 2,192 | 775,639 | |||
Microsoft | 30,407 | 7,065,979 | |||
Palo Alto Networks | 258 | b | 92,444 | ||
PayPal Holdings | 9,078 | b | 2,358,918 | ||
salesforce.com | 3,519 | b | 761,864 | ||
ServiceNow | 863 | b | 460,376 | ||
Twilio, Cl. A | 258 | b | 101,363 | ||
Verisign | 1,252 | b | 242,926 | ||
Visa, Cl. A | 5,120 | a | 1,087,437 | ||
15,194,698 | |||||
Technology Hardware & Equipment - 8.4% | |||||
Apple | 59,515 | 7,216,789 | |||
Cisco Systems | 24,241 | 1,087,694 | |||
Corning | 7,870 | 300,949 | |||
HP | 2,284 | 66,167 | |||
Vontier | 362 | b | 11,367 | ||
Xerox Holdings | 1,001 | 25,505 | |||
8,708,471 | |||||
Telecommunication Services - 1.1% | |||||
Verizon Communications | 20,921 | 1,156,931 | |||
Transportation - 2.0% | |||||
CSX | 6,383 | 584,364 | |||
Expeditors International of Washington | 2,056 | 188,823 | |||
Kansas City Southern | 1,376 | 292,180 | |||
Norfolk Southern | 832 | 209,714 | |||
Union Pacific | 1,075 | 221,407 | |||
United Airlines Holdings | 6,260 | a,b | 329,777 | ||
United Parcel Service, Cl. B | 1,570 | 247,793 | |||
2,074,058 | |||||
Utilities - 3.0% | |||||
American Water Works | 2,406 | 341,363 | |||
DTE Energy | 4,008 | 471,822 | |||
Hawaiian Electric Industries | 3,127 | 109,320 | |||
IDACORP | 3,020 | 260,445 | |||
MDU Resources Group | 10,354 | 290,947 | |||
NRG Energy | 8,328 | 304,055 | |||
OGE Energy | 14,752 | 431,791 | |||
PPL | 20,319 | 532,155 | |||
Public Service Enterprise Group | 2,695 | 145,072 | |||
Sempra Energy | 2,276 | 263,970 | |||
3,150,940 | |||||
Total Common Stocks(cost $66,070,840) | 105,425,172 | ||||
BNY Mellon Large Cap Stock Fund (continued) | |||||
Description | 1-Day | Shares | Value ($) | ||
Investment of Cash Collateral for Securities Loaned - .3% | |||||
Registered Investment Companies - .3% | |||||
Dreyfus Institutional Preferred Government Plus Money Market Fund, SL Shares | 0.03 | 309,480 | d | 309,480 | |
Total Investments (cost $66,380,320) | 101.5% | 105,734,652 | |||
Liabilities, Less Cash and Receivables | (1.5%) | (1,561,898) | |||
Net Assets | 100.0% | 104,172,754 |
aSecurity, or portion thereof, on loan. At February 28, 2021, the value of the fund’s securities on loan was $2,874,397 and the value of the collateral was $2,974,782, consisting of cash collateral of $309,480 and U.S. Government & Agency securities valued at $2,665,302.
bNon-income producing security.
cInvestment in real estate investment trust within the United States.
dInvestment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
Portfolio Summary (Unaudited) † | Value (%) |
Information Technology | 28.4 |
Financials | 13.5 |
Communication Services | 12.0 |
Health Care | 11.7 |
Consumer Discretionary | 10.9 |
Industrials | 7.2 |
Consumer Staples | 6.6 |
Utilities | 3.0 |
Real Estate | 3.0 |
Energy | 2.7 |
Materials | 2.2 |
Investment Companies | .3 |
101.5 |
† Based on net assets.
See notes to financial statements.
30
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | |||||
Description | Shares | Value ($) | |||
Common Stocks - 51.0% | |||||
Automobiles & Components - .7% | |||||
Aptiv | 835 | a | 125,116 | ||
Ford Motor | 12,975 | a | 151,808 | ||
General Motors | 4,315 | a | 221,489 | ||
Harley-Davidson | 2,434 | b | 86,821 | ||
Tesla | 3,253 | a | 2,197,401 | ||
2,782,635 | |||||
Banks - 2.0% | |||||
Bank of America | 31,944 | 1,108,776 | |||
Citigroup | 6,550 | 431,514 | |||
Citizens Financial Group | 4,320 | 187,661 | |||
Comerica | 3,780 | 257,418 | |||
Fifth Third Bancorp | 3,234 | 112,187 | |||
Huntington Bancshares | 19,330 | b | 296,522 | ||
JPMorgan Chase & Co. | 13,087 | 1,926,014 | |||
KeyCorp | 2,680 | 53,975 | |||
M&T Bank | 630 | 95,092 | |||
People's United Financial | 8,605 | 154,374 | |||
Regions Financial | 6,175 | 127,390 | |||
The PNC Financial Services Group | 2,968 | 499,692 | |||
Truist Financial | 45,962 | 2,617,996 | |||
U.S. Bancorp | 5,082 | 254,100 | |||
Wells Fargo & Co. | 11,492 | 415,666 | |||
Zions Bancorp | 2,665 | 141,698 | |||
8,680,075 | |||||
Capital Goods - 3.7% | |||||
3M | 3,389 | 593,278 | |||
Allegion | 2,512 | 273,255 | |||
Carrier Global | 2,681 | 97,937 | |||
Caterpillar | 1,992 | 430,033 | |||
Deere & Co. | 9,646 | 3,367,612 | |||
Donaldson | 2,210 | 130,191 | |||
Dover | 3,314 | 408,484 | |||
Eaton | 17,915 | 2,332,354 | |||
Emerson Electric | 663 | 56,952 | |||
Fastenal | 9,930 | 460,454 | |||
Fortive | 2,056 | 135,326 | |||
General Dynamics | 741 | 121,131 | |||
General Electric | 30,280 | 379,711 | |||
Hexcel | 2,925 | a,b | 157,248 | ||
Honeywell International | 11,606 | 2,348,474 | |||
Illinois Tool Works | 2,190 | 442,774 | |||
Ingersoll Rand | 4,553 | a | 210,986 | ||
Johnson Controls International | 1,056 | 58,914 | |||
Lockheed Martin | 1,377 | 454,754 | |||
Northrop Grumman | 1,146 | 334,242 | |||
Otis Worldwide | 1,090 | 69,444 | |||
Parker-Hannifin | 612 | 175,620 | |||
Raytheon Technologies | 7,567 | 544,748 | |||
Roper Technologies | 302 | 114,041 | |||
Stanley Black & Decker | 653 | 114,171 | |||
The Boeing Company | 2,419 | a | 512,852 | ||
The Toro Company | 4,440 | 447,419 | |||
Trane Technologies | 3,049 | 467,229 | |||
TransDigm Group | 241 | a | 138,977 | ||
United Rentals | 875 | a | 260,208 | ||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 51.0%(continued) | |||||
Capital Goods - 3.7% (continued) | |||||
W.W. Grainger | 220 | 81,996 | |||
Xylem | 2,698 | 268,613 | |||
15,989,428 | |||||
Commercial & Professional Services - .2% | |||||
Cintas | 285 | 92,437 | |||
Equifax | 321 | 51,963 | |||
IHS Markit | 1,655 | 149,215 | |||
Robert Half International | 2,005 | 155,969 | |||
Waste Management | 2,644 | 293,193 | |||
742,777 | |||||
Consumer Durables & Apparel - .8% | |||||
Garmin | 722 | 89,542 | |||
Hasbro | 625 | 58,569 | |||
Leggett & Platt | 1,485 | b | 64,256 | ||
Lennar, Cl. A | 2,735 | 226,923 | |||
Newell Brands | 2,975 | 68,931 | |||
NIKE, Cl. B | 21,303 | 2,871,218 | |||
VF | 1,000 | 79,130 | |||
Whirlpool | 409 | b | 77,743 | ||
3,536,312 | |||||
Consumer Services - 1.1% | |||||
Chipotle Mexican Grill | 70 | a | 100,940 | ||
Darden Restaurants | 937 | 128,678 | |||
Domino's Pizza | 148 | 51,283 | |||
Las Vegas Sands | 32,400 | a | 2,028,240 | ||
Marriott International, Cl. A | 608 | a | 90,027 | ||
McDonald's | 5,010 | 1,032,761 | |||
MGM Resorts International | 2,875 | 108,646 | |||
Royal Caribbean Cruises | 1,671 | a | 155,854 | ||
Starbucks | 6,808 | 735,468 | |||
Wynn Resorts | 863 | a | 113,683 | ||
Yum! Brands | 2,491 | 257,893 | |||
4,803,473 | |||||
Diversified Financials - 2.0% | |||||
American Express | 1,959 | 264,974 | |||
Ameriprise Financial | 1,484 | 328,320 | |||
Berkshire Hathaway, Cl. B | 8,348 | a | 2,007,777 | ||
BlackRock | 406 | 281,967 | |||
Capital One Financial | 1,193 | 143,387 | |||
CME Group | 9,246 | 1,846,426 | |||
Discover Financial Services | 1,942 | 182,684 | |||
Intercontinental Exchange | 7,071 | 780,002 | |||
Invesco | 8,925 | 200,099 | |||
Moody's | 720 | 197,921 | |||
Morgan Stanley | 6,300 | 484,281 | |||
MSCI | 198 | 82,075 | |||
S&P Global | 1,852 | 609,975 | |||
State Street | 3,249 | 236,430 | |||
Synchrony Financial | 5,495 | 212,547 | |||
The Charles Schwab | 8,051 | 496,908 | |||
The Goldman Sachs Group | 1,060 | 338,649 | |||
8,694,422 | |||||
Energy - 1.4% | |||||
Baker Hughes | 4,295 | 105,142 |
31
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 51.0%(continued) | |||||
Energy - 1.4% (continued) | |||||
Cabot Oil & Gas | 3,340 | b | 61,823 | ||
Chevron | 23,664 | 2,366,400 | |||
ConocoPhillips | 6,692 | 348,051 | |||
Devon Energy | 6,835 | 147,226 | |||
Diamondback Energy | 1,045 | 72,398 | |||
EOG Resources | 2,751 | 177,605 | |||
Exxon Mobil | 11,854 | 644,502 | |||
Halliburton | 11,100 | 242,313 | |||
Hess | 1,575 | 103,210 | |||
Kinder Morgan | 6,985 | 102,680 | |||
Marathon Oil | 8,470 | 94,017 | |||
Marathon Petroleum | 3,531 | 192,863 | |||
Occidental Petroleum | 4,040 | 107,504 | |||
ONEOK | 1,985 | 87,916 | |||
Phillips 66 | 2,308 | 191,679 | |||
Pioneer Natural Resources | 823 | 122,273 | |||
Schlumberger | 6,200 | 173,042 | |||
The Williams Companies | 9,679 | 221,068 | |||
Valero Energy | 3,548 | 273,125 | |||
5,834,837 | |||||
Food & Staples Retailing - .5% | |||||
Costco Wholesale | 2,843 | 941,033 | |||
Sysco | 1,650 | 131,390 | |||
The Kroger Company | 6,927 | b | 223,119 | ||
Walgreens Boots Alliance | 2,047 | 98,113 | |||
Walmart | 4,499 | 584,510 | |||
1,978,165 | |||||
Food, Beverage & Tobacco - 1.5% | |||||
Altria Group | 9,164 | 399,550 | |||
Archer-Daniels-Midland | 4,910 | 277,808 | |||
Conagra Brands | 1,660 | 56,324 | |||
Constellation Brands, Cl. A | 1,330 | 284,806 | |||
McCormick & Co. | 3,618 | 304,925 | |||
Mondelez International, Cl. A | 12,005 | 638,186 | |||
Monster Beverage | 2,265 | a | 198,731 | ||
PepsiCo | 6,684 | 863,506 | |||
Philip Morris International | 20,884 | 1,754,674 | |||
The Coca-Cola Company | 34,635 | 1,696,769 | |||
The Hershey Company | 281 | 40,928 | |||
The Kraft Heinz Company | 1,321 | 48,058 | |||
Tyson Foods, Cl. A | 1,390 | 94,061 | |||
6,658,326 | |||||
Health Care Equipment & Services - 3.7% | |||||
Abbott Laboratories | 5,809 | 695,802 | |||
ABIOMED | 231 | a | 74,971 | ||
Align Technology | 259 | a | 146,881 | ||
AmerisourceBergen | 1,368 | 138,469 | |||
Anthem | 1,524 | 462,062 | |||
Baxter International | 1,555 | 120,808 | |||
Becton Dickinson & Co. | 1,855 | 447,333 | |||
Boston Scientific | 55,014 | a | 2,133,443 | ||
Cardinal Health | 1,145 | 58,990 | |||
Centene | 1,610 | a | 94,249 | ||
Cerner | 1,125 | 77,783 | |||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 51.0%(continued) | |||||
Health Care Equipment & Services - 3.7% (continued) | |||||
Cigna | 2,215 | 464,928 | |||
CVS Health | 4,045 | 275,586 | |||
Danaher | 11,707 | 2,571,677 | |||
DexCom | 392 | a | 155,930 | ||
Edwards Lifesciences | 4,389 | a | 364,726 | ||
HCA Healthcare | 533 | 91,692 | |||
Henry Schein | 4,971 | a | 307,456 | ||
Hologic | 1,050 | a | 75,695 | ||
Humana | 1,030 | 391,040 | |||
IDEXX Laboratories | 258 | a | 134,204 | ||
Intuitive Surgical | 1,473 | a | 1,085,306 | ||
Medtronic | 6,993 | 817,971 | |||
Quest Diagnostics | 500 | 57,795 | |||
ResMed | 2,192 | 422,574 | |||
Steris | 654 | 114,319 | |||
Stryker | 2,533 | 614,734 | |||
UnitedHealth Group | 9,653 | 3,206,920 | |||
Varian Medical Systems | 394 | a | 69,056 | ||
West Pharmaceutical Services | 371 | 104,121 | |||
Zimmer Biomet Holdings | 709 | 115,610 | |||
15,892,131 | |||||
Household & Personal Products - 1.0% | |||||
Colgate-Palmolive | 8,553 | 643,186 | |||
Kimberly-Clark | 1,327 | 170,294 | |||
The Clorox Company | 2,023 | b | 366,264 | ||
The Estee Lauder Companies, Cl. A | 3,175 | 907,605 | |||
The Procter & Gamble Company | 19,211 | 2,373,135 | |||
4,460,484 | |||||
Insurance - 1.3% | |||||
American International Group | 68,040 | 2,990,358 | |||
Aon, Cl. A | 2,074 | b | 472,271 | ||
Chubb | 912 | 148,273 | |||
Cincinnati Financial | 1,410 | b | 137,997 | ||
Lincoln National | 2,076 | 118,062 | |||
Marsh & McLennan | 4,296 | 494,985 | |||
MetLife | 2,067 | 119,059 | |||
Principal Financial Group | 1,760 | 99,581 | |||
Prudential Financial | 671 | 58,189 | |||
The Allstate | 3,415 | 364,039 | |||
The Hartford Financial Services Group | 4,565 | 231,400 | |||
The Progressive | 1,665 | 143,107 | |||
The Travelers Companies | 2,111 | 307,151 | |||
Unum Group | 2,730 | 72,290 | |||
5,756,762 | |||||
Materials - 1.4% | |||||
Air Products & Chemicals | 7,859 | 2,008,918 | |||
Albemarle | 500 | 78,605 | |||
Amcor | 16,260 | 177,884 | |||
CF Industries Holdings | 1,385 | 62,713 | |||
Corteva | 4,294 | 193,874 | |||
Dow | 4,754 | 281,960 | |||
DuPont de Nemours | 1,824 | 128,264 | |||
Ecolab | 1,925 | 403,018 |
32
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 51.0%(continued) | |||||
Materials - 1.4% (continued) | |||||
FMC | 3,625 | 368,626 | |||
Freeport-McMoRan | 11,795 | a | 399,968 | ||
International Paper | 2,939 | 145,921 | |||
Linde | 3,012 | 735,741 | |||
LyondellBasell Industries, Cl. A | 975 | 100,513 | |||
Newmont | 4,165 | 226,493 | |||
PPG Industries | 2,407 | 324,512 | |||
The Mosaic Company | 2,020 | 59,388 | |||
The Sherwin-Williams Company | 230 | 156,478 | |||
Vulcan Materials | 1,952 | 325,964 | |||
6,178,840 | |||||
Media & Entertainment - 5.2% | |||||
Activision Blizzard | 2,755 | 263,406 | |||
Alphabet, Cl. A | 2,673 | a | 5,404,565 | ||
Alphabet, Cl. C | 1,649 | a | 3,358,782 | ||
Charter Communications, Cl. A | 446 | a | 273,585 | ||
Comcast, Cl. A | 59,820 | 3,153,710 | |||
Electronic Arts | 1,027 | 137,587 | |||
Facebook, Cl. A | 22,704 | a | 5,849,004 | ||
Netflix | 2,254 | a | 1,214,568 | ||
News Corporation, Cl. A | 2,900 | 68,005 | |||
Take-Two Interactive Software | 600 | a | 110,676 | ||
The Walt Disney Company | 10,837 | a | 2,048,626 | ||
3,005 | a | 231,565 | |||
ViacomCBS, Cl. B | 3,374 | b | 217,589 | ||
22,331,668 | |||||
Pharmaceuticals Biotechnology & Life Sciences - 3.0% | |||||
AbbVie | 26,253 | 2,828,498 | |||
Agilent Technologies | 980 | 119,629 | |||
Alexion Pharmaceuticals | 778 | a | 118,840 | ||
Amgen | 3,046 | 685,106 | |||
Biogen | 928 | a | 253,233 | ||
Bio-Rad Laboratories, Cl. A | 137 | a | 80,077 | ||
Bristol-Myers Squibb | 8,743 | 536,208 | |||
Catalent | 775 | a | 88,125 | ||
Eli Lilly & Co. | 6,754 | 1,383,827 | |||
Gilead Sciences | 8,381 | 514,593 | |||
Illumina | 565 | a | 248,267 | ||
Johnson & Johnson | 13,888 | 2,200,692 | |||
Merck & Co. | 11,176 | 811,601 | |||
Mettler-Toledo International | 268 | a | 299,101 | ||
PerkinElmer | 715 | 90,154 | |||
Pfizer | 26,278 | 880,050 | |||
Regeneron Pharmaceuticals | 368 | a | 165,810 | ||
Thermo Fisher Scientific | 2,463 | 1,108,547 | |||
Vertex Pharmaceuticals | 565 | a | 120,091 | ||
Viatris | 3,820 | a | 56,727 | ||
Waters | 1,252 | a | 342,898 | ||
Zoetis | 1,098 | 170,454 | |||
13,102,528 | |||||
Real Estate - 1.1% | |||||
Alexandria Real Estate Equities | 459 | c | 73,298 | ||
American Tower | 7,910 | c | 1,709,588 | ||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 51.0%(continued) | |||||
Real Estate - 1.1% (continued) | |||||
Apartment Income REIT | 1,506 | c | 61,565 | ||
AvalonBay Communities | 1,018 | c | 178,914 | ||
Crown Castle International | 2,870 | c | 447,003 | ||
Digital Realty Trust | 1,016 | c | 136,886 | ||
Equinix | 373 | c | 241,831 | ||
Essex Property Trust | 259 | c | 65,991 | ||
Extra Space Storage | 566 | c | 71,146 | ||
Federal Realty Investment Trust | 1,002 | b,c | 101,372 | ||
Healthpeak Properties | 5,050 | c | 146,905 | ||
Host Hotels & Resorts | 5,845 | a,c | 96,969 | ||
Iron Mountain | 3,710 | b,c | 129,071 | ||
Kimco Realty | 8,550 | c | 156,722 | ||
Mid-America Apartment Communities | 589 | c | 79,356 | ||
Prologis | 1,736 | c | 171,986 | ||
Realty Income | 1,780 | c | 107,263 | ||
Regency Centers | 1,750 | c | 95,865 | ||
Simon Property Group | 1,020 | b,c | 115,178 | ||
SL Green Realty | 1,839 | b,c | 127,020 | ||
Ventas | 1,810 | c | 95,749 | ||
Vornado Realty Trust | 1,780 | c | 76,433 | ||
Welltower | 1,790 | c | 121,541 | ||
Weyerhaeuser | 5,745 | c | 194,583 | ||
4,802,235 | |||||
Retailing - 3.5% | |||||
Amazon.com | 2,945 | a | 9,108,679 | ||
Booking Holdings | 258 | a | 600,756 | ||
Dollar General | 1,555 | 293,879 | |||
Dollar Tree | 1,734 | a | 170,279 | ||
eBay | 2,742 | 154,704 | |||
Etsy | 608 | a | 133,924 | ||
Expedia Group | 390 | a | 62,790 | ||
Genuine Parts | 414 | 43,615 | |||
Kohl's | 1,435 | a | 79,284 | ||
L Brands | 1,965 | a | 107,407 | ||
Lowe's | 4,196 | 670,311 | |||
O'Reilly Automotive | 1,458 | a | 652,207 | ||
Ross Stores | 2,308 | a | 269,205 | ||
Target | 1,552 | 284,699 | |||
The Home Depot | 5,513 | 1,424,228 | |||
The TJX Companies | 14,034 | 926,104 | |||
14,982,071 | |||||
Semiconductors & Semiconductor Equipment - 3.6% | |||||
Advanced Micro Devices | 23,475 | a | 1,983,872 | ||
Analog Devices | 1,503 | b | 234,197 | ||
Applied Materials | 5,935 | 701,458 | |||
Broadcom | 1,590 | 747,093 | |||
Intel | 18,417 | 1,119,385 | |||
KLA | 318 | 98,971 | |||
Lam Research | 6,092 | 3,455,321 | |||
Micron Technology | 6,870 | a | 628,811 | ||
NVIDIA | 7,803 | 4,280,570 | |||
Qualcomm | 3,820 | 520,246 | |||
Texas Instruments | 8,300 | 1,429,841 |
33
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 51.0%(continued) | |||||
Semiconductors & Semiconductor Equipment - 3.6% (continued) | |||||
Xilinx | 1,834 | 238,970 | |||
15,438,735 | |||||
Software & Services - 7.3% | |||||
Accenture, Cl. A | 3,595 | 901,985 | |||
Adobe | 7,239 | a | 3,327,551 | ||
Alliance Data Systems | 882 | 85,113 | |||
Ansys | 795 | a | 271,087 | ||
Autodesk | 1,824 | a | 503,424 | ||
Automatic Data Processing | 5,307 | 923,524 | |||
Cadence Design Systems | 754 | a | 106,382 | ||
Citrix Systems | 553 | b | 73,870 | ||
Cognizant Technology Solutions, Cl. A | 6,967 | 511,935 | |||
Fidelity National Information Services | 1,469 | 202,722 | |||
Fiserv | 4,731 | a | 545,815 | ||
Fortinet | 1,639 | a | 276,745 | ||
Global Payments | 593 | 117,408 | |||
International Business Machines | 1,732 | 205,987 | |||
Intuit | 737 | 287,533 | |||
Jack Henry & Associates | 2,275 | 337,701 | |||
Manhattan Associates | 3,495 | a | 429,710 | ||
Mastercard, Cl. A | 6,004 | 2,124,515 | |||
Microsoft | 52,239 | 12,139,299 | |||
Oracle | 9,800 | 632,198 | |||
Paychex | 8,969 | 816,807 | |||
Paycom Software | 181 | a | 67,737 | ||
PayPal Holdings | 4,521 | a | 1,174,782 | ||
salesforce.com | 4,737 | a | 1,025,560 | ||
ServiceNow | 727 | a | 387,825 | ||
Tyler Technologies | 205 | a | 95,001 | ||
Visa, Cl. A | 18,825 | b | 3,998,242 | ||
31,570,458 | |||||
Technology Hardware & Equipment - 3.9% | |||||
Amphenol, Cl. A | 8,548 | 1,074,313 | |||
Apple | 99,708 | 12,090,592 | |||
Cisco Systems | 28,812 | 1,292,794 | |||
Cognex | 4,745 | 391,890 | |||
Corning | 9,840 | 376,282 | |||
Hewlett Packard Enterprise | 20,128 | 293,064 | |||
HP | 3,338 | 96,702 | |||
IPG Photonics | 1,960 | a | 445,606 | ||
Motorola Solutions | 768 | 134,769 | |||
TE Connectivity | 3,380 | 439,501 | |||
16,635,513 | |||||
Telecommunication Services - .5% | |||||
AT&T | 26,823 | 748,093 | |||
Lumen Technologies | 8,303 | b | 102,044 | ||
T-Mobile US | 2,013 | a | 241,500 | ||
Verizon Communications | 16,015 | 885,629 | |||
1,977,266 | |||||
Transportation - .7% | |||||
C.H. Robinson Worldwide | 765 | b | 69,500 | ||
CSX | 7,033 | 643,871 | |||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 51.0%(continued) | |||||
Transportation - .7% (continued) | |||||
Expeditors International of Washington | 3,915 | 359,554 | |||
FedEx | 908 | 231,086 | |||
Norfolk Southern | 757 | 190,809 | |||
Southwest Airlines | 6,835 | a | 397,319 | ||
Union Pacific | 4,002 | 824,252 | |||
United Parcel Service, Cl. B | 2,283 | 360,326 | |||
3,076,717 | |||||
Utilities - .9% | |||||
American Electric Power | 1,420 | 106,287 | |||
CMS Energy | 7,021 | 379,906 | |||
Dominion Energy | 885 | 60,463 | |||
DTE Energy | 660 | 77,695 | |||
Duke Energy | 1,027 | 87,901 | |||
Eversource Energy | 2,320 | 184,394 | |||
Exelon | 2,495 | 96,307 | |||
FirstEnergy | 2,950 | 97,763 | |||
NextEra Energy | 18,896 | 1,388,478 | |||
NiSource | 10,190 | 220,104 | |||
NRG Energy | 5,820 | 212,488 | |||
Pinnacle West Capital | 1,425 | 99,650 | |||
Sempra Energy | 2,855 | 331,123 | |||
The AES | 9,690 | 257,366 | |||
The Southern Company | 55 | 3,120 | |||
Xcel Energy | 7,485 | 438,546 | |||
4,041,591 | |||||
Total Common Stocks(cost $82,265,365) | 219,947,449 | ||||
1-Day | |||||
Investment Companies - 49.0% | |||||
Registered Investment Companies - 49.0% | |||||
BNY Mellon Dynamic Value Fund, Cl. Y | 1,785,832 | d | 74,022,733 | ||
BNY Mellon Income Stock Fund, Cl. M | 5,100,690 | d | 46,467,285 | ||
BNY Mellon Research Growth Fund, Cl. Y | 4,211,403 | d | 87,555,067 | ||
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares | 0.07 | 3,083,142 | d | 3,083,142 | |
Total Investment Companies(cost $169,201,412) | 211,128,227 | ||||
Total Investments (cost $251,466,777) | 100.0% | 431,075,676 | |||
Cash and Receivables (Net) | .0% | 30,932 | |||
Net Assets | 100.0% | 431,106,608 |
REIT—Real Estate Investment Trust
aNon-income producing security.
bSecurity, or portion thereof, on loan. At February 28, 2021, the value of the fund’s securities on loan was $7,040,786 and the value of the collateral was $7,271,512, consisting of U.S. Government & Agency securities.
cInvestment in real estate investment trust within the United States.
dInvestment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
34
Portfolio Summary (Unaudited) † | Value (%) |
Investment Companies | 49.0 |
Information Technology | 14.8 |
Health Care | 6.7 |
Consumer Discretionary | 6.1 |
Communication Services | 5.6 |
Financials | 5.4 |
Industrials | 4.6 |
Consumer Staples | 3.0 |
Materials | 1.4 |
Energy | 1.4 |
Real Estate | 1.1 |
Utilities | .9 |
100.0 |
† Based on net assets.
See notes to financial statements.
35
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Income Stock Fund | |||||
Description | Shares | Value ($) | |||
Common Stocks - 95.6% | |||||
Automobiles & Components - 1.7% | |||||
General Motors | 186,319 | a | 9,563,754 | ||
Banks - 13.3% | |||||
Bank of America | 558,273 | 19,377,656 | |||
JPMorgan Chase & Co. | 179,914 | 26,477,943 | |||
Truist Financial | 106,666 | 6,075,695 | |||
U.S. Bancorp | 459,958 | 22,997,900 | |||
74,929,194 | |||||
Capital Goods - 8.1% | |||||
Carrier Global | 114,843 | 4,195,215 | |||
Eaton | 158,474 | 20,631,730 | |||
Hubbell | 53,307 | 9,462,526 | |||
L3Harris Technologies | 63,845 | 11,614,044 | |||
45,903,515 | |||||
Consumer Durables & Apparel - 1.6% | |||||
Newell Brands | 185,974 | 4,309,018 | |||
VF | 62,717 | 4,962,796 | |||
9,271,814 | |||||
Consumer Services - 1.5% | |||||
Las Vegas Sands | 134,986 | a | 8,450,124 | ||
Diversified Financials - 12.5% | |||||
Ally Financial | 270,840 | 11,239,860 | |||
Ameriprise Financial | 27,435 | 6,069,719 | |||
Morgan Stanley | 288,680 | 22,190,832 | |||
The Goldman Sachs Group | 57,313 | 18,310,357 | |||
Voya Financial | 206,043 | b | 12,420,272 | ||
70,231,040 | |||||
Energy - 8.8% | |||||
ConocoPhillips | 132,557 | 6,894,290 | |||
Exxon Mobil | 195,087 | 10,606,880 | |||
Hess | 123,148 | 8,069,888 | |||
Marathon Petroleum | 362,418 | 19,795,271 | |||
Valero Energy | 55,570 | 4,277,779 | |||
49,644,108 | |||||
Food, Beverage & Tobacco - 3.1% | |||||
PepsiCo | 48,513 | 6,267,394 | |||
Philip Morris International | 131,377 | 11,038,296 | |||
17,305,690 | |||||
Health Care Equipment & Services - 4.5% | |||||
CVS Health | 97,455 | 6,639,609 | |||
Medtronic | 158,773 | 18,571,678 | |||
25,211,287 | |||||
Insurance - 4.7% | |||||
Assurant | 80,044 | 9,863,022 | |||
Chubb | 102,698 | 16,696,641 | |||
26,559,663 | |||||
Materials - 7.3% | |||||
CF Industries Holdings | 384,186 | 17,395,942 | |||
International Paper | 94,186 | 4,676,335 | |||
Newmont | 100,366 | 5,457,903 | |||
Rio Tinto, ADR | 52,577 | b | 4,595,230 | ||
Vulcan Materials | 53,381 | 8,914,093 | |||
41,039,503 | |||||
Media & Entertainment - 1.7% | |||||
Comcast, Cl. A | 181,924 | 9,591,033 | |||
BNY Mellon Income Stock Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 95.6%(continued) | |||||
Pharmaceuticals Biotechnology & Life Sciences - 6.0% | |||||
AbbVie | 218,860 | 23,579,976 | |||
Eli Lilly & Co. | 51,001 | 10,449,595 | |||
34,029,571 | |||||
Real Estate - 1.5% | |||||
Weyerhaeuser | 251,223 | c | 8,508,923 | ||
Semiconductors & Semiconductor Equipment - 3.8% | |||||
Applied Materials | 112,849 | 13,337,623 | |||
Qualcomm | 58,813 | 8,009,742 | |||
21,347,365 | |||||
Technology Hardware & Equipment - 2.9% | |||||
Cisco Systems | 194,488 | 8,726,677 | |||
Corning | 205,051 | 7,841,150 | |||
16,567,827 | |||||
Telecommunication Services - 2.0% | |||||
Vodafone Group, ADR | 638,647 | b | 10,971,955 | ||
Transportation - 2.0% | |||||
Union Pacific | 53,904 | 11,102,068 | |||
Utilities - 8.6% | |||||
Clearway Energy, Cl. C | 244,427 | 6,711,965 | |||
Exelon | 311,752 | 12,033,627 | |||
NextEra Energy Partners | 177,428 | 12,888,370 | |||
PPL | 653,030 | 17,102,856 | |||
48,736,818 | |||||
Total Common Stocks(cost $391,781,197) | 538,965,252 | ||||
Maturity | |||||
Convertible Bonds - 1.9% | |||||
Health Care Equipment & Services - 1.9% | |||||
Becton Dickinson & Co., Ser. B 6.00 | 6/01/2023 | 199,584 | b | 10,520,073 | |
1-Day | |||||
Investment Companies - 2.1% | |||||
Registered Investment Companies - 2.1% | |||||
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares | 0.07 | 11,886,696 | d | 11,886,696 |
36
BNY Mellon Income Stock Fund (continued) | |||||
Description | 1-Day | Shares | Value ($) | ||
Investment of Cash Collateral for Securities Loaned - 1.5% | |||||
Registered Investment Companies - 1.5% | |||||
Dreyfus Institutional Preferred Government Plus Money Market Fund, SL Shares | 0.03 | 8,801,729 | d | 8,801,729 | |
Total Investments (cost $422,610,967) | 101.1% | 570,173,750 | |||
Liabilities, Less Cash and Receivables | (1.1%) | (6,452,748) | |||
Net Assets | 100.0% | 563,721,002 |
ADR—American Depository Receipt
aNon-income producing security.
bSecurity, or portion thereof, on loan. At February 28, 2021, the value of the fund’s securities on loan was $27,909,971 and the value of the collateral was $31,637,173, consisting of cash collateral of $8,801,729 and U.S. Government & Agency securities valued at $22,835,444.
cInvestment in real estate investment trust within the United States.
dInvestment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
Portfolio Summary (Unaudited) † | Value (%) |
Financials | 30.5 |
Health Care | 12.4 |
Industrials | 10.1 |
Energy | 8.8 |
Utilities | 8.6 |
Materials | 7.3 |
Information Technology | 6.8 |
Consumer Discretionary | 4.8 |
Investment Companies | 3.6 |
Communication Services | 3.6 |
Consumer Staples | 3.1 |
Real Estate | 1.5 |
101.1 |
† Based on net assets.
See notes to financial statements.
37
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Mid Cap Multi-Strategy Fund | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.8% | |||||
Automobiles & Components - 1.0% | |||||
Aptiv | 14,470 | a | 2,168,185 | ||
BorgWarner | 9,390 | 422,550 | |||
Ford Motor | 312,000 | a | 3,650,400 | ||
Gentex | 144,979 | 5,129,357 | |||
Harley-Davidson | 154,549 | b | 5,512,763 | ||
Lear | 19,763 | 3,282,437 | |||
Thor Industries | 57,255 | 6,702,270 | |||
26,867,962 | |||||
Banks - 4.0% | |||||
Associated Banc-Corp | 19,975 | 402,496 | |||
CIT Group | 26,810 | 1,215,833 | |||
Citizens Financial Group | 26,980 | 1,172,011 | |||
Comerica | 19,000 | 1,293,900 | |||
Cullen/Frost Bankers | 10,725 | b | 1,119,690 | ||
East West Bancorp | 111,829 | 8,069,581 | |||
Essent Group | 55,167 | 2,274,535 | |||
F.N.B. | 47,780 | 565,237 | |||
Fifth Third Bancorp | 347,819 | 12,065,841 | |||
First Hawaiian | 44,785 | 1,249,054 | |||
First Horizon | 9,460 | 153,252 | |||
First Republic Bank | 29,128 | 4,798,838 | |||
Huntington Bancshares | 707,355 | 10,850,826 | |||
KeyCorp | 486,623 | 9,800,587 | |||
M&T Bank | 3,655 | 551,686 | |||
MGIC Investment | 71,255 | 867,886 | |||
PacWest Bancorp | 5,825 | 211,098 | |||
Popular | 166,222 | 11,106,954 | |||
Regions Financial | 126,240 | 2,604,331 | |||
Signature Bank | 53,916 | 11,772,019 | |||
Sterling Bancorp | 43,580 | 951,351 | |||
SVB Financial Group | 8,683 | a | 4,388,041 | ||
Synovus Financial | 30,815 | 1,303,783 | |||
TCF Financial | 234,197 | 10,496,710 | |||
Truist Financial | 132,551 | 7,550,105 | |||
Umpqua Holdings | 44,785 | 764,480 | |||
Webster Financial | 18,865 | 1,043,423 | |||
Wintrust Financial | 8,355 | 615,429 | |||
Zions Bancorp | 31,720 | 1,686,552 | |||
110,945,529 | |||||
Capital Goods - 10.0% | |||||
A.O. Smith | 11,385 | 675,927 | |||
Advanced Drainage Systems | 84,654 | b | 9,313,633 | ||
AECOM | 17,410 | a | 1,007,865 | ||
Air Lease | 8,345 | 382,702 | |||
Allegion | 15,751 | 1,713,394 | |||
Allison Transmission Holdings | 91,123 | b | 3,455,384 | ||
Altra Industrial Motion | 53,078 | 3,074,278 | |||
AMETEK | 133,925 | 15,799,132 | |||
Axon Enterprise | 57,624 | a | 9,536,196 | ||
BWX Technologies | 65,295 | 3,787,763 | |||
Carrier Global | 38,710 | 1,414,076 | |||
CNH Industrial | 674,827 | a | 10,014,433 | ||
Cummins | 21,135 | 5,351,382 | |||
Curtiss-Wright | 27,933 | 3,086,317 | |||
Donaldson | 32,690 | 1,925,768 | |||
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.8%(continued) | |||||
Capital Goods - 10.0% (continued) | |||||
Dover | 70,242 | 8,658,029 | |||
Eaton | 57,042 | 7,426,298 | |||
EnerSys | 20,468 | 1,847,851 | |||
Fastenal | 34,955 | 1,620,863 | |||
Flowserve | 20,415 | 755,355 | |||
Fortune Brands Home & Security | 52,233 | 4,342,652 | |||
Generac Holdings | 18,762 | a | 6,183,205 | ||
General Dynamics | 21,604 | 3,531,606 | |||
Graco | 41,844 | 2,901,881 | |||
HEICO, Cl. A | 43,469 | 5,031,971 | |||
Hexcel | 81,640 | a,b | 4,388,966 | ||
Howmet Aerospace | 183,276 | a | 5,151,888 | ||
Hubbell | 9,733 | 1,727,705 | |||
Huntington Ingalls Industries | 17,861 | 3,141,929 | |||
IDEX | 76,334 | 14,898,107 | |||
Ingersoll Rand | 26,105 | a | 1,209,706 | ||
ITT | 58,557 | 4,859,060 | |||
Jacobs Engineering Group | 12,785 | 1,471,298 | |||
L3Harris Technologies | 21,955 | 3,993,834 | |||
Lincoln Electric Holdings | 12,945 | 1,528,934 | |||
Masco | 179,183 | 9,536,119 | |||
MasTec | 37,459 | a,b | 3,249,568 | ||
Mercury Systems | 140,472 | a | 9,181,250 | ||
MSC Industrial Direct, Cl. A | 5,525 | 475,868 | |||
Nordson | 18,684 | 3,594,988 | |||
nVent Electric | 21,285 | 558,944 | |||
Oshkosh | 42,841 | b | 4,541,146 | ||
Owens Corning | 62,248 | 5,043,333 | |||
PACCAR | 65,365 | 5,947,561 | |||
Parker-Hannifin | 33,188 | 9,523,628 | |||
Quanta Services | 94,421 | 7,917,201 | |||
Regal Beloit | 15,154 | 2,071,097 | |||
Rockwell Automation | 12,719 | 3,094,278 | |||
Roper Technologies | 35,527 | 13,415,706 | |||
Snap-on | 3,705 | b | 752,523 | ||
Spirit AeroSystems Holdings, Cl. A | 9,680 | 414,594 | |||
Stanley Black & Decker | 16,676 | 2,915,632 | |||
Teledyne Technologies | 1,579 | a,b | 585,809 | ||
Textron | 127,219 | 6,404,204 | |||
The Timken Company | 22,040 | 1,726,834 | |||
Trane Technologies | 18,780 | 2,877,847 | |||
TransDigm Group | 8,180 | a | 4,717,161 | ||
Trex | 5,817 | a,b | 533,070 | ||
United Rentals | 15,670 | a | 4,659,945 | ||
Vertiv Holdings | 118,135 | 2,472,566 | |||
Virgin Galactic Holdings | 101,382 | a,b | 3,774,452 | ||
W.W. Grainger | 6,335 | 2,361,118 | |||
Watsco | 27,564 | b | 6,700,808 | ||
Westinghouse Air Brake Technologies | 19,895 | 1,440,995 | |||
Xylem | 38,185 | 3,801,699 | |||
279,499,332 | |||||
Commercial & Professional Services - 3.5% | |||||
ASGN | 42,713 | a | 3,971,028 | ||
Cintas | 16,745 | 5,431,073 |
38
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.8%(continued) | |||||
Commercial & Professional Services - 3.5% (continued) | |||||
Clarivate | 617,118 | a | 14,039,434 | ||
Copart | 123,362 | a | 13,466,196 | ||
CoreLogic | 8,225 | 696,328 | |||
CoStar Group | 24,388 | a | 20,089,859 | ||
Equifax | 17,235 | 2,790,002 | |||
IAA | 12,220 | a | 716,459 | ||
IHS Markit | 38,186 | 3,442,850 | |||
Republic Services | 35,910 | 3,199,222 | |||
Ritchie Bros Auctioneers | 138,110 | 7,502,135 | |||
Robert Half International | 52,363 | 4,073,318 | |||
Stericycle | 8,075 | a | 523,825 | ||
Verisk Analytics | 70,486 | 11,549,131 | |||
Waste Connections | 60,480 | 5,908,291 | |||
97,399,151 | |||||
Consumer Durables & Apparel - 3.3% | |||||
Capri Holdings | 21,955 | a | 1,024,640 | ||
Carter's | 4,323 | a | 360,841 | ||
D.R. Horton | 12,075 | 928,205 | |||
Garmin | 22,545 | 2,796,031 | |||
Hanesbrands | 51,240 | b | 906,436 | ||
Hasbro | 130,728 | 12,250,521 | |||
Leggett & Platt | 22,780 | b | 985,691 | ||
Lululemon Athletica | 62,963 | a | 19,624,308 | ||
Mohawk Industries | 25,814 | a | 4,517,192 | ||
Newell Brands | 240,242 | 5,566,407 | |||
NVR | 650 | a | 2,925,546 | ||
Peloton Interactive, Cl. A | 146,492 | a | 17,647,891 | ||
Polaris | 10,842 | 1,276,754 | |||
PulteGroup | 38,310 | 1,728,164 | |||
Skechers USA, CI. A | 230,165 | a | 8,424,039 | ||
Tapestry | 56,725 | a | 2,390,391 | ||
Tempur Sealy International | 53,066 | 1,772,935 | |||
Toll Brothers | 33,675 | 1,798,918 | |||
Whirlpool | 31,764 | b | 6,037,701 | ||
92,962,611 | |||||
Consumer Services - 3.5% | |||||
Aramark | 238,047 | 8,836,305 | |||
Carnival | 55,365 | a | 1,481,014 | ||
Chegg | 36,205 | a,b | 3,494,869 | ||
Chipotle Mexican Grill | 2,787 | a | 4,018,854 | ||
Darden Restaurants | 32,068 | 4,403,898 | |||
Domino's Pizza | 1,509 | 522,884 | |||
DraftKings, Cl. A | 106,428 | a | 6,548,515 | ||
Extended Stay America | 17,895 | 287,931 | |||
Frontdoor | 129,576 | a | 6,785,895 | ||
Grand Canyon Education | 53,352 | a | 5,585,421 | ||
H&R Block | 35,775 | 687,953 | |||
Hilton Worldwide Holdings | 19,703 | a | 2,436,867 | ||
Hyatt Hotels, Cl. A | 9,770 | a,b | 859,271 | ||
International Game Technology | 60,574 | a,b | 1,107,898 | ||
Las Vegas Sands | 48,575 | a | 3,040,795 | ||
Marriott International, Cl. A | 23,042 | a | 3,411,829 | ||
MGM Resorts International | 58,475 | 2,209,770 | |||
Norwegian Cruise Line Holdings | 353,266 | a,b | 10,442,543 | ||
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.8%(continued) | |||||
Consumer Services - 3.5% (continued) | |||||
Planet Fitness, Cl. A | 102,232 | a | 8,801,153 | ||
Royal Caribbean Cruises | 10,326 | a | 963,106 | ||
Service Corp. International | 44,780 | 2,138,693 | |||
Six Flags Entertainment | 31,880 | a | 1,421,848 | ||
The Wendy's Company | 27,605 | 563,970 | |||
Travel + Leisure | 59,294 | 3,583,136 | |||
Wyndham Hotels & Resorts | 69,520 | 4,538,266 | |||
Wynn Resorts | 58,299 | a | 7,679,727 | ||
Yum China Holdings | 20,435 | 1,222,830 | |||
97,075,241 | |||||
Diversified Financials - 4.3% | |||||
AGNC Investment | 62,145 | c | 996,184 | ||
Ally Financial | 73,260 | 3,040,290 | |||
Ameriprise Financial | 70,131 | 15,515,782 | |||
Annaly Capital Management | 101,340 | c | 842,135 | ||
Ares Management, Cl. A | 189,575 | 9,854,108 | |||
Capital One Financial | 102,916 | 12,369,474 | |||
Cboe Global Markets | 8,455 | b | 836,707 | ||
Credit Acceptance | 1,923 | a,b | 698,087 | ||
Discover Financial Services | 66,762 | 6,280,301 | |||
Equitable Holdings | 57,280 | 1,693,770 | |||
Evercore, Cl. A | 9,198 | 1,101,644 | |||
FactSet Research Systems | 1,997 | 606,908 | |||
Franklin Resources | 41,025 | b | 1,073,624 | ||
Intercontinental Exchange | 83,127 | 9,169,739 | |||
Invesco | 43,145 | 967,311 | |||
KKR | 20,610 | 938,992 | |||
LendingTree | 1,156 | a,b | 310,814 | ||
LPL Financial Holdings | 76,197 | 10,022,953 | |||
MarketAxess Holdings | 3,173 | 1,763,998 | |||
MSCI | 3,607 | 1,495,174 | |||
Nasdaq | 23,680 | 3,274,707 | |||
Northern Trust | 19,900 | 1,893,087 | |||
Raymond James Financial | 78,574 | 9,172,729 | |||
SLM | 250,594 | 3,956,879 | |||
Starwood Property Trust | 66,080 | b,c | 1,508,606 | ||
State Street | 51,227 | 3,727,789 | |||
Synchrony Financial | 60,444 | 2,337,974 | |||
T. Rowe Price Group | 17,895 | 2,901,495 | |||
Tradeweb Markets, Cl. A | 40,724 | b | 2,964,300 | ||
Voya Financial | 178,371 | 10,752,204 | |||
122,067,765 | |||||
Energy - 3.0% | |||||
Baker Hughes | 63,210 | 1,547,381 | |||
Cabot Oil & Gas | 395,942 | b | 7,328,886 | ||
ChampionX | 162,046 | a | 3,446,718 | ||
Cheniere Energy | 35,495 | a | 2,392,008 | ||
ConocoPhillips | 123,306 | 6,413,145 | |||
Continental Resources | 29,515 | a,b | 713,673 | ||
Devon Energy | 151,943 | 3,272,852 | |||
Diamondback Energy | 74,707 | 5,175,701 | |||
EQT | 21,965 | a | 390,757 | ||
Halliburton | 161,761 | 3,531,243 | |||
Helmerich & Payne | 86,894 | 2,496,465 | |||
Hess | 30,550 | 2,001,941 |
39
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.8%(continued) | |||||
Energy - 3.0% (continued) | |||||
HollyFrontier | 70,818 | b | 2,682,586 | ||
Marathon Oil | 167,825 | 1,862,857 | |||
Marathon Petroleum | 86,591 | 4,729,600 | |||
NOV | 55,710 | a | 841,221 | ||
Occidental Petroleum | 59,865 | 1,593,008 | |||
ONEOK | 25,660 | 1,136,481 | |||
Pioneer Natural Resources | 105,964 | 15,743,071 | |||
Schlumberger | 241,738 | 6,746,908 | |||
Targa Resources | 26,145 | 808,665 | |||
The Williams Companies | 72,340 | 1,652,246 | |||
Valero Energy | 115,866 | 8,919,365 | |||
85,426,778 | |||||
Food & Staples Retailing - .2% | |||||
Casey's General Stores | 4,406 | b | 889,836 | ||
The Kroger Company | 35,175 | b | 1,132,987 | ||
US Foods Holding | 76,128 | a | 2,775,627 | ||
4,798,450 | |||||
Food, Beverage & Tobacco - 1.2% | |||||
Archer-Daniels-Midland | 18,950 | 1,072,191 | |||
Beyond Meat | 3,069 | a,b | 446,478 | ||
Brown-Forman, Cl. B | 21,662 | 1,550,566 | |||
Bunge | 15,695 | 1,201,923 | |||
Coca-Cola European Partners | 87,993 | 4,483,243 | |||
Conagra Brands | 281,505 | 9,551,465 | |||
Flowers Foods | 20,245 | b | 440,329 | ||
Ingredion | 10,390 | 937,178 | |||
Lamb Weston Holdings | 17,296 | 1,379,702 | |||
McCormick & Co. | 38,670 | 3,259,108 | |||
Nomad Foods | 83,443 | a | 1,970,924 | ||
The Boston Beer Company, Cl. A | 868 | a | 892,920 | ||
The Hain Celestial Group | 19,100 | a | 805,638 | ||
The Hershey Company | 12,140 | 1,768,191 | |||
The J.M. Smucker Company | 7,257 | b | 812,784 | ||
Tyson Foods, Cl. A | 38,890 | 2,631,686 | |||
33,204,326 | |||||
Health Care Equipment & Services - 9.4% | |||||
ABIOMED | 53,697 | a | 17,427,361 | ||
Alcon | 110,335 | a,b | 7,546,914 | ||
Align Technology | 51,497 | a | 29,204,464 | ||
AmerisourceBergen | 63,412 | 6,418,563 | |||
Boston Scientific | 164,512 | a | 6,379,775 | ||
Cardinal Health | 10,170 | 523,958 | |||
Centene | 238,249 | a | 13,947,096 | ||
Cerner | 27,900 | 1,929,006 | |||
Change Healthcare | 223,024 | a | 5,100,559 | ||
Covetrus | 22,109 | a,b | 821,570 | ||
DaVita | 12,890 | a | 1,316,456 | ||
Dentsply Sirona | 15,876 | 842,539 | |||
DexCom | 42,346 | a | 16,844,392 | ||
Edwards Lifesciences | 36,669 | a | 3,047,194 | ||
Encompass Health | 68,133 | 5,480,619 | |||
Envista Holdings | 14,515 | a,b | 559,408 | ||
Guardant Health | 5,405 | a | 795,508 | ||
HCA Healthcare | 18,053 | 3,105,658 | |||
HealthEquity | 73,367 | a,b | 6,041,772 | ||
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.8%(continued) | |||||
Health Care Equipment & Services - 9.4% (continued) | |||||
Henry Schein | 22,740 | a | 1,406,469 | ||
Hill-Rom Holdings | 12,660 | 1,350,442 | |||
Humana | 13,068 | 4,961,266 | |||
IDEXX Laboratories | 28,939 | a | 15,053,200 | ||
Insulet | 22,148 | a | 5,738,547 | ||
Laboratory Corp. of America Holdings | 48,875 | a | 11,725,601 | ||
Masimo | 27,643 | a | 6,930,929 | ||
Molina Healthcare | 19,720 | a | 4,274,507 | ||
Novocure | 7,075 | a | 1,054,882 | ||
Penumbra | 1,981 | a | 563,456 | ||
Quest Diagnostics | 20,900 | 2,415,831 | |||
Quidel | 2,675 | a,b | 439,395 | ||
ResMed | 22,965 | 4,427,193 | |||
Steris | 49,622 | 8,673,926 | |||
Teladoc Health | 48,819 | a | 10,793,393 | ||
Teleflex | 31,211 | 12,425,723 | |||
The Cooper Companies | 19,894 | 7,681,670 | |||
Universal Health Services, Cl. B | 41,793 | 5,237,917 | |||
Varian Medical Systems | 16,420 | a | 2,877,933 | ||
Veeva Systems, Cl. A | 17,476 | a | 4,895,202 | ||
West Pharmaceutical Services | 4,337 | 1,217,179 | |||
Zimmer Biomet Holdings | 128,561 | 20,963,157 | |||
262,440,630 | |||||
Household & Personal Products - .5% | |||||
Church & Dwight | 149,850 | 11,800,687 | |||
Coty, Cl. A | 81,095 | a,b | 621,999 | ||
Energizer Holdings | 3,959 | 165,486 | |||
Herbalife Nutrition | 4,435 | a | 199,486 | ||
Nu Skin Enterprises, Cl. A | 10,965 | b | 561,189 | ||
Spectrum Brands Holdings | 2,890 | 224,120 | |||
The Clorox Company | 9,182 | b | 1,662,401 | ||
15,235,368 | |||||
Insurance - 2.9% | |||||
Aflac | 45,103 | 2,159,983 | |||
Alleghany | 8,087 | a | 5,227,679 | ||
American Financial Group | 10,223 | 1,090,794 | |||
American International Group | 80,232 | 3,526,196 | |||
Aon, Cl. A | 17,693 | b | 4,028,873 | ||
Arch Capital Group | 162,156 | a | 5,808,428 | ||
Assurant | 20,175 | 2,485,963 | |||
Assured Guaranty | 22,780 | b | 1,007,332 | ||
Cincinnati Financial | 28,665 | b | 2,805,444 | ||
Erie Indemnity, Cl. A | 1,455 | b | 352,256 | ||
Everest Re Group | 28,008 | 6,772,614 | |||
Fidelity National Financial | 38,340 | 1,467,655 | |||
First American Financial | 9,605 | 504,647 | |||
Globe Life | 34,557 | 3,227,624 | |||
Kemper | 4,920 | 372,050 | |||
Lincoln National | 33,780 | 1,921,069 | |||
Markel | 4,875 | a | 5,307,900 | ||
Old Republic International | 87,115 | 1,683,933 | |||
Principal Financial Group | 37,100 | 2,099,118 | |||
Prudential Financial | 6,660 | 577,555 |
40
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.8%(continued) | |||||
Insurance - 2.9% (continued) | |||||
Reinsurance Group of America | 128,952 | 15,761,803 | |||
RenaissanceRe Holdings | 13,377 | 2,233,691 | |||
The Hanover Insurance Group | 4,446 | 512,846 | |||
The Hartford Financial Services Group | 53,110 | 2,692,146 | |||
The Travelers Companies | 15,747 | 2,291,188 | |||
Unum Group | 52,320 | 1,385,434 | |||
W.R. Berkley | 52,365 | 3,630,465 | |||
Willis Towers Watson | 7,343 | 1,620,160 | |||
82,554,846 | |||||
Materials - 5.0% | |||||
Albemarle | 14,520 | 2,282,689 | |||
Amcor | 39,795 | 435,357 | |||
Ashland Global Holdings | 9,861 | 829,507 | |||
Avery Dennison | 31,672 | 5,549,251 | |||
Ball | 27,110 | b | 2,314,923 | ||
Cabot | 8,295 | 408,363 | |||
Celanese | 21,213 | 2,946,698 | |||
Corteva | 166,632 | 7,523,435 | |||
Crown Holdings | 61,475 | 5,874,551 | |||
DuPont de Nemours | 60,305 | 4,240,648 | |||
Eagle Materials | 78,467 | a | 9,838,192 | ||
Eastman Chemical | 22,260 | 2,432,128 | |||
FMC | 66,975 | 6,810,688 | |||
Freeport-McMoRan | 486,830 | a | 16,508,405 | ||
Huntsman | 38,360 | 1,047,228 | |||
Ingevity | 31,384 | a | 2,180,560 | ||
International Flavors & Fragrances | 12,210 | 1,654,577 | |||
International Paper | 6,850 | 340,103 | |||
Louisiana-Pacific | 140,774 | 6,702,250 | |||
LyondellBasell Industries, Cl. A | 10,725 | 1,105,640 | |||
Martin Marietta Materials | 8,375 | 2,821,286 | |||
Newmont | 208,434 | 11,334,641 | |||
Olin | 18,700 | 578,578 | |||
Packaging Corp. of America | 16,505 | b | 2,178,990 | ||
PPG Industries | 19,106 | 2,575,871 | |||
Reliance Steel & Aluminum | 12,440 | 1,644,568 | |||
Royal Gold | 9,890 | 1,025,692 | |||
RPM International | 7,120 | 567,037 | |||
Sealed Air | 29,410 | 1,232,279 | |||
Sonoco Products | 25,750 | 1,533,927 | |||
Steel Dynamics | 160,416 | 6,670,097 | |||
The Chemours Company | 16,145 | b | 379,892 | ||
The Mosaic Company | 545,145 | 16,027,263 | |||
Valvoline | 120,501 | 3,007,705 | |||
Vulcan Materials | 43,071 | 7,192,426 | |||
WestRock | 30,471 | 1,328,231 | |||
141,123,676 | |||||
Media & Entertainment - 3.6% | |||||
Activision Blizzard | 118,254 | 11,306,265 | |||
Altice USA, Cl. A | 106,519 | a | 3,580,104 | ||
Cable One | 409 | 783,174 | |||
Discovery, Cl. C | 25,780 | a | 1,160,100 | ||
DISH Network, Cl. A | 19,510 | a | 614,760 | ||
Fox, Cl. A | 40,970 | 1,364,711 | |||
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.8%(continued) | |||||
Media & Entertainment - 3.6% (continued) | |||||
InterActiveCorp | 16,378 | a | 4,009,826 | ||
John Wiley & Sons, Cl. A | 3,666 | b | 193,125 | ||
Liberty Broadband, Cl. A | 2,552 | a | 370,959 | ||
Liberty Broadband, Cl. C | 14,206 | a | 2,123,939 | ||
Liberty Media Corp-Liberty Formula One, Cl. C | 124,840 | a | 5,480,476 | ||
Liberty Media Corp-Liberty SiriusXM, Cl. A | 10,210 | a | 453,426 | ||
Liberty Media Corp-Liberty SiriusXM, Cl. C | 22,290 | a | 983,435 | ||
Live Nation Entertainment | 79,178 | a,b | 7,035,757 | ||
Match Group | 28,857 | a | 4,410,792 | ||
News Corporation, Cl. A | 66,975 | 1,570,564 | |||
Nexstar Media Group, Cl. A | 2,490 | 342,500 | |||
Omnicom Group | 23,400 | 1,608,282 | |||
Pinterest, Cl. A | 27,482 | 2,214,500 | |||
Roku | 8,530 | a | 3,373,444 | ||
Spotify Technology | 33,138 | a,b | 10,185,958 | ||
Take-Two Interactive Software | 8,172 | a | 1,507,407 | ||
TEGNA | 117,268 | 2,137,796 | |||
The Interpublic Group of Companies | 66,315 | 1,732,148 | |||
The New York Times Company, Cl. A | 17,640 | 902,639 | |||
217,189 | a | 16,736,584 | |||
ViacomCBS, Cl. B | 28,621 | b | 1,845,768 | ||
Yelp | 54,002 | a | 2,036,415 | ||
Zillow Group, Cl. C | 63,363 | a | 10,222,353 | ||
Zynga, Cl. A | 100,820 | a | 1,124,143 | ||
101,411,350 | |||||
Pharmaceuticals Biotechnology & Life Sciences - 5.9% | |||||
10X Genomics, CI. A | 38,740 | a | 6,895,333 | ||
ACADIA Pharmaceuticals | 10,945 | a,b | 535,977 | ||
Acceleron Pharma | 20,715 | a | 2,820,554 | ||
Agilent Technologies | 38,810 | 4,737,537 | |||
Agios Phamaceuticals | 4,976 | a,b | 236,061 | ||
Alexion Pharmaceuticals | 15,305 | a | 2,337,839 | ||
Alkermes | 19,765 | a | 376,326 | ||
Alnylam Pharmaceuticals | 12,857 | a | 1,904,122 | ||
Avantor | 148,888 | a | 4,149,509 | ||
Biohaven Pharmaceutical Holding | 54,629 | a | 4,642,372 | ||
BioMarin Pharmaceutical | 51,939 | a | 4,021,637 | ||
Bio-Techne | 17,778 | 6,430,125 | |||
Catalent | 95,880 | a | 10,902,515 | ||
Charles River Laboratories International | 8,894 | a | 2,544,929 | ||
Elanco Animal Health | 265,758 | a | 8,732,808 | ||
Exact Sciences | 13,705 | a | 1,865,525 | ||
FibroGen | 38,170 | a,b | 1,909,645 | ||
GW Pharmaceuticals, ADR | 21,094 | a,b | 4,519,389 | ||
Horizon Therapeutics | 107,735 | a | 9,794,189 | ||
ICON | 17,553 | a | 3,171,476 | ||
Illumina | 14,948 | a | 6,568,301 | ||
Incyte | 15,600 | a | 1,227,096 | ||
Ionis Pharmaceuticals | 17,320 | a,b | 907,568 | ||
Iovance Biotherapeutics | 21,630 | a,b | 806,799 | ||
IQVIA Holdings | 25,268 | a | 4,871,418 |
41
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.8%(continued) | |||||
Pharmaceuticals Biotechnology & Life Sciences - 5.9% (continued) | |||||
Jazz Pharmaceuticals | 11,437 | a | 1,921,873 | ||
Mettler-Toledo International | 3,951 | a | 4,409,514 | ||
Moderna | 24,513 | a | 3,794,858 | ||
Nektar Therapeutics | 15,270 | a,b | 346,476 | ||
Neurocrine Biosciences | 121,113 | a | 13,263,085 | ||
PerkinElmer | 6,562 | 827,403 | |||
Perrigo | 15,365 | b | 620,131 | ||
PPD | 63,322 | a | 2,220,069 | ||
QIAGEN | 28,976 | a | 1,448,800 | ||
Repligen | 36,289 | a | 7,707,421 | ||
Sage Therapeutics | 12,622 | a,b | 1,072,870 | ||
Sarepta Therapeutics | 99,820 | a,b | 8,690,329 | ||
Seagen | 9,579 | a | 1,447,483 | ||
Syneos Health | 120,105 | a | 9,290,122 | ||
uniQure | 22,126 | a | 812,024 | ||
Viatris | 376,767 | a | 5,594,990 | ||
Waters | 14,140 | a | 3,872,663 | ||
164,249,161 | |||||
Real Estate - 4.8% | |||||
Alexandria Real Estate Equities | 39,639 | c | 6,329,952 | ||
American Campus Communities | 25,130 | c | 1,029,325 | ||
American Homes 4 Rent, Cl. A | 92,169 | c | 2,870,143 | ||
Americold Realty Trust | 106,537 | c | 3,733,056 | ||
Apartment Income REIT | 28,087 | c | 1,148,197 | ||
Apartment Investment & Management, Cl. A | 28,087 | c | 133,694 | ||
Apple Hospitality REIT | 69,400 | a,c | 988,950 | ||
AvalonBay Communities | 7,330 | c | 1,288,247 | ||
Brandywine Realty Trust | 71,900 | b,c | 879,337 | ||
Brixmor Property Group | 79,420 | c | 1,562,986 | ||
Brookfield Property REIT, Cl. A | 77,864 | b,c | 1,362,620 | ||
Camden Property Trust | 19,110 | c | 1,990,306 | ||
CBRE Group, Cl. A | 165,047 | a | 12,505,611 | ||
CoreSite Realty | 329 | c | 40,043 | ||
Corporate Office Properties Trust | 11,180 | c | 290,680 | ||
Cousins Properties | 109,503 | c | 3,672,731 | ||
CubeSmart | 13,560 | c | 501,178 | ||
CyrusOne | 52,608 | c | 3,452,663 | ||
Digital Realty Trust | 56,990 | b,c | 7,678,263 | ||
Duke Realty | 112,225 | c | 4,404,831 | ||
Equinix | 5,452 | c | 3,534,750 | ||
Equity Commonwealth | 36,260 | c | 1,022,895 | ||
Equity Lifestyle Properties | 52,700 | c | 3,248,955 | ||
Equity Residential | 187,391 | c | 12,257,245 | ||
Essex Property Trust | 22,845 | c | 5,820,678 | ||
Extra Space Storage | 22,840 | c | 2,870,988 | ||
Federal Realty Investment Trust | 6,272 | b,c | 634,538 | ||
Gaming & Leisure Properties | 8,925 | c | 396,270 | ||
Healthcare Trust of America, Cl. A | 26,755 | b,c | 726,666 | ||
Healthpeak Properties | 125,506 | c | 3,650,970 | ||
Highwoods Properties | 27,540 | c | 1,100,498 | ||
Host Hotels & Resorts | 105,409 | a,c | 1,748,735 | ||
Hudson Pacific Properties | 24,345 | c | 622,989 | ||
Kilroy Realty | 45,003 | c | 2,855,890 | ||
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.8%(continued) | |||||
Real Estate - 4.8% (continued) | |||||
Kimco Realty | 57,385 | c | 1,051,867 | ||
Lamar Advertising, Cl. A | 36,255 | c | 3,139,320 | ||
Life Storage | 11,322 | c | 949,916 | ||
Medical Properties Trust | 63,770 | c | 1,376,794 | ||
Mid-America Apartment Communities | 6,670 | c | 898,649 | ||
National Retail Properties | 17,080 | c | 748,787 | ||
Omega Healthcare Investors | 19,805 | c | 735,558 | ||
Outfront Media | 28,480 | a,c | 577,574 | ||
Paramount Group | 81,285 | c | 753,512 | ||
Park Hotels & Resorts | 31,625 | a,c | 687,844 | ||
Rayonier | 30,184 | c | 985,206 | ||
Realty Income | 26,900 | c | 1,620,994 | ||
Regency Centers | 84,738 | c | 4,641,948 | ||
SBA Communications | 8,865 | c | 2,261,727 | ||
Simon Property Group | 16,395 | b,c | 1,851,323 | ||
SL Green Realty | 14,030 | b,c | 969,052 | ||
Spirit Realty Capital | 23,674 | b,c | 1,018,455 | ||
STORE Capital | 25,790 | c | 862,418 | ||
UDR | 28,390 | c | 1,168,816 | ||
Ventas | 34,450 | c | 1,822,405 | ||
VEREIT | 23,194 | c | 904,566 | ||
VICI Properties | 44,120 | b,c | 1,257,420 | ||
Weingarten Realty Investors | 23,970 | c | 608,598 | ||
Welltower | 86,466 | c | 5,871,041 | ||
Weyerhaeuser | 29,262 | c | 991,104 | ||
WP Carey | 15,540 | c | 1,065,112 | ||
135,174,886 | |||||
Retailing - 5.1% | |||||
Advance Auto Parts | 7,533 | 1,207,917 | |||
AutoZone | 7,102 | a | 8,237,752 | ||
Best Buy | 40,871 | 4,101,405 | |||
Burlington Stores | 37,055 | a | 9,590,575 | ||
CarMax | 16,745 | a | 2,001,195 | ||
Carvana | 2,965 | a,b | 840,577 | ||
Dollar General | 51,517 | 9,736,198 | |||
Dollar Tree | 28,284 | a | 2,777,489 | ||
eBay | 75,225 | 4,244,194 | |||
Etsy | 33,906 | a | 7,468,475 | ||
Expedia Group | 127,352 | a | 20,503,672 | ||
Five Below | 3,867 | a,b | 719,726 | ||
Foot Locker | 88,378 | b | 4,250,098 | ||
Genuine Parts | 7,796 | 821,309 | |||
Kohl's | 30,965 | a | 1,710,816 | ||
L Brands | 36,810 | a | 2,012,035 | ||
LKQ | 66,449 | a | 2,617,426 | ||
Ollie's Bargain Outlet Holdings | 41,499 | a,b | 3,431,137 | ||
O'Reilly Automotive | 30,831 | a | 13,791,631 | ||
Pool | 39,066 | 13,078,125 | |||
Qurate Retail, Ser. A | 65,235 | 810,219 | |||
Ross Stores | 88,805 | a | 10,358,215 | ||
The Gap | 73,065 | 1,822,972 | |||
Tractor Supply | 14,334 | 2,278,533 | |||
Ulta Beauty | 37,440 | a | 12,068,035 | ||
Wayfair, Cl. A | 8,160 | a,b | 2,358,077 |
42
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.8%(continued) | |||||
Retailing - 5.1% (continued) | |||||
Williams-Sonoma | 7,545 | b | 990,583 | ||
143,828,386 | |||||
Semiconductors & Semiconductor Equipment - 3.4% | |||||
Advanced Micro Devices | 27,050 | a | 2,285,995 | ||
Cree | 10,420 | a | 1,182,253 | ||
Enphase Energy | 7,025 | a | 1,236,821 | ||
First Solar | 45,313 | a,b | 3,671,259 | ||
KLA | 21,751 | 6,769,564 | |||
Marvell Technology Group | 79,505 | 3,838,501 | |||
Maxim Integrated Products | 31,335 | a | 2,919,482 | ||
Microchip Technology | 41,825 | b | 6,383,750 | ||
Monolithic Power Systems | 2,853 | 1,068,506 | |||
NVIDIA | 6,652 | 3,649,154 | |||
NXP Semiconductors | 32,311 | 5,898,373 | |||
ON Semiconductor | 340,470 | a,b | 13,710,727 | ||
Qorvo | 62,678 | a | 10,951,727 | ||
Skyworks Solutions | 136,795 | 24,324,887 | |||
SolarEdge Technologies | 3,425 | a,b | 1,021,712 | ||
Universal Display | 6,433 | 1,361,802 | |||
Xilinx | 30,960 | 4,034,088 | |||
94,308,601 | |||||
Software & Services - 15.0% | |||||
2U | 465 | a,b | 18,428 | ||
Affirm Holdings | 793 | a,b | 73,797 | ||
Akamai Technologies | 16,890 | a | 1,596,105 | ||
Alliance Data Systems | 5,835 | 563,077 | |||
Alteryx, Cl. A | 4,070 | a | 389,092 | ||
Amdocs | 28,695 | 2,175,368 | |||
Anaplan | 9,590 | a | 623,254 | ||
Ansys | 52,399 | a | 17,867,535 | ||
Aspen Technology | 5,404 | a | 813,356 | ||
Atlassian, Cl. A | 8,190 | a | 1,946,763 | ||
Avalara | 5,138 | a | 806,358 | ||
Bill.com Holdings | 22,270 | a | 3,674,773 | ||
Black Knight | 14,860 | a | 1,139,613 | ||
BlackLine | 93,614 | a,b | 11,610,008 | ||
Broadridge Financial Solutions | 74,974 | 10,683,045 | |||
Ceridian HCM Holding | 8,635 | a,b | 774,214 | ||
Citrix Systems | 11,990 | 1,601,624 | |||
Cloudflare, Cl. A | 8,605 | a | 636,512 | ||
Coupa Software | 5,757 | a | 1,993,419 | ||
Crowdstrike Holdings, CI. A | 11,321 | a | 2,445,336 | ||
Datadog, Cl. A | 10,650 | a | 1,016,116 | ||
DocuSign | 61,671 | a | 13,978,349 | ||
DXC Technology | 19,170 | a | 483,467 | ||
Dynatrace | 14,725 | a | 732,716 | ||
Elastic | 6,285 | a | 844,641 | ||
EPAM Systems | 35,641 | a | 13,315,834 | ||
Euronet Worldwide | 112,640 | a | 16,930,918 | ||
Everbridge | 4,155 | a | 636,671 | ||
EVERTEC | 72,767 | 2,830,636 | |||
Fair Isaac | 1,689 | a | 772,802 | ||
Farfetch, Cl. A | 55,194 | a | 3,683,399 | ||
Fastly, CI. A | 6,245 | a,b | 459,507 | ||
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.8%(continued) | |||||
Software & Services - 15.0% (continued) | |||||
Fidelity National Information Services | 25,894 | 3,573,372 | |||
FireEye | 30,045 | a | 580,469 | ||
Fiserv | 92,905 | a | 10,718,450 | ||
FLEETCOR Technologies | 8,095 | a | 2,244,824 | ||
Fortinet | 10,360 | a | 1,749,286 | ||
Gartner | 48,064 | a | 8,605,379 | ||
Global Payments | 99,948 | 19,788,705 | |||
Globant | 2,105 | a | 451,986 | ||
GoDaddy, Cl. A | 7,520 | a | 610,022 | ||
Guidewire Software | 6,721 | a | 745,964 | ||
HubSpot | 51,518 | a | 26,531,770 | ||
Intuit | 37,415 | 14,597,088 | |||
Jack Henry & Associates | 18,419 | 2,734,116 | |||
Leidos Holdings | 40,686 | 3,598,677 | |||
MongoDB | 3,612 | a | 1,393,979 | ||
NortonLifeLock | 21,945 | b | 428,147 | ||
Nuance Communications | 460,321 | a,b | 20,530,317 | ||
Nutanix, Cl. A | 11,340 | a | 343,432 | ||
Okta | 13,797 | a | 3,607,226 | ||
Pagerduty | 9,095 | a,b | 406,910 | ||
Palo Alto Networks | 12,380 | a | 4,435,878 | ||
Paychex | 23,210 | 2,113,735 | |||
Paycom Software | 5,762 | a | 2,156,371 | ||
Paylocity Holding | 3,061 | a | 585,233 | ||
Proofpoint | 116,324 | a | 14,065,898 | ||
PTC | 5,660 | a | 775,080 | ||
RealPage | 19,759 | a | 1,714,686 | ||
RingCentral, Cl. A | 9,418 | a,b | 3,561,511 | ||
Sabre | 49,775 | a,b | 731,195 | ||
Science Applications International | 43,226 | 3,723,055 | |||
ServiceNow | 29,968 | a | 15,986,729 | ||
Shopify, Cl. A | 10,581 | a | 13,553,944 | ||
Slack Technologies, Cl. A | 112,349 | a | 4,598,445 | ||
Smartsheet, Cl. A | 11,499 | a | 796,306 | ||
Splunk | 76,020 | a | 10,871,620 | ||
Square, Cl. A | 100,411 | a | 23,097,542 | ||
SS&C Technologies Holdings | 210,243 | 13,934,906 | |||
StoneCo, CI. A | 15,545 | a | 1,333,916 | ||
Synopsys | 5,490 | a | 1,346,203 | ||
The Trade Desk, Cl. A | 3,001 | a | 2,416,975 | ||
The Western Union Company | 29,900 | 694,278 | |||
Twilio, Cl. A | 67,931 | a | 26,688,731 | ||
Tyler Technologies | 29,699 | a | 13,763,111 | ||
Verisign | 20,958 | a | 4,066,481 | ||
Zendesk | 45,260 | a | 6,614,296 | ||
Zoom Video Communications, CI. A | 13,787 | a | 5,150,961 | ||
Zscaler | 11,060 | a,b | 2,267,632 | ||
421,401,570 | |||||
Technology Hardware & Equipment - 4.5% | |||||
Amphenol, Cl. A | 163,074 | 20,495,140 | |||
Arista Networks | 2,975 | a | 832,524 | ||
CDW | 7,325 | 1,149,219 | |||
Ciena | 11,675 | a | 609,085 | ||
Cognex | 92,896 | 7,672,281 |
43
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.8%(continued) | |||||
Technology Hardware & Equipment - 4.5% (continued) | |||||
Corning | 22,055 | 843,383 | |||
EchoStar, Cl. A | 6,605 | a | 149,934 | ||
F5 Networks | 6,940 | a | 1,318,461 | ||
Flex | 117,887 | a | 2,144,365 | ||
FLIR Systems | 112,474 | 6,006,112 | |||
Hewlett Packard Enterprise | 106,135 | 1,545,326 | |||
HP | 83,920 | 2,431,162 | |||
IPG Photonics | 3,582 | a | 814,368 | ||
Jabil | 15,780 | 681,223 | |||
Juniper Networks | 38,500 | b | 896,280 | ||
Keysight Technologies | 126,021 | a | 17,834,492 | ||
Lumentum Holdings | 60,856 | a,b | 5,477,040 | ||
Motorola Solutions | 25,235 | 4,428,238 | |||
NetApp | 22,755 | 1,424,463 | |||
Pure Storage, Cl. A | 27,470 | a,b | 642,249 | ||
TE Connectivity | 66,600 | 8,659,998 | |||
Trimble | 162,040 | a | 12,013,646 | ||
Western Digital | 241,845 | a | 16,573,638 | ||
Xerox Holdings | 153,156 | 3,902,415 | |||
Zebra Technologies, Cl. A | 17,883 | a | 8,931,307 | ||
127,476,349 | |||||
Telecommunication Services - .0% | |||||
Lumen Technologies | 51,802 | b | 636,647 | ||
Transportation - 1.8% | |||||
Alaska Air Group | 104,503 | a | 6,794,785 | ||
American Airlines Group | 39,040 | a,b | 817,498 | ||
C.H. Robinson Worldwide | 10,390 | b | 943,931 | ||
Copa Holdings, Cl. A | 14,394 | a | 1,319,498 | ||
Delta Air Lines | 25,265 | a | 1,211,204 | ||
Expeditors International of Washington | 50,059 | 4,597,419 | |||
J.B. Hunt Transport Services | 41,215 | 6,053,247 | |||
JetBlue Airways | 36,505 | a | 672,787 | ||
Kansas City Southern | 34,636 | 7,354,608 | |||
Knight-Swift Transportation Holdings | 8,400 | 362,880 | |||
Landstar System | 15,410 | b | 2,467,757 | ||
Lyft, Cl. A | 174,304 | a | 9,708,733 | ||
Macquarie Infrastructure | 5,465 | 171,273 | |||
Ryder System | 17,865 | 1,210,711 | |||
Southwest Airlines | 68,333 | a | 3,972,197 | ||
United Airlines Holdings | 34,750 | a | 1,830,630 | ||
49,489,158 | |||||
Utilities - 2.9% | |||||
Ameren | 53,545 | 3,762,607 | |||
American Electric Power | 28,060 | 2,100,291 | |||
American Water Works | 27,465 | 3,896,734 | |||
Atmos Energy | 4,100 | 346,901 | |||
CenterPoint Energy | 334,111 | b | 6,495,118 | ||
CMS Energy | 57,200 | 3,095,092 | |||
DTE Energy | 50,042 | 5,890,944 | |||
Edison International | 245,173 | 13,236,890 | |||
Entergy | 54,071 | 4,693,904 | |||
Essential Utilities | 35,065 | 1,474,834 | |||
Eversource Energy | 48,435 | 3,849,614 | |||
BNY Mellon Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.8%(continued) | |||||
Utilities - 2.9% (continued) | |||||
Exelon | 175,126 | 6,759,864 | |||
IDACORP | 4,535 | 391,098 | |||
MDU Resources Group | 28,140 | 790,734 | |||
NiSource | 69,525 | 1,501,740 | |||
NRG Energy | 65,635 | 2,396,334 | |||
OGE Energy | 17,780 | 520,421 | |||
PG&E | 195,663 | 2,056,418 | |||
Pinnacle West Capital | 27,400 | 1,916,082 | |||
PPL | 301,377 | 7,893,064 | |||
Public Service Enterprise Group | 29,385 | 1,581,795 | |||
The AES | 70,645 | 1,876,331 | |||
UGI | 17,795 | 681,726 | |||
Vistra Energy | 40,922 | 705,904 | |||
WEC Energy Group | 20,550 | 1,657,152 | |||
Xcel Energy | 42,585 | 2,495,055 | |||
82,066,647 | |||||
Total Common Stocks(cost $1,379,698,147) | 2,771,644,420 | ||||
Exchange-Traded Funds - .5% | |||||
Registered Investment Companies - .5% | |||||
SPDR S&P MidCap 400 ETF Trust | 31,209 | b | 14,195,414 | ||
1-Day | |||||
Investment Companies - .9% | |||||
Registered Investment Companies - .9% | |||||
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares | 0.07 | 25,593,787 | d | 25,593,787 | |
Investment of Cash Collateral for Securities Loaned - .8% | |||||
Registered Investment Companies - .8% | |||||
Dreyfus Institutional Preferred Government Plus Money Market Fund, SL Shares | 0.03 | 21,044,601 | d | 21,044,601 | |
Total Investments (cost $1,439,773,772) | 101.0% | 2,832,478,222 | |||
Liabilities, Less Cash and Receivables | (1.0%) | (27,156,484) | |||
Net Assets | 100.0% | 2,805,321,738 |
ADR—American Depository Receipt
ETF—Exchange-Traded Fund
REIT—Real Estate Investment Trust
SPDR—Standard & Poor's Depository Receipt
aNon-income producing security.
bSecurity, or portion thereof, on loan. At February 28, 2021, the value of the fund’s securities on loan was $234,943,427 and the value of the collateral was $240,840,334, consisting of cash collateral of $21,044,601 and U.S. Government & Agency securities valued at $219,795,733.
cInvestment in real estate investment trust within the United States.
dInvestment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
44
Portfolio Summary (Unaudited) † | Value (%) |
Information Technology | 22.8 |
Health Care | 15.2 |
Industrials | 15.2 |
Consumer Discretionary | 13.0 |
Financials | 11.3 |
Materials | 5.0 |
Real Estate | 4.8 |
Communication Services | 3.6 |
Energy | 3.1 |
Utilities | 2.9 |
Investment Companies | 2.2 |
Consumer Staples | 1.9 |
101.0 |
† Based on net assets.
See notes to financial statements.
45
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Small Cap Multi-Strategy Fund | |||||
Description | Shares | Value ($) | |||
Common Stocks - 96.2% | |||||
Automobiles & Components - 1.0% | |||||
Gentherm | 45,947 | a | 3,252,588 | ||
Stoneridge | 36,880 | a | 1,130,741 | ||
Thor Industries | 13,628 | b | 1,595,294 | ||
Visteon | 22,691 | a | 2,885,614 | ||
8,864,237 | |||||
Banks - 7.7% | |||||
BankUnited | 88,469 | 3,555,569 | |||
Banner | 23,979 | 1,241,633 | |||
Central Pacific Financial | 78,175 | 1,769,100 | |||
Columbia Banking System | 33,183 | b | 1,469,675 | ||
CVB Financial | 41,084 | 879,608 | |||
Essent Group | 144,557 | 5,960,085 | |||
First Bancorp | 403,720 | 4,235,023 | |||
First Bancorp | 42,134 | 1,696,736 | |||
First Interstate BancSystem, Cl. A | 147,414 | 6,695,544 | |||
First Merchants | 101,505 | 4,268,285 | |||
HarborOne Bancorp | 115,148 | 1,376,019 | |||
Heritage Commerce | 118,700 | 1,128,837 | |||
Heritage Financial | 34,506 | 893,360 | |||
Old National Bancorp | 152,201 | 2,759,404 | |||
Seacoast Banking Corp. of Florida | 93,147 | a | 3,348,635 | ||
Silvergate Capital, Cl. A | 35,156 | a | 4,484,499 | ||
Synovus Financial | 105,249 | 4,453,085 | |||
TriState Capital Holdings | 18,003 | a | 413,169 | ||
UMB Financial | 40,681 | 3,432,256 | |||
United Community Bank | 125,352 | 4,144,137 | |||
Webster Financial | 134,299 | 7,428,078 | |||
65,632,737 | |||||
Capital Goods - 14.1% | |||||
AerCap Holdings | 78,275 | a | 3,771,290 | ||
AeroVironment | 26,453 | a | 2,911,946 | ||
Armstrong World Industries | 3,375 | 288,833 | |||
Array Technologies | 36,540 | a | 1,354,903 | ||
Astec Industries | 33,840 | 2,298,413 | |||
Construction Partners, Cl. A | 170,386 | a | 4,930,971 | ||
Curtiss-Wright | 13,564 | 1,498,686 | |||
dMY Technology Group, Cl. A | 35,734 | a,b | 680,375 | ||
Dycom Industries | 33,734 | a | 2,583,350 | ||
EMCOR Group | 21,846 | 2,127,145 | |||
Energy Recovery | 223,857 | a,b | 3,939,883 | ||
EnerSys | 67,766 | 6,117,914 | |||
Fluor | 307,217 | a | 5,271,844 | ||
FTAC Olympus Acquisition, Cl. A | 21,763 | a | 256,803 | ||
Gibraltar Industries | 63,907 | a | 5,582,276 | ||
GrafTech International | 587,672 | 6,952,160 | |||
Granite Construction | 65,880 | b | 2,264,954 | ||
Hexcel | 21,576 | a,b | 1,159,926 | ||
Holicity, Cl. A | 156,493 | a | 2,183,077 | ||
Hyster-Yale Materials Handling | 17,012 | b | 1,455,377 | ||
Kaman | 13,200 | 642,312 | |||
Kornit Digital | 66,182 | a | 7,487,170 | ||
Lindsay | 13,791 | 2,210,008 | |||
Masonite International | 25,729 | a | 2,822,986 | ||
Matrix Service | 205,080 | a | 2,782,936 | ||
Maxar Technologies | 72,847 | b | 3,485,729 | ||
BNY Mellon Small Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 96.2%(continued) | |||||
Capital Goods - 14.1% (continued) | |||||
Mercury Systems | 46,846 | a | 3,061,855 | ||
MSC Industrial Direct, Cl. A | 23,714 | 2,042,487 | |||
Proto Labs | 6,964 | a,b | 1,014,516 | ||
Raven Industries | 93,302 | 3,657,438 | |||
Rexnord | 155,774 | 7,002,041 | |||
Ribbit LEAP | 15,189 | a | 205,811 | ||
SiteOne Landscape Supply | 12,287 | a,b | 1,947,612 | ||
Spirit AeroSystems Holdings, Cl. A | 30,625 | 1,311,669 | |||
Star Peak Energy Transition, Cl. A | 27,679 | a,b | 946,068 | ||
The AZEK Company | 34,221 | a | 1,509,488 | ||
The Gorman-Rupp Company | 15,044 | 481,258 | |||
The Greenbrier Companies | 36,038 | 1,695,588 | |||
Titan Machinery | 80,048 | a | 1,961,176 | ||
TPG Pace Tech Opportunities, Cl. A | 134,978 | a,b | 1,440,215 | ||
TriMas | 16,266 | a | 546,375 | ||
Valmont Industries | 34,221 | 8,094,293 | |||
Wabash National | 199,726 | 3,311,457 | |||
WESCO International | 35,555 | a | 2,854,355 | ||
120,144,969 | |||||
Commercial & Professional Services - 2.0% | |||||
ADT | 285,601 | 2,173,424 | |||
Clarivate | 71,815 | a | 1,633,791 | ||
Clean Harbors | 32,443 | a | 2,762,521 | ||
Covanta Holding | 259,962 | 3,652,466 | |||
Huron Consulting Group | 32,147 | a | 1,636,282 | ||
Korn Ferry | 41,169 | 2,533,952 | |||
The Brink's Company | 40,764 | 3,131,898 | |||
17,524,334 | |||||
Consumer Durables & Apparel - 3.1% | |||||
Callaway Golf | 194,245 | a,b | 5,429,148 | ||
Capri Holdings | 62,325 | a | 2,908,708 | ||
Cavco Industries | 9,943 | a | 2,097,078 | ||
Helen of Troy | 6,913 | a,b | 1,498,738 | ||
KB Home | 25,889 | 1,045,398 | |||
Meritage Homes | 17,723 | a | 1,494,226 | ||
Oxford Industries | 27,739 | 2,114,821 | |||
Skechers USA, CI. A | 68,919 | a | 2,522,435 | ||
Skyline Champion | 83,262 | a | 3,684,344 | ||
TRI Pointe Group | 54,552 | a | 1,036,488 | ||
YETI Holdings | 41,666 | a | 2,865,371 | ||
26,696,755 | |||||
Consumer Services - 3.2% | |||||
Bally's | 17,652 | a | 1,050,647 | ||
Bloomin‘ Brands | 167,262 | a | 4,154,788 | ||
Boyd Gaming | 51,306 | a | 3,011,662 | ||
Cracker Barrel Old Country Store | 8,899 | a | 1,378,188 | ||
Houghton Mifflin Harcourt | 698,049 | a | 4,258,099 | ||
OneSpaWorld Holdings | 184,299 | a,b | 2,010,702 | ||
Papa John's International | 36,194 | 3,264,337 | |||
Planet Fitness, Cl. A | 57,179 | a | 4,922,540 | ||
The Cheesecake Factory | 61,673 | a,b | 3,388,931 | ||
27,439,894 | |||||
Diversified Financials - 1.8% | |||||
Cohen & Steers | 18,284 | 1,177,124 | |||
Federated Hermes | 95,343 | 2,547,565 |
46
BNY Mellon Small Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 96.2%(continued) | |||||
Diversified Financials - 1.8% (continued) | |||||
LPL Financial Holdings | 22,097 | 2,906,639 | |||
PJT Partners, Cl. A | 51,118 | 3,563,947 | |||
PRA Group | 91,842 | a | 3,385,296 | ||
PROG Holdings | 15,997 | 799,850 | |||
WisdomTree Investments | 127,762 | 677,139 | |||
15,057,560 | |||||
Energy - 2.7% | |||||
Cactus, Cl. A | 156,871 | 4,999,479 | |||
Cimarex Energy | 25,502 | 1,478,861 | |||
CNX Resources | 572,771 | a,b | 7,222,642 | ||
Comstock Resources | 266,107 | a | 1,519,471 | ||
Helix Energy Solutions Group | 594,284 | a,b | 2,911,992 | ||
PBF Energy, Cl. A | 225,364 | a,b | 3,200,169 | ||
Viper Energy Partners | 92,221 | 1,446,025 | |||
22,778,639 | |||||
Food & Staples Retailing - 1.0% | |||||
Grocery Outlet Holding | 79,770 | a,b | 2,870,922 | ||
The Chefs' Warehouse | 183,818 | a | 5,724,093 | ||
8,595,015 | |||||
Food, Beverage & Tobacco - 2.5% | |||||
AppHarvest | 121,244 | a,b | 3,691,880 | ||
Calavo Growers | 67,086 | 5,048,221 | |||
Freshpet | 48,416 | a | 7,547,086 | ||
J&J Snack Foods | 15,401 | b | 2,445,063 | ||
The Hain Celestial Group | 63,561 | a | 2,681,003 | ||
21,413,253 | |||||
Health Care Equipment & Services - 8.7% | |||||
1Life Healthcare | 127,608 | a,b | 6,062,656 | ||
Acadia Healthcare | 145,560 | a,b | 8,040,734 | ||
Accolade | 3,623 | a | 160,571 | ||
AdaptHealth | 178,888 | a | 5,504,384 | ||
American Well, Cl. A | 3,077 | a,b | 75,294 | ||
AMN Healthcare Services | 16,546 | a | 1,205,707 | ||
Apria | 134,985 | a | 2,907,577 | ||
AtriCure | 38,230 | a | 2,495,272 | ||
Evolent Health, Cl. A | 246,988 | a,b | 4,976,808 | ||
Health Catalyst | 152,370 | a | 7,388,421 | ||
iRhythm Technologies | 17,952 | a,b | 2,888,477 | ||
Molina Healthcare | 9,657 | a | 2,093,251 | ||
Nevro | 11,010 | a,b | 1,818,632 | ||
NuVasive | 40,787 | a | 2,460,680 | ||
Oak Street Health | 898 | a,b | 47,621 | ||
Omnicell | 48,936 | a | 6,209,978 | ||
Outset Medical | 218 | a | 10,854 | ||
R1 RCM | 289,318 | a | 7,996,750 | ||
Tabula Rasa HealthCare | 117,556 | a,b | 4,766,896 | ||
Teladoc Health | 22,323 | a | 4,935,392 | ||
TransMedics Group | 55,457 | a,b | 1,990,352 | ||
74,036,307 | |||||
Household & Personal Products - .8% | |||||
Inter Parfums | 93,067 | a,b | 6,809,712 | ||
Insurance - 1.6% | |||||
BRP Group, Cl. A | 171,441 | a | 4,548,330 | ||
Kemper | 20,408 | 1,543,253 | |||
Palomar Holdings | 34,409 | a,b | 2,929,238 | ||
BNY Mellon Small Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 96.2%(continued) | |||||
Insurance - 1.6% (continued) | |||||
Selective Insurance Group | 30,371 | 2,060,065 | |||
The Hanover Insurance Group | 25,021 | 2,886,172 | |||
13,967,058 | |||||
Materials - 4.5% | |||||
Alamos Gold, Cl. A | 863,017 | b | 6,127,421 | ||
Carpenter Technology | 47,934 | 1,948,996 | |||
Chase | 6,320 | 680,538 | |||
Coeur Mining | 160,659 | a | 1,447,538 | ||
Constellium | 155,519 | a | 2,059,072 | ||
Eagle Materials | 25,879 | a | 3,244,709 | ||
Ferro | 27,480 | a | 436,108 | ||
Hecla Mining | 223,775 | 1,461,251 | |||
IAMGOLD | 642,514 | a,b | 1,908,267 | ||
Intrepid Potash | 11,678 | a | 346,720 | ||
Livent | 143,290 | a,b | 2,668,060 | ||
Louisiana-Pacific | 87,412 | 4,161,685 | |||
Materion | 21,616 | 1,480,264 | |||
MP Materials | 163,989 | a,b | 6,892,458 | ||
Schnitzer Steel Industries, Cl. A | 71,604 | 2,473,202 | |||
Stepan | 6,854 | 827,209 | |||
38,163,498 | |||||
Media & Entertainment - 2.5% | |||||
Cardlytics | 23,287 | a,b | 3,083,897 | ||
Eventbrite, Cl. A | 211,064 | a | 4,193,842 | ||
EverQuote, Cl. A | 96,391 | a | 4,721,231 | ||
Gray Television | 67,708 | 1,228,900 | |||
IMAX | 84,070 | a | 1,737,727 | ||
John Wiley & Sons, Cl. A | 19,346 | b | 1,019,147 | ||
MSG Networks, Cl. A | 118,114 | a,b | 2,003,213 | ||
Scholastic | 39,182 | 1,128,442 | |||
TEGNA | 120,612 | 2,198,757 | |||
21,315,156 | |||||
Pharmaceuticals Biotechnology & Life Sciences - 10.9% | |||||
10X Genomics, CI. A | 16,772 | a | 2,985,248 | ||
Acceleron Pharma | 10,067 | a | 1,370,723 | ||
Adaptive Biotechnologies | 23,534 | a | 1,331,318 | ||
Alkermes | 200,191 | a | 3,811,637 | ||
Arena Pharmaceuticals | 84,631 | a | 6,800,101 | ||
Ascendis Pharma, ADR | 6,529 | a,b | 1,011,799 | ||
AVROBIO | 50,929 | a | 560,219 | ||
Beam Therapeutics | 18,558 | a,b | 1,654,075 | ||
Biohaven Pharmaceutical Holding | 36,104 | a | 3,068,118 | ||
Blueprint Medicines | 14,515 | a | 1,425,663 | ||
CareDx | 23,856 | a | 1,886,532 | ||
Cerevel Therapeutics Holdings | 166,690 | a,b | 2,527,020 | ||
Crinetics Pharmaceuticals | 82,909 | a | 1,267,679 | ||
Dyne Therapeutics | 67,636 | a,b | 1,249,237 | ||
FibroGen | 75,774 | a,b | 3,790,973 | ||
Generation Bio | 106,302 | a,b | 3,712,066 | ||
GW Pharmaceuticals, ADR | 10,824 | a | 2,319,042 | ||
Iovance Biotherapeutics | 46,232 | a,b | 1,724,454 | ||
MeiraGTx Holdings | 34,694 | a | 514,859 | ||
NanoString Technologies | 45,588 | a,b | 3,181,587 | ||
Natera | 35,875 | a | 4,164,729 |
47
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Small Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 96.2%(continued) | |||||
Pharmaceuticals Biotechnology & Life Sciences - 10.9% (continued) | |||||
NeoGenomics | 45,907 | a,b | 2,339,880 | ||
Pacific Biosciences of California | 92,393 | a | 2,824,454 | ||
Passage Bio | 78,827 | a | 1,420,463 | ||
Pliant Therapeutics | 47,194 | a,b | 1,561,649 | ||
PTC Therapeutics | 50,223 | a | 2,867,733 | ||
Quanterix | 64,078 | a | 4,853,909 | ||
Sarepta Therapeutics | 16,556 | a,b | 1,441,365 | ||
Syneos Health | 64,247 | a | 4,969,505 | ||
Twist Bioscience | 27,589 | a | 3,797,350 | ||
Ultragenyx Pharmaceutical | 37,610 | a,b | 5,323,319 | ||
uniQure | 62,238 | a | 2,284,135 | ||
Veracyte | 25,866 | a | 1,501,780 | ||
Xenon Pharmaceuticals | 272,572 | a,b | 5,091,645 | ||
Zogenix | 135,483 | a | 2,873,594 | ||
93,507,860 | |||||
Real Estate - 4.8% | |||||
Agree Realty | 30,334 | c | 1,958,363 | ||
Colliers International Group | 38,050 | b | 3,938,936 | ||
CoreSite Realty | 30,607 | c | 3,725,178 | ||
Equity Commonwealth | 54,875 | c | 1,548,024 | ||
Highwoods Properties | 21,067 | c | 841,837 | ||
Newmark Group, Cl. A | 280,219 | 2,807,794 | |||
Pebblebrook Hotel Trust | 65,139 | b,c | 1,476,050 | ||
Physicians Realty Trust | 213,079 | c | 3,622,343 | ||
Potlatchdeltic | 62,419 | c | 3,167,764 | ||
Rayonier | 59,513 | c | 1,942,504 | ||
Redfin | 79,213 | a | 5,999,593 | ||
STAG Industrial | 36,609 | c | 1,155,014 | ||
Sunstone Hotel Investors | 226,816 | a,c | 2,996,239 | ||
Terreno Realty | 23,394 | c | 1,311,000 | ||
Urban Edge Properties | 137,357 | c | 2,266,391 | ||
Weingarten Realty Investors | 82,588 | c | 2,096,909 | ||
40,853,939 | |||||
Retailing - 2.6% | |||||
Bed Bath & Beyond | 26,068 | a,b | 700,186 | ||
Dillard's, Cl. A | 20,372 | 1,623,648 | |||
National Vision Holdings | 97,351 | a,b | 4,623,199 | ||
Nordstrom | 52,449 | a,b | 1,911,766 | ||
Ollie's Bargain Outlet Holdings | 21,800 | a,b | 1,802,424 | ||
Party City Holdco | 269,220 | a | 2,062,225 | ||
Sally Beauty Holdings | 126,083 | a | 2,029,936 | ||
Sonic Automotive, Cl. A | 32,594 | 1,502,909 | |||
Stitch Fix, Cl. A | 51,608 | a | 3,938,206 | ||
Urban Outfitters | 64,845 | a,b | 2,198,246 | ||
22,392,745 | |||||
Semiconductors & Semiconductor Equipment - 1.8% | |||||
Diodes | 112,404 | a | 8,825,962 | ||
Power Integrations | 35,050 | 3,097,369 | |||
Semtech | 46,448 | a | 3,405,103 | ||
15,328,434 | |||||
Software & Services - 11.7% | |||||
A10 Networks | 93,335 | a | 871,749 | ||
CACI International, Cl. A | 14,515 | a | 3,212,750 | ||
BNY Mellon Small Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 96.2%(continued) | |||||
Software & Services - 11.7% (continued) | |||||
ChannelAdvisor | 128,873 | a | 2,912,530 | ||
Cloudera | 759,834 | a,b | 12,263,721 | ||
CSG Systems International | 14,793 | 682,697 | |||
Everbridge | 68,915 | a,b | 10,559,845 | ||
HubSpot | 11,898 | a | 6,127,470 | ||
KBR | 145,496 | 4,510,376 | |||
MAXIMUS | 31,861 | 2,589,662 | |||
Medallia | 300,494 | a,b | 12,130,943 | ||
Mimecast | 55,871 | a | 2,395,748 | ||
nCino | 20,914 | a | 1,430,099 | ||
Paya Holdings, CI. A | 433,291 | a | 5,225,489 | ||
Progress Software | 51,917 | 2,208,549 | |||
Proofpoint | 22,717 | a | 2,746,940 | ||
Q2 Holdings | 34,117 | a,b | 4,158,180 | ||
Rapid7 | 70,866 | a,b | 5,402,824 | ||
Shift4 Payments, Cl. A | 39,729 | a | 3,039,269 | ||
Twilio, Cl. A | 28,730 | a | 11,287,442 | ||
Zendesk | 30,484 | a | 4,454,932 | ||
Zuora, Cl. A | 129,272 | a | 1,930,031 | ||
100,141,246 | |||||
Technology Hardware & Equipment - 3.0% | |||||
ADTRAN | 357,388 | 6,018,414 | |||
Calix | 82,165 | a | 3,246,339 | ||
Ciena | 25,668 | a | 1,339,100 | ||
Coherent | 9,651 | a | 2,334,963 | ||
Littelfuse | 5,926 | 1,542,064 | |||
Lumentum Holdings | 30,726 | a,b | 2,765,340 | ||
NETGEAR | 89,057 | a,b | 3,562,280 | ||
nLight | 104,753 | a | 3,993,184 | ||
Ondas Holdings | 82,684 | a | 1,031,069 | ||
25,832,753 | |||||
Telecommunication Services - 1.1% | |||||
Bandwidth, Cl. A | 57,136 | a,b | 9,048,057 | ||
Transportation - 1.0% | |||||
SkyWest | 157,749 | a | 8,892,311 | ||
Utilities - 2.1% | |||||
Avista | 42,436 | 1,706,352 | |||
Chesapeake Utilities | 16,305 | b | 1,723,928 | ||
Clearway Energy, Cl. C | 139,249 | 3,823,778 | |||
NextEra Energy Partners | 59,718 | 4,337,916 | |||
NorthWestern | 29,808 | 1,743,172 | |||
Portland General Electric | 42,620 | 1,796,859 | |||
Southwest Gas Holdings | 35,889 | 2,237,679 | |||
Spire | 4,252 | 282,418 | |||
17,652,102 | |||||
Total Common Stocks(cost $561,175,962) | 822,088,571 | ||||
Exchange-Traded Funds - .2% | |||||
Registered Investment Companies - .2% | |||||
iShares Russell 2000 Value ETF | 9,388 | b | 1,423,221 |
48
BNY Mellon Small Cap Multi-Strategy Fund (continued) | |||||
Description | 1-Day | Shares | Value ($) | ||
Investment Companies - 3.0% | |||||
Registered Investment Companies - 3.0% | |||||
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares | 0.07 | 25,887,952 | d | 25,887,952 | |
Investment of Cash Collateral for Securities Loaned - 2.7% | |||||
Registered Investment Companies - 2.7% | |||||
Dreyfus Institutional Preferred Government Plus Money Market Fund, SL Shares | 0.03 | 22,559,791 | d | 22,559,791 | |
Total Investments (cost $610,498,714) | 102.1% | 871,959,535 | |||
Liabilities, Less Cash and Receivables | (2.1%) | (17,610,337) | |||
Net Assets | 100.0% | 854,349,198 |
ADR—American Depository Receipt
ETF—Exchange-Traded Fund
aNon-income producing security.
bSecurity, or portion thereof, on loan. At February 28, 2021, the value of the fund’s securities on loan was $144,346,279 and the value of the collateral was $150,060,339, consisting of cash collateral of $22,559,791 and U.S. Government & Agency securities valued at $127,500,548.
cInvestment in real estate investment trust within the United States.
dInvestment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
Portfolio Summary (Unaudited) † | Value (%) |
Health Care | 19.6 |
Industrials | 16.5 |
Information Technology | 16.4 |
Financials | 11.1 |
Consumer Discretionary | 10.0 |
Investment Companies | 5.9 |
Real Estate | 4.8 |
Materials | 4.5 |
Consumer Staples | 3.9 |
Communication Services | 3.5 |
Energy | 2.7 |
Utilities | 2.1 |
Diversified | .7 |
Consumer, Non-cyclical | .4 |
102.1 |
† Based on net assets.
See notes to financial statements.
49
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Focused Equity Opportunities Fund | |||||
Description | Shares | Value ($) | |||
Common Stocks - 99.3% | |||||
Banks - 3.5% | |||||
Truist Financial | 267,671 | 15,246,540 | |||
Capital Goods - 10.6% | |||||
Deere & Co. | 61,055 | 21,315,522 | |||
Eaton | 89,402 | 11,639,246 | |||
Honeywell International | 64,208 | 12,992,489 | |||
45,947,257 | |||||
Consumer Durables & Apparel - 2.3% | |||||
NIKE, Cl. B | 73,270 | 9,875,331 | |||
Consumer Services - 3.2% | |||||
Las Vegas Sands | 222,864 | a | 13,951,286 | ||
Diversified Financials - 2.6% | |||||
CME Group | 57,363 | 11,455,391 | |||
Energy - 2.9% | |||||
Chevron | 124,315 | 12,431,500 | |||
Food, Beverage & Tobacco - 4.0% | |||||
Philip Morris International | 117,904 | 9,906,294 | |||
The Coca-Cola Company | 150,678 | 7,381,715 | |||
17,288,009 | |||||
Health Care Equipment & Services - 8.1% | |||||
Boston Scientific | 333,266 | a | 12,924,055 | ||
Danaher | 47,643 | 10,465,738 | |||
UnitedHealth Group | 35,195 | 11,692,483 | |||
35,082,276 | |||||
Household & Personal Products - 1.8% | |||||
The Procter & Gamble Company | 61,935 | 7,650,831 | |||
Insurance - 4.7% | |||||
American International Group | 465,015 | 20,437,409 | |||
Materials - 2.4% | |||||
Air Products & Chemicals | 40,663 | 10,394,276 | |||
Media & Entertainment - 12.8% | |||||
Alphabet, Cl. A | 9,664 | a | 19,539,738 | ||
Comcast, Cl. A | 254,254 | 13,404,271 | |||
Facebook, Cl. A | 86,950 | a | 22,400,059 | ||
55,344,068 | |||||
Pharmaceuticals Biotechnology & Life Sciences - 3.0% | |||||
AbbVie | 122,129 | 13,158,178 | |||
Real Estate - 1.9% | |||||
American Tower | 38,056 | b | 8,225,043 | ||
Retailing - 5.2% | |||||
Amazon.com | 7,364 | a | 22,776,337 | ||
Semiconductors & Semiconductor Equipment - 11.5% | |||||
Advanced Micro Devices | 152,670 | a | 12,902,142 | ||
Lam Research | 34,166 | 19,378,614 | |||
NVIDIA | 32,119 | 17,619,841 | |||
49,900,597 | |||||
Software & Services - 11.7% | |||||
Adobe | 22,847 | a | 10,502,081 | ||
Microsoft | 107,140 | 24,897,193 | |||
Visa, Cl. A | 72,845 | c | 15,471,550 | ||
50,870,824 | |||||
Technology Hardware & Equipment - 6.0% | |||||
Apple | 215,340 | 26,112,128 | |||
BNY Mellon Focused Equity Opportunities Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 99.3%(continued) | |||||
Utilities - 1.1% | |||||
NextEra Energy | 64,455 | 4,736,153 | |||
Total Common Stocks(cost $263,120,824) | 430,883,434 | ||||
1-Day | |||||
Investment Companies - .8% | |||||
Registered Investment Companies - .8% | |||||
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares | 0.07 | 3,590,924 | d | 3,590,924 | |
Total Investments (cost $266,711,748) | 100.1% | 434,474,358 | |||
Liabilities, Less Cash and Receivables | (.1%) | (254,452) | |||
Net Assets | 100.0% | 434,219,906 |
aNon-income producing security.
bInvestment in real estate investment trust within the United States.
cSecurity, or portion thereof, on loan. At February 28, 2021, the value of the fund’s securities on loan was $15,316,717 and the value of the collateral was $15,723,244, consisting of U.S. Government & Agency securities.
dInvestment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
Portfolio Summary (Unaudited) † | Value (%) |
Information Technology | 29.2 |
Communication Services | 12.8 |
Health Care | 11.1 |
Financials | 10.9 |
Consumer Discretionary | 10.7 |
Industrials | 10.6 |
Consumer Staples | 5.7 |
Energy | 2.9 |
Materials | 2.4 |
Real Estate | 1.9 |
Utilities | 1.1 |
Investment Companies | .8 |
100.1 |
† Based on net assets.
See notes to financial statements.
50
BNY Mellon Small/Mid Cap Multi-Strategy Fund | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.0% | |||||
Automobiles & Components - .2% | |||||
Thor Industries | 1,873 | a | 219,253 | ||
Banks - 6.5% | |||||
Cullen/Frost Bankers | 16,494 | a | 1,721,974 | ||
Essent Group | 27,546 | 1,135,722 | |||
First Bancorp | 52,674 | 552,550 | |||
First Interstate BancSystem, Cl. A | 7,557 | 343,239 | |||
First Merchants | 8,683 | 365,120 | |||
First Republic Bank | 473 | 77,927 | |||
SVB Financial Group | 3,337 | b | 1,686,386 | ||
Synovus Financial | 12,310 | 520,836 | |||
TCF Financial | 14,984 | 671,583 | |||
7,075,337 | |||||
Capital Goods - 9.0% | |||||
AerCap Holdings | 7,590 | b | 365,686 | ||
AMETEK | 633 | 74,675 | |||
Array Technologies | 2,844 | b | 105,456 | ||
CNH Industrial | 36,639 | b | 543,723 | ||
Construction Partners, Cl. A | 11,335 | b | 328,035 | ||
Curtiss-Wright | 10,768 | 1,189,756 | |||
Energy Recovery | 10,456 | a,b | 184,026 | ||
EnerSys | 5,893 | 532,020 | |||
Fluor | 23,521 | b | 403,620 | ||
Graco | 1,311 | 90,918 | |||
GrafTech International | 53,046 | 627,534 | |||
Holicity, Cl. A | 9,332 | b | 130,181 | ||
Kornit Digital | 5,151 | b | 582,733 | ||
Masco | 2,068 | 110,059 | |||
Masonite International | 2,764 | b | 303,266 | ||
Maxar Technologies | 9,290 | a | 444,526 | ||
Mercury Systems | 5,913 | b | 386,474 | ||
Proto Labs | 542 | a,b | 78,959 | ||
Quanta Services | 5,690 | 477,106 | |||
Rexnord | 9,157 | 411,607 | |||
Ribbit LEAP | 1,400 | b | 18,970 | ||
Roper Technologies | 463 | 174,838 | |||
SiteOne Landscape Supply | 956 | a,b | 151,536 | ||
The AZEK Company | 2,663 | b | 117,465 | ||
The Greenbrier Companies | 13,894 | 653,713 | |||
TPG Pace Tech Opportunities, Cl. A | 10,479 | a,b | 111,811 | ||
Valmont Industries | 2,806 | 663,703 | |||
Virgin Galactic Holdings | 3,175 | a,b | 118,205 | ||
WESCO International | 4,885 | b | 392,168 | ||
9,772,769 | |||||
Commercial & Professional Services - 4.9% | |||||
ADT | 40,181 | a | 305,777 | ||
Clarivate | 96,441 | b | 2,194,033 | ||
Clean Harbors | 4,277 | b | 364,187 | ||
CoreLogic | 9,161 | 775,570 | |||
CoStar Group | 226 | b | 186,170 | ||
Covanta Holding | 32,942 | 462,835 | |||
Ritchie Bros Auctioneers | 8,876 | 482,144 | |||
The Brink's Company | 5,373 | 412,808 | |||
Waste Connections | 1,893 | 184,927 | |||
5,368,451 | |||||
BNY Mellon Small/Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.0%(continued) | |||||
Consumer Durables & Apparel - 2.7% | |||||
Callaway Golf | 18,377 | a,b | 513,637 | ||
Hasbro | 4,619 | 432,846 | |||
Lululemon Athletica | 1,040 | b | 324,147 | ||
Newell Brands | 17,625 | 408,371 | |||
Peloton Interactive, Cl. A | 4,411 | b | 531,393 | ||
Skechers USA, CI. A | 15,098 | b | 552,587 | ||
YETI Holdings | 3,243 | a,b | 223,021 | ||
2,986,002 | |||||
Consumer Services - 4.7% | |||||
Aramark | 14,355 | 532,858 | |||
Bloomin‘ Brands | 18,703 | b | 464,583 | ||
Chegg | 863 | a,b | 83,305 | ||
Cracker Barrel Old Country Store | 1,245 | b | 192,813 | ||
DraftKings, Cl. A | 3,335 | a,b | 205,203 | ||
Grand Canyon Education | 10,026 | b | 1,049,622 | ||
Norwegian Cruise Line Holdings | 16,375 | a,b | 484,045 | ||
OneSpaWorld Holdings | 4,840 | b | 52,804 | ||
Planet Fitness, Cl. A | 7,654 | b | 658,933 | ||
Service Corp. International | 27,038 | 1,291,335 | |||
Wynn Resorts | 1,012 | b | 133,311 | ||
5,148,812 | |||||
Diversified Financials - 3.3% | |||||
Ares Management, Cl. A | 2,226 | 115,707 | |||
LPL Financial Holdings | 9,886 | 1,300,404 | |||
PJT Partners, Cl. A | 14,159 | 987,165 | |||
PRA Group | 12,269 | b | 452,235 | ||
Tradeweb Markets, Cl. A | 1,275 | a | 92,807 | ||
Voya Financial | 11,554 | a | 696,475 | ||
3,644,793 | |||||
Energy - 1.4% | |||||
Cactus, Cl. A | 6,069 | 193,419 | |||
CNX Resources | 45,953 | b | 579,467 | ||
PBF Energy, Cl. A | 30,881 | a,b | 438,510 | ||
Pioneer Natural Resources | 2,117 | 314,523 | |||
1,525,919 | |||||
Food & Staples Retailing - .8% | |||||
Casey's General Stores | 3,312 | a | 668,892 | ||
Grocery Outlet Holding | 6,209 | a,b | 223,462 | ||
892,354 | |||||
Food, Beverage & Tobacco - 2.2% | |||||
AppHarvest | 9,435 | a,b | 287,296 | ||
Calavo Growers | 3,061 | 230,340 | |||
Freshpet | 3,768 | b | 587,356 | ||
J&J Snack Foods | 8,136 | a | 1,291,671 | ||
2,396,663 | |||||
Health Care Equipment & Services - 10.3% | |||||
1Life Healthcare | 9,931 | a,b | 471,822 | ||
ABIOMED | 819 | b | 265,806 | ||
Acadia Healthcare | 11,932 | a,b | 659,124 | ||
Accolade | 343 | a,b | 15,202 | ||
AdaptHealth | 16,084 | b | 494,905 | ||
Align Technology | 871 | b | 493,953 | ||
Amedisys | 3,445 | b | 873,790 | ||
American Well, Cl. A | 280 | a,b | 6,852 | ||
AtriCure | 2,976 | b | 194,244 |
51
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Small/Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.0%(continued) | |||||
Health Care Equipment & Services - 10.3% (continued) | |||||
Boston Scientific | 3,528 | b | 136,816 | ||
Centene | 2,621 | b | 153,433 | ||
DexCom | 1,170 | b | 465,403 | ||
Encompass Health | 27,093 | 2,179,361 | |||
Evolent Health, Cl. A | 7,856 | a,b | 158,298 | ||
Health Catalyst | 3,670 | a,b | 177,958 | ||
Insulet | 496 | b | 128,514 | ||
iRhythm Technologies | 1,397 | b | 224,777 | ||
Molina Healthcare | 4,560 | b | 988,426 | ||
Nevro | 857 | a,b | 141,559 | ||
Oak Street Health | 83 | a,b | 4,401 | ||
Omnicell | 12,147 | b | 1,541,454 | ||
Outset Medical | 19 | a,b | 946 | ||
Tabula Rasa HealthCare | 10,962 | a,b | 444,509 | ||
Teladoc Health | 3,019 | b | 667,471 | ||
Teleflex | 351 | 139,740 | |||
TransMedics Group | 4,316 | a,b | 154,901 | ||
11,183,665 | |||||
Household & Personal Products - .8% | |||||
Inter Parfums | 11,855 | b | 867,430 | ||
Insurance - 1.6% | |||||
BRP Group, Cl. A | 17,058 | b | 452,549 | ||
Markel | 118 | b | 128,478 | ||
Palomar Holdings | 2,678 | a,b | 227,978 | ||
Reinsurance Group of America | 4,753 | 580,959 | |||
The Hanover Insurance Group | 3,228 | 372,350 | |||
1,762,314 | |||||
Materials - 3.6% | |||||
Alamos Gold, Cl. A | 8,718 | 61,898 | |||
AptarGroup | 7,484 | 973,444 | |||
Constellium | 12,103 | b | 160,244 | ||
Crown Holdings | 3,094 | 295,663 | |||
Eagle Materials | 3,355 | b | 420,650 | ||
Kinross Gold | 57,941 | 360,972 | |||
Louisiana-Pacific | 10,678 | 508,380 | |||
Newmont | 4,403 | 239,435 | |||
The Mosaic Company | 24,175 | 710,745 | |||
Vulcan Materials | 824 | 137,600 | |||
3,869,031 | |||||
Media & Entertainment - 2.1% | |||||
Cardlytics | 3,126 | a,b | 413,976 | ||
Eventbrite, Cl. A | 22,107 | b | 439,266 | ||
EverQuote, Cl. A | 12,060 | b | 590,699 | ||
Liberty Media Corp-Liberty Formula One, Cl. C | 3,290 | b | 144,431 | ||
Live Nation Entertainment | 1,461 | a,b | 129,824 | ||
Spotify Technology | 733 | a,b | 225,310 | ||
5,001 | b | 385,377 | |||
2,328,883 | |||||
Pharmaceuticals Biotechnology & Life Sciences - 8.8% | |||||
10X Genomics, CI. A | 2,518 | b | 448,179 | ||
Acceleron Pharma | 1,223 | b | 166,524 | ||
Adaptive Biotechnologies | 1,831 | b | 103,580 | ||
Alkermes | 14,699 | b | 279,869 | ||
BNY Mellon Small/Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.0%(continued) | |||||
Pharmaceuticals Biotechnology & Life Sciences - 8.8% (continued) | �� | ||||
Arena Pharmaceuticals | 3,140 | b | 252,299 | ||
Ascendis Pharma, ADR | 507 | a,b | 78,570 | ||
AVROBIO | 3,964 | a,b | 43,604 | ||
Beam Therapeutics | 1,444 | a,b | 128,704 | ||
Biohaven Pharmaceutical Holding | 4,519 | a,b | 384,025 | ||
BioMarin Pharmaceutical | 1,180 | b | 91,367 | ||
Bio-Techne | 224 | 81,019 | |||
Blueprint Medicines | 1,142 | b | 112,167 | ||
CareDx | 1,857 | b | 146,852 | ||
Catalent | 680 | b | 77,323 | ||
Cerevel Therapeutics Holdings | 16,400 | a,b | 248,624 | ||
Crinetics Pharmaceuticals | 6,452 | b | 98,651 | ||
Dyne Therapeutics | 5,264 | a,b | 97,226 | ||
FibroGen | 4,449 | a,b | 222,583 | ||
Generation Bio | 3,991 | a,b | 139,366 | ||
GW Pharmaceuticals, ADR | 1,502 | b | 321,803 | ||
Horizon Therapeutics | 2,776 | b | 252,366 | ||
Illumina | 468 | b | 205,644 | ||
Iovance Biotherapeutics | 3,598 | a,b | 134,205 | ||
MeiraGTx Holdings | 2,700 | b | 40,068 | ||
NanoString Technologies | 3,547 | a,b | 247,545 | ||
Natera | 2,792 | b | 324,123 | ||
NeoGenomics | 3,573 | a,b | 182,116 | ||
Neurocrine Biosciences | 6,170 | b | 675,677 | ||
Pacific Biosciences of California | 7,190 | b | 219,798 | ||
Passage Bio | 6,136 | b | 110,571 | ||
Pliant Therapeutics | 3,673 | a,b | 121,540 | ||
PTC Therapeutics | 2,715 | b | 155,027 | ||
Quanterix | 4,986 | b | 377,689 | ||
Sarepta Therapeutics | 4,970 | b | 432,688 | ||
Syneos Health | 9,361 | b | 724,073 | ||
Twist Bioscience | 2,147 | b | 295,513 | ||
Ultragenyx Pharmaceutical | 3,434 | a,b | 486,048 | ||
uniQure | 3,226 | b | 118,394 | ||
Veracyte | 2,013 | a,b | 116,875 | ||
Viatris | 21,710 | b | 322,393 | ||
Xenon Pharmaceuticals | 10,799 | b | 201,725 | ||
Zogenix | 13,234 | a,b | 280,693 | ||
9,547,106 | |||||
Real Estate - 5.7% | |||||
Americold Realty Trust | 44,437 | c | 1,557,073 | ||
Colliers International Group | 4,985 | 516,047 | |||
CoreSite Realty | 3,752 | c | 456,656 | ||
Equinix | 170 | c | 110,218 | ||
Physicians Realty Trust | 56,723 | c | 964,291 | ||
Redfin | 7,264 | a,b | 550,175 | ||
Sunstone Hotel Investors | 77,473 | b,c | 1,023,418 | ||
Urban Edge Properties | 65,757 | a,c | 1,084,990 | ||
6,262,868 | |||||
Retailing - 1.8% | |||||
Expedia Group | 1,140 | b | 183,540 | ||
Farfetch, Cl. A | 1,730 | b | 115,452 | ||
National Vision Holdings | 7,577 | a,b | 359,832 | ||
Ollie's Bargain Outlet Holdings | 6,424 | a,b | 531,136 |
52
BNY Mellon Small/Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.0%(continued) | |||||
Retailing - 1.8% (continued) | |||||
Ross Stores | 1,881 | b | 219,400 | ||
Sally Beauty Holdings | 12,551 | a,b | 202,071 | ||
Stitch Fix, Cl. A | 4,016 | b | 306,461 | ||
1,917,892 | |||||
Semiconductors & Semiconductor Equipment - 2.0% | |||||
First Solar | 2,648 | a,b | 214,541 | ||
MKS Instruments | 1,746 | 287,915 | |||
NVIDIA | 208 | 114,105 | |||
ON Semiconductor | 15,509 | a,b | 624,547 | ||
Power Integrations | 2,727 | 240,985 | |||
Semtech | 3,615 | b | 265,016 | ||
Skyworks Solutions | 2,320 | 412,542 | |||
2,159,651 | |||||
Software & Services - 17.1% | |||||
Affirm Holdings | 25 | a,b | 2,327 | ||
Amdocs | 15,141 | 1,147,839 | |||
Bill.com Holdings | 595 | b | 98,181 | ||
CACI International, Cl. A | 5,340 | b | 1,181,956 | ||
Cloudera | 112,552 | a,b | 1,816,589 | ||
DocuSign | 1,554 | b | 352,230 | ||
Euronet Worldwide | 6,055 | b | 910,127 | ||
Everbridge | 6,119 | a,b | 937,614 | ||
Fidelity National Information Services | 811 | 111,918 | |||
HubSpot | 1,609 | b | 828,635 | ||
Jack Henry & Associates | 6,198 | 920,031 | |||
MAXIMUS | 16,125 | 1,310,640 | |||
Medallia | 29,553 | a,b | 1,193,055 | ||
Mimecast | 4,348 | b | 186,442 | ||
nCino | 1,627 | b | 111,254 | ||
Nuance Communications | 28,589 | b | 1,275,069 | ||
Proofpoint | 7,236 | b | 874,977 | ||
Q2 Holdings | 2,655 | a,b | 323,591 | ||
Rapid7 | 5,514 | a,b | 420,387 | ||
ServiceNow | 719 | b | 383,558 | ||
Shift4 Payments, Cl. A | 3,091 | b | 236,461 | ||
Shopify, Cl. A | 331 | b | 424,001 | ||
Slack Technologies, Cl. A | 3,517 | b | 143,951 | ||
Splunk | 1,698 | b | 242,831 | ||
Square, Cl. A | 2,839 | b | 653,055 | ||
SS&C Technologies Holdings | 1,499 | 99,354 | |||
Twilio, Cl. A | 4,083 | b | 1,604,129 | ||
Zendesk | 3,533 | b | 516,313 | ||
Zoom Video Communications, CI. A | 431 | b | 161,026 | ||
Zuora, Cl. A | 11,812 | b | 176,353 | ||
18,643,894 | |||||
Technology Hardware & Equipment - 4.7% | |||||
ADTRAN | 46,879 | 789,442 | |||
Amphenol, Cl. A | 1,164 | 146,292 | |||
Ciena | 16,754 | b | 874,056 | ||
Cognex | 781 | 64,503 | |||
Dolby Laboratories, Cl. A | 14,917 | 1,456,347 | |||
FLIR Systems | 2,719 | 145,195 | |||
Littelfuse | 461 | 119,961 | |||
BNY Mellon Small/Mid Cap Multi-Strategy Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.0%(continued) | |||||
Technology Hardware & Equipment - 4.7% (continued) | |||||
Lumentum Holdings | 4,296 | a,b | 386,640 | ||
NETGEAR | 2,281 | b | 91,240 | ||
nLight | 5,156 | b | 196,547 | ||
Trimble | 1,476 | b | 109,431 | ||
Western Digital | 9,868 | b | 676,254 | ||
Zebra Technologies, Cl. A | 213 | b | 106,379 | ||
5,162,287 | |||||
Telecommunication Services - .6% | |||||
Bandwidth, Cl. A | 4,446 | a,b | 704,069 | ||
Transportation - 1.9% | |||||
Knight-Swift Transportation Holdings | 7,148 | 308,794 | |||
SkyWest | 30,418 | b | 1,714,663 | ||
2,023,457 | |||||
Utilities - 1.3% | |||||
Clearway Energy, Cl. C | 17,308 | 475,278 | |||
NextEra Energy Partners | 6,695 | 486,325 | |||
PPL | 16,093 | 421,476 | |||
1,383,079 | |||||
Total Common Stocks(cost $62,377,878) | 106,845,979 | ||||
Exchange-Traded Funds - .5% | |||||
Registered Investment Companies - .5% | |||||
iShares Russell 2000 ETF | 2,647 | a | 577,867 | ||
1-Day | |||||
Investment Companies - 1.7% | |||||
Registered Investment Companies - 1.7% | |||||
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares | 0.07 | 1,805,719 | d | 1,805,719 | |
Investment of Cash Collateral for Securities Loaned - 2.3% | |||||
Registered Investment Companies - 2.3% | |||||
Dreyfus Institutional Preferred Government Plus Money Market Fund, SL Shares | 0.03 | 2,465,769 | d | 2,465,769 | |
Total Investments (cost $67,247,196) | 102.5% | 111,695,334 | |||
Liabilities, Less Cash and Receivables | (2.5%) | (2,694,556) | |||
Net Assets | 100.0% | 109,000,778 |
ADR—American , or portion thereof, on loan. At February 28, 2021, the value of the fund’s securities on loan was $21,497,989 and the value of the collateral was $22,282,730, consisting of cash collateral of $2,465,769 and U.S. Government & Agency securities valued at $19,816,961.
bNonDepository Receipt
ETF—Exchange-Traded Fund
aSecurity-income producing security.
cInvestment in real estate investment trust within the United States.
dInvestment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
53
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Portfolio Summary (Unaudited) † | Value (%) |
Information Technology | 23.7 |
Health Care | 19.0 |
Industrials | 15.5 |
Financials | 11.5 |
Consumer Discretionary | 9.4 |
Real Estate | 5.7 |
Investment Companies | 4.5 |
Consumer Staples | 3.6 |
Materials | 3.6 |
Communication Services | 2.8 |
Energy | 1.4 |
Utilities | 1.3 |
Consumer, Non-cyclical | .3 |
Diversified | .2 |
102.5 |
† Based on net assets.
See notes to financial statements.
54
BNY Mellon International Fund | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.3% | |||||
Australia - 5.2% | |||||
AGL Energy | 261,435 | a | 1,884,880 | ||
Aristocrat Leisure | 194,784 | 4,550,252 | |||
Brambles | 815,728 | 6,213,853 | |||
Fortescue Metals Group | 767,620 | 14,240,456 | |||
Macquarie Group | 35,029 | 3,840,273 | |||
30,729,714 | |||||
Austria - 1.2% | |||||
OMV | 142,630 | 6,859,516 | |||
Denmark - 2.4% | |||||
Vestas Wind Systems | 76,628 | 14,354,074 | |||
France - 10.1% | |||||
BNP Paribas | 236,407 | 14,055,047 | |||
Cie Generale des Etablissements Michelin | 21,353 | 3,085,175 | |||
Klepierre | 176,605 | b | 4,165,768 | ||
LVMH | 21,058 | 13,338,953 | |||
Sanofi | 141,159 | b | 12,909,907 | ||
Teleperformance | 18,431 | b | 6,517,935 | ||
Vinci | 59,686 | 6,196,097 | |||
60,268,882 | |||||
Germany - 7.6% | |||||
Allianz | 35,857 | 8,644,000 | |||
Daimler | 155,995 | 12,469,295 | |||
Deutsche Post | 260,112 | b | 12,886,194 | ||
Evonik Industries | 109,394 | 3,681,182 | |||
HeidelbergCement | 97,159 | b | 7,676,036 | ||
45,356,707 | |||||
Hong Kong - 1.3% | |||||
Sun Hung Kai Properties | 490,000 | 7,871,384 | |||
Ireland - .7% | |||||
ICON | 23,635 | b | 4,270,372 | ||
Italy - 1.9% | |||||
Enel | 1,205,320 | 11,407,363 | |||
Japan - 25.7% | |||||
Advantest | 32,800 | 2,692,434 | |||
Casio Computer | 248,600 | 4,785,658 | |||
ENEOS Holdings | 815,800 | 3,579,433 | |||
Fujitsu | 47,500 | 6,844,599 | |||
ITOCHU | 222,100 | 6,600,805 | |||
Minebea Mitsumi | 162,200 | 3,979,108 | |||
Mitsubishi Electric | 598,800 | 8,811,087 | |||
Mizuho Financial Group | 554,000 | 8,102,500 | |||
Nintendo | 20,800 | 12,634,739 | |||
Nippon Telegraph & Telephone | 582,500 | 15,071,392 | |||
Ono Pharmaceutical | 421,600 | 11,327,571 | |||
Recruit Holdings | 122,000 | 6,044,205 | |||
Seven & i Holdings | 111,400 | 4,218,976 | |||
Shionogi & Co. | 125,100 | 6,352,702 | |||
Sony Group | 229,800 | 23,972,757 | |||
Sumitomo Mitsui Financial Group | 343,000 | 12,040,959 | |||
Tokyo Electron | 18,200 | 7,435,715 | |||
Trend Micro | 108,400 | 5,206,698 | |||
West Japan Railway | 48,200 | 2,945,493 | |||
152,646,831 | |||||
BNY Mellon International Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 98.3%(continued) | |||||
Netherlands - 4.5% | |||||
ING Groep | 236,715 | 2,581,615 | |||
Koninklijke Ahold Delhaize | 389,128 | b | 10,253,932 | ||
NN Group | 127,288 | 5,866,731 | |||
Royal Dutch Shell, Cl. B | 401,059 | 7,753,290 | |||
26,455,568 | |||||
Portugal - .5% | |||||
Galp Energia | 233,108 | b | 2,611,185 | ||
Singapore - 4.0% | |||||
Singapore Exchange | 993,000 | 7,439,680 | |||
United Overseas Bank | 885,400 | 16,387,935 | |||
23,827,615 | |||||
Spain - 4.0% | |||||
ACS Actividades de Construccion y Servicios | 154,291 | 4,717,289 | |||
Enagas | 248,322 | 5,202,778 | |||
Iberdrola | 494,608 | b | 6,221,320 | ||
Industria de Diseno Textil | 230,556 | 7,597,023 | |||
23,738,410 | |||||
Sweden - 4.7% | |||||
Epiroc, Cl. A | 480,080 | 10,188,460 | |||
Essity, Cl. B | 335,238 | 10,076,316 | |||
Swedish Match | 110,432 | 7,941,154 | |||
28,205,930 | |||||
Switzerland - 11.4% | |||||
LafargeHolcim | 111,039 | 6,122,922 | |||
Logitech International | 78,491 | 8,371,568 | |||
Novartis | 191,436 | 16,455,099 | |||
Roche Holding | 56,491 | b | 18,503,263 | ||
Sonova Holding | 37,261 | b | 9,535,932 | ||
STMicroelectronics | 168,980 | 6,518,134 | |||
UBS Group | 164,564 | 2,550,819 | |||
68,057,737 | |||||
United Kingdom - 13.1% | |||||
BAE Systems | 426,166 | 2,873,081 | |||
Berkeley Group Holdings | 64,143 | 3,621,924 | |||
Bunzl | 116,039 | 3,616,458 | |||
Centrica | 6,109,785 | b | 4,491,012 | ||
Diageo | 128,823 | 5,047,768 | |||
Ferguson | 74,455 | 8,746,573 | |||
GlaxoSmithKline | 295,514 | 4,902,644 | |||
Legal & General Group | 2,814,147 | b | 10,166,296 | ||
Melrose Industries | 902,807 | b | 2,086,675 | ||
Rio Tinto | 52,743 | 4,546,303 | |||
Tate & Lyle | 591,934 | 5,995,441 | |||
Unilever | 269,718 | 14,027,536 | |||
Vodafone Group | 4,737,789 | 8,054,159 | |||
78,175,870 | |||||
Total Common Stocks(cost $537,383,496) | 584,837,158 | ||||
Exchange-Traded Funds - .3% | |||||
United States - .3% | |||||
iShares MSCI EAFE ETF | 26,035 | 1,926,850 |
55
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon International Fund (continued) | |||||
Description | 1-Day | Shares | Value ($) | ||
Investment Companies - .7% | |||||
Registered Investment Companies - .7% | |||||
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares | 0.07 | 4,260,856 | c | 4,260,856 | |
Investment of Cash Collateral for Securities Loaned - .8% | |||||
Registered Investment Companies - .8% | |||||
Dreyfus Institutional Preferred Government Plus Money Market Fund, SL Shares | 0.03 | 4,715,663 | c | 4,715,663 | |
Total Investments (cost $548,337,764) | 100.1% | 595,740,527 | |||
Liabilities, Less Cash and Receivables | (.1%) | (408,320) | |||
Net Assets | 100.0% | 595,332,207 |
ETF—Exchange-Traded Fund
aSecurity, or portion thereof, on loan. At February 28, 2021, the value of the fund’s securities on loan was $1,866,027 and the value of the collateral was $4,715,663.
bNon-income producing security.
cInvestment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
Portfolio Summary (Unaudited) † | Value (%) |
Pharmaceuticals Biotechnology & Life Sciences | 12.6 |
Capital Goods | 12.1 |
Banks | 8.9 |
Consumer Durables & Apparel | 7.7 |
Materials | 6.1 |
Utilities | 4.9 |
Insurance | 4.1 |
Household & Personal Products | 4.1 |
Telecommunication Services | 3.9 |
Energy | 3.5 |
Food, Beverage & Tobacco | 3.2 |
Commercial & Professional Services | 3.2 |
Semiconductors & Semiconductor Equipment | 2.8 |
Transportation | 2.7 |
Automobiles & Components | 2.6 |
Food & Staples Retailing | 2.4 |
Diversified Financials | 2.3 |
Media & Entertainment | 2.1 |
Software & Services | 2.0 |
Real Estate | 2.0 |
Investment Companies | 1.8 |
Health Care Equipment & Services | 1.6 |
Technology Hardware & Equipment | 1.4 |
Retailing | 1.3 |
Consumer Services | .8 |
100.1 |
† Based on net assets.
See notes to financial statements.
56
BNY Mellon Emerging Markets Fund | |||||
Description | Shares | Value ($) | |||
Common Stocks - 95.1% | |||||
Argentina - 1.0% | |||||
Globant | 44,477 | a | 9,550,101 | ||
Brazil - 2.4% | |||||
Banco do Brasil | 711,600 | 3,583,268 | |||
Cia Brasileira de Distribuicao | 110,500 | a | 1,651,723 | ||
Cyrela Brazil Realty Empreendimentos e Participacoes | 1,092,000 | 4,803,148 | |||
EDP - Energias do Brasil | 1,447,000 | 4,663,078 | |||
Minerva | 2,475,200 | 4,310,687 | |||
Petroleo Brasileiro, ADR | 387,023 | a | 3,069,092 | ||
YDUQS Participacoes | 285,000 | a | 1,524,624 | ||
23,605,620 | |||||
China - 35.4% | |||||
Agile Group Holdings | 2,566,000 | 3,625,803 | |||
Agricultural Bank of China, Cl. H | 13,952,000 | a | 5,072,506 | ||
Alibaba Group Holding, ADR | 232,258 | a | 55,221,662 | ||
Anhui Conch Cement, Cl. H | 1,069,000 | a | 6,877,257 | ||
ANTA Sports Products | 220,000 | 3,375,255 | |||
China Construction Bank, Cl. H | 23,033,939 | a | 18,500,917 | ||
China Galaxy Securities, Cl. H | 8,474,000 | a | 5,233,123 | ||
China Minsheng Banking, Cl. H | 8,654,000 | a | 5,165,768 | ||
China Shenhua Energy, Cl. H | 5,019,500 | 9,538,826 | |||
China Yangtze Power, Cl. A | 1,558,752 | a | 4,765,534 | ||
Cosco Shipping Holdings, Cl. H | 3,240,500 | a | 3,601,275 | ||
ENN Energy Holdings | 638,800 | a | 9,792,279 | ||
Huazhu Group, ADR | 34,922 | a,b | 2,030,365 | ||
Industrial Bank, Cl. A | 1,062,400 | a | 4,058,829 | ||
JD.com, ADR | 40,771 | a | 3,827,174 | ||
Jointown Pharmaceutical Group, CI. A | 1,037,800 | a | 2,710,168 | ||
Meituan, Cl. B | 497,800 | a,c | 21,820,807 | ||
New China Life Insurance, Cl. H | 1,149,100 | a | 4,385,171 | ||
OneConnect Financial Technology, ADR | 71,893 | a,b | 1,310,609 | ||
PICC Property & Casualty, Cl. H | 4,362,000 | 3,301,116 | |||
Ping An Insurance Group Company of China, Cl. H | 1,545,000 | 18,982,718 | |||
Shanghai Pharmaceuticals Holding, Cl. H | 4,107,700 | a | 7,530,700 | ||
Sinotruk Hong Kong | 1,468,000 | a | 4,684,231 | ||
Sunny Optical Technology Group | 190,500 | a | 4,764,680 | ||
TAL Education Group, ADR | 38,701 | a | 3,000,876 | ||
Tencent Holdings | 1,212,300 | a | 103,545,920 | ||
Times China Holdings | 2,763,000 | a | 4,167,770 | ||
Tingyi Cayman Islands Holding | 2,852,000 | a,b | 5,728,672 | ||
Weichai Power, Cl. H | 1,864,000 | 5,455,176 | |||
Wuliangye Yibin, Cl. A | 88,300 | a | 3,827,245 | ||
Wuxi Biologics Cayman | 436,500 | a,c | 5,405,285 | ||
Zoomlion Heavy Industry Science & Technology, Cl. A | 2,619,200 | 5,830,355 | |||
347,138,072 | |||||
Czech Republic - .1% | |||||
Avast | 221,654 | c | 1,426,695 | ||
Hong Kong - 1.8% | |||||
Bosideng International Holdings | 10,488,000 | 4,421,579 | |||
Galaxy Entertainment Group | 405,224 | a | 3,704,063 | ||
Shimao Group Holdings | 1,431,000 | 4,713,761 | |||
BNY Mellon Emerging Markets Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 95.1%(continued) | |||||
Hong Kong - 1.8% (continued) | |||||
SITC International Holdings | 1,699,000 | 4,468,488 | |||
17,307,891 | |||||
India - 7.0% | |||||
ACC | 241,306 | 5,691,387 | |||
Amara Raja Batteries | 364,809 | 4,379,346 | |||
HCL Technologies | 433,738 | 5,367,939 | |||
Hero MotoCorp | 101,220 | 4,440,815 | |||
ICICI Bank | 620,037 | a | 5,043,575 | ||
Infosys | 267,597 | 4,563,915 | |||
Larsen & Toubro | 128,777 | 2,527,874 | |||
LIC Housing Finance | 833,705 | 4,872,781 | |||
Motherson Sumi Systems | 2,658,784 | a | 7,742,802 | ||
Petronet LNG | 1,318,482 | 4,577,950 | |||
REC | 2,296,804 | 4,235,108 | |||
Shriram Transport Finance | 424,569 | 7,412,408 | |||
UPL | 1,088,808 | a | 8,320,339 | ||
69,176,239 | |||||
Indonesia - 1.0% | |||||
Astra International | 4,798,600 | 1,819,694 | |||
Bank Rakyat Indonesia | 10,927,500 | a | 3,614,363 | ||
Indofood Sukses Makmur | 11,131,100 | a | 4,729,154 | ||
10,163,211 | |||||
Malaysia - .3% | |||||
Top Glove | 2,543,200 | 3,292,494 | |||
Mexico - 1.9% | |||||
America Movil, ADR, Cl. L | 394,141 | 5,005,591 | |||
Arca Continental | 639,600 | 2,908,940 | |||
Gruma, Cl. B | 428,030 | 4,664,731 | |||
Grupo Aeroportuario del Centro Norte | 508,100 | a | 2,932,364 | ||
Wal-Mart de Mexico | 959,177 | 2,729,764 | |||
18,241,390 | |||||
Philippines - .9% | |||||
Ayala Land | 2,402,700 | 1,933,748 | |||
International Container Terminal Services | 2,091,660 | a | 5,168,797 | ||
Puregold Price Club | 1,746,280 | 1,331,665 | |||
8,434,210 | |||||
Poland - .4% | |||||
Polskie Gornictwo Naftowe i Gazownictwo | 2,902,335 | a | 4,337,045 | ||
Russia - 3.1% | |||||
Lukoil, ADR | 169,779 | 12,648,536 | |||
Sberbank of Russia, ADR | 785,174 | 11,432,133 | |||
X5 Retail Group, GDR | 117,431 | 3,816,508 | |||
Yandex, Cl. A | 36,022 | a | 2,304,868 | ||
30,202,045 | |||||
Saudi Arabia - .8% | |||||
Abdullah Al Othaim Markets | 119,962 | 3,908,641 | |||
Jarir Marketing | 85,398 | 3,893,630 | |||
7,802,271 | |||||
Singapore - 1.5% | |||||
Sea, ADR | 64,214 | a | 15,134,598 | ||
South Africa - 4.6% | |||||
Clicks Group | 695,881 | 11,256,429 | |||
Impala Platinum Holdings | 577,538 | 9,392,137 |
57
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Emerging Markets Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 95.1%(continued) | |||||
South Africa - 4.6% (continued) | |||||
Mediclinic International | 1,199,454 | a | 4,769,260 | ||
Sibanye Stillwater | 4,272,279 | 19,770,011 | |||
45,187,837 | |||||
South Korea - 13.7% | |||||
DB Insurance | 130,403 | 4,805,237 | |||
Hana Financial Group | 143,566 | 4,734,420 | |||
Hyundai Mobis | 62,105 | 16,749,279 | |||
KB Financial Group | 270,664 | 10,551,921 | |||
Korea Investment Holdings | 105,416 | 8,191,203 | |||
Kumho Petrochemical | 58,020 | 10,896,502 | |||
LG Electronics | 87,122 | 11,360,368 | |||
POSCO | 52,385 | 13,125,392 | |||
Samsung Electronics | 531,109 | 38,999,993 | |||
Shinhan Financial Group | 172,974 | 5,072,980 | |||
SK Hynix | 78,368 | 9,870,113 | |||
134,357,408 | |||||
Taiwan - 15.9% | |||||
Chailease Holding | 3,439,948 | a | 21,243,014 | ||
Chicony Electronics | 1,934,000 | a | 6,513,211 | ||
Evergreen Marine | 3,624,000 | a | 4,937,826 | ||
MediaTek | 658,000 | a | 21,167,507 | ||
Taiwan Semiconductor Manufacturing | 4,639,000 | 100,932,914 | |||
TCI | 158,303 | a | 1,202,085 | ||
155,996,557 | |||||
Thailand - 1.0% | |||||
Advanced Info Service | 684,300 | 3,758,143 | |||
Thai Beverage | 3,812,300 | 2,101,425 | |||
Thanachart Capital | 3,232,900 | 3,486,619 | |||
9,346,187 | |||||
Turkey - 1.3% | |||||
BIM Birlesik Magazalar | 594,470 | 5,290,937 | |||
Eregli Demir ve Celik Fabrikalari | 4,024,962 | 7,907,119 | |||
13,198,056 | |||||
United Arab Emirates - 1.0% | |||||
Dubai Islamic Bank | 7,625,615 | a | 9,861,201 | ||
Total Common Stocks(cost $537,608,673) | 933,759,128 | ||||
Exchange-Traded Funds - 1.7% | |||||
United States - 1.7% | |||||
iShares MSCI Emerging Markets ETF | 309,576 | b | 16,633,519 | ||
Preferred | |||||
Preferred Stocks - .9% | |||||
Brazil - .9% | |||||
Banco do Estado do Rio Grande do Sul, Cl. B | 5.26 | 2,679,800 | 6,087,194 | ||
Cia Energetica de Minas Gerais | 5.00 | 1,554,600 | 3,331,563 | ||
Total Preferred Stocks(cost $14,453,209) | 9,418,757 | ||||
BNY Mellon Emerging Markets Fund (continued) | |||||
Description | 1-Day | Shares | Value ($) | ||
Investment Companies - 1.2% | |||||
Registered Investment Companies - 1.2% | |||||
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares | 0.07 | 12,183,178 | d | 12,183,178 | |
Investment of Cash Collateral for Securities Loaned - 1.9% | |||||
Registered Investment Companies - 1.9% | |||||
Dreyfus Institutional Preferred Government Plus Money Market Fund, SL Shares | 0.03 | 18,380,434 | d | 18,380,434 | |
Total Investments (cost $597,651,076) | 100.8% | 990,375,016 | |||
Liabilities, Less Cash and Receivables | (.8%) | (8,312,041) | |||
Net Assets | 100.0% | 982,062,975 |
ADR—American Depository Receipt
ETF—Exchange-Traded Fund
GDR—Global Depository Receipt
aNon-income producing security.
bSecurity, or portion thereof, on loan. At February 28, 2021, the value of the fund’s securities on loan was $20,893,387 and the value of the collateral was $21,678,299, consisting of cash collateral of $18,380,434 and U.S. Government & Agency securities valued at $3,297,865.
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, 2021, these securities were valued at $28,652,787 or 2.92% of net assets.
dInvestment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
Portfolio Summary (Unaudited) † | Value (%) |
Semiconductors & Semiconductor Equipment | 13.4 |
Media & Entertainment | 12.3 |
Banks | 10.3 |
Retailing | 8.6 |
Materials | 8.3 |
Technology Hardware & Equipment | 5.1 |
Investment Companies | 4.8 |
Diversified Financials | 4.7 |
Energy | 3.5 |
Insurance | 3.2 |
Automobiles & Components | 3.1 |
Food & Staples Retailing | 3.1 |
Food, Beverage & Tobacco | 2.9 |
Consumer Durables & Apparel | 2.4 |
Capital Goods | 2.3 |
Utilities | 2.3 |
Software & Services | 2.3 |
Transportation | 2.2 |
Health Care Equipment & Services | 1.9 |
Real Estate | 1.5 |
Consumer Services | 1.0 |
Telecommunication Services | .9 |
Pharmaceuticals Biotechnology & Life Sciences | .6 |
Household & Personal Products | .1 |
100.8 |
† Based on net assets.
See notes to financial statements.
58
BNY Mellon International Equity Income Fund | |||||
Description | Shares | Value ($) | |||
Common Stocks - 97.2% | |||||
Australia - 5.3% | |||||
BHP Group | 22,840 | 863,422 | |||
National Australia Bank | 48,000 | 910,044 | |||
Suncorp Group | 58,850 | 450,104 | |||
Wesfarmers | 75,230 | 2,850,293 | |||
Westpac Banking | 5,280 | 96,773 | |||
5,170,636 | |||||
Canada - 7.9% | |||||
Canadian Natural Resources | 23,320 | 636,050 | |||
Manulife Financial | 46,070 | 918,431 | |||
Royal Bank of Canada | 30,820 | 2,624,277 | |||
Shopify, Cl. A | 750 | a | 971,670 | ||
The Toronto-Dominion Bank | 41,900 | 2,539,813 | |||
7,690,241 | |||||
China - 10.3% | |||||
Alibaba Group Holding, ADR | 7,150 | a | 1,699,984 | ||
Bank of China, Cl. H | 1,857,090 | a | 651,237 | ||
Guangzhou R&F Properties, Cl. H | 954,170 | 1,274,449 | |||
Industrial & Commercial Bank of China, Cl. H | 507,420 | a | 331,021 | ||
KWG Group Holdings | 251,110 | 380,722 | |||
Lenovo Group | 370,970 | 469,186 | |||
Sinotruk Hong Kong | 56,520 | a | 180,349 | ||
Tencent Holdings | 20,590 | a | 1,758,649 | ||
TravelSky Technology, Cl. H | 149,840 | a | 378,249 | ||
Zhejiang Expressway, Cl. H | 1,154,910 | a | 1,008,031 | ||
Zijin Mining Group, Cl. H | 1,311,380 | a | 1,944,301 | ||
10,076,178 | |||||
Czech Republic - 1.1% | |||||
CEZ | 43,290 | a | 1,055,768 | ||
Finland - 2.7% | |||||
Fortum | 70,530 | 1,760,677 | |||
Sampo, Cl. A | 20,500 | 911,953 | |||
2,672,630 | |||||
France - 4.8% | |||||
AXA | 93,820 | 2,354,529 | |||
Eutelsat Communications | 14,080 | 169,678 | |||
Sanofi | 8,224 | a | 752,138 | ||
Total | 25,230 | 1,168,183 | |||
Unibail-Rodamco-Westfield | 3,890 | 285,457 | |||
4,729,985 | |||||
Germany - 4.0% | |||||
Allianz | 3,230 | 778,652 | |||
Bayer | 9,279 | 561,122 | |||
Deutsche Post | 13,940 | a | 690,601 | ||
Deutsche Telekom | 15,260 | 276,732 | |||
HOCHTIEF | 1,510 | 134,547 | |||
METRO | 92,900 | 1,023,368 | |||
SAP | 3,920 | 482,711 | |||
3,947,733 | |||||
Greece - 1.2% | |||||
OPAP | 84,870 | a | 1,140,735 | ||
Hong Kong - 2.3% | |||||
Nine Dragons Paper Holdings | 502,280 | 810,750 | |||
PCCW | 923,460 | 529,804 | |||
BNY Mellon International Equity Income Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 97.2%(continued) | |||||
Hong Kong - 2.3% (continued) | |||||
Yue Yuen Industrial Holdings | 405,500 | a | 864,696 | ||
2,205,250 | |||||
Italy - 1.5% | |||||
Eni | 112,450 | 1,286,485 | |||
Recordati Industria Chimica E Farmaceutica | 2,710 | 137,787 | |||
1,424,272 | |||||
Japan - 15.1% | |||||
Aozora Bank | 25,030 | 528,332 | |||
Canon | 40,090 | 862,201 | |||
Denso | 16,450 | 985,812 | |||
Honda Motor | 22,420 | 612,372 | |||
ITOCHU | 111,330 | 3,308,724 | |||
Mitsubishi | 30,710 | 865,164 | |||
Mitsui & Co. | 37,680 | 800,119 | |||
MS&AD Insurance Group Holdings | 34,950 | 983,630 | |||
Nintendo | 1,070 | 649,960 | |||
Otsuka | 17,900 | 831,230 | |||
Sumitomo | 38,860 | 561,601 | |||
Takeda Pharmaceutical | 56,610 | 1,902,313 | |||
Tokyo Electron | 3,740 | 1,527,999 | |||
Toyota Motor | 3,670 | 271,063 | |||
14,690,520 | |||||
Luxembourg - 1.9% | |||||
RTL Group | 32,768 | a | 1,844,761 | ||
Macau - 1.9% | |||||
Sands China | 390,790 | 1,828,888 | |||
Malaysia - .6% | |||||
British American Tobacco Malaysia | 36,950 | 117,035 | |||
Top Glove | 325,180 | 420,987 | |||
538,022 | |||||
Mexico - .3% | |||||
Grupo Mexico, Ser. B | 61,930 | 293,591 | |||
Netherlands - .9% | |||||
NN Group | 7,420 | 341,989 | |||
Royal Dutch Shell, Cl. A | 25,180 | 506,847 | |||
Royal Dutch Shell, Cl. B | 211 | 4,079 | |||
852,915 | |||||
New Zealand - 2.1% | |||||
Spark New Zealand | 614,670 | 2,038,556 | |||
Russia - 3.5% | |||||
Novolipetsk Steel | 453,850 | 1,363,110 | |||
Severstal | 113,314 | 2,050,684 | |||
3,413,794 | |||||
Singapore - 2.4% | |||||
Ascendas Real Estate Investment Trust | 496,260 | 1,094,199 | |||
DBS Group Holdings | 20,841 | 416,382 | |||
Singapore Telecommunications | 466,230 | 821,689 | |||
2,332,270 | |||||
South Africa - 1.2% | |||||
Kumba Iron Ore | 19,920 | 854,396 | |||
MTN Group | 66,240 | a | 318,215 | ||
Resilient REIT | 14,274 | 42,045 | |||
1,214,656 |
59
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon International Equity Income Fund (continued) | |||||
Description | Shares | Value ($) | |||
Common Stocks - 97.2%(continued) | |||||
South Korea - 2.0% | |||||
KT&G | 16,000 | 1,115,087 | |||
Samsung Electronics | 11,950 | 877,503 | |||
1,992,590 | |||||
Spain - 1.5% | |||||
ACS Actividades de Construccion y Servicios | 36,900 | 1,128,180 | |||
Telefonica | 86,350 | 367,358 | |||
1,495,538 | |||||
Sweden - .5% | |||||
Telia | 131,540 | 531,369 | |||
Switzerland - 5.6% | |||||
Nestle | 11,700 | 1,221,899 | |||
Novartis | 13,170 | 1,132,042 | |||
Partners Group Holding | 200 | a | 239,763 | ||
Roche Holding | 3,511 | a | 1,150,005 | ||
Zurich Insurance Group | 4,315 | a | 1,762,241 | ||
5,505,950 | |||||
Taiwan - 7.2% | |||||
Asustek Computer | 174,110 | a | 1,900,348 | ||
Globalwafers | 55,130 | 1,464,723 | |||
Taiwan Cement | 700,407 | a | 1,056,174 | ||
Taiwan Semiconductor Manufacturing | 119,650 | 2,603,282 | |||
Uni-President Enterprises | 4,600 | a | 11,098 | ||
7,035,625 | |||||
Thailand - .3% | |||||
BTS Group Holdings | 883,670 | 275,643 | |||
Turkey - .3% | |||||
Ford Otomotiv Sanayi | 10,628 | 250,576 | |||
United Arab Emirates - .6% | |||||
Dubai Islamic Bank | 450,518 | a | 582,595 | ||
United Kingdom - 8.2% | |||||
AstraZeneca | 3,024 | 292,595 | |||
BP | 380,730 | 1,547,538 | |||
British American Tobacco | 36,290 | 1,256,650 | |||
GlaxoSmithKline | 99,896 | 1,657,297 | |||
Imperial Brands | 90,880 | 1,687,765 | |||
Legal & General Group | 140,140 | a | 506,265 | ||
Rio Tinto | 2,310 | 199,116 | |||
SSE | 45,970 | 848,281 | |||
7,995,507 | |||||
Total Common Stocks(cost $77,227,386) | 94,826,794 | ||||
Exchange-Traded Funds - .2% | |||||
United States - .2% | |||||
iShares MSCI EAFE ETF | 2,670 | b | 197,607 | ||
Preferred | |||||
Preferred Stocks - .4% | |||||
Brazil - .1% | |||||
Gerdau | 1.61 | 18,640 | 85,979 | ||
South Korea - .3% | |||||
Samsung Electronics | 4.11 | 4,570 | 296,125 | ||
Total Preferred Stocks(cost $426,455) | 382,104 | ||||
BNY Mellon International Equity Income Fund (continued) | |||||
Description | 1-Day | Shares | Value ($) | ||
Investment Companies - .7% | |||||
Registered Investment Companies - .7% | |||||
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares | 0.07 | 710,444 | c | 710,444 | |
Total Investments (cost $78,559,280) | 98.5% | 96,116,949 | |||
Cash and Receivables (Net) | 1.5% | 1,418,530 | |||
Net Assets | 100.0% | 97,535,479 |
ADR—American Depository Receipt
ETF—Exchange-Traded Fund
REIT—Real Estate Investment Trust
aNon-income producing security.
bSecurity, or portion thereof, on loan. At February 28, 2021, the value of the fund’s securities on loan was $195,608 and the value of the collateral was $202,626, consisting of U.S. Government & Agency securities.
cInvestment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
Portfolio Summary (Unaudited) † | Value (%) |
Materials | 9.8 |
Insurance | 9.2 |
Banks | 8.9 |
Pharmaceuticals Biotechnology & Life Sciences | 7.8 |
Capital Goods | 7.2 |
Semiconductors & Semiconductor Equipment | 5.7 |
Food, Beverage & Tobacco | 5.5 |
Energy | 5.3 |
Telecommunication Services | 5.0 |
Retailing | 4.7 |
Media & Entertainment | 4.5 |
Technology Hardware & Equipment | 4.5 |
Utilities | 3.8 |
Real Estate | 3.2 |
Consumer Services | 3.0 |
Software & Services | 2.7 |
Automobiles & Components | 2.2 |
Transportation | 2.0 |
Food & Staples Retailing | 1.1 |
Investment Companies | .9 |
Consumer Durables & Apparel | .9 |
Health Care Equipment & Services | .4 |
Diversified Financials | .2 |
98.5 |
† Based on net assets.
See notes to financial statements.
60
BNY Mellon Asset Allocation Fund | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 12.7% | |||||||||
Aerospace & Defense - .1% | |||||||||
Northrop Grumman, Sr. Unscd. Notes | 2.93 | 1/15/2025 | 235,000 | 251,233 | |||||
The Boeing Company, Sr. Unscd. Notes | 1.95 | 2/1/2024 | 300,000 | a | 307,702 | ||||
558,935 | |||||||||
Agriculture - .1% | |||||||||
BAT Capital, Gtd. Notes | 2.73 | 3/25/2031 | 250,000 | 247,638 | |||||
Airlines - .2% | |||||||||
American Airlines Pass Through Trust, Ser. 2015-1, Cl. A | 3.38 | 5/1/2027 | 279,872 | 271,566 | |||||
Delta Air Lines Pass Through Trust, Ser. 2019-1, Cl. AA | 3.20 | 4/25/2024 | 250,000 | 258,645 | |||||
United Airlines Pass Through Trust, Ser. 2019-1, Cl. AA | 4.15 | 8/25/2031 | 332,820 | 348,973 | |||||
United Airlines Pass Through Trust, Ser. 2019-2, Cl. AA | 2.70 | 5/1/2032 | 266,012 | 265,066 | |||||
1,144,250 | |||||||||
Automobiles & Components - .1% | |||||||||
General Motors, Sr. Unscd. Notes | 5.40 | 10/2/2023 | 150,000 | 167,314 | |||||
General Motors Financial, Sr. Unscd. Notes | 1.70 | 8/18/2023 | 150,000 | 153,480 | |||||
Volkswagen Group of America Finance, Gtd. Notes | 2.90 | 5/13/2022 | 300,000 | b | 308,882 | ||||
629,676 | |||||||||
Banks - .9% | |||||||||
Banco Santander, Sr. Unscd. Notes | 2.75 | 5/28/2025 | 200,000 | a | 212,160 | ||||
Bank of America, Sub. Notes, Ser. L | 3.95 | 4/21/2025 | 495,000 | 548,041 | |||||
Citigroup, Sub. Notes | 4.45 | 9/29/2027 | 435,000 | 502,110 | |||||
Citizens Bank, Sr. Unscd. Notes | 2.25 | 4/28/2025 | 310,000 | 325,202 | |||||
HSBC Holdings, Sr. Unscd. Notes | 4.95 | 3/31/2030 | 175,000 | 210,552 | |||||
JPMorgan Chase & Co., Jr. Sub. Bonds, Ser. II | 4.00 | 4/1/2025 | 290,000 | a,c | 288,586 | ||||
Lloyds Bank, Jr. Sub. Notes | 12.00 | 12/16/2024 | 200,000 | b,c | 222,726 | ||||
Morgan Stanley, Sub. Notes | 4.88 | 11/1/2022 | 500,000 | 536,281 | |||||
NatWest Group, Sr. Unscd. Notes | 5.08 | 1/27/2030 | 260,000 | 308,957 | |||||
Nordea Bank, Jr. Sub. Notes | 6.63 | 3/26/2026 | 255,000 | b,c | 291,232 | ||||
Societe Generale, Sub. Notes | 4.75 | 11/24/2025 | 250,000 | b | 280,819 | ||||
The Goldman Sachs Group, Sub. Notes | 6.75 | 10/1/2037 | 480,000 | 701,048 | |||||
4,427,714 | |||||||||
Beverage Products - .1% | |||||||||
Anheuser-Busch InBev Worldwide, Gtd. Notes | 4.90 | 2/1/2046 | 375,000 | 452,414 | |||||
Chemicals - .1% | |||||||||
Huntsman International, Sr. Unscd. Notes | 4.50 | 5/1/2029 | 375,000 | 425,023 | |||||
Yara International, Sr. Unscd. Notes | 3.15 | 6/4/2030 | 230,000 | b | 243,261 | ||||
668,284 | |||||||||
Commercial & Professional Services - .2% | |||||||||
Duke University, Unscd. Bonds, Ser. 2020 | 2.68 | 10/1/2044 | 250,000 | 256,995 | |||||
Global Payments, Sr. Unscd. Notes | 4.80 | 4/1/2026 | 320,000 | 369,112 | |||||
The George Washington University, Unscd. Bonds, Ser. 2018 | 4.13 | 9/15/2048 | 325,000 | 389,195 | |||||
1,015,302 | |||||||||
Commercial Mortgage Pass-Through Ctfs. - .2% | |||||||||
UBS Commercial Mortgage Trust, Ser. 2012-C1, Cl. A3 | 3.40 | 5/10/2045 | 253,045 | 257,012 | |||||
WFRBS Commercial Mortgage Trust, Ser. 2013-C12, CI. A4 | 3.20 | 3/15/2048 | 315,000 | 329,756 | |||||
WFRBS Commercial Mortgage Trust, Ser. 2013-C13, Cl. A4 | 3.00 | 5/15/2045 | 540,000 | 565,259 | |||||
1,152,027 | |||||||||
Diversified Financials - .2% | |||||||||
AerCap Ireland Capital, Gtd. Notes | 1.75 | 1/30/2026 | 225,000 | 220,124 | |||||
Aircastle, Sr. Unscd. Notes | 2.85 | 1/26/2028 | 500,000 | b | 483,020 | ||||
Goldman Sachs BDC, Sr. Unscd. Notes | 3.75 | 2/10/2025 | 200,000 | 212,308 | |||||
915,452 | |||||||||
Electronic Components - .1% | |||||||||
Jabil, Sr. Unscd. Notes | 3.60 | 1/15/2030 | 300,000 | 322,477 |
61
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Asset Allocation Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 12.7% (continued) | |||||||||
Energy - .4% | |||||||||
BP Capital Markets, Gtd. Notes | 2.50 | 11/6/2022 | 255,000 | 264,385 | |||||
Cheniere Corpus Christi Holdings, Sr. Scd. Notes | 5.13 | 6/30/2027 | 250,000 | 292,150 | |||||
Diamondback Energy, Gtd. Notes | 3.50 | 12/1/2029 | 215,000 | 226,196 | |||||
Diamondback Energy, Gtd. Notes | 5.38 | 5/31/2025 | 140,000 | 144,823 | |||||
Energy Transfer Operating, Gtd. Notes | 5.25 | 4/15/2029 | 440,000 | 510,614 | |||||
Marathon Petroleum, Sr. Unscd. Notes | 3.80 | 4/1/2028 | 175,000 | 192,892 | |||||
Sabine Pass Liquefaction, Sr. Scd. Notes | 4.50 | 5/15/2030 | 200,000 | 229,175 | |||||
Spectra Energy Partners, Gtd. Notes | 3.50 | 3/15/2025 | 195,000 | 211,136 | |||||
2,071,371 | |||||||||
Environmental Control - .1% | |||||||||
Waste Connections, Sr. Unscd. Notes | 3.50 | 5/1/2029 | 225,000 | 251,149 | |||||
Financials - .1% | |||||||||
Apollo Management Holdings, Gtd. Notes | 4.87 | 2/15/2029 | 225,000 | b | 263,236 | ||||
Carlyle Finance Subsidiary, Gtd. Notes | 3.50 | 9/19/2029 | 200,000 | b | 214,292 | ||||
477,528 | |||||||||
Food Products - .1% | |||||||||
The Kroger Company, Sr. Unscd. Notes | 1.70 | 1/15/2031 | 300,000 | 288,961 | |||||
Health Care - .4% | |||||||||
AbbVie, Sr. Unscd. Notes | 3.20 | 11/21/2029 | 325,000 | 351,624 | |||||
Amgen, Sr. Unscd. Notes | 5.65 | 6/15/2042 | 325,000 | 453,712 | |||||
CVS Health, Sr. Unscd. Notes | 4.78 | 3/25/2038 | 405,000 | 494,216 | |||||
The Johns Hopkins Health System, Unscd. Bonds | 3.84 | 5/15/2046 | 195,000 | 232,609 | |||||
Trinity Health, Sr. Unscd. Bonds, Ser. 2019 | 3.43 | 12/1/2048 | 440,000 | 466,764 | |||||
1,998,925 | |||||||||
Industrial - .1% | |||||||||
John Deere Capital, Sr. Unscd. Notes | 2.95 | 4/1/2022 | 225,000 | 231,657 | |||||
Information Technology - .3% | |||||||||
Adobe, Sr. Unscd. Notes | 3.25 | 2/1/2025 | 305,000 | 332,341 | |||||
Fidelity National Information Services, Sr. Unscd. Notes | 3.10 | 3/1/2041 | 225,000 | 228,109 | |||||
Fiserv, Sr. Unscd. Notes | 4.40 | 7/1/2049 | 275,000 | 328,633 | |||||
Microsoft, Sr. Unscd. Notes | 2.53 | 6/1/2050 | 360,000 | 338,965 | |||||
Oracle, Sr. Unscd. Notes | 3.90 | 5/15/2035 | 275,000 | 319,460 | |||||
1,547,508 | |||||||||
Insurance - .1% | |||||||||
MetLife, Jr. Sub. Notes, Ser. G | 3.85 | 9/15/2025 | 100,000 | a,c | 102,500 | ||||
Prudential, Sr. Unscd. Notes | 3.13 | 4/14/2030 | 250,000 | 273,232 | |||||
375,732 | |||||||||
Internet Software & Services - .3% | |||||||||
Amazon.com, Sr. Unscd. Notes | 2.40 | 2/22/2023 | 300,000 | 312,176 | |||||
Arrow Electronics, Sr. Unscd. Notes | 3.50 | 4/1/2022 | 315,000 | 323,471 | |||||
eBay, Sr. Unscd. Notes | 1.90 | 3/11/2025 | 320,000 | 330,528 | |||||
Tencent Holdings, Sr. Unscd. Notes | 3.98 | 4/11/2029 | 280,000 | b | 311,456 | ||||
1,277,631 | |||||||||
Media - .1% | |||||||||
Comcast, Gtd. Notes | 3.60 | 3/1/2024 | 455,000 | 497,273 | |||||
The Walt Disney Company, Gtd. Notes | 2.65 | 1/13/2031 | 145,000 | 152,098 | |||||
649,371 |
62
BNY Mellon Asset Allocation Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 12.7% (continued) | |||||||||
Municipal Securities - .9% | |||||||||
Buckeye Tobacco Settlement Financing Authority, Revenue Bonds, Refunding, Ser. B1 | 1.85 | 6/1/2029 | 500,000 | 489,580 | |||||
California, GO | 3.38 | 4/1/2025 | 175,000 | 193,842 | |||||
California Educational Facilities Authority, Revenue Bonds, Refunding (The Leland Stanford Junior University) Ser. U2 | 5.00 | 10/1/2032 | 375,000 | 519,097 | |||||
California University, Revenue Bonds, Refunding, Ser. B | 2.98 | 11/1/2051 | 215,000 | 220,276 | |||||
JobsOhio Beverage System, Revenue Bonds, Refunding, Ser. A | 2.83 | 1/1/2038 | 150,000 | 158,009 | |||||
Massachusetts, GO (Build America Bonds) | 4.91 | 5/1/2029 | 325,000 | 407,413 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding | 4.13 | 6/15/2042 | 310,000 | 337,302 | |||||
New Jersey Turnpike Authority, Revenue Bonds, Refunding, Ser. B | 1.48 | 1/1/2028 | 200,000 | 198,142 | |||||
New York City, GO, Refunding Ser. D | 1.92 | 8/1/2031 | 175,000 | 172,288 | |||||
Ohio Turnpike & Infrastructure Commission, Revenue Bonds, Refunding, Ser. A | 3.22 | 2/15/2048 | 250,000 | 255,415 | |||||
Port Authority of New York & New Jersey, Revenue Bonds, Ser. AAA | 1.09 | 7/1/2023 | 255,000 | 259,085 | |||||
State Board of Administration Finance Corp., Revenue Bonds, Ser. A | 2.15 | 7/1/2030 | 280,000 | 286,079 | |||||
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds (North Tarrant Express Mobility Partners) Ser. B | 3.92 | 12/31/2049 | 250,000 | 277,705 | |||||
Texas Public Finance Authority, Revenue Bonds | 8.25 | 7/1/2024 | 210,000 | 210,796 | |||||
University of California, Revenue Bonds, Refunding (Limited Project) Ser. J | 4.13 | 5/15/2045 | 340,000 | 393,567 | |||||
University of California, Revenue Bonds, Ser. BG | 1.61 | 5/15/2030 | 160,000 | 156,278 | |||||
4,534,874 | |||||||||
Real Estate - .3% | |||||||||
Alexandria Real Estate Equities, Gtd. Notes | 4.30 | 1/15/2026 | 265,000 | 302,265 | |||||
American Homes 4 Rent, Sr. Unscd. Notes | 4.90 | 2/15/2029 | 400,000 | 468,427 | |||||
Brandywine Operating Partnership, Gtd. Notes | 4.10 | 10/1/2024 | 200,000 | 215,212 | |||||
Hudson Pacific Properties, Gtd. Notes | 3.25 | 1/15/2030 | 265,000 | 274,203 | |||||
Life Storage, Gtd. Notes | 4.00 | 6/15/2029 | 160,000 | 180,323 | |||||
Spirit Realty, Gtd. Notes | 2.10 | 3/15/2028 | 225,000 | 222,628 | |||||
1,663,058 | |||||||||
Retailing - .2% | |||||||||
7-Eleven, Sr. Unscd. Notes | 1.80 | 2/10/2031 | 275,000 | b | 264,760 | ||||
Ross Stores, Sr. Unscd. Notes | 4.60 | 4/15/2025 | 225,000 | 255,684 | |||||
The Home Depot, Sr. Unscd. Notes | 1.38 | 3/15/2031 | 280,000 | 265,766 | |||||
The TJX Companies, Sr. Unscd. Notes | 3.75 | 4/15/2027 | 200,000 | 226,583 | |||||
1,012,793 | |||||||||
Semiconductors & Semiconductor Equipment - .3% | |||||||||
Broadcom, Gtd. Notes | 3.75 | 2/15/2051 | 150,000 | b | 148,303 | ||||
Broadcom Cayman Finance, Gtd. Notes | 3.50 | 1/15/2028 | 300,000 | 322,500 | |||||
KLA, Sr. Unscd. Notes | 4.10 | 3/15/2029 | 225,000 | 260,685 | |||||
Lam Research, Sr. Unscd. Notes | 4.00 | 3/15/2029 | 315,000 | 365,224 | |||||
Microchip Technology, Sr. Scd. Notes | 0.97 | 2/15/2024 | 350,000 | b | 351,466 | ||||
NXP Funding, Gtd. Notes | 2.70 | 5/1/2025 | 100,000 | b | 105,829 | ||||
1,554,007 |
63
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Asset Allocation Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 12.7% (continued) | |||||||||
Technology Hardware & Equipment - .1% | |||||||||
Apple, Sr. Unscd. Notes | 4.38 | 5/13/2045 | 300,000 | 373,105 | |||||
Telecommunication Services - .4% | |||||||||
AT&T, Sr. Unscd. Notes | 4.55 | 3/9/2049 | 460,000 | 514,554 | |||||
Telefonica Emisiones, Gtd. Notes | 4.10 | 3/8/2027 | 300,000 | 340,254 | |||||
T-Mobile USA, Sr. Scd. Notes | 3.00 | 2/15/2041 | 325,000 | b | 305,372 | ||||
Verizon Communications, Sr. Unscd. Notes | 5.50 | 3/16/2047 | 570,000 | 767,979 | |||||
1,928,159 | |||||||||
Transportation - .2% | |||||||||
J.B. Hunt Transport Services, Gtd. Notes | 3.88 | 3/1/2026 | 310,000 | 349,077 | |||||
Ryder System, Sr. Unscd. Notes | 3.35 | 9/1/2025 | 290,000 | 316,692 | |||||
Union Pacific, Sr. Unscd. Notes | 3.15 | 3/1/2024 | 320,000 | 343,616 | |||||
1,009,385 | |||||||||
U.S. Government Agencies Mortgage-Backed - 3.5% | |||||||||
Federal Home Loan Mortgage Corp.: | |||||||||
1.50%, 1/1/2036-10/1/2050 | 748,528 | d | 748,126 | ||||||
2.00%, 11/1/2040-1/1/2041 | 857,771 | d | 879,190 | ||||||
2.50%, 6/1/2050-11/1/2050 | 588,105 | d | 602,095 | ||||||
3.00%, 7/1/2050 | 938,620 | d | 984,440 | ||||||
3.50%, 9/1/2049 | 371,422 | d | 396,828 | ||||||
4.00%, 11/1/2049 | 271,815 | d | 291,916 | ||||||
5.00%, 8/1/2049 | 200,887 | d | 223,202 | ||||||
Federal National Mortgage Association: | |||||||||
2.00%, 11/1/2035-1/1/2051 | 1,100,639 | d | 1,122,623 | ||||||
2.50%, 2/1/2035-12/1/2050 | 2,389,236 | d | 2,489,744 | ||||||
3.00%, 12/1/2034-8/1/2050 | 1,811,441 | d | 1,907,292 | ||||||
3.50%, 5/1/2049-1/1/2050 | 1,037,701 | d | 1,102,361 | ||||||
4.00%, 11/1/2049-2/1/2050 | 720,873 | d | 775,125 | ||||||
4.50%, 3/1/2050 | 417,447 | d | 458,299 | ||||||
Government National Mortgage Association I: | |||||||||
4.00%, 7/15/2049 | 225,358 | 242,357 | |||||||
Government National Mortgage Association II: | |||||||||
2.50%, 6/20/2050-1/20/2051 | 1,002,115 | 1,035,547 | |||||||
3.00%, 6/20/2050-8/20/2050 | 1,165,860 | 1,211,454 | |||||||
3.50%, 1/20/2048-12/20/2050 | 1,466,830 | 1,559,592 | |||||||
4.00%, 7/20/2050-2/20/2051 | 910,427 | 966,616 | |||||||
4.50%, 2/20/2050 | 478,481 | 517,969 | |||||||
17,514,776 | |||||||||
U.S. Treasury Securities - 2.3% | |||||||||
U.S. Treasury Bonds | 1.13 | 8/15/2040 | 305,000 | 261,061 | |||||
U.S. Treasury Inflation Indexed Bonds, US CPI Urban Consumers Not Seasonally Adjusted | 0.25 | 2/15/2050 | 298,876 | a,e | 322,054 | ||||
U.S. Treasury Inflation Indexed Notes, US CPI Urban Consumers Not Seasonally Adjusted | 0.13 | 10/15/2024 | 304,572 | e | 329,129 | ||||
U.S. Treasury Inflation Indexed Notes, US CPI Urban Consumers Not Seasonally Adjusted | 0.13 | 4/15/2025 | 988,242 | e | 1,069,270 | ||||
U.S. Treasury Inflation Indexed Notes, US CPI Urban Consumers Not Seasonally Adjusted | 0.38 | 1/15/2027 | 301,924 | e | 334,907 | ||||
U.S. Treasury Inflation Indexed Notes, US CPI Urban Consumers Not Seasonally Adjusted | 0.38 | 7/15/2025 | 620,585 | e | 684,046 |
64
BNY Mellon Asset Allocation Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 12.7% (continued) | |||||||||
U.S. Treasury Securities - 2.3% (continued) | |||||||||
U.S. Treasury Notes | 0.13 | 12/15/2023 | 180,000 | 179,388 | |||||
U.S. Treasury Notes | 0.13 | 12/31/2022 | 655,000 | 655,026 | |||||
U.S. Treasury Notes | 0.13 | 1/31/2023 | 585,000 | 584,977 | |||||
U.S. Treasury Notes | 0.25 | 8/31/2025 | 250,000 | 245,850 | |||||
U.S. Treasury Notes | 0.25 | 10/31/2025 | 595,000 | a | 583,937 | ||||
U.S. Treasury Notes | 0.50 | 8/31/2027 | 625,000 | 603,857 | |||||
U.S. Treasury Notes | 0.63 | 5/15/2030 | 855,000 | 801,062 | |||||
U.S. Treasury Notes | 0.63 | 8/15/2030 | 100,000 | a | 93,391 | ||||
U.S. Treasury Notes | 0.63 | 12/31/2027 | 200,000 | 193,859 | |||||
U.S. Treasury Notes | 1.50 | 2/15/2030 | 620,000 | a | 629,591 | ||||
U.S. Treasury Notes | 1.75 | 12/31/2026 | 255,000 | a | 267,401 | ||||
U.S. Treasury Notes | 1.75 | 11/15/2029 | 665,000 | a | 690,769 | ||||
U.S. Treasury Notes | 2.00 | 11/15/2026 | 525,000 | 557,833 | |||||
U.S. Treasury Notes | 2.13 | 7/31/2024 | 200,000 | 211,969 | |||||
U.S. Treasury Notes | 2.25 | 11/15/2027 | 120,000 | 129,253 | |||||
U.S. Treasury Notes | 2.38 | 5/15/2027 | 605,000 | 656,709 | |||||
U.S. Treasury Notes | 2.50 | 2/28/2026 | 345,000 | 375,376 | |||||
U.S. Treasury Notes | 2.50 | 1/31/2024 | 210,000 | 223,650 | |||||
U.S. Treasury Notes | 2.63 | 1/31/2026 | 120,000 | 131,222 | |||||
U.S. Treasury Notes | 2.63 | 12/31/2023 | 305,000 | 325,468 | |||||
U.S. Treasury Notes | 2.88 | 11/30/2025 | 175,000 | 193,143 | |||||
U.S. Treasury Notes | 3.13 | 11/15/2028 | 50,000 | 57,129 | |||||
11,391,327 | |||||||||
Utilities - .2% | |||||||||
Black Hills, Sr. Unscd. Notes | 4.35 | 5/1/2033 | 160,000 | 186,069 | |||||
CenterPoint Energy, Sr. Unscd. Notes | 4.25 | 11/1/2028 | 275,000 | 317,942 | |||||
Exelon, Sr. Unscd. Notes | 3.40 | 4/15/2026 | 280,000 | 308,957 | |||||
NiSource, Sr. Unscd. Notes | 3.95 | 3/30/2048 | 335,000 | 370,338 | |||||
1,183,306 | |||||||||
Total Bonds and Notes | 62,868,792 | ||||||||
Description | Shares | Value ($) | |||||||
Common Stocks - 24.2% | |||||||||
Advertising - .0% | |||||||||
Omnicom Group | 1,955 | 134,367 | |||||||
Aerospace & Defense - .3% | |||||||||
Howmet Aerospace | 2,805 | f | 78,849 | ||||||
L3Harris Technologies | 814 | 148,075 | |||||||
Lockheed Martin | 1,379 | 455,415 | |||||||
Northrop Grumman | 140 | 40,832 | |||||||
Raytheon Technologies | 5,029 | 362,038 | |||||||
Teledyne Technologies | 187 | f | 69,377 | ||||||
The Boeing Company | 1,859 | f | 394,127 | ||||||
TransDigm Group | 180 | f | 103,801 | ||||||
1,652,514 | |||||||||
Agriculture - .2% | |||||||||
Altria Group | 7,361 | 320,940 | |||||||
Archer-Daniels-Midland | 960 | 54,317 |
65
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Asset Allocation Fund (continued) | |||||||||
Description | Shares | Value ($) | |||||||
Common Stocks - 24.2% (continued) | |||||||||
Agriculture - .2% (continued) | |||||||||
Philip Morris International | 6,759 | 567,891 | |||||||
943,148 | |||||||||
Airlines - .1% | |||||||||
Delta Air Lines | 4,090 | f | 196,075 | ||||||
Southwest Airlines | 2,875 | f | 167,124 | ||||||
363,199 | |||||||||
Automobiles & Components - .5% | |||||||||
BorgWarner | 4,815 | 216,675 | |||||||
Ford Motor | 21,775 | f | 254,767 | ||||||
General Motors | 4,685 | f | 240,481 | ||||||
Tesla | 2,659 | f | 1,796,154 | ||||||
2,508,077 | |||||||||
Banks - 1.1% | |||||||||
Bank of America | 38,253 | 1,327,762 | |||||||
Citigroup | 5,056 | 333,089 | |||||||
Citizens Financial Group | 4,435 | 192,656 | |||||||
Comerica | 2,895 | 197,150 | |||||||
Huntington Bancshares | 9,280 | 142,355 | |||||||
JPMorgan Chase & Co. | 9,614 | 1,414,892 | |||||||
M&T Bank | 623 | 94,036 | |||||||
People's United Financial | 5,885 | 105,577 | |||||||
Regions Financial | 11,540 | 238,070 | |||||||
The PNC Financial Services Group | 2,230 | 375,443 | |||||||
Truist Financial | 5,473 | 311,742 | |||||||
U.S. Bancorp | 8,125 | 406,250 | |||||||
Wells Fargo & Co. | 10,839 | 392,047 | |||||||
Zions Bancorp | 2,290 | 121,759 | |||||||
5,652,828 | |||||||||
Beverage Products - .4% | |||||||||
CVS Health | 3,025 | 206,093 | |||||||
Molson Coors Beverage, Cl. B | 1,840 | f | 81,788 | ||||||
Monster Beverage | 3,998 | f | 350,785 | ||||||
PepsiCo | 4,976 | 642,849 | |||||||
The Coca-Cola Company | 11,173 | 547,365 | |||||||
1,828,880 | |||||||||
Building Materials - .1% | |||||||||
Carrier Global | 4,240 | 154,887 | |||||||
Johnson Controls International | 3,162 | 176,408 | |||||||
331,295 | |||||||||
Chemicals - .4% | |||||||||
Air Products & Chemicals | 767 | 196,061 | |||||||
Albemarle | 805 | 126,554 | |||||||
Celanese | 773 | 107,377 | |||||||
Dow | 3,055 | 181,192 | |||||||
DuPont de Nemours | 3,360 | 236,275 | |||||||
Eastman Chemical | 1,785 | 195,029 | |||||||
Ecolab | 553 | 115,776 | |||||||
FMC | 458 | 46,574 | |||||||
Linde | 1,988 | 485,609 |
66
BNY Mellon Asset Allocation Fund (continued) | |||||||||
Description | Shares | Value ($) | |||||||
Common Stocks - 24.2% (continued) | |||||||||
Chemicals - .4% (continued) | |||||||||
LyondellBasell Industries, Cl. A | 1,455 | 149,996 | |||||||
PPG Industries | 880 | 118,642 | |||||||
The Sherwin-Williams Company | 253 | 172,126 | |||||||
Vulcan Materials | 628 | 104,870 | |||||||
2,236,081 | |||||||||
Commercial & Professional Services - .3% | |||||||||
Automatic Data Processing | 1,940 | 337,599 | |||||||
Cintas | 455 | 147,575 | |||||||
Equifax | 579 | 93,729 | |||||||
FLEETCOR Technologies | 295 | f | 81,806 | ||||||
IHS Markit | 1,430 | 128,929 | |||||||
Nielsen Holdings | 3,950 | 88,520 | |||||||
S&P Global | 1,756 | 578,356 | |||||||
1,456,514 | |||||||||
Consumer Discretionary - .4% | |||||||||
Chipotle Mexican Grill | 116 | f | 167,272 | ||||||
D.R. Horton | 1,990 | 152,971 | |||||||
Darden Restaurants | 970 | 133,210 | |||||||
Hasbro | 793 | 74,312 | |||||||
Hilton Worldwide Holdings | 1,111 | f | 137,408 | ||||||
Las Vegas Sands | 1,245 | f | 77,937 | ||||||
Lennar, Cl. A | 1,875 | 155,569 | |||||||
Marriott International, Cl. A | 1,376 | f | 203,744 | ||||||
MGM Resorts International | 3,600 | 136,044 | |||||||
Royal Caribbean Cruises | 718 | f | 66,968 | ||||||
Starbucks | 4,622 | 499,315 | |||||||
Whirlpool | 646 | 122,792 | |||||||
Wynn Resorts | 770 | f | 101,432 | ||||||
Yum! Brands | 695 | 71,953 | |||||||
2,100,927 | |||||||||
Consumer Durables & Apparel - .2% | |||||||||
NIKE, Cl. B | 6,011 | 810,163 | |||||||
Tapestry | 4,150 | f | 174,881 | ||||||
985,044 | |||||||||
Consumer Staples - .3% | |||||||||
Church & Dwight | 1,145 | 90,169 | |||||||
Colgate-Palmolive | 3,080 | 231,616 | |||||||
The Estee Lauder Companies, Cl. A | 756 | 216,110 | |||||||
The Procter & Gamble Company | 8,699 | 1,074,587 | |||||||
1,612,482 | |||||||||
Diversified Financials - 1.2% | |||||||||
American Express | 4,888 | 661,151 | |||||||
BlackRock | 577 | 400,726 | |||||||
Capital One Financial | 1,865 | 224,154 | |||||||
CME Group | 732 | 146,180 | |||||||
Discover Financial Services | 1,830 | 172,148 | |||||||
Intercontinental Exchange | 1,845 | 203,522 | |||||||
Invesco | 8,985 | 201,444 | |||||||
Mastercard, Cl. A | 3,061 | 1,083,135 |
67
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Asset Allocation Fund (continued) | |||||||||
Description | Shares | Value ($) | |||||||
Common Stocks - 24.2% (continued) | |||||||||
Diversified Financials - 1.2% (continued) | |||||||||
Moody's | 692 | 190,224 | |||||||
Morgan Stanley | 4,770 | 366,670 | |||||||
Northern Trust | 1,381 | 131,375 | |||||||
State Street | 940 | 68,404 | |||||||
T. Rowe Price Group | 856 | 138,792 | |||||||
The Charles Schwab | 3,405 | 210,157 | |||||||
The Goldman Sachs Group | 787 | 251,431 | |||||||
Visa, Cl. A | 7,693 | 1,633,916 | |||||||
6,083,429 | |||||||||
Electronic Components - .5% | |||||||||
AMETEK | 1,235 | 145,693 | |||||||
Amphenol, Cl. A | 878 | 110,347 | |||||||
Emerson Electric | 2,845 | 244,386 | |||||||
Fastenal | 3,550 | 164,614 | |||||||
Fortive | 1,255 | 82,604 | |||||||
Garmin | 1,168 | 144,855 | |||||||
Honeywell International | 2,989 | 604,824 | |||||||
PACCAR | 2,645 | 240,669 | |||||||
Quanta Services | 2,165 | 181,535 | |||||||
Roper Technologies | 512 | 193,341 | |||||||
TE Connectivity | 1,585 | 206,098 | |||||||
United Rentals | 611 | f | 181,699 | ||||||
2,500,665 | |||||||||
Energy - .7% | |||||||||
Baker Hughes | 3,415 | 83,599 | |||||||
Chevron | 4,622 | 462,200 | |||||||
ConocoPhillips | 7,062 | 367,295 | |||||||
Devon Energy | 5,325 | 114,701 | |||||||
Diamondback Energy | 1,550 | 107,384 | |||||||
EOG Resources | 4,635 | 299,236 | |||||||
Exxon Mobil | 16,741 | 910,208 | |||||||
Halliburton | 4,010 | 87,538 | |||||||
Hess | 1,685 | 110,418 | |||||||
Kinder Morgan | 6,852 | 100,724 | |||||||
Marathon Oil | 11,755 | 130,481 | |||||||
Marathon Petroleum | 1,585 | 86,573 | |||||||
Occidental Petroleum | 2,750 | 73,178 | |||||||
ONEOK | 1,930 | 85,480 | |||||||
Phillips 66 | 1,480 | 122,914 | |||||||
Pioneer Natural Resources | 471 | 69,976 | |||||||
Schlumberger | 7,885 | 220,070 | |||||||
Valero Energy | 1,086 | 83,600 | |||||||
3,515,575 | |||||||||
Environmental Control - .0% | |||||||||
Waste Management | 1,115 | 123,642 | |||||||
Food & Staples Retailing - .4% | |||||||||
Costco Wholesale | 1,496 | 495,176 | |||||||
Sysco | 1,860 | 148,112 | |||||||
The Kroger Company | 2,465 | 79,398 |
68
BNY Mellon Asset Allocation Fund (continued) | |||||||||
Description | Shares | Value ($) | |||||||
Common Stocks - 24.2% (continued) | |||||||||
Food & Staples Retailing - .4% (continued) | |||||||||
Walgreens Boots Alliance | 2,465 | 118,147 | |||||||
Walmart | 7,242 | 940,881 | |||||||
1,781,714 | |||||||||
Food Products - .2% | |||||||||
Conagra Brands | 2,645 | 89,745 | |||||||
General Mills | 3,390 | 186,484 | |||||||
Kellogg | 1,320 | 76,177 | |||||||
McCormick & Co. | 1,238 | 104,339 | |||||||
Mondelez International, Cl. A | 4,860 | 258,358 | |||||||
The Hershey Company | 673 | 98,022 | |||||||
The J.M. Smucker Company | 720 | 80,640 | |||||||
Tyson Foods, Cl. A | 1,210 | 81,881 | |||||||
975,646 | |||||||||
Forest Products & Paper - .0% | |||||||||
International Paper | 2,340 | 116,181 | |||||||
Health Care - 3.2% | |||||||||
Abbott Laboratories | 6,330 | 758,207 | |||||||
AbbVie | 6,780 | 730,477 | |||||||
ABIOMED | 235 | f | 76,269 | ||||||
Agilent Technologies | 3,667 | 447,631 | |||||||
Alexion Pharmaceuticals | 486 | f | 74,237 | ||||||
Align Technology | 292 | f | 165,596 | ||||||
Amgen | 3,439 | 773,500 | |||||||
Anthem | 836 | 253,467 | |||||||
Baxter International | 1,245 | 96,724 | |||||||
Becton Dickinson & Co. | 660 | 159,159 | |||||||
Biogen | 334 | f | 91,142 | ||||||
Boston Scientific | 5,510 | f | 213,678 | ||||||
Bristol-Myers Squibb | 7,588 | 465,372 | |||||||
Cigna | 1,073 | 225,223 | |||||||
Corteva | 2,493 | 112,559 | |||||||
Danaher | 3,704 | 813,658 | |||||||
Edwards Lifesciences | 2,701 | f | 224,453 | ||||||
Eli Lilly & Co. | 2,634 | 539,680 | |||||||
Gilead Sciences | 2,120 | 130,168 | |||||||
HCA Healthcare | 1,394 | 239,810 | |||||||
Henry Schein | 830 | f | 51,336 | ||||||
Hologic | 1,000 | f | 72,090 | ||||||
Humana | 547 | 207,669 | |||||||
IDEXX Laboratories | 678 | f | 352,675 | ||||||
Illumina | 338 | f | 148,521 | ||||||
Intuitive Surgical | 434 | f | 319,771 | ||||||
Johnson & Johnson | 11,838 | 1,875,849 | |||||||
Laboratory Corp. of America Holdings | 610 | f | 146,345 | ||||||
McKesson | 503 | 85,269 | |||||||
Medtronic | 4,314 | 504,609 | |||||||
Merck & Co. | 7,045 | 511,608 | |||||||
Pfizer | 28,956 | 969,736 | |||||||
Quest Diagnostics | 804 | 92,934 |
69
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Asset Allocation Fund (continued) | |||||||||
Description | Shares | Value ($) | |||||||
Common Stocks - 24.2% (continued) | |||||||||
Health Care - 3.2% (continued) | |||||||||
Regeneron Pharmaceuticals | 328 | f | 147,787 | ||||||
ResMed | 547 | 105,451 | |||||||
Steris | 559 | 97,713 | |||||||
Stryker | 716 | 173,766 | |||||||
Teleflex | 189 | 75,245 | |||||||
The Cooper Companies | 379 | 146,343 | |||||||
Thermo Fisher Scientific | 2,130 | 958,670 | |||||||
UnitedHealth Group | 3,713 | 1,233,533 | |||||||
Universal Health Services, Cl. B | 906 | 113,549 | |||||||
Vertex Pharmaceuticals | 532 | f | 113,077 | ||||||
Viatris | 3,599 | f | 53,445 | ||||||
Zimmer Biomet Holdings | 1,042 | 169,909 | |||||||
Zoetis | 2,677 | 415,577 | |||||||
15,733,487 | |||||||||
Household & Personal Products - .1% | |||||||||
Kimberly-Clark | 2,190 | 281,043 | |||||||
The Clorox Company | 567 | 102,655 | |||||||
383,698 | |||||||||
Industrial - .6% | |||||||||
3M | 1,283 | 224,602 | |||||||
Caterpillar | 1,778 | 383,835 | |||||||
Copart | 965 | f | 105,339 | ||||||
Deere & Co. | 1,345 | 469,566 | |||||||
Dover | 1,264 | 155,801 | |||||||
Eaton | 1,820 | 236,946 | |||||||
General Electric | 25,330 | 317,638 | |||||||
Huntington Ingalls Industries | 459 | 80,743 | |||||||
Illinois Tool Works | 995 | 201,169 | |||||||
Ingersoll Rand | 1,960 | f | 90,826 | ||||||
Otis Worldwide | 714 | 45,489 | |||||||
Parker-Hannifin | 660 | 189,394 | |||||||
Snap-on | 691 | 140,349 | |||||||
Stanley Black & Decker | 547 | 95,637 | |||||||
Textron | 1,495 | 75,258 | |||||||
Trane Technologies | 1,630 | 249,781 | |||||||
Westinghouse Air Brake Technologies | 990 | 71,706 | |||||||
3,134,079 | |||||||||
Information Technology - 2.7% | |||||||||
Activision Blizzard | 2,530 | 241,893 | |||||||
Adobe | 2,114 | f | 971,742 | ||||||
Autodesk | 1,103 | f | 304,428 | ||||||
Cadence Design Systems | 3,250 | f | 458,542 | ||||||
Cognizant Technology Solutions, Cl. A | 2,265 | 166,432 | |||||||
eBay | 2,567 | 144,830 | |||||||
Electronic Arts | 931 | 124,726 | |||||||
Fidelity National Information Services | 1,257 | 173,466 | |||||||
Fiserv | 881 | f | 101,641 | ||||||
Global Payments | 521 | 103,153 | |||||||
International Business Machines | 2,440 | 290,189 |
70
BNY Mellon Asset Allocation Fund (continued) | |||||||||
Description | Shares | Value ($) | |||||||
Common Stocks - 24.2% (continued) | |||||||||
Information Technology - 2.7% (continued) | |||||||||
Intuit | 1,192 | 465,047 | |||||||
Microsoft | 29,174 | 6,779,454 | |||||||
MSCI | 369 | 152,958 | |||||||
Oracle | 7,188 | 463,698 | |||||||
Paychex | 1,685 | 153,453 | |||||||
PayPal Holdings | 4,278 | f | 1,111,638 | ||||||
salesforce.com | 3,038 | f | 657,727 | ||||||
ServiceNow | 645 | f | 344,082 | ||||||
13,209,099 | |||||||||
Insurance - .8% | |||||||||
Aflac | 3,260 | 156,121 | |||||||
American International Group | 4,230 | 185,909 | |||||||
Aon, Cl. A | 550 | 125,241 | |||||||
Berkshire Hathaway, Cl. B | 6,394 | f | 1,537,821 | ||||||
Chubb | 913 | 148,436 | |||||||
Cincinnati Financial | 1,075 | 105,210 | |||||||
Lincoln National | 2,170 | 123,408 | |||||||
Marsh & McLennan | 1,500 | 172,830 | |||||||
Prudential Financial | 2,335 | 202,491 | |||||||
The Allstate | 1,955 | 208,403 | |||||||
The Progressive | 4,773 | 410,239 | |||||||
The Travelers Companies | 1,223 | 177,947 | |||||||
Unum Group | 4,510 | 119,425 | |||||||
Willis Towers Watson | 447 | 98,626 | |||||||
3,772,107 | |||||||||
Internet Software & Services - 2.5% | |||||||||
Alphabet, Cl. A | 1,168 | f | 2,361,591 | ||||||
Alphabet, Cl. C | 1,232 | f | 2,509,412 | ||||||
Amazon.com | 1,580 | f | 4,886,829 | ||||||
Booking Holdings | 109 | f | 253,808 | ||||||
Facebook, Cl. A | 9,043 | f | 2,329,658 | ||||||
12,341,298 | |||||||||
Materials - .1% | |||||||||
Amcor | 6,985 | 76,416 | |||||||
Ball | 1,424 | 121,595 | |||||||
WestRock | 3,225 | 140,578 | |||||||
338,589 | |||||||||
Media - .8% | |||||||||
Charter Communications, Cl. A | 890 | f | 545,944 | ||||||
Comcast, Cl. A | 14,751 | 777,673 | |||||||
Fox, Cl. A | 1,795 | 59,791 | |||||||
Live Nation Entertainment | 1,050 | f | 93,303 | ||||||
Netflix | 1,796 | f | 967,775 | ||||||
The Walt Disney Company | 6,359 | f | 1,202,105 | ||||||
ViacomCBS, Cl. B | 3,680 | 237,323 | |||||||
3,883,914 | |||||||||
Metals & Mining - .1% | |||||||||
Freeport-McMoRan | 4,920 | f | 166,837 |
71
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Asset Allocation Fund (continued) | |||||||||
Description | Shares | Value ($) | |||||||
Common Stocks - 24.2% (continued) | |||||||||
Metals & Mining - .1% (continued) | |||||||||
Newmont | 3,695 | 200,934 | |||||||
367,771 | |||||||||
Real Estate - .6% | |||||||||
Alexandria Real Estate Equities | 704 | g | 112,422 | ||||||
American Tower | 1,001 | g | 216,346 | ||||||
Apartment Income REIT | 1,964 | g | 80,288 | ||||||
AvalonBay Communities | 590 | g | 103,693 | ||||||
Crown Castle International | 1,394 | g | 217,116 | ||||||
Digital Realty Trust | 1,013 | g | 136,481 | ||||||
Equinix | 311 | g | 201,634 | ||||||
Equity Residential | 1,390 | g | 90,920 | ||||||
Essex Property Trust | 641 | g | 163,320 | ||||||
Extra Space Storage | 696 | g | 87,487 | ||||||
Federal Realty Investment Trust | 1,140 | g | 115,334 | ||||||
Iron Mountain | 2,760 | g | 96,020 | ||||||
Prologis | 2,419 | g | 239,650 | ||||||
Public Storage | 1,223 | g | 286,109 | ||||||
Regency Centers | 1,970 | g | 107,917 | ||||||
SBA Communications | 344 | g | 87,765 | ||||||
Simon Property Group | 1,240 | g | 140,021 | ||||||
SL Green Realty | 1,372 | g | 94,764 | ||||||
UDR | 3,160 | g | 130,097 | ||||||
Ventas | 1,715 | g | 90,724 | ||||||
Welltower | 1,950 | g | 132,405 | ||||||
Weyerhaeuser | 3,365 | g | 113,973 | ||||||
3,044,486 | |||||||||
Retailing - .7% | |||||||||
AutoZone | 128 | f | 148,470 | ||||||
Best Buy | 700 | 70,245 | |||||||
Dollar General | 999 | 188,801 | |||||||
Dollar Tree | 1,125 | f | 110,475 | ||||||
Domino's Pizza | 138 | 47,818 | |||||||
Expedia Group | 657 | f | 105,777 | ||||||
Lowe's | 3,142 | 501,934 | |||||||
McDonald's | 2,402 | 495,148 | |||||||
O'Reilly Automotive | 271 | f | 121,226 | ||||||
Ross Stores | 1,641 | f | 191,406 | ||||||
Target | 2,038 | 373,851 | |||||||
The Gap | 3,420 | 85,329 | |||||||
The Home Depot | 3,844 | 993,059 | |||||||
The TJX Companies | 2,757 | 181,934 | |||||||
Tractor Supply | 840 | 133,526 | |||||||
3,748,999 | |||||||||
Semiconductors & Semiconductor Equipment - 1.2% | |||||||||
Advanced Micro Devices | 4,585 | f | 387,478 | ||||||
Analog Devices | 1,429 | 222,667 | |||||||
Applied Materials | 3,365 | 397,709 | |||||||
Broadcom | 1,604 | 753,671 | |||||||
Intel | 13,953 | 848,063 |
72
BNY Mellon Asset Allocation Fund (continued) | |||||||||
Description | Shares | Value ($) | |||||||
Common Stocks - 24.2% (continued) | |||||||||
Semiconductors & Semiconductor Equipment - 1.2% (continued) | |||||||||
KLA | 775 | 241,203 | |||||||
Lam Research | 480 | 272,251 | |||||||
Maxim Integrated Products | 1,925 | f | 179,352 | ||||||
Microchip Technology | 1,198 | 182,851 | |||||||
Micron Technology | 1,490 | f | 136,380 | ||||||
NVIDIA | 2,474 | 1,357,187 | |||||||
Qorvo | 750 | f | 131,048 | ||||||
Skyworks Solutions | 913 | 162,350 | |||||||
Texas Instruments | 2,939 | 506,302 | |||||||
Xilinx | 1,198 | 156,099 | |||||||
5,934,611 | |||||||||
Technology Hardware & Equipment - 2.0% | |||||||||
Accenture, Cl. A | 3,505 | 879,404 | |||||||
Apple | 60,707 | 7,361,331 | |||||||
Corning | 3,035 | 116,058 | |||||||
DXC Technology | 2,550 | f | 64,311 | ||||||
F5 Networks | 686 | f | 130,326 | ||||||
FLIR Systems | 1,005 | 53,667 | |||||||
Fortinet | 1,045 | f | 176,448 | ||||||
HP | 5,166 | 149,659 | |||||||
Juniper Networks | 5,265 | 122,569 | |||||||
Keysight Technologies | 945 | f | 133,736 | ||||||
MarketAxess Holdings | 161 | 89,506 | |||||||
Qualcomm | 4,075 | 554,974 | |||||||
Seagate Technology | 2,080 | 152,318 | |||||||
Zebra Technologies, Cl. A | 296 | f | 147,831 | ||||||
10,132,138 | |||||||||
Telecommunication Services - .5% | |||||||||
Arista Networks | 340 | f | 95,146 | ||||||
AT&T | 24,275 | 677,030 | |||||||
Cisco Systems | 10,575 | 474,500 | |||||||
T-Mobile US | 1,669 | f | 200,230 | ||||||
Verizon Communications | 15,928 | 880,818 | |||||||
2,327,724 | |||||||||
Transportation - .4% | |||||||||
CSX | 1,721 | 157,558 | |||||||
FedEx | 795 | 202,328 | |||||||
Norfolk Southern | 2,180 | 549,491 | |||||||
Union Pacific | 3,968 | 817,249 | |||||||
United Parcel Service, Cl. B | 2,610 | 411,936 | |||||||
2,138,562 | |||||||||
Utilities - .6% | |||||||||
American Electric Power | 2,230 | 166,916 | |||||||
CenterPoint Energy | 5,215 | 101,380 | |||||||
Consolidated Edison | 2,945 | 193,339 | |||||||
Dominion Energy | 3,350 | 228,872 | |||||||
DTE Energy | 1,045 | 123,017 | |||||||
Duke Energy | 1,580 | 135,232 | |||||||
Edison International | 3,500 | 188,965 |
73
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Asset Allocation Fund (continued) | |||||||||
Description | Shares | Value ($) | |||||||
Common Stocks - 24.2% (continued) | |||||||||
Utilities - .6% (continued) | |||||||||
Evergy | 3,065 | 164,376 | |||||||
Exelon | 6,025 | 232,565 | |||||||
FirstEnergy | 4,175 | 138,360 | |||||||
NextEra Energy | 6,872 | 504,955 | |||||||
NRG Energy | 2,295 | 83,790 | |||||||
Pinnacle West Capital | 1,735 | 121,329 | |||||||
Public Service Enterprise Group | 2,960 | 159,337 | |||||||
Sempra Energy | 1,011 | 117,256 | |||||||
The AES | 4,010 | 106,506 | |||||||
The Southern Company | 2,920 | 165,622 | |||||||
WEC Energy Group | 1,135 | 91,526 | |||||||
3,023,343 | |||||||||
Total Common Stocks | 120,416,113 | ||||||||
Preferred | |||||||||
Preferred Stocks - .1% | |||||||||
Telecommunication Services - .1% | |||||||||
AT&T, Ser. A | 5.00 | 15,000 | 379,650 | ||||||
1-Day | |||||||||
Investment Companies - 63.1% | |||||||||
Registered Investment Companies - 63.1% | |||||||||
BNY Mellon Corporate Bond Fund, Cl. M | 1,100,024 | h | 15,114,336 | ||||||
BNY Mellon Emerging Markets Fund, Cl. M | 2,460,868 | h | 33,615,451 | ||||||
BNY Mellon Floating Rate Income Fund, Cl. Y | 1,025,628 | h | 11,743,436 | ||||||
BNY Mellon Focused Equity Opportunities Fund, Cl. M | 3,313,103 | h | 59,801,518 | ||||||
BNY Mellon Global Real Estate Securities Fund, CI. Y | 1,067,617 | h | 9,501,791 | ||||||
BNY Mellon High Yield Fund, Cl. I | 1,962,090 | h | 12,027,614 | ||||||
BNY Mellon Income Stock Fund, Cl. M | 1,640,636 | h | 14,946,197 | ||||||
BNY Mellon Intermediate Bond Fund, Cl. M | 2,067,335 | h | 26,813,332 | ||||||
BNY Mellon International Equity Fund, Cl. Y | 863,661 | h | 20,926,512 | ||||||
BNY Mellon International Fund, Cl. M | 18,933 | h | 267,907 | ||||||
BNY Mellon International Small Cap Fund, Cl. Y | 900,734 | h | 13,240,792 | ||||||
BNY Mellon Mid Cap Multi-Strategy Fund, Cl. M | 333,642 | h | 7,323,437 | ||||||
BNY Mellon Research Growth Fund, Cl. Y | 836,792 | h | 17,396,899 | ||||||
BNY Mellon Select Managers Small Cap Growth Fund, Cl. Y | 779,099 | h | 27,252,872 | ||||||
BNY Mellon Select Managers Small Cap Value Fund, Cl. Y | 640,029 | h | 18,336,819 | ||||||
BNY Mellon Small Cap Multi-Strategy Fund, Cl. M | 215,892 | h | 5,606,705 | ||||||
BNY Mellon Small/Mid Cap Multi-Strategy Fund, Cl. M | 1,047,128 | h | 17,172,901 | ||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares | 0.07 | 2,383,911 | h | 2,383,911 | |||||
Total Investment Companies | 313,472,430 |
74
BNY Mellon Asset Allocation Fund (continued) | |||||||||
Description | 1-Day | Shares | Value ($) | ||||||
Investment of Cash Collateral for Securities Loaned - .2% | |||||||||
Registered Investment Companies - .2% | |||||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund, SL Shares | 0.03 | 1,044,525 | h | 1,044,525 | |||||
Total Investments (cost $374,311,414) | 100.3% | 498,181,510 | |||||||
Liabilities, Less Cash and Receivables | (0.3%) | (1,408,914) | |||||||
Net Assets | 100.0% | 496,772,596 |
GO—General Obligation
REIT—Real Estate Investment Trust
a Security, or portion thereof, on loan. At February 28, 2021, the value of the fund’s securities on loan was $3,493,913 and the value of the collateral was $3,553,759, consisting of cash collateral of $1,044,525 and U.S. Government & Agency securities valued at $2,509,234.
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, 2021, these securities were valued at $3,794,654 or .76% of net assets.
c Security is a perpetual bond with no specified maturity date. Maturity date shown is next reset date of the bond.
d The Federal Housing Finance Agency (“FHFA”) placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies.
e Principal amount for accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
f Non-income producing security.
g Investment in real estate investment trust within the United States.
h Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
Portfolio Summary (Unaudited) † | Value (%) |
Investment Companies | 63.3 |
Technology | 6.2 |
Consumer, Non-cyclical | 5.7 |
Financial | 5.3 |
Communications | 4.7 |
Mortgage Securities | 3.8 |
Government | 3.2 |
Consumer, Cyclical | 2.9 |
Industrial | 2.6 |
Energy | 1.1 |
Utilities | .8 |
Basic Materials | .7 |
100.3 |
† Based on net assets.
See notes to financial statements.
75
STATEMENTS OF INVESTMENTS IN AFFILIATED ISSUERS (Unaudited)
Investment Companies | Value | Purchases ($)† | Sales ($) | Net Realized | Net Change in Unrealized | Value | Net | Dividends/ |
BNY Mellon Large Cap Stock Fund | ||||||||
Registered Investment | ||||||||
Dreyfus Institutional | 410,095 | 15,919,600 | (16,329,695) | - | - | - | - | 138 |
Investment of Cash | ||||||||
Dreyfus Institutional | 105,625 | 746,516 | (852,141) | - | - | - | - | 900††† |
Dreyfus Institutional | - | 2,217,849 | (1,908,369) | - | - | 309,480 | .3 | 1,184††† |
Total | 515,720 | 18,883,965 | (19,090,205) | - | - | 309,480 | .3 | 2,222 |
BNY Mellon Tax-Sensitive Large | ||||||||
Registered Investment | ||||||||
BNY Mellon Dynamic | 32,994,617 | 31,000,000 | (1,837,350) | 126,900 | 11,738,566 | 74,022,733 | 17.2 | 1,934,237 |
BNY Mellon Income | 25,200,716 | 14,000,000 | (708,240) | 42,120 | 7,932,689 | 46,467,285 | 10.8 | 421,574 |
BNY Mellon Research | 58,367,569 | 26,750,000 | - | - | 2,437,498 | 87,555,067 | 20.3 | 4,671,100 |
Dreyfus Institutional | 3,814,473 | 29,723,046 | (30,454,377) | - | - | 3,083,142 | .7 | 1,688 |
Investment of Cash | ||||||||
Dreyfus Institutional | 896 | 270,014 | (270,910) | - | - | - | - | 937††† |
Dreyfus Institutional | - | 205,438 | (205,438) | - | - | - | - | 2,794††† |
Total | 120,378,271 | 101,948,498 | (33,476,315) | 169,020 | 22,108,753 | 211,128,227 | 49.0 | 7,032,330 |
76
Investment Companies | Value | Purchases ($)† | Sales ($) | Net Realized | Net Change in Unrealized | Value | Net | Dividends/ | |||||
BNY Mellon Income Stock Fund | |||||||||||||
Registered Investment | |||||||||||||
Dreyfus Institutional | 14,827,164 | 172,619,792 | (175,560,260) | - | - | 11,886,696 | 2.1 | 5,963 | |||||
Investment of Cash | |||||||||||||
Dreyfus Institutional | 18,170,487 | 13,918,942 | (32,089,429) | - | - | - | - | 6,037††† | |||||
Dreyfus Institutional | - | 44,881,419 | (36,079,690) | - | - | 8,801,729 | 1.5 | 8,497††† | |||||
Total | 32,997,651 | 231,420,153 | (243,729,379) | - | - | 20,688,425 | 3.6 | 20,497 | |||||
BNY Mellon Mid Cap | |||||||||||||
Registered Investment | |||||||||||||
Dreyfus Institutional | 30,699,298 | 221,194,186 | (226,299,697) | - | - | 25,593,787 | .9 | 13,803 | |||||
Investment of Cash | |||||||||||||
Dreyfus Institutional | 18,657,425 | 49,151,787 | (67,809,212) | - | - | - | - | 56,782††† | |||||
Dreyfus Institutional | - | 138,443,586 | (117,398,985) | - | - | 21,044,601 | .8 | 212,096††† | |||||
Total | 49,356,723 | 408,789,559 | (411,507,894) | - | - | 46,638,388 | 1.7 | 282,681 | |||||
BNY Mellon Small Cap | |||||||||||||
Registered Investment | |||||||||||||
Dreyfus Institutional | 14,108,238 | 148,860,475 | (137,080,761) | - | - | 25,887,952 | 3.0 | 8,981 | |||||
Investment of Cash | |||||||||||||
Dreyfus Institutional | 16,027,508 | 31,718,281 | (47,745,789) | - | - | - | - | 67,213††† | |||||
Dreyfus Institutional | - | 81,658,428 | (59,098,637) | - | - | 22,559,791 | 2.7 | 376,169††† | |||||
Total | 30,135,746 | 262,237,184 | (243,925,187) | - | - | 48,447,743 | 5.7 | 452,363 |
77
STATEMENTS OF INVESTMENTS IN AFFILIATED ISSUERS (Unaudited) (continued)
Investment Companies | Value | Purchases ($)† | Sales ($) | Net Realized | Net Change in Unrealized | Value | Net | Dividends/ |
BNY Mellon Focused Equity Opportunities Fund | ||||||||
Registered Investment | ||||||||
Dreyfus Institutional | - | 23,983,504 | (20,392,580) | - | - | 3,590,924 | .8 | 263 |
BNY Mellon Small/Mid Cap | ||||||||
Registered Investment | ||||||||
Dreyfus Institutional | 3,336,461 | 16,948,697 | (18,479,439) | - | - | 1,805,719 | 1.7 | 1,150 |
Investment of Cash | ||||||||
Dreyfus Institutional | 5,021,330 | 12,910,286 | (17,931,616) | - | - | - | - | 6,919††† |
Dreyfus Institutional | - | 16,791,840 | (14,326,071) | 2,465,769 | 2.3 | 20,264††† | ||
Total | 8,357,791 | 46,650,823 | (50,737,126) | - | - | 4,271,488 | 4.0 | 28,333 |
BNY Mellon | ||||||||
Registered Investment | ||||||||
Dreyfus Institutional | 693,349 | 60,016,208 | (56,448,701) | - | - | 4,260,856 | .7 | 1,298 |
Investment of Cash | ||||||||
Dreyfus Institutional | 91,080 | 4,016,271 | (4,107,351) | - | - | - | - | 1,778††† |
Dreyfus Institutional | - | 6,952,707 | (2,237,044) | - | - | 4,715,663 | .8 | 4,675††† |
Total | 784,429 | 70,985,186 | (62,793,096) | - | - | 8,976,519 | 1.5 | 7,751 |
78
Investment Companies | Value | Purchases ($)† | Sales ($) | Net Realized | Net Change in Unrealized | Value | Net | Dividends/ |
BNY Mellon Emerging | ||||||||
Registered Investment | ||||||||
Dreyfus Institutional | 6,823,602 | 100,830,638 | (95,471,062) | - | - | 12,183,178 | 1.2 | 3,761 |
Investment of Cash | - | |||||||
Dreyfus Institutional | - | 29,878,642 | (29,878,642) | - | - | - | - | 2,454††† |
Dreyfus Institutional | - | 58,956,263 | (40,575,829) | - | - | 18,380,434 | 1.9 | 13,946††† |
Total | 6,823,602 | 189,665,543 | (165,925,533) | - | - | 30,563,612 | 3.1 | 20,161 |
BNY Mellon International | ||||||||
Registered Investment | ||||||||
Dreyfus Institutional | - | 12,776,948 | (12,066,504) | - | - | 710,444 | .7 | 111 |
Investment of Cash | ||||||||
Dreyfus Institutional | 256,238 | 154,405 | (410,643) | - | - | - | - | 2,227††† |
Dreyfus Institutional | - | 1,353,232 | (1,353,232) | - | - | - | - | 1,651††† |
Total | 256,238 | 14,284,585 | (13,830,379) | - | - | 710,444 | .7 | 3,989 |
BNY Mellon Asset Allocation Fund | ||||||||
Registered Investment | ||||||||
BNY Mellon Corporate Bond Fund, Cl. M | 14,795,416 | 265,650 | - | - | 53,270 | 15,114,336 | 3.0 | 265,650 |
BNY Mellon Dynamic Total Return Fund, Cl. Y | 9,012,146 | - | (9,055,163) | 956,960 | (913,943) | - | - | - |
BNY Mellon Emerging Markets Fund, Cl. M | 23,273,918 | 4,873,444 | - | - | 5,468,089 | 33,615,451 | 6.8 | 373,444 |
BNY Mellon Floating Rate Income Fund, Cl. Y | 11,144,668 | 262,084 | - | - | 336,684 | 11,743,436 | 2.4 | 262,083 |
79
STATEMENTS OF INVESTMENTS IN AFFILIATED ISSUERS (Unaudited) (continued)
Investment Companies | Value | Purchases ($)† | Sales ($) | Net Realized | Net Change in Unrealized | Value | Net | Dividends/ |
BNY Mellon Asset | ||||||||
Registered Investment | ||||||||
BNY Mellon Focused Equity Opportunities Fund, Cl. M | 56,797,985 | 4,251,463 | (1,987,962) | 170,678 | 569,354 | 59,801,518 | 12.0 | 4,251,463 |
BNY Mellon Global Real Estate Securities Fund, Cl. Y | 8,437,467 | 100,109 | - | - | 964,215 | 9,501,791 | 1.9 | 100,109 |
BNY Mellon High Yield | 11,477,447 | 297,590 | - | - | 252,577 | 12,027,614 | 2.4 | 297,801 |
BNY Mellon Income Stock Fund, Cl. M | 11,907,126 | 148,981 | - | - | 2,890,090 | 14,946,197 | 3.0 | 148,981 |
BNY Mellon Intermediate Bond Fund, Cl. M | 26,844,583 | 256,978 | - | - | (288,229) | 26,813,332 | 5.4 | 256,978 |
BNY Mellon | 13,570,103 | 4,808,644 | - | - | 2,547,765 | 20,926,512 | 4.2 | 308,644 |
BNY Mellon International Fund, Cl. M | 236,675 | 5,715 | - | - | 25,517 | 267,907 | .1 | 5,715 |
BNY Mellon International | 11,436,967 | 51,669 | - | - | 1,752,156 | 13,240,792 | 2.7 | 51,668 |
BNY Mellon Mid Cap Multi-Strategy Fund, Cl M | 14,784,295 | 1,160,138 | (10,252,498) | 4,952,738 | (3,321,236) | 7,323,437 | 1.5 | 1,160,138 |
BNY Mellon Research | 16,450,800 | 927,798 | (508,323) | 81,081 | 445,543 | 17,396,899 | 3.5 | 927,798 |
BNY Mellon Select | 20,545,849 | 1,806,386 | - | - | 4,900,637 | 27,252,872 | 5.5 | 1,806,386 |
BNY Mellon Select | 12,958,579 | 722,414 | - | - | 4,655,826 | 18,336,819 | 3.7 | 722,415 |
BNY Mellon Small Cap Multi-Strategy Fund, Cl M | 4,136,771 | 31,133 | - | - | 1,438,801 | 5,606,705 | 1.1 | 31,133 |
BNY Mellon Small/Mid Cap Multi-Strategy Fund, Cl M | 13,608,031 | 1,791,585 | - | - | 1,773,285 | 17,172,901 | 3.4 | 1,791,585 |
Dreyfus Institutional | 8,738,444 | 27,379,743 | (33,734,276) | - | - | 2,383,911 | .5 | 2,356 |
80
Investment Companies | Value | Purchases ($)† | Sales ($) | Net Realized | Net Change in Unrealized | Value | Net | Dividends/ |
BNY Mellon Asset | ||||||||
Investment of Cash | ||||||||
Dreyfus Institutional | 565,050 | 1,069,306 | (1,634,356) | - | - | - | - | 316††† |
Dreyfus Institutional | - | 5,707,114 | (4,662,589) | - | - | 1,044,525 | .2 | 499††† |
Total | 290,722,320 | 55,917,945 | (61,835,168) | 6,161,457 | 23,550,401 | 315,516,955 | 63.3 | 12,765,162 |
† Includes reinvested dividends/distributions.
†† Effective November 9, 2020, cash collateral for ssecurities lending was transferred from Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares to Dreyfus Institutional Preferred Government Plus Money Market Fund, SL Shares.
††† Represents securities lending income earned from reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.
See notes to financial statements
81
STATEMENT OF OPTIONS WRITTEN
February 28, 2021 (Unaudited)
BNY Mellon Income Stock Fund | ||||||
Description/ Contracts | Exercise Price | Expiration Date | Notional Amount | Value ($) | ||
Call Options: | ||||||
Ally Financial Inc, | 47 | 3/19/2021 | 3,271,200 | (13,224) | ||
Applied Materials Inc, | 125 | 3/19/2021 | 3,337,500 | (79,566) | ||
Carrier Global Corp, | 45 | 3/19/2021 | 1,611,000 | (2,506) | ||
Clearway Energy Inc, | 40 | 5/21/2021 | 1,668,000 | (7,089) | ||
Las Vegas Sands Corp, | 62.5 | 3/19/2021 | 1,650,000 | (78,408) | ||
Nextera Energy Partners Lp, | 95 | 3/19/2021 | 1,605,500 | (2,535) | ||
Qualcomm Inc, | 195 | 4/16/2021 | 3,412,500 | (9,625) | ||
Total Options Written (premiums received $284,058) | (192,953) |
See notes to financial statements.
82
STATEMENTS OF ASSETS AND LIABILITIES
February 28, 2021 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BNY Mellon Large Cap Stock Fund |
| BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund |
| BNY Mellon Income Stock Fund |
|
|
Assets ($): |
|
|
|
|
|
|
|
|
|
|
Investments in securities—See Statements |
|
|
|
|
|
|
|
|
|
|
Unaffiliated issuers |
|
|
| 105,425,172 |
| 219,947,449 |
| 549,485,325 |
|
|
Affiliated issuers |
|
|
| 309,480 |
| 211,128,227 |
| 20,688,425 |
|
|
Receivable for investment securities sold |
|
|
| 3,319,691 |
| - |
| 10,845,750 |
|
|
Dividends receivable |
|
|
| 116,961 |
| 347,932 |
| 1,186,724 |
|
|
Securities lending receivable |
|
|
| 261 |
| 1,199 |
| 2,848 |
|
|
Receivable for shares of Beneficial |
|
|
| - |
| 36,655 |
| 249,232 |
|
|
Tax reclaim receivable |
|
|
| - |
| - |
| 42,167 |
|
|
Prepaid expenses |
|
|
| 16,846 |
| 15,365 |
| 38,432 |
|
|
|
|
|
| 109,188,411 |
| 431,476,827 |
| 582,538,903 |
|
|
Liabilities ($): |
|
|
|
|
|
|
|
|
|
|
Due to BNY Mellon Investment Adviser, Inc. |
|
|
| 81,543 |
| 174,932 |
| 351,770 |
|
|
Cash overdraft due to Custodian |
|
|
| 407,848 |
| - |
| 811,530 |
|
|
Payable for investment securities purchased |
|
|
| 2,147,758 |
| - |
| 7,998,062 |
|
|
Payable for shares of Beneficial |
|
|
| 2,025,235 |
| 147,427 |
| 603,552 |
|
|
Liability for securities on loan—Note 1(c) |
|
|
| 309,480 |
| - |
| 8,801,729 |
|
|
Trustees’ fees and expenses payable |
|
|
| 5,095 |
| 7,973 |
| 11,158 |
|
|
Interest payable—Note 2 |
|
|
| 40 |
| - |
| - |
|
|
Outstanding options written, at value††† |
|
|
| - |
| - |
| 192,953 |
|
|
Other accrued expenses |
|
|
| 38,658 |
| 39,887 |
| 47,147 |
|
|
|
|
|
| 5,015,657 |
| 370,219 |
| 18,817,901 |
|
|
Net Assets ($) |
|
|
| 104,172,754 |
| 431,106,608 |
| 563,721,002 |
|
|
Composition of Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
Paid-in capital |
|
|
| 41,601,833 |
| 234,017,960 |
| 417,754,107 |
|
|
Total distributable earnings (loss) |
|
|
| 62,570,921 |
| 197,088,648 |
| 145,966,895 |
|
|
Net Assets ($) |
|
|
| 104,172,754 |
| 431,106,608 |
| 563,721,002 |
|
|
† Investments at cost ($) |
|
|
|
|
|
|
|
|
|
|
Unaffiliated issuers |
|
|
| 66,070,840 |
| 82,265,365 |
| 401,922,542 |
|
|
Affiliated issuers |
|
|
| 309,480 |
| 169,201,412 |
| 20,688,425 |
|
|
†† Value of securities on loan ($) |
|
|
| 2,874,397 |
| 7,040,786 |
| 27,909,971 |
|
|
††† Outstanding options premiums received ($) |
|
|
| - |
| - |
| 284,058 |
|
|
83
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BNY Mellon Large Cap Stock Fund |
| BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund |
| BNY Mellon Income Stock Fund |
|
|
Net Asset Value Per Share |
|
|
|
|
|
|
|
|
|
|
Class M |
|
|
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| 95,879,791 |
| 419,851,260 |
| 539,776,013 |
|
|
Shares Outstanding |
|
|
| 17,812,273 |
| 22,110,647 |
| 59,253,458 |
|
|
Net Asset Value Per Share ($) |
|
|
| 5.38 |
| 18.99 |
| 9.11 |
|
|
Investor Shares |
|
|
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| 8,292,963 |
| 11,255,348 |
| 13,151,271 |
|
|
Shares Outstanding |
|
|
| 1,539,930 |
| 575,720 |
| 1,422,345 |
|
|
Net Asset Value Per Share ($) |
|
|
| 5.39 |
| 19.55 |
| 9.25 |
|
|
Class A |
|
|
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| - |
| - |
| 1,173,198 |
|
|
Shares Outstanding |
|
|
| - |
| - |
| 128,672 |
|
|
Net Asset Value Per Share ($) |
|
|
| - |
| - |
| 9.12 |
|
|
Class C |
|
|
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| - |
| - |
| 653,520 |
|
|
Shares Outstanding |
|
|
| - |
| - |
| 71,930 |
|
|
Net Asset Value Per Share ($) |
|
|
| - |
| - |
| 9.09 |
|
|
Class I |
|
|
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| - |
| - |
| 8,287,889 |
|
|
Shares Outstanding |
|
|
| - |
| - |
| 909,471 |
|
|
Net Asset Value Per Share ($) |
|
|
| - |
| - |
| 9.11 |
|
|
Class Y |
|
|
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| - |
| - |
| 679,111 |
|
|
Shares Outstanding |
|
|
| - |
| - |
| 74,607 |
|
|
Net Asset Value Per Share ($) |
|
|
| - |
| - |
| 9.10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements. |
|
|
|
|
|
|
|
|
|
|
84
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BNY Mellon Mid Cap Multi-Strategy Fund |
| BNY Mellon Small Cap Multi-Strategy Fund |
| BNY Mellon Focused Equity Opportunities Fund |
| BNY Mellon Small/Mid Cap Multi-Strategy Fund |
|
|
Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
Investments in securities—See Statements |
|
|
|
|
|
|
|
|
|
|
|
|
Unaffiliated issuers |
|
|
| 2,785,839,834 |
| 823,511,792 |
| 430,883,434 |
| 107,423,846 |
|
|
Affiliated issuers |
|
|
| 46,638,388 |
| 48,447,743 |
| 3,590,924 |
| 4,271,488 |
|
|
Cash |
|
|
| 516,574 |
| 130,750 |
| - |
| - |
|
|
Receivable for investment securities sold |
|
|
| 8,470,986 |
| 1,426,019 |
| - |
| 194,560 |
|
|
Dividends receivable |
|
|
| 2,140,686 |
| 307,933 |
| 436,710 |
| 53,290 |
|
|
Receivable for shares of Beneficial |
|
|
| 1,187,268 |
| 6,753,502 |
| 199,500 |
| - |
|
|
Securities lending receivable |
|
|
| 33,774 |
| 113,675 |
| 1,398 |
| 10,203 |
|
|
Tax reclaim receivable |
|
|
| - |
| 852 |
| - |
| - |
|
|
Prepaid expenses |
|
|
| 40,662 |
| 28,422 |
| 19,729 |
| 16,793 |
|
|
|
|
|
| 2,844,868,172 |
| 880,720,688 |
| 435,131,695 |
| 111,970,180 |
|
|
Liabilities ($): |
|
|
|
|
|
|
|
|
|
|
|
|
Due to BNY Mellon Investment Adviser, Inc. |
|
|
| 1,957,973 |
| 656,207 |
| 285,474 |
| 86,765 |
|
|
Liability for securities on loan—Note 1(c) |
|
|
| 21,044,601 |
| 22,559,791 |
| - |
| 2,465,769 |
|
|
Payable for investment securities purchased |
|
|
| 15,238,157 |
| 2,806,422 |
| - |
| 270,042 |
|
|
Payable for shares of Beneficial |
|
|
| 1,151,948 |
| 291,187 |
| 569,916 |
| 100,350 |
|
|
Trustees’ fees and expenses payable |
|
|
| 56,968 |
| 14,116 |
| 10,298 |
| 5,067 |
|
|
Interest payable—Note 2 |
|
|
| - |
| - |
| 135 |
| - |
|
|
Other accrued expenses |
|
|
| 96,787 |
| 43,767 |
| 45,966 |
| 41,409 |
|
|
|
|
|
| 39,546,434 |
| 26,371,490 |
| 911,789 |
| 2,969,402 |
|
|
Net Assets ($) |
|
|
| 2,805,321,738 |
| 854,349,198 |
| 434,219,906 |
| 109,000,778 |
|
|
Composition of Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
Paid-in capital |
|
|
| 1,297,729,747 |
| 545,318,541 |
| 243,479,668 |
| 24,787,944 |
|
|
Total distributable earnings (loss) |
|
|
| 1,507,591,991 |
| 309,030,657 |
| 190,740,238 |
| 84,212,834 |
|
|
Net Assets ($) |
|
|
| 2,805,321,738 |
| 854,349,198 |
| 434,219,906 |
| 109,000,778 |
|
|
† Investments at cost ($) |
|
|
|
|
|
|
|
|
|
|
|
|
Unaffiliated issuers |
|
|
| 1,393,135,384 |
| 562,050,971 |
| 263,120,824 |
| 62,975,708 |
|
|
Affiliated issuers |
|
|
| 46,638,388 |
| 48,447,743 |
| 3,590,924 |
| 4,271,488 |
|
|
†† Value of securities on loan ($) |
|
|
| 234,943,427 |
| 144,346,279 |
| 15,316,717 |
| 21,497,989 |
|
|
Net Asset Value Per Share |
|
|
|
|
|
|
|
|
|
|
|
|
Class M |
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| 2,664,129,239 |
| 825,246,883 |
| 425,111,981 |
| 107,378,276 |
|
|
Shares Outstanding |
|
|
| 121,354,370 |
| 31,773,364 |
| 23,549,131 |
| 6,545,243 |
|
|
Net Asset Value Per Share ($) |
|
|
| 21.95 |
| 25.97 |
| 18.05 |
| 16.41 |
|
|
Investor Shares |
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| 141,192,499 |
| 29,102,315 |
| 9,107,925 |
| 1,622,502 |
|
|
Shares Outstanding |
|
|
| 6,564,546 |
| 1,194,869 |
| 511,994 |
| 101,943 |
|
|
Net Asset Value Per Share ($) |
|
|
| 21.51 |
| 24.36 |
| 17.79 |
| 15.92 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements. |
|
|
|
|
|
|
|
|
|
|
|
|
85
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BNY Mellon International Fund |
| BNY Mellon Emerging Markets Fund |
| BNY Mellon International Equity Income Fund |
| BNY Mellon Asset Allocation Fund |
|
|
Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
Investments in securities—See Statements |
|
|
|
|
|
|
|
|
|
|
|
|
Unaffiliated issuers |
|
|
| 586,764,008 |
| 959,811,404 |
| 95,406,505 |
| 183,664,555 |
|
|
Affiliated issuers |
|
|
| 8,976,519 |
| 30,563,612 |
| 710,444 |
| 314,516,955 |
|
|
Cash denominated in foreign currency††† |
|
|
| 1,715,586 |
| 6,075,870 |
| 328,503 |
| - |
|
|
Tax reclaim receivable |
|
|
| 2,266,815 |
| 160,035 |
| 826,741 |
| - |
|
|
Receivable for investment securities sold |
|
|
| 2,235,023 |
| - |
| - |
| 348,263 |
|
|
Dividends receivable |
|
|
| 733,549 |
| 2,531,263 |
| 386,356 |
| 280,341 |
|
|
Receivable for shares of Beneficial |
|
|
| 587,107 |
| 3,462,349 |
| 23,267 |
| 138,163 |
|
|
Securities lending receivable |
|
|
| 93 |
| 6,314 |
| 13 |
| 114 |
|
|
Interest receivable |
|
|
| - |
| - |
| - |
| 446,303 |
|
|
Prepaid expenses |
|
|
| 20,640 |
| 24,969 |
| 21,253 |
| 19,700 |
|
|
|
|
|
| 603,299,340 |
| 1,002,635,816 |
| 97,703,082 |
| 499,414,394 |
|
|
Liabilities ($): |
|
|
|
|
|
|
|
|
|
|
|
|
Due to BNY Mellon Investment Adviser, Inc. |
|
|
| 488,010 |
| 1,191,562 |
| 117,403 |
| 156,438 |
|
|
Cash overdraft due to Custodian |
|
|
| - |
| - |
| - |
| 302,624 |
|
|
Liability for securities on loan—Note 1(c) |
|
|
| 4,715,663 |
| 18,380,434 |
| - |
| 1,044,525 |
|
|
Payable for investment securities purchased |
|
|
| 2,424,277 |
| - |
| - |
| 919,836 |
|
|
Payable for shares of Beneficial |
|
|
| 267,884 |
| 732,759 |
| 8,993 |
| 153,721 |
|
|
Trustees’ fees and expenses payable |
|
|
| 15,316 |
| 17,163 |
| 2,119 |
| 11,847 |
|
|
Foreign capital gains tax payable |
|
|
| - |
| 194,609 |
| - |
| - |
|
|
Interest payable—Note 2 |
|
|
| - |
| - |
| 81 |
| - |
|
|
Other accrued expenses |
|
|
| 55,983 |
| 56,314 |
| 39,007 |
| 52,807 |
|
|
|
|
|
| 7,967,133 |
| 20,572,841 |
| 167,603 |
| 2,641,798 |
|
|
Net Assets ($) |
|
|
| 595,332,207 |
| 982,062,975 |
| 97,535,479 |
| 496,772,596 |
|
|
Composition of Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
Paid-in capital |
|
|
| 616,970,810 |
| 1,032,312,623 |
| 161,762,706 |
| 357,548,436 |
|
|
Total distributable earnings (loss) |
|
|
| (21,638,603) |
| (50,249,648) |
| (64,227,227) |
| 139,224,160 |
|
|
Net Assets ($) |
|
|
| 595,332,207 |
| 982,062,975 |
| 97,535,479 |
| 496,772,596 |
|
|
† Investments at cost ($) |
|
|
|
|
|
|
|
|
|
|
|
|
Unaffiliated issuers |
|
|
| 539,361,245 |
| 567,087,464 |
| 77,848,836 |
| 131,619,881 |
|
|
Affiliated issuers |
|
|
| 8,976,519 |
| 30,563,612 |
| 710,444 |
| 242,691,533 |
|
|
†† Value of securities on loan ($) |
|
|
| 1,866,027 |
| 20,893,387 |
| 195,608 |
| 3,493,913 |
|
|
††† Cash denominated in foreign |
|
|
| 1,712,580 |
| 6,196,307 |
| 331,002 |
| - |
|
|
Net Asset Value Per Share |
|
|
|
|
|
|
|
|
|
|
|
|
Class M |
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| 580,002,502 |
| 954,719,030 |
| 96,656,933 |
| 490,420,530 |
|
|
Shares Outstanding |
|
|
| 40,982,107 |
| 69,884,225 |
| 7,500,694 |
| 35,307,309 |
|
|
Net Asset Value Per Share ($) |
|
|
| 14.15 |
| 13.66 |
| 12.89 |
| 13.89 |
|
|
Investor Shares |
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| 15,329,705 |
| 27,343,945 |
| 878,546 |
| 6,352,066 |
|
|
Shares Outstanding |
|
|
| 1,011,976 |
| 1,947,974 |
| 67,271 |
| 452,995 |
|
|
Net Asset Value Per Share ($) |
|
|
| 15.15 |
| 14.04 |
| 13.06 |
| 14.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements. |
|
|
|
|
|
|
|
|
|
|
|
|
86
STATEMENTS OF OPERATIONS
Six Months Ended February 28, 2021 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BNY Mellon Large Cap Stock Fund |
| BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund |
| BNY Mellon Income Stock Fund |
|
Investment Income ($): |
|
|
|
|
|
|
|
| ||
Income: |
|
|
|
|
|
|
|
| ||
Cash dividends: |
|
|
|
|
|
|
|
| ||
Unaffiliated issuers |
|
| 1,083,795 |
| 1,771,611 |
| 8,190,428 |
| ||
Affiliated issuers |
|
| 138 |
| 988,837 |
| 5,963 |
| ||
Income from securities lending—Note 1(c) |
|
| 2,084 |
| 3,731 |
| 14,534 |
| ||
Interest |
|
| - |
| 1 |
| - |
| ||
Total Income |
|
| 1,086,017 |
| 2,764,180 |
| 8,210,925 |
| ||
Expenses: |
|
|
|
|
|
|
|
| ||
Investment advisory fee—Note 3(a) |
|
| 433,896 |
| 881,762 |
| 1,843,790 |
| ||
Administration fee—Note 3(a) |
|
| 82,871 |
| 134,816 |
| 351,984 |
| ||
Professional fees |
|
| 18,740 |
| 22,032 |
| 38,000 |
| ||
Custodian fees—Note 3(b) |
|
| 18,369 |
| 1,362 |
| 7,364 |
| ||
Registration fees |
|
| 15,934 |
| 16,657 |
| 46,189 |
| ||
Shareholder servicing costs—Note 3(b) |
|
| 9,843 |
| 12,071 |
| 22,363 |
| ||
Trustees’ fees and expenses—Note 3(c) |
|
| 7,806 |
| 18,368 |
| 25,199 |
| ||
Chief Compliance Officer fees—Note 3(b) |
|
| 7,299 |
| 10,219 |
| 7,299 |
| ||
Prospectus and shareholders’ reports |
|
| 4,976 |
| 4,632 |
| 5,811 |
| ||
Loan commitment fees—Note 2 |
|
| 4,069 |
| 8,905 |
| 17,017 |
| ||
Interest expense—Note 2 |
|
| 1,206 |
| - |
| 1,298 |
| ||
Distribution fees—Note 3(b) |
|
| - |
| - |
| 2,712 |
| ||
Miscellaneous |
|
| 10,405 |
| 12,576 |
| 14,185 |
| ||
Total Expenses |
|
| 615,414 |
| 1,123,400 |
| 2,383,211 |
| ||
Less—reduction in expenses due to undertakings—Note 3(a) |
|
| - |
| - |
| (631) |
| ||
Net Expenses |
|
| 615,414 |
| 1,123,400 |
| 2,382,580 |
| ||
Investment Income—Net |
|
| 470,603 |
| 1,640,780 |
| 5,828,345 |
| ||
Realized and Unrealized Gain (Loss) |
|
|
|
|
|
| ||||
Net realized gain (loss) on investments: |
|
|
|
|
|
| ||||
Unaffiliated issuers |
|
|
| 22,929,400 |
| 12,088,269 |
| 29,958,896 |
| |
Affiliated issuers |
|
|
| - |
| 169,020 |
| - |
| |
Net realized gain (loss) on options transactions |
|
| - |
| - |
| 126,487 |
| ||
Capital gain distributions from affiliated issuers |
|
| - |
| 6,039,762 |
| - |
| ||
Net Realized Gain (Loss) |
|
| 22,929,400 |
| 18,297,051 |
| 30,085,383 |
| ||
Net change in unrealized appreciation (depreciation) |
|
|
|
|
|
|
|
| ||
Unaffiliated issuers |
|
|
| (13,993,660) |
| 6,358,798 |
| 92,587,296 |
| |
Affiliated issuers |
|
|
| - |
| 22,108,753 |
| - |
| |
Net change in unrealized appreciation (depreciation) on options transactions |
|
| - |
| - |
| 113,603 |
| ||
Net Change in Unrealized Appreciation (Depreciation) |
|
| (13,993,660) |
| 28,467,551 |
| 92,700,899 |
| ||
Net Realized and Unrealized Gain (Loss) on Investments |
|
| 8,935,740 |
| 46,764,602 |
| 122,786,282 |
| ||
Net Increase in Net Assets Resulting from Operations |
| 9,406,343 |
| 48,405,382 |
| 128,614,627 |
| |||
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements. |
87
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 |
|
| 15,907,685 | † | 2,326,817 | † | 3,412,857 |
| 511,803 | † | ||
Affiliated issuers |
|
| 13,803 |
| 8,981 |
| 263 |
| 1,150 |
| ||
Income from securities lending—Note 1(c) |
|
| 268,878 |
| 443,382 |
| 8,759 |
| 27,183 |
| ||
Interest |
|
| 708 |
| 27 |
| - |
| 27 |
| ||
Total Income |
|
| 16,191,074 |
| 2,779,207 |
| 3,421,879 |
| 540,163 |
| ||
Expenses: |
|
|
|
|
|
|
|
|
|
| ||
Investment advisory fee—Note 3(a) |
|
| 9,884,869 |
| 2,700,229 |
| 1,516,179 |
| 536,233 |
| ||
Administration fee—Note 3(a) |
|
| 1,635,074 |
| 393,790 |
| 268,766 |
| 88,830 |
| ||
Shareholder servicing costs—Note 3(b) |
|
| 159,051 |
| 30,696 |
| 10,544 |
| 2,691 |
| ||
Trustees’ fees and expenses—Note 3(c) |
|
| 134,161 |
| 30,700 |
| 22,663 |
| 7,934 |
| ||
Loan commitment fees—Note 2 |
|
| 62,659 |
| 15,471 |
| 8,659 |
| 4,376 |
| ||
Professional fees |
|
| 52,482 |
| 23,992 |
| 26,740 |
| 18,843 |
| ||
Custodian fees—Note 3(b) |
|
| 32,727 |
| 23,317 |
| 5,848 |
| 10,862 |
| ||
Registration fees |
|
| 23,502 |
| 20,431 |
| 17,730 |
| 15,539 |
| ||
Chief Compliance Officer fees—Note 3(b) |
|
| 11,679 |
| 7,299 |
| 7,299 |
| 7,299 |
| ||
Prospectus and shareholders’ reports |
|
| 10,409 |
| 7,110 |
| 691 |
| 1,326 |
| ||
Interest expense—Note 2 |
|
| - |
| - |
| 1,989 |
| - |
| ||
Miscellaneous |
|
| 38,804 |
| 18,576 |
| 10,761 |
| 9,266 |
| ||
Total Expenses |
|
| 12,045,417 |
| 3,271,611 |
| 1,897,869 |
| 703,199 |
| ||
Investment Income—Net |
|
| 4,145,657 |
| (492,404) |
| 1,524,010 |
| (163,036) |
| ||
Realized and Unrealized Gain (Loss) |
|
|
|
|
|
|
|
| ||||
Net realized gain (loss) on investments | 181,043,671 |
| 63,345,335 |
| 29,648,826 |
| 46,465,834 |
| ||||
Net change in unrealized appreciation (depreciation) |
|
| 363,469,961 |
| 137,302,917 |
| 6,519,046 |
| (16,027,859) |
| ||
Net Realized and Unrealized Gain (Loss) on Investments |
|
| 544,513,632 |
| 200,648,252 |
| 36,167,872 |
| 30,437,975 |
| ||
Net Increase in Net Assets Resulting from Operations |
| 548,659,289 |
| 200,155,848 |
| 37,691,882 |
| 30,274,939 |
| |||
† Net of foreign taxes withheld at source ($) |
|
| 23,540 |
| 8,165 |
| - |
| 2,054 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements. |
88
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BNY Mellon International Fund |
| BNY Mellon Emerging Markets Fund |
| BNY Mellon International Equity Income Fund |
| BNY Mellon Asset Allocation Fund |
|
Investment Income ($): |
|
|
|
|
|
|
|
|
|
| ||
Income: |
|
|
|
|
|
|
|
|
|
| ||
Dividends: |
|
|
|
|
|
|
|
|
|
| ||
Unaffiliated issuers |
|
| 4,683,711 | † | 7,103,409 | † | 1,704,542 | † | 1,072,781 |
| ||
Affiliated issuers |
|
| 1,298 |
| 3,761 |
| 111 |
| 2,642,893 |
| ||
Income from securities lending—Note 1(c) |
|
| 6,453 |
| 16,400 |
| 3,878 |
| 815 |
| ||
Interest |
|
| - |
| - |
| - |
| 747,082 |
| ||
Total Income |
|
| 4,691,462 |
| 7,123,570 |
| 1,708,531 |
| 4,463,571 |
| ||
Expenses: |
|
|
|
|
|
|
|
|
|
| ||
Investment advisory fee—Note 3(a) |
|
| 2,450,191 |
| 4,995,404 |
| 431,868 |
| 728,871 |
| ||
Administration fee—Note 3(a) |
|
| 353,601 |
| 532,021 |
| 62,378 |
| 111,589 |
| ||
Custodian fees—Note 3(b) |
|
| 47,675 |
| 298,754 |
| 51,949 |
| 6,231 |
| ||
Professional fees |
|
| 29,037 |
| 47,884 |
| 22,299 |
| 27,208 |
| ||
Trustees’ fees and expenses—Note 3(c) |
|
| 27,162 |
| 43,779 |
| 4,228 |
| 23,726 |
| ||
Shareholder servicing costs—Note 3(b) |
|
| 19,782 |
| 31,099 |
| 1,027 |
| 7,826 |
| ||
Registration fees |
|
| 18,138 |
| 19,542 |
| 16,175 |
| 17,490 |
| ||
Loan commitment fees—Note 2 |
|
| 12,979 |
| 23,613 |
| 2,772 |
| 12,173 |
| ||
Chief Compliance Officer fees—Note 3(b) |
|
| 7,299 |
| 7,299 |
| 7,299 |
| 8,759 |
| ||
Prospectus and shareholders’ reports |
|
| 4,591 |
| 5,245 |
| 3,548 |
| 4,679 |
| ||
Interest expense—Note 2 |
|
| - |
| - |
| 723 |
| - |
| ||
Miscellaneous |
|
| 17,670 |
| 26,686 |
| 12,180 |
| 22,534 |
| ||
Total Expenses |
|
| 2,988,125 |
| 6,031,326 |
| 616,446 |
| 971,086 |
| ||
Less—reduction in expenses due to undertakings—Note 3(a) |
|
| - |
| - |
| - |
| (184,897) |
| ||
Net Expenses |
|
| 2,988,125 |
| 6,031,326 |
| 616,446 |
| 786,189 |
| ||
Investment Income—Net |
|
| 1,703,337 |
| 1,092,244 |
| 1,092,085 |
| 3,677,382 |
| ||
Realized and Unrealized Gain (Loss) |
|
|
|
|
|
|
|
| ||||
Net realized gain (loss) on investments |
|
|
|
|
|
|
|
| ||||
Unaffiliated issuers |
|
|
| 14,678,805 |
| 25,435,044 |
| (2,779,603) |
| 2,181,950 |
| |
Affiliated issuers |
|
|
| - |
| - |
| - |
| 6,161,457 |
| |
Net realized gain (loss) on forward foreign | 9,810 |
| (51,682) |
| (9,071) |
| - |
| ||||
Capital gain distributions from affiliated issuers |
|
| - |
| - |
| - |
| 10,121,454 |
| ||
Net Realized Gain (Loss) |
|
| 14,688,615 |
| 25,383,362 |
| (2,788,674) |
| 18,464,861 |
| ||
Net change in unrealized appreciation (depreciation) |
|
|
|
|
|
|
|
|
|
| ||
Unaffiliated issuers |
|
|
| 55,069,626 |
| 141,842,117 |
| 17,477,000 |
| 6,677,085 |
| |
Affiliated issuers |
|
|
| - |
| - |
| - |
| 23,550,401 |
| |
Net change in unrealized appreciation (depreciation) on |
|
| - |
| - |
| (581) |
| - |
| ||
Net Change in Unrealized Appreciation (Depreciation) |
|
| 55,069,626 |
| 141,842,117 |
| 17,476,419 |
| 30,227,486 |
| ||
Net Realized and Unrealized Gain (Loss) on Investments |
|
| 69,758,241 |
| 167,225,479 |
| 14,687,745 |
| 48,692,347 |
| ||
Net Increase in Net Assets Resulting from Operations |
| 71,461,578 |
| 168,317,723 |
| 15,779,830 |
| 52,369,729 |
| |||
† Net of foreign taxes withheld at source ($) |
|
| 351,319 |
| 1,114,027 |
| 170,154 |
| - |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements. |
89
STATEMENTS OF CHANGES IN NET ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BNY Mellon Large Cap Stock Fund |
| BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund |
| ||||||||
|
|
|
| Six Months Ended |
|
|
| Year Ended |
| Six Months Ended |
|
|
| Year Ended |
|
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 470,603 |
|
|
| 1,808,348 |
| 1,640,780 |
|
|
| 3,110,543 |
| |
Net realized gain (loss) on investments |
| 22,929,400 |
|
|
| 20,540,390 |
| 18,297,051 |
|
|
| 17,983,274 |
| ||
Net change in unrealized appreciation |
| (13,993,660) |
|
|
| 6,453,493 |
| 28,467,551 |
|
|
| 34,288,088 |
| ||
Net Increase (Decrease) in Net Assets | 9,406,343 |
|
|
| 28,802,231 |
| 48,405,382 |
|
|
| 55,381,905 |
| |||
Distributions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Distributions to shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (13,972,248) |
|
|
| (24,502,799) |
| (18,784,646) |
|
|
| (25,066,895) |
| |
Investor Shares |
|
| (872,269) |
|
|
| (1,069,470) |
| (478,281) |
|
|
| (536,318) |
| |
Total Distributions |
|
| (14,844,517) |
|
|
| (25,572,269) |
| (19,262,927) |
|
|
| (25,603,213) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 618,711 |
|
|
| 19,680,065 |
| 72,308,520 |
|
|
| 14,942,451 |
| |
Investor Shares |
|
| 1,412,400 |
|
|
| 1,681,963 |
| 5,889,279 |
|
|
| 3,304,426 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 8,115,901 |
|
|
| 13,431,490 |
| 14,193,078 |
|
|
| 19,493,223 |
| |
Investor Shares |
|
| 859,473 |
|
|
| 1,053,146 |
| 408,800 |
|
|
| 406,721 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (53,743,388) |
|
|
| (79,137,027) |
| (21,066,397) |
|
|
| (46,713,435) |
| |
Investor Shares |
|
| (958,620) |
|
|
| (2,598,658) |
| (1,574,588) |
|
|
| (5,277,199) |
| |
Increase (Decrease) in Net Assets | (43,695,523) |
|
|
| (45,889,021) |
| 70,158,692 |
|
|
| (13,843,813) |
| |||
Total Increase (Decrease) in Net Assets | (49,133,697) |
|
|
| (42,659,059) |
| 99,301,147 |
|
|
| 15,934,879 |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 153,306,451 |
|
|
| 195,965,510 |
| 331,805,461 |
|
|
| 315,870,582 |
| |
End of Period |
|
| 104,172,754 |
|
|
| 153,306,451 |
| 431,106,608 |
|
|
| 331,805,461 |
| |
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class Ma |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 113,456 |
|
|
| 4,200,627 |
| 3,981,593 |
|
|
| 1,015,384 |
| |
Shares issued for distributions reinvested |
|
| 1,548,417 |
|
|
| 2,686,213 |
| 783,715 |
|
|
| 1,207,011 |
| |
Shares redeemed |
|
| (9,884,006) |
|
|
| (16,152,557) |
| (1,182,046) |
|
|
| (3,174,302) |
| |
Net Increase (Decrease) in Shares Outstanding | (8,222,133) |
|
|
| (9,265,717) |
| 3,583,262 |
|
|
| (951,907) |
| |||
Investor Sharesa |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 256,332 |
|
|
| 323,160 |
| 332,870 |
|
|
| 214,235 |
| |
Shares issued for distributions reinvested |
|
| 163,949 |
|
|
| 210,666 |
| 21,920 |
|
|
| 24,442 |
| |
Shares redeemed |
|
| (176,017) |
|
|
| (511,907) |
| (84,931) |
|
|
| (359,696) |
| |
Net Increase (Decrease) in Shares Outstanding | 244,264 |
|
|
| 21,919 |
| 269,859 |
|
|
| (121,019) |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a During the period ended February 28,2021, 256,321 Class M shares representing $1,412,300 were exchanged for 256,314 Investor shares for BNY Mellon Large Cap Stock Fund and 334,108 Class M shares representing 5,747,955 were exchanged for 325,090 Investor shares for BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund. During the period ended August 31, 2020, 309,922 Class M shares representing $1,617,061 were exchanged for 309,747 Investor shares for BNY Mellon Large Cap Stock Fund and 190,378 Class M shares representing $2,916,971 were exchanged for 185,138 Investor shares for BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund. | |||||||||||||||
See notes to financial statements. |
90
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BNY Mellon Income Stock Fund |
| BNY Mellon Mid Cap Multi-Strategy Fund |
| ||||||||
|
|
|
| Six Months Ended |
|
|
| Year Ended |
| Six Months Ended |
|
|
| Year Ended |
|
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 5,828,345 |
|
|
| 20,439,331 |
| 4,145,657 |
|
|
| 12,464,424 |
| |
Net realized gain (loss) on investments |
| 30,085,383 |
|
|
| (3,817,239) |
| 181,043,671 |
|
|
| 163,515,990 |
| ||
Net change in unrealized appreciation |
| 92,700,899 |
|
|
| (84,583,833) |
| 363,469,961 |
|
|
| 129,285,435 |
| ||
Net Increase (Decrease) in Net Assets | 128,614,627 |
|
|
| (67,961,741) |
| 548,659,289 |
|
|
| 305,265,849 |
| |||
Distributions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Distributions to shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (6,091,784) |
|
|
| (92,386,578) |
| (194,781,339) |
|
|
| (89,944,052) |
| |
Investor Shares |
|
| (125,727) |
|
|
| (2,260,796) |
| (9,957,724) |
|
|
| (4,138,672) |
| |
Class A |
|
| (11,211) |
|
|
| (169,410) |
| - |
|
|
| - |
| |
Class C |
|
| (4,849) |
|
|
| (109,082) |
| - |
|
|
| - |
| |
Class I |
|
| (84,626) |
|
|
| (1,178,059) |
| - |
|
|
| - |
| |
Class Y |
|
| (6,767) |
|
|
| (42,612) |
| - |
|
|
| - |
| |
Total Distributions |
|
| (6,324,964) |
|
|
| (96,146,537) |
| (204,739,063) |
|
|
| (94,082,724) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 27,204,872 |
|
|
| 118,631,143 |
| 100,855,833 |
|
|
| 229,929,631 |
| |
Investor Shares |
|
| 3,438,426 |
|
|
| 14,029,547 |
| 30,707,166 |
|
|
| 57,436,264 |
| |
Class A |
|
| 61,550 |
|
|
| 1,111,392 |
| - |
|
|
| - |
| |
Class C |
|
| - |
|
|
| 172,646 |
| - |
|
|
| - |
| |
Class I |
|
| 1,026,032 |
|
|
| 5,800,368 |
| - |
|
|
| - |
| |
Class Y |
|
| - |
|
|
| 204,618 |
| - |
|
|
| - |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 1,048,532 |
|
|
| 39,424,812 |
| 83,909,671 |
|
|
| 39,503,024 |
| |
Investor Shares |
|
| 114,683 |
|
|
| 1,813,523 |
| 8,254,672 |
|
|
| 3,150,656 |
| |
Class A |
|
| 10,786 |
|
|
| 157,267 |
| - |
|
|
| - |
| |
Class C |
|
| 4,849 |
|
|
| 108,143 |
| - |
|
|
| - |
| |
Class I |
|
| 78,085 |
|
|
| 1,130,747 |
| - |
|
|
| - |
| |
Class Y |
|
| 6,767 |
|
|
| 41,596 |
| - |
|
|
| - |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (184,105,699) |
|
|
| (353,700,300) |
| (281,858,627) |
|
|
| (652,809,974) |
| |
Investor Shares |
|
| (5,388,638) |
|
|
| (23,021,726) |
| (21,259,354) |
|
|
| (76,919,170) |
| |
Class A |
|
| (336,995) |
|
|
| (1,336,257) |
| - |
|
|
| - |
| |
Class C |
|
| (256,859) |
|
|
| (508,855) |
| - |
|
|
| - |
| |
Class I |
|
| (2,393,276) |
|
|
| (6,799,920) |
| - |
|
|
| - |
| |
Class Y |
|
| - |
|
|
| (8,314) |
| - |
|
|
| - |
| |
Increase (Decrease) in Net Assets | (159,486,885) |
|
|
| (202,749,570) |
| (79,390,639) |
|
|
| (399,709,569) |
| |||
Total Increase (Decrease) in Net Assets | (37,197,222) |
|
|
| (366,857,848) |
| 264,529,587 |
|
|
| (188,526,444) |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 600,918,224 |
|
|
| 967,776,072 |
| 2,540,792,151 |
|
|
| 2,729,318,595 |
| |
End of Period |
|
| 563,721,002 |
|
|
| 600,918,224 |
| 2,805,321,738 |
|
|
| 2,540,792,151 |
|
91
STATEMENTS OF CHANGES IN NET ASSETS (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BNY Mellon Income Stock Fund |
| BNY Mellon Mid Cap Multi-Strategy Fund |
| ||||||||
|
|
|
| Six Months Ended |
|
|
| Year Ended |
| Six Months Ended |
|
|
| Year Ended |
|
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class Ma |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 3,360,896 |
|
|
| 17,059,609 |
| 4,861,540 |
|
|
| 14,519,419 |
| |
Shares issued for distributions reinvested |
|
| 130,538 |
|
|
| 4,615,288 |
| 4,091,159 |
|
|
| 2,175,285 |
| |
Shares redeemed |
|
| (23,071,658) |
|
|
| (49,777,618) |
| (13,817,342) |
|
|
| (40,063,607) |
| |
Net Increase (Decrease) in Shares Outstanding | (19,580,224) |
|
|
| (28,102,721) |
| (4,864,643) |
|
|
| (23,368,903) |
| |||
Investor Sharesa |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 421,436 |
|
|
| 1,784,044 |
| 1,556,133 |
|
|
| 3,370,177 |
| |
Shares issued for distributions reinvested |
|
| 13,991 |
|
|
| 211,688 |
| 410,476 |
|
|
| 176,606 |
| |
Shares redeemed |
|
| (663,124) |
|
|
| (3,057,817) |
| (1,057,347) |
|
|
| (4,815,067) |
| |
Net Increase (Decrease) in Shares Outstanding | (227,697) |
|
|
| (1,062,085) |
| 909,262 |
|
|
| (1,268,284) |
| |||
Class A |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 7,244 |
|
|
| 140,201 |
| - |
|
|
| - |
| |
Shares issued for distributions reinvested |
|
| 1,337 |
|
|
| 18,667 |
| - |
|
|
| - |
| |
Shares redeemed |
|
| (42,340) |
|
|
| (169,281) |
| - |
|
|
| - |
| |
Net Increase (Decrease) in Shares Outstanding | (33,759) |
|
|
| (10,413) |
| - |
|
|
| - |
| |||
Class C |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| - |
|
|
| 22,331 |
| - |
|
|
| - |
| |
Shares issued for distributions reinvested |
|
| 600 |
|
|
| 12,789 |
| - |
|
|
| - |
| |
Shares redeemed |
|
| (30,771) |
|
|
| (66,332) |
| - |
|
|
| - |
| |
Net Increase (Decrease) in Shares Outstanding | (30,171) |
|
|
| (31,212) |
| - |
|
|
| - |
| |||
Class I |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 129,883 |
|
|
| 749,187 |
| - |
|
|
| - |
| |
Shares issued for distributions reinvested |
|
| 9,685 |
|
|
| 135,393 |
| - |
|
|
| - |
| |
Shares redeemed |
|
| (304,921) |
|
|
| (973,930) |
| - |
|
|
| - |
| |
Net Increase (Decrease) in Shares Outstanding | (165,353) |
|
|
| (89,350) |
| - |
|
|
| - |
| |||
Class Y |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| - |
|
|
| 26,033 |
| - |
|
|
| - |
| |
Shares issued for distributions reinvested |
|
| 837 |
|
|
| 5,056 |
|
|
|
|
| - |
| |
Shares redeemed |
|
| - |
|
|
| (1,188) |
| - |
|
|
| - |
| |
Net Increase (Decrease) in Shares Outstanding | 837 |
|
|
| 29,901 |
| - |
|
|
| - |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a During the period ended February 28, 2021, 422,904 Class M shares representing $3,397,973 were exchanged for 416,950 Investor shares for BNY Mellon Income Stock Fund and 1,531,466 Class M shares representing $30,766,145 were exchanged for 1,562,605 Investor shares for BNY Mellon Mid Cap Multi-Strategy Fund. During the period ended August 31, 2020, 1,782,284 Class M shares representing $13,833,313 were exchanged for 1,757,900 Investor shares for BNY Mellon Income Stock Fund and 3,213,831 Class M shares representing $55,784,170 were exchanged for 3,275,429 Investor shares for BNY Mellon Mid Cap Multi-Strategy Fund. | |||||||||||||||
See notes to financial statements. |
92
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BNY Mellon Small Cap Multi-Strategy Fund |
| BNY Mellon Focused Equity Opportunities Fund |
| ||||||||
|
|
|
| Six Months Ended |
|
|
| Year Ended |
| Six Months Ended |
|
|
| Year Ended |
|
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income (loss)—net |
|
| (492,404) |
|
|
| 47,397 |
| 1,524,010 |
|
|
| 3,733,240 |
| |
Net realized gain (loss) on investments |
| 63,345,335 |
|
|
| 355,959 |
| 29,648,826 |
|
|
| 29,983,231 |
| ||
Net change in unrealized appreciation |
| 137,302,917 |
|
|
| 61,578,612 |
| 6,519,046 |
|
|
| 54,629,240 |
| ||
Net Increase (Decrease) in Net Assets | 200,155,848 |
|
|
| 61,981,968 |
| 37,691,882 |
|
|
| 88,345,711 |
| |||
Distributions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Distributions to shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (4,157,707) |
|
|
| (13,776,400) |
| (32,861,249) |
|
|
| (29,330,383) |
| |
Investor Shares |
|
| (174,271) |
|
|
| (639,055) |
| (611,494) |
|
|
| (627,280) |
| |
Total Distributions |
|
| (4,331,978) |
|
|
| (14,415,455) |
| (33,472,743) |
|
|
| (29,957,663) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 197,761,721 |
|
|
| 108,083,316 |
| 23,311,071 |
|
|
| 72,612,450 |
| |
Investor Shares |
|
| 3,550,823 |
|
|
| 8,524,697 |
| 3,207,213 |
|
|
| 7,942,523 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 2,178,235 |
|
|
| 7,178,553 |
| 16,515,744 |
|
|
| 15,364,174 |
| |
Investor Shares |
|
| 149,887 |
|
|
| 509,328 |
| 399,681 |
|
|
| 404,132 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (29,570,923) |
|
|
| (99,767,260) |
| (66,731,463) |
|
|
| (128,346,839) |
| |
Investor Shares |
|
| (2,549,297) |
|
|
| (9,263,571) |
| (2,596,382) |
|
|
| (8,219,199) |
| |
Increase (Decrease) in Net Assets | 171,520,446 |
|
|
| 15,265,063 |
| (25,894,136) |
|
|
| (40,242,759) |
| |||
Total Increase (Decrease) in Net Assets | 367,344,316 |
|
|
| 62,831,576 |
| (21,674,997) |
|
|
| 18,145,289 |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 487,004,882 |
|
|
| 424,173,306 |
| 455,894,903 |
|
|
| 437,749,614 |
| |
End of Period |
|
| 854,349,198 |
|
|
| 487,004,882 |
| 434,219,906 |
|
|
| 455,894,903 |
| |
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class Ma |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 8,882,072 |
|
|
| 6,611,771 |
| 1,307,208 |
|
|
| 5,175,728 |
| |
Shares issued for distributions reinvested |
|
| 92,968 |
|
|
| 401,036 |
| 955,219 |
|
|
| 984,252 |
| |
Shares redeemed |
|
| (1,399,031) |
|
|
| (6,495,271) |
| (3,759,555) |
|
|
| (8,761,182) |
| |
Net Increase (Decrease) in Shares Outstanding | 7,576,009 |
|
|
| 517,536 |
| (1,497,128) |
|
|
| (2,601,202) |
| |||
Investor Sharesa |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 175,756 |
|
|
| 533,811 |
| 185,436 |
|
|
| 534,023 |
| |
Shares issued for distributions reinvested |
|
| 6,816 |
|
|
| 30,245 |
| 23,442 |
|
|
| 26,225 |
| |
Shares redeemed |
|
| (118,457) |
|
|
| (600,636) |
| (149,057) |
|
|
| (573,513) |
| |
Net Increase (Decrease) in Shares Outstanding | 64,115 |
|
|
| (36,580) |
| 59,821 |
|
|
| (13,265) |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a During the period ended February 28, 2021, 174,387 Class M shares representing $3,706,011 were exchanged for 185,797 Investor shares for BNY Mellon Small Cap Multi-Strategy Fund and 175,249 Class M shares representing $3,070,658 were exchanged for 177,866 Investor shares for BNY Mellon Focused Equity Opportunities Fund. During the period ended August 31, 2020, 482,590 Class M shares representing $8,204,595 were exchanged for 513,121 Investor shares for BNY Mellon Small Cap Multi-Strategy Fund and 535,870 Class M shares representing $8,074,791 were exchanged for 543,226 Investor shares for BNY Mellon Focused Equity Opportunities Fund. | |||||||||||||||
See notes to financial statements. |
93
STATEMENTS OF CHANGES IN NET ASSETS (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BNY Mellon Small/Mid Cap Multi-Strategy Fund |
| BNY Mellon International Fund |
| ||||||||
|
|
|
| Six Months Ended |
|
|
| Year Ended |
| Six Months Ended |
|
|
| Year Ended |
|
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income (loss)—net |
|
| (163,036) |
|
|
| 189,212 |
| 1,703,337 |
|
|
| 12,785,117 |
| |
Net realized gain (loss) on investments |
| 46,465,834 |
|
|
| 11,167,418 |
| 14,688,615 |
|
|
| (11,129,131) |
| ||
Net change in unrealized appreciation |
| (16,027,859) |
|
|
| 18,582,890 |
| 55,069,626 |
|
|
| 3,925,998 |
| ||
Net Increase (Decrease) in Net Assets | 30,274,939 |
|
|
| 29,939,520 |
| 71,461,578 |
|
|
| 5,581,984 |
| |||
Distributions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Distributions to shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (12,227,533) |
|
|
| (8,540,650) |
| (12,773,086) |
|
|
| (23,745,005) |
| |
Investor Shares |
|
| (252,505) |
|
|
| (85,469) |
| (299,493) |
|
|
| (428,099) |
| |
Total Distributions |
|
| (12,480,038) |
|
|
| (8,626,119) |
| (13,072,579) |
|
|
| (24,173,104) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 664,698 |
|
|
| 6,725,267 |
| 37,751,192 |
|
|
| 57,189,472 |
| |
Investor Shares |
|
| 1,340,664 |
|
|
| 853,852 |
| 4,246,289 |
|
|
| 19,257,695 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 8,903,709 |
|
|
| 6,623,416 |
| 2,226,618 |
|
|
| 4,299,413 |
| |
Investor Shares |
|
| 195,964 |
|
|
| 43,349 |
| 238,827 |
|
|
| 310,711 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (114,219,863) |
|
|
| (62,966,878) |
| (69,655,998) |
|
|
| (387,175,758) |
| |
Investor Shares |
|
| (2,364,690) |
|
|
| (971,307) |
| (5,219,648) |
|
|
| (21,769,296) |
| |
Increase (Decrease) in Net Assets | (105,479,518) |
|
|
| (49,692,301) |
| (30,412,720) |
|
|
| (327,887,763) |
| |||
Total Increase (Decrease) in Net Assets | (87,684,617) |
|
|
| (28,378,900) |
| 27,976,279 |
|
|
| (346,478,883) |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 196,685,395 |
|
|
| 225,064,295 |
| 567,355,928 |
|
|
| 913,834,811 |
| |
End of Period |
|
| 109,000,778 |
|
|
| 196,685,395 |
| 595,332,207 |
|
|
| 567,355,928 |
| |
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class Ma |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 44,651 |
|
|
| 552,989 |
| 2,784,107 |
|
|
| 4,790,842 |
| |
Shares issued for distributions reinvested |
|
| 593,977 |
|
|
| 505,218 |
| 161,349 |
|
|
| 323,507 |
| |
Shares redeemed |
|
| (7,349,514) |
|
|
| (5,136,456) |
| (5,212,373) |
|
|
| (34,737,275) |
| |
Net Increase (Decrease) in Shares Outstanding | (6,710,886) |
|
|
| (4,078,249) |
| (2,266,917) |
|
|
| (29,622,926) |
| |||
Investor Sharesa |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 92,425 |
|
|
| 66,209 |
| 300,158 |
|
|
| 1,464,292 |
| |
Shares issued for distributions reinvested |
|
| 13,468 |
|
|
| 3,389 |
| 16,159 |
|
|
| 21,866 |
| |
Shares redeemed |
|
| (155,283) |
|
|
| (82,453) |
| (364,949) |
|
|
| (1,702,501) |
| |
Net Increase (Decrease) in Shares Outstanding | (49,390) |
|
|
| (12,855) |
| (48,632) |
|
|
| (216,343) |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a During the period ended February 28, 2021, 81,222 Class M shares representing $1,204,431 were exchanged for 83,465 Investor shares for BNY Mellon Small/Mid Cap Multi-Strategy Fund and 316,087 Class M shares representing $4,168,100 were exchanged for 296,011 Investor shares for BNY Mellon International Fund. During the period ended August 31, 2020, 62,744 Class M shares representing $833,036 were exchanged for 64,309 Investor shares for BNY Mellon Small/Mid Cap Multi-strategy Fund and 1,545,741 Class M shares representing $19,079,264 were exchanged for 1,447,839 Investor shares for BNY Mellon International Fund. | |||||||||||||||
See notes to financial statements. |
94
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BNY Mellon Emerging Markets Fund |
| BNY Mellon International Equity Income Fund |
| ||||||||
|
|
|
| Six Months Ended |
|
|
| Year Ended |
| Six Months Ended |
|
|
| Year Ended |
|
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 1,092,244 |
|
|
| 5,665,977 |
| 1,092,085 |
|
|
| 6,623,040 |
| |
Net realized gain (loss) on investments |
| 25,383,362 |
|
|
| (34,881,708) |
| (2,788,674) |
|
|
| (45,463,666) |
| ||
Net change in unrealized appreciation |
| 141,842,117 |
|
|
| 116,763,338 |
| 17,476,419 |
|
|
| 15,497,296 |
| ||
Net Increase (Decrease) in Net Assets | 168,317,723 |
|
|
| 87,547,607 |
| 15,779,830 |
|
|
| (23,343,330) |
| |||
Distributions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Distributions to shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (10,234,104) |
|
|
| (10,330,776) |
| (2,522,126) |
|
|
| (9,649,821) |
| |
Investor Shares |
|
| (249,808) |
|
|
| (215,016) |
| (19,493) |
|
|
| (59,099) |
| |
Total Distributions |
|
| (10,483,912) |
|
|
| (10,545,792) |
| (2,541,619) |
|
|
| (9,708,920) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 96,005,451 |
|
|
| 91,858,079 |
| 1,374,751 |
|
|
| 22,537,087 |
| |
Investor Shares |
|
| 7,899,332 |
|
|
| 20,766,013 |
| 388,763 |
|
|
| 3,778,324 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 2,017,327 |
|
|
| 2,088,194 |
| 700,243 |
|
|
| 2,497,381 |
| |
Investor Shares |
|
| 200,582 |
|
|
| 166,806 |
| 15,225 |
|
|
| 39,436 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (58,963,994) |
|
|
| (226,417,720) |
| (29,825,113) |
|
|
| (163,020,117) |
| |
Investor Shares |
|
| (6,256,432) |
|
|
| (22,270,231) |
| (544,835) |
|
|
| (4,970,540) |
| |
Increase (Decrease) in Net Assets | 40,902,266 |
|
|
| (133,808,859) |
| (27,890,966) |
|
|
| (139,138,429) |
| |||
Total Increase (Decrease) in Net Assets | 198,736,077 |
|
|
| (56,807,044) |
| (14,652,755) |
|
|
| (172,190,679) |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 783,326,898 |
|
|
| 840,133,942 |
| 112,188,234 |
|
|
| 284,378,913 |
| |
End of Period |
|
| 982,062,975 |
|
|
| 783,326,898 |
| 97,535,479 |
|
|
| 112,188,234 |
| |
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class Ma |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 7,270,004 |
|
|
| 9,169,250 |
| 119,651 |
|
|
| 1,964,538 |
| |
Shares issued for distributions reinvested |
|
| 159,852 |
|
|
| 184,960 |
| 60,570 |
|
|
| 203,325 |
| |
Shares redeemed |
|
| (4,747,065) |
|
|
| (22,917,374) |
| (2,547,374) |
|
|
| (15,418,621) |
| |
Net Increase (Decrease) in Shares Outstanding | 2,682,791 |
|
|
| (13,563,164) |
| (2,367,153) |
|
|
| (13,250,758) |
| |||
Investor Sharesa |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 627,054 |
|
|
| 1,933,524 |
| 31,752 |
|
|
| 302,962 |
| |
Shares issued for distributions reinvested |
|
| 15,465 |
|
|
| 14,367 |
| 1,298 |
|
|
| 3,184 |
| |
Shares redeemed |
|
| (491,017) |
|
|
| (2,166,184) |
| (47,234) |
|
|
| (412,436) |
| |
Net Increase (Decrease) in Shares Outstanding | 151,502 |
|
|
| (218,293) |
| (14,184) |
|
|
| (106,290) |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a During the period ended February 28, 2021, 561,956 Class M shares representing $6,846,207 were exchanged for 547,459 Investor shares for BNY Mellon Emerging Markets Fund and 32,177 Class M shares representing $388,763 were exchanged for 31,753 Investor shares for BNY Mellon International Equity Income Fund. During the period ended August 31, 2020, 1,773,014 Class M shares representing $18,495,965 were exchanged for 1,726,829 Investor shares for BNY Mellon Emerging Markets Fund and 308,163 Class M shares representing $3,793,990 were exchanged for 304,398 Investor shares for BNY Mellon International Equity Income Fund. | |||||||||||||||
See notes to financial statements. |
95
STATEMENTS OF CHANGES IN NET ASSETS (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
| BNY Mellon Asset Allocation Fund |
| ||||
|
|
|
| Six Months Ended |
|
|
| Year Ended |
|
Operations ($): |
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 3,677,382 |
|
|
| 7,937,426 |
| |
Net realized gain (loss) on investments |
| 18,464,861 |
|
|
| 11,460,373 |
| ||
Net change in unrealized appreciation |
| 30,227,486 |
|
|
| 34,418,249 |
| ||
Net Increase (Decrease) in Net Assets | 52,369,729 |
|
|
| 53,816,048 |
| |||
Distributions ($): |
|
|
|
|
|
|
|
| |
Distributions to shareholders: |
|
|
|
|
|
|
|
| |
Class M |
|
| (15,839,490) |
|
|
| (33,096,232) |
| |
Investor Shares |
|
| (192,739) |
|
|
| (450,050) |
| |
Total Distributions |
|
| (16,032,229) |
|
|
| (33,546,282) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
| |
Class M |
|
| 12,354,165 |
|
|
| 27,167,623 |
| |
Investor Shares |
|
| 828,566 |
|
|
| 1,973,930 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
| |
Class M |
|
| 8,482,228 |
|
|
| 19,452,763 |
| |
Investor Shares |
|
| 180,451 |
|
|
| 379,968 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
| |
Class M |
|
| (29,465,283) |
|
|
| (57,485,644) |
| |
Investor Shares |
|
| (1,571,893) |
|
|
| (3,308,383) |
| |
Increase (Decrease) in Net Assets | (9,191,766) |
|
|
| (11,819,743) |
| |||
Total Increase (Decrease) in Net Assets | 27,145,734 |
|
|
| 8,450,023 |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 469,626,862 |
|
|
| 461,176,839 |
| |
End of Period |
|
| 496,772,596 |
|
|
| 469,626,862 |
| |
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
| |
Class Ma |
|
|
|
|
|
|
|
| |
Shares sold |
|
| 925,506 |
|
|
| 2,257,037 |
| |
Shares issued for distributions reinvested |
|
| 625,286 |
|
|
| 1,583,452 |
| |
Shares redeemed |
|
| (2,207,693) |
|
|
| (4,886,059) |
| |
Net Increase (Decrease) in Shares Outstanding | (656,901) |
|
|
| (1,045,570) |
| |||
Investor Sharesa |
|
|
|
|
|
|
|
| |
Shares sold |
|
| 62,426 |
|
|
| 165,383 |
| |
Shares issued for distributions reinvested |
|
| 13,207 |
|
|
| 30,744 |
| |
Shares redeemed |
|
| (118,381) |
|
|
| (273,046) |
| |
Net Increase (Decrease) in Shares Outstanding | (42,748) |
|
|
| (76,919) |
| |||
|
|
|
|
|
|
|
|
|
|
a During the period ended February 28, 2021, 42,627 Class M shares representing $557,066 were exchanged for 42,249 Investor shares and during the period ended August 31, 2020, 163,334 Class M shares representing $1,931,073 were exchanged for 161,941 Investor shares. | |||||||||
See notes to financial statements. |
96
FINANCIAL HIGHLIGHTS
The following tables describe the performance for each share class of each fund for the fiscal periods indicated. All information (except portfolio turnover rate) reflects financial results for a single fund share. Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. These figures have been derived from the funds’ financial statements.
Class M | |||||||
Six Months Ended | Year Ended August 31, | ||||||
BNY Mellon Large Cap Stock Fund | February 28, 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
Per Share Data ($): | |||||||
Net asset value, beginning of period | 5.61 | 5.36 | 6.50 | 6.25 | 5.67 | 5.92 | |
Investment Operations: | |||||||
Investment income—net a | .02 | .06 | .06 | .07 | .07 | .08 | |
Net realized and unrealized | .35 | .98 | (.25) | 1.00 | .81 | .34 | |
Total from Investment Operations | .37 | 1.04 | (.19) | 1.07 | .88 | .42 | |
Distributions: | |||||||
Dividends from investment income—net | (.02) | (.06) | (.07) | (.06) | (.07) | (.08) | |
Dividends from net realized gain on investments | (.58) | (.73) | (.88) | (.76) | (.23) | (.59) | |
Total Distributions | (.60) | (.79) | (.95) | (.82) | (.30) | (.67) | |
Net asset value, end of period | 5.38 | 5.61 | 5.36 | 6.50 | 6.25 | 5.67 | |
Total Return (%) | 6.98 | b | 21.31 | (1.64) | 18.31 | 16.12 | 7.31 |
Ratios/Supplemental Data (%) | |||||||
Ratio of total expenses to average net assets | .91 | c | .86 | .84 | .82 | .84 | .83 |
Ratio of net investment income | .72 | c | 1.12 | 1.14 | 1.05 | 1.27 | 1.44 |
Portfolio Turnover Rate | 22.85 | b | 47.12 | 53.52 | 48.73 | 46.36 | 49.82 |
Net Assets, end of period ($ x 1,000) | 95,880 | 146,035 | 189,137 | 270,328 | 278,536 | 328,113 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
97
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | |||||||
Six Months Ended | Year Ended August 31, | ||||||
BNY Mellon Large Cap Stock Fund | February 28, 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
Per Share Data ($): | |||||||
Net asset value, beginning of period | 5.61 | 5.36 | 6.51 | 6.26 | 5.67 | 5.92 | |
Investment Operations: | |||||||
Investment income—net a | .01 | .04 | .05 | .05 | .06 | .07 | |
Net realized and unrealized | .36 | .99 | (.27) | 1.01 | .82 | .34 | |
Total from Investment Operations | .37 | 1.03 | (.22) | 1.06 | .88 | .41 | |
Distributions: | |||||||
Dividends from investment income—net | (.01) | (.05) | (.05) | (.05) | (.06) | (.07) | |
Dividends from net realized gain on investments | (.58) | (.73) | (.88) | (.76) | (.23) | (.59) | |
Total Distributions | (.59) | (.78) | (.93) | (.81) | (.29) | (.66) | |
Net asset value, end of period | 5.39 | 5.61 | 5.36 | 6.51 | 6.26 | 5.67 | |
Total Return (%) | 6.85 | b | 20.99 | (2.03) | 18.02 | 16.02 | 7.04 |
Ratios/Supplemental Data (%): | |||||||
Ratio of total expenses to average net assets | 1.16 | c | 1.11 | 1.09 | 1.07 | 1.09 | 1.08 |
Ratio of net investment income | .45 | c | .87 | .89 | .79 | 1.02 | 1.18 |
Portfolio Turnover Rate | 22.85 | b | 47.12 | 53.52 | 48.73 | 46.36 | 49.82 |
Net Assets, end of period ($ x 1,000) | 8,293 | 7,271 | 6,828 | 9,975 | 10,093 | 9,801 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
98
Class M | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon Tax-Sensitive Large Cap | February 28, 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 17.61 | 15.86 | 18.12 | 16.50 | 14.98 | 14.71 |
Investment Operations: | ||||||
Investment income—net a | .08 | .16 | .15 | .14 | .16 | .17 |
Net realized and unrealized | 2.17 | 2.91 | (.35) | 3.21 | 2.31 | 1.33 |
Total from Investment Operations | 2.25 | 3.07 | (.20) | 3.35 | 2.47 | 1.50 |
Distributions: | ||||||
Dividends from investment income—net | (.15) | (.17) | (.23) | (.23) | (.23) | (.15) |
Dividends from net realized gain on investments | (.72) | (1.15) | (1.83) | (1.50) | (.72) | (1.08) |
Total Distributions | (.87) | (1.32) | (2.06) | (1.73) | (.95) | (1.23) |
Net asset value, end of period | 18.99 | 17.61 | 15.86 | 18.12 | 16.50 | 14.98 |
Total Return (%) | 13.03b | 20.12 | .69 | 21.44 | 17.13 | 10.86 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets c | .59d | .64 | .64 | .66 | .65 | .64 |
Ratio of net investment income | .87d | 1.01 | .96 | .80 | 1.05 | 1.19 |
Portfolio Turnover Rate | 8.04b | 15.09 | 25.75 | 15.03 | 24.05 | 13.81 |
Net Assets, end of period ($ x 1,000) | 419,851 | 326,268 | 308,921 | 349,960 | 336,659 | 344,867 |
a Based on average shares outstanding.
b Not annualized.
c Amount does not include the expenses of the underlying funds.
d Annualized.
See notes to financial statements.
99
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon Tax-Sensitive Large Cap | February 28, 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 18.10 | 16.28 | 18.53 | 16.84 | 15.28 | 14.98 |
Investment Operations: | ||||||
Investment income—net a | .06 | .12 | .11 | .10 | .13 | .14 |
Net realized and unrealized | 2.23 | 2.99 | (.34) | 3.28 | 2.35 | 1.35 |
Total from Investment Operations | 2.29 | 3.11 | (.23) | 3.38 | 2.48 | 1.49 |
Distributions: | ||||||
Dividends from investment income—net | (.12) | (.14) | (.19) | (.19) | (.20) | (.11) |
Dividends from net realized gain on investments | (.72) | (1.15) | (1.83) | (1.50) | (.72) | (1.08) |
Total Distributions | (.84) | (1.29) | (2.02) | (1.69) | (.92) | (1.19) |
Net asset value, end of period | 19.55 | 18.10 | 16.28 | 18.53 | 16.84 | 15.28 |
Total Return (%) | 12.89b | 19.76 | .45 | 21.15 | 16.87 | 10.56 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets c | .84d | .89 | .89 | .91 | .90 | .89 |
Ratio of net investment income | .65d | .77 | .71 | .56 | .81 | .97 |
Portfolio Turnover Rate | 8.04b | 15.09 | 25.75 | 15.03 | 24.05 | 13.81 |
Net Assets, end of period ($ x 1,000) | 11,255 | 5,538 | 6,949 | 6,598 | 6,511 | 6,081 |
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.
100
Class M | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon Income Stock Fund | February 28, 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 7.34 | 8.70 | 9.78 | 9.29 | 8.72 | 8.57 |
Investment Operations: | ||||||
Investment income—net a | .08 | .20 | .22 | .21 | .21 | .21 |
Net realized and unrealized | 1.78 | (.66) | (.33) | 1.16 | .83 | .94 |
Total From Investment Operations | 1.86 | (.46) | (.11) | 1.37 | 1.04 | 1.15 |
Distributions: | ||||||
Dividends from investment income—net | (.09) | (.19) | (.21) | (.19) | (.19) | (.21) |
Dividends from net realized gain on investments | - | (.71) | (.76) | (.69) | (.28) | (.79) |
Total Distributions | (.09) | (.90) | (.97) | (.88) | (.47) | (1.00) |
Net asset value, end of period | 9.11 | 7.34 | 8.70 | 9.78 | 9.29 | 8.72 |
Total Return (%) | 25.53b | (6.38) | (.36) | 15.31 | 12.33 | 14.33 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | .83c | .81 | .80 | .80 | .81 | .81 |
Ratio of net expenses to average net assets | .83c | .81 | .80 | .80 | .81 | .81 |
Ratio of net investment income | 2.06c | 2.53 | 2.47 | 2.17 | 2.28 | 2.54 |
Portfolio Turnover Rate | 35.44b | 78.02 | 59.45 | 67.57 | 52.66 | 54.31 |
Net Assets, end of period ($ x 1,000) | 539,776 | 578,269 | 930,683 | 1,185,755 | 1,185,723 | 1,068,292 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
101
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon Income Stock Fund | February 28, 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 7.44 | 8.82 | 9.90 | 9.39 | 8.81 | 8.63 |
Investment Operations: | ||||||
Investment income—net a | .07 | .19 | .20 | .18 | .19 | .19 |
Net realized and unrealized | 1.82 | (.69) | (.33) | 1.18 | .84 | .97 |
Total from Investment Operations | 1.89 | (.50) | (.13) | 1.36 | 1.03 | 1.16 |
Distributions: | ||||||
Dividends from investment income—net | (.08) | (.17) | (.19) | (.16) | (.17) | (.19) |
Dividends from net realized gain on investments | - | (.71) | (.76) | (.69) | (.28) | (.79) |
Total Distributions | (.08) | (.88) | (.95) | (.85) | (.45) | (.98) |
Net asset value, end of period | 9.25 | 7.44 | 8.82 | 9.90 | 9.39 | 8.81 |
Total Return (%) | 25.57b | (6.77) | (.60) | 15.08 | 12.02 | 14.14 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.08c | 1.06 | 1.05 | 1.05 | 1.06 | 1.06 |
Ratio of net expenses to average net assets | 1.08c | 1.06 | 1.05 | 1.05 | 1.06 | 1.06 |
Ratio of net investment income | 1.82c | 2.26 | 2.24 | 1.92 | 2.03 | 2.27 |
Portfolio Turnover Rate | 35.44b | 78.02 | 59.45 | 67.57 | 52.66 | 54.31 |
Net Assets, end of period ($ x 1,000) | 13,151 | 12,282 | 23,913 | 31,625 | 28,204 | 16,094 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
102
Class A | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon Income Stock Fund | February 28, 2021 | 2020 | 2019 | 2018 | 2017 | 2016a |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 7.34 | 8.71 | 9.79 | 9.30 | 8.72 | 8.42 |
Investment Operations: | ||||||
Investment income—net b | .07 | .17 | .19 | .18 | .17 | .05 |
Net realized and unrealized gain (loss) on investments | 1.79 | (.66) | (.33) | 1.16 | .86 | .30 |
Total from Investment Operations | 1.86 | (.49) | (.14) | 1.34 | 1.03 | .35 |
Distributions: | ||||||
Dividends from investment income—net | (.08) | (.17) | (.18) | (.16) | (.17) | (.05) |
Dividends from net realized gain on investments | - | (.71) | (.76) | (.69) | (.28) | - |
Total Distributions | (.08) | (.88) | (.94) | (.85) | (.45) | (.05) |
Net asset value, end of period | 9.12 | 7.34 | 8.71 | 9.79 | 9.30 | 8.72 |
Total Return (%) c | 25.47d | (6.81) | (.64) | 15.01 | 12.18 | 4.19d |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.24e | 1.21 | 1.10 | 1.10 | 1.11 | 1.15e |
Ratio of net expenses to average net assets | 1.15e | 1.15 | 1.10 | 1.10 | 1.10 | 1.15e |
Ratio of net investment income | 1.75e | 2.18 | 2.20 | 1.89 | 2.01 | 1.96e |
Portfolio Turnover Rate | 35.44d | 78.02 | 59.45 | 67.57 | 52.66 | 54.31 |
Net Assets, end of period ($ x 1,000) | 1,173 | 1,193 | 1,506 | 4,608 | 5,112 | 316 |
a From May 31, 2016 (commencement of initial offering) to August 31, 2016.
b Based on average shares outstanding.
c Exclusive of sales charge.
d Not annualized.
e Annualized.
See notes to financial statements.
103
FINANCIAL HIGHLIGHTS (continued)
Class C | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon Income Stock Fund | February 28, 2021 | 2020 | 2019 | 2018 | 2017 | 2016a |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 7.32 | 8.68 | 9.76 | 9.28 | 8.72 | 8.42 |
Investment Operations: | ||||||
Investment income—net b | .04 | .11 | .12 | .10 | .12 | .04 |
Net realized and unrealized gain (loss) on investments | 1.78 | (.65) | (.33) | 1.16 | .83 | .30 |
Total from Investment Operations | 1.82 | (.54) | (.21) | 1.26 | .95 | .34 |
Distributions: | ||||||
Dividends from investment income—net | (.05) | (.11) | (.11) | (.09) | (.11) | (.04) |
Dividends from net realized gain on investments | - | (.71) | (.76) | (.69) | (.28) | - |
Total Distributions | (.05) | (.82) | (.87) | (.78) | (.39) | (.04) |
Net asset value, end of period | 9.09 | 7.32 | 8.68 | 9.76 | 9.28 | 8.72 |
Total Return (%) c | 24.96d | (7.44) | (1.43) | 14.07 | 11.22 | 4.00d |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.94e | 1.91 | 1.88 | 1.88 | 1.85 | 1.85e |
Ratio of net expenses to average net assets | 1.90e | 1.90 | 1.88 | 1.88 | 1.81 | 1.85e |
Ratio of net investment income | 1.02e | 1.43 | 1.36 | 1.08 | 1.30 | 1.69e |
Portfolio Turnover Rate | 35.44d | 78.02 | 59.45 | 67.57 | 52.66 | 54.31 |
Net Assets, end of period ($ x 1,000) | 654 | 747 | 1,158 | 826 | 1,143 | 10 |
a From May 31, 2016 (commencement of initial offering) to August 31, 2016.
b Based on average shares outstanding.
c Exclusive of sales charge.
d Not annualized.
e Annualized.
See notes to financial statements.
104
Class I | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon Income Stock Fund | February 28, 2021 | 2020 | 2019 | 2018 | 2017 | 2016a |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 7.34 | 8.71 | 9.78 | 9.30 | 8.72 | 8.42 |
Investment Operations: | ||||||
Investment income—net b | .08 | .20 | .22 | .20 | .21 | .06 |
Net realized and unrealized gain (loss) on investments | 1.78 | (.67) | (.33) | 1.16 | .84 | .30 |
Total from Investment Operations | 1.86 | (.47) | (.11) | 1.36 | 1.05 | .36 |
Distributions: | ||||||
Dividends from investment income—net | (.09) | (.19) | (.20) | (.19) | (.19) | (.06) |
Dividends from net realized gain on investments | - | (.71) | (.76) | (.69) | (.28) | - |
Total Distributions | (.09) | (.90) | (.96) | (.88) | (.47) | (.06) |
Net asset value, end of period | 9.11 | 7.34 | 8.71 | 9.78 | 9.30 | 8.72 |
Total Return (%) | 25.48c | (6.54) | (.28) | 15.18 | 12.44 | 4.26c |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | .90d | .87 | .84 | .83 | .85 | .86d |
Ratio of net expenses to average net assets | .90d | .87 | .84 | .83 | .85 | .86d |
Ratio of net investment income | 1.99d | 2.51 | 2.41 | 2.13 | 2.30 | 2.71d |
Portfolio Turnover Rate | 35.44c | 78.02 | 59.45 | 67.57 | 52.66 | 54.31 |
Net Assets, end of period ($ x 1,000) | 8,288 | 7,887 | 10,135 | 12,491 | 6,068 | 10 |
a From May 31, 2016 (commencement of initial offering) to August 31, 2016.
b Based on average shares outstanding.
c Not annualized.
d Annualized.
See notes to financial statements.
105
FINANCIAL HIGHLIGHTS (continued)
Class Y | ||||||
Six Months ended | Year Ended August 31, | |||||
BNY Mellon Income Stock Fund | February 28, 2021 | 2020 | 2019 | 2018 | 2017 | 2016a |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 7.33 | 8.70 | 9.78 | 9.29 | 8.72 | 8.42 |
Investment Operations: | ||||||
Investment income—net b | .08 | .20 | .22 | .20 | .21 | .06 |
Net realized and unrealized gain (loss) on investments | 1.78 | (.67) | (.33) | 1.17 | .83 | .30 |
Total from Investment Operations | 1.86 | (.47) | (.11) | 1.37 | 1.04 | .36 |
Distributions: | ||||||
Dividends from investment income—net | (.09) | (.19) | (.21) | (.19) | (.19) | (.06) |
Dividends from net realized gain on investments | - | (.71) | (.76) | (.69) | (.28) | - |
Total Distributions | (.09) | (.90) | (.97) | (.88) | (.47) | (.06) |
Net asset value, end of period | 9.10 | 7.33 | 8.70 | 9.78 | 9.29 | 8.72 |
Total Return (%) | 25.56c | (6.51) | (.36) | 15.31 | 12.33 | 4.26c |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | .84d | .83 | .82 | .80 | .81 | .86d |
Ratio of net expenses to average net assets | .84d | .83 | .82 | .80 | .81 | .86d |
Ratio of net investment income | 2.06d | 2.63 | 2.43 | 2.17 | 2.27 | 2.71d |
Portfolio Turnover Rate | 35.44c | 78.02 | 59.45 | 67.57 | 52.66 | 54.31 |
Net Assets, end of period ($ x 1,000) | 679 | 541 | 382 | 12 | 11 | 10 |
a From May 31, 2016 (commencement of initial offering) to August 31, 2016.
b Based on average shares outstanding.
c Not annualized.
d Annualized.
See notes to financial statements.
106
Class M | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon Mid Cap Multi-Strategy Fund | February 28, 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 19.28 | 17.45 | 19.24 | 16.72 | 15.03 | 14.66 |
Investment Operations: | ||||||
Investment income—net a | .03 | .09 | .08 | .05 | .07 | .08 |
Net realized and unrealized | 4.26 | 2.36 | (.63) | 3.28 | 1.88 | .96 |
Total from Investment Operations | 4.29 | 2.45 | (.55) | 3.33 | 1.95 | 1.04 |
Distributions: | ||||||
Dividends from investment income—net | (.08) | (.04) | (.05) | (.04) | (.10) | (.02) |
Dividends from net realized gain on investments | (1.54) | (.58) | (1.19) | (.77) | (.16) | (.65) |
Total Distributions | (1.62) | (.62) | (1.24) | (.81) | (.26) | (.67) |
Net asset value, end of period | 21.95 | 19.28 | 17.45 | 19.24 | 16.72 | 15.03 |
Total Return (%) | 22.82b | 14.24 | (1.54) | 20.48 | 13.12 | 7.51 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | .90c | .90 | .89 | .89 | .90 | .90 |
Ratio of net investment income | .33c | .50 | .45 | .30 | .45 | .60 |
Portfolio Turnover Rate | 17.83b | 41.86 | 44.44 | 50.53 | 62.81 | 74.68 |
Net Assets, end of period ($ x 1,000) | 2,664,129 | 2,433,885 | 2,610,739 | 3,358,399 | 2,788,133 | 2,433,012 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
107
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon Mid Cap Multi-Strategy Fund | February 28, 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 18.90 | 17.13 | 18.90 | 16.45 | 14.79 | 14.45 |
Investment Operations: | ||||||
Investment income—net a | .01 | .04 | .04 | .01 | .03 | .05 |
Net realized and unrealized | 4.18 | 2.31 | (.60) | 3.22 | 1.86 | .94 |
Total from Investment Operations | 4.19 | 2.35 | (.56) | 3.23 | 1.89 | .99 |
Distributions: | ||||||
Dividends from investment income—net | (.04) | - | (.02) | (.01) | (.07) | - |
Dividends from net realized gain on investments | (1.54) | (.58) | (1.19) | (.77) | (.16) | (.65) |
Total Distributions | (1.58) | (.58) | (1.21) | (.78) | (.23) | (.65) |
Net asset value, end of period | 21.51 | 18.90 | 17.13 | 18.90 | 16.45 | 14.79 |
Total Return (%) | 22.71b | 13.93 | (1.70) | 20.13 | 12.89 | 7.26 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.15c | 1.15 | 1.14 | 1.14 | 1.15 | 1.15 |
Ratio of net investment income | .07c | .26 | .21 | .05 | .20 | .34 |
Portfolio Turnover Rate | 17.83b | 41.86 | 44.44 | 50.53 | 62.81 | 74.68 |
Net Assets, end of period ($ x 1,000) | 141,192 | 106,907 | 118,579 | 123,713 | 88,697 | 60,222 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
108
Class M | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon Small Cap Multi-Strategy Fund | February 28, 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 19.28 | 17.12 | 23.16 | 19.48 | 16.71 | 16.65 |
Investment Operations: | ||||||
Investment income (loss)—net a | (.02) | .00b | .02 | (.03) | .01 | .01 |
Net realized and unrealized | 6.86 | 2.77 | (3.16) | 5.41 | 2.86 | .68 |
Total from Investment Operations | 6.84 | 2.77 | (3.14) | 5.38 | 2.87 | .69 |
Distributions: | ||||||
Dividends from investment income—net | - | (.03) | - | - | - | - |
Dividends from net realized gain on investments | (.15) | (.58) | (2.90) | (1.70) | (.10) | (.63) |
Total Distributions | (.15) | (.61) | (2.90) | (1.70) | (.10) | (.63) |
Net asset value, end of period | 25.97 | 19.28 | 17.12 | 23.16 | 19.48 | 16.71 |
Total Return (%) | 35.53c | 16.42 | (11.94) | 28.97 | 17.19 | 4.46 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.02d | 1.03 | 1.02 | 1.01 | 1.03 | 1.05 |
Ratio of net investment income (loss) | (.15)d | .02 | .10 | (.15) | .05 | .04 |
Portfolio Turnover Rate | 32.62c | 74.33 | 71.58 | 63.00 | 75.82 | 101.40 |
Net Assets, end of period ($ x 1,000) | 825,247 | 466,531 | 405,350 | 625,344 | 507,703 | 389,890 |
Based on average shares outstanding.
b Amount represents less than $.01 per share.
c Not annualized.
d Annualized.
See notes to financial statements.
109
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon Small Cap Multi-Strategy Fund | February 28, 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 18.11 | 16.12 | 22.08 | 18.69 | 16.07 | 16.08 |
Investment Operations: | ||||||
Investment (loss)—net a | (.04) | (.04) | (.02) | (.08) | (.04) | (.03) |
Net realized and unrealized | 6.44 | 2.61 | (3.04) | 5.17 | 2.76 | .65 |
Total from Investment Operations | 6.40 | 2.57 | (3.06) | 5.09 | 2.72 | .62 |
Distributions: | ||||||
Dividends from net realized gain on investments | (.15) | (.58) | (2.90) | (1.70) | (.10) | (.63) |
Net asset value, end of period | 24.36 | 18.11 | 16.12 | 22.08 | 18.69 | 16.07 |
Total Return (%) | 35.40b | 16.20 | (12.20) | 28.62 | 16.94 | 4.17 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.27c | 1.28 | 1.27 | 1.26 | 1.28 | 1.30 |
Ratio of net investment (loss) | (.39)c | (.22) | (.13) | (.40) | (.20) | (.21) |
Portfolio Turnover Rate | 32.62b | 74.33 | 71.58 | 63.00 | 75.82 | 101.40 |
Net Assets, end of period ($ x 1,000) | 29,102 | 20,474 | 18,823 | 25,022 | 19,641 | 14,285 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
110
Class M | |||||||
Six Months Ended | Year Ended August 31, | ||||||
BNY Mellon Focused Equity Opportunities Fund | February 28, 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
Per Share Data ($): | |||||||
Net asset value, beginning of period | 17.88 | 15.57 | 18.63 | 16.96 | 14.63 | 14.66 | |
Investment Operations: | |||||||
Investment income—net a | .06 | .14 | .10 | .09 | .11 | .12 | |
Net realized and unrealized | 1.50 | 3.29 | (.53) | 3.51 | 3.56 | 1.20 | |
Total from Investment Operations | 1.56 | 3.43 | (.43) | 3.60 | 3.67 | 1.32 | |
Distributions: | |||||||
Dividends from investment income—net | (.15) | (.13) | (.12) | (.07) | (.19) | (.11) | |
Dividends from net realized gain on investments | (1.24) | (.99) | (2.51) | (1.86) | (1.15) | (1.24) | |
Total Distributions | (1.39) | (1.12) | (2.63) | (1.93) | (1.34) | (1.35) | |
Net asset value, end of period | 18.05 | 17.88 | 15.57 | 18.63 | 16.96 | 14.63 | |
Total Return (%) | 9.04 | b | 23.11 | (.59) | 22.62 | 27.04 | 9.39 |
Ratios/Supplemental Data (%): | |||||||
Ratio of total expenses to average net assets | .87 | c | .87 | .86 | .86 | .87 | .87 |
Ratio of net investment income | .71 | c | .90 | .66 | .53 | .72 | .83 |
Portfolio Turnover Rate | 14.25 | b | 43.62 | 78.12 | 45.29 | 62.39 | 48.25 |
Net Assets, end of period ($ x 1,000) | 425,112 | 447,927 | 430,597 | 577,906 | 485,040 | 434,171 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
111
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | |||||||
Six Months Ended | Year Ended August 31, | ||||||
BNY Mellon Focused Equity Opportunities Fund | February 28, 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
Per Share Data ($): | |||||||
Net asset value, beginning of period | 17.62 | 15.37 | 18.43 | 16.81 | 14.51 | 14.55 | |
Investment Operations: | |||||||
Investment income—net a | .04 | .10 | .07 | .05 | .07 | .08 | |
Net realized and unrealized | 1.47 | 3.24 | (.53) | 3.46 | 3.53 | 1.19 | |
Total from Investment Operations | 1.51 | 3.34 | (.46) | 3.51 | 3.60 | 1.27 | |
Distributions: | |||||||
Dividends from investment income—net | (.10) | (.10) | (.09) | (.03) | (.15) | (.07) | |
Dividends from net realized gain on investments | (1.24) | (.99) | (2.51) | (1.86) | (1.15) | (1.24) | |
Total Distributions | (1.34) | (1.09) | (2.60) | (1.89) | (1.30) | (1.31) | |
Net asset value, end of period | 17.79 | 17.62 | 15.37 | 18.43 | 16.81 | 14.51 | |
Total Return (%) | 8.92 | b | 22.77 | (.81) | 22.24 | 26.75 | 9.13 |
Ratios/Supplemental Data (%): | |||||||
Ratio of total expenses to average net assets | 1.12 | c | 1.12 | 1.11 | 1.11 | 1.12 | 1.12 |
Ratio of net investment income | .45 | c | .67 | .42 | .32 | .49 | .59 |
Portfolio Turnover Rate | 14.25 | b | 43.62 | 78.12 | 45.29 | 62.39 | 48.25 |
Net Assets, end of period ($ x 1,000) | 9,108 | 7,968 | 7,153 | 11,658 | 5,947 | 4,206 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
112
Class M | ||||||||
Six Months Ended | Year Ended August 31, | |||||||
BNY Mellon Small/Mid Cap Multi-Strategy Fund | February 28, 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | ||
Per Share Data ($): | ||||||||
Net asset value, beginning of period | 14.67 | 12.86 | 16.86 | 14.49 | 12.44 | 12.72 | ||
Investment Operations: | ||||||||
Investment income (loss)—net a | (.02) | .01 | .01 | (.01) | .01 | .01 | ||
Net realized and unrealized | 3.69 | 2.32 | (1.74) | 3.86 | 2.09 | .50 | ||
Total from Investment Operations | 3.67 | 2.33 | (1.73) | 3.85 | 2.10 | .51 | ||
Distributions: | ||||||||
Dividends from investment income—net | - | (.01) | - | (.00)b | (.01) | (.04) | ||
Dividends from net realized gain on investments | (1.93) | (.51) | (2.27) | (1.48) | (.04) | (.75) | ||
Total Distributions | (1.93) | (.52) | (2.27) | (1.48) | (.05) | (.79) | ||
Net asset value, end of period | 16.41 | 14.67 | 12.86 | 16.86 | 14.49 | 12.44 | ||
Total Return (%) | 26.20 | c | 18.61 | (9.13) | 28.25 | 16.94 | 4.35 | |
Ratios/Supplemental Data (%): | ||||||||
Ratio of total expenses to average net assets | .98 | d | .95 | .94 | .93 | .94 | .95 | |
Ratio of net investment income (loss) | (.23) | d | .10 | .08 | (.05) | .10 | .10 | |
Portfolio Turnover Rate | 28.81 | c | 57.41 | 68.52 | 61.78 | 79.45 | 99.45 | |
Net Assets, end of period ($ x 1,000) | 107,378 | 194,521 | 223,000 | 370,701 | 327,604 | 300,557 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
c Not annualized.
d Annualized.
See notes to financial statements.
113
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | |||||||
Six Months Ended | Year Ended August 31, | ||||||
BNY Mellon Small/Mid Cap Multi-Strategy Fund | February 28, 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
Per Share Data ($): | |||||||
Net asset value, beginning of period | 14.30 | 12.57 | 16.57 | 14.30 | 12.31 | 12.59 | |
Investment Operations: | |||||||
Investment (loss)—net a | (.03) | (.02) | (.02) | (.05) | (.02) | (.01) | |
Net realized and unrealized | 3.58 | 2.26 | (1.71) | 3.80 | 2.05 | .48 | |
Total from Investment Operations | 3.55 | 2.24 | (1.73) | 3.75 | 2.03 | .47 | |
Distributions: | |||||||
Dividends from net realized gain on investments | (1.93) | (.51) | (2.27) | (1.48) | (.04) | (.75) | |
Net asset value, end of period | 15.92 | 14.30 | 12.57 | 16.57 | 14.30 | 12.31 | |
Total Return (%) | 26.03 | b | 18.32 | (9.31) | 27.87 | 16.55 | 4.08 |
Ratios/Supplemental Data (%): | |||||||
Ratio of total expenses to average net assets | 1.23 | c | 1.20 | 1.19 | 1.18 | 1.19 | 1.20 |
Ratio of net investment (loss) | (.42) | c | (.16) | (.17) | (.30) | (.17) | (.11) |
Portfolio Turnover Rate | 28.81 | b | 57.41 | 68.52 | 61.78 | 79.45 | 99.45 |
Net Assets, end of period ($ x 1,000) | 1,623 | 2,164 | 2,064 | 4,258 | 3,227 | 1,697 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
114
Class M | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon International Fund | February 28, 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 12.78 | 12.31 | 13.45 | 13.17 | 11.22 | 11.55 |
Investment Operations: | ||||||
Investment income—net a | .04 | .21 | .31 | .23 | .19 | .18 |
Net realized and unrealized | 1.64 | .60 | (1.20) | .26 | 1.98 | (.35) |
Total from Investment Operations | 1.68 | .81 | (.89) | .49 | 2.17 | (.17) |
Distributions: | ||||||
Dividends from investment income—net | (.31) | (.34) | (.25) | (.21) | (.22) | (.16) |
Net asset value, end of period | 14.15 | 12.78 | 12.31 | 13.45 | 13.17 | 11.22 |
Total Return (%) | 13.20b | 6.47 | (6.50) | 3.68 | 19.80 | (1.49) |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.03c | 1.03 | 1.02 | 1.02 | 1.04 | 1.03 |
Ratio of net investment income | .60c | 1.67 | 2.47 | 1.68 | 1.64 | 1.59 |
Portfolio Turnover Rate | 26.70b | 66.41 | 59.03 | 54.87 | 81.88 | 86.83 |
Net Assets, end of period ($ x 1,000) | 580,003 | 552,883 | 897,080 | 1,124,632 | 1,076,444 | 1,007,752 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
115
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon International Fund | February 28, 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 13.65 | 13.12 | 14.32 | 14.02 | 11.92 | 12.26 |
Investment Operations: | ||||||
Investment income—net a | .03 | .20 | .29 | .22 | .20 | .15 |
Net realized and unrealized | 1.74 | .64 | (1.27) | .26 | 2.10 | (.37) |
Total from Investment Operations | 1.77 | .84 | (.98) | .48 | 2.30 | (.22) |
Distributions: | ||||||
Dividends from investment income—net | (.27) | (.31) | (.22) | (.18) | (.20) | (.12) |
Net asset value, end of period | 15.15 | 13.65 | 13.12 | 14.32 | 14.02 | 11.92 |
Total Return (%) | 13.03b | 6.28 | (6.74) | 3.41 | 19.59 | (1.78) |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.28c | 1.28 | 1.27 | 1.27 | 1.29 | 1.28 |
Ratio of net investment income | .35c | 1.53 | 2.20 | 1.44 | 1.53 | 1.25 |
Portfolio Turnover Rate | 26.70b | 66.41 | 59.03 | 54.87 | 81.88 | 86.83 |
Net Assets, end of period ($ x 1,000) | 15,330 | 14,473 | 16,755 | 19,963 | 18,145 | 11,553 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
116
Class M | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon Emerging Markets Fund | February 28, 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 11.35 | 10.14 | 10.72 | 11.23 | 8.96 | 7.98 |
Investment Operations: | ||||||
Investment income—net a | .02 | .07 | .14 | .11 | .08 | .09 |
Net realized and unrealized | 2.44 | 1.27 | (.64) | (.53) | 2.26 | .96 |
Total from Investment Operations | 2.46 | 1.34 | (.50) | (.42) | 2.34 | 1.05 |
Distributions: | ||||||
Dividends from investment income—net | (.15) | (.13) | (.08) | (.09) | (.07) | (.07) |
Net asset value, end of period | 13.66 | 11.35 | 10.14 | 10.72 | 11.23 | 8.96 |
Total Return (%) | 21.82b | 13.24 | (4.68) | (3.76) | 26.36 | 13.35 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.38c | 1.39 | 1.39 | 1.39 | 1.40 | 1.44 |
Ratio of net investment income | .26c | .71 | 1.37 | .96 | .84 | 1.10 |
Portfolio Turnover Rate | 23.52b | 34.44 | 90.09 | 80.86 | 91.81 | 103.60 |
Net Assets, end of period ($ x 1,000) | 954,719 | 762,408 | 819,164 | 922,117 | 904,774 | 693,652 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
117
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon Emerging Markets Fund | February 28, 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 11.64 | 10.41 | 11.01 | 11.53 | 9.20 | 8.17 |
Investment Operations: | ||||||
Investment income—net a | .00b | .04 | .12 | .09 | .07 | .07 |
Net realized and unrealized | 2.53 | 1.30 | (.67) | (.54) | 2.31 | 1.00 |
Total from Investment Operations | 2.53 | 1.34 | (.55) | (.45) | 2.38 | 1.07 |
Distributions: | ||||||
Dividends from investment income—net | (.13) | (.11) | (.05) | (.07) | (.05) | (.04) |
Net asset value, end of period | 14.04 | 11.64 | 10.41 | 11.01 | 11.53 | 9.20 |
Total Return (%) | 21.81c | 12.85 | (4.99) | (3.93) | 26.05 | 13.13 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.63d | 1.64 | 1.64 | 1.64 | 1.65 | 1.69 |
Ratio of net investment income | .02d | .36 | 1.10 | .74 | .69 | .85 |
Portfolio Turnover Rate | 23.52c | 34.44 | 90.09 | 80.86 | 91.81 | 103.60 |
Net Assets, end of period ($ x 1,000) | 27,344 | 20,919 | 20,970 | 20,257 | 17,970 | 11,263 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
c Not annualized.
d Annualized.
See notes to financial statements.
118
Class M | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon International Equity Income Fund | February 28, 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 11.27 | 12.20 | 13.86 | 14.20 | 12.35 | 11.92 |
Investment Operations: | ||||||
Investment income—net a | .13 | .37 | .59 | .57 | .42 | .34 |
Net realized and unrealized | 1.77 | (.82) | (1.69) | (.32) | 1.84 | .41 |
Total from Investment Operations | 1.90 | (.45) | (1.10) | .25 | 2.26 | .75 |
Distributions: | ||||||
Dividends from investment income—net | (.28) | (.48) | (.56) | (.59) | (.41) | (.32) |
Net asset value, end of period | 12.89 | 11.27 | 12.20 | 13.86 | 14.20 | 12.35 |
Total Return (%) | 17.02b | (3.94) | (7.98) | 1.63 | 18.72 | 6.51 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.21c | 1.14 | 1.07 | 1.08 | 1.09 | 1.09 |
Ratio of net investment income | 2.15c | 3.05 | 4.53 | 3.92 | 3.27 | 2.85 |
Portfolio Turnover Rate | 25.77b | 55.03 | 45.49 | 54.20 | 46.42 | 78.17 |
Net Assets, end of period ($ x 1,000) | 96.657 | 111,258 | 282,061 | 360,816 | 367,829 | 282,609 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
119
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | ||||||
Six Months Ended | Year Ended August 31, | |||||
BNY Mellon International Equity Income Fund | February 28, 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 11.42 | 12.35 | 14.00 | 14.36 | 12.47 | 11.97 |
Investment Operations: | ||||||
Investment income—net a | .12 | .36 | .53 | .54 | .62 | .23 |
Net realized and unrealized | 1.78 | (.85) | (1.67) | (.34) | 1.57 | .52 |
Total from Investment Operations | 1.90 | (.49) | (1.14) | .20 | 2.19 | .75 |
Distributions: | ||||||
Dividends from investment income—net | (.26) | (.44) | (.51) | (.56) | (.30) | (.25) |
Net asset value, end of period | 13.06 | 11.42 | 12.35 | 14.00 | 14.36 | 12.47 |
Total Return (%) | 16.90b | (4.15) | (8.21) | 1.27 | 17.87 | 6.40 |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses to average net assets | 1.46c | 1.39 | 1.32 | 1.33 | 1.37 | 1.34 |
Ratio of net investment income | 1.99c | 2.97 | 4.09 | 3.78 | 4.13 | 1.92 |
Portfolio Turnover Rate | 25.77b | 55.03 | 45.49 | 54.20 | 46.42 | 78.17 |
Net Assets, end of period ($ x 1,000) | 879 | 930 | 2,318 | 1,627 | 2,135 | 765 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
120
Class M | |||||||
Six Months Ended | Year Ended August 31, | ||||||
BNY Mellon Asset Allocation Fund | February 28, 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
Per Share Data ($): | |||||||
Net asset value, beginning of period | 12.88 | 12.27 | 13.16 | 12.30 | 11.30 | 11.51 | |
Investment Operations: | |||||||
Investment income—net a | .10 | .21 | .19 | .17 | .18 | .17 | |
Net realized and unrealized | 1.36 | 1.31 | (.33) | 1.26 | 1.12 | .39 | |
Total from Investment Operations | 1.46 | 1.52 | (.14) | 1.43 | 1.30 | .56 | |
Distributions: | |||||||
Dividends from investment income—net | (.15) | (.23) | (.26) | (.21) | (.20) | (.19) | |
Dividends from net realized gain on investments | (.30) | (.68) | (.49) | (.36) | (.10) | (.58) | |
Total Distributions | (.45) | (.91) | (.75) | (.57) | (.30) | (.77) | |
Net asset value, end of period | 13.89 | 12.88 | 12.27 | 13.16 | 12.30 | 11.30 | |
Total Return (%) | 11.45 | b | 12.78 | (.44) | 11.86 | 11.73 | 5.08 |
Ratios/Supplemental Data (%): | |||||||
Ratio of total expenses to average net assets c | .40 | d | .39 | .39 | .38 | .38 | .37 |
Ratio of net expenses to average net assets c | .33 | d | .31 | .31 | .29 | .30 | .27 |
Ratio of net investment income | 1.54 | d | 1.76 | 1.55 | 1.33 | 1.51 | 1.52 |
Portfolio Turnover Rate | 11.12 | b | 35.71 | 28.14 | 20.66 | 27.34 | 23.99 |
Net Assets, end of period ($ x 1,000) | 490,421 | 463,184 | 454,093 | 489,598 | 460,142 | 444,399 |
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.
121
FINANCIAL HIGHLIGHTS (continued)
Investor Shares | |||||||
Six Months Ended | Year Ended August 31, | ||||||
BNY Mellon Asset Allocation Fund | February 28, 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
Per Share Data ($): | |||||||
Net asset value, beginning of period | 13.00 | 12.37 | 13.25 | 12.39 | 11.38 | 11.58 | |
Investment Operations: | |||||||
Investment income—net a | .09 | .18 | .13 | .14 | .15 | .14 | |
Net realized and unrealized | 1.36 | 1.32 | (.29) | 1.26 | 1.14 | .40 | |
Total from Investment Operations | 1.45 | 1.50 | (.16) | 1.40 | 1.29 | .54 | |
Distributions: | |||||||
Dividends from investment income—net | (.13) | (.19) | (.23) | (.18) | (.18) | (.16) | |
Dividends from net realized gain on investments | (.30) | (.68) | (.49) | (.36) | (.10) | (.58) | |
Total Distributions | (.43) | (.87) | (.72) | (.54) | (.28) | (.74) | |
Net asset value, end of period | 14.02 | 13.00 | 12.37 | 13.25 | 12.39 | 11.38 | |
Total Return (%) | 11.27 | b | 12.51 | (.63) | 11.50 | 11.49 | 4.89 |
Ratios/Supplemental Data (%): | |||||||
Ratio of total expenses to average net assets c | .65 | d | .64 | .64 | .63 | .63 | .62 |
Ratio of net expenses to average net assets c | .58 | d | .56 | .56 | .54 | .55 | .52 |
Ratio of net investment income | 1.28 | d | 1.52 | 1.09 | 1.06 | 1.22 | 1.25 |
Portfolio Turnover Rate | 11.12 | b | 35.71 | 28.14 | 20.66 | 27.34 | 23.99 |
Net Assets, end of period ($ x 1,000) | 6,352 | 6,443 | 7,083 | 6,959 | 6,745 | 5,131 |
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.
122
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-three series, including the following diversified funds: BNY Mellon Large Cap Stock Fund, BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund, BNY Mellon Income Stock Fund, BNY Mellon Mid Cap Multi-Strategy Fund, BNY Mellon Small Cap Multi-Strategy Fund, BNY Mellon Small/Mid Cap Multi-Strategy Fund, BNY Mellon International Fund, BNY Mellon Emerging Markets Fund, BNY Mellon International Equity Income Fund and BNY Mellon Asset Allocation Fund and the following non-diversified fund: BNY Mellon Focused Equity Opportunities Fund (each, a “fund” and collectively, the “funds”). The objectives of the funds are as follows: BNY Mellon Large Cap Stock Fund, BNY Mellon Mid Cap Multi-Strategy Fund, BNY Mellon Small Cap Multi-Strategy Fund, BNY Mellon Focused Equity Opportunities Fund and BNY Mellon Small/Mid Cap Multi-Strategy Fund seek capital appreciation. BNY Mellon Income Stock Fund and BNY Mellon International Equity Income Fund seek total return (consisting of capital appreciation and income). BNY Mellon International Fund and BNY Mellon Emerging Markets Fund seek long-term capital growth. BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund seeks long-term capital appreciation. BNY Mellon Asset Allocation Fund seeks long-term growth of principal in conjunction with current income.
BNY Mellon Investment Adviser, Inc. (the “Adviser”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”), serves as each fund’s investment adviser. The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of the Adviser, serves as administrator for the funds pursuant to an Administration Agreement with the Trust (the “Administration Agreement”). The Bank of New York Mellon has entered into a Sub-Administration Agreement with the Adviser pursuant to which The Bank of New York Mellon pays the Adviser for performing certain administrative services. Walter Scott & Partners Limited (“Walter Scott”), also a wholly-owned subsidiary of BNY Mellon and an affiliate of the Adviser, serves as the BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund’s sub-investment adviser with respect to the U.S. Large Cap Equity Strategy of the fund. Boston Partners Global Investors, Inc. (“Boston Partners”), and Geneva Capital Management LLC (“Geneva”), serve as BNY Mellon Mid Cap Multi-Strategy Fund’s sub-investment adviser with respect to the Boston Partners Mid Cap Value Strategy and the Geneva Mid Cap Growth Strategy, respectively. BNY Mellon Securities Corporation (the “Distributor”), a wholly-owned subsidiary of the Adviser, is the distributor of each fund’s shares.
On February 10, 2021, BNY Mellon Investment Management announced its intention to realign several of its investment firms. As a result of this realignment, which is scheduled to occur, subject to regulatory requirements, in the third quarter of 2021 (the “Effective Date”), portfolio managers responsible for managing a fund’s investments or a portion of a fund’s portfolio allocated to an equity strategy who are employees of Mellon Investments Corporation (“Mellon”) in a dual employment arrangement with the Adviser, the funds’ investment adviser, will become employees of Newton Investment Management North America, LLC (“Newton”), which, like Mellon, will be an affiliate of the Adviser, and will no longer be employees of Mellon. Consequently, effective as of the Effective Date and subject to the approval of the Trust’s Board of Trustees (the “Board”), the Adviser will engage Newton to serve as such fund’s sub-adviser, pursuant to a sub-investment advisory agreement between the Adviser and Newton. As the funds’ sub-adviser, Newton will provide the day-to-day management of the funds’ investments, subject to the Adviser’s supervision and approval. It is currently anticipated that the funds’ portfolio managers who are responsible for the day-to-day management of the respective funds’ investments or a portion of such funds’ portfolio allocated to an equity strategy will continue to so manage the funds’ investments as of the Effective Date. It is also currently anticipated that there will be no material changes to a fund’s investment objective, strategies or policies, no reduction in the nature or level of services provided to the fund, and no increase in the management fee payable by the fund as a result of the engagement of Newton as the fund’s sub-adviser. The Adviser (and not the funds) will pay Newton for its sub-advisory services.
Each fund is authorized to issue an unlimited number of $.001 par value shares of Beneficial Interest in each of the following classes of shares: Class M and Investor and for BNY Mellon Income Stock Fund only Class A, Class C, Class I and Class Y. Class A shares generally are subject to a sales charge imposed at the time of purchase. Class A shares bought without an initial sales charge as part of an investment of $1 million or more may be charged a contingent deferred sales charge (“CDSC”) of 1.00% if redeemed within one year. Class C shares are subject to a CDSC imposed on Class C shares redeemed within one year of purchase. Class C shares
123
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
automatically convert to Class A shares eight years after the date of purchase, without the imposition of a sales charge. Class I and Class Y shares are sold at net asset value per share generally to institutional investors. Other differences between the classes include the services offered to and the expenses borne by each class, the allocation of certain transfer agency costs, and certain voting rights. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.
The Trust accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that series’ operations; expenses which are applicable to all series are allocated among them on a pro rata basis.
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. Each fund is an investment company and applies the accounting and reporting guidance of the FASB ASC Topic 946 Financial Services-Investment Companies. Each fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
The Trust enters into contracts that contain a variety of indemnifications. The funds’ maximum exposure under these arrangements is unknown. The funds do not anticipate recognizing any loss related to these arrangements.
(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 one or more independent pricing services (each, a “Service”) approved by the Board. Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by a Service based upon its evaluation of the market for such securities). Securities are valued as determined by a 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.
124
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.
Each Service and independent valuation firm is engaged under the general oversight of the Board.
Fair valuing of securities may be determined with the assistance of a pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant ADRs and futures. Utilizing these techniques may result in transfers between Level 1 and Level 2 of the fair value hierarchy.
When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market), but before the funds calculate their net asset value, the funds may value these investments at fair value as determined in accordance with the procedures approved by the Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.
For 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.
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.
Table 1 summarizes the inputs used as of February 28, 2021 in valuing each fund’s investments:
(b) Foreign currency transactions: BNY Mellon Mid Cap Multi-Strategy Fund, 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.
Foreign taxes: Each relevant fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with the fund understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the funds invest. These foreign taxes, if any, are paid by the funds and are reflected in the Statements of Operations, if applicable. Foreign taxes payable or deferred as of February 28, 2021, if any, are disclosed in the funds’ Statements of Assets and Liabilities.
125
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
Table 1—Fair Value Measurements | |||||||||||||||||
Investments in Securities† | |||||||||||||||||
Level 1—Unadjusted |
| Level 2—Other Significant |
| Level 3-Significant Unobservable Inputs |
|
| |||||||||||
|
| Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Total | |||||||||
BNY Mellon Large Cap | |||||||||||||||||
Equity Securities— | 105,425,172 | - | - | - | - | - | 105,425,172 | ||||||||||
Investment Companies | 309,480 | - | - | - | - | - | 309,480 | ||||||||||
BNY Mellon Tax-Sensitive | |||||||||||||||||
Equity Securities— | 219,947,449 | - | - | - | - | - | 219,947,449 | ||||||||||
Investment Companies | 211,128,227 | - | - | - | - | - | 211,128,227 | ||||||||||
BNY Mellon Income Stock Fund | |||||||||||||||||
Convertible Bonds | 10,520,073 | - | - | - | - | - | 10,520,073 | ||||||||||
Equity Securities— | 538,965,252 | - | - | - | - | - | 538,965,252 | ||||||||||
Investment Companies | 20,688,425 | - | - | - | - | - | 20,688,425 | ||||||||||
Other Financial Instruments: | |||||||||||||||||
Options Written | - | (192,953) | - | - | - | - | (192,953) | ||||||||||
BNY Mellon Mid Cap | |||||||||||||||||
Equity Securities— | 2,771,644,420 | - | - | - | - | - | 2,771,644,420 | ||||||||||
Exchange-Traded Funds | 14,195,414 | - | - | - | - | - | 14,195,414 | ||||||||||
Investment Companies | 46,638,388 | - | - | - | - | - | 46,638,388 | ||||||||||
BNY Mellon Small Cap | |||||||||||||||||
Equity Securities— | 822,088,571 | - | - | - | - | - | 822,088,571 | ||||||||||
Exchange-Traded Funds | 1,423,221 | - | - | - | - | - | 1,423,221 | ||||||||||
Investment Companies | 48,447,743 | - | - | - | - | - | 48,447,743 | ||||||||||
BNY Mellon Focused Equity | |||||||||||||||||
Equity Securities— | 430,883,434 | 430,883,434 | |||||||||||||||
Investment Companies | 3,590,924 | - | - | - | - | - | 3,590,924 | ||||||||||
BNY Mellon Small/Mid Cap | |||||||||||||||||
Equity Securities— | 106,845,979 | - | - | - | - | - | 106,845,979 | ||||||||||
Exchange-Traded Funds | 577,867 | - | - | - | - | - | 577,867 | ||||||||||
Investment Companies | 4,271,488 | - | - | - | - | - | 4,271,488 | ||||||||||
BNY Mellon International Fund | |||||||||||||||||
Equity Securities— | 584,837,158 | - | - | - | - | - | 584,837,158 | ||||||||||
Exchange-Traded Funds | 1,926,850 | - | - | - | - | - | 1,926,850 | ||||||||||
Investment Companies | 8,976,519 | - | - | - | - | - | 8,976,519 |
126
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 Emerging Markets Fund | ||||||||||||||||||
Equity Securities— | 933,759,128 | - | - | - | - | 933,759,128 | ||||||||||||
Equity Securities— | 9,418,757 | - | - | - | - | - | 9,418,757 | |||||||||||
Exchange-Traded Funds | 16,633,519 | - | - | - | - | - | 16,633,519 | |||||||||||
Investment Companies | 30,563,612 | - | - | - | - | - | 30,563,612 | |||||||||||
BNY Mellon International | ||||||||||||||||||
Equity Securities— | 94,826,794 | - | - | - | - | - | 94,826,794 | |||||||||||
Equity Securities— | 382,104 | - | - | - | - | - | 382,104 | |||||||||||
Exchange-Traded Funds | 197,607 | - | - | - | - | - | 197,607 | |||||||||||
Investment Companies | 710,444 | - | - | - | - | - | 710,444 | |||||||||||
BNY Mellon Asset | ||||||||||||||||||
Commercial Mortgage-Backed | - | - | 1,152,027 | - | - | - | 1,152,027 | |||||||||||
Corporate Bonds | - | - | 28,275,788 | - | - | - | 28,275,788 | |||||||||||
Equity Securities— | 120,416,113 | - | - | - | - | - | 120,416,113 | |||||||||||
Equity Securities— | 379,650 | - | - | - | - | - | 379,650 | |||||||||||
Investment Companies | 314,516,955 | - | - | - | - | - | 314,516,955 | |||||||||||
Municipal Securities | - | - | 4,534,874 | - | - | - | 4,534,874 | |||||||||||
U.S. Government Agencies | - | - | 17,514,776 | - | - | - | 17,514,776 | |||||||||||
U.S. Treasury Securities | - | - | 11,391,327 | - | - | - | 11,391,327 |
† See Statement of Investments for additional detailed categorizations, if any.
†† Securities classified within Level 2 at period end as the values were determined pursuant to the fund’s fair valuation procedures.
††† Amount shown represents unrealized appreciation (depreciation) at period end, but only variation margin on exchanged traded and centrally cleared derivatives, if any, are reported in the Statements of Assets and Liabilities.
(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 the Adviser, or U.S. Government and Agency securities. The funds are entitled to receive all dividends, interest and distributions on securities loaned, in addition to income earned as a result of the lending transaction. Should a borrower fail to return the securities in a timely manner, The Bank of New York Mellon is required to replace the securities for the benefit of the funds or credit the funds with the
127
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
market value of the unreturned securities and is subrogated to the funds’ rights against the borrower and the collateral. Additionally, the contractual maturity of security lending transactions are on an overnight and continuous basis. Table 2 summarizes the amount The Bank of New York Mellon earned from each fund from lending portfolio securities, pursuant to the securities lending agreement during the period ended February 28, 2021.
Table 2—Securities Lending Agreement |
|
BNY Mellon Large Cap Stock Fund | $ 310 |
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | 529 |
BNY Mellon Income Stock Fund | 2,168 |
BNY Mellon Mid Cap Multi-Strategy Fund | 36,866 |
BNY Mellon Small Cap Multi-Strategy Fund | 60,154 |
BNY Mellon Focused Equity Opportunities Fund | 1,264 |
BNY Mellon Small/Mid Cap Multi-Strategy Fund | 3,882 |
BNY Mellon International Fund | 902 |
BNY Mellon Emerging Markets Fund | 2,255 |
BNY Mellon International Equity Income Fund | 610 |
BNY Mellon Asset Allocation Fund | 119 |
(d) Affiliated issuers: Investments in other investment companies advised by the Adviser are defined as “affiliated” under the Act.
(e) Risk: Certain events particular to the industries in which BNY Mellon Large Cap Stock Fund, BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund, BNY Mellon Income Stock Fund, BNY Mellon Mid Cap Multi-Strategy Fund, BNY Mellon Small Cap Multi-Strategy Fund, BNY Mellon Focused Equity Opportunities Fund, BNY Mellon Small/Mid Cap Multi-Strategy Fund and BNY Mellon Asset Allocation Fund investments conduct their operations, as well as general economic, political and public health conditions, may have a significant negative impact on the investee’s operations and profitability. 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. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the fund. Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies world-wide. Recent examples include pandemic risks related to COVID-19 and aggressive measures taken world-wide in response by governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations, and by businesses, including changes to operations and reducing staff. To the extent each fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase each fund’s exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.
BNY Mellon Asset Allocation Fund invests in debt securities. Failure of an issuer of the debt securities to make timely interest or principal payments, or a decline or the perception of a decline in the credit quality of a debt security, can cause the debt security’s price to fall, potentially lowering the fund’s share price. In addition, the value of debt securities may decline due to general market conditions that are not specifically related to a particular issuer, such as real or perceived adverse economic conditions, changes in outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment. They may also decline because of factors that affect a particular industry.
BNY Mellon Focused Equity Opportunities Fund is non-diversified, which means that a relatively high percentage of the fund’s assets may be invested in a limited number of issuers. Therefore, the fund’s performance may be vulnerable to changes in market value of a single issuer or group of issuers and more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund.
(f) Dividends and distributions to shareholders: Dividends and distributions payable to shareholders are recorded by each fund on the ex-dividend date. BNY Mellon Large Cap Stock Fund, BNY Mellon Income Stock Fund and BNY Mellon Asset Allocation Fund normally declare and pay dividends from investment income-net monthly. BNY Mellon International Equity Income Fund normally declares and pays dividends from investment income-net quarterly. BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund, BNY Mellon Mid Cap Multi-Strategy Fund, BNY Mellon Small Cap Multi-Strategy Fund, BNY Mellon Focused Equity Opportunities Fund, BNY Mellon Small/Mid Cap Multi-
128
Strategy Fund, BNY Mellon International Fund and BNY Mellon Emerging Markets Fund normally declare and pay dividends from investment income-net annually. Dividends from net realized capital gains, if any, are normally declared and paid annually, but each fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the “Code”). To the extent that net realized capital gains can be offset by capital loss carryovers of a fund, it is the policy of each fund not to distribute such gains. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
(g) Federal income taxes: It is the policy of each fund to continue to qualify as a regulated investment company, if such qualification is in the best interests of its shareholders, 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, 2021, 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, 2021, the funds did not incur any interest or penalties.
Each tax year in the three-year period ended August 31, 2020 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 3 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, 2020.
Table 4 summarizes each fund’s tax character of distributions paid to shareholders during the fiscal year ended August 31, 2020. The tax character of current year distributions will be determined at the end of the current fiscal year.
(h) New accounting pronouncements: In March 2020, the FASB issued Accounting Standards Update 2020-04, Reference Rate Reform (Topic 848)-Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates as of the end of 2021. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period from March 12, 2020 through December 31, 2022. Management is evaluating the impact of ASU 2020-04 on BNY Mellon Asset Allocation fund’s investments, derivatives, debt and other contracts that will undergo reference rate-related modifications as a result of the reference rate reform. Management is also currently actively working with other financial institutions and counterparties to modify contracts as required by applicable regulation and within the regulatory deadlines.
129
NOTES TO FINANCIAL STATEMENTS (Unaudited)
Table 3—Capital Loss Carryover | ||||||
Short-Term | Long-Term | |||||
Total ($) | ||||||
BNY Mellon International Fund | 32,878,194 | 50,925,205 | 83,803,399 | |||
BNY Mellon Emerging Markets Fund | 264,748,989 | 201,273,668 | 466,022,657 | |||
BNY Mellon International Equity Income Fund | 36,711,835 | 40,534,412 | 77,246,247 |
† These capital losses can be carried forward for an unlimited period.
Table 4— Tax Character of Distributions Paid | |||||
2020 | |||||
|
| Ordinary Income ($) | Long-Term | ||
BNY Mellon Large Cap Stock Fund | 2,001,083 | 23,571,186 | |||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | 3,436,575 | 22,166,638 | |||
BNY Mellon Income Stock Fund | 24,319,994 | 71,826,543 | |||
BNY Mellon Mid Cap Multi-Strategy Fund | 5,249,653 | 88,833,071 | |||
BNY Mellon Small Cap Multi-Strategy Fund | 603,688 | 13,811,767 | |||
BNY Mellon Focused Equity Opportunities Fund | 4,356,243 | 25,601,420 | |||
BNY Mellon Small/Mid Cap Multi-Strategy Fund | 152,991 | 8,473,128 | |||
BNY Mellon International Fund | 24,173,104 | - | |||
BNY Mellon Emerging Markets Fund | 10,545,792 | - | |||
BNY Mellon International Equity Income Fund | 9,708,920 | - | |||
BNY Mellon Asset Allocation Fund | 8,605,175 | 24,941,107 |
NOTE 2—Bank Lines of Credit:
The funds participate with other long-term open-end funds managed by the Adviser in a $823.5 million unsecured credit facility led by Citibank, N.A. (the “Citibank Credit Facility”) and a $300 million unsecured credit facility provided by The Bank of New York Mellon (the “BNYM Credit Facility”), each to be utilized primarily for temporary or emergency purposes, including the financing of redemptions (each, a “Facility”). The Citibank Credit Facility is available in two tranches: (i) Tranche A is in an amount equal to $688.5 million and is available to all long-term open-ended funds, including the funds, and (ii) Tranche B is in amount equal to $135 million and is available only to the BNY Mellon Floating Rate Income Fund, a series of BNY Mellon Investment Funds IV, Inc. Prior to September 30, 2020, the Citibank Credit Facility was $927 million with Tranche A available in an amount equal to $747 million and Tranche B available in an amount equal to $180 million. In connection therewith, each fund has agreed to pay its pro rata portion of commitment fees for Tranche A of the Citibank Credit Facility and the BNYM Credit Facility. Interest is charged to the funds based on rates determined pursuant to the terms of the respective Facility at the time of borrowing. During the period ended February 28, 2021, 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 Small/Mid Cap Multi-Strategy Fund, BNY Mellon International Fund, BNY Mellon Emerging Markets 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, 2021 for BNY Mellon Large Cap Stock Fund was approximately $193,923, with a related weighted average annualized interest rate of 1.25%.
The average amount of borrowings outstanding under the Facilities during the period ended February 28, 2021 for BNY Mellon Income Stock Fund was approximately $207,182, with a related weighted average annualized interest rate of 1.26%.
The average amount of borrowings outstanding under the Facilities during the period ended February 28, 2021 for BNY Mellon Focused Equity Opportunities Fund was approximately $358,564, with a related weighted average annualized interest rate of 1.12%.
The average amount of borrowings outstanding under the Facilities during the period ended February 28, 2021 for BNY Mellon International Equity Fund was approximately $132,597, with a related weighted average annualized interest rate of 1.10%.
130
NOTE 3—Investment Advisory Fee, Administration Fee, Sub-Investment Advisory Fee and Other Transactions with Affiliates:
(a) Fees payable by the funds pursuant to the provisions of an investment advisory agreement with the Adviser are payable monthly, computed on the average daily value of each fund’s net assets at the following annual rates: .65% of BNY Mellon Large Cap Stock Fund, .70% (direct investment in securities) and .15% (other underlying funds, which may consist of affiliated funds, mutual funds and exchange traded funds) of BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund, .65% of BNY Mellon Income Stock Fund, .75% of BNY Mellon Mid Cap Multi-Strategy Fund, .85% of BNY Mellon Small Cap Multi-Strategy Fund, .70% of BNY Mellon Focused Equity Opportunities Fund, .75% of BNY Mellon Small/Mid Cap Multi-Strategy Fund, .85% of BNY Mellon International Fund, 1.15% of BNY Mellon Emerging Markets Fund, .85% of BNY Mellon International Equity Income Fund and .65% (equity investments), .40% (debt securities) and .15% (money market investments and other underlying funds, which may consist of affiliated funds, mutual funds and exchange traded funds) of BNY Mellon Asset Allocation Fund.
For BNY Mellon Income Stock Fund, the Adviser has contractually agreed, from September 1, 2020 through June 1, 2021, to waive receipt of its fees and/or assume the direct expenses of the fund, so that the direct 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. On or after June 1, 2021, the Adviser may terminate this expense limitation agreement at any time. The reduction in expenses, pursuant to the undertaking, amounted to $631 during the period ended February 28, 2021.
For BNY Mellon Asset Allocation Fund, the Adviser has contractually agreed, from September 1, 2020 through December 31, 2021, to waive receipt of its fees and/or assume the direct expenses of the fund, so that the total annual fund operating expenses of neither class (including indirect fees, and expense of the underlying funds, but excluding Shareholder Services Plan fees, taxes, interest expense, brokerage commissions, commitment fees on borrowings and extraordinary expenses) do not exceed .87% of the value of the fund’s average daily net assets. On or after December 31, 2021, the Adviser may terminate this expense limitation agreement at any time. The reduction in expenses, pursuant to the undertaking, amounted to $184,897 during the period ended February 28, 2021.
Pursuant to the Administration Agreement, The Bank of New York Mellon provides or arranges for fund accounting, transfer agency and other fund administration services and receives a fee based on the total net assets of the Trust based on the following rates:
0 up to $6 billion .15%
$6 billion up to $12 billion .12%
In excess of $12 billion .10%
No administration fee is applied to assets held by BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund which are invested in shares of other underlying funds.
No administration fee is applied to assets held by BNY Mellon Asset Allocation Fund which are invested in cash or money market instruments or shares of other underlying funds.
Pursuant to a sub-investment advisory agreement between the Adviser and Walter Scott, the Adviser pays Walter Scott a monthly fee at an annual rate of .41% of BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund’s average daily net assets allocated to the U.S. Large Cap Equity Strategy.
Pursuant to separate sub-investment advisory agreements, Geneva and Boston Partners serve as a sub-investment adviser responsible for the day-to-day management of their respective portion of BNY Mellon Mid Cap Multi-Strategy Fund’s portfolio. The Adviser pays Boston Partners and Geneva separate monthly fees at an annual percentage of BNY Mellon Mid Cap Multi-Strategy Fund’s average daily net assets allocated to the Boston Partners Mid Cap Value Strategy and the Geneva Mid Cap Growth Strategy, respectively. The Adviser has obtained an exemptive order from the SEC (the “Order”), upon which the funds may rely, to use a manager of managers approach that permits the Adviser, subject to certain conditions and approval by the Board, to enter into and materially amend sub-investment advisory agreements with one or more sub-investment advisers who are either unaffiliated with the Adviser or are wholly-owned subsidiaries (as defined under the Act) of the Adviser ultimate parent company, BNY Mellon, without obtaining shareholder approval. The Order also allows the funds to disclose the sub-investment advisory fee paid by the Adviser to any unaffiliated sub-investment adviser in the aggregate with other unaffiliated sub-investment advisers in documents filed with the SEC and provided to shareholders. In addition, pursuant to the Order, it is not necessary to disclose the sub-investment advisory fee payable by the Adviser separately to a sub-investment adviser that is a wholly-owned subsidiary of BNY Mellon in documents filed with the SEC and provided to shareholders; such fees are to
131
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
be aggregated with fees payable to the Adviser. The Adviser has ultimate responsibility (subject to oversight by the Board) to supervise any sub-investment adviser and recommend the hiring, termination, and replacement of any sub-investment adviser to the Board.
During the period ended February 28, 2021, the Distributor retained $34 from commissions earned on sales of BNY Mellon Income Stock Fund Class A shares.
(b) Under the Distribution Plan adopted pursuant to Rule 12b-1 under the Act, Class C shares of BNY Mellon Income Stock Fund pay the Distributor for distributing its shares at an annual rate of .75% of the value of its average daily net assets. During the period ended February 28, 2021, Class C shares were charged $2,712 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 5 summarizes the amounts Investor, Class A and Class C shares were charged during the period ended February 28, 2021, pursuant to the Shareholder Services Plan. Additional fees included in Shareholder servicing costs in the Statements of Operations primarily include fees paid for cash management charges.
Table 5—Shareholder Services Plan Fees |
|
BNY Mellon Large Cap Stock Fund | $ 9,792 |
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | 12,042 |
BNY Mellon Income Stock Fund | |
Investor Shares | 15,699 |
Class A | 1,421 |
Class C | 904 |
BNY Mellon Mid Cap Multi-Strategy Fund | 158,079 |
BNY Mellon Small Cap Multi-Strategy Fund | 30,438 |
BNY Mellon Focused Equity Opportunities Fund | 10,494 |
BNY Mellon Small/Mid Cap Multi-Strategy Fund | 2,665 |
BNY Mellon International Fund | 19,695 |
BNY Mellon Emerging Markets Fund | 30,853 |
BNY Mellon International Equity Income Fund | 1,001 |
BNY Mellon Asset Allocation Fund | 7,741 |
The funds have an arrangement with the transfer agent whereby the funds may receive earnings credits when positive cash balances are maintained, which are used to offset transfer agency fees. For financial reporting purposes, the funds include net earnings credits, if any, as shareholder servicing costs in the Statements of Operations.
The funds have an arrangement with the custodian whereby the funds will receive interest income or be charged an overdraft fees when cash balances are maintained. For financial reporting purposes, the funds include this interest income and overdraft fees, if any, as interest income in the Statements of Operations.
Each fund compensates BNY Mellon Transfer, Inc., a wholly-owned subsidiary of the Adviser, under a transfer agency agreement for providing transfer agency services for BNY Mellon Income Stock Fund Class A, Class C, Class I and Class Y shares and cash management services inclusive of earnings credits, if any, for the funds. The majority of transfer agency fees for BNY Mellon Income Stock Fund Class A, Class C, Class I and Class Y shares 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 comprised of amounts paid on a per account basis out of the administration fee it receives from the Trust, excluding BNY Mellon Income Stock Fund, Class A, Class C, Class I and Class Y shares. Table 6 summarizes the amount each fund was charged during the period ended February 28, 2021, which is included in Shareholder servicing costs in the Statements of Operations.
132
Table 6—Transfer Agency Agreement Fees |
|
BNY Mellon Large Cap Stock Fund | $ 43 |
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | 23 |
BNY Mellon Income Stock Fund | 1,462 |
BNY Mellon Mid Cap Multi-Strategy Fund | 535 |
BNY Mellon Small Cap Multi-Strategy Fund | 214 |
BNY Mellon Focused Equity Opportunities Fund | 32 |
BNY Mellon Small/Mid Cap Multi-Strategy Fund | 25 |
BNY Mellon International Fund | 64 |
BNY Mellon Emerging Markets Fund | 69 |
BNY Mellon International Equity Income Fund | 16 |
BNY Mellon Asset Allocation Fund | 32 |
Each fund compensates The Bank of New York Mellon, under a custody agreement for providing custodial services for each fund. These fees are determined based on net assets, geographic region and transaction activity. Table 7 summarizes the amount each fund was charged during the period ended February 28, 2021 pursuant to the custody agreement.
Table 7—Custody Agreement Fees |
|
BNY Mellon Large Cap Stock Fund | $ 18,369 |
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | 1,362 |
BNY Mellon Income Stock Fund | 7,364 |
BNY Mellon Mid Cap Multi-Strategy Fund | 32,727 |
BNY Mellon Small Cap Multi-Strategy Fund | 23,317 |
BNY Mellon Focused Equity Opportunities Fund | 5,848 |
BNY Mellon Small/Mid Cap Multi-Strategy Fund | 10,862 |
BNY Mellon International Fund | 47,675 |
BNY Mellon Emerging Markets Fund | 298,754 |
BNY Mellon International Equity Income Fund | 51,949 |
BNY Mellon Asset Allocation Fund | 6,231 |
Table 8 summarizes the amount each fund was charged for services performed by the Chief Compliance Officer and his staff, during the period ended February 28, 2021.
Table 8—Chief Compliance Officer Fees |
|
BNY Mellon Large Cap Stock Fund | $ 7,299 |
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | 10,219 |
BNY Mellon Income Stock Fund | 7,299 |
BNY Mellon Mid Cap Multi-Strategy Fund | 11,679 |
BNY Mellon Small Cap Multi-Strategy Fund | 7,299 |
BNY Mellon Focused Equity Opportunities Fund | 7,299 |
BNY Mellon Small/Mid Cap Multi-Strategy Fund | 7,299 |
BNY Mellon International Fund | 7,299 |
BNY Mellon Emerging Markets Fund | 7,299 |
BNY Mellon International Equity Income Fund | 7,299 |
BNY Mellon Asset Allocation Fund | 8,759 |
Table 9 summarizes the components of “Due to BNY Mellon Investment Adviser, Inc. and affiliates” in the Statements of Assets and Liabilities for each fund.
(c) Each Board member also serves as a Board member of other funds within the Trust. Annual retainer fees and attendance fees are allocated to each fund based on net assets.
NOTE 4—Securities Transactions:
Table 10 summarizes each fund’s aggregate amount of purchases and sales (including paydowns) of investment securities, excluding short-term securities, forward contracts and options transactions, during the period ended February 28, 2021.
133
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
Table 9—Due to/from BNY Mellon Investment Adviser, Inc. and Affiliates | ||||||||
| Investment | Administration | Distribution | Shareholder | Custodian | Chief Compliance | Transfer Agency | Less Expense Reimbursement ($) |
BNY Mellon Large Cap Stock Fund | 56,151 | 10,641 | - | 1,629 | 10,484 | 2,621 | 17 | - |
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | 146,042 | 21,432 | - | 2,190 | 1,591 | 3,669 | 8 | - |
BNY Mellon Income Stock Fund | 285,138 | 54,034 | 380 | 2,825 | 6,428 | 2,621 | 446 | (102) |
BNY Mellon Mid Cap Multi-Strategy Fund | 1,638,928 | 269,167 | - | 27,358 | 18,157 | 4,193 | 170 | - |
BNY Mellon Small Cap Multi-Strategy Fund | 554,623 | 80,372 | - | 5,675 | 12,856 | 2,621 | 60 | - |
BNY Mellon Focused Equity Opportunities Fund | 235,786 | 41,490 | - | 1,771 | 3,798 | 2,621 | 8 | - |
BNY Mellon Small/Mid Cap Multi-Strategy Fund | 64,901 | 10,659 | - | 335 | 8,240 | 2,621 | 9 | - |
BNY Mellon International Fund | 395,759 | 53,322 | - | 3,040 | 33,248 | 2,621 | 20 | - |
BNY Mellon Emerging Markets Fund | 891,333 | 88,692 | - | 5,483 | 203,413 | 2,621 | 20 | - |
BNY Mellon International Equity Income Fund | 65,578 | 8,830 | - | 169 | 40,201 | 2,621 | 4 | - |
BNY Mellon Asset Allocation Fund | 131,297 | 17,591 | - | 1,238 | 3,150 | 3,145 | 17 | - |
Table 10—Purchases and Sales | ||||||||
| Purchases ($) | Sales ($) | ||||||
BNY Mellon Large Cap Stock Fund | 30,206,687 | 86,561,543 | ||||||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | 89,412,226 | 30,032,173 | ||||||
BNY Mellon Income Stock Fund | 194,479,251 | 357,107,570 | ||||||
BNY Mellon Mid Cap Multi-Strategy Fund | 461,409,862 | 735,664,327 | ||||||
BNY Mellon Small Cap Multi-Strategy Fund | 350,256,837 | 199,555,247 | ||||||
BNY Mellon Focused Equity Opportunities Fund | 61,493,344 | 121,790,282 | ||||||
BNY Mellon Small/Mid Cap Multi-Strategy Fund | 40,397,732 | 156,961,945 | ||||||
BNY Mellon International Fund | 149,977,157 | 188,816,309 | ||||||
BNY Mellon Emerging Markets Fund | 221,662,083 | 198,566,493 | ||||||
BNY Mellon International Equity Income Fund | 25,499,850 | 54,483,546 | ||||||
BNY Mellon Asset Allocation Fund | 52,433,233 | 57,107,157 |
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, 2021 is discussed below.
Options Transactions: BNY Mellon Income Stock Fund purchases and writes (sells) put and call options to hedge against changes in the values of equities or as a substitute for an investment. The fund is subject to market risk, in the course of pursuing its investment objectives through its investments in options contracts. A call option gives the purchaser of the option the right (but not the obligation) to buy, and obligates the writer to sell, the underlying financial instrument at the exercise price at any time during the option period, or at a specified date. Conversely, a put option gives the purchaser of the option the right (but not the obligation)
134
to sell, and obligates the writer to buy the underlying financial instrument at the exercise price at any time during the option period, or at a specified date.
As a writer of call options, the fund receives a premium at the outset and then bears the market risk of unfavorable changes in the price of the financial instrument underlying the option. Generally, the fund realizes a gain, to the extent of the premium, if the price of the underlying financial instrument decreases between the date the option is written and the date on which the option is terminated. Generally, the fund incurs a loss if the price of the financial instrument increases between those dates.
As a writer of put options, the fund receives a premium at the outset and then bears the market risk of unfavorable changes in the price of the financial instrument underlying the option. Generally, the fund realizes a gain, to the extent of the premium, if the price of the underlying financial instrument increases between the date the option is written and the date on which the option is terminated. Generally, the fund incurs a loss if the price of the financial instrument decreases between those dates.
As a writer of an option, the fund has no control over whether the underlying financial instrument may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the financial instrument underlying the written option. There is a risk of loss from a change in value of such options which may exceed the related premiums received. The Statement of Operations reflects any unrealized gains or losses which occurred during the period as well as any realized gains or losses which occurred upon the expiration or closing of the option transaction. Options written open at February 28, 2021 are set forth in the Statement of Option Written.
Forward Foreign Currency Exchange Contracts: BNY Mellon International Fund, BNY Mellon Emerging Markets Fund and BNY Mellon International Equity Income Fund enter into forward contracts in order to hedge their exposure to changes in foreign currency exchange rates on its foreign portfolio holdings, to settle foreign currency transactions or as a part of their investment strategies. When executing forward contracts, each fund is obligated to buy or sell a foreign currency at a specified rate on a certain date in the future. With respect to sales of forward contracts, each fund incurs a loss if the value of the contract increases between the date the forward contract is opened and the date the forward contract is closed. Each fund realizes a gain if the value of the contract decreases between those dates. With respect to purchases of forward contracts, each fund incurs a loss if the value of the contract decreases between the date the forward contract is opened and the date the forward contract is closed. Each fund realizes a gain if the value of the contract increases between those dates. Any realized or unrealized gains or losses which occurred during the period are reflected in the Statements of Operations. Each fund is exposed to foreign currency risk as a result of changes in value of underlying financial instruments. Each fund is also exposed to credit risk associated with counterparty non-performance on these forward contracts, which is generally limited to the unrealized gain on each open contract. This risk may be mitigated by Master Agreements, if any, between each fund and the counterparty and the posting of collateral, if any, by the counterparty to each fund to cover the funds’ exposure to the counterparty. At February 28, 2021, there were no forward contracts outstanding for BNY Mellon International Fund, BNY Mellon Emerging Markets Fund and BNY Mellon International Equity Income Fund.
Table 11 summarizes each relevant fund’s average market value of derivatives outstanding during the period ended February 28, 2021.
Table 11—Average Market Value of Derivatives | |
Average Market Value ($) | |
BNY Mellon Income Stock Fund | 85,953 |
BNY Mellon International Fund | 1,081,725 |
BNY Mellon Emerging Markets Fund | 1,234,758 |
BNY Mellon International Equity Income Fund | 170,847 |
Table 12 summarizes gross appreciation, gross depreciation and accumulated net unrealized appreciation (depreciation) on investments inclusive of derivative contracts for each fund at February 28, 2021.
At February 28, 2021, the cost of investments inclusive of derivative contracts for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statements of Investments).
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NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
Table 12—Accumulated Net Unrealized Appreciation (Depreciation) | |||
| Gross | Gross | Net ($) |
BNY Mellon Large Cap Stock Fund | 41,140,920 | 1,786,588 | 39,354,332 |
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | 179,847,561 | 238,662 | 179,608,899 |
BNY Mellon Income Stock Fund | 150,028,208 | 2,374,320 | 147,653,888 |
BNY Mellon Mid Cap Multi-Strategy Fund | 1,403,001,942 | 10,297,492 | 1,392,704,450 |
BNY Mellon Small Cap Multi-Strategy Fund | 270,598,986 | 9,138,165 | 261,460,821 |
BNY Mellon Focused Equity Opportunities Fund | 170,348,052 | 2,585,442 | 167,762,610 |
BNY Mellon Small/Mid Cap Multi-Strategy Fund | 45,260,564 | 812,426 | 44,448,138 |
BNY Mellon International Fund | 91,718,610 | 44,315,847 | 47,402,763 |
BNY Mellon Emerging Markets Fund | 425,287,942 | 32,564,002 | 392,723,940 |
BNY Mellon International Equity Income Fund | 22,141,553 | 4,583,884 | 17,557,669 |
BNY Mellon Asset Allocation Fund | 125,754,303 | 1,884,207 | 123,870,096 |
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The BNY Mellon Funds
c/o BNY Mellon Investment Adviser, Inc.
240 Greenwich Street
New York, NY 10286
Adviser
BNY Mellon Investment Adviser, Inc.
240 Greenwich Street
New York, NY 10286
Sub Adviser
Walter Scott & Partners Limited
One Charlotte Square
Edinburgh, Scotland, UK
Geneva Capital Management LLC
100 East Wisconsin Avenue
Suite 2550,
Milwaukee, WI 53202
Boston Partners Global Investors, Inc.
One Grand Central Place
60 East 42nd Street – Suite 1550
New York, NY 10165
Administrator
The Bank of New York Mellon
240 Greenwich Street
New York, NY 10286
Sub-Administrator
BNY Mellon Investment Adviser, Inc.
240 Greenwich Street
New York, NY 10286
Custodian
The Bank of New York Mellon
240 Greenwich Street
New York, NY 10286
Transfer Agent &
Dividend Disbursing Agent
BNY Mellon Transfer, Inc.
240 Greenwich Street
New York, NY 10286
Distributor
BNY Mellon Securities Corporation
240 Greenwich Street
New York, NY 10286
Ticker Symbols: | ||||||
BNY Mellon Large Cap Stock Fund | Class M: MPLCX | Investor: MILCX | ||||
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | Class M: MTSMX | Investor: MTSIX | ||||
BNY Mellon Income Stock Fund | Class M: MPISX | Investor: MIISX | Class A: BMIAX | Class C: BMISX | Class I: BMIIX | Class Y: BMIYX |
BNY Mellon Mid Cap Multi-Strategy Fund | Class M: MPMCX | Investor: MIMSX | ||||
BNY Mellon Small Cap Multi-Strategy Fund | Class M: MPSSX | Investor: MISCX | ||||
BNY Mellon Focused Equity Opportunities Fund | Class M: MFOMX | Investor: MFOIX | ||||
BNY Mellon Small/Mid Cap Multi-Strategy Fund | Class M: MMCMX | Investor: MMCIX | ||||
BNY Mellon International Fund | Class M: MPITX | Investor: MIINX | ||||
BNY Mellon Emerging Markets Fund | Class M: MEMKX | Investor: MIEGX | ||||
BNY Mellon International Equity Income Fund | Class M: MLIMX | Investor: MLIIX | ||||
BNY Mellon Asset Allocation Fund | Class M: MPBLX | Investor: MIBLX |
Telephone Wealth Management (WM) Clients, please contact your Account Officer or call 1-866-804-5023. Brokerage Clients of BNY Mellon Wealth Advisors (BNYMWA), please contact your financial representative or call 1-800-830-0549, Option 2 for BNY Mellon Wealth Management Direct or 1-800-843-5466 for former brokerage clients of BNY Mellon Wealth Advisors whose accounts are now held by BNY Mellon Brokerage Services. Individual Account holders, please call BNY Mellon Investment Advisers at 1-800-373-9387.
Mail WM clients, write to your Account Officer, c/o The Bank of New York Mellon, One Mellon Bank Center, Pittsburgh, PA 15258
BNYMWA Brokerage Clients, write to your financial representative, P.O. Box 9012, Hicksville, NY 11802-9012
Individual Account Holders, write to: BNY Mellon Funds, P.O. Box 9879, Providence, RI 02940-8079
Each fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-PORT. The fund’s Forms N-PORT are available on the SEC’s website at http://www.sec.gov.
A description of the policies and procedures that the fund uses to determine how to vote proxies relating to portfolio securities, and information regarding how the fund voted these proxies for the most recent 12-month period ended June 30 is available at http:// www.im.bnymellon.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 1-800-373-9387.
© 2021 BNY Mellon Securities Corporation | MFTSA0221-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, 2021 | |
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 |
DISCUSSION OF FUND PERFORMANCE (Unaudited)
For the period of September 1, 2020 through February 28, 2021, 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, 2021, BNY Mellon Bond Fund’s Class M shares produced a total return of -0.78%, and Investor shares produced a total return of -0.92%.1 In comparison, the fund’s benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index (the “Index”), produced a total return of -1.55% for the same period.2
Bonds produced marginally negative results over the six months after the yield curve steepened the final months of the period. The fund produced higher returns than the Index, due in part to positive allocation and duration effects within corporate debt and Treasuries.
The Fund’s Investment Approach
The fund seeks total return (consisting of capital appreciation and current income). To pursue its goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in bonds. BNY Mellon Investment Adviser, Inc. (“BNYM Investment Adviser”) actively manages the fund’s bond market and maturity exposure and credit profile and uses a disciplined process to select bonds and manage risk. The process includes computer modeling and scenario testing of possible changes in market conditions. BNYM Investment Adviser will use other techniques in an attempt to manage market risk and duration.
The fund’s investments in bonds must be rated investment grade (i.e., Baa/BBB or higher) at the time of purchase or, if unrated, deemed of comparable quality by BNYM Investment Adviser.3 Investments in bonds may include government securities, corporate bonds, mortgage-related securities and municipal securities. Generally, the average effective duration of the fund’s portfolio will not exceed eight years. The fund may invest in individual bonds of any duration. There are no restrictions on the dollar-weighted average maturity of the fund’s portfolio or on the maturities of the individual bonds the fund may purchase. A bond’s maturity is the length of time until the principal must be fully repaid with interest. Dollar-weighted average maturity is an average of the stated maturities of the securities held by the fund, based on their dollar-weighted proportions in the fund. Duration is an indication of an investment’s “interest rate risk,” or how sensitive a bond or the fund’s portfolio may be to changes in interest rates.
Interest Rate Changes Drive Market Activity
Risk assets rallied early in the period on continued support from central bank and governmental activity intended to counteract the economic effects of widespread COVID-19 lockdowns and business closures. Investor sentiment also improved as COVID-19 infection rates fell during the summer and early fall, and lockdown measures eased, allowing economic activity to pick up in some parts of the world. Emerging market sovereign debt and some high yield debt recovered from March 2020 lows. Spreads generally continued to tighten until the late fall, when concerns about rising infection rates and renewed economic closures sparked renewed spread widening.
However, the tide turned in November 2020, when news of potential viable vaccines surfaced. Investor sentiment lifted, and a strong risk-on rally began, particularly in areas of the market that were hard hit by the pandemic, such as travel and leisure names, and low-quality and distressed debt. In January 2021, the U.S. Treasury yield curve steepened as rates on intermediate- and long-dated debt increased. In February 2021, the yield curve continued its steepening trend as investors anticipated economic reopening, and concerns surfaced about potential increases in inflation. Securities offering a hedge against inflation rallied, while long-dated Treasuries underperformed the broader market. High yield securities generally offered strong returns for the period, while some other higher-quality spread sectors ended up posting negative performance for the six months due to the rising rate environment in January and February 2021.
Allocation and Duration Decisions Bolster Relative Results
Returns were helped during the period by allocation and duration decisions within Treasuries and corporate debt. An underweight to Treasuries, as well as short duration positioning within the asset class, provided a tailwind to relative returns. Rates generally rose during the period. Interest rates and bond prices move in opposite directions. Short duration positioning dampened the relative effect of rising rates on the securities within the portfolio, and an underweight to the underperforming asset class was also beneficial. An overweight to corporate debt, which posted better relative performance than Treasuries for the six months, helped returns, as did shorter average duration positioning. Debt issued by industrial and financial companies was particularly helpful. From a yield curve positioning standpoint, underweight allocations to debt maturing in the years 2024, 2025, and 2036-2045 was additive. From a credit rating perspective, short duration positioning and an underweight to underperforming AAA rated credit boosted results, as did a generous overweight and short duration positioning within BBB rated credits.
Conversely, the fund’s positioning within debt issued by communications companies provided a headwind to results, as did duration positioning and issue selection among utilities companies, particularly natural gas companies. In addition, a lack of exposure to government-related agency debt also detracted from relative performance.
2
Constructively Positioned for a Changing Environment
Our team maintains a guarded outlook for taxable securities in the near term. We recognize that 2020 was a strong period for bond performance and believe that more muted returns are possible for the upcoming quarters. Spreads have already tightened significantly so we believe that the same degree of tightening potential may not occur in the upcoming reporting period as in the previous reporting period. We remain relatively cautious as it relates to interest-rate risk, as our opinion is that rates may go higher as the economy does better in the latter half of the year. We still think an overweight to corporate bonds is merited in the current environment because of the strong outlook for corporate profitability and the additional yield opportunity that corporate bonds may offer.
March 15, 2021
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price, yield and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.
² Source: Lipper Inc. — The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based flagship benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate, taxable bond market. The Index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS and CMBS (agency and nonagency). Investors cannot invest directly in any index.
3 The fund may continue to own investment grade bonds (at the time of purchase), which are subsequently downgraded to below investment grade.
Bond funds are subject generally to interest-rate, credit, liquidity, call and market risks, to varying degrees. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes, and rate increases can cause price declines.
Recent market risks include pandemic risks related to COVID-19. The effects of COVID-19 have contributed to increased volatility in global markets and will likely affect certain countries, companies, industries and market sectors more dramatically than others. To the extent the fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase the fund’s exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.
Investing in foreign denominated and/or domiciled securities involves special risks, including changes in currency exchange rates, political, economic, and social instability, limited company information, differing auditing and legal standards, and less market liquidity. These risks generally are greater with emerging market countries.
3
DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)
For the period of September 1, 2020 through February 28, 2021, 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, 2021, BNY Mellon Intermediate Bond Fund’s Class M shares produced a total return of -0.11%, and Investor shares produced a total return of -0.18%.1 In comparison, the fund’s benchmark, the Bloomberg Barclays U.S. Intermediate Government/Credit Index (the “Index”), produced a total return of -0.63% for the same period.2
Intermediate-term bonds produced marginally negative results over the six months after the yield curve steepened the final months of the period. The fund produced higher returns than the Index, due in part to positive allocation and duration effects within corporate debt and Treasuries.
The Fund’s Investment Approach
The fund seeks total return (consisting of capital appreciation and current income). To pursue its goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purpose, in bonds. BNY Mellon Investment Adviser, Inc. (“BNY Mellon Investment Adviser”) actively manages bond market and maturity exposure and credit profile and uses a disciplined process to select bonds and manage risk. The process includes computer modeling and scenario testing of possible changes in market conditions. BNY Mellon Investment Adviser will use other techniques in an attempt to manage market risk and duration.
The funds investments in bonds must be rated investment grade (i.e., Baa/BBB or higher) at the time of purchase or, if unrated, deemed of comparable quality by BNY Mellon Investment Adviser.3 Investments in bonds may include government securities, corporate bonds and municipal securities. Generally, the fund’s average effective portfolio maturity will be between 3 and 10 years and the average effective duration of the fund’s portfolio will be between 2.5 and 5.5 years. The fund may invest in individual bonds of any maturity or duration. A bond’s maturity is the length of time until the principal must be fully repaid with interest. Average effective portfolio maturity is an average of the maturities of bonds held by the fund directly and the bonds underlying derivative instruments entered into by the fund, if any, adjusted to reflect provisions or market conditions that may cause a bond’s principal to be repaid earlier than at its stated maturity. Duration is an indication of an investment’s “interest rate risk,” or how sensitive a bond or the fund’s portfolio may be to change in interest rates.
Interest Rate Changes Drive Market Activity
Risk assets rallied early in the period on continued support from central bank and governmental activity intended to counteract the economic effects of widespread COVID-19 lockdowns and business closures. Investor sentiment also improved as COVID-19 infection rates fell during the summer and early fall, and lockdown measures eased, allowing economic activity to pick up in some parts of the world. Emerging market sovereign debt and some high yield debt recovered from March 2020 lows. Spreads generally continued to tighten until the late fall, when concerns about rising infection rates and renewed economic closures sparked renewed spread widening.
However, the tide turned in November 2020, when news of potential viable vaccines surfaced. Investor sentiment lifted, and a strong risk-on rally began, particularly in areas of the market that were hard hit by the pandemic, such as travel and leisure names, and low-quality and distressed debt. In January 2021, the U.S. Treasury yield curve steepened as rates on intermediate- and long-dated debt increased. In February 2021, the yield curve continued its steepening trend as investors anticipated economic reopening, and concerns surfaced about potential increases in inflation. Securities offering a hedge against inflation rallied, while long-dated Treasuries underperformed the broader market. High yield securities generally offered strong returns for the period, while some other higher- quality spread sectors ended up posting negative performance for the six months due to the rising rate environment in January and February 2021.
Allocation and Duration Decisions Bolster Relative Results
Returns were helped during the period by allocation and duration decisions within Treasuries and corporate debt. An underweight to Treasuries, as well as short duration positioning within the asset class, provided a tailwind to relative returns. Rates generally rose during the period. Interest rates and bond prices move in opposite directions. Short duration positioning dampened the relative effect of rising rates on the securities within the portfolio, and an underweight to the underperforming asset class was also beneficial. An overweight to corporate debt, which posted better relative performance than Treasuries for the six months, helped returns, as did shorter average duration positioning. Debt issued by industrial and financial companies was particularly helpful. From a yield curve positioning standpoint, allocations to debt maturing in the years 2025-2029 was additive. From a credit rating perspective, short duration positioning and an underweight to underperforming AAA rated credit boosted results, as did a generous overweight to outperforming BBB rated credits.
Conversely, the fund’s positioning within debt issued by communications and consumer cyclical companies provided a headwind to results, as did long duration positioning and issue selection among utilities companies.
Constructively Positioned for a Changing Environment
Our team maintains a guarded outlook for taxable securities in the near term. We recognize that 2020 was a strong period for bond performance and believe that muted returns are possible for the upcoming quarters. Spreads have already tightened significantly so we believe that the same degree of tightening potential may not occur in the upcoming reporting period as in the previous reporting period. We remain relatively cautious as it relates to interest-rate risk, as our opinion is that rates may go higher as the economy does better in the latter half of the year.
4
We still think an overweight to corporate bonds is merited in the current environment because of the strong outlook for corporate profitability and the additional yield opportunity that corporate bonds may offer.
March 15, 2021
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price, yield and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.
2 Source: Lipper Inc. – The Bloomberg Barclays U.S. Intermediate Government/Credit Index is a broad-based, flagship benchmark that measures the non-securitized component of the Bloomberg Barclays U.S. Aggregate Bond Index. Investors cannot invest directly in any index.
3 The fund may continue to own investment grade bonds (at the time of purchase), which are subsequently downgraded to below investment grade.
Bonds are subject generally to interest-rate, credit, liquidity and market risks, to varying degrees. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes, and rate increases can cause price declines.
Recent market risks include pandemic risks related to COVID-19. The effects of COVID-19 have contributed to increased volatility in global markets and will likely affect certain countries, companies, industries and market sectors more dramatically than others. To the extent the fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase the fund’s exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.
Investing in foreign denominated and/or domiciled securities involves special risks, including changes in currency exchange rates, political, economic, and social instability, limited company information, differing auditing and legal standards, and less market liquidity. These risks generally are greater with emerging market countries.
5
DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)
For the period of September 1, 2020 through February 28, 2021, 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, 2021, BNY Mellon Corporate Bond Fund’s Class M shares produced a total return of 2.15%, and Investor shares produced a total return of 2.02%.1 In comparison, the fund’s benchmark, the Bloomberg Barclays U.S. Intermediate Credit Index (the “Index”), produced a total return of 0.24%, and the Bloomberg Barclays U.S. Credit Index, the fund’s secondary benchmark (the “Secondary Index”), produced a total return of -0.47% for the same period.2,3
Investment grade, corporate-backed bonds produced varied results over the six months, depending on the maturity profile of the bond. Longer-dated securities generally underperformed their short- or intermediate-maturity counterparts. The fund produced higher returns than the Index and the Secondary Index, primarily due to allocation and issue selection decisions.
The Fund’s Investment Approach
The fund seeks total return (consisting of capital appreciation and current income). To pursue its goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in corporate bonds. BNY Mellon Investment Adviser, Inc. (“BNYM Investment Adviser”) actively manages the fund’s bond market and maturity exposure and credit profile and uses a disciplined process to select bonds and manage risk. The process includes computer modeling and scenario testing of possible changes in market conditions. BNYM Investment Adviser will use other techniques in an attempt to manage market risk and duration.
The fund normally invests at least 80% of its assets in bonds rated investment grade (i.e., Baa/BBB or higher) at the time of purchase or, if unrated, deemed of comparable quality by BNYM Investment Adviser, with at least 65% of such investment grade bonds issued by corporations or the U.S. government or its agencies.3
Generally, the average effective duration of the fund’s portfolio will not exceed eight years. The fund may invest in individual bonds of any duration. There are no restrictions on the dollar-weighted average maturity of the fund’s portfolio or on the maturities of the individual bonds the fund may purchase. A bond’s maturity is the length of time until the principal must be fully repaid with interest. Dollar-weighted average maturity is an average of the stated maturities of the securities held by the fund, based on their dollar-weighted proportions in the fund. Duration is an indication of an investment’s “interest rate risk,” or how sensitive a bond or the fund’s portfolio may be to changes in interest rates.
BNYM Investment Adviser chooses bonds based on yield, credit quality, the level of interest rates and inflation, general economic and financial trends, and its outlook for the securities markets. In selecting corporate bonds for investment, the fund’s portfolio managers analyze fundamental metrics, including the issuer’s cash flow, leverage and operating margins, as well as its business strategy and operating performance, and macroeconomic factors.
Interest Rate Changes Drive Market Activity
Risk assets rallied early in the period on continued support from central bank and governmental activity intended to counteract the economic effects of widespread COVID-19 lockdowns and business closures. Investor sentiment also improved as COVID-19 infection rates fell during the summer and early fall, and lockdown measures eased, allowing economic activity to pick up in some parts of the world. Emerging market sovereign debt and some high yield debt recovered from March 2020 lows. Spreads generally continued to tighten until the late fall, when concerns about rising infection rates and renewed economic closures sparked renewed spread widening.
However, the tide turned in November 2020, when news of potential viable vaccines surfaced. Investor sentiment lifted, and a strong risk-on rally began, particularly in areas of the market that were hard hit by the pandemic, such as travel and leisure names, and low-quality and distressed debt. In January 2021, the U.S. Treasury yield curve steepened as rates on intermediate- and long-dated debt increased. In February 2021, the yield curve continued its steepening trend as investors anticipated economic reopening and concerns surfaced about potential increases in inflation. Securities offering a hedge against inflation rallied, while long-dated Treasuries underperformed the broader market. High yield securities generally offered strong returns for the period, while some other higher-quality spread sectors ended up posting negative performance for the six months due to the rising rate environment in January and February 2021.
Allocation and Issue Selection Decisions Drive Results
An overweight to corporate debt versus the index was a primary driver of outperformance. In addition, issue selection also contributed positively to returns, particularly among companies in the transportation and consumer non-cyclical industries. An overweight to financial companies was also beneficial. From a yield curve positioning standpoint, overweights to credits maturing in 2026-2029, along with issue selection within these maturity profiles, helped returns, as did an underweight to bonds maturing in 2025 and issue selection within that maturity group. From a credit rating perspective, an overweight to BBB rated debt, as well as issue selection within the rating category, was highly beneficial to fund performance. An overweight to A rated debt, as well as issue selection within that category, was also beneficial to fund performance.
Conversely, the fund’s duration positioning took away from performance. Longer duration positioning than the index constrained results, particularly among debt issued by industrials companies. Investments in bonds issued by utilities companies also hurt results. In addition, positioning within credits maturing in 2030 and 2021 provided a modest headwind to performance.
Constructively Positioned for a Changing Environment
Our team maintains a guarded outlook for taxable securities in the near term. We recognize that 2020 was a strong period for bond performance and believe that more muted returns are possible for the upcoming quarters. Spreads have already tightened significantly so we believe that the same degree of
6
tightening potential may not occur in the upcoming reporting period as in the previous reporting period. We remain relatively cautious as it relates to interest-rate risk, as our opinion is that rates may go higher as the economy does better in the latter half of the year. We still think an overweight to corporate bonds is merited in the current environment because of the strong outlook for corporate profitability and the additional yield opportunity that corporate bonds may offer.
March 15, 2021
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price, yield and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.
2 Source: Lipper Inc. – The Bloomberg Barclays U.S. Intermediate Credit Index measures the investment-grade, U.S. dollar-denominated, fixed-rate, taxable corporate and government-related bond markets with a maturity greater than 1 year and less than 10 years. It is composed of the U.S. Corporate Index and a non-corporate component that includes non-U.S. agencies, sovereigns, supranationals and local authorities constrained by maturity. The U.S. Intermediate Credit Index is a subset of the U.S. Credit Index, which feeds into the U.S. Government/Credit Index and U.S. Aggregate Index. Investors cannot invest directly in any index.
3 Source: Lipper Inc. – The Bloomberg Barclays U.S. Credit Index measures the investment-grade, U.S. dollar-denominated, fixed-rate, taxable corporate and government-related bond markets. It is composed of the U.S. Corporate Index and a non-corporate component that includes non-U.S. agencies sovereigns, supranationals and local authorities. Investors cannot invest directly in any index.
Bonds are subject generally to interest-rate, credit, liquidity, call and market risks, to varying degrees. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes, and rate increases can cause price declines.
Recent market risks include pandemic risks related to COVID-19. The effects of COVID-19 have contributed to increased volatility in global markets and will likely affect certain countries, companies, industries and market sectors more dramatically than others. To the extent the fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase the fund’s exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.
Investing in foreign denominated and/or domiciled securities involves special risks, including changes in currency exchange rates, political, economic, and social instability, limited company information, differing auditing and legal standards, and less market liquidity. These risks generally are greater with emerging market countries.
7
DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)
For the period of September 1, 2020 through February 28, 2021, 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, 2021, BNY Mellon Short-Term U.S. Government Securities Fund’s Class M shares produced a total return of -0.02%, and Investor shares produced a total return of -0.17%.1 In comparison, the Bloomberg Barclays U.S. Government 1-3 Year Bond Index (the “Index”), the fund’s benchmark, produced a total return of 0.05% for the same period.2
Short-term U.S. government securities produced modestly positive total returns over the six months in an environment of accommodative central bank policies. The fund underperformed its benchmark mainly due to positioning in Treasuries.
The Fund’s Investment Approach
The fund seeks to provide as high a level of current income as is consistent with the preservation of capital. To pursue its goal, the fund normally invests at least 80% of its net assets in securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, and in repurchase agreements. The fund may invest in mortgage-related securities issued by U.S. government agencies or instrumentalities, such as mortgage pass-through securities issued by the Government National Mortgage Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”), and the Federal Home Loan Mortgage Corporation (“Freddie Mac”). The fund may also invest in collateralized mortgage obligations (“CMOs”), including stripped mortgage-backed securities. Generally, the fund’s average effective portfolio maturity and the average effective duration of the fund’s portfolio will be less than three years.
When choosing securities, we typically first examine U.S. and global economic conditions and other market factors to estimate long- and short-term interest rates. Using a research-driven investment process, generally we then seek to identify what we believe are potentially profitable sectors before they are widely perceived as such by the market. We also seek to identify underpriced or mispriced securities that appear likely to perform well over time.
Interest Rate Changes Drive Market Activity
Risk assets rallied early in the period on continued support from central bank and governmental activity intended to counteract the economic effects of widespread COVID-19 lockdowns and business closures. Investor sentiment also improved as COVID-19 infection rates fell during the summer and early fall, and lockdown measures eased, allowing economic activity to pick up in some parts of the world. Emerging market sovereign debt and some high yield debt recovered from March 2020 lows. Spreads generally continued to tighten until the late fall, when concerns about rising infection rates and renewed economic closures sparked renewed spread widening.
However, the tide turned in November 2020, when news of potential viable vaccines surfaced. Investor sentiment lifted, and a strong risk-on rally began, particularly in areas of the market that were hard hit by the pandemic, such as travel and leisure names, and low-quality and distressed debt. In January 2021, the U.S. Treasury yield curve steepened as rates on intermediate- and long-dated debt increased. In February 2021, the yield curve continued its steepening trend as investors anticipated economic reopening and concerns surfaced about potential increases in inflation. Securities offering a hedge against inflation rallied, while long-dated Treasuries underperformed the broader market. High yield securities generally offered strong returns for the period, while some other higher- quality spread sectors ended up posting negative performance for the six months due to the rising rate environment in January and February 2021.
Treasuries Weigh on Relative Results
The fund’s performance compared to the Index was constrained over the reporting period by its positioning in Treasuries. Despite periodic fluctuation, Treasury rates rose across much of the curve during the six months. The fund held a longer duration in Treasury securities than the Index, making the fund more sensitive than the Index to increases in interest rates. In addition, many of the fund’s Treasury positions had a maturity profile of three years, which rose more than bonds with shorter maturity profiles.
Conversely, positioning within mortgage securities was helpful to performance as mortgage spreads compressed throughout the period. Exposure to taxable municipal securities also provided a tailwind over the six months.
Constructively Positioned for a Changing Environment
We are expecting an uptick in economic activity as businesses reopen. We believe that the yield curve will steepen in anticipation of increased economic reopening. In the short term, we think there might be a temporary corrective rally in Treasuries, and spreads may widen.
Currently, we do not expect much activity from the U.S. Federal Reserve (the “Fed”) in terms of interference with inflation rates or market activity. We expect there would have to be a lot of drastic economic data for the Fed to take corrective action. Although, the economy is reopening, and we expect this will likely push rates higher. There may be intermittent periods of flattening, but overall, the trend will likely be one of steepening. From a valuation perspective, we
8
do not foresee a lot of room for spread tightening in any of the sectors because spreads are already historically tight.
March 15, 2021
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price, yield and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost.
2 Source: Lipper Inc. – The Bloomberg Barclays U.S. Government 1-3 Year Bond Index comprises the U.S. Treasury and U.S. Agency Indices. The Index includes U.S. dollar-denominated, fixed-rate, nominal U.S. Treasuries and U.S. agency debentures, which reach maturity in 1-3 years. Investors cannot invest directly in any index.
Bonds are subject generally to interest-rate, credit, liquidity and market risks, to varying degrees, all of which are more fully described in the fund’s prospectus. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes, and rate increases can cause price declines.
Recent market risks include pandemic risks related to COVID-19. The effects of COVID-19 have contributed to increased volatility in global markets and will likely affect certain countries, companies, industries and market sectors more dramatically than others. To the extent the fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase the fund’s exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.
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, 2020 to February 28, 2021. 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 | |||||||||||||||
Assume actual returns for the six months ended February 28, 2021 | |||||||||||||||
|
|
|
|
| Class M |
|
| Investor Shares |
| ||||||
BNY Mellon Bond Fund | |||||||||||||||
Expenses paid per $1,000† | $2.72 | $3.95 | |||||||||||||
Ending value (after expenses) | $992.20 | $990.80 | |||||||||||||
Annualized expense ratio (%) | .55 | .80 | |||||||||||||
BNY Mellon Intermediate Bond Fund | |||||||||||||||
Expenses paid per $1,000† | $2.78 | $4.01 | |||||||||||||
Ending value (after expenses) | $998.90 | $998.20 | |||||||||||||
Annualized expense ratio (%) | .56 | .81 | |||||||||||||
BNY Mellon Corporate Bond Fund | |||||||||||||||
Expenses paid per $1,000† | $2.81 | $4.06 | |||||||||||||
Ending value (after expenses) | $1,021.50 | $1,020.20 | |||||||||||||
Annualized expense ratio (%) | .56 | .81 | |||||||||||||
BNY Mellon Short-Term U.S. Government Securities Fund | |||||||||||||||
Expenses paid per $1,000† | $2.78 | $4.01 | |||||||||||||
Ending value (after expenses) | $999.80 | $998.30 | |||||||||||||
Annualized expense ratio (%) | .56 | .81 |
† 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 | |||||||||||||||
Assuming a hypothetical 5% annualized return for the six months ended February 28, 2021 | |||||||||||||||
|
|
|
|
| Class M |
|
| Investor Shares |
| ||||||
BNY Mellon Bond Fund | |||||||||||||||
Expenses paid per $1,000† | $2.76 | $4.01 | |||||||||||||
Ending value (after expenses) | $1,022.07 | $1,020.83 | |||||||||||||
Annualized expense ratio (%) | .55 | .80 | |||||||||||||
BNY Mellon Intermediate Bond Fund | |||||||||||||||
Expenses paid per $1,000† | $2.81 | $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† | $2.81 | $4.06 | |||||||||||||
Ending value (after expenses) | $1,022.02 | $1,020.78 | |||||||||||||
Annualized expense ratio (%) | .56 | .81 |
† Expenses are equal to each fund’s annualized expense ratios as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
11
STATEMENT OF INVESTMENTS
February 28, 2021 (Unaudited)
BNY Mellon Bond Fund | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 98.1% | |||||||||
Aerospace & Defense - 1.0% | |||||||||
Northrop Grumman, Sr. Unscd. Notes | 2.93 | 1/15/2025 | 5,255,000 | 5,617,987 | |||||
The Boeing Company, Sr. Unscd. Notes | 1.95 | 2/1/2024 | 6,700,000 | a | 6,872,019 | ||||
The Boeing Company, Sr. Unscd. Notes | 2.20 | 2/4/2026 | 1,000,000 | 1,002,270 | |||||
13,492,276 | |||||||||
Agriculture - .4% | |||||||||
BAT Capital, Gtd. Notes | 2.73 | 3/25/2031 | 4,750,000 | 4,705,131 | |||||
Airlines - 1.4% | |||||||||
American Airlines Pass Through Trust, Ser. 2015-1, Cl. A | 3.38 | 5/1/2027 | 4,467,047 | 4,334,468 | |||||
Delta Air Lines Pass Through Trust, Ser. 2019-1, Cl. AA | 3.20 | 4/25/2024 | 4,225,000 | 4,371,099 | |||||
United Airlines Pass Through Trust, Ser. 2019-1, Cl. AA | 4.15 | 8/25/2031 | 5,392,522 | 5,654,245 | |||||
United Airlines Pass Through Trust, Ser. 2019-2, Cl. AA | 2.70 | 5/1/2032 | 4,660,144 | 4,643,565 | |||||
19,003,377 | |||||||||
Automobiles & Components - 1.2% | |||||||||
General Motors, Sr. Unscd. Notes | 5.40 | 10/2/2023 | 2,850,000 | 3,178,962 | |||||
General Motors Financial, Sr. Unscd. Notes | 1.70 | 8/18/2023 | 2,500,000 | 2,558,008 | |||||
Volkswagen Group of America Finance, Gtd. Notes | 0.75 | 11/23/2022 | 4,000,000 | a,b | 4,018,836 | ||||
Volkswagen Group of America Finance, Gtd. Notes | 2.90 | 5/13/2022 | 6,000,000 | b | 6,177,650 | ||||
15,933,456 | |||||||||
Banks - 7.3% | |||||||||
Banco Santander, Sr. Unscd. Notes | 2.75 | 5/28/2025 | 6,000,000 | a | 6,364,796 | ||||
Bank of America, Sub. Notes, Ser. L | 3.95 | 4/21/2025 | 9,000,000 | 9,964,384 | |||||
Citigroup, Sub. Notes | 4.45 | 9/29/2027 | 9,000,000 | 10,388,490 | |||||
Citizens Bank, Sr. Unscd. Notes | 2.25 | 4/28/2025 | 5,875,000 | 6,163,099 | |||||
Credit Suisse Group, Sr. Unscd. Notes | 4.21 | 6/12/2024 | 6,500,000 | b | 7,016,583 | ||||
HSBC Holdings, Sr. Unscd. Notes | 4.95 | 3/31/2030 | 6,000,000 | 7,218,911 | |||||
JPMorgan Chase & Co., Jr. Sub. Bonds, Ser. II | 4.00 | 4/1/2025 | 5,475,000 | c | 5,448,309 | ||||
Lloyds Bank, Jr. Sub. Notes | 12.00 | 12/16/2024 | 4,000,000 | a,b,c | 4,454,520 | ||||
Morgan Stanley, Sub. Notes | 4.88 | 11/1/2022 | 10,000,000 | 10,725,630 | |||||
NatWest Group, Sr. Unscd. Notes | 5.08 | 1/27/2030 | 5,500,000 | 6,535,627 | |||||
Nordea Bank, Jr. Sub. Notes | 6.63 | 3/26/2026 | 4,280,000 | b,c | 4,888,124 | ||||
Societe Generale, Sub. Notes | 4.75 | 11/24/2025 | 5,200,000 | b | 5,841,032 | ||||
The Goldman Sachs Group, Sub. Notes | 6.75 | 10/1/2037 | 8,270,000 | 12,078,469 | |||||
97,087,974 | |||||||||
Beverage Products - .6% | |||||||||
Anheuser-Busch InBev Worldwide, Gtd. Notes | 4.90 | 2/1/2046 | 6,250,000 | 7,540,226 | |||||
Chemicals - 1.0% | |||||||||
Huntsman International, Sr. Unscd. Notes | 4.50 | 5/1/2029 | 7,775,000 | 8,812,140 | |||||
Yara International, Sr. Unscd. Notes | 3.15 | 6/4/2030 | 4,000,000 | b | 4,230,634 | ||||
13,042,774 | |||||||||
Commercial & Professional Services - 1.3% | |||||||||
Duke University, Unscd. Bonds, Ser. 2020 | 2.68 | 10/1/2044 | 4,750,000 | 4,882,909 | |||||
Global Payments, Sr. Unscd. Notes | 4.80 | 4/1/2026 | 5,765,000 | 6,649,782 | |||||
The George Washington University, Unscd. Bonds, Ser. 2018 | 4.13 | 9/15/2048 | 5,350,000 | 6,406,756 | |||||
17,939,447 | |||||||||
Commercial Mortgage Pass-Through Ctfs. - 1.4% | |||||||||
UBS Commercial Mortgage Trust, Ser. 2012-C1, Cl. A3 | 3.40 | 5/10/2045 | 3,890,567 | 3,951,564 | |||||
WFRBS Commercial Mortgage Trust, Ser. 2013-C12, CI. A4 | 3.20 | 3/15/2048 | 4,835,000 | 5,061,496 | |||||
WFRBS Commercial Mortgage Trust, Ser. 2013-C13, Cl. A4 | 3.00 | 5/15/2045 | 9,045,000 | 9,468,085 | |||||
18,481,145 | |||||||||
Diversified Financials - 1.7% | |||||||||
AerCap Ireland Capital, Gtd. Notes | 1.75 | 1/30/2026 | 4,775,000 | 4,671,515 | |||||
Aircastle, Sr. Unscd. Notes | 2.85 | 1/26/2028 | 10,500,000 | b | 10,143,420 | ||||
Goldman Sachs BDC, Sr. Unscd. Notes | 3.75 | 2/10/2025 | 4,500,000 | 4,776,941 |
12
BNY Mellon Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 98.1% (continued) | |||||||||
Diversified Financials - 1.7% (continued) | |||||||||
USAA Capital, Sr. Unscd. Notes | 1.50 | 5/1/2023 | 2,500,000 | b | 2,564,166 | ||||
22,156,042 | |||||||||
Electronic Components - .5% | |||||||||
Jabil, Sr. Unscd. Notes | 3.60 | 1/15/2030 | 5,975,000 | 6,422,662 | |||||
Energy - 3.3% | |||||||||
BP Capital Markets, Gtd. Notes | 2.50 | 11/6/2022 | 5,500,000 | 5,702,428 | |||||
Cheniere Corpus Christi Holdings, Sr. Scd. Notes | 5.13 | 6/30/2027 | 4,350,000 | 5,083,415 | |||||
Diamondback Energy, Gtd. Notes | 3.50 | 12/1/2029 | 4,535,000 | 4,771,149 | |||||
Diamondback Energy, Gtd. Notes | 5.38 | 5/31/2025 | 2,860,000 | 2,958,537 | |||||
Energy Transfer Operating, Gtd. Notes | 5.25 | 4/15/2029 | 9,925,000 | 11,517,835 | |||||
Marathon Petroleum, Sr. Unscd. Notes | 3.80 | 4/1/2028 | 4,825,000 | 5,318,303 | |||||
Sabine Pass Liquefaction, Sr. Scd. Notes | 4.50 | 5/15/2030 | 4,000,000 | 4,583,502 | |||||
Spectra Energy Partners, Gtd. Notes | 3.50 | 3/15/2025 | 3,145,000 | 3,405,237 | |||||
43,340,406 | |||||||||
Environmental Control - .3% | |||||||||
Waste Connections, Sr. Unscd. Notes | 3.50 | 5/1/2029 | 4,000,000 | 4,464,871 | |||||
Financials - .6% | |||||||||
Apollo Management Holdings, Gtd. Notes | 4.87 | 2/15/2029 | 3,775,000 | b | 4,416,521 | ||||
Carlyle Finance Subsidiary, Gtd. Notes | 3.50 | 9/19/2029 | 3,800,000 | b | 4,071,555 | ||||
8,488,076 | |||||||||
Food Products - .5% | |||||||||
The Kroger Company, Sr. Unscd. Notes | 1.70 | 1/15/2031 | 6,640,000 | 6,395,665 | |||||
Foreign Governmental - .4% | |||||||||
Province of Quebec, Unscd. Bonds | 0.60 | 7/23/2025 | 5,000,000 | 4,951,594 | |||||
Health Care - 2.9% | |||||||||
AbbVie, Sr. Unscd. Notes | 3.20 | 11/21/2029 | 6,000,000 | 6,491,520 | |||||
Amgen, Sr. Unscd. Notes | 5.65 | 6/15/2042 | 4,955,000 | 6,917,356 | |||||
CVS Health, Sr. Unscd. Notes | 4.78 | 3/25/2038 | 7,250,000 | 8,847,078 | |||||
PeaceHealth Obligated Group, Sr. Unscd. Bonds, Ser. 2020 | 1.38 | 11/15/2025 | 4,000,000 | 4,041,421 | |||||
The Johns Hopkins Health System, Unscd. Bonds | 3.84 | 5/15/2046 | 3,685,000 | 4,395,719 | |||||
Trinity Health, Sr. Unscd. Bonds, Ser. 2019 | 3.43 | 12/1/2048 | 7,760,000 | 8,232,022 | |||||
38,925,116 | |||||||||
Industrial - .3% | |||||||||
John Deere Capital, Sr. Unscd. Notes | 2.95 | 4/1/2022 | 4,000,000 | 4,118,348 | |||||
Information Technology - 2.1% | |||||||||
Adobe, Sr. Unscd. Notes | 3.25 | 2/1/2025 | 4,895,000 | 5,333,806 | |||||
Fidelity National Information Services, Sr. Unscd. Notes | 3.10 | 3/1/2041 | 4,775,000 | 4,840,981 | |||||
Fiserv, Sr. Unscd. Notes | 4.40 | 7/1/2049 | 5,000,000 | 5,975,154 | |||||
Microsoft, Sr. Unscd. Notes | 2.53 | 6/1/2050 | 7,035,000 | 6,623,939 | |||||
Oracle, Sr. Unscd. Notes | 3.90 | 5/15/2035 | 4,790,000 | 5,564,419 | |||||
28,338,299 | |||||||||
Insurance - .6% | |||||||||
MetLife, Jr. Sub. Notes, Ser. G | 3.85 | 9/15/2025 | 1,900,000 | c | 1,947,500 | ||||
Prudential, Sr. Unscd. Notes | 3.13 | 4/14/2030 | 5,500,000 | 6,011,111 | |||||
7,958,611 | |||||||||
Internet Software & Services - 1.8% | |||||||||
Amazon.com, Sr. Unscd. Notes | 2.40 | 2/22/2023 | 6,000,000 | 6,243,520 | |||||
Arrow Electronics, Sr. Unscd. Notes | 3.50 | 4/1/2022 | 5,620,000 | 5,771,141 | |||||
eBay, Sr. Unscd. Notes | 1.90 | 3/11/2025 | 6,000,000 | 6,197,396 | |||||
Tencent Holdings, Sr. Unscd. Notes | 3.98 | 4/11/2029 | 5,500,000 | b | 6,117,882 | ||||
24,329,939 | |||||||||
Media - 1.1% | |||||||||
Comcast, Gtd. Notes | 3.60 | 3/1/2024 | 9,000,000 | 9,836,165 | |||||
The Walt Disney Company, Gtd. Notes | 2.65 | 1/13/2031 | 4,000,000 | 4,195,804 | |||||
14,031,969 |
13
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 98.1% (continued) | |||||||||
Municipal Securities - 6.0% | |||||||||
California, GO | 3.38 | 4/1/2025 | 3,270,000 | 3,622,081 | |||||
California Educational Facilities Authority, Revenue Bonds, Refunding (The Leland Stanford Junior University) Ser. U2 | 5.00 | 10/1/2032 | 6,125,000 | 8,478,592 | |||||
California University, Revenue Bonds, Refunding, Ser. B | 2.98 | 11/1/2051 | 4,175,000 | 4,277,455 | |||||
JobsOhio Beverage System, Revenue Bonds, Refunding, Ser. A | 2.83 | 1/1/2038 | 2,850,000 | 3,002,162 | |||||
Massachusetts, GO (Build America Bonds) | 4.91 | 5/1/2029 | 4,990,000 | 6,255,364 | |||||
Massachusetts, GO (Build America Bonds) Ser. E | 4.20 | 12/1/2021 | 165,000 | 169,952 | |||||
Michigan Building Authority, Revenue Bonds, Refunding, Ser. II | 2.71 | 10/15/2040 | 5,000,000 | 5,064,800 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding | 4.13 | 6/15/2042 | 5,445,000 | 5,924,541 | |||||
New Jersey Turnpike Authority, Revenue Bonds, Refunding, Ser. B | 1.48 | 1/1/2028 | 4,800,000 | 4,755,408 | |||||
New York City, GO, Refunding Ser. D | 1.92 | 8/1/2031 | 3,825,000 | 3,765,713 | |||||
Ohio Turnpike & Infrastructure Commission, Revenue Bonds, Refunding, Ser. A | 3.22 | 2/15/2048 | 4,750,000 | 4,852,885 | |||||
Port Authority of New York & New Jersey, Revenue Bonds, Ser. AAA | 1.09 | 7/1/2023 | 4,755,000 | 4,831,175 | |||||
Sales Tax Securitization Corp., Revenue Bonds, Refunding (Insured; Build America Mutual) Ser. B | 3.41 | 1/1/2043 | 2,130,000 | 2,194,582 | |||||
State Board of Administration Finance Corp., Revenue Bonds, Ser. A | 2.15 | 7/1/2030 | 5,570,000 | 5,690,925 | |||||
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds (North Tarrant Express Mobility Partners) Ser. B | 3.92 | 12/31/2049 | 4,750,000 | 5,276,395 | |||||
Texas Public Finance Authority, Revenue Bonds | 8.25 | 7/1/2024 | 2,790,000 | 2,800,574 | |||||
University of California, Revenue Bonds, Refunding (Limited Project) Ser. J | 4.13 | 5/15/2045 | 5,530,000 | 6,401,251 | |||||
University of California, Revenue Bonds, Ser. BG | 1.61 | 5/15/2030 | 3,250,000 | 3,174,405 | |||||
80,538,260 | |||||||||
Real Estate - 2.3% | |||||||||
Alexandria Real Estate Equities, Gtd. Notes | 4.30 | 1/15/2026 | 4,280,000 | 4,881,858 | |||||
American Homes 4 Rent, Sr. Unscd. Notes | 4.90 | 2/15/2029 | 7,855,000 | 9,198,740 | |||||
Brandywine Operating Partnership, Gtd. Notes | 4.10 | 10/1/2024 | 3,662,000 | 3,940,541 | |||||
Hudson Pacific Properties, Gtd. Notes | 3.25 | 1/15/2030 | 4,696,000 | 4,859,088 | |||||
Life Storage, Gtd. Notes | 4.00 | 6/15/2029 | 2,840,000 | 3,200,729 | |||||
Spirit Realty, Gtd. Notes | 2.10 | 3/15/2028 | 4,775,000 | 4,724,661 | |||||
30,805,617 | |||||||||
Retailing - 1.6% | |||||||||
7-Eleven, Sr. Unscd. Notes | 1.80 | 2/10/2031 | 5,725,000 | b | 5,511,817 | ||||
Ross Stores, Sr. Unscd. Notes | 4.60 | 4/15/2025 | 5,275,000 | 5,994,380 | |||||
The Home Depot, Sr. Unscd. Notes | 1.38 | 3/15/2031 | 5,595,000 | 5,310,569 | |||||
The TJX Companies, Sr. Unscd. Notes | 3.75 | 4/15/2027 | 4,000,000 | a | 4,531,668 | ||||
21,348,434 | |||||||||
Semiconductors & Semiconductor Equipment - 2.6% | |||||||||
Broadcom, Gtd. Notes | 3.75 | 2/15/2051 | 3,850,000 | b | 3,806,434 | ||||
Broadcom Cayman Finance, Gtd. Notes | 3.50 | 1/15/2028 | 6,000,000 | 6,449,991 | |||||
KLA, Sr. Unscd. Notes | 4.10 | 3/15/2029 | 5,000,000 | 5,793,006 | |||||
Lam Research, Sr. Unscd. Notes | 4.00 | 3/15/2029 | 5,300,000 | 6,145,040 | |||||
Microchip Technology, Sr. Scd. Notes | 0.97 | 2/15/2024 | 7,075,000 | b | 7,104,633 | ||||
NXP Funding, Gtd. Notes | 2.70 | 5/1/2025 | 4,500,000 | b | 4,762,294 | ||||
34,061,398 | |||||||||
Technology Hardware & Equipment - .5% | |||||||||
Apple, Sr. Unscd. Notes | 4.38 | 5/13/2045 | 4,895,000 | 6,087,836 | |||||
Telecommunication Services - 2.8% | |||||||||
AT&T, Sr. Unscd. Notes | 1.65 | 2/1/2028 | 3,500,000 | 3,441,368 | |||||
AT&T, Sr. Unscd. Notes | 4.55 | 3/9/2049 | 7,000,000 | 7,830,175 | |||||
Telefonica Emisiones, Gtd. Notes | 4.10 | 3/8/2027 | 5,750,000 | 6,521,530 |
14
BNY Mellon Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 98.1% (continued) | |||||||||
Telecommunication Services - 2.8% (continued) | |||||||||
T-Mobile USA, Sr. Scd. Notes | 3.00 | 2/15/2041 | 6,675,000 | b | 6,271,863 | ||||
Verizon Communications, Sr. Unscd. Notes | 2.99 | 10/30/2056 | 15,268,000 | b | 13,789,069 | ||||
37,854,005 | |||||||||
Transportation - 1.3% | |||||||||
J.B. Hunt Transport Services, Gtd. Notes | 3.88 | 3/1/2026 | 5,230,000 | 5,889,269 | |||||
Ryder System, Sr. Unscd. Notes | 3.35 | 9/1/2025 | 5,525,000 | 6,033,526 | |||||
Union Pacific, Sr. Unscd. Notes | 3.15 | 3/1/2024 | 5,500,000 | 5,905,899 | |||||
17,828,694 | |||||||||
U.S. Government Agencies Mortgage-Backed - 25.3% | |||||||||
Federal Home Loan Mortgage Corp.: | |||||||||
1.50%, 1/1/2036-10/1/2050 | 15,046,185 | d | 15,036,019 | ||||||
2.00%, 11/1/2040-1/1/2041 | 17,226,189 | d | 17,656,564 | ||||||
2.50%, 6/1/2050-11/1/2050 | 11,633,725 | d | 11,920,195 | ||||||
3.00%, 7/1/2050 | 18,388,310 | d | 19,285,631 | ||||||
3.50%, 9/1/2049 | 5,561,473 | d | 5,941,878 | ||||||
4.00%, 11/1/2049 | 5,142,500 | d | 5,522,797 | ||||||
5.00%, 8/1/2049 | 3,750,772 | d | 4,167,408 | ||||||
Federal National Mortgage Association: | |||||||||
2.00%, 11/1/2035-1/1/2051 | 22,795,825 | d | 23,250,180 | ||||||
2.50%, 2/1/2035-12/1/2050 | 45,898,977 | d | 47,824,679 | ||||||
3.00%, 12/1/2034-8/1/2050 | 35,371,737 | d | 37,245,001 | ||||||
3.50%, 5/1/2049-1/1/2050 | 18,060,407 | d | 19,183,186 | ||||||
4.00%, 11/1/2049-2/1/2050 | 13,448,530 | d | 14,460,665 | ||||||
4.50%, 3/1/2050 | 8,389,661 | d | 9,210,693 | ||||||
Government National Mortgage Association I: | |||||||||
4.00%, 7/15/2049 | 4,224,707 | 4,543,379 | |||||||
Government National Mortgage Association II: | |||||||||
2.50%, 6/20/2050-1/20/2051 | 19,009,074 | 19,649,052 | |||||||
3.00%, 6/20/2050-8/20/2050 | 22,832,724 | 23,729,348 | |||||||
3.50%, 1/20/2048-12/20/2050 | 28,480,847 | 30,278,480 | |||||||
4.00%, 7/20/2050-2/20/2051 | 17,598,358 | 18,695,258 | |||||||
4.50%, 2/20/2050 | 9,317,163 | 10,086,085 | |||||||
337,686,498 | |||||||||
U.S. Treasury Securities - 22.6% | |||||||||
U.S. Treasury Bonds | 1.13 | 8/15/2040 | 7,925,000 | 6,783,305 | |||||
U.S. Treasury Bonds | 1.38 | 8/15/2050 | 3,319,000 | 2,771,884 | |||||
U.S. Treasury Inflation Indexed Bonds, US CPI Urban Consumers Not Seasonally Adjusted | 0.25 | 2/15/2050 | 6,382,341 | a,e | 6,877,285 | ||||
U.S. Treasury Inflation Indexed Notes, US CPI Urban Consumers Not Seasonally Adjusted | 0.13 | 4/15/2025 | 19,037,648 | e | 20,598,586 | ||||
U.S. Treasury Inflation Indexed Notes, US CPI Urban Consumers Not Seasonally Adjusted | 0.13 | 10/15/2024 | 6,091,020 | a,e | 6,582,134 | ||||
U.S. Treasury Inflation Indexed Notes, US CPI Urban Consumers Not Seasonally Adjusted | 0.38 | 7/15/2025 | 13,410,365 | e | 14,781,721 | ||||
U.S. Treasury Inflation Indexed Notes, US CPI Urban Consumers Not Seasonally Adjusted | 0.38 | 1/15/2027 | 5,391,150 | e | 5,980,101 | ||||
U.S. Treasury Notes | 0.13 | 12/15/2023 | 9,000,000 | 8,969,414 | |||||
U.S. Treasury Notes | 0.13 | 1/31/2023 | 25,000,000 | 24,999,023 | |||||
U.S. Treasury Notes | 0.13 | 12/31/2022 | 25,000,000 | 25,000,976 | |||||
U.S. Treasury Notes | 0.25 | 6/30/2025 | 14,805,000 | 14,593,335 | |||||
U.S. Treasury Notes | 0.25 | 5/31/2025 | 5,500,000 | a | 5,426,953 | ||||
U.S. Treasury Notes | 0.25 | 8/31/2025 | 18,750,000 | 18,438,721 | |||||
U.S. Treasury Notes | 0.63 | 12/31/2027 | 1,875,000 | a | 1,817,432 | ||||
U.S. Treasury Notes | 1.50 | 2/15/2030 | 5,630,000 | a | 5,717,089 | ||||
U.S. Treasury Notes | 1.63 | 8/15/2029 | 8,605,000 | a | 8,857,436 | ||||
U.S. Treasury Notes | 1.75 | 11/15/2029 | 8,900,000 | a | 9,244,875 |
15
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Bond Fund (continued) | |||||||||
Description | Coupon | Maturity |
| Value ($) | |||||
Bonds and Notes - 98.1% (continued) | |||||||||
U.S. Treasury Securities - 22.6% (continued) | |||||||||
U.S. Treasury Notes | 1.75 | 12/31/2026 | 13,050,000 | a | 13,684,658 | ||||
U.S. Treasury Notes | 2.00 | 11/15/2026 | 4,540,000 | 4,823,927 | |||||
U.S. Treasury Notes | 2.13 | 7/31/2024 | 13,000,000 | 13,777,969 | |||||
U.S. Treasury Notes | 2.25 | 11/15/2027 | 6,185,000 | 6,661,922 | |||||
U.S. Treasury Notes | 2.38 | 5/15/2027 | 9,825,000 | 10,664,730 | |||||
U.S. Treasury Notes | 2.50 | 1/31/2024 | 14,820,000 | 15,783,300 | |||||
U.S. Treasury Notes | 2.50 | 2/28/2026 | 15,000,000 | 16,320,703 | |||||
U.S. Treasury Notes | 2.63 | 1/31/2026 | 8,250,000 | 9,021,504 | |||||
U.S. Treasury Notes | 2.63 | 12/31/2023 | 8,750,000 | 9,337,207 | |||||
U.S. Treasury Notes | 2.63 | 2/15/2029 | 3,000,000 | 3,321,797 | |||||
U.S. Treasury Notes | 2.88 | 11/30/2025 | 5,750,000 | 6,346,113 | |||||
U.S. Treasury Notes | 3.13 | 11/15/2028 | 3,590,000 | 4,101,855 | |||||
301,285,955 | |||||||||
Utilities - 1.4% | |||||||||
Black Hills, Sr. Unscd. Notes | 4.35 | 5/1/2033 | 2,580,000 | 3,000,367 | |||||
CenterPoint Energy, Sr. Unscd. Notes | 4.25 | 11/1/2028 | 4,685,000 | 5,416,582 | |||||
Exelon, Sr. Unscd. Notes | 3.40 | 4/15/2026 | 4,400,000 | 4,855,046 | |||||
NiSource, Sr. Unscd. Notes | 3.95 | 3/30/2048 | 5,115,000 | 5,654,570 | |||||
18,926,565 | |||||||||
Total Bonds and Notes | 1,307,570,666 | ||||||||
Preferred |
| ||||||||
Preferred Stocks - .5% | |||||||||
Telecommunication Services - .5% | |||||||||
AT&T, Ser. A | 5.00 | 260,000 | 6,580,600 | ||||||
1-Day | |||||||||
Investment Companies - 1.5% | |||||||||
Registered Investment Companies - 1.5% | |||||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares | 0.07 | 20,346,262 | f | 20,346,262 | |||||
Investment of Cash Collateral for Securities Loaned - .4% | |||||||||
Registered Investment Companies - .4% | |||||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund, SL Shares | 0.03 | 5,735,999 | f | 5,735,999 | |||||
Total Investments (cost $1,294,141,150) | 100.5% | 1,340,233,527 | |||||||
Liabilities, Less Cash and Receivables | (0.5%) | (7,321,062) | |||||||
Net Assets | 100.0% | 1,332,912,465 |
GO—General Obligation
a Security, or portion thereof, on loan. At February 28, 2021, the value of the fund’s securities on loan was $65,507,135 and the value of the collateral was $66,748,615, consisting of cash collateral of $5,735,999 and U.S. Government & Agency securities valued at $61,012,616.
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, 2021, these securities were valued at $105,187,033 or 7.89% of net assets.
c Security is a perpetual bond with no specified maturity date. Maturity date shown is next reset date of the bond.
d The Federal Housing Finance Agency (“FHFA”) placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies.
e Principal amount for accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
f Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
16
Portfolio Summary (Unaudited) † | Value (%) |
Government | 29.0 |
Mortgage Securities | 26.7 |
Financial | 12.5 |
Communications | 5.8 |
Consumer, Non-cyclical | 5.8 |
Technology | 5.1 |
Consumer, Cyclical | 4.2 |
Industrial | 3.9 |
Energy | 3.2 |
Investment Companies | 1.9 |
Utilities | 1.4 |
Basic Materials | 1.0 |
100.5 |
† Based on net assets.
See notes to financial statements.
17
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Intermediate Bond Fund | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 98.2% | |||||||||
Aerospace & Defense - .5% | |||||||||
The Boeing Company, Sr. Unscd. Notes | 1.17 | 2/4/2023 | 1,000,000 | 1,004,464 | |||||
The Boeing Company, Sr. Unscd. Notes | 4.51 | 5/1/2023 | 3,000,000 | 3,218,731 | |||||
4,223,195 | |||||||||
Airlines - 1.0% | |||||||||
American Airlines Pass Through Trust, Ser. 2015-1, Cl. A | 3.38 | 5/1/2027 | 3,994,536 | 3,875,981 | |||||
Delta Air Lines Pass Through Trust, Ser. 2020-1, Cl. AA | 2.00 | 6/10/2028 | 3,880,412 | 3,940,830 | |||||
7,816,811 | |||||||||
Automobiles & Components - 2.7% | |||||||||
American Honda Finance, Sr. Unscd. Notes | 1.70 | 9/9/2021 | 4,000,000 | 4,031,022 | |||||
Daimler Finance North America, Gtd. Notes | 2.55 | 8/15/2022 | 2,000,000 | a | 2,059,436 | ||||
General Motors Financial, Sr. Unscd. Notes | 1.70 | 8/18/2023 | 2,250,000 | 2,302,207 | |||||
General Motors Financial, Sr. Unscd. Notes | 5.20 | 3/20/2023 | 2,000,000 | 2,181,676 | |||||
Toyota Motor Credit, Sr. Unscd. Notes | 2.00 | 10/7/2024 | 3,650,000 | 3,832,246 | |||||
Volkswagen Group of America Finance, Gtd. Notes | 0.75 | 11/23/2022 | 3,000,000 | a | 3,014,127 | ||||
Volkswagen Group of America Finance, Gtd. Notes | 2.90 | 5/13/2022 | 4,700,000 | a | 4,839,159 | ||||
22,259,873 | |||||||||
Banks - 14.0% | |||||||||
Bank of America, Sub. Notes, Ser. L | 3.95 | 4/21/2025 | 7,175,000 | 7,943,828 | |||||
Bank of Montreal, Sr. Unscd. Notes, Ser. E | 3.30 | 2/5/2024 | 7,000,000 | 7,546,498 | |||||
Citigroup, Sub. Bonds | 4.40 | 6/10/2025 | 8,500,000 | 9,550,643 | |||||
Citizens Financial Group, Sub. Notes | 4.30 | 12/3/2025 | 6,885,000 | 7,768,207 | |||||
Cooperatieve Rabobank, Gtd. Notes | 3.75 | 7/21/2026 | 6,785,000 | 7,549,800 | |||||
Credit Suisse Group, Sr. Unscd. Notes | 2.59 | 9/11/2025 | 5,500,000 | a,b | 5,788,232 | ||||
Deutsche Bank, Sr. Unscd. Notes | 3.38 | 5/12/2021 | 4,420,000 | 4,443,379 | |||||
JPMorgan Chase & Co., Jr. Sub. Bonds, Ser. II | 4.00 | 4/1/2025 | 4,235,000 | b,c | 4,214,354 | ||||
JPMorgan Chase & Co., Sub. Notes | 3.38 | 5/1/2023 | 3,960,000 | 4,209,173 | |||||
Lloyds Bank, Jr. Sub. Notes | 12.00 | 12/16/2024 | 2,685,000 | a,b,c | 2,990,097 | ||||
Lloyds Banking Group, Sr. Unscd. Notes | 2.91 | 11/7/2023 | 5,374,000 | 5,582,474 | |||||
Morgan Stanley, Sub. Notes | 4.88 | 11/1/2022 | 7,610,000 | 8,162,204 | |||||
NatWest Group, Sr. Unscd. Notes | 3.88 | 9/12/2023 | 3,000,000 | 3,238,993 | |||||
Royal Bank of Canada, Sub. Notes | 4.65 | 1/27/2026 | 6,510,000 | 7,560,867 | |||||
Santander UK, Sr. Unscd. Notes | 2.10 | 1/13/2023 | 4,560,000 | 4,707,282 | |||||
Societe Generale, Sub. Notes | 4.75 | 11/24/2025 | 3,680,000 | a | 4,133,653 | ||||
Sumitomo Mitsui Financial Group, Sr. Unscd. Notes | 0.95 | 1/12/2026 | 5,000,000 | 4,930,051 | |||||
The Bank of Nova Scotia, Sr. Unscd. Notes | 1.95 | 2/1/2023 | 4,870,000 | 5,023,932 | |||||
The Goldman Sachs Group, Sr. Unscd. Notes | 2.91 | 7/24/2023 | 8,000,000 | 8,271,229 | |||||
113,614,896 | |||||||||
Beverage Products - .7% | |||||||||
Anheuser-Busch InBev Worldwide, Gtd. Notes | 4.75 | 1/23/2029 | 4,955,000 | 5,864,756 | |||||
Chemicals - .5% | |||||||||
DuPont de Nemours, Sr. Unscd. Notes | 4.21 | 11/15/2023 | 3,745,000 | 4,105,947 | |||||
Collateralized Municipal-Backed Securities - .1% | |||||||||
Government National Mortgage Association, Ser. 2013-17, Cl. AB | 2.30 | 1/16/2049 | 790,279 | 801,233 | |||||
Commercial & Professional Services - .6% | |||||||||
Global Payments, Sr. Unscd. Notes | 4.00 | 6/1/2023 | 4,615,000 | 4,962,215 | |||||
Consumer Staples - .4% | |||||||||
Kimberly-Clark, Sr. Unscd. Notes | 1.05 | 9/15/2027 | 3,350,000 | 3,301,482 | |||||
Diversified Financials - 1.8% | |||||||||
AerCap Ireland Capital, Gtd. Notes | 1.75 | 1/30/2026 | 2,500,000 | 2,445,819 | |||||
Air Lease, Sr. Unscd. Notes | 2.30 | 2/1/2025 | 4,790,000 | 4,899,033 | |||||
Goldman Sachs BDC, Sr. Unscd. Notes | 3.75 | 2/10/2025 | 3,000,000 | 3,184,627 |
18
BNY Mellon Intermediate Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 98.2% (continued) | |||||||||
Diversified Financials - 1.8% (continued) | |||||||||
The Andrew W. Mellon Foundation, Unscd. Bonds, Ser. 2020 | 0.95 | 8/1/2027 | 4,500,000 | b | 4,447,481 | ||||
14,976,960 | |||||||||
Energy - 3.1% | |||||||||
BP Capital Markets, Gtd. Notes | 2.50 | 11/6/2022 | 5,875,000 | 6,091,230 | |||||
Cimarex Energy, Sr. Unscd. Notes | 4.38 | 3/15/2029 | 3,000,000 | 3,371,636 | |||||
Energy Transfer Operating, Gtd. Notes | 3.75 | 5/15/2030 | 2,000,000 | 2,115,675 | |||||
ONEOK, Gtd. Notes | 4.00 | 7/13/2027 | 3,400,000 | 3,737,546 | |||||
Sabine Pass Liquefaction, Sr. Scd. Notes | 5.75 | 5/15/2024 | 2,500,000 | 2,843,192 | |||||
Shell International Finance, Gtd. Notes | 2.38 | 4/6/2025 | 3,785,000 | 4,001,619 | |||||
Spectra Energy Partners, Gtd. Notes | 3.50 | 3/15/2025 | 2,760,000 | 2,988,380 | |||||
25,149,278 | |||||||||
Environmental Control - .6% | |||||||||
Waste Management, Gtd. Notes | 3.13 | 3/1/2025 | 4,775,000 | 5,161,973 | |||||
Food Products - 1.0% | |||||||||
General Mills, Sr. Unscd. Notes, 3 Month LIBOR +1.01% | 1.23 | 10/17/2023 | 4,325,000 | d | 4,399,481 | ||||
McCormick & Co., Sr. Unscd. Notes | 0.90 | 2/15/2026 | 3,840,000 | 3,781,661 | |||||
8,181,142 | |||||||||
Health Care - 4.2% | |||||||||
AbbVie, Sr. Unscd. Notes | 3.20 | 11/21/2029 | 4,600,000 | 4,976,832 | |||||
Amgen, Sr. Unscd. Notes | 2.20 | 2/21/2027 | 4,820,000 | 5,034,885 | |||||
Anthem, Sr. Unscd. Notes | 2.38 | 1/15/2025 | 3,000,000 | 3,160,212 | |||||
GlaxoSmithKline Capital, Gtd. Notes | 3.38 | 5/15/2023 | 6,000,000 | 6,400,433 | |||||
Pfizer, Sr. Unscd. Notes | 2.80 | 3/11/2022 | 4,000,000 | 4,107,870 | |||||
Shire Acquisitions Investments Ireland, Gtd. Notes | 3.20 | 9/23/2026 | 5,005,000 | 5,481,556 | |||||
UnitedHealth Group, Sr. Unscd. Notes | 2.88 | 3/15/2023 | 4,560,000 | 4,798,449 | |||||
33,960,237 | |||||||||
Industrial - 2.3% | |||||||||
Caterpillar Financial Services, Sr. Unscd. Notes | 0.90 | 3/2/2026 | 5,460,000 | 5,407,620 | |||||
John Deere Capital, Sr. Unscd. Notes | 2.15 | 9/8/2022 | 5,000,000 | 5,143,320 | |||||
Parker-Hannifin, Sr. Unscd. Notes | 2.70 | 6/14/2024 | 3,825,000 | 4,082,297 | |||||
Snap-On, Sr. Unscd. Notes | 3.25 | 3/1/2027 | 3,890,000 | 4,292,527 | |||||
18,925,764 | |||||||||
Information Technology - 2.4% | |||||||||
Fiserv, Sr. Unscd. Notes | 3.50 | 7/1/2029 | 4,580,000 | 5,054,580 | |||||
Microsoft, Sr. Unscd. Notes | 3.13 | 11/3/2025 | 6,000,000 | 6,590,272 | |||||
Oracle, Sr. Unscd. Notes | 2.50 | 4/1/2025 | 7,000,000 | 7,422,567 | |||||
19,067,419 | |||||||||
Internet Software & Services - 1.8% | |||||||||
Amazon.com, Sr. Unscd. Notes | 0.80 | 6/3/2025 | 5,350,000 | 5,347,272 | |||||
eBay, Sr. Unscd. Notes | 1.90 | 3/11/2025 | 3,750,000 | b | 3,873,373 | ||||
Tencent Holdings, Sr. Unscd. Notes | 3.98 | 4/11/2029 | 5,075,000 | a | 5,645,136 | ||||
14,865,781 | |||||||||
Media - .6% | |||||||||
Discovery Communications, Gtd. Notes | 4.90 | 3/11/2026 | 3,970,000 | 4,583,415 | |||||
Metals & Mining - .6% | |||||||||
Glencore Funding, Gtd. Notes | 1.63 | 9/1/2025 | 5,000,000 | a | 5,070,042 | ||||
Municipal Securities - 5.3% | |||||||||
California, GO | 3.38 | 4/1/2025 | 950,000 | 1,052,287 | |||||
California, GO, Ser. A | 2.37 | 4/1/2022 | 2,850,000 | 2,916,063 | |||||
California Earthquake Authority, Revenue Bonds, Ser. B | 1.48 | 7/1/2023 | 3,000,000 | 3,077,370 | |||||
Los Angeles Community College District, GO, Refunding | 1.81 | 8/1/2030 | 4,000,000 | 4,040,320 | |||||
Massachusetts, GO (Build America Bonds) Ser. E | 4.20 | 12/1/2021 | 3,250,000 | 3,347,533 | |||||
Nassau County Interim Finance Authority, Revenue Bonds, Refunding, Ser. B | 1.28 | 11/15/2028 | 2,500,000 | 2,466,425 | |||||
New Jersey Turnpike Authority, Revenue Bonds, Refunding, Ser. B | 1.05 | 1/1/2026 | 2,500,000 | 2,484,125 |
19
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Intermediate Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 98.2% (continued) | |||||||||
Municipal Securities - 5.3% (continued) | |||||||||
Port Authority of New York & New Jersey, Revenue Bonds, Ser. AAA | 1.09 | 7/1/2023 | 3,750,000 | 3,810,075 | |||||
State Board of Administration Finance Corp., Revenue Bonds, Ser. A | 1.71 | 7/1/2027 | 5,315,000 | 5,441,763 | |||||
Texas Public Finance Authority, Revenue Bonds | 8.25 | 7/1/2024 | 2,305,000 | 2,313,736 | |||||
University of California, Revenue Bonds, Refunding, Ser. AX | 3.06 | 7/1/2025 | 9,140,000 | 9,986,821 | |||||
University of California, Revenue Bonds, Ser. BG | 1.61 | 5/15/2030 | 2,405,000 | 2,349,060 | |||||
43,285,578 | |||||||||
Real Estate - 2.4% | |||||||||
Brandywine Operating Partnership, Gtd. Notes | 3.95 | 11/15/2027 | 4,000,000 | 4,297,533 | |||||
HealthCare Realty Trust, Sr. Unscd. Notes | 3.63 | 1/15/2028 | 2,375,000 | b | 2,614,052 | ||||
Healthcare Trust of America Holdings, Gtd. Notes | 3.50 | 8/1/2026 | 2,335,000 | 2,586,030 | |||||
Hudson Pacific Properties, Gtd. Notes | 3.25 | 1/15/2030 | 3,950,000 | 4,087,180 | |||||
Life Storage, Gtd. Notes | 2.20 | 10/15/2030 | 2,000,000 | 1,969,750 | |||||
UDR, Gtd. Notes | 2.95 | 9/1/2026 | 3,620,000 | 3,901,683 | |||||
19,456,228 | |||||||||
Retailing - 1.3% | |||||||||
Target, Sr. Unscd. Notes | 2.25 | 4/15/2025 | 3,785,000 | 3,988,814 | |||||
The TJX Companies, Sr. Unscd. Notes | 1.15 | 5/15/2028 | 7,040,000 | 6,831,005 | |||||
10,819,819 | |||||||||
Semiconductors & Semiconductor Equipment - 1.1% | |||||||||
Broadcom, Gtd. Notes | 4.70 | 4/15/2025 | 3,500,000 | 3,952,853 | |||||
Microchip Technology, Sr. Scd. Notes | 0.97 | 2/15/2024 | 4,575,000 | a | 4,594,162 | ||||
8,547,015 | |||||||||
Technology Hardware & Equipment - .7% | |||||||||
Apple, Sr. Unscd. Notes | 0.70 | 2/8/2026 | 5,500,000 | b | 5,436,585 | ||||
Telecommunication Services - 3.9% | |||||||||
AT&T, Sr. Unscd. Notes | 1.65 | 2/1/2028 | 9,500,000 | 9,340,857 | |||||
Motorola Solutions, Sr. Unscd. Notes | 4.60 | 5/23/2029 | 2,420,000 | 2,821,836 | |||||
Telefonica Emisiones, Gtd. Notes | 4.57 | 4/27/2023 | 4,460,000 | 4,846,868 | |||||
T-Mobile USA, Sr. Scd. Notes | 3.88 | 4/15/2030 | 4,700,000 | a | 5,173,149 | ||||
Verizon Communications, Sr. Unscd. Notes | 2.63 | 8/15/2026 | 8,500,000 | 9,076,554 | |||||
31,259,264 | |||||||||
Transportation - .5% | |||||||||
Ryder System, Sr. Unscd. Notes | 4.63 | 6/1/2025 | 3,815,000 | 4,343,303 | |||||
U.S. Government Agencies - 3.2% | |||||||||
Federal Home Loan Mortgage Corp., Notes | 0.38 | 4/20/2023 | 7,915,000 | e | 7,917,392 | ||||
Federal Home Loan Mortgage Corp., Notes | 0.60 | 8/12/2025 | 9,250,000 | e | 9,212,662 | ||||
Federal National Mortgage Association, Notes | 0.55 | 8/19/2025 | 9,250,000 | e | 9,196,042 | ||||
26,326,096 | |||||||||
U.S. Government Agencies Mortgage-Backed - .9% | |||||||||
Federal Home Loan Mortgage Corp.: | |||||||||
4.50%, 2/1/2034 | 896,898 | e | 968,975 | ||||||
Federal National Mortgage Association: | |||||||||
2.78%, 3/1/2022 | 5,987,261 | e | 6,068,847 | ||||||
7,037,822 | |||||||||
U.S. Treasury Securities - 37.4% | |||||||||
U.S. Treasury Inflation Indexed Notes, US CPI Urban Consumers Not Seasonally Adjusted | 0.13 | 4/15/2025 | 11,066,641 | f | 11,974,019 | ||||
U.S. Treasury Inflation Indexed Notes, US CPI Urban Consumers Not Seasonally Adjusted | 0.13 | 10/15/2025 | 10,956,477 | b,f | 11,962,250 | ||||
U.S. Treasury Inflation Indexed Notes, US CPI Urban Consumers Not Seasonally Adjusted | 0.38 | 1/15/2027 | 13,973,861 | f | 15,500,421 | ||||
U.S. Treasury Notes | 0.13 | 5/31/2022 | 11,250,000 | 11,253,516 | |||||
U.S. Treasury Notes | 0.63 | 5/15/2030 | 6,740,000 | 6,314,801 | |||||
U.S. Treasury Notes | 1.13 | 2/28/2025 | 13,000,000 | b | 13,318,906 |
20
BNY Mellon Intermediate Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 98.2% (continued) | |||||||||
U.S. Treasury Securities - 37.4% (continued) | |||||||||
U.S. Treasury Notes | 1.25 | 8/31/2024 | 6,000,000 | 6,180,703 | |||||
U.S. Treasury Notes | 1.38 | 8/31/2023 | 4,000,000 | 4,117,969 | |||||
U.S. Treasury Notes | 1.50 | 2/15/2030 | 2,350,000 | b | 2,386,352 | ||||
U.S. Treasury Notes | 1.50 | 9/15/2022 | 20,000,000 | 20,427,344 | |||||
U.S. Treasury Notes | 1.50 | 8/15/2022 | 20,680,000 | 21,100,063 | |||||
U.S. Treasury Notes | 1.63 | 5/15/2026 | 21,870,000 | 22,832,793 | |||||
U.S. Treasury Notes | 1.75 | 9/30/2022 | 11,400,000 | 11,694,797 | |||||
U.S. Treasury Notes | 1.75 | 7/15/2022 | 16,750,000 | 17,127,529 | |||||
U.S. Treasury Notes | 1.88 | 1/31/2022 | 15,865,000 | b | 16,127,383 | ||||
U.S. Treasury Notes | 1.88 | 2/28/2022 | 13,150,000 | 13,384,535 | |||||
U.S. Treasury Notes | 2.00 | 4/30/2024 | 15,000,000 | b | 15,801,563 | ||||
U.S. Treasury Notes | 2.25 | 11/15/2024 | 15,690,000 | 16,742,333 | |||||
U.S. Treasury Notes | 2.38 | 2/29/2024 | 15,000,000 | 15,940,430 | |||||
U.S. Treasury Notes | 2.50 | 3/31/2023 | 11,000,000 | 11,541,406 | |||||
U.S. Treasury Notes | 2.63 | 2/28/2023 | 11,140,000 | 11,692,649 | |||||
U.S. Treasury Notes | 2.75 | 4/30/2023 | 8,000,000 | 8,448,750 | |||||
U.S. Treasury Notes | 2.88 | 11/30/2023 | 17,000,000 | 18,230,508 | |||||
304,101,020 | |||||||||
Utilities - 2.6% | |||||||||
American Water Capital, Sr. Unscd. Notes | 2.80 | 5/1/2030 | 2,000,000 | 2,129,084 | |||||
Black Hills, Sr. Unscd. Notes | 3.05 | 10/15/2029 | 5,260,000 | 5,599,537 | |||||
NiSource, Sr. Unscd. Notes | 3.49 | 5/15/2027 | 3,600,000 | 3,986,211 | |||||
Public Service Enterprise Group, Sr. Unscd. Notes | 2.65 | 11/15/2022 | 3,860,000 | 4,002,540 | |||||
Southwestern Electric Power, Sr. Unscd. Notes, Ser. M | 4.10 | 9/15/2028 | 4,570,000 | 5,202,212 | |||||
20,919,584 | |||||||||
Total Bonds and Notes | 798,424,733 | ||||||||
Preferred |
| ||||||||
Preferred Stocks - .6% | |||||||||
Telecommunication Services - .6% | |||||||||
AT&T, Ser. A | 5.00 | 205,000 | 5,188,550 | ||||||
1-Day | |||||||||
Investment Companies - 1.4% | |||||||||
Registered Investment Companies - 1.4% | |||||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares | 0.07 | 11,116,966 | g | 11,116,966 |
21
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Intermediate Bond Fund (continued) | |||||||||
Description | 1-Day | Shares | Value ($) | ||||||
Investment of Cash Collateral for Securities Loaned - 2.9% | |||||||||
Registered Investment Companies - 2.9% | |||||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund, SL Shares | 0.03 | 23,083,610 | g | 23,083,610 | |||||
Total Investments (cost $804,171,009) | 103.1% | 837,813,859 | |||||||
Liabilities, Less Cash and Receivables | (3.1%) | (24,847,312) | |||||||
Net Assets | 100.0% | 812,966,547 |
GO—General Obligation
LIBOR—London Interbank Offered Rate
a Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 28, 2021, these securities were valued at $43,307,193 or 5.33% of net assets.
b Security, or portion thereof, on loan. At February 28, 2021, the value of the fund’s securities on loan was $53,615,255 and the value of the collateral was $54,845,735, consisting of cash collateral of $23,083,610 and U.S. Government & Agency securities valued at $31,762,125.
c Security is a perpetual bond with no specified maturity date. Maturity date shown is next reset date of the bond.
d Variable rate security—rate shown is the interest rate in effect at period end.
e The Federal Housing Finance Agency (“FHFA”) placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies.
f Principal amount for accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
g Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
Portfolio Summary (Unaudited) † | Value (%) |
Government | 46.0 |
Financial | 18.2 |
Consumer, Non-cyclical | 6.9 |
Communications | 6.9 |
Consumer, Cyclical | 5.0 |
Investment Companies | 4.3 |
Technology | 4.1 |
Industrial | 4.0 |
Energy | 3.1 |
Utilities | 2.6 |
Basic Materials | 1.1 |
Mortgage Securities | 0.9 |
103.1 |
† Based on net assets.
See notes to financial statements.
22
BNY Mellon Corporate Bond Fund | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 97.3% | |||||||||
Aerospace & Defense - 1.1% | |||||||||
Raytheon Technologies, Sr. Unscd. Notes | 2.25 | 7/1/2030 | 3,000,000 | 3,040,766 | |||||
The Boeing Company, Sr. Unscd. Notes | 2.80 | 3/1/2024 | 5,000,000 | 5,217,775 | |||||
8,258,541 | |||||||||
Agriculture - 1.4% | |||||||||
BAT Capital, Gtd. Notes | 2.26 | 3/25/2028 | 4,000,000 | 4,004,528 | |||||
BAT Capital, Gtd. Notes | 3.56 | 8/15/2027 | 2,000,000 | 2,173,237 | |||||
Bunge Finance, Gtd. Notes | 4.35 | 3/15/2024 | 4,500,000 | 4,963,405 | |||||
11,141,170 | |||||||||
Airlines - 2.3% | |||||||||
Air Canada Pass Through Trust, Ser. 2015-1, CI. A | 3.60 | 3/15/2027 | 2,301,742 | a | 2,305,380 | ||||
American Airlines Pass Through Trust, Ser. 2015-1, Cl. A | 3.38 | 5/1/2027 | 3,925,477 | 3,808,971 | |||||
JetBlue Pass Through Trust, Ser. 2019-1, CI. A | 2.95 | 5/15/2028 | 4,817,107 | 4,586,930 | |||||
United Airlines Pass Through Trust, Ser. 2016-2, Cl. A | 3.10 | 10/7/2028 | 7,375,836 | 7,308,858 | |||||
18,010,139 | |||||||||
Automobiles & Components - 1.7% | |||||||||
Daimler Finance North America, Gtd. Notes | 2.55 | 8/15/2022 | 3,000,000 | a | 3,089,153 | ||||
Ford Motor, Sr. Unscd. Notes | 8.50 | 4/21/2023 | 1,000,000 | 1,118,750 | |||||
Ford Motor Credit, Sr. Unscd. Notes | 2.90 | 2/16/2028 | 2,000,000 | 1,972,900 | |||||
Ford Motor Credit, Sr. Unscd. Notes | 5.58 | 3/18/2024 | 3,000,000 | 3,240,300 | |||||
General Motors Financial, Sr. Unscd. Notes | 1.70 | 8/18/2023 | 3,100,000 | 3,171,929 | |||||
General Motors Financial, Sr. Unscd. Notes | 5.20 | 3/20/2023 | 1,000,000 | 1,090,838 | |||||
13,683,870 | |||||||||
Banks - 22.0% | |||||||||
BAC Capital Trust XIV, Ltd. Gtd. Notes, Ser. G, 3 Month LIBOR +.40% | 4.00 | 4/1/2021 | 3,000,000 | b,c,d | 2,940,713 | ||||
Banco Santander, Sr. Unscd. Notes | 3.13 | 2/23/2023 | 4,000,000 | 4,206,772 | |||||
Bank of America, Jr. Sub. Bonds, Ser. FF | 5.88 | 3/15/2028 | 3,000,000 | d | 3,284,094 | ||||
Bank of America, Sub. Notes | 4.00 | 1/22/2025 | 4,000,000 | 4,431,860 | |||||
Bank of Ireland Group, Sr. Unscd. Notes | 4.50 | 11/25/2023 | 5,000,000 | a | 5,473,425 | ||||
Barclays, Sub. Notes | 5.20 | 5/12/2026 | 7,000,000 | 7,983,325 | |||||
BBVA Bancomer, Sr. Unscd. Notes | 4.38 | 4/10/2024 | 5,250,000 | a | 5,722,552 | ||||
BNP Paribas, Sub. Notes | 4.38 | 5/12/2026 | 5,000,000 | a | 5,660,362 | ||||
Citigroup, Jr. Sub. Bonds, Ser. Q, 3 Month LIBOR +4.10% | 4.29 | 5/15/2021 | 5,000,000 | b,d | 4,987,500 | ||||
Citigroup, Sub. Bonds | 4.40 | 6/10/2025 | 4,500,000 | 5,056,223 | |||||
Citizens Financial Group, Sub. Notes | 3.75 | 2/11/2031 | 5,000,000 | a | 5,358,138 | ||||
Cooperatieve Rabobank, Gtd. Notes | 4.38 | 8/4/2025 | 6,000,000 | 6,783,554 | |||||
Credit Agricole, Sub. Notes | 4.00 | 1/10/2033 | 6,500,000 | a | 7,091,549 | ||||
Credit Suisse Group, Sr. Unscd. Notes | 2.59 | 9/11/2025 | 6,000,000 | a,c | 6,314,435 | ||||
Deutsche Bank, Sub. Notes | 4.50 | 4/1/2025 | 7,500,000 | c | 7,998,124 | ||||
HSBC Holdings, Sub. Notes | 4.25 | 3/14/2024 | 6,250,000 | 6,839,008 | |||||
JPMorgan Chase & Co., Jr. Sub. Bonds, Ser. FF | 5.00 | 8/1/2024 | 5,000,000 | d | 5,197,463 | ||||
JPMorgan Chase & Co., Sub. Notes | 3.63 | 12/1/2027 | 3,000,000 | 3,336,374 | |||||
Lloyds Bank, Jr. Sub. Notes | 12.00 | 12/16/2024 | 3,000,000 | a,c,d | 3,340,890 | ||||
Lloyds Banking Group, Sub. Notes | 4.58 | 12/10/2025 | 3,500,000 | 3,965,077 | |||||
M&T Bank, Jr. Sub. Notes, Ser. G | 5.00 | 8/1/2024 | 5,000,000 | d | 5,323,750 | ||||
Morgan Stanley, Sub. Notes | 4.88 | 11/1/2022 | 5,000,000 | 5,362,815 | |||||
Nordea Bank, Jr. Sub. Notes | 6.63 | 3/26/2026 | 3,465,000 | a,d | 3,957,325 | ||||
Royal Bank of Canada, Sub. Notes | 4.65 | 1/27/2026 | 5,000,000 | 5,807,118 | |||||
Santander UK Group Holdings, Sr. Unscd. Notes | 4.80 | 11/15/2024 | 4,000,000 | 4,414,119 | |||||
Societe Generale, Sub. Notes | 4.75 | 11/24/2025 | 6,000,000 | a | 6,739,652 | ||||
Standard Chartered, Sr. Unscd. Notes | 3.79 | 5/21/2025 | 4,750,000 | a | 5,153,985 | ||||
Synovus Bank, Sr. Unscd. Notes | 2.29 | 2/10/2023 | 2,000,000 | 2,024,007 | |||||
The Bank of Nova Scotia, Jr. Sub. Notes | 4.65 | 10/12/2022 | 5,000,000 | c,d | 5,018,700 |
23
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Corporate Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 97.3% (continued) | |||||||||
Banks - 22.0% (continued) | |||||||||
The Goldman Sachs Group, Sr. Unscd. Notes | 3.50 | 11/16/2026 | 4,750,000 | 5,234,993 | |||||
The Toronto-Dominion Bank, Sub. Notes | 3.63 | 9/15/2031 | 3,000,000 | 3,338,004 | |||||
UniCredit, Sr. Unscd. Notes | 6.57 | 1/14/2022 | 4,000,000 | a | 4,189,708 | ||||
Westpac Banking, Sub. Notes | 4.32 | 11/23/2031 | 6,000,000 | 6,740,721 | |||||
Zions Bancorp, Sub. Notes | 3.25 | 10/29/2029 | 3,550,000 | 3,690,654 | |||||
172,966,989 | |||||||||
Beverage Products - 2.7% | |||||||||
Becle, Gtd. Notes | 3.75 | 5/13/2025 | 6,000,000 | a | 6,532,500 | ||||
Constellation Brands, Gtd. Notes | 3.15 | 8/1/2029 | 3,000,000 | 3,223,029 | |||||
Constellation Brands, Gtd. Notes | 4.40 | 11/15/2025 | 3,000,000 | 3,433,780 | |||||
Keurig Dr Pepper, Gtd. Notes | 4.60 | 5/25/2028 | 4,000,000 | 4,730,743 | |||||
Suntory Holdings, Sr. Unscd. Notes | 2.25 | 10/16/2024 | 3,000,000 | a | 3,144,610 | ||||
21,064,662 | |||||||||
Building Materials - 1.3% | |||||||||
CRH America Finance, Gtd. Notes | 3.40 | 5/9/2027 | 4,730,000 | a | 5,211,162 | ||||
Masco, Sr. Unscd. Notes | 1.50 | 2/15/2028 | 5,000,000 | 4,929,211 | |||||
10,140,373 | |||||||||
Chemicals - 1.4% | |||||||||
Huntsman International, Sr. Unscd. Notes | 4.50 | 5/1/2029 | 5,950,000 | 6,743,696 | |||||
Yara International, Sr. Unscd. Notes | 4.75 | 6/1/2028 | 3,750,000 | a | 4,355,345 | ||||
11,099,041 | |||||||||
Commercial & Professional Services - .7% | |||||||||
Global Payments, Sr. Unscd. Notes | 3.20 | 8/15/2029 | 5,000,000 | 5,345,425 | |||||
Consumer Discretionary - 2.1% | |||||||||
Hasbro, Sr. Unscd. Notes | 3.90 | 11/19/2029 | 4,500,000 | 4,963,072 | |||||
Leggett & Platt, Sr. Unscd. Notes | 4.40 | 3/15/2029 | 2,000,000 | 2,281,195 | |||||
Marriott International, Sr. Unscd. Notes | 3.60 | 4/15/2024 | 4,000,000 | 4,279,469 | |||||
Whirlpool, Sr. Unscd. Notes | 4.75 | 2/26/2029 | 4,000,000 | 4,743,386 | |||||
16,267,122 | |||||||||
Consumer Durables & Apparel - .8% | |||||||||
Michael Kors USA, Gtd. Notes | 4.50 | 11/1/2024 | 3,000,000 | a,c | 3,164,625 | ||||
Tapestry, Sr. Unscd. Notes | 3.00 | 7/15/2022 | 3,000,000 | 3,080,970 | |||||
6,245,595 | |||||||||
Diversified Financials - 4.3% | |||||||||
AerCap Global Aviation Trust, Gtd. Notes | 4.45 | 10/1/2025 | 5,250,000 | 5,745,012 | |||||
Aircastle, Sr. Unscd. Notes | 2.85 | 1/26/2028 | 1,000,000 | a | 966,040 | ||||
Aircastle, Sr. Unscd. Notes | 4.25 | 6/15/2026 | 4,750,000 | 5,050,587 | |||||
Blackstone Holdings Finance, Gtd. Notes | 4.75 | 2/15/2023 | 3,000,000 | a | 3,251,365 | ||||
BlueHub Loan Fund, Sr. Unscd. Bonds, Ser. 2020 | 3.10 | 1/1/2030 | 3,500,000 | 3,410,393 | |||||
FS KKR Capital, Sr. Unscd. Notes | 4.63 | 7/15/2024 | 4,000,000 | 4,288,000 | |||||
Goldman Sachs BDC, Sr. Unscd. Notes | 3.75 | 2/10/2025 | 3,000,000 | 3,184,627 | |||||
Stifel Financial, Sr. Unscd. Bonds | 4.25 | 7/18/2024 | 3,000,000 | 3,342,588 | |||||
The Community Preservation, Sr. Unscd. Bonds, Ser. 2020 | 2.87 | 2/1/2030 | 4,650,000 | 4,737,374 | |||||
33,975,986 | |||||||||
Electronic Components - 1.6% | |||||||||
Arrow Electronics, Sr. Unscd. Notes | 3.25 | 9/8/2024 | 2,000,000 | 2,149,246 | |||||
Arrow Electronics, Sr. Unscd. Notes | 4.00 | 4/1/2025 | 3,000,000 | 3,262,159 | |||||
Avnet, Sr. Unscd. Notes | 4.88 | 12/1/2022 | 3,000,000 | 3,190,801 | |||||
Jabil, Sr. Unscd. Notes | 3.60 | 1/15/2030 | 3,975,000 | 4,272,817 | |||||
12,875,023 | |||||||||
Energy - 6.7% | |||||||||
Andeavor, Gtd. Notes | 4.75 | 12/15/2023 | 4,000,000 | 4,306,333 | |||||
BP Capital Markets America, Gtd. Notes | 3.63 | 4/6/2030 | 2,000,000 | 2,238,277 | |||||
Cheniere Corpus Christi Holdings, Sr. Scd. Notes | 5.13 | 6/30/2027 | 4,750,000 | 5,550,855 | |||||
Cheniere Energy, Sr. Scd. Notes | 4.63 | 10/15/2028 | 1,750,000 | a | 1,821,662 |
24
BNY Mellon Corporate Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 97.3% (continued) | |||||||||
Energy - 6.7% (continued) | |||||||||
Diamondback Energy, Gtd. Notes | 3.50 | 12/1/2029 | 4,250,000 | 4,471,308 | |||||
Diamondback Energy, Gtd. Notes | 4.75 | 5/31/2025 | 1,000,000 | 1,127,828 | |||||
Enbridge, Gtd. Notes | 4.25 | 12/1/2026 | 4,000,000 | 4,564,373 | |||||
Energy Transfer Operating, Gtd. Bonds | 5.50 | 6/1/2027 | 2,500,000 | 2,929,769 | |||||
Energy Transfer Operating, Gtd. Notes | 5.25 | 4/15/2029 | 3,000,000 | 3,481,462 | |||||
EQM Midstream Partners, Sr. Unscd. Notes | 4.00 | 8/1/2024 | 2,500,000 | 2,528,912 | |||||
MPLX, Sr. Unscd. Notes | 3.50 | 12/1/2022 | 2,000,000 | 2,096,080 | |||||
MPLX, Sr. Unscd. Notes | 4.25 | 12/1/2027 | 1,500,000 | 1,712,015 | |||||
Petroleos Mexicanos, Gtd. Notes | 6.49 | 1/23/2027 | 4,500,000 | 4,725,000 | |||||
Sabal Trail Transmission, Sr. Unscd. Notes | 4.25 | 5/1/2028 | 3,000,000 | a | 3,404,610 | ||||
Sabine Pass Liquefaction, Sr. Scd. Notes | 5.63 | 3/1/2025 | 2,000,000 | 2,306,913 | |||||
The Williams Companies, Sr. Unscd. Notes | 3.75 | 6/15/2027 | 3,000,000 | 3,329,128 | |||||
Transcontinental Gas Pipe Line, Sr. Unscd. Notes | 3.25 | 5/15/2030 | 2,000,000 | 2,146,669 | |||||
52,741,194 | |||||||||
Environmental Control - .4% | |||||||||
Waste Connections, Sr. Unscd. Notes | 3.50 | 5/1/2029 | 3,000,000 | 3,348,653 | |||||
Financials - 1.5% | |||||||||
Apollo Management Holdings, Gtd. Notes | 4.00 | 5/30/2024 | 4,000,000 | a | 4,413,750 | ||||
Apollo Management Holdings, Gtd. Notes | 4.95 | 1/14/2050 | 2,000,000 | a | 2,058,339 | ||||
Carlyle Holdings Finance, Gtd. Notes | 3.88 | 2/1/2023 | 5,000,000 | a | 5,302,690 | ||||
11,774,779 | |||||||||
Food Products - 2.1% | |||||||||
Flowers Foods, Sr. Unscd. Notes | 3.50 | 10/1/2026 | 2,000,000 | 2,181,815 | |||||
Flowers Foods, Sr. Unscd. Notes | 4.38 | 4/1/2022 | 5,500,000 | 5,666,136 | |||||
Grupo Bimbo, Gtd. Notes | 3.88 | 6/27/2024 | 3,000,000 | a | 3,288,643 | ||||
Grupo Bimbo, Jr. Sub. Notes | 5.95 | 4/17/2023 | 500,000 | a,d | 530,222 | ||||
McCormick & Co., Sr. Unscd. Notes | 1.85 | 2/15/2031 | 2,500,000 | 2,436,634 | |||||
McCormick & Co., Sr. Unscd. Notes | 2.50 | 4/15/2030 | 2,000,000 | 2,070,498 | |||||
16,173,948 | |||||||||
Foreign Governmental - .4% | |||||||||
The Morongo Band of Mission Indians, Unscd. Bonds | 7.00 | 10/1/2039 | 2,500,000 | a | 3,001,050 | ||||
Health Care - 5.1% | |||||||||
AbbVie, Sr. Unscd. Notes | 3.20 | 11/21/2029 | 4,500,000 | 4,868,640 | |||||
Bristol-Myers Squibb, Sr. Unscd. Notes | 3.90 | 2/20/2028 | 3,000,000 | 3,451,770 | |||||
Centene, Sr. Unscd. Notes | 2.50 | 3/1/2031 | 4,000,000 | 3,873,800 | |||||
Cigna, Gtd. Notes | 4.38 | 10/15/2028 | 3,500,000 | 4,085,355 | |||||
CVS Health, Sr. Unscd. Notes | 4.78 | 3/25/2038 | 2,000,000 | 2,440,573 | |||||
Dignity Health, Unscd. Notes | 3.13 | 11/1/2022 | 5,000,000 | 5,179,874 | |||||
HCA, Sr. Scd. Notes | 4.13 | 6/15/2029 | 4,000,000 | 4,519,926 | |||||
Magellan Health, Sr. Unscd. Notes | 4.90 | 9/22/2024 | 3,000,000 | 3,294,375 | |||||
Royalty Pharma, Gtd. Notes | 2.20 | 9/2/2030 | 2,000,000 | a | 1,971,099 | ||||
Takeda Pharmaceutical, Sr. Unscd. Notes | 5.00 | 11/26/2028 | 5,000,000 | 6,067,043 | |||||
39,752,455 | |||||||||
Industrial - 3.3% | |||||||||
Carlisle, Sr. Unscd. Notes | 3.75 | 12/1/2027 | 4,000,000 | 4,512,295 | |||||
Fluor, Sr. Unscd. Notes | 4.25 | 9/15/2028 | 2,000,000 | 2,045,000 | |||||
GATX, Sr. Unscd. Notes | 3.25 | 9/15/2026 | 3,500,000 | 3,834,092 | |||||
GATX, Sr. Unscd. Notes | 3.25 | 3/30/2025 | 2,000,000 | 2,148,517 | |||||
Hillenbrand, Gtd. Notes | 5.00 | 9/15/2026 | 4,000,000 | 4,455,000 | |||||
Huntington Ingalls Industries, Gtd. Notes | 3.48 | 12/1/2027 | 4,000,000 | 4,419,701 | |||||
Oshkosh, Sr. Unscd. Notes | 4.60 | 5/15/2028 | 4,000,000 | 4,603,907 | |||||
26,018,512 | |||||||||
Information Technology - 3.6% | |||||||||
Activision Blizzard, Sr. Unscd. Notes | 3.40 | 9/15/2026 | 4,500,000 | 5,013,413 | |||||
Cadence Design Systems, Sr. Unscd. Notes | 4.38 | 10/15/2024 | 5,000,000 | 5,575,648 |
25
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Corporate Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 97.3% (continued) | |||||||||
Information Technology - 3.6% (continued) | |||||||||
Citrix Systems, Sr. Unscd. Notes | 4.50 | 12/1/2027 | 4,000,000 | 4,642,142 | |||||
Electronic Arts, Sr. Unscd. Notes | 4.80 | 3/1/2026 | 3,250,000 | 3,791,659 | |||||
Fidelity National Information Services, Sr. Unscd. Notes | 3.75 | 5/21/2029 | 3,000,000 | 3,379,801 | |||||
Fiserv, Sr. Unscd. Notes | 3.85 | 6/1/2025 | 5,000,000 | 5,523,885 | |||||
27,926,548 | |||||||||
Insurance - 3.1% | |||||||||
Assured Guaranty US Holdings, Gtd. Notes | 5.00 | 7/1/2024 | 5,500,000 | c | 6,243,776 | ||||
MetLife, Jr. Sub. Bonds, Ser. D | 5.88 | 3/15/2028 | 5,500,000 | c,d | 6,283,750 | ||||
Prudential Financial, Jr. Sub. Notes | 5.70 | 9/15/2048 | 5,850,000 | c | 6,741,865 | ||||
Reinsurance Group of America, Sr. Unscd. Notes | 3.90 | 5/15/2029 | 4,750,000 | 5,292,323 | |||||
24,561,714 | |||||||||
Internet Software & Services - 1.5% | |||||||||
E*Trade Financial, Sr. Unscd. Notes | 3.80 | 8/24/2027 | 3,750,000 | 4,250,760 | |||||
eBay, Sr. Unscd. Notes | 3.60 | 6/5/2027 | 4,500,000 | 5,035,041 | |||||
Tencent Holdings, Sr. Unscd. Notes | 3.98 | 4/11/2029 | 2,500,000 | a | 2,780,855 | ||||
12,066,656 | |||||||||
Materials - 1.1% | |||||||||
Packaging Corp. of America, Sr. Unscd. Notes | 3.00 | 12/15/2029 | 3,500,000 | 3,766,867 | |||||
WRKCo, Gtd. Notes | 4.00 | 3/15/2028 | 2,000,000 | 2,259,977 | |||||
WRKCo, Gtd. Notes | 4.65 | 3/15/2026 | 2,000,000 | 2,308,355 | |||||
8,335,199 | |||||||||
Media - 1.5% | |||||||||
Discovery Communications, Gtd. Notes | 3.95 | 3/20/2028 | 5,500,000 | 6,144,640 | |||||
Grupo Televisa, Sr. Unscd. Notes | 4.63 | 1/30/2026 | 5,000,000 | 5,608,944 | |||||
11,753,584 | |||||||||
Metals & Mining - 1.3% | |||||||||
Anglo American Capital, Gtd. Notes | 4.50 | 3/15/2028 | 4,000,000 | a | 4,641,071 | ||||
Glencore Funding, Gtd. Bonds | 4.63 | 4/29/2024 | 2,000,000 | a | 2,223,448 | ||||
Glencore Funding, Gtd. Notes | 1.63 | 9/1/2025 | 3,000,000 | a | 3,042,025 | ||||
9,906,544 | |||||||||
Municipal Securities - 2.4% | |||||||||
Buckeye Tobacco Settlement Financing Authority, Revenue Bonds, Refunding, Ser. B1 | 1.85 | 6/1/2029 | 1,475,000 | 1,444,261 | |||||
Detroit, GO, Ser. B1 | 4.00 | 4/1/2044 | 5,000,000 | 4,767,100 | |||||
Illinois, GO (Build America Bonds) | 6.20 | 7/1/2021 | 220,000 | 223,164 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding | 2.63 | 6/15/2024 | 1,500,000 | 1,568,025 | |||||
New York State Dormitory Authority, Revenue Bonds (Montefiore Obligated Group) (Insured; Assured Guaranty Municipal Corp.) Ser. B | 4.95 | 8/1/2048 | 2,500,000 | 2,849,725 | |||||
Oklahoma Development Finance Authority, Revenue Bonds (OU Medicine Project) Ser. C | 5.45 | 8/15/2028 | 3,750,000 | 4,247,437 | |||||
Texas Public Finance Authority, Revenue Bonds | 8.25 | 7/1/2024 | 4,100,000 | 4,115,539 | |||||
19,215,251 | |||||||||
Real Estate - 6.6% | |||||||||
Alexandria Real Estate Equities, Gtd. Notes | 3.95 | 1/15/2027 | 3,327,000 | 3,775,074 | |||||
Alexandria Real Estate Equities, Gtd. Notes | 4.30 | 1/15/2026 | 2,000,000 | 2,281,242 | |||||
American Homes 4 Rent, Sr. Unscd. Notes | 4.90 | 2/15/2029 | 5,000,000 | 5,855,341 | |||||
Brandywine Operating Partnership, Gtd. Notes | 4.55 | 10/1/2029 | 4,000,000 | 4,390,064 | |||||
CBRE Services, Gtd. Notes | 4.88 | 3/1/2026 | 6,000,000 | 6,994,302 | |||||
CubeSmart, Gtd. Notes | 2.00 | 2/15/2031 | 1,500,000 | 1,447,442 | |||||
EPR Properties, Gtd. Notes | 4.95 | 4/15/2028 | 4,250,000 | 4,380,971 | |||||
Healthcare Trust of America Holdings, Gtd. Notes | 3.75 | 7/1/2027 | 4,000,000 | 4,527,535 | |||||
Highwoods Realty, Sr. Unscd. Notes | 4.20 | 4/15/2029 | 3,250,000 | 3,628,325 | |||||
Life Storage, Gtd. Notes | 4.00 | 6/15/2029 | 5,000,000 | 5,635,086 | |||||
Spirit Realty, Gtd. Notes | 2.10 | 3/15/2028 | 1,500,000 | 1,484,187 |
26
BNY Mellon Corporate Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 97.3% (continued) | |||||||||
Real Estate - 6.6% (continued) | |||||||||
Spirit Realty, Gtd. Notes | 4.00 | 7/15/2029 | 3,000,000 | 3,345,426 | |||||
WP Carey, Sr. Unscd. Notes | 2.40 | 2/1/2031 | 4,000,000 | 4,016,559 | |||||
51,761,554 | |||||||||
Retailing - 3.5% | |||||||||
7-Eleven, Sr. Unscd. Notes | 1.80 | 2/10/2031 | 4,000,000 | a | 3,851,051 | ||||
Alimentation Couche-Tard, Gtd. Notes | 3.55 | 7/26/2027 | 3,000,000 | a | 3,305,573 | ||||
Autozone, Sr. Unscd. Notes | 3.13 | 4/21/2026 | 2,000,000 | 2,177,664 | |||||
Dollar Tree, Sr. Unscd. Notes | 4.00 | 5/15/2025 | 4,000,000 | 4,451,851 | |||||
Nordstorm, Sr. Unscd. Notes | 4.00 | 3/15/2027 | 4,000,000 | 3,967,057 | |||||
O'Reilly Automotive, Sr. Unscd. Notes | 3.90 | 6/1/2029 | 4,000,000 | 4,528,164 | |||||
Ross Stores, Sr. Unscd. Notes | 4.60 | 4/15/2025 | 4,500,000 | 5,113,689 | |||||
27,395,049 | |||||||||
Semiconductors & Semiconductor Equipment - 3.4% | |||||||||
Broadcom Cayman Finance, Gtd. Notes | 3.88 | 1/15/2027 | 5,000,000 | 5,484,672 | |||||
KLA, Sr. Unscd. Notes | 4.10 | 3/15/2029 | 4,850,000 | 5,619,215 | |||||
Lam Research, Sr. Unscd. Notes | 4.00 | 3/15/2029 | 3,000,000 | 3,478,324 | |||||
Microchip Technology, Gtd. Notes | 4.25 | 9/1/2025 | 3,500,000 | a | 3,673,568 | ||||
Microchip Technology, Sr. Scd. Notes | 4.33 | 6/1/2023 | 2,000,000 | 2,161,107 | |||||
NXP, Gtd. Notes | 4.88 | 3/1/2024 | 5,500,000 | a | 6,139,051 | ||||
26,555,937 | |||||||||
Technology Hardware & Equipment - .6% | |||||||||
Dell International, Sr. Scd. Notes | 8.10 | 7/15/2036 | 3,000,000 | a | 4,461,664 | ||||
Telecommunication Services - 2.5% | |||||||||
Motorola Solutions, Sr. Unscd. Notes | 4.60 | 5/23/2029 | 4,750,000 | 5,538,728 | |||||
Telefonica Emisiones, Gtd. Notes | 4.57 | 4/27/2023 | 5,000,000 | 5,433,709 | |||||
T-Mobile USA, Gtd. Notes | 2.88 | 2/15/2031 | 500,000 | 491,250 | |||||
T-Mobile USA, Sr. Scd. Notes | 3.88 | 4/15/2030 | 4,150,000 | a | 4,567,780 | ||||
Verizon Communications, Sr. Unscd. Notes | 4.50 | 8/10/2033 | 3,000,000 | 3,581,398 | |||||
19,612,865 | |||||||||
Utilities - 3.3% | |||||||||
Black Hills, Sr. Unscd. Notes | 3.05 | 10/15/2029 | 2,000,000 | 2,129,102 | |||||
Black Hills, Sr. Unscd. Notes | 4.25 | 11/30/2023 | 4,000,000 | 4,368,652 | |||||
CenterPoint Energy, Sr. Unscd. Notes | 2.95 | 3/1/2030 | 3,000,000 | 3,153,030 | |||||
Duquesne Light Holdings, Sr. Unscd. Notes | 2.53 | 10/1/2030 | 1,000,000 | a | 998,922 | ||||
Entergy, Sr. Unscd. Notes | 2.95 | 9/1/2026 | 2,000,000 | 2,146,870 | |||||
Mid-Atlantic Interstate Transmission, Sr. Unscd. Notes | 4.10 | 5/15/2028 | 3,000,000 | a | 3,298,179 | ||||
Mississippi Power, Sr. Unscd. Notes | 3.95 | 3/30/2028 | 5,000,000 | 5,710,996 | |||||
The Cleveland Electric Illuminating Company, Sr. Unscd. Notes | 4.55 | 11/15/2030 | 4,000,000 | a | 4,483,237 | ||||
26,288,988 | |||||||||
Total Bonds and Notes | 763,726,080 | ||||||||
Preferred |
| ||||||||
Preferred Stocks - 1.4% | |||||||||
Diversified Financials - .4% | |||||||||
Air Lease, Ser. A | 6.15 | 120,000 | 3,090,000 | ||||||
Telecommunication Services - 1.0% | |||||||||
AT&T, Ser. A | 5.00 | 320,000 | 8,099,200 | ||||||
Total Preferred Stocks | 11,189,200 |
27
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Corporate Bond Fund (continued) | |||||||||
Description | 1-Day | Shares | Value ($) | ||||||
Investment Companies - .9% | |||||||||
Registered Investment Companies - .9% | |||||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares | 0.07 | 7,039,999 | e | 7,039,999 | |||||
Investment of Cash Collateral for Securities Loaned - 3.0% | |||||||||
Registered Investment Companies - 3.0% | |||||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund, SL Shares | 0.03 | 23,493,805 | e | 23,493,805 | |||||
Total Investments (cost $744,936,517) | 102.6% | 805,449,084 | |||||||
Liabilities, Less Cash and Receivables | (2.6%) | (20,782,805) | |||||||
Net Assets | 100.0% | 784,666,279 |
GO—General Obligation
LIBOR—London Interbank Offered Rate
a Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 28, 2021, these securities were valued at $164,280,690 or 20.94% of net assets.
b Variable rate security—rate shown is the interest rate in effect at period end.
c Security, or portion thereof, on loan. At February 28, 2021, the value of the fund’s securities on loan was $28,614,751 and the value of the collateral was $29,622,731, consisting of cash collateral of $23,493,805 and U.S. Government & Agency securities valued at $6,128,926.
d Security is a perpetual bond with no specified maturity date. Maturity date shown is next reset date of the bond.
e Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
Portfolio Summary (Unaudited) † | Value (%) |
Financial | 38.0 |
Consumer, Non-cyclical | 11.9 |
Consumer, Cyclical | 10.4 |
Industrial | 8.8 |
Technology | 7.5 |
Energy | 6.7 |
Communications | 6.6 |
Investment Companies | 3.9 |
Utilities | 3.3 |
Government | 2.8 |
Basic Materials | 2.7 |
102.6 |
† Based on net assets.
See notes to financial statements.
28
BNY Mellon Short-Term U.S. Government Securities Fund | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 99.6% | |||||||||
Collateralized Municipal-Backed Securities - 20.7% | |||||||||
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Ser. K017, Cl. A2 | 2.87 | 12/25/2021 | 2,654,745 | a | 2,696,890 | ||||
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Ser. K025, Cl. A1 | 1.88 | 4/25/2022 | 220,511 | a | 221,458 | ||||
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Ser. K721, Cl. A2 | 3.09 | 8/25/2022 | 1,992,162 | a | 2,057,214 | ||||
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Ser. KJ05, Cl. A2 | 2.16 | 10/25/2021 | 1,616,320 | a | 1,630,244 | ||||
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Ser. KL1P, Cl. A1P | 2.54 | 10/25/2025 | 1,935,911 | a | 2,024,315 | ||||
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Ser. KLU1, Cl. A1 | 2.38 | 1/25/2025 | 2,557,260 | a | 2,652,424 | ||||
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Ser. X2FX, Cl. A2 | 2.41 | 9/25/2025 | 2,370,419 | a | 2,494,972 | ||||
Federal Home Loan Mortgage Corp. Small Business Mortgage Trust, Ser. 2016-SB21, Cl. A5F | 1.81 | 9/25/2021 | 2,066,203 | a | 2,074,482 | ||||
Federal Home Loan Mortgage Corp. Small Business Mortgage Trust, Ser. 2016-SB22, Cl. A5F | 1.78 | 9/25/2021 | 853,650 | a | 856,805 | ||||
Federal Home Loan Mortgage Corp. Small Business Mortgage Trust, Ser. 2016-SB23, Cl. A5F | 1.73 | 9/25/2021 | 1,923,227 | a | 1,928,174 | ||||
Federal Home Loan Mortgage Corp. Small Business Mortgage Trust, Ser. 2016-SB25, Cl. A7F | 2.58 | 10/25/2023 | 718,400 | a | 737,009 | ||||
Federal Home Loan Mortgage Corp. Small Business Mortgage Trust, Ser. 2017-SB26, Cl. A5F | 2.34 | 12/25/2021 | 799,453 | a | 807,642 | ||||
Federal Home Loan Mortgage Corp. Small Business Mortgage Trust, Ser. 2017-SB35, Cl. A5F | 2.25 | 6/25/2022 | 1,001,638 | a | 1,021,201 | ||||
Federal Home Loan Mortgage Corp. Small Business Mortgage Trust, Ser. 2018-SB50, Cl. A5F | 3.03 | 4/25/2023 | 2,407,637 | a | 2,490,405 | ||||
Federal Home Loan Mortgage Corp. Small Business Mortgage Trust, Ser. 2019-SB61, Cl. A5F | 2.86 | 1/25/2024 | 2,290,298 | a | 2,381,415 | ||||
Federal National Mortgage Association, ACES, Ser. 2011-M1, Cl. A3 | 3.76 | 6/25/2021 | 342,549 | a | 343,277 | ||||
Federal National Mortgage Association, ACES, Ser. 2011-M3, Cl. A2 | 3.64 | 7/25/2021 | 11,045 | a | 11,034 | ||||
Federal National Mortgage Association, ACES, Ser. 2011-M8, Cl. A2 | 2.92 | 8/25/2021 | 343,490 | a | 345,777 | ||||
Federal National Mortgage Association, ACES, Ser. 2013-M2, Cl. AFL, 1 Month LIBOR +.35% | 0.47 | 1/25/2023 | 1,684,369 | a,b | 1,687,390 | ||||
Federal National Mortgage Association, ACES, Ser. 2014-M13, Cl. A2 | 3.02 | 8/25/2024 | 438,215 | a | 470,705 | ||||
Federal National Mortgage Association, ACES, Ser. 2015-M4, Cl. AV2 | 2.51 | 7/25/2022 | 1,936,322 | a | 1,959,660 | ||||
Federal National Mortgage Association, ACES, Ser. 2016-M3, Cl. ASQ2 | 2.26 | 2/25/2023 | 2,151,193 | a | 2,165,826 | ||||
Government National Mortgage Association, Ser. 2012-142, Cl. A | 1.11 | 5/16/2037 | 55,402 | 55,397 | |||||
Government National Mortgage Association, Ser. 2013-105, Cl. A | 1.71 | 2/16/2037 | 1,092,414 | 1,099,367 | |||||
Government National Mortgage Association, Ser. 2013-142, Cl. V | 3.08 | 2/16/2025 | 1,133,830 | 1,181,770 | |||||
Government National Mortgage Association, Ser. 2013-30, Cl. A | 1.50 | 5/16/2042 | 276,921 | 279,084 | |||||
Government National Mortgage Association, Ser. 2013-73, Cl. A | 0.98 | 12/16/2035 | 2,440,948 | 2,443,806 | |||||
Government National Mortgage Association, Ser. 2014-109, Cl. A | 2.33 | 1/16/2046 | 1,141,262 | 1,145,620 | |||||
Government National Mortgage Association, Ser. 2014-82, Cl. VG | 2.96 | 12/16/2046 | 1,774,135 | 1,847,260 |
29
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Short-Term U.S. Government Securities Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 99.6% (continued) | |||||||||
Collateralized Municipal-Backed Securities - 20.7% (continued) | |||||||||
Government National Mortgage Association, Ser. 2018-162, Cl. AC | 3.25 | 9/16/2048 | 1,773,689 | 1,841,867 | |||||
42,952,490 | |||||||||
Municipal Securities - 6.7% | |||||||||
Bay Area Toll Authority, Revenue Bonds, Refunding | 2.23 | 4/1/2023 | 1,200,000 | 1,242,864 | |||||
Gilroy Unified School District, GO, Refunding | 1.73 | 8/1/2022 | 450,000 | 457,812 | |||||
Kentucky Property & Building Commission, Revenue Bonds, Refunding, Ser. D | 2.08 | 11/1/2023 | 500,000 | 517,325 | |||||
Massachusetts College Building Authority, Revenue Bonds, Refunding, Ser. C | 1.90 | 5/1/2023 | 2,000,000 | 2,057,700 | |||||
Massachusetts Water Resources Authority, Revenue Bonds, Refunding (Green Bond) Ser. F | 1.77 | 8/1/2023 | 2,000,000 | 2,066,060 | |||||
Metropolitan Government of Nashville & Davidson County, GO, Refunding, Ser. B | 0.61 | 7/1/2025 | 1,500,000 | 1,494,060 | |||||
Michigan Finance Authority, Revenue Bonds, Ser. A1 | 2.86 | 9/1/2022 | 1,500,000 | 1,538,235 | |||||
New York State Dormitory Authority, Revenue Bonds, Refunding, Ser. F | 2.03 | 2/15/2023 | 500,000 | 515,465 | |||||
Oregon, GO, Refunding, Ser. P | 1.71 | 5/1/2022 | 1,000,000 | 1,017,960 | |||||
Tennessee School Bond Authority, Revenue Bonds, Refunding, Ser.A | 0.22 | 11/1/2023 | 1,500,000 | 1,497,750 | |||||
The Rutgers University of New Jersey , Revenue Bonds, Refunding, Ser. R | 2.06 | 5/1/2022 | 1,000,000 | 1,017,200 | |||||
Virginia Resources Authority, Revenue Bonds, Refunding, Ser. C | 1.89 | 11/1/2022 | 500,000 | 513,960 | |||||
13,936,391 | |||||||||
U.S. Government Agencies Mortgage-Backed - 43.8% | |||||||||
Federal Home Loan Mortgage Corp., REMIC, Ser. 2586, Cl. MJ | 5.50 | 3/15/2023 | 97,186 | a | 100,974 | ||||
Federal Home Loan Mortgage Corp., REMIC, Ser. 3527, Cl. DA | 4.00 | 4/15/2029 | 139,228 | a | 143,178 | ||||
Federal Home Loan Mortgage Corp., REMIC, Ser. 3563, Cl. BD | 4.00 | 8/15/2024 | 288,633 | a | 299,492 | ||||
Federal Home Loan Mortgage Corp., REMIC, Ser. 3627, Cl. QH | 4.00 | 1/15/2025 | 760,610 | a | 795,631 | ||||
Federal Home Loan Mortgage Corp., REMIC, Ser. 3640, Cl. GM | 4.00 | 3/15/2025 | 550,584 | a | 575,994 | ||||
Federal Home Loan Mortgage Corp., REMIC, Ser. 3726, Cl. KG | 2.50 | 4/15/2025 | 38,047 | a | 38,163 | ||||
Federal Home Loan Mortgage Corp., REMIC, Ser. 3810, Cl. QB | 3.50 | 2/15/2026 | 743,714 | a | 782,577 | ||||
Federal Home Loan Mortgage Corp., REMIC, Ser. 3816, Cl. HA | 3.50 | 11/15/2025 | 1,560,751 | a | 1,651,095 | ||||
Federal Home Loan Mortgage Corp., REMIC, Ser. 3820, Cl. TB | 3.50 | 3/15/2026 | 1,038,582 | a | 1,099,927 | ||||
Federal Home Loan Mortgage Corp., REMIC, Ser. 3830, Cl. NB | 4.50 | 2/15/2039 | 1,713,840 | a | 1,787,320 | ||||
Federal Home Loan Mortgage Corp., REMIC, Ser. 3909, Cl. NG | 4.00 | 8/15/2026 | 1,292,502 | a | 1,375,580 | ||||
Federal Home Loan Mortgage Corp., REMIC, Ser. 3942, Cl. AC | 2.00 | 10/15/2021 | 34,118 | a | 34,235 | ||||
Federal Home Loan Mortgage Corp., REMIC, Ser. 3945, Cl. A | 3.00 | 3/15/2026 | 175,435 | a | 178,473 | ||||
Federal Home Loan Mortgage Corp., REMIC, Ser. 3952, Cl. MA | 3.00 | 11/15/2021 | 170,008 | a | 171,102 | ||||
Federal Home Loan Mortgage Corp., REMIC, Ser. 3964, Cl. QA | 3.00 | 11/15/2026 | 641,238 | a | 672,714 | ||||
Federal Home Loan Mortgage Corp., REMIC, Ser. 3987, Cl. A | 2.00 | 9/15/2026 | 126,668 | a | 129,088 | ||||
Federal Home Loan Mortgage Corp., REMIC, Ser. 3998, Cl. KG | 2.00 | 11/15/2026 | 2,944,900 | a | 3,009,288 | ||||
Federal Home Loan Mortgage Corp., REMIC, Ser. 4020, Cl. PC | 1.75 | 3/15/2027 | 314,423 | a | 320,748 | ||||
Federal Home Loan Mortgage Corp., REMIC, Ser. 4029, Cl. LA | 2.00 | 1/15/2027 | 1,903,260 | a | 1,943,861 | ||||
Federal Home Loan Mortgage Corp., REMIC, Ser. 4174, Cl. VA | 3.50 | 6/15/2024 | 1,011,680 | a | 1,043,630 | ||||
Federal Home Loan Mortgage Corp., REMIC, Ser. 4216, Cl. KC | 1.75 | 6/15/2028 | 1,263,055 | a | 1,285,322 | ||||
Federal Home Loan Mortgage Corp., REMIC, Ser. 4265, Cl. DA | 4.00 | 6/15/2026 | 1,227,423 | a | 1,258,002 | ||||
Federal Home Loan Mortgage Corp., REMIC, Ser. 4287, Cl. AB | 2.00 | 12/15/2026 | 290,067 | a | 301,216 | ||||
Federal Home Loan Mortgage Corp., REMIC, Ser. 4304, Cl. DA | 2.50 | 1/15/2027 | 327,867 | a | 334,734 | ||||
Federal Home Loan Mortgage Corp., REMIC, Ser. 4338, Cl. VA | 4.25 | 7/15/2025 | 1,799,284 | a | 1,869,511 | ||||
Federal Home Loan Mortgage Corp., REMIC, Ser. 4386, Cl. AB | 3.00 | 9/15/2029 | 487,427 | a | 506,255 | ||||
Federal Home Loan Mortgage Corp., REMIC, Ser. 4480, Cl. VW | 3.50 | 10/15/2026 | 100,315 | a | 100,285 | ||||
Federal Home Loan Mortgage Corp., REMIC, Ser. 4532, Cl. VW | 3.50 | 4/15/2027 | 209,292 | a | 209,295 | ||||
Federal National Mortgage Association, REMIC, Ser. 2005-63, Cl. HB | 5.00 | 7/25/2025 | 154,174 | a | 161,137 |
30
BNY Mellon Short-Term U.S. Government Securities Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 99.6% (continued) | |||||||||
U.S. Government Agencies Mortgage-Backed - 43.8% (continued) | |||||||||
Federal National Mortgage Association, REMIC, Ser. 2009-21, Cl. HB | 4.50 | 4/25/2024 | 3,276 | a | 3,323 | ||||
Federal National Mortgage Association, REMIC, Ser. 2010-112, Cl. CY | 4.00 | 10/25/2025 | 1,442,857 | a | 1,501,833 | ||||
Federal National Mortgage Association, REMIC, Ser. 2010-117, Cl. DE | 2.00 | 5/25/2025 | 244,285 | a | 245,665 | ||||
Federal National Mortgage Association, REMIC, Ser. 2010-68, Cl. DA | 4.50 | 10/25/2037 | 130,121 | a | 130,250 | ||||
Federal National Mortgage Association, REMIC, Ser. 2011-71, Cl. BA | 4.00 | 5/25/2037 | 546,210 | a | 557,562 | ||||
Federal National Mortgage Association, REMIC, Ser. 2011-79, Cl. GC | 2.00 | 12/25/2022 | 308,871 | a | 311,187 | ||||
Federal National Mortgage Association, REMIC, Ser. 2011-79, Cl. HD | 2.00 | 12/25/2022 | 156,272 | a | 157,443 | ||||
Federal National Mortgage Association, REMIC, Ser. 2011-88, Cl. M | 3.50 | 9/25/2026 | 699,541 | a | 735,852 | ||||
Federal National Mortgage Association, REMIC, Ser. 2012-127, Cl. DH | 4.00 | 11/25/2027 | 209,447 | a | 213,045 | ||||
Federal National Mortgage Association, REMIC, Ser. 2012-148, Cl. DC | 1.50 | 1/25/2028 | 1,581,830 | a | 1,612,416 | ||||
Federal National Mortgage Association, REMIC, Ser. 2012-50, Cl. LV | 3.50 | 8/25/2023 | 587,359 | a | 592,562 | ||||
Federal National Mortgage Association, REMIC, Ser. 2012-78, Cl. KB | 1.75 | 7/25/2027 | 423,225 | a | 434,257 | ||||
Federal National Mortgage Association, REMIC, Ser. 2012-98, Cl. YM | 1.50 | 9/25/2027 | 1,499,786 | a | 1,526,729 | ||||
Federal National Mortgage Association, REMIC, Ser. 2013-108, Cl. GA | 3.00 | 6/25/2030 | 274,203 | a | 279,943 | ||||
Federal National Mortgage Association, REMIC, Ser. 2013-137, Cl. V | 3.50 | 10/25/2028 | 489,182 | a | 514,430 | ||||
Federal National Mortgage Association, REMIC, Ser. 2013-17, Cl. PG | 3.50 | 3/25/2039 | 189,018 | a | 189,725 | ||||
Federal National Mortgage Association, REMIC, Ser. 2013-30, Cl. DA | 1.75 | 4/25/2028 | 491,166 | a | 504,941 | ||||
Federal National Mortgage Association, REMIC, Ser. 2013-39, Cl. MP | 1.75 | 5/25/2028 | 1,412,615 | a | 1,437,029 | ||||
Federal National Mortgage Association, REMIC, Ser. 2013-91, Cl. CA | 4.00 | 4/25/2039 | 462,517 | a | 464,144 | ||||
Federal National Mortgage Association, REMIC, Ser. 2014-34, Cl. LC | 2.50 | 6/25/2029 | 698,505 | a | 729,370 | ||||
Federal National Mortgage Association, REMIC, Ser. 2014-82, Cl. LV | 3.00 | 4/25/2026 | 716,039 | a | 731,844 | ||||
Federal National Mortgage Association, REMIC, Ser. 2017-9 Cl. HA | 3.00 | 12/25/2042 | 2,245,057 | a | 2,295,943 | ||||
Government National Mortgage Association, Ser. 2015-159, CI. EW | 2.50 | 5/20/2041 | 151,901 | 152,252 | |||||
Federal Home Loan Mortgage Corp.: | |||||||||
2.50%, 3/1/2027-12/1/2027 | 3,812,383 | a | 4,009,280 | ||||||
3.00%, 9/1/2026-3/1/2027 | 1,727,994 | a | 1,843,873 | ||||||
3.50%, 10/1/2026-5/1/2027 | 1,507,584 | a | 1,594,213 | ||||||
4.00%, 10/1/2025-6/1/2026 | 1,587,104 | a | 1,690,438 | ||||||
4.50%, 11/1/2024-2/1/2034 | 1,380,942 | a | 1,480,493 | ||||||
Federal National Mortgage Association: | |||||||||
3.09%, 8/1/2023 | 1,000,000 | a | 1,054,375 | ||||||
1.88%, 9/1/2023 | 1,822,763 | a | 1,884,169 | ||||||
1.94%, 11/1/2022 | 329,305 | a | 333,368 | ||||||
2.16%, 1/1/2023 | 2,473,447 | a | 2,538,677 | ||||||
2.18%, 3/1/2022 | 1,000,000 | a | 1,015,588 | ||||||
2.25%, 1/1/2024 | 1,509,099 | a | 1,547,894 |
31
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Short-Term U.S. Government Securities Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - 99.6% (continued) | |||||||||
U.S. Government Agencies Mortgage-Backed - 43.8% (continued) | |||||||||
2.28%, 5/1/2023 | 1,480,449 | a | 1,486,437 | ||||||
2.31%, 8/1/2022 | 970,150 | a | 987,931 | ||||||
2.36%, 12/1/2022 | 1,331,657 | a | 1,364,095 | ||||||
2.38%, 3/1/2023 | 2,757,439 | a | 2,850,636 | ||||||
2.44%, 8/1/2022 | 1,215,110 | a | 1,238,916 | ||||||
2.50%, 11/1/2026-9/1/2027 | 3,523,613 | a | 3,707,946 | ||||||
2.55%, 9/1/2022 | 1,882,860 | a | 1,925,274 | ||||||
2.74%, 10/1/2022 | 1,500,000 | a | 1,546,857 | ||||||
2.78%, 3/1/2022 | 2,288,464 | a | 2,319,648 | ||||||
2.88%, 6/1/2024 | 943,947 | a | 977,401 | ||||||
3.00%, 11/1/2026-9/1/2027 | 1,716,399 | a | 1,813,035 | ||||||
3.34%, 1/1/2022 | 707,470 | a | 713,380 | ||||||
3.50%, 8/1/2026-9/1/2032 | 3,574,373 | a | 3,813,275 | ||||||
3.86%, 12/1/2021 | 70,687 | a | 70,687 | ||||||
4.00%, 5/1/2029-3/1/2034 | 4,132,616 | a | 4,405,751 | ||||||
4.50%, 11/1/2022 | 58 | a | 61 | ||||||
5.00%, 3/1/2027 | 1,003,471 | a | 1,052,087 | ||||||
5.10%, 10/1/2024 | 719,665 | a | 807,389 | ||||||
6.00%, 8/1/2022 | 82,389 | a | 83,250 | ||||||
Government National Mortgage Association I: | |||||||||
4.00%, 8/15/2024-7/15/2027 | 991,484 | 1,053,143 | |||||||
Government National Mortgage Association II: | |||||||||
3.00%, 4/20/2027 | 758,511 | 797,576 | |||||||
3.50%, 3/20/2026 | 303,842 | 324,604 | |||||||
4.50%, 7/20/2024-5/20/2025 | 962,184 | 1,026,474 | |||||||
90,858,793 | |||||||||
U.S. Treasury Securities - 28.4% | |||||||||
U.S. Treasury Notes | 0.13 | 1/15/2024 | 11,000,000 | 10,957,031 | |||||
U.S. Treasury Notes | 0.13 | 10/15/2023 | 8,000,000 | 7,981,250 | |||||
U.S. Treasury Notes | 0.13 | 12/15/2023 | 10,000,000 | 9,966,016 | |||||
U.S. Treasury Notes | 0.13 | 9/15/2023 | 6,750,000 | 6,736,553 | |||||
U.S. Treasury Notes | 0.13 | 8/15/2023 | 1,750,000 | 1,747,197 | |||||
U.S. Treasury Notes | 0.25 | 11/15/2023 | 9,250,000 | 9,253,975 | |||||
U.S. Treasury Notes | 1.25 | 8/31/2024 | 4,000,000 | 4,120,469 | |||||
U.S. Treasury Notes | 1.63 | 10/31/2023 | 8,000,000 | 8,299,375 | |||||
59,061,866 | |||||||||
Total Bonds and Notes | 206,809,540 | ||||||||
1-Day | Shares | ||||||||
Investment Companies - .6% | |||||||||
Registered Investment Companies - .6% | |||||||||
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares | 0.07 | 1,349,414 | c | 1,349,414 | |||||
Total Investments (cost $206,278,470) | 100.2% | 208,158,954 | |||||||
Liabilities, Less Cash and Receivables | (0.2%) | (484,082) | |||||||
Net Assets | 100.0% | 207,674,872 |
ACES—Alternative Credit Enhancement Securities
GO—General Obligation
LIBOR—London Interbank Offered Rate
REMIC—Real Estate Mortgage Investment Conduit
a The Federal Housing Finance Agency (“FHFA”) placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies.
b Variable rate security—rate shown is the interest rate in effect at period end.
c Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
32
Portfolio Summary (Unaudited) † | Value (%) |
Mortgage Securities | 64.4 |
Government | 35.2 |
Investment Companies | .6 |
100.2 |
† Based on net assets.
See notes to financial statements.
33
STATEMENTS OF INVESTMENTS IN AFFILIATED ISSUERS (Unaudited)
Investment Companies | Value | Purchases ($)† | Sales ($) | Value | Net | Dividends/ |
BNY Mellon Bond Fund | ||||||
Registered Investment Companies; | ||||||
Dreyfus Institutional Preferred | 19,173,351 | 198,282,351 | (197,109,440) | 20,346,262 | 1.5 | 7,530 |
Investment of Cash Collateral | ||||||
Dreyfus Institutional Preferred | 21,105,434 | 28,858,326 | (49,963,760) | - | - | 11,046††† |
Dreyfus Institutional Preferred | - | 105,451,513 | (99,715,514) | 5,735,999 | .4 | 17,107††† |
Total | 40,278,785 | 332,592,190 | (346,788,714) | 26,082,261 | 1.9 | 35,683 |
BNY Mellon Intermediate Bond Fund | ||||||
Registered Investment Companies; | ||||||
Dreyfus Institutional Preferred | 13,253,689 | 91,150,887 | (93,287,610) | 11,116,966 | 1.4 | 2,991 |
Investment of Cash Collateral | ||||||
Dreyfus Institutional Preferred | - | 6,211,180 | (6,211,180) | - | - | 3,886††† |
Dreyfus Institutional Preferred | - | 105,257,110 | (82,173,500) | 23,083,610 | 2.9 | 5,615††† |
Total | 13,253,689 | 202,619,177 | (181,672,290) | 34,200,576 | 4.3 | 12,492 |
BNY Mellon Corporate Bond Fund | ||||||
Registered Investment Companies; | ||||||
Dreyfus Institutional Preferred | 8,954,696 | 74,727,729 | (76,642,426) | 7,039,999 | .9 | 3,884 |
Investment of Cash Collateral | ||||||
Dreyfus Institutional Preferred | 7,176,396 | 11,697,997 | (18,874,393) | - | - | 29,228††† |
Dreyfus Institutional Preferred | - | 44,945,919 | (21,452,114) | 23,493,805 | 3.0 | 55,695††† |
Total | 16,131,092 | 131,371,645 | (116,968,933) | 30,533,804 | 3.9 | 88,807 |
BNY Mellon Short-Term U.S. | ||||||
Registered Investment Companies; | ||||||
Dreyfus Institutional Preferred | 5,012,233 | 94,174,070 | (97,836,889) | 1,349,414 | .6 | 1,680 |
† Includes reinvested dividends/distributions.
†† Effective November 9, 2020, cash collateral for ssecurities lending was transferred from Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares to Dreyfus Institutional Preferred Government Plus Money Market Fund, SL Shares.
††† Represents securities lending income earned from reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.
See notes to financial statements.
34
STATEMENTS OF ASSETS AND LIABILITIES
February 28, 2021 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BNY Mellon Bond Fund |
| BNY Mellon Intermediate Bond Fund |
| BNY Mellon Corporate Bond Fund |
| BNY Mellon Short-Term U.S. Government Securities Fund |
|
|
Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
Investments in securities—See Statements |
|
|
|
|
|
|
|
|
|
|
|
|
Unaffiliated issuers |
|
|
| 1,314,151,266 |
| 803,613,283 |
| 774,915,280 |
| 206,809,540 |
|
|
Affiliated issuers |
|
|
| 26,082,261 |
| 34,200,576 |
| 30,533,804 |
| 1,349,414 |
|
|
Interest receivable |
|
|
| 7,501,350 |
| 4,986,121 |
| 7,801,862 |
| 426,482 |
|
|
Receivable for investment securities sold |
|
|
| 6,080,780 |
| - |
| 2,822,460 |
| 2,300,795 |
|
|
Receivable for shares of Beneficial |
|
|
| 3,144,881 |
| 1,190,184 |
| 966,381 |
| 33,700 |
|
|
Securities lending receivable |
|
|
| 3,555 |
| 1,319 |
| 3,058 |
| 406 |
|
|
Dividends receivable |
|
|
| 734 |
| 265 |
| 46,482 |
| 62 |
|
|
Prepaid expenses |
|
|
| 27,423 |
| 21,481 |
| 32,388 |
| 21,545 |
|
|
|
|
|
| 1,356,992,250 |
| 844,013,229 |
| 817,121,715 |
| 210,941,944 |
|
|
Liabilities ($): |
|
|
|
|
|
|
|
|
|
|
|
|
Due to BNY Mellon Investment Adviser, Inc. |
|
|
| 537,543 |
| 334,363 |
| 322,742 |
| 84,620 |
|
|
Cash overdraft due to Custodian |
|
|
| 1,914,662 |
| 975,371 |
| 1,640,607 |
| 197,495 |
|
|
Payable for investment securities purchased |
|
|
| 15,564,985 |
| 5,447,496 |
| 6,482,260 |
| 1,054,718 |
|
|
Liability for securities on loan—Note 1(b) |
|
|
| 5,735,999 |
| 23,083,610 |
| 23,493,805 |
| - |
|
|
Payable for shares of Beneficial |
|
|
| 252,204 |
| 1,140,213 |
| 462,139 |
| 1,887,699 |
|
|
Trustees’ fees and expenses payable |
|
|
| 26,559 |
| 18,411 |
| 17,752 |
| 8,464 |
|
|
Other accrued expenses |
|
|
| 47,833 |
| 47,218 |
| 36,131 |
| 34,076 |
|
|
|
|
|
| 24,079,785 |
| 31,046,682 |
| 32,455,436 |
| 3,267,072 |
|
|
Net Assets ($) |
|
|
| 1,332,912,465 |
| 812,966,547 |
| 784,666,279 |
| 207,674,872 |
|
|
Composition of Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
Paid-in capital |
|
|
| 1,293,564,580 |
| 782,552,749 |
| 727,659,245 |
| 219,781,013 |
|
|
Total distributable earnings (loss) |
|
|
| 39,347,885 |
| 30,413,798 |
| 57,007,034 |
| (12,106,141) |
|
|
Net Assets ($) |
|
|
| 1,332,912,465 |
| 812,966,547 |
| 784,666,279 |
| 207,674,872 |
|
|
† Investments at cost ($) |
|
|
|
|
|
|
|
|
|
|
|
|
Unaffiliated issuers |
|
|
| 1,268,058,889 |
| 769,970,433 |
| 714,402,713 |
| 204,929,056 |
|
|
Affiliated issuers |
|
|
| 26,082,261 |
| 34,200,576 |
| 30,533,804 |
| 1,349,414 |
|
|
†† Value of securities on loan ($) |
|
|
| 65,507,135 |
| 53,615,255 |
| 28,614,751 |
| - |
|
|
Net Asset Value Per Share |
|
|
|
|
|
|
|
|
|
|
|
|
Class M |
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| 1,323,432,364 |
| 804,610,658 |
| 779,451,779 |
| 201,988,953 |
|
|
Shares Outstanding |
|
|
| 101,211,132 |
| 62,046,955 |
| 56,716,138 |
| 17,268,416 |
|
|
Net Asset Value Per Share ($) |
|
|
| 13.08 |
| 12.97 |
| 13.74 |
| 11.70 |
|
|
Investor Shares |
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| 9,480,101 |
| 8,355,889 |
| 5,214,500 |
| 5,685,919 |
|
|
Shares Outstanding |
|
|
| 726,473 |
| 643,358 |
| 379,173 |
| 486,332 |
|
|
Net Asset Value Per Share ($) |
|
|
| 13.05 |
| 12.99 |
| 13.75 |
| 11.69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements. |
|
|
|
|
|
|
|
|
|
|
|
|
35
STATEMENTS OF OPERATIONS
Six Months Ended February 28, 2021 (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 |
|
| 14,248,470 |
| 9,542,123 |
| 14,453,086 |
| 1,687,083 |
| ||
Dividends: |
|
|
|
|
|
|
|
|
|
| ||
Unaffiliated issuers |
|
| 162,500 |
| 128,125 |
| 292,250 |
| - |
| ||
Affiliated issuers |
|
| 7,530 |
| 2,991 |
| 3,884 |
| 1,680 |
| ||
Income from securities lending—Note 1(b) |
|
| 28,153 |
| 9,501 |
| 84,923 |
| 2,369 |
| ||
Total Income |
|
| 14,446,653 |
| 9,682,740 |
| 14,834,143 |
| 1,691,132 |
| ||
Expenses: |
|
|
|
|
|
|
|
|
|
| ||
Investment advisory fee—Note 3(a) |
|
| 2,594,766 |
| 1,686,672 |
| 1,618,576 |
| 394,966 |
| ||
Administration fee—Note 3(a) |
|
| 795,974 |
| 517,815 |
| 496,872 |
| 138,632 |
| ||
Trustees’ fees and expenses—Note 3(c) |
|
| 57,942 |
| 44,567 |
| 42,488 |
| 10,544 |
| ||
Professional fees |
|
| 39,209 |
| 25,493 |
| 23,118 |
| 17,831 |
| ||
Loan commitment fees—Note 2 |
|
| 28,817 |
| 21,738 |
| 19,215 |
| 5,364 |
| ||
Registration fees |
|
| 20,624 |
| 18,533 |
| 20,180 |
| 24,138 |
| ||
Shareholder servicing costs—Note 3(b) |
|
| 12,554 |
| 10,908 |
| 7,445 |
| 7,690 |
| ||
Custodian fees—Note 3(b) |
|
| 11,603 |
| 7,370 |
| 6,892 |
| 7,133 |
| ||
Chief Compliance Officer fees—Note 3(b) |
|
| 7,299 |
| 7,299 |
| 7,299 |
| 7,299 |
| ||
Prospectus and shareholders’ reports |
|
| 5,464 |
| 3,765 |
| 4,657 |
| 3,285 |
| ||
Miscellaneous |
|
| 27,943 |
| 22,320 |
| 14,838 |
| 20,589 |
| ||
Total Expenses |
|
| 3,602,195 |
| 2,366,480 |
| 2,261,580 |
| 637,471 |
| ||
Investment Income—Net |
|
| 10,844,458 |
| 7,316,260 |
| 12,572,563 |
| 1,053,661 |
| ||
Realized and Unrealized Gain (Loss) |
|
|
|
|
|
|
|
| ||||
Net realized gain (loss) on investments | 9,230,604 |
| 4,197,904 |
| 8,998,602 |
| 371,574 |
| ||||
Net change in unrealized appreciation (depreciation) |
|
| (31,340,972) |
| (12,189,865) |
| (4,125,134) |
| (1,420,404) |
| ||
Net Realized and Unrealized Gain (Loss) on Investments |
|
| (22,110,368) |
| (7,991,961) |
| 4,873,468 |
| (1,048,830) |
| ||
Net Increase (Decrease) in Net Assets Resulting from Operations |
| (11,265,910) |
| (675,701) |
| 17,446,031 |
| 4,831 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements. |
36
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 |
|
| 10,844,458 |
|
|
| 28,223,995 |
| 7,316,260 |
|
|
| 19,036,046 |
| |
Net realized gain (loss) on investments |
| 9,230,604 |
|
|
| 33,444,223 |
| 4,197,904 |
|
|
| 10,807,672 |
| ||
Net change in unrealized appreciation |
| (31,340,972) |
|
|
| 15,372,257 |
| (12,189,865) |
|
|
| 18,111,833 |
| ||
Net Increase (Decrease) in Net Assets | (11,265,910) |
|
|
| 77,040,475 |
| (675,701) |
|
|
| 47,955,551 |
| |||
Distributions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Distributions to shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (43,056,425) |
|
|
| (32,100,864) |
| (8,011,195) |
|
|
| (19,839,736) |
| |
Investor Shares |
|
| (324,753) |
|
|
| (235,878) |
| (71,190) |
|
|
| (132,963) |
| |
Total Distributions |
|
| (43,381,178) |
|
|
| (32,336,742) |
| (8,082,385) |
|
|
| (19,972,699) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 215,475,076 |
|
|
| 264,395,528 |
| 57,406,936 |
|
|
| 130,269,392 |
| |
Investor Shares |
|
| 7,642,893 |
|
|
| 18,820,957 |
| 7,546,086 |
|
|
| 16,622,445 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 17,041,724 |
|
|
| 5,467,566 |
| 1,450,607 |
|
|
| 3,940,616 |
| |
Investor Shares |
|
| 283,800 |
|
|
| 202,916 |
| 57,331 |
|
|
| 108,322 | �� | |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (123,431,510) |
|
|
| (265,907,929) |
| (137,358,102) |
|
|
| (255,435,067) |
| |
Investor Shares |
|
| (7,231,927) |
|
|
| (18,961,915) |
| (7,453,306) |
|
|
| (14,918,761) |
| |
Increase (Decrease) in Net Assets | 109,780,056 |
|
|
| 4,017,123 |
| (78,350,448) |
|
|
| (119,413,053) |
| |||
Total Increase (Decrease) in Net Assets | 55,132,968 |
|
|
| 48,720,856 |
| (87,108,534) |
|
|
| (91,430,201) |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 1,277,779,497 |
|
|
| 1,229,058,641 |
| 900,075,081 |
|
|
| 991,505,282 |
| |
End of Period |
|
| 1,332,912,465 |
|
|
| 1,277,779,497 |
| 812,966,547 |
|
|
| 900,075,081 |
| |
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class Ma |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 16,036,608 |
|
|
| 19,866,058 |
| 4,390,718 |
|
|
| 10,173,365 |
| |
Shares issued for distributions reinvested |
|
| 1,280,084 |
|
|
| 412,579 |
| 111,157 |
|
|
| 307,373 |
| |
Shares redeemed |
|
| (9,169,030) |
|
|
| (20,105,827) |
| (10,500,328) |
|
|
| (19,894,286) |
| |
Net Increase (Decrease) in Shares Outstanding | 8,147,662 |
|
|
| 172,810 |
| (5,998,453) |
|
|
| (9,413,548) |
| |||
Investor Sharesa |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 570,380 |
|
|
| 1,431,498 |
| 576,247 |
|
|
| 1,294,477 |
| |
Shares issued for distributions reinvested |
|
| 21,323 |
|
|
| 15,352 |
| 4,387 |
|
|
| 8,418 |
| |
Shares redeemed |
|
| (541,821) |
|
|
| (1,433,808) |
| (569,253) |
|
|
| (1,159,869) |
| |
Net Increase (Decrease) in Shares Outstanding | 49,882 |
|
|
| 13,042 |
| 11,381 |
|
|
| 143,026 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a uring the period ended February 28, 2021, 554,996 Class M Shares representing $7,455,398 were exchanged for 556,229 Investor Shares for BNY Mellon Bond Fund and 585,487 Class M Shares representing $7,656,521 were exchanged for 584,709 Investor Shares for BNY Mellon Intermediate Bond Fund. During the period ended August 31, 2020, 1,375,122 Class M Shares representing $18,120,391 were exchanged for 1,378,251 Investor Shares for BNY Mellon Bond Fund and 1,260,592 Class M Shares representing $16,165,460 were exchanged for 1,259,304 Investor Shares for BNY Mellon Intermediate Bond Fund. | |||||||||||||||
See notes to financial statements. |
37
STATEMENTS OF CHANGES IN NET ASSETS (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BNY Mellon Corporate Bond Fund |
| BNY Mellon Short-Term U.S. Government Securities Fund |
| ||||||||
|
|
|
| Six Months Ended |
|
|
| Year Ended |
| Six Months Ended |
|
|
| Year Ended |
|
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 12,572,563 |
|
|
| 30,918,115 |
| 1,053,661 |
|
|
| 4,096,078 |
| |
Net realized gain (loss) on investments |
| 8,998,602 |
|
|
| 10,397,096 |
| 371,574 |
|
|
| 1,646,724 |
| ||
Net change in unrealized appreciation |
| (4,125,134) |
|
|
| 10,915,491 |
| (1,420,404) |
|
|
| 1,392,767 |
| ||
Net Increase (Decrease) in Net Assets | 17,446,031 |
|
|
| 52,230,702 |
| 4,831 |
|
|
| 7,135,569 |
| |||
Distributions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Distributions to shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (14,191,706) |
|
|
| (31,999,493) |
| (2,018,249) |
|
|
| (4,869,132) |
| |
Investor Shares |
|
| (96,251) |
|
|
| (168,173) |
| (47,212) |
|
|
| (39,865) |
| |
Total Distributions |
|
| (14,287,957) |
|
|
| (32,167,666) |
| (2,065,461) |
|
|
| (4,908,997) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 54,682,049 |
|
|
| 175,188,538 |
| 47,319,957 |
|
|
| 84,017,058 |
| |
Investor Shares |
|
| 5,472,879 |
|
|
| 16,524,022 |
| 5,016,378 |
|
|
| 8,168,274 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 3,224,999 |
|
|
| 7,780,392 |
| 418,900 |
|
|
| 1,112,738 |
| |
Investor Shares |
|
| 67,290 |
|
|
| 106,512 |
| 45,573 |
|
|
| 38,415 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (130,747,272) |
|
|
| (261,119,893) |
| (78,663,966) |
|
|
| (108,197,966) |
| |
Investor Shares |
|
| (5,806,288) |
|
|
| (14,053,972) |
| (4,629,058) |
|
|
| (4,631,268) |
| |
Increase (Decrease) in Net Assets | (73,106,343) |
|
|
| (75,574,401) |
| (30,492,216) |
|
|
| (19,492,749) |
| |||
Total Increase (Decrease) in Net Assets | (69,948,269) |
|
|
| (55,511,365) |
| (32,552,846) |
|
|
| (17,266,177) |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 854,614,548 |
|
|
| 910,125,913 |
| 240,227,718 |
|
|
| 257,493,895 |
| |
End of Period |
|
| 784,666,279 |
|
|
| 854,614,548 |
| 207,674,872 |
|
|
| 240,227,718 |
| |
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class Ma |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 3,955,581 |
|
|
| 13,224,134 |
| 4,026,786 |
|
|
| 7,141,253 |
| |
Shares issued for distributions reinvested |
|
| 234,082 |
|
|
| 584,843 |
| 35,672 |
|
|
| 94,756 |
| |
Shares redeemed |
|
| (9,480,159) |
|
|
| (19,708,249) |
| (6,693,903) |
|
|
| (9,200,252) |
| |
Net Increase (Decrease) in Shares Outstanding | (5,290,496) |
|
|
| (5,899,272) |
| (2,631,445) |
|
|
| (1,964,243) |
| |||
Investor Sharesa |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 396,014 |
|
|
| 1,242,478 |
| 426,615 |
|
|
| 692,799 |
| |
Shares issued for distributions reinvested |
|
| 4,878 |
|
|
| 8,014 |
| 3,885 |
|
|
| 3,268 |
| |
Shares redeemed |
|
| (419,306) |
|
|
| (1,054,323) |
| (394,089) |
|
|
| (393,943) |
| |
Net Increase (Decrease) in Shares Outstanding | (18,414) |
|
|
| 196,169 |
| 36,411 |
|
|
| 302,124 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a During the period ended February 28, 2021, 396,205 Class M Shares representing $5,472,708 were exchanged for 396,002 Investor Shares for BNY Mellon Corporate Bond Fund and 201,259 Class M Shares representing $2,369,424 were exchanged for 201,426 Investor Shares for BNY Mellon Short-Term U.S. Government Securities Fund. During the period ended August 31, 2020, 1,240,637 Class M Shares representing $16,489,922 were exchanged for 1,240,170 Investor Shares for BNY Mellon Corporate Bond Fund and 352,464 Class M Shares representing $4,152,915 were exchanged for 352,816 Investor Shares for BNY Mellon Short-Term U.S. Government Securities Fund. | |||||||||||||||
See notes to financial statements. |
38
FINANCIAL HIGHLIGHTS
The following tables describe the performance for each share class of each fund for the fiscal periods indicated. All information (except portfolio turnover) reflects financial results for a single fund share. Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. These figures have been derived from the funds’ financial statements.
Six Months Ended | Class M Shares | ||||||||||||||
February 28, 2021 | Year Ended August 31, | ||||||||||||||
BNY Mellon Bond Fund | (Unaudited) | 2020 |
| 2019 |
| 2018 |
| 2017 |
| 2016 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 13.63 | 13.14 | 12.32 | 12.82 | 13.11 | 12.74 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—net a | .11 | .30 | .35 | .34 | .32 | .31 | |||||||||
Net realized and unrealized | (.22) | .54 | .84 | (.48) | (.21) | .42 | |||||||||
Total from Investment Operations | (.11) | .84 | 1.19 | (.14) | .11 | .73 | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.16) | (.35) | (.37) | (.36) | (.37) | (.36) | |||||||||
Dividends from net realized gain on investments | (.28) | - | - | - | (.03) | - | |||||||||
Total Distributions | (.44) | (.35) | (.37) | (.36) | (.40) | (.36) | |||||||||
Net asset value, end of period | 13.08 | 13.63 | 13.14 | 12.32 | 12.82 | 13.11 | |||||||||
Total Return (%) | (.78) | b | 6.49 | 9.89 | (1.10) | .87 | 5.82 | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .55 | c | .55 | .55 | .55 | .56 | .56 | ||||||||
Ratio of net investment income | 1.67 | c | 2.30 | 2.77 | 2.70 | 2.50 | 2.38 | ||||||||
Portfolio Turnover Rate | 31.86 | b | 93.11 | 79.56 | 47.36 | 72.85 | 72.21 | ||||||||
Net Assets, end of period ($ x 1,000) | 1,323,432 | 1,268,576 | 1,220,362 | 1,002,899 | 1,001,290 | 1,030,685 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
39
FINANCIAL HIGHLIGHTS (continued)
Six Months Ended | Investor Shares | ||||||||||||||
February 28, 2021 | Year Ended August 31, | ||||||||||||||
BNY Mellon Bond Fund | (Unaudited) | 2020 |
| 2019 |
| 2018 |
| 2017 |
| 2016 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 13.60 | 13.11 | 12.29 | 12.79 | 13.08 | 12.71 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—net a | .10 | .28 | .32 | .31 | .28 | .27 | |||||||||
Net realized and unrealized | (.22) | .52 | .84 | (.48) | (.21) | .43 | |||||||||
Total from Investment Operations | (.12) | .80 | 1.16 | (.17) | .07 | .70 | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.15) | (.31) | (.34) | (.33) | (.33) | (.33) | |||||||||
Dividends from net realized gain on investments | (.28) | - | - | - | (.03) | - | |||||||||
Total Distributions | (.43) | (.31) | (.34) | (.33) | (.36) | (.33) | |||||||||
Net asset value, end of period | 13.05 | 13.60 | 13.11 | 12.29 | 12.79 | 13.08 | |||||||||
Total Return (%) | (.92) | b | 6.22 | 9.60 | (1.35) | .63 | 5.55 | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .80 | c | .80 | .80 | .80 | .81 | .81 | ||||||||
Ratio of net investment income | 1.46 | c | 2.08 | 2.47 | 2.46 | 2.24 | 2.14 | ||||||||
Portfolio Turnover Rate | 31.86 | b | 93.11 | 79.56 | 47.36 | 72.85 | 72.21 | ||||||||
Net Assets, end of period ($ x 1,000) | 9,480 | 9,204 | 8,697 | 6,944 | 9,613 | 9,619 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
40
Six Months Ended | Class M Shares | ||||||||||||||
February 28, 2021 | Year Ended August 31, | ||||||||||||||
BNY Mellon Intermediate Bond Fund | (Unaudited) | 2020 |
| 2019 |
| 2018 |
| 2017 |
| 2016 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 13.11 | 12.72 | 12.26 | 12.60 | 12.74 | 12.55 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—net a | .11 | .25 | .27 | .25 | .22 | .20 | |||||||||
Net realized and unrealized | (.12) | .41 | .47 | (.32) | (.10) | .25 | |||||||||
Total from Investment Operations | (.01) | .66 | .74 | (.07) | .12 | .45 | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.13) | (.27) | (.28) | (.27) | (.26) | (.26) | |||||||||
Net asset value, end of period | 12.97 | 13.11 | 12.72 | 12.26 | 12.60 | 12.74 | |||||||||
Total Return (%) | (.11) | b | 5.23 | 6.09 | (.58) | 1.01 | 3.60 | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .56 | c | .55 | .55 | .55 | .56 | .56 | ||||||||
Ratio of net investment income | 1.74 | c | 1.97 | 2.15 | 2.03 | 1.77 | 1.61 | ||||||||
Portfolio Turnover Rate | 10.92 | b | 41.86 | 33.30 | 28.92 | 48.97 | 32.99 | ||||||||
Net Assets, end of period ($ x 1,000) | 804,611 | 891,782 | 985,280 | 833,954 | 838,741 | 869,419 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
41
FINANCIAL HIGHLIGHTS (continued)
Six Moths Ended | Investor Shares | ||||||||||||||
February 28, 2021 | Year Ended August 31, | ||||||||||||||
BNY Mellon Intermediate Bond Fund | (Unaudited) | 2020 |
| 2019 |
| 2018 |
| 2017 |
| 2016 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 13.12 | 12.73 | 12.26 | 12.60 | 12.74 | 12.56 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—net a | .10 | .22 | .23 | .22 | .19 | .17 | |||||||||
Net realized and unrealized | (.12) | .40 | .48 | (.33) | (.10) | .24 | |||||||||
Total from Investment Operations | (.02) | .62 | .71 | (.11) | .09 | .41 | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.11) | (.23) | (.24) | (.23) | (.23) | (.23) | |||||||||
Net asset value, end of period | 12.99 | 13.12 | 12.73 | 12.26 | 12.60 | 12.74 | |||||||||
Total Return (%) | (.18) | b | 4.93 | 5.88 | (.84) | .75 | 3.26 | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .81 | c | .80 | .80 | .80 | .81 | .81 | ||||||||
Ratio of net investment income | 1.48 | c | 1.68 | 1.88 | 1.78 | 1.52 | 1.36 | ||||||||
Portfolio Turnover Rate | 10.92 | b | 41.86 | 33.30 | 28.92 | 48.97 | 32.99 | ||||||||
Net Assets, end of period ($ x 1,000) | 8,356 | 8,293 | 6,225 | 5,756 | 7,563 | 8,247 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
42
Six Months Ended | Class M Shares | ||||||||||||||
February 28, 2021 | Year Ended August 31, | ||||||||||||||
BNY Mellon Corporate Bond Fund | (Unaudited) | 2020 | 2019 | 2018 | 2017 |
| 2016 |
| |||||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 13.69 | 13.36 | 12.52 | 13.06 | 13.07 | 12.59 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—net a | .21 | .45 | .46 | .44 | .42 | .39 | |||||||||
Net realized and unrealized | .08 | .35 | .86 | (.50) | .05 | .54 | |||||||||
Total from Investment Operations | .29 | .80 | 1.32 | (.06) | .47 | .93 | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.24) | (.47) | (.48) | (.48) | (.48) | (.45) | |||||||||
Net asset value, end of period | 13.74 | 13.69 | 13.36 | 12.52 | 13.06 | 13.07 | |||||||||
Total Return (%) | 2.15 | b | 6.16 | 10.81 | (.48) | 3.67 | 7.55 | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .56 | c | .56 | .56 | .55 | .56 | .56 | ||||||||
Ratio of net investment income | 3.11 | c | 3.39 | 3.65 | 3.43 | 3.29 | 3.10 | ||||||||
Portfolio Turnover Rate | 9.23 | b | 25.67 | 30.95 | 33.36 | 33.05 | 34.99 | ||||||||
Net Assets, end of period ($ x 1,000) | 779,452 | 849,166 | 907,433 | 776,480 | 784,237 | 850,017 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
43
FINANCIAL HIGHLIGHTS (continued)
Six Months Ended | Investor Shares | ||||||||||||||
February 28, 2021 | Year Ended August 31, | ||||||||||||||
BNY Mellon Corporate Bond Fund | (Unaudited) | 2020 | 2019 | 2018 | 2017 |
| 2016 |
| |||||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 13.70 | 13.37 | 12.53 | 13.07 | 13.07 | 12.59 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—net a | .20 | .43 | .43 | .37 | .42 | .35 | |||||||||
Net realized and unrealized | .08 | .34 | .85 | (.46) | .03 | .55 | |||||||||
Total from Investment Operations | .28 | .77 | 1.28 | (.09) | .45 | .90 | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.23) | (.44) | (.44) | (.45) | (.45) | (.42) | |||||||||
Net asset value, end of period | 13.75 | 13.70 | 13.37 | 12.53 | 13.07 | 13.07 | |||||||||
Total Return (%) | 2.02 | b | 5.87 | 10.50 | (.72) | 3.53 | 7.29 | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .81 | c | .81 | .81 | .80 | .81 | .81 | ||||||||
Ratio of net investment income | 2.87 | c | 3.12 | 3.41 | 3.06 | 3.02 | 2.83 | ||||||||
Portfolio Turnover Rate | 9.23 | b | 25.67 | 30.95 | 33.36 | 33.05 | 34.99 | ||||||||
Net Assets, end of period ($ x 1,000) | 5,214 | 5,448 | 2,693 | 2,573 | 2,807 | 1,793 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
44
Six Months Ended | Class M Shares | ||||||||||||||
BNY Mellon Short-Term | February 28, 2021 | Year Ended August 31, | |||||||||||||
U.S. Government Securities Fund | (Unaudited) | 2020 |
| 2019 |
| 2018 |
| 2017 |
| 2016 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 11.81 | 11.70 | 11.52 | 11.72 | 11.81 | 11.84 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—net a | .06 | .19 | .21 | .14 | .08 | .04 | |||||||||
Net realized and unrealized | (.06) | .15 | .20 | (.18) | (.05) | .05 | |||||||||
Total from Investment Operations | (.00) | b | .34 | .41 | (.04) | .03 | .09 | ||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.11) | (.23) | (.23) | (.16) | (.12) | (.12) | |||||||||
Net asset value, end of period | 11.70 | 11.81 | 11.70 | 11.52 | 11.72 | 11.81 | |||||||||
Total Return (%) | (.02) | c | 2.95 | 3.61 | (.36) | .26 | .77 | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .56 | d | .55 | .55 | .56 | .55 | .55 | ||||||||
Ratio of net investment income | .94 | d | 1.65 | 1.84 | 1.20 | .68 | .37 | ||||||||
Portfolio Turnover Rate | 36.77 | c | 65.00 | 119.53 | 61.04 | 65.98 | 100.46 | ||||||||
Net Assets, end of period ($ x 1,000) | 201,989 | 234,920 | 255,767 | 190,515 | 172,603 | 214,754 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
c Not annualized.
d Annualized.
See notes to financial statements.
45
FINANCIAL HIGHLIGHTS (continued)
Six Months Ended | Investor Shares | ||||||||||||||
BNY Mellon Short-Term | February 28, 2021 | Year Ended August 31, | |||||||||||||
U.S. Government Securities Fund | (Unaudited) | 2020 |
| 2019 |
| 2018 |
| 2017 |
| 2016 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 11.80 | 11.68 | 11.50 | 11.71 | 11.79 | 11.82 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—net a | .04 | .11 | .18 | .11 | .05 | .01 | |||||||||
Net realized and unrealized | (.06) | .21 | .20 | (.19) | (.04) | .05 | |||||||||
Total from Investment Operations | (.02) | .32 | .38 | (.08) | .01 | .06 | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.09) | (.20) | (.20) | (.13) | (.09) | (.09) | |||||||||
Net asset value, end of period | 11.69 | 11.80 | 11.68 | 11.50 | 11.71 | 11.79 | |||||||||
Total Return (%) | (.17) | b | 2.73 | 3.31 | (.69) | .10 | .51 | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .81 | c | .80 | .80 | .81 | .80 | .80 | ||||||||
Ratio of net investment income | .67 | c | .98 | 1.54 | .92 | .43 | .12 | ||||||||
Portfolio Turnover Rate | 36.77 | b | 65.00 | 119.53 | 61.04 | 65.98 | 100.46 | ||||||||
Net Assets, end of period ($ x 1,000) | 5,686 | 5,308 | 1,727 | 1,494 | 1,753 | 1,906 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
46
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-three series, including the following diversified funds: BNY Mellon Bond Fund, BNY Mellon Intermediate Bond Fund, BNY Mellon Corporate Bond Fund and BNY Mellon Short-Term U.S. Government Securities Fund (each, a “fund” and collectively, the “funds”). The objectives of the funds are as follows: BNY Mellon Bond Fund, BNY Mellon Intermediate Bond Fund and BNY Mellon Corporate Bond Fund seek total return (consisting of capital appreciation and current income). BNY Mellon Short-Term U.S. Government Securities Fund seeks to provide as high a level of current income as is consistent with the preservation of capital.
BNY Mellon Investment Adviser, Inc. (the “Adviser”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”), serves as each fund’s investment adviser. The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of the Adviser, serves as administrator for the funds pursuant to an Administration Agreement with the Trust (the “Administration Agreement”). The Bank of New York Mellon has entered into a Sub-Administration Agreement with the Adviser pursuant to which The Bank of New York Mellon pays the Adviser for performing certain administrative services. BNY Mellon Securities Corporation (the “Distributor”), a wholly-owned subsidiary of the Adviser, is the distributor of each fund’s shares, which are sold without a sales charge.
Each fund is authorized to issue an unlimited number of $.001 par value shares of Beneficial Interest in each of the following classes of shares: Class M and Investor. Each class of shares has identical rights and privileges, except with respect to the Shareholder Service Plan and the expenses borne by each class, the allocation of certain transfer agency costs, and certain voting rights. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.
The Trust accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that series’ operations; expenses which are applicable to all series are allocated among them on a pro rata basis.
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. Each fund is an investment company and applies the accounting and reporting guidance of the FASB ASC Topic 946 Financial Services-Investment Companies. Each fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
The Trust enters into contracts that contain a variety of indemnifications. The funds’ maximum exposure under these arrangements is unknown. The funds do not anticipate recognizing any loss related to these arrangements.
(a) Portfolio valuation: The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.
Various inputs are used in determining the value of each fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:
Level 1—unadjusted quoted prices in active markets for identical investments.
Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).
Level 3—significant unobservable inputs (including the funds’ own assumptions in determining the fair value of investments).
47
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value each fund’s investments are as follows:
Investments in debt securities excluding short-term investments (other than U.S. Treasury Bills), are valued each business day by one or more independent pricing services (each, a “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 a Service based upon its evaluation of the market for such securities). Securities are valued as determined by a 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.
Each relevant fund: 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. These securities are generally categorized within Level 2 of the fair value hierarchy.
Each Service and independent valuation firm is engaged under the general oversight of the Board.
Fair valuing of securities may be determined with the assistance of a pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant American Depository Receipts and futures. Utilizing these techniques may result in transfers between Level 1 and Level 2 of the fair value hierarchy.
When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market), but before the funds calculate their net asset value, the funds may value these investments at fair value as determined in accordance with the procedures approved by the Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.
For 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, 2021 in valuing each fund’s investments:
48
Table 1—Fair Value Measurements | |||||||||||||||||
Investments in Securities† | |||||||||||||||||
Level 1—Unadjusted |
| Level 2—Other Significant |
| Level 3—Significant Unobservable Inputs |
|
| |||||||||||
|
| Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Total | |||||||||
BNY Mellon Bond Fund | |||||||||||||||||
Commercial Mortgage-Backed | - | - | 18,481,145 | - | - | - | 18,48,145 | ||||||||||
Corporate Bonds | - | - | 564,627,214 | - | - | - | 564,627,214 | ||||||||||
Equity Securities – | 6,580,600 | - | - | - | - | - | 6,580,600 | ||||||||||
Foreign Governmental | - | - | 4,951,594 | - | - | - | 4,951,594 | ||||||||||
Investment Companies | 26,082,261 | - | - | - | - | - | 26,082,261 | ||||||||||
Municipal Securities | - | - | 80,538,260 | - | - | - | 80,538,260 | ||||||||||
U.S. Government Agencies | - | - | 337,686,498 | - | - | - | 337,686,498 | ||||||||||
U.S. Treasury Securities | - | - | 301,285,955 | - | - | - | 301,285,955 | ||||||||||
BNY Mellon Intermediate Bond Fund | |||||||||||||||||
Collateralized Municipal-Backed Securities | - | - | 801,233 | - | - | - | 801,233 | ||||||||||
Corporate Bonds | - | - | 416,872,984 | - | - | - | 416,872,984 | ||||||||||
Equity Securities – | 5,188,550 | - | - | - | - | - | 5,188,550 | ||||||||||
Investment Companies | 34,200,576 | - | - | - | - | - | 34,200,576 | ||||||||||
Municipal Securities | - | - | 43,285,578 | - | - | - | 43,285,578 | ||||||||||
U.S. Government Agencies | - | - | 26,326,096 | - | - | - | 26,326,096 | ||||||||||
U.S. Government Agencies | - | - | 7,037,822 | - | - | - | 7,037,822 | ||||||||||
U.S. Treasury Securities | - | - | 304,101,020 | - | - | - | 304,101,020 | ||||||||||
BNY Mellon Corporate Bond Fund | |||||||||||||||||
Corporate Bonds | - | - | 741,509,779 | - | - | - | 741,509,779 | ||||||||||
Equity Securities - | 11,189,200 | - | - | - | - | - | 11,189,200 | ||||||||||
Foreign Governmental | - | - | 3,001,050 | - | - | - | 3,001,050 | ||||||||||
Investment Companies | 30,533,804 | - | - | - | - | - | 30,533,804 | ||||||||||
Municipal Securities | - | - | 19,215,251 | - | - | - | 19,215,251 | ||||||||||
BNY Mellon Short-Term U.S. | |||||||||||||||||
Collateralized Municipal-Backed Securities | - | - | 42,952,490 | - | - | - | 42,952,490 | ||||||||||
Investment Companies | 1,349,414 | - | - | - | - | - | 1,349,414 | ||||||||||
Municipal Securities | - | - | 13,936,391 | - | - | - | 13,936,391 | ||||||||||
U.S. Government Agencies | - | - | 90,858,793 | - | - | - | 90,858,793 | ||||||||||
U.S. Treasury Securities | - | - | 59,061,866 | - | - | - | 59,061,866 |
† See Statement of Investments for additional detailed categorizations, if any.
(b) Securities transactions and investment income: Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recognized on the ex-dividend date and interest income, including, where applicable, accretion of discount and amortization of premium on investments, is recognized on the accrual basis.
Pursuant to a securities lending agreement with The Bank of New York Mellon, the funds may lend securities to qualified institutions. It is the funds’ policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S.
49
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by the Adviser, or U.S. Government and Agency securities. The funds are entitled to receive all dividends, interest and distributions on securities loaned, in addition to income earned as a result of the lending transaction. Should a borrower fail to return the securities in a timely manner, The Bank of New York Mellon is required to replace the securities for the benefit of the funds or credit the funds with the market value of the unreturned securities and is subrogated to the funds’ rights against the borrower and the collateral. Additionally, the contractual maturity of security lending transactions are on an overnight and continuous basis. Table 2 summarizes the amount The Bank of New York Mellon earned from each fund from lending portfolio securities, pursuant to the securities lending agreement during the period ended February 28, 2021.
Table 2—Securities Lending Agreement |
|
BNY Mellon Bond Fund | $ 4,140 |
BNY Mellon Intermediate Bond Fund | 1,416 |
BNY Mellon Corporate Bond Fund | 13,554 |
BNY Mellon Short-Term U.S. | 312 |
(c) Affiliated issuers: Investments in other investment companies advised by the Adviser are defined as “affiliated” under the Act.
(d) Risk: Certain events particular to the industries in which each fund’s investments conduct their operations, as well as general economic, political and public health conditions, may have a significant negative impact on the investee’s operations and profitability. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect each fund. Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies world-wide. Recent examples include pandemic risks related to COVID-19 and aggressive measures taken world-wide in response by governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations, and by businesses, including changes to operations and reducing staff. To the extent each fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase each fund’s exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.
The funds invest primarily in debt securities. Failure of an issuer of the debt securities to make timely interest or principal payments, or a decline or the perception of a decline in the credit quality of a debt security, can cause the debt security’s price to fall, potentially lowering each fund’s share price. In addition, the value of debt securities may decline due to general market conditions that are not specifically related to a particular issuer, such as real or perceived adverse economic conditions, changes in outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment. They may also decline because of factors that affect a particular industry.
(e) Dividends and distributions to shareholders: Dividends and distributions payable to shareholders are recorded by each fund on the ex-dividend date. 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, 2021, 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, 2021, the funds did not incur any interest or penalties.
50
Each tax year in the three-year period ended August 31, 2020 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 3 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, 2020.
Table 4 summarizes each fund’s tax character of distributions paid to shareholders during the fiscal year ended August 31, 2020. The tax character of current year distributions will be determined at the end of the current fiscal year.
Table 3—Capital Loss Carryover | ||||||||||
| † | Long-Term | ||||||||
† | Total ($) | |||||||||
BNY Mellon Intermediate Bond Fund | 3,741,522 | 2,091,887 | 5,833,409 | |||||||
BNY Mellon Corporate Bond Fund | 3,352,239 | 6,066,187 | 9,418,426 | |||||||
BNY Mellon Short-Term U.S. Government Securities Fund | 6,346,348 | 7,405,386 | 13,751,734 |
† These capital losses can be carried forward for an unlimited period.
Table 4—Tax Character of Distributions Paid | ||||||||||||||
|
|
|
|
|
|
|
| |||||||
2020 | ||||||||||||||
|
|
| Ordinary Income ($) | |||||||||||
BNY Mellon Bond Fund | 32,336,742 | |||||||||||||
BNY Mellon Intermediate Bond Fund | 19,972,699 | |||||||||||||
BNY Mellon Corporate Bond Fund | 32,167,666 | |||||||||||||
BNY Mellon Short-Term U.S. Government Securities Fund | 4,908,997 |
(g) New accounting pronouncements: In March 2020, the FASB issued Accounting Standards Update 2020-04, Reference Rate Reform (Topic 848)-Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates as of the end of 2021. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period from March 12, 2020 through December 31, 2022. Management is evaluating the impact of ASU 2020-04 on each fund’s investments, derivatives, debt and other contracts that will undergo reference rate-related modifications as a result of the reference rate reform. Management is also currently actively working with other financial institutions and counterparties to modify contracts as required by applicable regulation and within the regulatory deadlines.
NOTE 2—Bank Lines of Credit:
The funds participate with other long-term open-end funds managed by the Adviser in a $823.5 million unsecured credit facility led by Citibank, N.A. (the “Citibank Credit Facility”) and a $300 million unsecured credit facility provided by The Bank of New York Mellon (the “BNYM Credit Facility”), each to be utilized primarily for temporary or emergency purposes, including the financing of redemptions (each, a “Facility”). The Citibank Credit Facility is available in two tranches: (i) Tranche A is in an amount equal to $688.5 million and is available to all long-term open-ended funds, including the funds, and (ii) Tranche B is in amount equal to $135 million and is available only to the BNY Mellon Floating Rate Income Fund, a series of BNY Mellon Investment Funds IV, Inc. Prior to September 30, 2020, the Citibank Credit Facility was $927 million with Tranche A available in an amount equal to $747 million and Tranche B available in an amount equal to $180 million. In connection therewith, each fund has agreed to pay its pro rata portion of commitment fees for Tranche A of the Citibank Credit Facility and the BNYM Credit Facility. Interest is charged to the funds based on rates determined pursuant to the terms of the respective Facility at the time of borrowing. During the period ended February 28, 2021, the funds did not borrow under the Facilities.
51
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
NOTE 3—Investment Advisory Fee, Administration Fee and Other Transactions with Affiliates:
(a) Fees payable by the funds pursuant to the provisions of an investment advisory agreement with the Adviser are payable monthly, computed on the average daily value of each fund’s net assets at the following annual rates: .40% of BNY Mellon Bond Fund, .40% of BNY Mellon Intermediate Bond Fund, .40% of BNY Mellon Corporate Bond Fund and .35% of BNY Mellon Short-Term U.S. Government Securities Fund.
Pursuant to the Administration Agreement, The Bank of New York Mellon provides or arranges for fund accounting, transfer agency and other fund administration services and receives a fee based on the total net assets of the Trust based on the following rates:
0 up to $6 billion .15%
$6 billion up to $12 billion .12%
In excess of $12 billion .10%
(b) Each fund has adopted a Shareholder Services Plan with respect to its Investor shares. Each fund pays the Distributor at an annual rate of .25% of the value of its Investor shares average daily net assets for the provision of certain services. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding a fund and providing reports and other information, and services related to the maintenance of such shareholder accounts. The Shareholder Services Plan allows the Distributor to make payments from the shareholder services fees it collects from each fund to compensate service agents (certain banks, securities brokers or dealers and other financial institutions) with respect to these services. Table 5 summarizes the amounts Investor shares were charged during the period ended February 28, 2021, pursuant to the Shareholder Services Plan. Additional fees included in Shareholder servicing costs in the Statements of Operations primarily include fees paid for cash management charges.
Table 5—Shareholder Services Plan Fees |
|
BNY Mellon Bond Fund | $ 12,360 |
BNY Mellon Intermediate Bond Fund | 10,763 |
BNY Mellon Corporate Bond Fund | 7,370 |
BNY Mellon Short-Term U.S. Government Securities Fund | 7,628 |
The funds have an arrangement with the transfer agent whereby the funds may receive earnings credits when positive cash balances are maintained, which are used to offset transfer agency fees. For financial reporting purposes, the funds include net earnings credits, if any, as shareholder servicing costs in the Statements of Operations.
The funds have an arrangement with the custodian whereby the funds will receive interest income or be charged an overdraft fees when cash balances are maintained. For financial reporting purposes, the funds include this interest income and overdraft fees, if any, as interest income in the Statements of Operations.
Each fund compensates BNY Mellon Transfer, Inc., a wholly-owned subsidiary of the Adviser, under a transfer agency agreement for providing cash management services inclusive of earnings credits, if any, for the funds. The transfer agency fees are comprised of amounts paid on cash management fees are related to fund subscriptions and redemptions. The Bank of New York Mellon pays each fund’s transfer agent fees comprised of amounts paid on a per account basis out of the administration fee it receives from the Trust. Table 6 summarizes the amount each fund was charged during the period ended February 28, 2021, which is included in Shareholder servicing costs in the Statements of Operations.
Table 6—Transfer Agency Agreement Fees | ||
BNY Mellon Bond Fund | $ 87 | |
BNY Mellon Intermediate Bond Fund | 67 | |
BNY Mellon Corporate Bond Fund | 39 | |
BNY Mellon Short-Term U.S. | 30 |
Each fund compensates The Bank of New York Mellon, under a custody agreement for providing custodial services for each fund. These fees are determined based on net assets, geographic region and transaction activity. Table 7 summarizes the amount each fund was charged during the period ended February 28, 2021 pursuant to the custody agreement.
Table 7—Custody Agreement Fees | ||
BNY Mellon Bond Fund | $ 11,603 | |
BNY Mellon Intermediate Bond Fund | 7,370 | |
BNY Mellon Corporate Bond Fund | 6,892 | |
BNY Mellon Short-Term U.S. | 7,133 |
Each relevant fund compensates The Bank of New York Mellon under a shareholder redemptions draft processing agreement for providing certain services related to the funds’ check writing privilege. Table 8 summarizes the amount each
52
fund was charged during the period ended February 28, 2021 pursuant to the agreement, which is included in Shareholder servicing costs in the Statements of Operations.
Table 8—The Bank of New York Mellon Cash Management Fees | ||
BNY Mellon Bond Fund | $ 49 | |
BNY Mellon Intermediate Bond Fund | 67 | |
BNY Mellon Corporate Bond Fund | 31 | |
BNY Mellon Short-Term U.S. | 12 |
During the period ended February 28, 2021, each fund was charged $7,299 for services performed by the Chief Compliance Officer and his staff. These fees are included in Chief Compliance Officer fees in the Statements of Operations.
Table 9 summarizes the components of “Due to BNY Mellon Investment Adviser, Inc. and affiliates” in the Statements of Assets and Liabilities for each fund.
(c) Each Board member also serves as a Board member of other funds within the Trust. Annual retainer fees and attendance fees are allocated to each fund based on net assets.
NOTE 4—Securities Transactions:
Table 10 summarizes each fund’s aggregate amount of purchases and sales (including paydowns) of investment securities, excluding short-term securities during the period ended February 28, 2021.
Table 11 summarizes gross appreciation, gross depreciation and accumulated net unrealized appreciation (depreciation) on investments for each fund at February 28, 2021.
At February 28, 2021, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statements of Investments).
Table 9—Due to BNY Mellon Investment Adviser, Inc. and Affiliates | ||||||||
| Investment | Administration | Shareholder | Custodian | Transfer | Chief | ||
BNY Mellon Bond Fund | 408,294 | 116,787 | 1,850 | 7,962 | 29 | 2,621 | ||
BNY Mellon Intermediate Bond Fund | 252,652 | 72,309 | 1,681 | 5,082 | 18 | 2,621 | ||
BNY Mellon Corporate Bond Fund | 244,183 | 69,893 | 1,050 | 4,977 | 18 | 2,621 | ||
BNY Mellon Short-Term U.S. Government Securities Fund | 57,278 | 18,737 | 1,200 | 4,772 | 12 | 2,621 |
Table 10—Purchases and Sales | |||||
| Purchases ($) | Sales ($) | |||
BNY Mellon Bond Fund | 488,556,002 | 412,877,830 | |||
BNY Mellon Intermediate Bond Fund | 91,690,477 | 166,652,530 | |||
BNY Mellon Corporate Bond Fund | 73,898,377 | 143,608,112 | |||
BNY Mellon Short-Term U.S. Government Securities Fund | 82,077,056 | 110,892,488 |
Table 11—Accumulated Net Unrealized Appreciation (Depreciation) | ||||||||
| Gross | Gross | Net ($) | |||||
BNY Mellon Bond Fund | 56,213,532 | 10,121,155 | 46,092,377 | |||||
BNY Mellon Intermediate Bond Fund | 35,852,062 | 2,209,212 | 33,642,850 | |||||
BNY Mellon Corporate Bond Fund | 62,916,666 | 2,404,099 | 60,512,567 | |||||
BNY Mellon Short-Term U.S. Government Securities Fund | 2,276,112 | 395,628 | 1,880,484 |
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54
The BNY Mellon Funds
c/o BNY Mellon Investment Adviser, Inc.
240 Greenwich Street
New York, NY 10286
Adviser
BNY Mellon Investment Adviser, Inc.
240 Greenwich Street
New York, NY 10286
Administrator
The Bank of New York Mellon
240 Greenwich Street
New York, NY 10286
Sub-Administrator
BNY Mellon Investment Adviser, Inc.
240 Greenwich Street
New York, NY 10286
Custodian
The Bank of New York Mellon
240 Greenwich Street
New York, NY 10286
Transfer Agent &
Dividend Disbursing Agent
BNY Mellon Transfer, Inc.
240 Greenwich Street
New York, NY 10286
Distributor
BNY Mellon Securities Corporation
240 Greenwich Street
New York, NY 10286
Ticker Symbols: | |||||||
BNY Mellon Bond Fund | Class M: MPBFX | Investor: MIBDX | |||||
BNY Mellon Intermediate Bond Fund | Class M: MPIBX | Investor: MIIDX | |||||
BNY Mellon Corporate Bond Fund | Class M: BYMMX | Investor: BYMIX | |||||
BNY Mellon Short-Term U.S. Government Securities Fund | Class M: MPSUX | Investor: MISTX |
Telephone Wealth Management (WM) Clients, please contact your Account Officer or call 1-866-804-5023. Brokerage Clients of BNY Mellon Wealth Advisors (BNYMWA), please contact your financial representative or call 1-800-830-0549, Option 2 for BNY Mellon Wealth Management Direct or 1-800-843-5466 for former brokerage clients of BNY Mellon Wealth Advisors whose accounts are now held by BNY Mellon Brokerage Services. Individual Account holders, please call BNY Mellon Investment Advisers at 1-800-373-9387.
Mail WM clients, write to your Account Officer, c/o The Bank of New York Mellon, One Mellon Bank Center, Pittsburgh, PA 15258
BNYMWA Brokerage Clients, write to your financial representative, P.O. Box 9012, Hicksville, NY 11802-9012
Individual Account Holders, write to: BNY Mellon Funds, P.O. Box 9879, Providence, RI 02940-8079
Each fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-PORT. The fund’s Forms N-PORT are available on the SEC’s website at http://www.sec.gov.
A description of the policies and procedures that the fund uses to determine how to vote proxies relating to portfolio securities, and information regarding how the fund voted these proxies for the most recent 12-month period ended June 30 is available at http:// www.im.bnymellon.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 1-800-373-9387.
© 2021 BNY Mellon Securities Corporation | MFTSA0221-TB |
The BNY Mellon Funds
BNY Mellon Government Money Market Fund
BNY Mellon National Municipal Money Market Fund
SEMIANNUAL REPORT February 28, 2021 | |
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 |
DISCUSSION OF FUND PERFORMANCE (Unaudited)
For the period from September 1, 2020 through February 28, 2021, as provided by John Tobin, Chief Investment Officer
Market and Fund Performance Overview
For the six-month period ended February 28, 2021, BNY Mellon Government Money Market Fund’s Class M shares produced an annualized simple yield of 0.01%, and its Investor shares produced an annualized simple 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 0.01% and 0.01%, respectively.1
Yields of money market instruments moved lower over the reporting period as the Federal Reserve Board (the “Fed”) kept the federal funds target rate at a record low in response to the COVID-19 pandemic.
The Fund’s Investment Approach
The fund seeks as high a level of current income as is consistent with the preservation of capital and the maintenance of liquidity. To pursue its goal, the fund, which is a “government money market fund,” is required to invest at least 99.5% of its total assets in securities issued or guaranteed as to principal and interest by the U.S. government or its agencies or instrumentalities, repurchase agreements collateralized solely by cash and/or government securities, and cash. The securities in which the fund invests include those backed by the full faith and credit of the U.S. government and those that are neither insured nor guaranteed by the U.S. government. The fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in government securities and repurchase agreements collateralized solely by government securities. The fund is a money market fund subject to the maturity, quality, liquidity and diversification requirements of Rule 2a-7 under the Investment Company Act of 1940, as amended, and seeks to maintain a stable share price of $1.00.
Economy Continues to Rebound
Rapid responses to the COVID-19 pandemic by Congress and the Fed early in 2020 helped restore markets and keep the economy afloat. The Fed’s intervention in money markets included the Commercial Paper Funding Facility (“CPFF”), a program created by the Fed during the 2008-09 global financial crisis to provide liquidity to the commercial paper market in order to increase the availability of credit to businesses and individuals.
As relief programs took effect, and government lockdowns began to ease, the economy began to show signs of recovery. Retail sales rebounded, manufacturing improved dramatically, and the housing industry began to recover. Job creation surged, and unemployment fell from 14.8% in April 2020 to 6.9% in October 2020.
In November 2020, the announcement that COVID-19 vaccines had received approval fueled additional optimism that government-mandated lockdowns would be lifted, and that the economy would continue to rebound. But a resurgence in COVID-19 cases late in 2020 caused a return to lockdowns in some locations, and job creation weakened. New jobs totaled only 264,000 in November 2020, and net new jobs were negative in December 2020.
In 2021, job creation became positive again, resulting in 166,000 and 379,000 jobs in January and February 2021. The unemployment rate plateaued late in 2020, but returned to a downward path, hitting 6.2% in February 2021.
Other aspects of the economy remained relatively strong late in 2020 and into 2021. Housing starts rose 5.8% in December 2020, though they slipped somewhat in January 2021. Similarly, the Purchasing Managers Index (“PMI”) for manufacturing industries continued to rise, staying well above the 50% threshold that indicates expansion and hitting 60.5% in December 2020.
Concerns about inflation emerged toward the end of the reporting period, but pricing pressures remained largely subdued. The core personal consumption expenditure (PCE) price index, which provides a measure of the prices paid by people for domestic purchases of goods and services, excluding the prices of food and energy, remained well below the Fed’s 2.0% target until the third quarter of 2020, when it hit 3.4%, but in the fourth quarter it receded to 1.4%.
Recovery to Continue, Interest Rates Likely to Remain Low
Actions by the Fed to address illiquidity helped money markets to recover from the March 2020 turmoil. In addition to the CPFF, the Money Market Liquidity Facility (“MMMFLF”) also contributed to restoring calm by helping money market funds meet demands for redemptions, improving the functioning of the market.
The Fed anticipates that the U.S. economy will continue to rebound in 2021, and it believes unemployment will decline further. But full economic recovery may not arrive until 2022, so the Fed has indicated that it is unlikely to raise interest rates in the near future. As always, we have retained our longstanding focus on quality and liquidity.
March 15, 2021
1 Annualized effective yield is based upon dividends declared daily and reinvested monthly. Past performance is no guarantee of future results. Yields fluctuate. Yields for Investor shares 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.
You could lose money by investing in a money market fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.
Although the fund’s board has no current intention to impose a fee upon the sale of shares or temporarily suspend redemptions if the fund’s liquidity falls below certain levels, the board reserves the ability to do so after providing at least 60 days’ prior written notice to shareholders.
Recent market risks include pandemic risks related to COVID-19. The effects of COVID-19 have contributed to increased volatility in global markets and will likely affect certain countries, companies, industries and market sectors more dramatically than others. To the extent the fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase the fund’s exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.
2
For the period from September 1, 2020 through February 28, 2021, as provided by Joseph Irace, Senior Portfolio Manager
Market and Fund Performance Overview
For the six-month period ended February 28, 2021, BNY Mellon National Municipal Money Market Fund’s Class M shares produced an annualized yield of 0.01%, and Investor shares produced an annualized yield of 0.01%. Taking into account the effects of compounding, the fund’s Class M and Investor shares also produced annualized effective yields of 0.01% and 0.01%, respectively.1
Yields of municipal money market instruments generally fell during the reporting period, as the Federal Reserve Board (the “Fed”) left the federal funds target rate unchanged at 0.00-0.25%. Supply-and-demand dynamics in the municipal securities market also contributed to the performance of tax-exempt, money market instruments.
The Fund’s Investment Approach
The fund seeks as high a level of current income exempt from federal income tax as is consistent with the preservation of capital and maintenance of liquidity. To pursue its goal, the fund invests at least 80% of its net assets in short-term, high-quality, municipal obligations that provide income exempt from federal income tax. Among these are municipal notes, short-term municipal bonds, tax-exempt commercial paper and municipal leases. The fund may invest up to 20% of its total assets in taxable, money market securities, such as U.S. government obligations, U.S. and foreign bank and corporate obligations, and commercial paper. The fund also may invest in custodial receipts.
The fund is a money market fund subject to the maturity, quality, liquidity and diversification requirements of Rule 2a-7 under the Investment Company Act of 1940, as amended, and seeks to maintain a stable share price of $1.00.
Strong Demand Absorbs Abundant Supply
Early in 2020 and through the remainder of the year, Fed Chairman Jerome Powell reiterated his commitment to low rates and to using the full range of tools to mitigate the effects of COVID-19 on economic activity. Among these tools was the Municipal Liquidity Facility (“MLF”), which allowed states, counties and cities to use the proceeds of notes purchased by the MLF to assist other political subdivisions and governmental entities. The MLF authorized the purchase of up to $500 billion of eligible notes. Although the facility was not widely used, it helped restore calm to the municipal market.
Early in the reporting period, demand for short-term securities remained strong, keeping a lid on rates as the market stabilized. However, some investors did move money to longer-term municipal investments to capture higher yields across the maturity spectrum. In the municipal bond market as a whole, demand remained strong and steady toward the end of 2020 as asset flows into long-term bond funds and separately managed accounts continued at a robust pace. This was fueled by the Fed’s zero rate policy, by the appetite for yield and by the prospect of higher tax rates.
New issuance also remained strong, exceeding expectations and hitting levels that have not been seen in many years. Issuers sought to take advantage of unusual market conditions that enabled them to restructure debt at historically low interest-rate levels. The market, both long-term and short-term, continued to absorb this plethora of new issues with strong investor demand across the maturity spectrum.
Strong demand kept rates in the municipal money market near record lows even as the economy continued to improve late in 2020. The SIFMA Index (Securities Industry and Financial Markets Association Municipal Swap Index), the 7-day high-grade market index comprised of tax-exempt Variable Rate Demand Obligations, averaged 0.11% during the last few months of 2020 versus 0.55% for all of 2020.
In January 2021, the Fed reiterated its commitment to easy money policies, leaving rates unchanged. Nevertheless, asset flows into tax-exempt money market funds remained steady. New issuance in the municipal market was expected to be muted as issuers assessed their budget needs.
Maintaining High-Quality, Liquid Portfolios
Officials at the Fed are closely monitoring the economy and the implications of COVID-19 for the economic outlook, and they will continue to use their tools to support the economy. We believe demand will exceed supply the first few months of the year and will keep a lid on yields while demand remains remain strong.
Our credit team will continue to review our current holdings and any purchases we make going forward in our portfolios. We continue to maintain what we believe to be high-grade, liquid portfolios.
March 15, 2021
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 seven-day yields during the reporting period would have been negative absent the expense absorption.
You could lose money by investing in a money market fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.
Short-term corporate, asset-backed-securities holdings and municipal securities holdings (as applicable), while rated in the highest rating category by one or more nationally recognized statistical rating organizations (or unrated, if deemed of comparable quality by BNY Mellon Investment Adviser, Inc.), involve credit and liquidity risks and risk of principal loss.
Recent market risks include pandemic risks related to COVID-19. The effects of COVID-19 have contributed to increased volatility in global markets and will likely affect certain countries, companies, industries and market sectors more dramatically than others. To the extent the fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase the fund’s exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.
3
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, 2020 to February 28, 2021. 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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Assume actual returns for the six months ended February 28, 2021 | ||||||||||||||||
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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† | $.79 | $.84 | ||||||||||||||
Ending value (after expenses) | $1,000.10 | $1,000.10 | ||||||||||||||
Annualized expense ratio (%) | .16 | .17 | ||||||||||||||
BNY Mellon National Municipal Money Market Fund | ||||||||||||||||
Expenses paid per $1,000† | $.84 | $.79 | ||||||||||||||
Ending value (after expenses) | $1,000.10 | $1,000.10 | ||||||||||||||
Annualized expense ratio (%) | .17 | .16 |
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, 2021 | |||||||||||||||||
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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† | $.80 | $.85 | |||||||||||||||
Ending value (after expenses) | $1,024.00 | $1,023.95 | |||||||||||||||
Annualized expense ratio (%) | .16 | .17 | |||||||||||||||
BNY Mellon National Municipal Money Market Fund | |||||||||||||||||
Expenses paid per $1,000† | $.85 | $.80 | |||||||||||||||
Ending value (after expenses) | $1,023.95 | $1,024.00 | |||||||||||||||
Annualized expense ratio (%) | .17 | .16 |
† Expenses are equal to each fund’s annualized expense ratios as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
4
STATEMENT OF INVESTMENTS
February 28, 2021 (Unaudited)
BNY Mellon Government Money Market Fund | ||||||
U.S. Government Agencies - 33.1% | Annualized | Principal | Value ($) | |||
Federal Farm Credit Banks: | ||||||
3/26/2021 | 0.12 | 15,000,000 | a | 14,998,750 | ||
3/2/2021, 3 Month U.S. T-BILL +.04% | 0.07 | 5,000,000 | b | 4,999,572 | ||
3/2/2021, 3 Month SOFR +.32% | 0.33 | 20,000,000 | b | 20,000,000 | ||
Federal Home Loan Banks: | ||||||
3/1/2021, 3 Month SOFR +.01% | 0.04 | 10,000,000 | b | 10,000,000 | ||
3/1/2021, 3 Month SOFR +.01% | 0.04 | 5,000,000 | b | 5,000,000 | ||
3/1/2021, 3 Month SOFR +.02% | 0.05 | 25,000,000 | b | 25,000,000 | ||
3/1/2021, 3 Month SOFR +.08% | 0.11 | 10,000,000 | b | 10,000,000 | ||
4/23/2021 | 0.07 | 50,000,000 | a | 49,994,663 | ||
5/24/2021 | 0.04 | 25,000,000 | a | 24,997,667 | ||
7/14/2021 | 0.09 | 10,000,000 | a | 9,996,625 | ||
Total U.S. Government Agencies (cost $174,987,277) | 174,987,277 | |||||
U.S. Treasury Bills - 25.6% | ||||||
5/25/2021 | 0.04 | 10,000,000 | a | 9,999,174 | ||
7/20/2021 | 0.05 | 25,000,000 | a | 24,994,859 | ||
3/30/2021 | 0.11 | 50,000,000 | a | 49,995,771 | ||
5/6/2021 | 0.09 | 25,000,000 | a | 24,996,104 | ||
7/22/2021 | 0.09 | 25,000,000 | a | 24,990,814 | ||
Total U.S. Treasury Bills (cost $134,976,722) | 134,976,722 | |||||
U.S. Treasury Notes - 6.1% | ||||||
6/30/2021 | 1.63 | 20,000,000 | 20,100,359 | |||
7/31/2021 | 1.13 | 12,000,000 | 12,050,394 | |||
Total U.S. Treasury Notes (cost $32,150,753) | 32,150,753 | |||||
U.S. Treasury Floating Rate Notes - 7.2% | ||||||
3/2/2021, 3 Month U.S. T-BILL +.06% | 0.09 | 13,000,000 | b | 13,001,757 | ||
3/2/2021, 3 Month U.S. T-BILL +.14% | 0.17 | 25,000,000 | b | 25,000,260 | ||
Total U.S. Treasury Floating Rate Notes (cost $38,002,017) | 38,002,017 | |||||
Repurchase Agreements - 27.7% | ||||||
Bank of Montreal, Tri-Party Agreement thru BNY Mellon, dated 2/26/2021, due at 3/1/2021 in the amount of $40,000,067 (fully collateralized by: original par of $41,673,774, Federal Home Loan Mortgage Corp Agency Collateralized Mortgage Obligation, 0.41%-6.50%, due 5/15/25-4/15/49, valued at $5,950,433, original par of $32,072,154, Federal Home Loan Mortgage Corp Agency Debentures and Agency Strips, 1.50%-5.88%, due 2/15/38-2/25/51, valued at $2,843,429, original par of $116,917,025, Federal National Mortgage Association Agency Collateralized Mortgage Obligation, 0.04%-6.48%, due 1/25/23-11/25/50, valued at $6,831,845, original par of $2,304,331, Federal National Mortgage Association Agency Debentures and Agency Strips, 3.50%, due 11/1/44, valued at $96,314, original par of $22,605,092, Federal National Mortgage Association Agency Mortgage-Backed Securities, 0.33%-3.00%, due 11/25/24-3/1/51, valued at $1,635,090, original par of $262,386,751, Government National Mortgage Association Agency Collateralized Mortgage Obligation, 0.37%-6.64%, due 6/16/28-12/20/70, valued at $25,759,110) | 0.02 | 40,000,000 | 40,000,000 |
5
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Government Money Market Fund(continued) | ||||||
Repurchase Agreements - 27.7%(continued) | Annualized | Principal | Value ($) | |||
Credit Agricole CIB, Tri-Party Agreement thru BNY Mellon, dated 2/26/2021, due at 3/1/2021 in the amount of $97,000,081 (fully collateralized by: original par of $72,656,057, U.S. Treasuries (including strips), 0.00%-3.63%, due 1/15/27-8/15/48, valued at $98,940,000) | 0.01 | 97,000,000 | 97,000,000 | |||
ING Financial Markets, Tri-Party Agreement thru BNY Mellon, dated 2/26/2021, due at 3/1/2021 in the amount of $9,000,008 (fully collateralized by: original par of $8,861,857, U.S. Treasuries (including strips), 0.00%-6.00%, due 3/2/21-8/15/49, valued at $9,180,001) | 0.01 | 9,000,000 | 9,000,000 | |||
Total Repurchase Agreements (cost $146,000,000) | 146,000,000 | |||||
Total Investments (cost $526,116,769) | 99.7% | 526,116,769 | ||||
Cash and Receivables (Net) | .3% | 1,373,000 | ||||
Net Assets | 100.0% | 527,489,769 |
a Security is a discount security. Income is recognized through the accretion of discount.
b Variable rate security—rate shown is the interest rate in effect at period end. Date shown represents the earlier of the next interest reset date or ultimate maturity date.
Portfolio Summary (Unaudited) † | Value (%) |
U.S. Treasury Securities | 38.9 |
U.S. Government Agencies | 33.1 |
Repurchase Agreements | 27.7 |
99.7 |
† Based on net assets.
See notes to financial statements.
6
BNY Mellon National Municipal Money Market Fund | |||||||||
Short-Term Investments - 100.2% | Coupon | Maturity | Principal | Value ($) | |||||
Alabama - 2.4% | |||||||||
Mobile County Industrial Development Authority, | 0.08 | 3/5/2021 | 3,000,000 | a | 3,000,000 | ||||
Tender Option Bond Trust Receipts (Series 2016-YX1036), | 0.08 | 3/5/2021 | 4,400,000 | a,b,c | 4,400,000 | ||||
7,400,000 | |||||||||
Arizona - 1.7% | |||||||||
Casa Grande Industrial Development Authority, | 0.09 | 3/5/2021 | 1,100,000 | a | 1,100,000 | ||||
Tender Option Bond Trust Receipts (Series 2019-XG0231), | 0.11 | 3/5/2021 | 4,070,000 | a,b,c | 4,070,000 | ||||
5,170,000 | |||||||||
California - 17.2% | |||||||||
ABAG Finance Authority for Nonprofit Corp., | 0.11 | 3/5/2021 | 1,760,000 | a | 1,760,000 | ||||
Alameda Public Financing Authority, | 0.12 | 3/5/2021 | 900,000 | a | 900,000 | ||||
California Enterprise Development Authority, | 0.14 | 3/5/2021 | 2,605,000 | a | 2,605,000 | ||||
California Infrastructure & Economic Development Bank, | 0.08 | 3/5/2021 | 1,725,000 | a | 1,725,000 | ||||
Mizuho Floater/Residual Trust, | 0.23 | 3/5/2021 | 15,000,000 | a,b | 15,000,000 | ||||
Mizuho Floater/Residual Trust, | 0.23 | 3/5/2021 | 15,000,000 | a,b | 15,000,000 | ||||
Sacramento County Housing Authority, | 0.09 | 3/5/2021 | 8,000,000 | a | 8,000,000 | ||||
Tender Option Bond Trust Receipts (Series 2017-XF0578), | 0.07 | 3/5/2021 | 2,810,000 | a,b,c | 2,810,000 | ||||
Tender Option Bond Trust Receipts (Series 2019-XF2830), | 0.23 | 3/5/2021 | 3,465,000 | a,b,c | 3,465,000 | ||||
Tender Option Bond Trust Receipts (Series 2020-YX1142), | 0.11 | 3/5/2021 | 2,555,000 | a,b,c | 2,555,000 | ||||
53,820,000 | |||||||||
Colorado - .3% | |||||||||
Colorado Educational & Cultural Facilities Authority, | 0.13 | 3/5/2021 | 895,000 | a | 895,000 | ||||
District of Columbia - 1.7% | |||||||||
District of Columbia, | 0.08 | 3/5/2021 | 1,975,000 | a | 1,975,000 | ||||
District of Columbia, | 0.08 | 3/5/2021 | 3,400,000 | a | 3,400,000 | ||||
5,375,000 |
7
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Municipal Money Market Fund (continued) | |||||||||
Short-Term Investments - 100.2% (continued) | Coupon | Maturity | Principal | Value ($) | |||||
Florida - 11.3% | |||||||||
Collier County Industrial Development Authority, | 0.14 | 3/5/2021 | 1,570,000 | a | 1,570,000 | ||||
Florida Development Finance Corp., | 0.10 | 3/5/2021 | 1,200,000 | a | 1,200,000 | ||||
Florida Housing Finance Corp., | 0.08 | 3/5/2021 | 5,670,000 | a | 5,670,000 | ||||
Hillsborough County, | 0.11 | 3/5/2021 | 160,000 | a | 160,000 | ||||
JEA Electric System, | 0.03 | 3/1/2021 | 5,800,000 | a | 5,800,000 | ||||
Palm Beach County, | 0.08 | 3/5/2021 | 1,975,000 | a | 1,975,000 | ||||
Pinellas County Health Facilities Authority, | 0.08 | 3/5/2021 | 1,800,000 | a | 1,800,000 | ||||
Sarasota County, | 0.09 | 3/5/2021 | 5,230,000 | a | 5,230,000 | ||||
Sunshine Government Financing Commission, | 0.15 | 6/2/2021 | 7,000,000 | 7,000,000 | |||||
Volusia County Housing Finance Authority, | 0.05 | 3/5/2021 | 5,015,000 | a | 5,015,000 | ||||
35,420,000 | |||||||||
Georgia - 4.0% | |||||||||
RBC Municipal Products Trust, | 0.09 | 3/5/2021 | 7,050,000 | a,b | 7,050,000 | ||||
Savannah Economic Development Authority, | 0.11 | 3/5/2021 | 200,000 | a | 200,000 | ||||
Tender Option Bond Trust Receipts (Series 2018-XF0708), | 0.10 | 3/5/2021 | 3,200,000 | a,b,c | 3,200,000 | ||||
The Monroe County Development Authority, | 0.11 | 3/5/2021 | 2,200,000 | a | 2,200,000 | ||||
12,650,000 | |||||||||
Illinois - 11.2% | |||||||||
Galesburg II, | 0.28 | 3/5/2021 | 450,000 | a | 450,000 | ||||
Illinois Development Finance Authority, | 0.09 | 3/5/2021 | 9,000,000 | a | 9,000,000 | ||||
Illinois Educational Facilities Authority, | 0.10 | 3/5/2021 | 1,055,000 | a | 1,055,000 | ||||
Illinois Finance Authority, | 0.11 | 3/5/2021 | 3,670,000 | a | 3,670,000 | ||||
Illinois Finance Authority, | 0.13 | 3/5/2021 | 4,530,000 | a | 4,530,000 | ||||
Illinois Finance Authority, | 0.08 | 3/5/2021 | 1,300,000 | a | 1,300,000 |
8
BNY Mellon National Municipal Money Market Fund (continued) | |||||||||
Short-Term Investments - 100.2% (continued) | Coupon | Maturity | Principal | Value ($) | |||||
Illinois - 11.2% (continued) | |||||||||
Illinois Finance Authority, | 0.11 | 3/5/2021 | 2,745,000 | a | 2,745,000 | ||||
Illinois Finance Authority, | 0.07 | 3/5/2021 | 500,000 | a | 500,000 | ||||
Illinois Finance Authority, | 0.08 | 3/5/2021 | 3,810,000 | a | 3,810,000 | ||||
Illinois Finance Authority, | 0.07 | 3/5/2021 | 390,000 | a | 390,000 | ||||
Lake Villa II, | 0.07 | 3/5/2021 | 415,000 | a | 415,000 | ||||
Tender Option Bond Trust Receipts (Series 2018-XF0711), | 0.08 | 3/5/2021 | 7,250,000 | a,b,c | 7,250,000 | ||||
35,115,000 | |||||||||
Indiana - 4.3% | |||||||||
Crawfordsville, | 0.13 | 3/5/2021 | 3,150,000 | a | 3,150,000 | ||||
Indiana Finance Authority, | 0.03 | 3/1/2021 | 10,265,000 | a | 10,265,000 | ||||
13,415,000 | |||||||||
Kentucky - 1.4% | |||||||||
Lexington-Fayette Urban County Government, | 0.28 | 3/5/2021 | 590,000 | a | 590,000 | ||||
Louisville County Metropolitan Government, | 0.07 | 3/5/2021 | 3,900,000 | a | 3,900,000 | ||||
4,490,000 | |||||||||
Louisiana - 1.3% | |||||||||
Louisville & Jefferson County, | 0.10 | 5/11/2021 | 4,000,000 | 4,000,000 | |||||
Maryland - .9% | |||||||||
Baltimore County, | 0.08 | 3/5/2021 | 460,000 | a | 460,000 | ||||
Baltimore County, | 0.08 | 3/5/2021 | 620,000 | a | 620,000 | ||||
Maryland Economic Development Corp., | 0.08 | 3/5/2021 | 1,755,000 | a | 1,755,000 | ||||
2,835,000 | |||||||||
Michigan - 1.2% | |||||||||
Tender Option Bond Trust Receipts (Series 2020-XF1203), | 0.09 | 3/5/2021 | 3,780,000 | a,b,c | 3,780,000 | ||||
Minnesota - .2% | |||||||||
St. Paul Housing & Redevelopment Authority, | 0.23 | 3/5/2021 | 495,000 | a | 495,000 |
9
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Municipal Money Market Fund (continued) | |||||||||
Short-Term Investments - 100.2% (continued) | Coupon | Maturity | Principal | Value ($) | |||||
Missouri - 6.0% | |||||||||
RBC Municipal Products Trust, | 0.09 | 3/5/2021 | 14,000,000 | a,b | 14,000,000 | ||||
St. Charles County Industrial Development Authority, | 0.08 | 3/5/2021 | 4,675,000 | a | 4,675,000 | ||||
18,675,000 | |||||||||
Nebraska - 1.3% | |||||||||
Omaha Ne. Pub Power District, | 0.10 | 5/19/2021 | 4,000,000 | 4,000,000 | |||||
New Jersey - .5% | |||||||||
New Jersey Economic Development Authority, | 0.13 | 3/5/2021 | 215,000 | a | 215,000 | ||||
New Jersey Economic Development Authority, | 0.13 | 3/5/2021 | 220,000 | a | 220,000 | ||||
New Jersey Economic Development Authority, | 0.08 | 3/5/2021 | 700,000 | a | 700,000 | ||||
New Jersey Economic Development Authority, | 0.13 | 3/5/2021 | 120,000 | a | 120,000 | ||||
New Jersey Economic Development Authority, | 0.13 | 3/5/2021 | 175,000 | a | 175,000 | ||||
1,430,000 | |||||||||
New York - 3.1% | |||||||||
East Meadow Union Free School District, | 1.00 | 6/18/2021 | 8,000,000 | 8,021,307 | |||||
New York City, | 0.02 | 3/1/2021 | 1,600,000 | a | 1,600,000 | ||||
9,621,307 | |||||||||
North Carolina - .9% | |||||||||
North Carolina Capital Facilities Finance Agency, | 0.11 | 3/5/2021 | 2,790,000 | a | 2,790,000 | ||||
Ohio - 3.7% | |||||||||
Salem, | 0.07 | 3/5/2021 | 3,815,000 | a | 3,815,000 | ||||
Stark County Port Authority, | 0.07 | 3/5/2021 | 435,000 | a | 435,000 | ||||
Tender Option Bond Trust Receipts (Series 2018-XG0206), | 0.13 | 3/5/2021 | 4,255,000 | a,b,c | 4,255,000 | ||||
Tender Option Bond Trust Receipts (Series 2020-BAML5023), | 0.13 | 3/5/2021 | 3,000,000 | a,b,c | 3,000,000 | ||||
11,505,000 | |||||||||
Pennsylvania - .7% | |||||||||
Montgomery County Industrial Development Authority, | 0.13 | 3/5/2021 | 225,000 | a | 225,000 | ||||
Pennsylvania Economic Development Financing Authority, | 0.07 | 3/5/2021 | 200,000 | a | 200,000 |
10
BNY Mellon National Municipal Money Market Fund (continued) | |||||||||
Short-Term Investments - 100.2% (continued) | Coupon | Maturity | Principal | Value ($) | |||||
Pennsylvania - .7% (continued) | |||||||||
York Redevelopment Authority, | 0.08 | 3/5/2021 | 1,635,000 | a | 1,635,000 | ||||
2,060,000 | |||||||||
South Carolina - .6% | |||||||||
North Charleston, | 0.08 | 3/5/2021 | 1,300,000 | a | 1,300,000 | ||||
North Charleston, | 0.08 | 3/5/2021 | 440,000 | a | 440,000 | ||||
South Carolina Educational Facilities Authority, | 0.11 | 3/5/2021 | 250,000 | a | 250,000 | ||||
1,990,000 | |||||||||
Tennessee - 14.1% | |||||||||
Hawkins County Industrial Development Board, | 0.19 | 3/5/2021 | 1,750,000 | a | 1,750,000 | ||||
Tender Option Bond Trust Receipts (Series 2018-XL0062), | 0.08 | 3/5/2021 | 4,420,000 | a,b,c | 4,420,000 | ||||
Tennessee, | 0.16 | 6/16/2021 | 12,000,000 | 12,000,000 | |||||
The Blount County Public Building Authority, | 0.11 | 3/5/2021 | 2,840,000 | a | 2,840,000 | ||||
The Blount County Public Building Authority, | 0.11 | 3/5/2021 | 3,300,000 | a | 3,300,000 | ||||
The Blount County Public Building Authority, | 0.11 | 3/5/2021 | 4,960,000 | a | 4,960,000 | ||||
The Sevier County Public Building Authority, | 0.11 | 3/5/2021 | 2,680,000 | a | 2,680,000 | ||||
The Sevier County Public Building Authority, | 0.11 | 3/5/2021 | 5,325,000 | a | 5,325,000 | ||||
The Sevier County Public Building Authority, | 0.02 | 3/1/2021 | 6,800,000 | a | 6,800,000 | ||||
44,075,000 | |||||||||
Texas - 3.1% | |||||||||
Harris County Metropolitan Transportation Authority, | 0.14 | 6/2/2021 | 2,500,000 | 2,500,000 | |||||
San Antonio Water & Sewer, | 0.13 | 5/27/2021 | 2,500,000 | 2,500,000 | |||||
Tarrant County Cultural Education Facilities Finance Corp., | 0.03 | 3/1/2021 | 4,710,000 | a | 4,710,000 | ||||
9,710,000 | |||||||||
Vermont - .1% | |||||||||
Vermont Educational & Health Buildings Financing Agency, | 0.67 | 3/5/2021 | 280,000 | a | 280,000 | ||||
Virginia - 2.6% | |||||||||
Alexandria Industrial Development Authority, | 0.08 | 3/5/2021 | 625,000 | a | 625,000 | ||||
Loudoun County Industrial Development Authority, | 0.03 | 3/5/2021 | 2,375,000 | a | 2,375,000 | ||||
Lynchburg Economic Development Authority, | 0.11 | 3/5/2021 | 5,055,000 | a | 5,055,000 |
11
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Municipal Money Market Fund (continued) | |||||||||||
Short-Term Investments - 100.2% (continued) | Coupon | Maturity | Principal | Value ($) | |||||||
Virginia - 2.6% (continued) | |||||||||||
Norfolk Economic Development Authority, | 0.13 | 3/5/2021 | 100,000 | a | 100,000 | ||||||
8,155,000 | |||||||||||
Washington - .9% | |||||||||||
Washington Higher Education Facilities Authority, | 0.08 | 3/5/2021 | 2,790,000 | a | 2,790,000 | ||||||
West Virginia - .1% | |||||||||||
West Virginia Hospital Finance Authority, | 0.11 | 3/5/2021 | 200,000 | a | 200,000 | ||||||
Wisconsin - 3.4% | |||||||||||
Kimberly, | 0.10 | 3/5/2021 | 260,000 | a | 260,000 | ||||||
Tender Option Bond Trust Receipts (Series 2020-XF2889), | 0.28 | 3/5/2021 | 8,345,000 | a,b,c | 8,345,000 | ||||||
Tender Option Bond Trust Receipts (Series 2020-XF2901), | 0.28 | 3/5/2021 | 1,980,000 | a,b,c | 1,980,000 | ||||||
10,585,000 | |||||||||||
Total Investments (cost $312,726,307) | 100.2% | 312,726,307 | |||||||||
Liabilities, Less Cash and Receivables | (0.2%) | (715,227) | |||||||||
Net Assets | 100.0% | 312,011,080 |
a The Variable Rate shall be determined by the Remarketing Agent in its sole discretion based on prevailing market conditions and may, but need not, be established by reference to one or more financial indices.
b Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 28, 2021, these securities amounted to $104,580,000 or 33.52% of net assets.
c The fund does not directly own the municipal security indicated; the fund owns an interest in a special purpose entity that, in turn, owns the underlying municipal security. The special purpose entity permits the fund to own interests in underlying assets, but in a manner structured to provide certain advantages not inherent in the underlying bonds (e.g., enhanced liquidity, yields linked to short-term rates). These securities are not an underlying piece for any of the Adviser long-term Inverse floater securities.
Portfolio Summary (Unaudited) † | Value (%) |
General | 26.3 |
Multifamily Housing | 13.0 |
Medical | 12.1 |
Development | 11.8 |
Education | 10.1 |
Facilities | 5.3 |
Special Tax | 4.8 |
School District | 4.5 |
Power | 4.1 |
General Obligation | 3.9 |
Nursing Homes | 1.9 |
Water | 1.7 |
Pollution | .7 |
100.2 |
† Based on net assets.
See notes to financial statements.
12
Summary of Abbreviations (Unaudited) | |||
ABAG | Association of Bay Area Governments | AGC | ACE Guaranty Corporation |
AGIC | Asset Guaranty Insurance Company | AMBAC | American Municipal Bond Assurance Corporation |
BAN | Bond Anticipation Notes | CIFG | CDC Ixis Financial Guaranty |
COP | Certificate of Participation | CP | Commercial Paper |
DRIVERS | Derivative Inverse Tax-Exempt Receipts | FGIC | Financial Guaranty Insurance Company |
FHA | Federal Housing Administration | FHLB | Federal Home Loan Bank |
FHLMC | Federal Home Loan Mortgage Corporation | FNMA | Federal National Mortgage Association |
GAN | Grant Anticipation Notes | GIC | Guaranteed Investment Contract |
GNMA | Government National Mortgage Association | GO | General Obligation |
IDC | Industrial Development Corporation | LIBOR | London Interbank Offered Rate |
LOC | Letter of Credit | LR | Lease Revenue |
NAN | Note Anticipation Notes | MFHR | Multi-Family Housing Revenue |
MFMR | Multi-Family Mortgage Revenue | MUNIPSA | Securities Industry and Financial Markets Association Municipal Swap Index Yield |
OBFR | Overnight Bank Funding Rate | PILOT | Payment in Lieu of Taxes |
PRIME | Prime Lending Rate | PUTTERS | Puttable Tax-Exempt Receipts |
RAC | Revenue Anticipation Certificates | RAN | Revenue Anticipation Notes |
RIB | Residual Interest Bonds | SFHR | Single Family Housing Revenue |
SFMR | Single Family Mortgage Revenue | SOFR | Secured Overnight Financing Rate |
TAN | Tax Anticipation Notes | TRAN | Tax and Revenue Anticipation Notes |
U.S. T-Bill | U.S. Treasury Bill Money Market Yield | XLCA | XL Capital Assurance |
See notes to financial statements.
13
STATEMENTS OF ASSETS AND LIABILITIES
February 28, 2021 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
| BNY Mellon Government Money Market Fund |
| BNY Mellon National Municipal Money Market Fund |
|
|
Assets ($): |
|
|
|
|
|
|
|
|
Investments in securities—See Statements |
|
|
| 526,116,769 | †† | 312,726,307 |
|
|
Cash |
|
|
| 1,347,243 |
| - |
|
|
Interest receivable |
|
|
| 84,238 |
| 77,044 |
|
|
Prepaid expenses |
|
|
| 24,759 |
| 23,435 |
|
|
|
|
|
| 527,573,009 |
| 312,826,786 |
|
|
Liabilities ($): |
|
|
|
|
|
|
|
|
Due to BNY Mellon Investment Adviser, Inc. |
|
|
| 25,916 |
| 21,659 |
|
|
Cash overdraft due to Custodian |
|
|
| - |
| 500,547 |
|
|
Trustees’ fees and expenses payable | 16,006 | 19,384 | ||||||
Payable for investment securities purchased |
|
|
| - |
| 225,012 |
|
|
Other accrued expenses |
|
|
| 41,318 |
| 49,104 |
|
|
|
|
|
| 83,240 |
| 815,706 |
|
|
Net Assets ($) |
|
|
| 527,489,769 |
| 312,011,080 |
|
|
Composition of Net Assets ($): |
|
|
|
|
|
|
|
|
Paid-in capital |
|
|
| 527,494,696 |
| 312,009,935 |
|
|
Total distributable earnings (loss) |
|
|
| (4,927) |
| 1,145 |
|
|
Net Assets ($) |
|
|
| 527,489,769 |
| 312,011,080 |
|
|
† Investments at cost ($) |
|
|
| 526,116,769 |
| 312,726,307 |
|
|
†† Value of repurchase |
|
|
| 146,000,000 |
| - |
|
|
Net Asset Value Per Share |
|
|
|
|
|
|
|
|
Class M |
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| 513,898,277 |
| 311,955,796 |
|
|
Shares Outstanding |
|
|
| 513,905,717 |
| 312,329,944 |
|
|
Net Asset Value Per Share ($) |
|
|
| 1.00 |
| 1.00 |
|
|
Investor Shares |
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| 13,591,492 |
| 55,284 |
|
|
Shares Outstanding |
|
|
| 13,591,773 |
| 55,344 |
|
|
Net Asset Value Per Share ($) |
|
|
| 1.00 |
| 1.00 |
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements. |
|
|
|
|
|
|
|
|
14
STATEMENTS OF OPERATIONS
Six Months Ended February 28, 2021 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
| BNY Mellon Government Money Market Fund |
| BNY Mellon National Municipal Money Market Fund |
|
Investment Income ($): |
|
|
|
|
|
| ||
Interest Income |
|
| 448,731 |
| 333,030 |
| ||
Expenses: |
|
|
|
|
|
| ||
Investment advisory fee—Note 2(a) |
|
| 388,315 |
| 276,856 |
| ||
Administration fee—Note 2(a) |
|
| 321,151 |
| 229,141 |
| ||
Professional fees |
|
| 24,120 |
| 22,356 | |||
Trustees’ fees and expenses—Note 2(c) |
|
| 18,032 |
| 17,804 | |||
Shareholder servicing costs—Note 2(b) |
|
| 17,903 |
| 72 | |||
Registration fees |
|
| 16,670 |
| 16,454 | |||
Chief Compliance Officer fees—Note 2(b) |
|
| 7,299 |
| 7,299 | |||
Custodian fees—Note 2(b) |
|
| 6,250 |
| 10,721 |
| ||
Prospectus and shareholders’ reports |
|
| 4,474 |
| 4,136 |
| ||
Miscellaneous |
|
| 6,758 |
| 13,985 |
| ||
Total Expenses |
|
| 810,972 |
| 598,824 |
| ||
Less—reduction in expenses due to undertakings—Note 2(a) |
|
| (388,129) |
| (284,074) |
| ||
Less—reduction in fees due to earnings credits—Note 2(b) |
|
| - |
| (203) |
| ||
Net Expenses |
|
| 422,843 |
| 314,547 |
| ||
Investment Income—Net |
|
| 25,888 |
| 18,483 |
| ||
Net Realized Gain (Loss) on Investments—Note 1(b) ($) | - |
| 1,145 |
| ||||
Net Increase in Net Assets Resulting from Operations |
| 25,888 |
| 19,628 |
| |||
|
|
|
|
|
|
|
|
|
See notes to financial statements. |
15
STATEMENTS OF CHANGES IN NET ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BNY Mellon Government Money Market Fund |
| BNY Mellon National Municipal Money Market Fund |
| ||||||||
|
|
|
| Six Months Ended |
|
|
| Year Ended |
| Six Months Ended |
|
|
| Year Ended |
|
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 25,888 |
|
|
| 5,305,978 |
| 18,483 |
|
|
| 4,780,984 |
| |
Net realized gain (loss) on investments |
| - |
|
|
| (4,927) |
| 1,145 |
|
|
| 104,137 |
| ||
Net Increase (Decrease) in Net Assets | 25,888 |
|
|
| 5,301,051 |
| 19,628 |
|
|
| 4,885,121 |
| |||
Distributions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Distributions to shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (25,172) |
|
|
| (5,198,208) |
| (18,479) |
|
|
| (4,780,676) |
| |
Investor Shares |
|
| (716) |
|
|
| (116,127) |
| (4) |
|
|
| (308) |
| |
Total Distributions |
|
| (25,888) |
|
|
| (5,314,335) |
| (18,483) |
|
|
| (4,780,984) |
| |
Beneficial Interest Transactions ($1.00 per share): |
|
|
|
|
|
|
|
|
|
|
| ||||
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 497,436,833 |
|
|
| 645,604,959 |
| 305,870,490 |
|
|
| 752,498,900 |
| |
Investor Shares |
|
| 9,488,134 |
|
|
| 21,461,649 |
| - |
|
|
| - |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| - |
|
|
| 26 |
| - |
|
|
| 3,413 |
| |
Investor Shares |
|
| 703 |
|
|
| 116,005 |
| 1 |
|
|
| 85 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (475,537,882) |
|
|
| (966,585,444) |
| (355,274,067) |
|
|
| (1,182,232,605) |
| |
Investor Shares |
|
| (10,871,324) |
|
|
| (23,755,233) |
| - |
|
|
| - |
| |
Increase (Decrease) in Net Assets | 20,516,464 |
|
|
| (323,158,038) |
| (49,403,576) |
|
|
| (429,730,207) |
| |||
Total Increase (Decrease) in Net Assets | 20,516,464 |
|
|
| (323,171,322) |
| (49,402,431) |
|
|
| (429,626,070) |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 506,973,305 |
|
|
| 830,144,627 |
| 361,413,511 |
|
|
| 791,039,581 |
| |
End of Period |
|
| 527,489,769 |
|
|
| 506,973,305 |
| 312,011,080 |
|
|
| 361,413,511 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements. |
16
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. Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. These figures have been derived from the funds’ financial statements.
Six Months Ended | Class M Shares | ||||||||||||||
February 28, 2021 | Year Ended August 31, | ||||||||||||||
BNY Mellon Government Money Market Fund | (Unaudited) | 2020 |
| 2019 |
| 2018 |
| 2017 |
| 2016 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—net | .000a | .008 | .020 | .012 | .004 | .000a | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.000)a | (.008) | (.020) | (.012) | (.004) | (.000)a | |||||||||
Net asset value, end of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |||||||||
Total Return (%) | .01b | .84 | 2.06 | 1.24 | .38 | .04 | |||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .31c | .31 | .30 | .30 | .31 | .33 | |||||||||
Ratio of net expenses to average net assets | .16c | .29 | .30 | .30 | .31 | .30 | |||||||||
Ratio of net investment income to average net assets | .01c | .90 | 2.05 | 1.23 | .36 | .04 | |||||||||
Net Assets, end of period ($ x 1,000) | 513,898 | 491,999 | 812,993 | 774,733 | 695,342 | 839,477 |
a Amount represents less than $.001 per share.
b Not annualized.
c Annualized.
See notes to financial statements.
17
FINANCIAL HIGHLIGHTS (continued)
Six Months Ended | Investor Shares | |||||||||||||||
February 28, 2021 | Year Ended August 31, | |||||||||||||||
BNY Mellon Government Money Market Fund | (Unaudited) | 2020 |
| 2019 |
| 2018 |
| 2017 |
| 2016 |
| |||||
Per Share Data ($): | ||||||||||||||||
Net asset value, beginning of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | ||||||||||
Investment Operations: | ||||||||||||||||
Investment income—net | .000a | .007 | .018 | .010 | .002 | .000a | ||||||||||
Distributions: | ||||||||||||||||
Dividends from investment income—net | (.000)a | (.007) | (.018) | (.010) | (.002) | (.000)a | ||||||||||
Net asset value, end of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | ||||||||||
Total Return (%) | .01b | .68 | 1.80 | .98 | .18 | .01 | ||||||||||
Ratios/Supplemental Data (%): | ||||||||||||||||
Ratio of total expenses to average net assets | .56c | .56 | .55 | .55 | .56 | .58 | ||||||||||
Ratio of net expenses to average net assets | .17c | .46 | .55 | .55 | .52 | .32 | ||||||||||
Ratio of net investment income to average net assets | .01c | .70 | 1.79 | .94 | .20 | .01 | ||||||||||
Net Assets, end of period ($ x 1,000) | 13,591 | 14,974 | 17,152 | 16,904 | 20,368 | 8,799 |
a Amount represents less than $.001 per share.
b Not annualized.
c Annualized.
See notes to financial statements.
18
Six Months Ended | Class M Shares | |||||||||||||||
February 28, 2021 | Year Ended August 31, | |||||||||||||||
BNY Mellon National Municipal Money Market Fund | (Unaudited) | 2020 |
| 2019 |
| 2018 |
| 2017 |
| 2016 |
| |||||
Per Share Data ($): | ||||||||||||||||
Net asset value, beginning of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | ||||||||||
Investment Operations: | ||||||||||||||||
Investment income—net | .000a | .007 | .013 | .009 | .004 | .000a | ||||||||||
Distributions: | ||||||||||||||||
Dividends from investment income—net | (.000)a | (.007) | (.013) | (.009) | (.004) | (.000)a | ||||||||||
Net asset value, end of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | ||||||||||
Total Return (%) | .01b | .72 | 1.31 | .93 | .44 | .04 | ||||||||||
Ratios/Supplemental Data (%): | ||||||||||||||||
Ratio of total expenses to average net assets | .32c | .31 | .30 | .30 | .31 | .31 | ||||||||||
Ratio of net expenses to average net assets | .17c | .29 | .30 | .30 | .31 | .16 | ||||||||||
Ratio of net investment income to average net assets | .01c | .80 | 1.30 | .93 | .44 | .04 | ||||||||||
Net Assets, end of period ($ x 1,000) | 311,956 | 361,358 | 790,984 | 763,521 | 621,435 | 571,287 |
a Amount represents less than $.001 per share.
b Not annualized.
c Annualized.
See notes to financial statements.
19
FINANCIAL HIGHLIGHTS (continued)
Six Months Ended | Investor Shares | ||||||||||||||
February 28, 2021 | Year Ended August 31, | ||||||||||||||
BNY Mellon National Municipal Money Market Fund | (Unaudited) | 2020 |
| 2019 |
| 2018 |
| 2017 |
| 2016 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—net | .000a | .006 | .011 | .007 | .002 | .000a | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.000)a | (.006) | (.011) | (.007) | (.002) | (.000)a | |||||||||
Net asset value, end of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |||||||||
Total Return (%) | .01b | .56 | 1.06 | .68 | .19 | .01 | |||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .57c | .56 | .55 | .55 | .57 | .56 | |||||||||
Ratio of net expenses to average net assets | .16c | .44 | .55 | .55 | .57 | .17 | |||||||||
Ratio of net investment income to average net assets | .01c | .55 | 1.10 | .69 | .12 | .01 | |||||||||
Net Assets, end of period ($ x 1,000) | 55 | 55 | 55 | 55 | 40 | 2,331 |
a Amount represents less than $.001 per share.
b Not annualized.
c Annualized.
See notes to financial statements.
20
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-three series, including the following diversified funds: BNY Mellon Government Money Market Fund and BNY Mellon National Municipal Money Market Fund (each, a “fund” and collectively, the “funds”). The objectives of the funds are as follows: BNY Mellon Government Money Market Fund’s investment objective is to seek as high a level of current income as is consistent with the preservation of capital and the maintenance of liquidity. BNY Mellon National Municipal Money Market Fund’s investment objective is to provide investors with as high a level of current income exempt from federal income tax as is consistent with the preservation of capital and the maintenance of liquidity.
Each fund is managed by Dreyfus Cash Investment Strategies, a division of fund is managed by Dreyfus Cash Investment Strategies, a division of BNY Mellon Investment Adviser, Inc. (the “Adviser”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”), serves as each fund’s investment adviser. The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of the Adviser, serves as administrator for the funds pursuant to an Administration Agreement with the Trust (the “Administration Agreement”). The Bank of New York Mellon has entered into a Sub-Administration Agreement with the Adviser pursuant to which The Bank of New York Mellon pays the Adviser for performing certain administrative services. BNY Mellon Securities Corporation (the “Distributor”), a wholly-owned subsidiary of the Adviser, is the distributor of each fund’s shares, which are sold without a sales charge.
Each fund is authorized to issue an unlimited number of $.001 par value shares of Beneficial Interest in each of the following classes of shares: Class M and Investor. Each class of shares has identical rights and privileges, except with respect to the Shareholder Service Plan and the expenses borne by each class, the allocation of certain transfer agency costs, and certain voting rights. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.
It is each fund’s policy to maintain a constant net asset value (NAV) per share of $1.00; the funds have adopted certain investment, portfolio valuation and dividend and distribution policies to enable it to do so. There is no assurance, however, that the funds will be able to maintain a constant NAV per share of $1.00.
BNY Mellon National Municipal Money Market Fund operates as a “retail money market fund” as that term is defined in Rule 2a-7 under the Act, and, such, the fund may, or in certain circumstances, must impose a fee upon the sale of shares or may temporarily suspend redemptions if the fund’s weekly liquid assets fall below required minimums because of market conditions or other factors. BNY Mellon Government Money Market Fund is a “government money market fund” as that term is defined in Rule 2a-7 under the Act, and, as such, the fund is not subject to liquidity fees or temporary suspensions of redemptions due to declines in the fund’s weekly liquid assets.
The Trust accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that series’ operations; expenses which are applicable to all series are allocated among them on a pro rata basis.
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. Each fund is an investment company and applies the accounting and reporting guidance of the FASB ASC Topic 946 Financial Services-Investment Companies. Each fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
The Trust enters into contracts that contain a variety of indemnifications. The funds’ maximum exposure under these arrangements is unknown. The funds do not anticipate recognizing any loss related to these arrangements.
(a) Portfolio valuation: Investments in securities are valued at amortized cost in accordance with Rule 2a-7 under the Act. If amortized cost is determined not to approximate fair market value, the fair value of the portfolio securities will be determined by procedures established by and under the general oversight of the Trust’s Board of Trustees (the “Board”).
21
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
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. 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, 2021, all of the securities in each fund were considered Level 2 within the fair value hierarchy.
(b) Securities transactions and investment income: Securities transactions are recorded on a trade date basis. Interest income, adjusted for accretion of discount and amortization of premium on investments, is earned from settlement date and is recognized on the accrual basis. Realized gains and losses from securities transactions are recorded on the identified cost basis.
BNY Mellon Government Money Market Fund may enter into repurchase agreements with financial institutions, deemed to be creditworthy by the Adviser, subject to the seller’s agreement to repurchase and the fund agreement to resell such securities at a mutually agreed upon price. Pursuant to the terms of the repurchase agreement, such securities must have an aggregate market value greater than or equal to the terms of the repurchase price plus accrued interest at all times. If the value of the underlying securities falls below the value of the repurchase price plus accrued interest, the fund will require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults on its repurchase obligation, the fund maintains its right to sell the underlying securities at market value and may claim any resulting loss against the seller. The collateral is held on behalf of the fund by the tri-party administrator with respect to any tri-party agreement. The fund may also jointly enter into one or more repurchase agreements with other funds managed by the Adviser in accordance with an exemptive order granted by the SEC pursuant to section 17(d) and Rule 17d-1 under the Act. Any joint repurchase agreements must be collateralized fully by U.S. Government securities.
(c) Risk: Certain events particular to the industries in which each fund’s investments conduct their operations, as well as general economic, political and public health conditions, may have a significant negative impact on the investee’s operations and profitability. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the fund. Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. Recent examples include pandemic risks related to COVID-19 and aggressive measures taken world-wide in response by governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations, and by businesses, including changes to operations and reducing staff. To the extent each fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase each fund’s exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.
(d) 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
22
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.
(e) 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, 2021, 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, 2021, the funds did not incur any interest or penalties.
Each tax year in the three-year period ended August 31, 2020 remains subject to examination by the Internal Revenue Service and state taxing authorities.
Under the Regulated Investment Company Modernization Act of 2010, each fund is permitted to carry forward capital losses for an unlimited period. Furthermore, capital loss carryovers retain their character as either short-term or long-term capital losses.
BNY Mellon Government Money Market Fund has an unused capital loss carryover of $4,927 available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to August 31, 2020. The fund has $222 of short-term capital losses and $4,705 of long-term capital losses which can be carried forward for an unlimited period.
The tax character of distributions paid to shareholders for each fund during the fiscal year ended August 31, 2020 was all ordinary income for BNY Mellon Government Money Market Fund, and for BNY Mellon National Municipal Money Market Fund was all tax-exempt income. The tax character of current year distributions will be determined at the end of the current fiscal year.
At February 28, 2021, 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).
(f) New accounting pronouncements: In March 2020, the FASB issued Accounting Standards Update 2020-04, Reference Rate Reform (Topic 848)-Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates as of the end of 2021. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period from March 12, 2020 through December 31, 2022. Management is evaluating the impact of ASU 2020-04 on the fund’s investments, derivatives, debt and other contracts that will undergo reference rate-related modifications as a result of the reference rate reform. Management is also currently actively working with other financial institutions and counterparties to modify contracts as required by applicable regulation and within the regulatory deadlines.
NOTE 2—Investment Advisory Fee, Administration Fee and Other Transactions with Affiliates:
(a) Fees payable by the funds pursuant to the provisions of an investment advisory agreement with the Adviser are payable monthly, computed on the average daily value of each fund’s net assets at the following annual rates: .15% of BNY Mellon Government Money Market Fund and .15% of BNY Mellon National Municipal Money Market Fund.
Pursuant to the Administration Agreement, The Bank of New York Mellon provides or arranges for fund accounting, transfer agency and other fund administration services and receives a fee based on the total net assets of the Trust based on the following rates:
0 up to $6 billion .15%
$6 billion up to $12 billion .12%
In excess of $12 billion .10%
The Adviser has undertaken to waive receipt of the management fee and/or reimburse operating expenses in order to facilitate a daily yield at or above a certain level
23
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
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, 2021.
Table 1 —Expense Reductions |
|
BNY Mellon Government Money Market Fund | $388,129 |
BNY Mellon National Municipal Money Market Fund | 284,074 |
(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, 2021, 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 | $17,892 |
BNY Mellon National Municipal | 69 |
The funds have an arrangement with the transfer agent whereby the funds may receive earnings credits when positive cash balances are maintained, which are used to offset transfer agency fees. For financial reporting purposes, the funds include net earnings credits, if any, as shareholder servicing costs in the Statements of Operations.
BNY Mellon Government Money Market Fund has an arrangement with the custodian whereby BNY Mellon Government Money Market Fund will receive interest income or be charged an overdraft fees when positive cash balances are maintained. For financial reporting purposes, the fund includes this interest income and overdraft fees, if any, as interest income in the Statements of Operations.
BNY Mellon National Municipal Money Market Fund has an arrangement with the custodian to receive earnings credits when positive cash balance are maintained, which were used to offset custody fees. For financial reporting purposes, the funds includes net earnings credits, if any, as expense offsets in the Statements of Operations.
Each fund compensates BNY Mellon Transfer, Inc., a wholly-owned subsidiary of the Adviser, under a transfer agency agreement for providing cash management services inclusive of earnings credits, if any, for the funds. The transfer agency fees are comprised of amounts paid on cash management fees are related to fund subscriptions and redemptions. The Bank of New York Mellon pays each fund’s transfer agent fees comprised of amounts paid on a per account basis out of the administration fee it receives from the Trust. Table 3 summarizes the amount each fund was charged during the period ended February 28, 2021, which is included in Shareholder servicing costs in the Statements of Operations.
Table 3—Transfer Agency Agreement Fees ($) | |
BNY Mellon Government Money Market Fund | $7 |
BNY Mellon National Municipal Money Market Fund | 1 |
Each fund compensates The Bank of New York Mellon, under a custody agreement for providing custodial services for each fund. These fees are determined based on net assets, geographic region and transaction activity. Table 4 summarizes the amount each fund was charged during the period ended February 28, 2021 pursuant to the custody agreement. These fees were partially offset by earnings credits for each relevant fund, also summarized in Table 4.
Table 4—Custody Agreement Fees | |||
| Custody Fees ($) | Earnings Credits ($) | |
BNY Mellon Government Money Market Fund | 6,250 | - | |
BNY Mellon National Municipal Money Market Fund | 10,721 | (203) |
24
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, 2021 pursuant to the agreement, 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 | $4 |
BNY Mellon National Municipal | 2 |
During the period ended February 28, 2021, each fund was charged $7,299 for services performed by the Chief Compliance Officer and his staff. These fees are included in Chief Compliance Officer fees in the Statements of Operations.
Table 6 summarizes the components of “Due to BNY Mellon Investment Adviser, Inc. and affiliates” in the Statements of Assets and Liabilities for each fund.
(c) Each Board member also serves as a Board member of other funds within the Trust. Annual retainer fees and attendance fees are allocated to each fund based on net assets.
NOTE 3—Securities Transactions:
BNY Mellon National Municipal Money Market Fund is permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the fund from or to another fund or portfolio that are, or could be, considered an affiliate by virtue of having a common investment adviser (or affiliated investment adviser), common Trustees and/or common officers, complies with Rule 17a-7 under the Act. During the period ended February 28, 2021, the fund engaged in purchases and sales of securities pursuant to Rule 17a-7 under the Act amounting to $160,145,000 and $228,700,000, respectively.
Table 6—Due to BNY Mellon Investment Adviser, Inc. and Affiliates | |||||||||
| Investment | Administration | Shareholder | Custodian | Transfer Agency | Chief | Less Expense Reimbursement ($) | ||
BNY Mellon Government Money Market Fund | 64,314 | 52,799 | 2,695 | 4,362 | 3 | 2,621 | (100,878) | ||
BNY Mellon National Municipal Money Market Fund | 35,848 | 29,429 | 11 | 8,188 | 1 | 2,621 | (54,439) |
25
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26
The BNY Mellon Funds
c/o BNY Mellon Investment Adviser, Inc.
240 Greenwich Street
New York, NY 10286
Adviser
BNY Mellon Investment Adviser, Inc.
240 Greenwich Street
New York, NY 10286
Administrator
The Bank of New York Mellon
240 Greenwich Street
New York, NY 10286
Sub-Administrator
BNY Mellon Investment Adviser, Inc.
240 Greenwich Street
New York, NY 10286
Custodian
The Bank of New York Mellon
240 Greenwich Street
New York, NY 10286
Transfer Agent &
Dividend Disbursing Agent
BNY Mellon Transfer, Inc.
240 Greenwich Street
New York, NY 10286
Distributor
BNY Mellon Securities Corporation
240 Greenwich Street
New York, NY 10286
Ticker Symbols: | ||||||||
BNY Mellon Government Money Market Fund | Class M: MLMXX | Investor: MLOXX | ||||||
BNY Mellon National Municipal Money Market Fund | Class M: MOMXX | Investor: MNTXX |
Telephone Wealth Management (WM) Clients, please contact your Account Officer or call 1-866-804-5023. Brokerage Clients of BNY Mellon Wealth Advisors (BNYMWA), please contact your financial representative or call 1-800-830-0549, Option 2 for BNY Mellon Wealth Management Direct or 1-800-843-5466 for former brokerage clients of BNY Mellon Wealth Advisors whose accounts are now held by BNY Mellon Brokerage Services. Individual Account holders, please call BNY Mellon Investment Advisers at 1-800-373-9387.
Mail WM clients, write to your Account Officer, c/o The Bank of New York Mellon, One Mellon Bank Center, Pittsburgh, PA 15258
BNYMWA Brokerage Clients, write to your financial representative, P.O. Box 9012, Hicksville, NY 11802-9012
Individual Account Holders, write to: BNY Mellon Funds, P.O. Box 9879, Providence, RI 02940-8079
Each fund will disclose daily, on www.bnymellonim.com/us, the fund’s complete schedule of holdings as of the end of the previous business day. The schedule of holdings will remain on the website for a period of five months. The fund files a monthly schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) on Form N-MFP. The fund’s Forms N-MFP are available on the SEC’s website at www.sec.gov.
A description of the policies and procedures that the fund uses to determine how to vote proxies relating to portfolio securities, and information regarding how the fund voted these proxies for the most recent 12-month period ended June 30 is available at http:// www.im.bnymellon.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 1-800-373-9387.
© 2021 BNY Mellon Securities Corporation | MFTSA0221-MM |
The BNY Mellon Funds
BNY Mellon National Intermediate Municipal Bond Fund
BNY Mellon National Short-Term Municipal Bond Fund
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund
BNY Mellon Massachusetts Intermediate Municipal Bond Fund
BNY Mellon New York Intermediate Tax-Exempt Bond Fund
BNY Mellon Municipal Opportunities Fund
SEMIANNUAL REPORT February 28, 2021 | |
Contents
THE FUNDS
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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 |
DISCUSSION OF FUND PERFORMANCE (Unaudited)
For the period from September 1, 2020 through February 28, 2021, 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, 2021, BNY Mellon National Intermediate Municipal Bond Fund’s Class M shares produced a total return of 0.91%, and Investor shares produced a total return of 0.79%.1 In comparison, the fund’s benchmark index, the S&P Municipal Bond Investment Grade Intermediate Index (the “Index”), produced a total return of 0.34%,2 and the fund’s former benchmark, the S&P Municipal Bond Intermediate Index, produced a total return of 0.52% for the same period.3,4
Municipal bonds produced marginally positive total returns over the reporting period due to falling rates and demand supported by improving investor sentiment and investors’ desire for tax-free income. The fund outperformed the Index, due in part to allocation and issue selection decisions.
The Fund’s Investment Approach
The fund seeks to maximize current income exempt from federal income tax to the extent consistent with the preservation of capital. To pursue its goal, the fund normally invests at least 80% of its net assets in municipal bonds that provide income exempt from federal income tax. The fund’s investments in municipal and taxable bonds must be rated investment grade at the time of purchase or, if unrated, deemed of comparable quality by the investment adviser.5 Generally, the fund’s average effective portfolio maturity will be between three and ten years, and the average effective duration of the fund’s portfolio will not exceed eight years.
Improving Circumstances in the Municipal Market
Risk assets rallied early in the period on continued support from central bank and governmental activity intended to counteract the economic effects of widespread COVID-19 lockdowns and business closures. Investor sentiment also improved as COVID-19 infection rates fell during the summer and early fall, and lockdown measures eased, allowing economic activity to increase across the country. People began to eat at restaurants and visit shops, albeit in small numbers, improving tax revenues for cities and states. Investors’ concerns that municipalities and other governmental entities would suffer severe financial hardship as a result of the pandemic eased during the six months as a result of continued governmental support and hope of economic reopening in the face of vaccine rollouts. After cratering in the spring of 2020, demand for municipal bonds increased during the period, boosting prices and pushing rates across the municipal yield curve lower.
Allocation and Issue Selection Decisions Drive Fund Results
The fund’s return versus the Index was helped during the reporting period by allocation and issue selection decisions, most notably within the tax-supported local general obligation, tax-supported dedicated tax, transportation and utility sectors. From a credit rating perspective, an overweight to and issue selection within A rated debt, which performed well during the period, was beneficial to results. Issue selection within AA rated bonds provided the largest tailwind. An underweight to underperforming AAA rated debt was also helpful, as was an overweight to outperforming BBB debt. From a yield curve positioning standpoint, an underweight to and issue selection among credits maturing in 2024 and 2025 bolstered results, as did an out-of-index position in credits maturing in 2036-2040.
Conversely, other strategies modestly constrained fund performance. Positioning in multi-family and single-family housing bonds muted results, as did investments in life care issuers and a void in student-loan issuers. Incremental tax bond also took away from returns. Investment in bonds maturing in 2023 and 2032 also detracted.
Anticipating an Improving Environment
Our outlook for municipal bonds is positive. We believe that improving credit quality through fiscal support and a growing economy should continue to keep investors’ quality concerns at bay. In addition, we believe that the growing probability that higher taxes will be levied on the ultra-wealthy should keep demand for municipal bonds robust as the increased revenue bolsters the financial picture of municipalities. Although valuations are currently rich, we expect this to be a continued trend and believe the portfolio is positioned to continue to attempt to offer strong performance relative to taxable bonds.
March 15, 2021
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 The S&P Municipal Bond Investment Grade Intermediate Index was first calculated on March 19, 2013. Accordingly, the fund will continue to report the performance of the S&P Municipal Bond Intermediate Index until the S&P Municipal Bond Investment Grade Intermediate Index has been calculated for a 10-year period. Investors cannot invest directly in any index.
4 Source: Lipper Inc.— The S&P Municipal Bond Intermediate Index consists of bonds in the S&P Municipal Bond Index with a minimum maturity of 3 years and a maximum maturity of up to, but not including, 15 years as measured from the rebalancing date. Investors cannot invest directly in any index.
5 The fund may continue to own investment grade bonds (at the time of purchase), which are subsequently downgraded to below investment grade.
Bonds are subject generally to interest-rate, credit, liquidity and market risks, to varying degrees, all of which are more fully described in the fund’s prospectus. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes, and rate increases can cause price declines.
Recent market risks include pandemic risks related to COVID-19. The effects of COVID-19 have contributed to increased volatility in global markets and will likely affect certain countries, companies, industries and market sectors more dramatically than others. To the extent the fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase the fund’s exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.
2
For the period from September 1, 2020 through February 28, 2021, as provided by John F. Flahive, Portfolio Manager
Market and Fund Performance Overview
For the six-month period ended February 28, 2021, BNY Mellon National Short-Term Municipal Bond Fund’s Class M shares produced a total return of 0.39%, and Investor shares produced a total return of 0.27%.1 In comparison, the fund’s benchmark index, the S&P Municipal Bond Investment Grade Short Index (the “Index”), produced a total return of 0.24%,2 and the fund’s former benchmark, the S&P Municipal Bond Short Index, produced a total return of 0.28% for the same period.3,4
Municipal bonds produced marginally positive total returns over the reporting period due to falling rates and demand supported by improving investor sentiment and investors’ desire for tax-free income. The fund outperformed the Index, primarily due in part to issue selection and allocation decisions.
The Fund’s Investment Approach
The fund seeks to maximize current income exempt from federal income tax to the extent consistent with the preservation of capital. To pursue its goal, the fund normally invests at least 80% of its net assets in municipal bonds that provide income exempt from federal income tax. The fund’s investments in municipal and taxable bonds must be rated investment grade at the time of purchase or, if unrated, deemed of comparable quality by the investment adviser.5 Generally, the average effective portfolio maturity and the average effective portfolio duration of the fund’s portfolio will be less than three years.
Improving Circumstances in the Municipal Market
Risk assets rallied early in the period on continued support from central bank and governmental activity intended to counteract the economic effects of widespread COVID-19 lockdowns and business closures. Investor sentiment also improved as COVID-19 infection rates fell during the summer and early fall, and lockdown measures eased, allowing economic activity to increase across the country. People began to eat at restaurants and visit shops, albeit in small numbers, improving tax revenues for cities and states. Investors’ concerns that municipalities and other governmental entities would suffer severe financial hardship as a result of the pandemic eased during the six months as a result of continued governmental support and hope of economic reopening in the face of vaccine rollouts. After cratering in the spring of 2020, demand for municipal bonds increased during the period, boosting prices and pushing rates across the municipal yield curve lower.
Issue Selection and Allocation Decisions Drive Fund Results
The fund’s return versus the Index was helped during the reporting period by issue selection and allocation decisions, most notably within the tax-supported local general obligation, other revenue bonds, and IDR/PCR sectors. From a credit rating perspective, an overweight to and issue selection within A rated debt, which performed well during the period, was beneficial to results. Issue selection within AA rated bonds provided the largest tailwind. An underweight to underperforming AAA rated debt, as well as issue selection within the rating category, was also helpful. From a yield curve positioning standpoint, an underweight to and issue selection among credits maturing in 2021-2024 bolstered results.
Conversely, other strategies constrained fund performance. Investments in health care issuers and tobacco bonds detracted. Long duration positioning in bonds from single-family housing issuers also took away from results, as did investments in bonds maturing in 2028 and 2041-2045.
Anticipating an Improving Environment
Our outlook for municipal bonds is positive. We believe that improving credit quality through fiscal support and a growing economy should continue to keep investors’ quality concerns at bay. In addition, we believe that the growing probability that higher taxes will be levied on the ultra-wealthy should keep demand for municipal bonds robust as the increased revenue bolsters the financial picture of municipalities. Although valuations are currently rich, we expect this to be a continued trend and believe the portfolio is positioned to continue to attempt to offer strong performance relative to taxable bonds.
March 15, 2021
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price, yield and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost. Income may be subject to state and local taxes, and some income may be subject to the federal alternative minimum tax (AMT) for certain investors. Capital gains, if any, are fully taxable.
2 Source: Bloomberg L.P. — The S&P Municipal Bond Investment Grade Short Index consists of bonds in the S&P Municipal Bond Index that are rated at least BBB- by Standard & Poor’s, Baa3 by Moody’s or BBB- by Fitch Ratings. All bonds must also have a minimum maturity of six months and a maximum maturity of up to, but not including, four years as measured from the rebalancing date. Investors cannot invest directly in any index.
3 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. Investors cannot invest directly in any index.
4 Source: Bloomberg L.P. — The S&P Municipal Bond Short Index consists of bonds in the S&P Municipal Bond Index with a minimum maturity of six months and a maximum maturity of up to, but not including, four years as measured from the rebalancing date. Investors cannot invest directly in any index.
5 The fund may continue to own investment grade bonds (at the time of purchase), which are subsequently downgraded to below investment grade.
Bonds are subject generally to interest-rate, credit, liquidity and market risks, to varying degrees, all of which are more fully described in the fund’s prospectus. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes, and rate increases can cause price declines.
Recent market risks include pandemic risks related to COVID-19. The effects of COVID-19 have contributed to increased volatility in global markets and will likely affect certain countries, companies, industries and market sectors more dramatically than others. To the extent the fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase the fund's exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.
3
DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)
For the period from September 1, 2020 through February 28, 2021, 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, 2021, BNY Mellon Pennsylvania Intermediate Municipal Bond Fund’s Class M shares produced a total return of 0.63%, and Investor shares produced a total return of 0.51%.1 In comparison, the fund’s benchmark index, the S&P Municipal Bond Investment Grade Intermediate Index (the “Index”), produced a total return of 0.34%,2 and the fund’s former benchmark, the S&P Municipal Bond Intermediate Index, produced a total return of 0.52% for the same period.3,4
Municipal bonds produced marginally positive total returns over the reporting period due to falling rates and demand supported by improving investor sentiment and investors’ desire for tax-free income. The fund outperformed the Index, due in part to allocation and issue selection decisions.
The Fund’s Investment Approach
The fund seeks as high a level of income exempt from federal and Pennsylvania state income taxes as is consistent with the preservation of capital. To pursue its goal, the fund normally invests at least 80% of its net assets in municipal bonds that provide income exempt from federal and Pennsylvania state personal income taxes. The fund’s investments in municipal and taxable bonds must be rated investment grade at the time of purchase or, if unrated, deemed of comparable quality by the investment adviser.5 Generally, the fund’s average effective portfolio maturity will be between three and ten years, and the average effective duration of the fund’s portfolio will not exceed eight years.
Improving Circumstances in the Municipal Market
Risk assets rallied early in the period on continued support from central bank and governmental activity intended to counteract the economic effects of widespread COVID-19 lockdowns and business closures. Investor sentiment also improved as COVID-19 infection rates fell during the summer and early fall, and lockdown measures eased, allowing economic activity to increase across the country. People began to eat at restaurants and visit shops, albeit in small numbers, improving tax revenues for cities and states. Investors’ concerns that municipalities and other governmental entities would suffer severe financial hardship as a result of the pandemic eased during the six months as a result of continued governmental support and hope of economic reopening in the face of vaccine rollouts. After cratering in the spring of 2020, demand for municipal bonds increased during the period, boosting prices and pushing rates across the municipal yield curve lower.
Allocation and Issue Selection Decisions Drive Fund Results
The fund’s return versus the Index was helped during the reporting period by allocation and issue selection decisions, most notably within the tax-supported local general obligation, higher education, hospital and transportation sectors. From a credit rating perspective, an overweight to A rated debt, which performed well during the period, was beneficial to results. Issue selection within AA rated bonds provided the largest tailwind. An underweight to underperforming AAA rated debt was also helpful. From a yield curve positioning standpoint, an underweight to and issue selection among credits maturing in 2024 and 2025 bolstered results, as did an out-of-index position in credits maturing in 2036-2040.
Conversely, other strategies constrained fund performance. Positioning in multi-family and single-family housing provided a headwind to results. Long duration positioning in hospital, higher education and tax-supported dedicated tax bonds also took away from results. Investments in airport and port transportation issuers also detracted, as did investments in bonds maturing in 2022 and 2023.
Anticipating an Improving Environment
Our outlook for municipal bonds is positive. We believe that improving credit quality through fiscal support and a growing economy should continue to keep investors’ quality concerns at bay. In addition, we believe that the growing probability that higher taxes will be levied on the ultra-wealthy should keep demand for municipal bonds robust as the increased revenue bolsters the financial picture of municipalities. Although valuations are currently rich, we expect this to be a continued trend and believe the portfolio is positioned to continue to attempt to offer strong performance relative to taxable bonds.
March 15, 2021
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price, yield and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost. Income may be subject to state and local taxes for non-Pennsylvania residents, and some income may be subject to the federal alternative minimum tax (AMT) for certain investors. Capital gains, if any, are fully taxable.
2 Source: Bloomberg L.P. — The S&P Municipal Bond Investment Grade Intermediate Index consists of bonds in the S&P Municipal Bond Index that are rated at least BBB- by Standard & Poor’s, Baa3 by Moody’s or BBB- by Fitch Ratings. All bonds must also have a minimum maturity of 3 years and a maximum maturity of up to, but not including, 15 years as measured from the rebalancing date. Unlike a mutual fund, the index is not subject to charges, fees and other expenses and is not limited to investments principally in Pennsylvania municipal obligations. Investors cannot invest directly in any index.
3 The S&P Municipal Bond Investment Grade Intermediate Index was first calculated on March 19, 2013. Accordingly, the fund will continue to report the performance of the S&P Municipal Bond Intermediate Index until the S&P Municipal Bond Investment Grade Intermediate Index has been calculated for a 10-year period. Investors cannot invest directly in any index.
4 Source: Lipper Inc.— The S&P Municipal Bond Intermediate Index consists of bonds in the S&P Municipal Bond Index with a minimum maturity of 3 years and a maximum maturity of up to, but not including, 15 years as measured from the rebalancing date. Investors cannot invest directly in any index.
5 The fund may continue to own investment grade bonds (at the time of purchase), which are subsequently downgraded to below investment grade.
Bonds are subject generally to interest-rate, credit, liquidity and market risks, to varying degrees, all of which are more fully described in the fund’s prospectus. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes, and rate increases can cause price declines.
Recent market risks include pandemic risks related to COVID-19. The effects of COVID-19 have contributed to increased volatility in global markets and will likely affect certain countries, companies, industries and market sectors more dramatically than others. To the extent the fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase the fund’s exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.
4
For the period of September 1, 2020 through February 28, 2021, 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, 2021, BNY Mellon Massachusetts Intermediate Municipal Bond Fund’s Class M shares produced a total return of 0.78%, and Investor shares produced a total return of 0.66%.1 In comparison, the fund’s benchmark index, the S&P Municipal Bond Investment Grade Intermediate Index (the “Index”), produced a total return of 0.34% and the fund’s former benchmark, the S&P Municipal Bond Intermediate Index, produced a total return of 0.52% for the same period.2,3
Municipal bonds produced marginally positive total returns over the reporting period due to falling rates and demand supported by improving investor sentiment and investors’ desire for tax-free income. The fund outperformed the Index, due in part to allocation and issue selection decisions.
The Fund’s Investment Approach
The fund seeks as high a level of income exempt from federal and Massachusetts state income taxes as is consistent with the preservation of capital. To pursue its goal, the fund normally invests at least 80% of its net assets in municipal bonds that provide income exempt from federal and Massachusetts state personal income taxes. The fund’s investments in municipal and taxable bonds must be rated investment grade (i.e., Baa/BBB or higher) at the time of purchase or, if unrated, deemed of comparable quality by the investment adviser.5 Generally, the fund’s average effective portfolio maturity will be between three and ten years, and the average effective duration of the fund’s portfolio will not exceed eight years.
Improving Circumstances in the Municipal Market
Risk assets rallied early in the period on continued support from central bank and governmental activity intended to counteract the economic effects of widespread COVID-19 lockdowns and business closures. Investor sentiment also improved as COVID-19 infection rates fell during the summer and early fall, and lockdown measures eased, allowing economic activity to increase across the country. People began to eat at restaurants and visit shops, albeit in small numbers, improving tax revenues for cities and states. Investors’ concerns that municipalities and other governmental entities would suffer severe financial hardship as a result of the pandemic eased during the six months as a result of continued governmental support and hope of economic reopening in the face of vaccine rollouts. After cratering in the spring of 2020, demand for municipal bonds increased during the period, boosting prices and pushing rates across the municipal yield curve lower.
Allocation and Issue Selection Decisions Drive Fund Results
The fund’s return versus the Index was helped during the reporting period by combinations of allocation and issue selection decisions, most notably within the local general obligation and hospital sectors. A material overweight to higher education bonds was also a significant additive factor with the fund’s holdings outperforming index exposure to the sector. From a credit rating perspective, an overweight to BBB rated debt, which outperformed during the period, was beneficial to results. With lower investment grade paper generally outperforming high grades, underweights to the latter helped relative performance. Issue selection within AA rated bonds complemented this effect. From a yield curve positioning standpoint, underweights to shorter maturities within the index range bolstered results along with holdings in maturities slightly longer than the benchmark.
Conversely, other aspects of positioning tempered relative performance slightly. Fund holdings in the single-family housing and tobacco sectors underperformed index exposure to those issuer types for example. Meanwhile, underweights to outperforming sectors like airports and toll roads also acted as a slight drag on relative performance during the period.
Anticipating an Improving Environment
Our outlook for municipal bonds is positive. Improving credit quality through fiscal support and a growing economy may keep investors’ quality concerns at bay. The growing probability that higher taxes will be levied on the ultra-wealthy may keep demand for municipal bonds robust as the increased revenue bolsters the financial picture of municipalities. Although valuations are currently rich, in our view we expect this to be a continued trend and believe the portfolio is well positioned for an improving environment.
March 15, 2021
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price, yield and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost. Income may be subject to state and local taxes for non-Massachusetts residents, and some income may be subject to the federal alternative minimum tax (AMT) for certain investors. Capital gains, if any, are taxable.
2 Source: Bloomberg L.P. — The S&P Municipal Bond Investment Grade Intermediate Index consists of bonds in the S&P Municipal Bond Index that are rated at least BBB- by Standard & Poor’s, Baa3 by Moody’s or BBB- by Fitch Ratings. All bonds must also have a minimum maturity of 3 years and a maximum maturity of up to, but not including, 15 years as measured from the rebalancing date. Investors cannot invest directly in any index.
3 Source: Lipper Inc. — The S&P Municipal Bond Intermediate Index consists of bonds in the S&P Municipal Bond Index with a minimum maturity of 3 years and a maximum maturity of up to, but not including, 15 years as measured from the rebalancing date. Investors cannot invest directly in any index.
4 The S&P Municipal Bond Investment Grade Intermediate Index was first calculated on March 19, 2013. Accordingly, the fund will continue to report the performance of the S&P Municipal Bond Intermediate Index until the S&P Municipal Bond Investment Grade Intermediate Index has been calculated for a 10-year period.
5 The fund may continue to own investment grade bonds (at the time of purchase), which are subsequently downgraded to below investment grade.
Bonds are subject generally to interest-rate, credit, liquidity and market risks, to varying degrees, all of which are more fully described in the fund’s prospectus. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes, and rate increases can cause price declines. The amount of public information available about municipal bonds is generally less than that for corporate equities or bonds. Special factors, such as legislative changes, and state and local economic and business developments, may adversely affect the yield and/or value of the fund’s investments in municipal bonds. Other factors include the general conditions of the municipal bond market, the size of the particular offering, the maturity of the obligation and the rating of the issue. Changes in economic, business or political conditions relating to a particular municipal project, municipality, or state in which the fund invests may have an impact on the fund’s share price.
Recent market risks include pandemic risks related to COVID-19. The effects of COVID-19 have contributed to increased volatility in global markets and will likely affect certain countries, companies, industries and market sectors more dramatically than others. To the extent the fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase the fund's exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.
5
DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)
For the period from September 1, 2020 through February 28, 2021, 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, 2021, BNY Mellon New York Intermediate Tax-Exempt Bond Fund’s Class M shares produced a total return of 1.38%, and Investor shares produced a total return of 1.26%.1 In comparison, the fund’s benchmark index, the S&P Municipal Bond Investment Grade Intermediate Index (the “Index”), produced a total return of 0.34%,2 and the fund’s former benchmark, the S&P Municipal Bond Intermediate Index, produced a total return of 0.52% for the same period.3,4
Municipal bonds produced marginally positive total returns over the reporting period due to falling rates and demand supported by improving investor sentiment and investors’ desire for tax-free income. The fund outperformed the Index, due primarily to allocation and issue selection decisions.
The Fund’s Investment Approach
The fund seeks as high a level of income exempt from federal, New York state and New York City income taxes as is consistent with the preservation of capital. To pursue its goal, the fund normally invests at least 80% of its net assets 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. Generally, the fund’s average effective portfolio maturity will be between three and ten years.
Improving Circumstances in the Municipal Market
Risk assets rallied early in the period on continued support from central bank and governmental activity intended to counteract the economic effects of widespread COVID-19 lockdowns and business closures. Investor sentiment also improved as COVID-19 infection rates fell during the summer and early fall, and lockdown measures eased, allowing economic activity to increase across the country. People began to eat at restaurants and visit shops, albeit in small numbers, improving tax revenues for cities and states. Investors’ concerns that municipalities and other governmental entities would suffer severe financial hardship as a result of the pandemic eased during the six months as a result of continued governmental support and hope of economic reopening in the face of vaccine rollouts. After cratering in the spring of 2020, demand for municipal bonds increased during the period, boosting prices and pushing rates across the municipal yield curve lower.
Allocation and Issue Selection Decisions Drive Fund Results
The fund’s return versus the Index was helped during the reporting period by allocation and issue selection decisions, most notably within the tax-supported local general obligation, higher education and transportation sectors. From a credit rating perspective, an overweight to BBB rated debt, which outperformed during the period, provided the largest tailwind. Issue selection within AA and A rated bonds was also beneficial, as was an underweight to underperforming AAA rated debt. From a yield curve positioning standpoint, an underweight to and issue selection within debt maturing in 2024, 2025 and 2026 bolstered results, as did an out-of-index position in credits maturing in 2036-2040.
Conversely, other strategies constrained fund performance. Positioning in multi-family and single-family housing provided a headwind to results, as did investments in public power utilities and a void in student-loan issuers. Long duration positioning in higher education and tax-supported dedicated tax bonds also took away from results.
Anticipating an Improving Environment
Our outlook for municipal bonds is positive. We believe that improving credit quality through fiscal support and a growing economy should continue to keep investors’ quality concerns at bay. In addition, we believe that the growing probability that higher taxes will be levied on the ultra-wealthy should keep demand for municipal bonds robust as the increased revenue bolsters the financial picture of municipalities. Although valuations are currently rich, we expect this to be a continued trend and believe the portfolio is well positioned for an improving environment.
March 15, 2021
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 return reflects the absorption of certain fund expenses by BNY Mellon Investment Adviser, Inc. pursuant to an agreement in effect through December 31, 2021, at which time it may be extended, modified or terminated. Had these expenses not been absorbed, returns would have been lower.
2 Source: Bloomberg L.P. — The S&P Municipal Bond Investment Grade Intermediate Index consists of bonds in the S&P Municipal Bond Index that are rated at least BBB- by Standard & Poor’s, Baa3 by Moody’s or BBB- by Fitch Ratings. All bonds must also have a minimum maturity of 3 years and a maximum maturity of up to, but not including, 15 years as measured from the rebalancing date. Investors cannot invest directly in any index.
3 The S&P Municipal Bond Investment Grade Intermediate Index was first calculated on March 19, 2013. Accordingly, the fund will continue to report the performance of the S&P Municipal Bond Intermediate Index until the S&P Municipal Bond Investment Grade Intermediate Index has been calculated for a 10-year period. Investors cannot invest directly in any index
4 Source: Lipper Inc. — The S&P Municipal Bond Intermediate Index consists of bonds in the S&P Municipal Bond Index with a minimum maturity of 3 years and a maximum maturity of up to, but not including, 15 years as measured from the rebalancing date. Unlike a mutual fund, neither index is subject to charges, fees and other expenses and is not limited to investments principally in New York municipal obligations. Investors cannot invest directly in any index.
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.
Recent market risks include pandemic risks related to COVID-19. The effects of COVID-19 have contributed to increased volatility in global markets and will likely affect certain countries, companies, industries and market sectors more dramatically than others. To the extent the fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase the fund’s exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.
6
For the period from September 1, 2020 through February 28, 2021, as provided by John F. Flahive, Portfolio Manager
Market and Fund Performance Overview
For the six-month period ended February 28, 2021, BNY Mellon Municipal Opportunities Fund’s Class M shares produced a total return of 3.21%, and Investor shares produced a total return of 3.08%.1 In comparison, the fund’s benchmark, the Bloomberg Barclays U.S. Municipal Bond Index (the “Index”), produced a total return of 0.86% for the same period.2
Municipal bonds produced marginally positive total returns over the reporting period due to falling rates and demand supported by improving investor sentiment and investors’ desire for tax-free income. The fund outperformed the Index for the period, due in part to allocation and issue selection decisions and hedging activities.
The Fund’s Investment Approach
The fund seeks to maximize total return consisting of high current income exempt from federal income tax and capital appreciation. To pursue its goal, the fund normally invests at least 80% of its net assets 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 and other fixed-income markets. 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.
Improving Circumstances in the Municipal Market
Risk assets rallied early in the period on continued support from central bank and governmental activity intended to counteract the economic effects of widespread COVID-19 lockdowns and business closures. Investor sentiment also improved as COVID-19 infection rates fell during the summer and early fall, and lockdown measures eased, allowing economic activity to increase across the country. People began to eat at restaurants and visit shops, albeit in small numbers, improving tax revenues for cities and states. Investors’ concerns that municipalities and other governmental entities would suffer severe financial hardship as a result of the pandemic eased during the six months as a result of continued governmental support and hope of economic reopening in the face of vaccine rollouts. After cratering in the spring of 2020, demand for municipal bonds increased during the period, boosting prices and pushing rates across the municipal yield curve lower.
Allocation, Issue Selection and Hedging Decisions Drive Fund Results
The fund’s return versus the Index was helped during the reporting period by allocation, issue selection and hedging decisions. Hedging activities, utilizing futures, generated a significant portion of the fund’s outperformance. Other sources of positive relative results were a material overweight in BBB rated debt, which outperformed during the period, and an underweight to AAA rated bonds, which lagged the broader market during the six months. From a yield curve positioning perspective, being overweight debt maturing in 2036-2050 provided a tailwind, as did an overweight and security selection among credits maturing in 2041-2045. Bonds issued by California, New York and Puerto Rico were most beneficial to returns.
Anticipating an Improving Environment
Our outlook for municipal bonds is positive. Improving credit quality through fiscal support and a growing economy should continue to keep investors’ quality concerns at bay. The growing probability that higher taxes will be levied on the ultra-wealthy should keep demand for municipal bonds robust as the increased revenue bolsters the financial picture of municipalities. Although valuations are currently rich, we expect this to be a continued trend and believe the portfolio is positioned to continue to attempt to offer strong performance relative to taxable bonds.
March 15, 2021
1 Total return includes reinvestment of dividends and any capital gains paid. Past performance is no guarantee of future results. Share price, yield and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost. Income may be subject to state and local taxes, and some income may be subject to the federal alternative minimum tax (AMT) for certain investors. Capital gains, if any, are fully taxable.
2 Source: Lipper Inc. — The Bloomberg Barclays U.S. Municipal Bond Index covers the U.S. dollar-denominated, long-term, tax-exempt bond market. Investors cannot invest directly in any index.
Bonds are subject generally to interest-rate, credit, liquidity and market risks, to varying degrees, all of which are more fully described in the fund’s prospectus. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes, and rate increases can cause price declines.
Recent market risks include pandemic risks related to COVID-19. The effects of COVID-19 have contributed to increased volatility in global markets and will likely affect certain countries, companies, industries and market sectors more dramatically than others. To the extent the fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase the fund's exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.
The fund may, but is not required to, use derivative instruments. A small investment in derivatives could have a potentially large impact on the fund’s performance. The use of derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying assets.
7
UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited)
As a mutual fund investor, you pay ongoing expenses, such as management fees and other expenses. Using the information below, you can estimate how these expenses affect your investment and compare them with the expenses of other funds. You also may pay one-time transaction expenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial adviser.
Review your fund’s expenses
The table below shows the expenses you would have paid on a $1,000 investment in each class of each fund from September 1, 2020 to February 28, 2021. 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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Assume actual returns for the six months ended February 28, 2021 | |||||||||||||||
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| Class M |
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| Investor Shares |
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BNY Mellon National Intermediate | |||||||||||||||
Expenses paid per $1,000† | $2.49 | $3.73 | |||||||||||||
Ending value (after expenses) | $1,009.10 | $1,007.90 | |||||||||||||
Annualized expense ratio (%) | .50 | .75 | |||||||||||||
BNY Mellon National Short-Term | |||||||||||||||
Expenses paid per $1,000† | $2.53 | $3.77 | |||||||||||||
Ending value (after expenses) | $1,003.90 | $1,002.70 | |||||||||||||
Annualized expense ratio (%) | .51 | .76 | |||||||||||||
BNY Mellon Pennsylvania | |||||||||||||||
Expenses paid per $1,000† | $3.53 | $4.77 | |||||||||||||
Ending value (after expenses) | $1,006.30 | $1,005.10 | |||||||||||||
Annualized expense ratio (%) | .71 | .96 | |||||||||||||
BNY Mellon Massachusetts | |||||||||||||||
Expenses paid per $1,000† | $2.69 | $3.93 | |||||||||||||
Ending value (after expenses) | $1,007.80 | $1,006.60 | |||||||||||||
Annualized expense ratio (%) | .54 | .79 | |||||||||||||
BNY Mellon New York | |||||||||||||||
Expenses paid per $1,000† | $2.95 | $4.19 | |||||||||||||
Ending value (after expenses) | $1,013.80 | $1,012.60 | |||||||||||||
Annualized expense ratio (%) | .59 | .84 | |||||||||||||
BNY Mellon Municipal | |||||||||||||||
Expenses paid per $1,000† | $3.33 | $4.58 | |||||||||||||
Ending value (after expenses) | $1,032.10 | $1,030.80 | |||||||||||||
Annualized expense ratio (%) | .66 | .91 |
† 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 |
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Assuming a hypothetical 5% annualized return for the six months ended February 28, 2021 | |||||||||||||||
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| Class M |
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| Investor Shares |
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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† | $3.56 | $4.81 | |||||||||||||
Ending value (after expenses) | $1,021.27 | $1,020.03 | |||||||||||||
Annualized expense ratio (%) | .71 | .96 | |||||||||||||
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† | $3.31 | $4.56 | |||||||||||||
Ending value (after expenses) | $1,021.52 | $1,020.28 | |||||||||||||
Annualized expense ratio (%) | .66 | .91 |
† Expenses are equal to each fund’s annualized expense ratios as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
9
STATEMENT OF INVESTMENTS
February 28, 2021 (Unaudited)
BNY Mellon National Intermediate Municipal Bond Fund | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.8% | |||||||||
Alabama - .5% | |||||||||
Alabama Public School & College Authority, Revenue Bonds, Refunding, Ser. A | 4.00 | 11/1/2036 | 7,500,000 | 9,071,250 | |||||
Auburn University, Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2030 | 5,000,000 | 5,791,500 | |||||
14,862,750 | |||||||||
Arizona - 2.6% | |||||||||
Arizona Industrial Development Authority, Revenue Bonds (Equitable School Revolving Fund Obligated Group) Ser. A | 4.00 | 11/1/2049 | 2,000,000 | 2,209,760 | |||||
Arizona Industrial Development Authority, Revenue Bonds (Equitable School Revolving Fund Obligated Group) Ser. A | 5.00 | 11/1/2034 | 1,000,000 | 1,281,580 | |||||
Arizona Industrial Development Authority, Revenue Bonds (Equitable School Revolving Fund Obligated Group) Ser. A | 5.00 | 11/1/2033 | 900,000 | 1,161,000 | |||||
Arizona Industrial Development Authority, Revenue Bonds (Equitable School Revolving Fund Obligated Group) Ser. A | 5.00 | 11/1/2035 | 850,000 | 1,084,575 | |||||
Arizona Industrial Development Authority, Revenue Bonds (Great Lakes Senior Living Community) Ser. A | 5.00 | 1/1/2026 | 600,000 | 612,858 | |||||
Arizona Industrial Development Authority, Revenue Bonds (Great Lakes Senior Living Community) Ser. A | 5.00 | 1/1/2029 | 675,000 | 684,119 | |||||
Arizona Industrial Development Authority, Revenue Bonds (Great Lakes Senior Living Community) Ser. A | 5.00 | 1/1/2028 | 1,000,000 | 1,016,120 | |||||
Arizona Industrial Development Authority, Revenue Bonds (Great Lakes Senior Living Community) Ser. A | 5.00 | 1/1/2025 | 650,000 | 662,883 | |||||
Arizona Industrial Development Authority, Revenue Bonds (Great Lakes Senior Living Community) Ser. A | 5.00 | 1/1/2027 | 525,000 | 535,600 | |||||
Maricopa County Industrial Development Authority, Revenue Bonds, Refunding (Banner Health Obligated Group) | 5.00 | 1/1/2027 | 5,000,000 | 6,201,550 | |||||
Maricopa County Industrial Development Authority, Revenue Bonds, Refunding (Banner Health Obligated Group) | 5.00 | 1/1/2034 | 10,000,000 | 12,041,100 | |||||
Maricopa County Special Health Care District, GO, Ser. C | 5.00 | 7/1/2029 | 5,000,000 | 6,223,700 | |||||
Maricopa County Special Health Care District, GO, Ser. C | 5.00 | 7/1/2035 | 6,000,000 | 7,285,740 | |||||
Mesa Utility System, Revenue Bonds, Refunding, Ser. B | 4.00 | 7/1/2033 | 5,000,000 | 5,443,800 | |||||
Phoenix Civic Improvement Corp., Revenue Bonds, Refunding, Ser. B | 4.00 | 7/1/2028 | 10,000,000 | 11,034,100 | |||||
Salt River Project Agricultural Improvement & Power District, Revenue Bonds, Refunding | 5.00 | 1/1/2025 | 4,500,000 | 5,157,765 | |||||
Salt River Project Agricultural Improvement & Power District, Revenue Bonds, Refunding | 5.00 | 1/1/2026 | 3,700,000 | 4,382,946 | |||||
Salt River Project Agricultural Improvement & Power District, Revenue Bonds, Refunding | 5.00 | 1/1/2027 | 2,750,000 | 3,352,112 | |||||
The University of Arizona, Revenue Bonds, Refunding | 5.00 | 8/1/2026 | 300,000 | 361,452 | |||||
The University of Arizona, Revenue Bonds, Refunding | 5.00 | 8/1/2025 | 305,000 | 357,256 | |||||
The University of Arizona, Revenue Bonds, Refunding | 5.00 | 8/1/2027 | 250,000 | 308,038 | |||||
The University of Arizona, Revenue Bonds, Refunding | 5.00 | 8/1/2029 | 400,000 | 510,468 | |||||
The University of Arizona, Revenue Bonds, Refunding | 5.00 | 8/1/2028 | 345,000 | 433,924 | |||||
72,342,446 | |||||||||
Arkansas - .1% | |||||||||
Arkansas Development Finance Authority, Revenue Bonds | 4.00 | 6/1/2040 | 1,000,000 | 1,139,040 | |||||
Arkansas Development Finance Authority, Revenue Bonds | 4.00 | 6/1/2037 | 1,000,000 | 1,147,190 | |||||
2,286,230 | |||||||||
California - 12.3% | |||||||||
Alameda Corridor Transportation Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. B | 5.00 | 10/1/2035 | 2,050,000 | 2,439,787 | |||||
Alameda Corridor Transportation Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 10/1/2036 | 1,500,000 | 1,760,550 | |||||
Anaheim Housing & Public Improvement Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 10/1/2036 | 1,750,000 | 1,904,647 |
10
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.8% (continued) | |||||||||
California - 12.3% (continued) | |||||||||
Anaheim Housing & Public Improvement Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 10/1/2035 | 2,485,000 | 2,706,761 | |||||
Bay Area Toll Authority, Revenue Bonds, Refunding | 4.00 | 4/1/2035 | 10,000,000 | 11,563,000 | |||||
Bay Area Toll Authority, Revenue Bonds, Refunding, Ser. A | 2.63 | 4/1/2026 | 10,000,000 | 10,827,000 | |||||
California, GO | 5.25 | 10/1/2039 | 5,000,000 | 6,012,800 | |||||
California, GO | 5.25 | 9/1/2029 | 10,000,000 | 11,190,800 | |||||
California, GO, Refunding | 3.00 | 10/1/2033 | 5,000,000 | 5,574,600 | |||||
California, GO, Refunding | 4.00 | 9/1/2031 | 10,000,000 | 11,580,900 | |||||
California, GO, Refunding | 5.00 | 10/1/2025 | 5,000,000 | 6,004,250 | |||||
California, GO, Refunding | 5.00 | 4/1/2031 | 9,900,000 | 12,758,229 | |||||
California, GO, Refunding | 5.00 | 10/1/2029 | 5,000,000 | 6,017,050 | |||||
California, GO, Refunding | 5.00 | 12/1/2023 | 12,500,000 | 14,092,375 | |||||
California, GO, Refunding | 5.00 | 12/1/2023 | 2,500,000 | 2,818,475 | |||||
California, GO, Ser. A | 2.38 | 10/1/2026 | 14,725,000 | 15,870,016 | |||||
California County Tobacco Securitization Agency, Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2031 | 350,000 | 456,635 | |||||
California County Tobacco Securitization Agency, Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2026 | 400,000 | 485,556 | |||||
California County Tobacco Securitization Agency, Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2027 | 600,000 | 746,538 | |||||
California County Tobacco Securitization Agency, Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2030 | 350,000 | 459,631 | |||||
California County Tobacco Securitization Agency, Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2029 | 500,000 | 647,080 | |||||
California County Tobacco Securitization Agency, Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2028 | 500,000 | 634,840 | |||||
California County Tobacco Securitization Agency, Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2033 | 250,000 | 322,698 | |||||
California County Tobacco Securitization Agency, Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2032 | 300,000 | 389,334 | |||||
California Health Facilities Financing Authority, Revenue Bonds (City of Hope Obligated Group) | 5.00 | 11/15/2049 | 5,375,000 | 6,399,905 | |||||
California Health Facilities Financing Authority, Revenue Bonds (Lucile Salter Packard Children's Hospital at Stanford Obligated Group) | 4.00 | 11/15/2047 | 1,120,000 | 1,232,302 | |||||
California Health Facilities Financing Authority, Revenue Bonds, Refunding (Adventist Health System Obligated Group) Ser. A | 4.00 | 3/1/2033 | 6,990,000 | 7,341,038 | |||||
California Health Facilities Financing Authority, Revenue Bonds, Refunding (St. Joseph Health System Obligated Group) Ser. A | 5.00 | 7/1/2033 | 10,000,000 | 10,921,600 | |||||
California Infrastructure & Economic Development Bank, Revenue Bonds, Ser. A | 4.00 | 10/1/2026 | 8,275,000 | a | 9,816,798 | ||||
California Public Works Board, Revenue Bonds, Refunding, Ser. A | 5.00 | 2/1/2028 | 4,610,000 | 5,683,899 | |||||
California Public Works Board, Revenue Bonds, Refunding, Ser. A | 5.00 | 2/1/2029 | 4,000,000 | 5,019,760 | |||||
California Public Works Board, Revenue Bonds, Refunding, Ser. A | 5.00 | 2/1/2027 | 5,500,000 | 6,636,520 | |||||
California Public Works Board, Revenue Bonds, Refunding, Ser. A | 5.00 | 2/1/2025 | 4,310,000 | 4,912,322 | |||||
California Public Works Board, Revenue Bonds, Refunding, Ser. A | 5.00 | 2/1/2026 | 3,020,000 | 3,548,168 | |||||
Evergreen School District, GO | 4.00 | 8/1/2041 | 5,000,000 | 5,479,700 | |||||
Golden State Tobacco Securitization Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2029 | 9,080,000 | 9,847,805 | |||||
Golden State Tobacco Securitization Corp., Revenue Bonds, Refunding, Ser. A1 | 5.00 | 6/1/2033 | 1,000,000 | 1,220,300 |
11
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.8% (continued) | |||||||||
California - 12.3% (continued) | |||||||||
Golden State Tobacco Securitization Corp., Revenue Bonds, Refunding, Ser. A1 | 5.00 | 6/1/2032 | 5,000,000 | 6,132,050 | |||||
Golden State Tobacco Securitization Corp., Revenue Bonds, Refunding, Ser. A1 | 5.00 | 6/1/2029 | 3,500,000 | 4,260,690 | |||||
Long Beach Unified School District, GO, Ser. A | 4.00 | 8/1/2038 | 10,300,000 | 11,565,870 | |||||
Los Angeles Community College District, GO, Refunding | 1.81 | 8/1/2030 | 5,000,000 | 5,050,400 | |||||
Los Angeles Department of Airports, Revenue Bonds, Refunding, Ser. A | 5.00 | 5/15/2025 | 1,240,000 | 1,458,996 | |||||
Los Angeles Department of Airports, Revenue Bonds, Refunding, Ser. A | 5.00 | 5/15/2026 | 1,500,000 | 1,815,255 | |||||
Los Angeles Department of Airports, Revenue Bonds, Refunding, Ser. A | 5.00 | 5/15/2024 | 1,080,000 | 1,231,546 | |||||
Los Angeles Department of Airports, Revenue Bonds, Refunding, Ser. A | 5.00 | 5/15/2023 | 825,000 | 907,624 | |||||
Los Angeles Department of Airports, Revenue Bonds, Refunding, Ser. B | 5.00 | 5/15/2026 | 9,060,000 | 11,000,108 | |||||
New Haven Unified School District, GO (Insured; Assured Guaranty Corp.) | 0.00 | 8/1/2033 | 4,000,000 | b | 3,047,080 | ||||
Newport Mesa Unified School District, GO, Refunding | 5.00 | 8/1/2025 | 1,300,000 | 1,555,905 | |||||
Newport Mesa Unified School District, GO, Refunding | 5.00 | 8/1/2024 | 1,000,000 | 1,156,580 | |||||
Patterson Public Financing Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. B | 4.00 | 6/1/2034 | 400,000 | 467,960 | |||||
Patterson Public Financing Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. B | 4.00 | 6/1/2035 | 420,000 | 489,993 | |||||
Patterson Public Financing Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. B | 4.00 | 6/1/2026 | 295,000 | 340,524 | |||||
Patterson Public Financing Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. B | 4.00 | 6/1/2033 | 385,000 | 452,071 | |||||
Port of Oakland, Revenue Bonds, Refunding, Ser. O | 5.00 | 5/1/2023 | 1,875,000 | 1,889,419 | |||||
Riverside County Transportation Commission, Revenue Bonds, Refunding, Ser. A | 5.25 | 6/1/2023 | 5,000,000 | a | 5,567,050 | ||||
Sacramento County Sanitation Districts Financing Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Corp.) Ser. B, 3 Month LIBOR x.67 +.53% | 0.68 | 12/1/2035 | 10,000,000 | c | 9,998,100 | ||||
Sacramento County Water Financing Authority, Revenue Bonds (Insured; National Public Finance Guarantee Corp.) Ser. B, 3 Month LIBOR x.67 +.55% | 0.70 | 6/1/2034 | 8,000,000 | c | 7,593,040 | ||||
San Francisco City & County, COP, Refunding (Moscone Convention Center Expansion Project) Ser. B | 4.00 | 4/1/2037 | 7,000,000 | 7,743,610 | |||||
San Francisco City & County Airport Commission, Revenue Bonds, Refunding, Ser. D | 5.00 | 5/1/2024 | 4,375,000 | 4,991,175 | |||||
San Francisco City & County Airport Commission, Revenue Bonds, Refunding, Ser. G | 5.00 | 5/1/2027 | 5,045,000 | 6,262,005 | |||||
San Francisco Community College District, GO, Refunding | 5.00 | 6/15/2029 | 5,000,000 | 5,900,650 | |||||
Southern California Public Power Authority, Revenue Bonds (Apex Power Project) Ser. A | 5.00 | 7/1/2033 | 3,380,000 | 3,843,398 | |||||
Southern California Tobacco Securitization Authority, Revenue Bonds, Refunding (San Diego County Tobacco Asset Securitization Corp.) | 5.00 | 6/1/2037 | 1,000,000 | 1,261,280 | |||||
Southern California Tobacco Securitization Authority, Revenue Bonds, Refunding (San Diego County Tobacco Asset Securitization Corp.) | 5.00 | 6/1/2034 | 500,000 | 637,495 | |||||
University of California, Revenue Bonds | 3.35 | 7/1/2029 | 12,655,000 | 14,140,191 | |||||
University of California, Revenue Bonds, Refunding (Limited Project) Ser. I | 5.00 | 5/15/2030 | 11,000,000 | 12,972,740 | |||||
339,056,474 |
12
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.8% (continued) | |||||||||
Colorado - 1.5% | |||||||||
Colorado Energy Public Authority, Revenue Bonds | 6.13 | 11/15/2023 | 3,500,000 | 3,811,990 | |||||
Colorado Housing & Finance Authority, Revenue Bonds (Insured; Government National Mortgage Association) Ser. F | 4.25 | 11/1/2049 | 4,650,000 | 5,191,818 | |||||
Colorado Housing & Finance Authority, Revenue Bonds, Ser. B | 3.75 | 5/1/2050 | 4,750,000 | 5,230,842 | |||||
Denver City & County Airport System, Revenue Bonds, Ser. A | 5.00 | 11/15/2033 | 5,000,000 | 5,521,700 | |||||
E-470 Public Highway Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 9/1/2040 | 1,450,000 | 1,621,129 | |||||
Regional Transportation District, COP, Refunding | 5.00 | 6/1/2031 | 1,710,000 | 2,189,929 | |||||
Regional Transportation District, COP, Refunding | 5.00 | 6/1/2030 | 3,000,000 | 3,860,430 | |||||
Regional Transportation District, Revenue Bonds, Refunding (Denver Transit Partners) Ser. A | 5.00 | 1/15/2032 | 1,300,000 | 1,671,787 | |||||
Regional Transportation District, Revenue Bonds, Refunding (Denver Transit Partners) Ser. A | 5.00 | 7/15/2032 | 1,905,000 | 2,443,563 | |||||
Regional Transportation District, Revenue Bonds, Refunding (Denver Transit Partners) Ser. A | 5.00 | 1/15/2029 | 1,400,000 | 1,756,720 | |||||
Regional Transportation District, Revenue Bonds, Refunding (Denver Transit Partners) Ser. A | 5.00 | 1/15/2030 | 1,000,000 | 1,272,880 | |||||
University of Colorado, Revenue Bonds, Refunding (Green Bond) Ser. C | 2.00 | 10/15/2024 | 5,500,000 | 5,788,200 | |||||
40,360,988 | |||||||||
Connecticut - 1.5% | |||||||||
Connecticut, GO, Refunding, Ser. A | 4.50 | 3/15/2033 | 3,700,000 | 4,148,181 | |||||
Connecticut, GO, Ser. 2021 A | 3.00 | 1/15/2035 | 8,000,000 | 8,722,320 | |||||
Connecticut, GO, Ser. B | 4.00 | 6/15/2030 | 3,000,000 | 3,347,070 | |||||
Connecticut, Revenue Bonds, Ser. A | 5.00 | 9/1/2030 | 7,055,000 | 8,545,651 | |||||
Connecticut, Revenue Bonds, Ser. A | 5.00 | 9/1/2028 | 1,070,000 | 1,303,752 | |||||
Connecticut, Special Tax Bonds, Ser. A | 5.00 | 5/1/2028 | 5,000,000 | 6,353,650 | |||||
Connecticut, Special Tax Bonds, Ser. A | 5.00 | 5/1/2027 | 3,400,000 | 4,227,084 | |||||
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (Fairfield University) Ser. R | 3.25 | 7/1/2035 | 1,785,000 | 1,916,019 | |||||
Connecticut Housing Finance Authority, Revenue Bonds, Refunding (Insured; GNMA, FNMA, FHLMC) Ser. D1 | 4.00 | 11/15/2047 | 1,655,000 | 1,787,086 | |||||
40,350,813 | |||||||||
Delaware - .3% | |||||||||
Delaware River & Bay Authority, Revenue Bonds, Refunding, Ser. C | 5.00 | 1/1/2024 | 1,000,000 | 1,124,910 | |||||
Delaware River & Bay Authority, Revenue Bonds, Refunding, Ser. C | 5.00 | 1/1/2023 | 1,500,000 | 1,623,705 | |||||
University of Delaware, Revenue Bonds, Refunding, Ser. A | 5.00 | 5/1/2023 | 5,440,000 | a | 5,999,776 | ||||
8,748,391 | |||||||||
District of Columbia - 1.8% | |||||||||
District of Columbia, Revenue Bonds, Refunding (Friendship Public Charter School) | 5.00 | 6/1/2036 | 3,200,000 | 3,580,160 | |||||
District of Columbia, Revenue Bonds, Refunding (KIPP DC Obligated Group) Ser. A | 5.00 | 7/1/2042 | 5,955,000 | 6,928,345 | |||||
District of Columbia, Revenue Bonds, Refunding (KIPP DC Obligated Group) Ser. A | 5.00 | 7/1/2037 | 4,925,000 | 5,799,729 | |||||
District of Columbia, Revenue Bonds, Refunding (KIPP DC Project) Ser. B | 5.00 | 7/1/2037 | 1,010,000 | 1,189,386 | |||||
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding | 5.00 | 10/1/2027 | 15,910,000 | 19,818,132 | |||||
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding, Ser. B | 4.00 | 10/1/2036 | 1,250,000 | 1,419,625 | |||||
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding, Ser. B | 4.00 | 10/1/2038 | 1,000,000 | 1,126,190 | |||||
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding, Ser. B | 4.00 | 10/1/2037 | 1,650,000 | 1,863,675 |
13
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.8% (continued) | |||||||||
District of Columbia - 1.8% (continued) | |||||||||
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding, Ser. C | 5.00 | 10/1/2023 | 4,250,000 | 4,368,532 | |||||
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding, Ser. C | 5.00 | 10/1/2024 | 3,070,000 | 3,154,732 | |||||
49,248,506 | |||||||||
Florida - 5.1% | |||||||||
Alachua County Health Facilities Authority, Revenue Bonds, Refunding (Shands Teaching Hospital & Clinics Obligated Group) | 5.00 | 12/1/2026 | 5,000,000 | 5,981,450 | |||||
Florida Department of Transportation Turnpike System, Revenue Bonds, Refunding, Ser. C | 4.50 | 7/1/2040 | 8,710,000 | 9,340,343 | |||||
Florida Development Finance Corp., Revenue Bonds (Mater Academy Project) Ser. A | 5.00 | 6/15/2035 | 1,000,000 | 1,148,510 | |||||
Jacksonville, Revenue Bonds, Refunding | 5.00 | 10/1/2021 | 2,500,000 | 2,569,150 | |||||
Lee County Airport, Revenue Bonds, Refunding, Ser. A | 5.50 | 10/1/2023 | 3,565,000 | 3,644,036 | |||||
Lee County Airport, Revenue Bonds, Refunding, Ser. A | 5.50 | 10/1/2024 | 5,000,000 | 5,111,050 | |||||
Miami-Dade County, Revenue Bonds (Juvenile Courthouse) (Insured; American Municipal Bond Assurance Corp.) (LOC; TD Bank NA) Ser. B | 0.03 | 4/1/2043 | 200,000 | d | 200,000 | ||||
Miami-Dade County Water & Sewer System, Revenue Bonds, Refunding, Ser. A | 5.00 | 10/1/2034 | 10,110,000 | 11,979,238 | |||||
Miami-Dade County Water & Sewer System, Revenue Bonds, Refunding, Ser. A | 5.00 | 10/1/2032 | 5,000,000 | 5,936,850 | |||||
Miami-Dade County Water & Sewer System, Revenue Bonds, Refunding, Ser. B | 5.00 | 10/1/2031 | 3,000,000 | 3,565,080 | |||||
Miami-Dade County Water & Sewer System, Revenue Bonds, Refunding, Ser. B | 5.00 | 10/1/2033 | 5,150,000 | 6,109,857 | |||||
North Sumter County Utility Dependent District, Revenue Bonds, Refunding (Monroe Expressway System) | 5.00 | 10/1/2031 | 4,850,000 | 6,420,381 | |||||
Orange County Convention Center, Revenue Bonds, Refunding | 4.00 | 10/1/2031 | 5,000,000 | 5,706,950 | |||||
Orange County Health Facilities Authority, Revenue Bonds, Refunding (Orlando Health Obligated Group) | 5.00 | 10/1/2026 | 3,000,000 | 3,674,190 | |||||
Orange County Health Facilities Authority, Revenue Bonds, Refunding (Orlando Health Obligated Group) | 5.00 | 10/1/2025 | 3,000,000 | 3,575,520 | |||||
Orange County School Board, COP, Refunding, Ser. C | 5.00 | 8/1/2031 | 10,000,000 | 11,771,900 | |||||
Palm Beach County School District, COP, Refunding, Ser. C | 5.00 | 8/1/2031 | 10,000,000 | 11,397,300 | |||||
Palm Beach County School District, COP, Refunding, Ser. D | 5.00 | 8/1/2030 | 7,840,000 | 9,217,958 | |||||
Palm Beach County School District, COP, Refunding, Ser. D | 5.00 | 8/1/2031 | 2,855,000 | 3,355,453 | |||||
State Board of Administration Finance Corp., Revenue Bonds, Ser. A | 1.71 | 7/1/2027 | 10,130,000 | 10,371,600 | |||||
Tampa Sports Authority, Revenue Bonds, Refunding | 5.00 | 1/1/2024 | 90,000 | 98,574 | |||||
The Miami-Dade County School Board, COP, Refunding, Ser. A | 5.00 | 5/1/2032 | 5,475,000 | 6,358,282 | |||||
The Miami-Dade County School Board, COP, Refunding, Ser. A | 5.00 | 5/1/2026 | 10,095,000 | 11,854,357 | |||||
139,388,029 | |||||||||
Georgia - 1.2% | |||||||||
DeKalb County Water & Sewerage, Revenue Bonds, Ser. A | 5.25 | 10/1/2036 | 3,500,000 | 3,598,525 | |||||
Georgia, GO, Ser. A | 5.00 | 8/1/2031 | 10,000,000 | 13,406,300 | |||||
Main Street Natural Gas, Revenue Bonds, Ser. A | 5.00 | 5/15/2028 | 2,510,000 | 3,132,957 | |||||
Main Street Natural Gas, Revenue Bonds, Ser. A | 5.00 | 5/15/2029 | 4,940,000 | 6,265,353 | |||||
Main Street Natural Gas, Revenue Bonds, Ser. A | 5.00 | 5/15/2026 | 3,000,000 | 3,596,640 | |||||
Main Street Natural Gas, Revenue Bonds, Ser. A | 5.00 | 5/15/2027 | 2,500,000 | 3,065,275 | |||||
Main Street Natural Gas, Revenue Bonds, Ser. A | 6.38 | 7/15/2038 | 1,335,000 | e | 6,675 | ||||
33,071,725 | |||||||||
Hawaii - .4% | |||||||||
Hawaii, GO, Ser. EO | 4.00 | 8/1/2031 | 10,000,000 | 10,987,200 | |||||
Idaho - .5% | |||||||||
Idaho Health Facilities Authority, Revenue Bonds, Refunding (Trinity Health Obligated Group) Ser. D | 5.00 | 6/1/2022 | 5,000,000 | a | 5,300,100 |
14
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.8% (continued) | |||||||||
Idaho - .5% (continued) | |||||||||
University of Idaho, Revenue Bonds, Refunding, Ser. 2011 | 5.25 | 4/1/2021 | 8,840,000 | 8,876,156 | |||||
14,176,256 | |||||||||
Illinois - 7.9% | |||||||||
Chicago II, GO, Refunding, Ser. 2005D | 5.50 | 1/1/2037 | 3,500,000 | 3,876,565 | |||||
Chicago II, GO, Refunding, Ser. 2007F | 5.50 | 1/1/2035 | 3,750,000 | 4,158,150 | |||||
Chicago II, GO, Refunding, Ser. A | 5.00 | 1/1/2026 | 3,000,000 | 3,457,170 | |||||
Chicago II, GO, Refunding, Ser. A | 5.00 | 1/1/2029 | 8,000,000 | 9,652,400 | |||||
Chicago II, GO, Ser. 2002B | 5.25 | 1/1/2022 | 1,000,000 | 1,035,560 | |||||
Chicago II, GO, Ser. A | 5.00 | 1/1/2026 | 3,000,000 | 3,373,230 | |||||
Chicago II, GO, Ser. A | 5.00 | 1/1/2024 | 4,500,000 | 4,949,370 | |||||
Chicago Il, GO, Refunding, Ser. A | 5.75 | 1/1/2034 | 3,585,000 | 4,224,743 | |||||
Chicago Il Wastewater Transmission, Revenue Bonds, Refunding, Ser. C | 5.00 | 1/1/2024 | 3,000,000 | 3,339,720 | |||||
Chicago Il Wastewater Transmission, Revenue Bonds, Refunding, Ser. C | 5.00 | 1/1/2025 | 2,110,000 | 2,415,802 | |||||
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. B | 5.00 | 1/1/2025 | 4,450,000 | 5,173,125 | |||||
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. B | 5.00 | 1/1/2033 | 1,000,000 | 1,153,060 | |||||
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. B | 5.00 | 1/1/2037 | 3,000,000 | 3,657,900 | |||||
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. B | 5.00 | 1/1/2022 | 4,615,000 | 4,799,923 | |||||
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. B | 5.00 | 1/1/2024 | 5,000,000 | 5,627,600 | |||||
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. B | 5.00 | 1/1/2025 | 7,055,000 | 7,647,479 | |||||
Chicago Park District, GO, Refunding, Ser. F2 | 5.00 | 1/1/2030 | 1,700,000 | 2,109,241 | |||||
Chicago Park District, GO, Refunding, Ser. F2 | 5.00 | 1/1/2026 | 975,000 | 1,136,967 | |||||
Chicago Park District, GO, Refunding, Ser. F2 | 5.00 | 1/1/2028 | 1,550,000 | 1,874,927 | |||||
Cook County ll, Revenue Bonds, Refunding | 5.00 | 11/15/2033 | 6,050,000 | 7,343,429 | |||||
Cook County School District No. 100, GO, Refunding (Insured; Build America Mutual) Ser. C | 5.00 | 12/1/2024 | 1,720,000 | 1,964,016 | |||||
Cook Kane Lake & McHenry Counties Community College District No. 512, GO | 4.00 | 12/15/2031 | 10,000,000 | 11,818,500 | |||||
DuPage & Cook Counties Township High School District No. 86 , GO | 4.00 | 1/15/2035 | 5,205,000 | 5,986,062 | |||||
DuPage & Cook Counties Township High School District No. 86 , GO | 4.00 | 1/15/2033 | 2,000,000 | 2,313,520 | |||||
Illinois, GO, Refunding | 5.00 | 2/1/2026 | 5,000,000 | 5,732,900 | |||||
Illinois, GO, Refunding | 5.00 | 8/1/2023 | 10,030,000 | 10,917,755 | |||||
Illinois, GO, Refunding | 5.00 | 8/1/2025 | 3,485,000 | 3,655,939 | |||||
Illinois, GO, Refunding, Ser. A | 5.00 | 10/1/2024 | 2,000,000 | 2,235,300 | |||||
Illinois, GO, Refunding, Ser. A | 5.00 | 10/1/2025 | 4,000,000 | 4,561,280 | |||||
Illinois, GO, Refunding, Ser. A | 5.00 | 10/1/2022 | 2,000,000 | 2,122,020 | |||||
Illinois, GO, Refunding, Ser. A | 5.00 | 10/1/2023 | 1,200,000 | 1,311,972 | |||||
Illinois, Revenue Bonds (Insured; National Public Finance Guarantee Corp.) | 6.00 | 6/15/2024 | 5,030,000 | 5,849,840 | |||||
Illinois, Revenue Bonds (Insured; National Public Finance Guarantee Corp.) | 6.00 | 6/15/2025 | 3,225,000 | 3,891,640 | |||||
Illinois, Revenue Bonds (Insured; National Public Finance Guarantee Corp.) | 6.00 | 6/15/2026 | 4,290,000 | 5,332,599 | |||||
Illinois Finance Authority, Revenue Bonds (Green Bond) | 4.00 | 7/1/2033 | 10,000,000 | 12,155,400 | |||||
Illinois Finance Authority, Revenue Bonds (Green Bond) | 4.00 | 7/1/2038 | 7,500,000 | 8,767,050 | |||||
Illinois Finance Authority, Revenue Bonds, Refunding (OSF Healthcare System Obligated Group) Ser. B2 | 5.00 | 11/15/2026 | 3,000,000 | 3,591,600 | |||||
Illinois Toll Highway Authority, Revenue Bonds, Refunding | 5.00 | 1/1/2031 | 10,160,000 | 13,151,409 | |||||
Illinois Toll Highway Authority, Revenue Bonds, Refunding | 5.00 | 1/1/2028 | 5,000,000 | 6,297,600 |
15
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.8% (continued) | |||||||||
Illinois - 7.9% (continued) | |||||||||
Kane Cook & DuPage Counties Community College District No. 509, GO, Refunding (Elign Community College) | 3.00 | 12/15/2032 | 5,000,000 | 5,354,550 | |||||
Kane McHenry Cook & De Kalb Counties Unit School District No. 300, GO, Refunding | 5.25 | 1/1/2032 | 5,000,000 | 5,435,950 | |||||
Kendall County Forest Preserve District, GO, Refunding (Insured; Build America Mutual) | 4.00 | 1/1/2027 | 2,270,000 | 2,501,290 | |||||
Schaumburg ll, GO, Ser. A | 4.00 | 12/1/2028 | 1,220,000 | 1,474,626 | |||||
Will Grundy Counties Community College District No. 525, GO, Refunding (Joliet Junior College) | 3.00 | 1/1/2029 | 9,305,000 | 9,955,885 | |||||
217,385,064 | |||||||||
Indiana - .7% | |||||||||
Indiana Finance Authority, Revenue Bonds (Goshen Health Obligated Group) Ser. A | 5.00 | 11/1/2028 | 775,000 | 955,916 | |||||
Indiana Finance Authority, Revenue Bonds (Goshen Health Obligated Group) Ser. A | 5.00 | 11/1/2027 | 740,000 | 898,464 | |||||
Indiana Finance Authority, Revenue Bonds (Goshen Health Obligated Group) Ser. B | 2.10 | 11/1/2026 | 2,700,000 | 2,833,002 | |||||
Whiting, Revenue Bonds, Refunding (BP Products North America) | 5.00 | 6/5/2026 | 12,500,000 | 15,248,375 | |||||
19,935,757 | |||||||||
Iowa - .4% | |||||||||
PEFA, Revenue Bonds (PEFA Gas Project) | 5.00 | 9/1/2026 | 10,000,000 | 12,078,000 | |||||
Kansas - .2% | |||||||||
Kansas Department of Transportation, Revenue Bonds, Ser. A | 5.00 | 9/1/2028 | 6,000,000 | 6,877,680 | |||||
Kentucky - 3.3% | |||||||||
Kentucky Bond Development Corp., Revenue Bonds (Insured; Build America Mutual) | 5.00 | 9/1/2029 | 2,395,000 | 3,103,968 | |||||
Kentucky Bond Development Corp., Revenue Bonds (Insured; Build America Mutual) | 5.00 | 9/1/2028 | 2,275,000 | 2,896,052 | |||||
Kentucky Property & Building Commission, Revenue Bonds (Project No. 112) (Insured; Assured Guaranty Municipal Corp.) Ser. A | 5.00 | 2/1/2028 | 5,150,000 | 6,109,805 | |||||
Kentucky Property & Building Commission, Revenue Bonds (Project No. 112) Ser. A | 5.00 | 2/1/2031 | 3,000,000 | 3,499,740 | |||||
Kentucky Property & Building Commission, Revenue Bonds (Project No. 115) | 5.00 | 4/1/2028 | 4,905,000 | 5,948,343 | |||||
Kentucky Property & Building Commission, Revenue Bonds (Project No. 122) Ser. A | 5.00 | 11/1/2033 | 1,000,000 | 1,225,830 | |||||
Kentucky Property & Building Commission, Revenue Bonds, Refunding (Project No. 112) Ser. B | 5.00 | 11/1/2026 | 5,000,000 | 6,047,600 | |||||
Kentucky Property & Building Commission, Revenue Bonds, Refunding (Project No. 112) Ser. B | 5.00 | 11/1/2025 | 7,475,000 | 8,844,719 | |||||
Kentucky Public Energy Authority, Revenue Bonds, Ser. A | 4.00 | 6/1/2026 | 10,000,000 | 11,447,300 | |||||
Kentucky Public Energy Authority, Revenue Bonds, Ser. A1 | 4.00 | 6/1/2025 | 8,000,000 | 8,973,680 | |||||
Kentucky Public Energy Authority, Revenue Bonds, Ser. C1 | 4.00 | 6/1/2025 | 16,500,000 | 18,492,375 | |||||
Kentucky Turnpike Authority, Revenue Bonds (Revitalization Projects) Ser. A | 5.00 | 7/1/2031 | 675,000 | 735,197 | |||||
Kentucky Turnpike Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2027 | 5,000,000 | 5,991,600 | |||||
Louisville & Jefferson County Metropolitan Sewer District, Revenue Bonds, Refunding, Ser. A | 4.00 | 5/15/2032 | 5,430,000 | 6,372,811 | |||||
89,689,020 | |||||||||
Louisiana - .7% | |||||||||
Louisiana, GO, Refunding, Ser. C | 5.00 | 8/1/2026 | 5,000,000 | 5,730,250 | |||||
Louisiana, GO, Ser. B | 4.00 | 5/1/2034 | 5,035,000 | 5,616,089 | |||||
Louisiana, GO, Ser. B | 4.00 | 5/1/2033 | 1,770,000 | 1,978,347 | |||||
Louisiana Gasoline & Fuels, Revenue Bonds, Refunding, Ser. A1 | 4.00 | 5/1/2033 | 5,000,000 | 5,207,000 | |||||
18,531,686 |
16
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.8% (continued) | |||||||||
Maine - .1% | |||||||||
Maine Governmental Facilities Authority, Revenue Bonds, Ser. A | 4.00 | 10/1/2034 | 1,880,000 | 2,182,285 | |||||
Maryland - 2.6% | |||||||||
Anne Arundel County, GO | 5.00 | 10/1/2025 | 7,205,000 | 8,662,932 | |||||
Anne Arundel County, GO, Refunding | 5.00 | 4/1/2030 | 4,640,000 | 5,044,608 | |||||
Maryland, GO | 4.00 | 6/1/2027 | 18,700,000 | 20,734,186 | |||||
Maryland Community Development Administration, Revenue Bonds, Refunding, Ser. B | 4.00 | 9/1/2049 | 4,755,000 | 5,275,625 | |||||
Montgomery County, GO, Refunding, Ser. A | 3.00 | 8/1/2032 | 7,500,000 | 8,508,975 | |||||
Montgomery County, GO, Refunding, Ser. A | 5.00 | 11/1/2024 | 10,000,000 | a | 11,679,400 | ||||
Montgomery County, GO, Refunding, Ser. B | 4.00 | 12/1/2030 | 12,000,000 | 12,955,320 | |||||
72,861,046 | |||||||||
Massachusetts - 1.4% | |||||||||
Massachusetts, GO, Refunding, Ser. A, 3 Month LIBOR x.67 +.55% | 0.69 | 11/1/2025 | 5,000,000 | c | 5,002,950 | ||||
Massachusetts Bay Transportation Authority, Revenue Bonds, Refunding | 5.00 | 7/1/2029 | 5,000,000 | 6,540,600 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Emerson College) | 5.00 | 1/1/2035 | 2,000,000 | 2,218,080 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Emmanuel College) Ser. A | 5.00 | 10/1/2033 | 5,000,000 | 5,792,950 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk University) | 5.00 | 7/1/2031 | 620,000 | 772,700 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk University) | 5.00 | 7/1/2032 | 770,000 | 953,106 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk University) | 5.00 | 7/1/2033 | 800,000 | 986,112 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk University) | 5.00 | 7/1/2030 | 700,000 | 879,088 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk University) | 5.00 | 7/1/2035 | 1,000,000 | 1,180,190 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk University) | 5.00 | 7/1/2036 | 1,010,000 | 1,188,699 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk University) | 5.00 | 7/1/2034 | 1,000,000 | 1,182,170 | |||||
The Massachusetts Clean Water Trust, Revenue Bonds, Refunding, Ser. A | 5.75 | 8/1/2029 | 380,000 | 381,539 | |||||
University of Massachusetts Building Authority, Revenue Bonds, Ser. 1 | 4.00 | 11/1/2022 | 10,000,000 | a | 10,639,500 | ||||
37,717,684 | |||||||||
Michigan - 1.8% | |||||||||
Byron Center Public Schools, GO, Refunding | 5.00 | 5/1/2030 | 1,480,000 | 1,926,442 | |||||
Detroit Downtown Development Authority, Tax Allocation Bonds, Refunding (Catalyst Development Project) (Insured; Assured Guaranty Municipal Corp.) Ser. A | 5.00 | 7/1/2032 | 1,000,000 | 1,130,390 | |||||
Detroit Downtown Development Authority, Tax Allocation Bonds, Refunding (Catalyst Development Project) (Insured; Assured Guaranty Municipal Corp.) Ser. A | 5.00 | 7/1/2031 | 1,000,000 | 1,130,740 | |||||
Detroit Downtown Development Authority, Tax Allocation Bonds, Refunding (Catalyst Development Project) (Insured; Assured Guaranty Municipal Corp.) Ser. A | 5.00 | 7/1/2029 | 1,350,000 | 1,527,458 | |||||
Michigan Building Authority, Revenue Bonds, Refunding, Ser. IA | 5.00 | 10/15/2033 | 5,000,000 | 5,555,250 | |||||
Michigan Building Authority, Revenue Bonds, Refunding, Ser. IA | 5.00 | 10/15/2029 | 10,000,000 | 11,118,800 | |||||
Michigan Finance Authority, Revenue Bonds, Refunding (Great Lakes Water Authority) (Insured; Assured Guaranty Municipal Corp.) Ser. C3 | 5.00 | 7/1/2028 | 2,500,000 | 2,856,050 |
17
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.8% (continued) | |||||||||
Michigan - 1.8% (continued) | |||||||||
Michigan Finance Authority, Revenue Bonds, Refunding (Great Lakes Water Authority) (Insured; Assured Guaranty Municipal Corp.) Ser. C3 | 5.00 | 7/1/2027 | 3,000,000 | 3,432,630 | |||||
Michigan Finance Authority, Revenue Bonds, Refunding (Great Lakes Water Authority) (Insured; Assured Guaranty Municipal Corp.) Ser. C3 | 5.00 | 7/1/2026 | 1,875,000 | 2,150,081 | |||||
Michigan Finance Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. D2 | 5.00 | 7/1/2026 | 2,500,000 | 2,866,775 | |||||
Michigan Finance Authority, Revenue Bonds, Refunding (Trinity Health Credit Obligated Group) | 4.00 | 12/1/2035 | 2,500,000 | 2,927,850 | |||||
Michigan Finance Authority, Revenue Bonds, Refunding (Trinity Health Credit Obligated Group) | 4.00 | 12/1/2036 | 3,000,000 | 3,492,240 | |||||
Michigan Finance Authority, Revenue Bonds, Refunding (Trinity Health Obligated Group) | 5.00 | 6/1/2022 | 5,000,000 | a | 5,300,100 | ||||
Western Michigan University, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. C | 5.00 | 11/15/2031 | 850,000 | 1,087,796 | |||||
Western Michigan University, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. C | 5.00 | 11/15/2033 | 925,000 | 1,172,299 | |||||
Western Michigan University, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. C | 5.00 | 11/15/2027 | 700,000 | 855,085 | |||||
Western Michigan University, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. C | 5.00 | 11/15/2029 | 600,000 | 756,192 | |||||
49,286,178 | |||||||||
Minnesota - .0% | |||||||||
Minnesota Housing Finance Agency, Revenue Bonds, Refunding (Insured; GNMA, FNMA, FHLMC) Ser. B | 4.00 | 7/1/2047 | 1,075,000 | 1,159,624 | |||||
Mississippi - .2% | |||||||||
The University of Southern Mississippi, Revenue Bonds, Refunding (Facilities Refinancing Project) | 5.00 | 9/1/2025 | 250,000 | 296,963 | |||||
West Rankin Utility Authority, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 1/1/2033 | 1,650,000 | 1,884,680 | |||||
West Rankin Utility Authority, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 1/1/2032 | 1,000,000 | 1,142,730 | |||||
West Rankin Utility Authority, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 1/1/2030 | 1,105,000 | 1,267,059 | |||||
4,591,432 | |||||||||
Missouri - 1.1% | |||||||||
Kansas City Industrial Development Authority, Revenue Bonds (Kansas City International Airport) | 4.00 | 3/1/2035 | 2,000,000 | 2,307,840 | |||||
Kansas City Industrial Development Authority, Revenue Bonds (Kansas City International Airport) | 4.00 | 3/1/2034 | 3,500,000 | 4,049,710 | |||||
Missouri Health & Educational Facilities Authority, Revenue Bonds (The Washington University) Ser. C | 0.01 | 3/1/2040 | 400,000 | d | 400,000 | ||||
Missouri Health & Educational Facilities Authority, Revenue Bonds, Refunding (Mercy Health) Ser. A | 5.00 | 6/1/2028 | 6,000,000 | 7,570,980 | |||||
Missouri Highways & Transportation Commission, Revenue Bonds, Refunding, Ser. A | 5.00 | 5/1/2023 | 14,625,000 | 16,115,726 | |||||
30,444,256 | |||||||||
Montana - .1% | |||||||||
Montana Board of Housing, Revenue Bonds, Ser. A2 | 3.50 | 6/1/2044 | 2,540,000 | 2,696,362 | |||||
Nebraska - .2% | |||||||||
Central Plains Energy Project, Revenue Bonds, Refunding | 4.00 | 8/1/2025 | 5,000,000 | 5,671,350 | |||||
Saline County Hospital Authority No. 1, Revenue Bonds, Refunding (Bryan Medical Center Obligated Group) (LOC; US Bank NA) Ser. C | 0.01 | 6/1/2031 | 200,000 | d | 200,000 | ||||
5,871,350 | |||||||||
Nevada - 2.8% | |||||||||
Clark County, GO, Ser. B | 4.00 | 11/1/2033 | 2,750,000 | 3,314,602 |
18
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.8% (continued) | |||||||||
Nevada - 2.8% (continued) | |||||||||
Clark County, Revenue Bonds, Refunding (Motor Vehicle Fuel Tax) Ser. C | 5.00 | 7/1/2029 | 11,250,000 | 14,716,350 | |||||
Clark County Department of Aviation, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2040 | 1,145,000 | 1,329,734 | |||||
Clark County School District, GO (Insured; Assured Guaranty Municipal Corp.) Ser. A | 5.00 | 6/15/2029 | 5,280,000 | 6,487,378 | |||||
Clark County School District, GO (Insured; Assured Guaranty Municipal Corp.) Ser. A | 5.00 | 6/15/2029 | 1,000,000 | 1,288,760 | |||||
Clark County School District, GO (Insured; Assured Guaranty Municipal Corp.) Ser. A | 5.00 | 6/15/2031 | 1,560,000 | 2,033,273 | |||||
Clark County School District, GO (Insured; Assured Guaranty Municipal Corp.) Ser. B | 5.00 | 6/15/2028 | 5,000,000 | 6,345,850 | |||||
Clark County School District, GO (Insured; Assured Guaranty Municipal Corp.) Ser. B | 5.00 | 6/15/2033 | 5,000,000 | 6,255,450 | |||||
Clark County School District, GO (Insured; Build America Mutual) Ser. B | 5.00 | 6/15/2028 | 10,005,000 | 12,698,046 | |||||
Clark County School District, GO, Refunding (Insured; Build America Mutual) Ser. C | 5.00 | 6/15/2027 | 5,000,000 | 5,962,250 | |||||
Clark County School District, GO, Refunding, Ser. A | 5.00 | 6/15/2024 | 5,000,000 | 5,724,800 | |||||
Nevada, GO, Refunding, Ser. A | 5.00 | 5/1/2031 | 5,200,000 | 6,840,912 | |||||
Nevada Housing Division, Revenue Bonds (Insured; GNMA, FNMA, FHLMC) Ser. A | 4.00 | 4/1/2049 | 2,945,000 | 3,256,964 | |||||
76,254,369 | |||||||||
New Jersey - 6.8% | |||||||||
Hudson County, GO, Refunding | 3.00 | 11/15/2032 | 11,700,000 | 12,853,503 | |||||
New Jersey, GO | 5.00 | 6/1/2027 | 2,000,000 | 2,459,940 | |||||
New Jersey, GO (COVID-19 Emergency Bonds) Ser. A | 5.00 | 6/1/2028 | 7,000,000 | 8,733,760 | |||||
New Jersey, GO (COVID-19 Emergency Bonds) Ser. A | 5.00 | 6/1/2027 | 2,000,000 | 2,459,940 | |||||
New Jersey Economic Development Authority, Revenue Bonds (Cigarette Tax) Refunding | 5.00 | 6/15/2023 | 5,000,000 | 5,256,450 | |||||
New Jersey Economic Development Authority, Revenue Bonds, Refunding (Cigarette Tax) | 5.00 | 6/15/2021 | 10,000,000 | 10,134,900 | |||||
New Jersey Economic Development Authority, Revenue Bonds, Refunding (Cigarette Tax) | 5.00 | 6/15/2024 | 5,000,000 | 5,246,750 | |||||
New Jersey Economic Development Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. NN | 5.00 | 3/1/2025 | 13,000,000 | 14,139,580 | |||||
New Jersey Economic Development Authority, Revenue Bonds, Refunding (Insured; National Public Finance Guarantee Corp.) Ser. N1 | 5.50 | 9/1/2023 | 10,000,000 | 11,190,900 | |||||
New Jersey Economic Development Authority, Revenue Bonds, Refunding (New Jersey-American Water) Ser. D | 1.10 | 12/1/2027 | 4,075,000 | 4,038,366 | |||||
New Jersey Economic Development Authority, Revenue Bonds, Refunding (School Facilities Construction) Ser. GGG | 5.25 | 9/1/2024 | 5,000,000 | f | 5,744,400 | ||||
New Jersey Economic Development Authority, Revenue Bonds, Ser. QQQ | 4.00 | 6/15/2034 | 1,000,000 | 1,136,800 | |||||
New Jersey Economic Development Authority, Revenue Bonds, Ser. QQQ | 5.00 | 6/15/2029 | 1,000,000 | 1,246,900 | |||||
New Jersey Economic Development Authority, Revenue Bonds, Ser. QQQ | 5.00 | 6/15/2033 | 2,185,000 | 2,722,444 | |||||
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Refunding (RWJ Barnabas Health Obligated Group) Ser. A | 5.00 | 7/1/2022 | 1,830,000 | 1,945,382 | |||||
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Refunding (Trinitas Regional Medical Center Obligated Group) | 5.00 | 7/1/2024 | 1,000,000 | 1,130,040 | |||||
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Refunding (Trinitas Regional Medical Center Obligated Group) | 5.00 | 7/1/2025 | 1,060,000 | 1,232,483 |
19
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.8% (continued) | |||||||||
New Jersey - 6.8% (continued) | |||||||||
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Refunding (Trinitas Regional Medical Center Obligated Group) | 5.00 | 7/1/2026 | 1,000,000 | 1,193,020 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds | 5.00 | 6/15/2031 | 1,725,000 | 2,094,460 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds (Insured; National Public Finance Guarantee Corp.) Ser. A | 5.75 | 6/15/2025 | 4,245,000 | 5,089,288 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding | 5.00 | 12/15/2028 | 5,000,000 | 6,214,800 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding | 5.00 | 12/15/2027 | 2,250,000 | 2,758,005 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding (Insured; National Public Finance Guarantee Corp.) Ser. B | 5.50 | 12/15/2021 | 10,000,000 | 10,407,100 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 12/15/2027 | 10,000,000 | 12,257,800 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Ser. AA | 5.00 | 6/15/2037 | 1,500,000 | 1,835,610 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Ser. AA | 5.00 | 6/15/2036 | 2,000,000 | 2,458,720 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Ser. AA | 5.00 | 6/15/2035 | 2,000,000 | 2,470,540 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Ser. B | 5.50 | 6/15/2031 | 5,000,000 | 5,063,400 | |||||
New Jersey Turnpike Authority, Revenue Bonds, Refunding, Ser. D | 5.00 | 1/1/2028 | 5,000,000 | 6,037,400 | |||||
Ocean City, GO, Refunding | 3.00 | 9/15/2031 | 5,000,000 | 5,406,050 | |||||
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2034 | 8,000,000 | 9,684,640 | |||||
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2033 | 12,000,000 | 14,592,120 | |||||
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2032 | 6,000,000 | 7,332,660 | |||||
186,568,151 | |||||||||
New York - 16.8% | |||||||||
Hudson Yards Infrastructure Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 2/15/2033 | 5,000,000 | 5,984,200 | |||||
Metropolitan Transportation Authority, Revenue Bonds (Green Bond) Ser. A | 5.00 | 11/15/2035 | 10,000,000 | 11,981,000 | |||||
Metropolitan Transportation Authority, Revenue Bonds, Refunding (Green Bond) (Insured; Assured Guaranty Municipal Corp.) Ser. C | 5.00 | 11/15/2038 | 8,445,000 | 10,390,981 | |||||
Metropolitan Transportation Authority, Revenue Bonds, Refunding (Green Bond) Ser. A2 | 5.00 | 5/15/2024 | 10,000,000 | 11,188,700 | |||||
Metropolitan Transportation Authority, Revenue Bonds, Refunding (Green Bond) Ser. B | 5.00 | 11/15/2027 | 2,365,000 | 2,870,069 | |||||
Metropolitan Transportation Authority, Revenue Bonds, Refunding (Green Bond) Ser. B2 | 5.25 | 11/15/2033 | 10,285,000 | 12,772,530 | |||||
Metropolitan Transportation Authority, Revenue Bonds, Refunding (Green Bond) Ser. C1 | 5.00 | 11/15/2034 | 2,500,000 | 2,969,350 | |||||
Metropolitan Transportation Authority, Revenue Bonds, Refunding (Green Bond) Ser. C1 | 5.00 | 11/15/2026 | 10,185,000 | 12,187,778 | |||||
Metropolitan Transportation Authority, Revenue Bonds, Refunding, Ser. C1 | 5.25 | 11/15/2031 | 7,400,000 | 8,614,266 | |||||
Metropolitan Transportation Authority, Revenue Bonds, Refunding, Ser. D | 5.00 | 11/15/2037 | 1,580,000 | 1,859,881 | |||||
Metropolitan Transportation Authority, Revenue Bonds, Refunding, Ser. D | 5.00 | 11/15/2031 | 10,000,000 | 11,744,500 |
20
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.8% (continued) | |||||||||
New York - 16.8% (continued) | |||||||||
Metropolitan Transportation Authority Hudson Rail Yards Trust, Revenue Bonds, Refunding, Ser. A | 5.00 | 11/15/2051 | 5,000,000 | 5,132,850 | |||||
Nassau County, GO, Refunding (Insured; Build America Mutual) Ser. C | 5.00 | 10/1/2028 | 10,000,000 | 12,524,000 | |||||
Nassau County Interim Finance Authority, Revenue Bonds, Refunding, Ser. B | 1.28 | 11/15/2028 | 5,500,000 | 5,426,135 | |||||
New York City, GO (LOC; Mizuho Bank) Ser. A3 | 0.04 | 10/1/2040 | 3,070,000 | d | 3,070,000 | ||||
New York City, GO (LOC; Mizuho Bank) Ser. G6 | 0.01 | 4/1/2042 | 3,300,000 | d | 3,300,000 | ||||
New York City, GO (LOC; U.S. Bank NA) Ser. L4 | 0.02 | 4/1/2038 | 400,000 | d | 400,000 | ||||
New York City, GO, Refunding (LOC; TD Bank NA) Ser. I4 | 0.03 | 4/1/2036 | 3,900,000 | d | 3,900,000 | ||||
New York City, GO, Refunding, Ser. A | 5.00 | 8/1/2024 | 5,000,000 | 5,760,750 | |||||
New York City, GO, Refunding, Ser. D | 1.22 | 8/1/2026 | 10,000,000 | 10,026,700 | |||||
New York City, GO, Refunding, Ser. D | 1.40 | 8/1/2027 | 5,000,000 | 4,966,300 | |||||
New York City, GO, Refunding, Ser. G | 5.00 | 8/1/2023 | 5,000,000 | 5,560,900 | |||||
New York City, GO, Ser. D1 | 4.00 | 3/1/2042 | 1,500,000 | 1,691,715 | |||||
New York City Housing Development Corp., Revenue Bonds | 2.15 | 11/1/2028 | 1,290,000 | 1,348,979 | |||||
New York City Housing Development Corp., Revenue Bonds, Ser. A1 | 3.38 | 11/15/2029 | 3,000,000 | 3,157,830 | |||||
New York City Housing Development Corp., Revenue Bonds, Ser. B2 | 5.25 | 7/1/2032 | 10,000,000 | 10,961,700 | |||||
New York City Industrial Development Agency, Revenue Bonds, Refunding (Yankee Stadium Project) (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 3/1/2029 | 2,000,000 | 2,544,120 | |||||
New York City Industrial Development Agency, Revenue Bonds, Refunding (Yankee Stadium Project) (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 3/1/2028 | 1,350,000 | 1,675,404 | |||||
New York City Transitional Finance Authority, Revenue Bonds | 4.00 | 5/1/2036 | 5,000,000 | 5,831,300 | |||||
New York City Transitional Finance Authority, Revenue Bonds | 5.25 | 8/1/2037 | 10,000,000 | 12,558,300 | |||||
New York City Transitional Finance Authority, Revenue Bonds (Insured; State Aid Withholding) Ser. S3 | 5.25 | 7/15/2036 | 10,000,000 | 12,510,900 | |||||
New York City Transitional Finance Authority, Revenue Bonds, Refunding, Ser. A4 | 0.03 | 11/1/2029 | 1,100,000 | d | 1,100,000 | ||||
New York City Transitional Finance Authority, Revenue Bonds, Ser. A2 | 5.00 | 8/1/2035 | 5,295,000 | 6,495,641 | |||||
New York City Transitional Finance Authority, Revenue Bonds, Ser. B4 | 0.02 | 8/1/2042 | 4,100,000 | d | 4,100,000 | ||||
New York City Water & Sewer System, Revenue Bonds, Refunding (SPA; Landesbank Hessen-Thuringen Girozentrale) Ser. BB2 | 0.03 | 6/15/2039 | 800,000 | d | 800,000 | ||||
New York City Water & Sewer System, Revenue Bonds, Refunding, Ser. DD | 4.50 | 6/15/2039 | 1,000,000 | 1,111,780 | |||||
New York Liberty Development Corp., Revenue Bonds, Refunding (Class 1-3 World Trade Center Project) | 5.00 | 11/15/2044 | 15,400,000 | f | 16,752,890 | ||||
New York Liberty Development Corp., Revenue Bonds, Refunding (Class 2-3 World Trade Center Project) | 5.15 | 11/15/2034 | 3,500,000 | f | 3,891,475 | ||||
New York State Dormitory Authority, Revenue Bonds (Insured; State Aid Withholding) Ser. A | 5.00 | 10/1/2028 | 5,000,000 | 6,211,650 | |||||
New York State Dormitory Authority, Revenue Bonds (Insured; State Aid Withholding) Ser. A | 5.00 | 10/1/2030 | 5,000,000 | 6,127,500 | |||||
New York State Dormitory Authority, Revenue Bonds, Refunding (State University of New York) Ser. A | 5.00 | 7/1/2032 | 10,000,000 | 11,543,900 | |||||
New York State Dormitory Authority, Revenue Bonds, Refunding, Ser. A | 4.00 | 3/15/2034 | 7,500,000 | 8,876,025 | |||||
New York State Dormitory Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 3/15/2033 | 7,000,000 | 8,478,680 | |||||
New York State Dormitory Authority, Revenue Bonds, Refunding, Ser. C | 5.00 | 3/15/2031 | 5,165,000 | 5,859,331 | |||||
New York State Dormitory Authority, Revenue Bonds, Ser. A | 5.00 | 3/15/2033 | 5,685,000 | 6,851,903 | |||||
New York State Dormitory Authority, Revenue Bonds, Ser. A | 5.00 | 3/15/2029 | 6,225,000 | 7,692,979 |
21
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.8% (continued) | |||||||||
New York - 16.8% (continued) | |||||||||
New York State Dormitory Authority, Revenue Bonds, Ser. B | 5.00 | 2/15/2033 | 15,000,000 | 17,516,700 | |||||
New York State Mortgage Agency, Revenue Bonds, Refunding, Ser. 189th | 3.25 | 4/1/2025 | 1,000,000 | 1,050,540 | |||||
New York State Mortgage Agency, Revenue Bonds, Ser. 223rd | 2.65 | 10/1/2034 | 7,020,000 | 7,370,930 | |||||
New York State Thruway Authority, Revenue Bonds, Refunding, Ser. K | 5.00 | 1/1/2032 | 3,000,000 | 3,467,790 | |||||
New York State Urban Development Corp., Revenue Bonds (State of New York Personal Income Tax) (Insured; National Public Finance Guarantee Corp.) Ser. A2 | 5.50 | 3/15/2024 | 10,000,000 | 11,529,200 | |||||
New York State Urban Development Corp., Revenue Bonds (State of New York Personal Income Tax) Ser. A | 4.00 | 3/15/2038 | 4,795,000 | 5,540,622 | |||||
New York State Urban Development Corp., Revenue Bonds, Refunding (State of New York Personal Income Tax) | 4.00 | 3/15/2037 | 5,500,000 | 6,381,100 | |||||
New York Transportation Development Corp., Revenue Bonds (Delta Air Lines) | 5.00 | 1/1/2024 | 20,000,000 | 22,065,400 | |||||
New York Transportation Development Corp., Revenue Bonds (LaGuardia Airport Terminal B Redevelopment Project) Ser. A | 5.00 | 7/1/2046 | 2,500,000 | 2,783,300 | |||||
New York Transportation Development Corp., Revenue Bonds (LaGuardia Airport Terminal B Redevelopment Project) Ser. A | 5.00 | 7/1/2041 | 2,000,000 | 2,239,820 | |||||
New York Transportation Development Corp., Revenue Bonds, Refunding (JFK International Air Terminal) | 5.00 | 12/1/2030 | 2,000,000 | 2,544,760 | |||||
New York Transportation Development Corp., Revenue Bonds, Refunding (JFK International Air Terminal) | 5.00 | 12/1/2028 | 1,000,000 | 1,241,550 | |||||
New York Transportation Development Corp., Revenue Bonds, Refunding (JFK International Air Terminal) | 5.00 | 12/1/2027 | 1,100,000 | 1,361,217 | |||||
Port Authority of New York & New Jersey, Revenue Bonds, Refunding, Ser. 194th | 5.00 | 10/15/2034 | 10,000,000 | 11,847,300 | |||||
Port Authority of New York & New Jersey, Revenue Bonds, Refunding, Ser. 197th | 5.00 | 11/15/2032 | 2,500,000 | 3,020,375 | |||||
Port Authority of New York & New Jersey, Revenue Bonds, Refunding, Ser. 207th | 5.00 | 9/15/2024 | 10,000,000 | 11,535,100 | |||||
Port Authority of New York & New Jersey, Revenue Bonds, Refunding, Ser. 222th | 5.00 | 7/15/2034 | 5,000,000 | 6,458,400 | |||||
Port Authority of New York & New Jersey, Revenue Bonds, Refunding, Ser. 226th | 5.00 | 10/15/2026 | 5,000,000 | 5,994,850 | |||||
Port Authority of New York & New Jersey, Revenue Bonds, Refunding, Ser. 226th | 5.00 | 10/15/2025 | 6,000,000 | 7,009,980 | |||||
Suffolk County, GO (Insured; Build America Mutual) Ser. A | 4.00 | 4/1/2032 | 4,780,000 | 5,419,994 | |||||
Suffolk County, GO, Refunding (Insured; Build America Mutual) Ser. D | 4.00 | 10/15/2028 | 4,810,000 | 5,628,229 | |||||
Triborough Bridge & Tunnel Authority, Revenue Bonds (LOC; Bank of America NA) Ser. B1 | 0.01 | 1/1/2033 | 400,000 | d | 400,000 | ||||
Triborough Bridge & Tunnel Authority, Revenue Bonds, Refunding, Ser. A | 0.00 | 11/15/2029 | 10,000,000 | b | 8,442,700 | ||||
Troy Capital Resource Corp., Revenue Bonds, Refunding (Rensselaer Polytechnic Institute) | 5.00 | 9/1/2031 | 1,625,000 | 2,069,876 | |||||
Troy Capital Resource Corp., Revenue Bonds, Refunding (Rensselaer Polytechnic Institute) | 5.00 | 9/1/2030 | 1,400,000 | 1,792,994 | |||||
TSASC, Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2023 | 5,000,000 | 5,496,600 | |||||
Utility Debt Securitization Authority, Revenue Bonds, Refunding, Ser. TE | 5.00 | 12/15/2026 | 2,500,000 | 2,819,650 | |||||
463,833,869 | |||||||||
North Carolina - .6% | |||||||||
North Carolina Turnpike Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 1/1/2033 | 3,400,000 | 4,241,840 | |||||
North Carolina Turnpike Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 1/1/2032 | 3,780,000 | 4,735,584 |
22
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.8% (continued) | |||||||||
North Carolina - .6% (continued) | |||||||||
North Carolina Turnpike Authority, Revenue Bonds, Refunding (Monroe Expressway System) | 5.00 | 7/1/2031 | 1,255,000 | 1,692,619 | |||||
North Carolina Turnpike Authority, Revenue Bonds, Refunding (Monroe Expressway System) | 5.00 | 7/1/2032 | 1,240,000 | 1,662,927 | |||||
North Carolina Turnpike Authority, Revenue Bonds, Refunding (Monroe Expressway System) | 5.00 | 7/1/2033 | 750,000 | 1,000,793 | |||||
North Carolina Turnpike Authority, Revenue Bonds, Refunding (Monroe Expressway System) | 5.00 | 7/1/2028 | 1,075,000 | 1,374,044 | |||||
North Carolina Turnpike Authority, Revenue Bonds, Refunding (Monroe Expressway System) | 5.00 | 7/1/2029 | 1,000,000 | 1,302,040 | |||||
North Carolina Turnpike Authority, Revenue Bonds, Refunding (Monroe Expressway System) | 5.00 | 7/1/2030 | 1,175,000 | 1,557,733 | |||||
17,567,580 | |||||||||
Ohio - .7% | |||||||||
Montgomery County, Revenue Bonds, Refunding (Kettering Health Network Obligated Group) | 4.00 | 8/1/2037 | 695,000 | 811,975 | |||||
Montgomery County, Revenue Bonds, Refunding (Kettering Health Network Obligated Group) | 5.00 | 8/1/2035 | 550,000 | 708,378 | |||||
Montgomery County, Revenue Bonds, Refunding (Kettering Health Network Obligated Group) | 5.00 | 8/1/2036 | 500,000 | 641,360 | |||||
Ohio Air Quality Development Authority, Revenue Bonds (Ohio Valley Electric Corp.) | 2.60 | 10/1/2029 | 2,500,000 | 2,639,950 | |||||
Ohio Housing Finance Agency, Revenue Bonds (Insured; GNMA, FNMA, FHLMC) Ser. A | 4.50 | 3/1/2047 | 1,410,000 | 1,553,764 | |||||
Ohio Housing Finance Agency, Revenue Bonds, Refunding (Insured; GNMA, FNMA, FHLMC) Ser. D | 4.00 | 3/1/2047 | 3,120,000 | 3,369,725 | |||||
Ohio Water Development Authority Water Pollution Control Loan Fund, Revenue Bonds, Ser. A | 5.00 | 6/1/2031 | 5,000,000 | 6,665,150 | |||||
Warrensville Heights City School District, GO, Refunding (Insured; Build America Mutual) | 5.00 | 12/1/2044 | 600,000 | 676,398 | |||||
Warrensville Heights City School District, GO, Refunding (Insured; Build America Mutual) | 5.00 | 12/1/2024 | 1,440,000 | a | 1,678,493 | ||||
18,745,193 | |||||||||
Oklahoma - .2% | |||||||||
Oklahoma Turnpike Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2030 | 4,500,000 | 5,941,575 | |||||
Oregon - 1.7% | |||||||||
Multnomah & Clackamas Counties School District No. 10, GO (Insured; School Board Guaranty) Ser. B | 5.00 | 6/15/2030 | 10,000,000 | 12,347,900 | |||||
Oregon, GO (Veterans Welfare) Ser. M | 0.01 | 12/1/2044 | 300,000 | d | 300,000 | ||||
Oregon Housing & Community Services Department, Revenue Bonds, Ser. A | 4.00 | 1/1/2047 | 2,560,000 | 2,735,488 | |||||
Portland Sewer System, Revenue Bonds, Ser. A | 4.50 | 5/1/2037 | 13,635,000 | 15,660,343 | |||||
Portland Sewer System, Revenue Bonds, Ser. A | 4.50 | 5/1/2033 | 11,435,000 | 13,250,649 | |||||
Salem Hospital Facility Authority, Revenue Bonds, Refunding (Salem Health Project) Ser. A | 5.00 | 5/15/2038 | 2,095,000 | 2,593,023 | |||||
46,887,403 | |||||||||
Pennsylvania - 8.6% | |||||||||
Chartiers Valley School District, GO (Insured; State Aid Withholding) Ser. B | 5.00 | 10/15/2040 | 1,250,000 | 1,444,313 | |||||
Chester County Health & Education Facilities Authority, Revenue Bonds, Refunding (Main Line Health System Obligated Group) Ser. A | 4.00 | 10/1/2037 | 2,105,000 | 2,386,081 | |||||
Commonwealth Financing Authority, Revenue Bonds | 5.00 | 6/1/2033 | 3,250,000 | 3,979,657 | |||||
Commonwealth Financing Authority, Revenue Bonds | 5.00 | 6/1/2031 | 3,500,000 | 4,325,580 | |||||
Commonwealth Financing Authority, Revenue Bonds | 5.00 | 6/1/2030 | 4,000,000 | 4,964,680 | |||||
Delaware Valley Regional Finance Authority, Revenue Bonds, Ser. A | 2.00 | 10/1/2029 | 1,000,000 | 1,036,140 |
23
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.8% (continued) | |||||||||
Pennsylvania - 8.6% (continued) | |||||||||
Geisinger Authority, Revenue Bonds, Refunding (Geisinger Health System Obligated Group) | 5.00 | 2/15/2027 | 5,010,000 | 6,124,274 | |||||
Montgomery County Higher Education & Health Authority, Revenue Bonds, Refunding (Thomas Jefferson University Project) | 4.00 | 9/1/2034 | 1,155,000 | 1,337,167 | |||||
Pennsylvania, GO | 5.00 | 9/15/2029 | 7,000,000 | 8,554,560 | |||||
Pennsylvania, GO | 5.00 | 3/15/2031 | 5,000,000 | 5,804,550 | |||||
Pennsylvania, GO (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 4/1/2023 | 11,520,000 | a | 12,662,438 | ||||
Pennsylvania, GO, Refunding | 4.00 | 1/1/2030 | 5,000,000 | 5,770,550 | |||||
Pennsylvania Economic Development Financing Authority, Revenue Bonds (PSEG Power) (LOC; TD Bank NA) | 0.03 | 1/15/2042 | 1,500,000 | d | 1,500,000 | ||||
Pennsylvania Economic Development Financing Authority, Revenue Bonds, Refunding (UPMC Obligated Group) | 4.00 | 3/15/2032 | 3,305,000 | 3,781,680 | |||||
Pennsylvania Economic Development Financing Authority, Revenue Bonds, Refunding, Ser. A | 4.00 | 11/15/2035 | 6,000,000 | 6,920,880 | |||||
Pennsylvania Economic Development Financing Authority, Revenue Bonds, Refunding, Ser. A | 4.00 | 11/15/2036 | 3,750,000 | 4,312,575 | |||||
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds (The University of Pennsylvania Health System Obligated Group) | 4.00 | 8/15/2044 | 2,500,000 | 2,836,250 | |||||
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Refunding (Drexel University) (Insured; Assured Guaranty Municipal Corp.) Ser. A | 5.00 | 5/1/2030 | 1,795,000 | 2,311,009 | |||||
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Refunding (The University of Pennsylvania Health System Obligated Group) Ser. C | 5.00 | 8/15/2024 | 5,000,000 | 5,773,950 | |||||
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Refunding, Ser. AV1 | 4.00 | 6/15/2031 | 2,505,000 | 2,900,164 | |||||
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Refunding, Ser. AV1 | 4.00 | 6/15/2032 | 1,355,000 | 1,561,949 | |||||
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Ser. AT1 | 5.00 | 6/15/2029 | 5,000,000 | 5,953,050 | |||||
Pennsylvania Housing Finance Agency, Revenue Bonds, Refunding, Ser. 122nd | 3.65 | 10/1/2032 | 8,710,000 | 9,204,205 | |||||
Pennsylvania Housing Finance Agency, Revenue Bonds, Refunding, Ser. 122nd | 4.00 | 10/1/2046 | 1,480,000 | 1,587,537 | |||||
Pennsylvania Housing Finance Agency, Revenue Bonds, Ser. 128B | 3.85 | 4/1/2038 | 2,225,000 | 2,422,202 | |||||
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding | 5.00 | 12/1/2031 | 5,000,000 | 6,172,350 | |||||
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding | 5.00 | 12/1/2035 | 7,085,000 | 8,629,955 | |||||
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding | 5.00 | 12/1/2038 | 10,000,000 | 11,980,200 | |||||
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. B2 | 5.00 | 6/1/2033 | 10,000,000 | 12,203,300 | |||||
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding, Ser. B | 5.00 | 6/1/2029 | 7,925,000 | 9,494,071 | |||||
Pennsylvania Turnpike Commission, Revenue Bonds, Ser. B | 5.00 | 12/1/2021 | 3,740,000 | 3,865,926 | |||||
Perkiomen Valley School District, GO (Insured; State Aid Withholding) | 4.00 | 2/15/2031 | 5,000,000 | 5,595,650 | |||||
Philadelphia, GO, Refunding, Ser. A | 5.00 | 8/1/2025 | 3,455,000 | 4,098,494 | |||||
Philadelphia, GO, Refunding, Ser. A | 5.00 | 7/15/2038 | 3,600,000 | 4,012,704 | |||||
Philadelphia, GO, Refunding, Ser. A | 5.00 | 8/1/2026 | 3,400,000 | 4,151,910 | |||||
Philadelphia, GO, Ser. B | 5.00 | 2/1/2027 | 4,500,000 | 5,555,430 | |||||
Philadelphia Airport, Revenue Bonds, Refunding, Ser. B | 5.00 | 7/1/2025 | 1,125,000 | 1,323,698 | |||||
Philadelphia Industrial Development Authority, Revenue Bonds, Refunding (Children's Hospital of Philadelphia Project) | 4.00 | 7/1/2036 | 8,400,000 | 9,474,528 |
24
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.8% (continued) | |||||||||
Pennsylvania - 8.6% (continued) | |||||||||
Philadelphia Industrial Development Authority, Revenue Bonds, Refunding (St. Joseph's University) | 5.00 | 11/1/2029 | 1,000,000 | 1,275,950 | |||||
Philadelphia Industrial Development Authority, Revenue Bonds, Refunding (St. Joseph's University) | 5.00 | 11/1/2025 | 850,000 | 1,001,921 | |||||
Philadelphia Industrial Development Authority, Revenue Bonds, Refunding (St. Joseph's University) | 5.00 | 11/1/2028 | 1,000,000 | 1,256,290 | |||||
Pittsburgh Water & Sewer Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A | 5.00 | 9/1/2026 | 10,000,000 | 12,190,600 | |||||
State Public School Building Authority, Revenue Bonds (The Philadelphia School District Project) (Insured; State Aid Withholding) | 5.00 | 4/1/2022 | 1,000,000 | 1,049,660 | |||||
State Public School Building Authority, Revenue Bonds (The Philadelphia School District Project) (Insured; State Aid Withholding) | 5.00 | 4/1/2022 | 2,750,000 | a | 2,893,027 | ||||
State Public School Building Authority, Revenue Bonds, Refunding (The Philadelphia School District) (Insured; Assured Guaranty Municipal Corp.) Ser. A | 5.00 | 6/1/2031 | 5,000,000 | 6,053,200 | |||||
State Public School Building Authority, Revenue Bonds, Refunding (The Philadelphia School District) (Insured; Assured Guaranty Municipal Corp.) Ser. A | 5.00 | 6/1/2025 | 5,000,000 | 5,843,200 | |||||
The Philadelphia School District, GO (Insured; State Aid Withholding) Ser. A | 5.00 | 9/1/2024 | 600,000 | 684,276 | |||||
The Philadelphia School District, GO (Insured; State Aid Withholding) Ser. A | 5.00 | 9/1/2027 | 500,000 | 611,900 | |||||
The Philadelphia School District, GO (Insured; State Aid Withholding) Ser. A | 5.00 | 9/1/2026 | 500,000 | 600,020 | |||||
The Philadelphia School District, GO (Insured; State Aid Withholding) Ser. A | 5.00 | 9/1/2025 | 500,000 | 585,455 | |||||
The Philadelphia School District, GO, Refunding (Insured; State Aid Withholding) Ser. 2020 | 5.00 | 9/1/2023 | 5,000,000 | 5,530,100 | |||||
West Mifflin School District, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 4/1/2028 | 1,000,000 | 1,207,150 | |||||
West Mifflin School District, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 4/1/2027 | 1,140,000 | 1,378,898 | |||||
238,175,304 | |||||||||
Rhode Island - .7% | |||||||||
Rhode Island, GO, Refunding, Ser. B | 5.00 | 8/1/2029 | 5,290,000 | 6,565,366 | |||||
Rhode Island Health & Educational Building Corp., Revenue Bonds (Providence College) | 5.00 | 11/1/2047 | 2,045,000 | 2,396,740 | |||||
Rhode Island Health & Educational Building Corp., Revenue Bonds, Refunding (Bryant University) (LOC; TD Bank NA) | 0.05 | 6/1/2035 | 2,000,000 | d | 2,000,000 | ||||
Rhode Island Health & Educational Building Corp., Revenue Bonds, Refunding (Providence College) | 5.00 | 11/1/2040 | 3,175,000 | 3,666,204 | |||||
Rhode Island Housing & Mortgage Finance Corp., Revenue Bonds (Insured; Government National Mortgage Association) Ser. 70th | 4.00 | 10/1/2049 | 4,850,000 | 5,353,333 | |||||
19,981,643 | |||||||||
South Carolina - .2% | |||||||||
Patriots Energy Group Financing Agency, Revenue Bonds, Ser. A | 4.00 | 2/1/2024 | 5,000,000 | 5,458,750 | |||||
South Dakota - .3% | |||||||||
Educational Enhancement Funding Corp., Revenue Bonds, Refunding, Ser. B | 5.00 | 6/1/2027 | 500,000 | 541,280 | |||||
Educational Enhancement Funding Corp., Revenue Bonds, Refunding, Ser. B | 5.00 | 6/1/2025 | 1,800,000 | 1,959,588 | |||||
South Dakota Building Authority, Revenue Bonds, Refunding, Ser. A | 4.00 | 6/1/2032 | 2,660,000 | 3,045,753 |
25
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.8% (continued) | |||||||||
South Dakota - .3% (continued) | |||||||||
South Dakota Building Authority, Revenue Bonds, Refunding, Ser. A | 4.00 | 6/1/2031 | 1,250,000 | 1,436,750 | |||||
6,983,371 | |||||||||
Tennessee - 1.5% | |||||||||
Clarksville Public Building Authority, Revenue Bonds (LOC; Bank of America NA) | 0.02 | 11/1/2035 | 9,700,000 | d | 9,700,000 | ||||
Clarksville Public Building Authority, Revenue Bonds (LOC; Bank of America NA) | 0.02 | 1/1/2033 | 1,200,000 | d | 1,200,000 | ||||
Clarksville Public Building Authority, Revenue Bonds (LOC; Bank of America NA) | 0.02 | 7/1/2031 | 500,000 | d | 500,000 | ||||
Montgomery County Public Building Authority, Revenue Bonds (LOC; Bank of America NA) | 0.02 | 2/1/2036 | 285,000 | d | 285,000 | ||||
Nashville & Davidson County Metropolitan Government, GO, Refunding | 2.50 | 1/1/2029 | 5,000,000 | 5,320,400 | |||||
Nashville & Davidson County Metropolitan Government, GO, Refunding | 5.00 | 1/1/2030 | 5,000,000 | 6,055,650 | |||||
Tennessee Energy Acquisition Corp., Revenue Bonds, Ser. A | 4.00 | 5/1/2023 | 5,750,000 | 6,139,677 | |||||
Tennessee Housing Development Agency, Revenue Bonds, Ser. 1B | 3.50 | 1/1/2047 | 1,380,000 | 1,470,073 | |||||
Tennessee Housing Development Agency, Revenue Bonds, Ser. 2B | 4.00 | 1/1/2042 | 1,195,000 | 1,298,702 | |||||
The Metropolitan Nashville Airport Authority, Revenue Bonds, Ser. B | 5.00 | 7/1/2025 | 1,200,000 | 1,410,264 | |||||
The Metropolitan Nashville Airport Authority, Revenue Bonds, Ser. B | 5.00 | 7/1/2026 | 1,900,000 | 2,291,799 | |||||
The Metropolitan Nashville Airport Authority, Revenue Bonds, Ser. B | 5.00 | 7/1/2027 | 1,800,000 | 2,216,610 | |||||
The Metropolitan Nashville Airport Authority, Revenue Bonds, Ser. B | 5.00 | 7/1/2028 | 2,870,000 | 3,593,211 | |||||
41,481,386 | |||||||||
Texas - 7.9% | |||||||||
Arlington, Special Tax Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 2/15/2034 | 4,180,000 | 4,810,637 | |||||
Bexar County, Revenue Bonds, Refunding (Tax Exempt Venue Project) | 5.00 | 8/15/2027 | 1,110,000 | 1,308,424 | |||||
Central Texas Regional Mobility Authority, BAN, Ser. F | 5.00 | 1/1/2025 | 3,500,000 | 3,987,900 | |||||
Clifton Higher Education Finance Corp., Revenue Bonds (IDEA Public Schools) | 5.00 | 8/15/2023 | 845,000 | 889,785 | |||||
Dallas, GO, Refunding | 5.00 | 2/15/2028 | 5,000,000 | 6,140,150 | |||||
Dallas, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A | 4.00 | 2/15/2032 | 8,125,000 | 9,755,362 | |||||
Danbury Higher Education Authority, Revenue Bonds, Ser. A | 4.75 | 8/15/2034 | 1,000,000 | 1,033,150 | |||||
El Paso Water & Sewer, Revenue Bonds, Refunding, Ser. B | 5.00 | 3/1/2030 | 1,125,000 | 1,473,863 | |||||
Grand Parkway Transportation Corp., BAN | 5.00 | 2/1/2023 | 12,500,000 | 13,487,625 | |||||
Harris County Cultural Education Facilities Finance Corp., Revenue Bonds (Memorial Hermann Health System Obligated Group) | 5.00 | 12/1/2026 | 4,655,000 | 5,717,736 | |||||
Houston, GO, Refunding, Ser. A | 5.00 | 3/1/2029 | 5,000,000 | 6,157,050 | |||||
Houston Airport System, Revenue Bonds, Refunding, Ser. A | 4.00 | 7/1/2035 | 1,145,000 | 1,311,827 | |||||
Houston Airport System, Revenue Bonds, Refunding, Ser. A | 4.00 | 7/1/2036 | 2,000,000 | 2,282,360 | |||||
Houston Airport System, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2033 | 1,225,000 | 1,538,821 | |||||
Houston Community College System, GO | 5.00 | 2/15/2023 | 8,200,000 | a | 8,966,700 | ||||
Houston Independent School District, GO, Refunding (Insured; Permanent School Fund Guarantee Program) | 4.00 | 2/15/2028 | 5,000,000 | 5,496,700 | |||||
Houston Texas Combined Utility System, Revenue Bonds, Refunding, Ser. B | 4.50 | 11/15/2038 | 16,540,000 | 19,319,712 | |||||
Houston Texas Combined Utility System, Revenue Bonds, Refunding, Ser. B | 5.25 | 11/15/2033 | 5,000,000 | 6,168,400 | |||||
Houston Texas Hotel Occupancy, Revenue Bonds, Refunding | 5.00 | 9/1/2027 | 1,720,000 | 2,033,384 |
26
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.8% (continued) | |||||||||
Texas - 7.9% (continued) | |||||||||
Houston Texas Hotel Occupancy, Revenue Bonds, Refunding | 5.00 | 9/1/2028 | 1,350,000 | 1,617,773 | |||||
Houston Texas Hotel Occupancy, Revenue Bonds, Refunding | 5.00 | 9/1/2026 | 1,750,000 | 2,035,285 | |||||
North Texas Tollway Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. B | 4.00 | 1/1/2034 | 5,015,000 | 5,653,209 | |||||
North Texas Tollway Authority, Revenue Bonds, Refunding, Ser. A | 4.00 | 1/1/2035 | 10,000,000 | 11,658,400 | |||||
North Texas Tollway Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2030 | 8,650,000 | 10,218,937 | |||||
North Texas Tollway Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2031 | 11,415,000 | 13,176,220 | |||||
North Texas Tollway Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2030 | 3,000,000 | 3,471,480 | |||||
North Texas Tollway Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 1/1/2040 | 5,000,000 | 5,366,450 | |||||
North Texas Tollway Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 1/1/2030 | 1,750,000 | 2,067,415 | |||||
North Texas Tollway Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 1/1/2031 | 1,875,000 | 2,207,662 | |||||
Pearland Independent School District, GO, Refunding (Insured; Permanent School Fund Guarantee Program) | 5.00 | 2/15/2031 | 5,000,000 | 5,998,500 | |||||
Southwest Higher Education Authority, Revenue Bonds, Refunding (Southern Methodist University) | 5.00 | 10/1/2029 | 5,000,000 | 5,978,250 | |||||
Southwest Higher Education Authority, Revenue Bonds, Refunding (Southern Methodist University) | 5.00 | 10/1/2028 | 4,500,000 | 5,413,860 | |||||
Texas, GO, Refunding | 5.00 | 10/1/2024 | 4,000,000 | 4,568,600 | |||||
Texas, GO, Refunding, Ser. A | 5.00 | 10/1/2027 | 8,470,000 | 10,162,645 | |||||
Texas Municipal Gas Acquisition & Supply Corp. III, Revenue Bonds, Refunding | 5.00 | 12/15/2029 | 1,400,000 | 1,789,312 | |||||
Texas Municipal Gas Acquisition & Supply Corp. III, Revenue Bonds, Refunding | 5.00 | 12/15/2028 | 1,250,000 | 1,575,750 | |||||
Texas Municipal Gas Acquisition & Supply Corp. III, Revenue Bonds, Refunding | 5.00 | 12/15/2026 | 1,150,000 | 1,398,492 | |||||
Texas Municipal Gas Acquisition & Supply Corp. III, Revenue Bonds, Refunding | 5.00 | 12/15/2027 | 1,785,000 | 2,214,417 | |||||
Texas Municipal Power Agency, Revenue Bonds, Refunding | 5.00 | 9/1/2047 | 2,500,000 | 2,508,250 | |||||
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds, Refunding (LBJ Infrastructure Group) | 4.00 | 6/30/2035 | 1,330,000 | 1,540,685 | |||||
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds, Refunding (LBJ Infrastructure Group) | 4.00 | 12/31/2035 | 1,250,000 | 1,445,038 | |||||
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds, Refunding (LBJ Infrastructure Group) | 4.00 | 12/31/2033 | 1,215,000 | 1,414,612 | |||||
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds, Refunding (LBJ Infrastructure Group) | 4.00 | 6/30/2033 | 2,750,000 | 3,212,055 | |||||
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds, Refunding (LBJ Infrastructure Group) | 4.00 | 12/31/2034 | 1,500,000 | 1,740,870 | |||||
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds, Refunding (LBJ Infrastructure Group) | 4.00 | 6/30/2034 | 1,500,000 | 1,743,405 | |||||
University of Houston, Revenue Bonds, Refunding, Ser. A | 5.00 | 2/15/2033 | 5,000,000 | 5,872,000 | |||||
217,929,158 | |||||||||
U.S. Related - .3% | |||||||||
Antonio B Won Pat International Airport Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. B | 5.50 | 10/1/2033 | 1,000,000 | 1,094,100 | |||||
Guam, Revenue Bonds, Refunding, Ser. A | 5.00 | 12/1/2029 | 2,000,000 | 2,311,240 | |||||
Guam, Revenue Bonds, Refunding, Ser. A | 5.00 | 12/1/2028 | 2,000,000 | 2,323,740 | |||||
Puerto Rico Electric Power Authority, Revenue Bonds, Refunding, Ser. ZZ | 5.25 | 7/1/2028 | 2,500,000 | e | 2,100,000 | ||||
7,829,080 |
27
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.8% (continued) | |||||||||
Utah - .3% | |||||||||
Salt Lake City Airport, Revenue Bonds, Ser. A | 5.00 | 7/1/2031 | 2,400,000 | 2,879,376 | |||||
Salt Lake City Airport, Revenue Bonds, Ser. A | 5.00 | 7/1/2030 | 2,000,000 | 2,408,620 | |||||
Salt Lake City Airport, Revenue Bonds, Ser. A | 5.00 | 7/1/2029 | 2,500,000 | 3,028,825 | |||||
8,316,821 | |||||||||
Vermont - .5% | |||||||||
University of Vermont & State Agricultural College, Revenue Bonds, Refunding | 5.00 | 10/1/2040 | 740,000 | 843,829 | |||||
Vermont Educational & Health Buildings Financing Agency, Revenue Bonds, Refunding (University of Vermont Medical Center Obligated Group) Ser. A | 5.00 | 12/1/2032 | 10,000,000 | 11,718,200 | |||||
12,562,029 | |||||||||
Virginia - .4% | |||||||||
Virginia Small Business Financing Authority, Revenue Bonds (95 Express Lanes) | 5.00 | 7/1/2034 | 9,500,000 | 9,815,020 | |||||
Washington - 2.7% | |||||||||
Energy Northwest, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2029 | 5,745,000 | 7,192,740 | |||||
King County School District No. 411, GO, Refunding (Insured; School Board Guaranty) | 4.50 | 12/1/2027 | 6,650,000 | 7,079,523 | |||||
Port of Seattle, Revenue Bonds, Refunding, Ser. B | 5.00 | 3/1/2028 | 1,750,000 | 1,992,567 | |||||
Port of Seattle, Revenue Bonds, Ser. A | 5.00 | 4/1/2030 | 2,840,000 | 3,240,610 | |||||
Port of Seattle, Revenue Bonds, Ser. A | 5.00 | 4/1/2029 | 1,000,000 | 1,139,160 | |||||
University of Washington, Revenue Bonds, Refunding, Ser. C | 5.00 | 4/1/2032 | 1,000,000 | 1,314,460 | |||||
University of Washington, Revenue Bonds, Refunding, Ser. C | 5.00 | 4/1/2031 | 1,250,000 | 1,651,850 | |||||
University of Washington, Revenue Bonds, Refunding, Ser. C | 5.00 | 4/1/2030 | 1,000,000 | 1,328,320 | |||||
Washington, GO, Refunding, Ser. B | 5.00 | 7/1/2032 | 5,000,000 | 5,954,200 | |||||
Washington, GO, Refunding, Ser. R-2021A | 5.00 | 6/1/2028 | 1,250,000 | 1,605,138 | |||||
Washington, GO, Refunding, Ser. R-2021A | 5.00 | 6/1/2030 | 1,300,000 | 1,731,249 | |||||
Washington, GO, Refunding, Ser. R-2021A | 5.00 | 6/1/2029 | 1,000,000 | 1,307,900 | |||||
Washington, Revenue Bonds, Ser. C | 5.00 | 9/1/2022 | 5,000,000 | 5,354,700 | |||||
Washington, Revenue Bonds, Ser. C | 5.00 | 9/1/2023 | 5,000,000 | 5,576,350 | |||||
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Providence St. Joseph Health Obligated Group) Ser. B | 5.00 | 10/1/2032 | 2,500,000 | 3,091,425 | |||||
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Providence St. Joseph Health Obligated Group) Ser. B | 5.00 | 10/1/2021 | 5,550,000 | 5,703,180 | |||||
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Seattle Cancer Care Alliance Obligated Group) | 3.00 | 12/1/2034 | 435,000 | f | 455,876 | ||||
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Seattle Cancer Care Alliance Obligated Group) | 3.00 | 12/1/2035 | 445,000 | f | 464,927 | ||||
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Seattle Cancer Care Alliance Obligated Group) | 5.00 | 12/1/2030 | 265,000 | f | 340,716 | ||||
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Seattle Cancer Care Alliance Obligated Group) | 5.00 | 12/1/2029 | 250,000 | f | 317,485 | ||||
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Seattle Cancer Care Alliance Obligated Group) | 5.00 | 12/1/2028 | 350,000 | f | 437,717 | ||||
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Seattle Cancer Care Alliance Obligated Group) | 5.00 | 12/1/2033 | 250,000 | f | 315,278 | ||||
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Seattle Cancer Care Alliance Obligated Group) | 5.00 | 12/1/2032 | 250,000 | f | 316,493 | ||||
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Seattle Cancer Care Alliance Obligated Group) | 5.00 | 12/1/2031 | 300,000 | f | 382,632 | ||||
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Seattle Cancer Care Alliance Obligated Group) | 5.00 | 12/1/2026 | 300,000 | f | 363,192 | ||||
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Seattle Cancer Care Alliance Obligated Group) | 5.00 | 3/1/2038 | 4,500,000 | 5,085,855 | |||||
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Seattle Cancer Care Alliance Obligated Group) | 5.00 | 12/1/2027 | 475,000 | f | 585,385 |
28
BNY Mellon National Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.8% (continued) | |||||||||
Washington - 2.7% (continued) | |||||||||
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Virginia Manson Medical Center Obligated Group) | 5.00 | 8/15/2025 | 1,700,000 | 1,977,627 | |||||
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Virginia Manson Medical Center Obligated Group) | 5.00 | 8/15/2026 | 2,000,000 | 2,384,740 | |||||
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Virginia Manson Medical Center Obligated Group) | 5.00 | 8/15/2027 | 2,175,000 | 2,647,475 | |||||
Washington Higher Education Facilities Authority, Revenue Bonds (Seattle University Project) | 5.00 | 5/1/2027 | 500,000 | 603,310 | |||||
Washington Higher Education Facilities Authority, Revenue Bonds (Seattle University Project) | 5.00 | 5/1/2031 | 790,000 | 993,504 | |||||
Washington Higher Education Facilities Authority, Revenue Bonds (Seattle University Project) | 5.00 | 5/1/2029 | 500,000 | 623,770 | |||||
Washington Higher Education Facilities Authority, Revenue Bonds (Seattle University Project) | 5.00 | 5/1/2032 | 500,000 | 625,505 | |||||
74,184,859 | |||||||||
Wisconsin - .3% | |||||||||
Wisconsin, GO, Refunding, Ser. 1 | 5.00 | 5/1/2031 | 3,000,000 | 3,983,190 | |||||
Wisconsin Health & Educational Facilities Authority, Revenue Bonds, Refunding (Medical College of Wisconsin) (LOC; U.S. Bank NA) Ser. B | 0.01 | 12/1/2033 | 400,000 | d | 400,000 | ||||
WPPI Energy, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2030 | 1,000,000 | 1,132,860 | |||||
WPPI Energy, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2031 | 1,000,000 | 1,138,870 | |||||
WPPI Energy, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2033 | 2,000,000 | 2,274,900 | |||||
8,929,820 | |||||||||
Total Investments (cost $2,662,390,840) | 101.8% | 2,803,632,613 | |||||||
Liabilities, Less Cash and Receivables | (1.8%) | (49,978,774) | |||||||
Net Assets | 100.0% | 2,753,653,839 |
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 The Variable Rate shall be determined by the Remarketing Agent in its sole discretion based on prevailing market conditions and may, but need not, be established by reference to one or more financial indices.
e Non-income producing—security in default.
f Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 28, 2021, these securities were valued at $30,368,466 or 1.1% of net assets.
29
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Portfolio Summary (Unaudited) † | Value (%) |
General Obligation | 19.8 |
General | 19.8 |
Transportation | 15.5 |
Education | 9.8 |
Water | 6.9 |
Medical | 6.4 |
School District | 5.0 |
Airport | 4.7 |
Prerefunded | 2.9 |
Tobacco Settlement | 2.9 |
Development | 2.8 |
Single Family Housing | 2.2 |
Power | 1.1 |
Utilities | .6 |
Multifamily Housing | .6 |
Facilities | .4 |
Special Tax | .2 |
Nursing Homes | .1 |
Pollution | .1 |
101.8 |
† Based on net assets.
See notes to financial statements.
30
BNY Mellon National Short-Term Municipal Bond Fund | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 102.8% | |||||||||
Alabama - 2.0% | |||||||||
Black Belt Energy Gas District, Revenue Bonds (Project No. 4) Ser. A1 | 4.00 | 12/1/2025 | 5,000,000 | 5,683,550 | |||||
Black Belt Energy Gas District, Revenue Bonds, Ser. A | 4.00 | 6/1/2021 | 5,000,000 | 5,038,000 | |||||
Black Belt Energy Gas District, Revenue Bonds, Ser. A | 4.00 | 7/1/2022 | 9,125,000 | 9,522,485 | |||||
20,244,035 | |||||||||
Arizona - 2.8% | |||||||||
Arizona Industrial Development Authority, Revenue Bonds (Equitable School Revolving Fund Obligated Group) Ser. A | 4.00 | 11/1/2024 | 870,000 | 971,259 | |||||
Arizona Industrial Development Authority, Revenue Bonds (Equitable School Revolving Fund Obligated Group) Ser. A | 4.00 | 11/1/2023 | 800,000 | 871,368 | |||||
Arizona Industrial Development Authority, Revenue Bonds (Equitable School Revolving Fund Obligated Group) Ser. A | 4.00 | 11/1/2022 | 500,000 | 528,445 | |||||
Chandler Industrial Development Authority, Revenue Bonds (Intel Corp.) | 5.00 | 6/3/2024 | 7,000,000 | 7,964,110 | |||||
Maricopa County Industrial Development Authority, Revenue Bonds, Refunding (Honorhealth Obligated Group) Ser. A | 5.00 | 9/1/2021 | 725,000 | 741,624 | |||||
Salt River Project Agricultural Improvement & Power District, Revenue Bonds, Refunding | 5.00 | 1/1/2024 | 6,000,000 | 6,634,200 | |||||
Salt River Project Agricultural Improvement & Power District, Revenue Bonds, Refunding | 5.00 | 1/1/2023 | 6,000,000 | 6,370,860 | |||||
The Yavapai County Industrial Development Authority, Revenue Bonds (Waste Management Project) Ser. A2 | 2.20 | 6/3/2024 | 3,350,000 | 3,520,180 | |||||
27,602,046 | |||||||||
Arkansas - .2% | |||||||||
Arkansas Development Finance Authority, Revenue Bonds (Arkansas Division of Emergency Management Project) | 4.00 | 6/1/2029 | 1,000,000 | 1,184,110 | |||||
Arkansas Development Finance Authority, Revenue Bonds (Arkansas Division of Emergency Management Project) | 5.00 | 6/1/2027 | 1,000,000 | 1,249,100 | |||||
2,433,210 | |||||||||
California - 4.2% | |||||||||
Bay Area Toll Authority, Revenue Bonds, Refunding, Ser. B | 2.25 | 4/1/2022 | 7,500,000 | 7,589,625 | |||||
California, GO (LOC; Bank of Montreal) Ser. A3 | 0.02 | 5/1/2033 | 3,600,000 | a | 3,600,000 | ||||
California County Tobacco Securitization Agency, Revenue Bonds, Refunding, Ser. A | 4.00 | 6/1/2022 | 350,000 | 365,845 | |||||
California County Tobacco Securitization Agency, Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2024 | 380,000 | 433,987 | |||||
California County Tobacco Securitization Agency, Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2025 | 400,000 | 471,664 | |||||
California Health Facilities Financing Authority, Revenue Bonds, Ser. D | 5.00 | 11/1/2022 | 1,100,000 | 1,187,659 | |||||
California Infrastructure & Economic Development Bank, Revenue Bonds (Equitable School Revolving Fund Obligated Group) Ser. B | 4.00 | 11/1/2025 | 1,025,000 | 1,178,832 | |||||
California Infrastructure & Economic Development Bank, Revenue Bonds, Refunding (The J Paul Getty Trust) Ser. A, 1 Month LIBOR x.7 +.33% | 0.41 | 4/1/2022 | 5,000,000 | b | 5,005,150 | ||||
California Infrastructure & Economic Development Bank, Revenue Bonds, Ser. A | 0.45 | 7/1/2021 | 5,000,000 | c | 5,000,500 | ||||
California Pollution Control Financing Authority, Revenue Bonds, Refunding (American Water Capital Project) | 0.60 | 9/1/2023 | 1,000,000 | 997,540 | |||||
California Public Works Board, Revenue Bonds, Refunding, Ser. A | 5.00 | 2/1/2026 | 5,000,000 | 5,874,450 | |||||
California Public Works Board, Revenue Bonds, Refunding, Ser. A | 5.00 | 2/1/2024 | 4,350,000 | 4,788,523 | |||||
California Public Works Board, Revenue Bonds, Refunding, Ser. A | 5.00 | 2/1/2023 | 2,460,000 | 2,603,935 |
31
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Short-Term Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 102.8% (continued) | |||||||||
California - 4.2% (continued) | |||||||||
Patterson Public Financing Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. B | 4.00 | 6/1/2023 | 260,000 | 280,116 | |||||
Patterson Public Financing Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. B | 4.00 | 6/1/2022 | 250,000 | 261,120 | |||||
Patterson Public Financing Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. B | 4.00 | 6/1/2021 | 240,000 | 242,131 | |||||
San Diego County Regional Airport Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 7/1/2025 | 1,000,000 | 1,178,020 | |||||
Western Placer Unified School District, BAN | 2.00 | 6/1/2025 | 1,000,000 | 1,032,570 | |||||
42,091,667 | |||||||||
Colorado - 2.9% | |||||||||
Colorado Housing & Finance Authority, Revenue Bonds (Multi-Family Project) Ser. B2 | 1.35 | 2/1/2022 | 5,000,000 | 5,019,200 | |||||
Colorado Housing & Finance Authority, Revenue Bonds, Refunding (Insured; Government National Mortgage Association Collateral) Ser. K | 3.88 | 5/1/2050 | 2,925,000 | 3,248,271 | |||||
Colorado Housing & Finance Authority, Revenue Bonds, Ser. B | 3.75 | 5/1/2050 | 2,135,000 | 2,351,126 | |||||
Colorado Housing and Finance Authority, Revenue Bonds, Refunding (Insured; Government National Mortgage Association) Ser. B | 3.00 | 5/1/2051 | 2,750,000 | 2,994,447 | |||||
Denver City & County Airport System, Revenue Bonds, Refunding, Ser. D | 5.00 | 11/15/2022 | 6,500,000 | 7,016,165 | |||||
University of Colorado, Revenue Bonds, Refunding (Green Bond) Ser. C | 2.00 | 10/15/2024 | 7,500,000 | 7,893,000 | |||||
28,522,209 | |||||||||
Connecticut - 2.7% | |||||||||
Connecticut, GO, Ser. C | 4.00 | 6/1/2023 | 400,000 | 432,824 | |||||
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (The Stamford Hospital Obligated Group) Ser. L1 | 4.00 | 7/1/2022 | 500,000 | 522,200 | |||||
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (The Stamford Hospital Obligated Group) Ser. L1 | 4.00 | 7/1/2023 | 550,000 | 592,356 | |||||
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (The Stamford Hospital Obligated Group) Ser. L1 | 4.00 | 7/1/2024 | 650,000 | 718,764 | |||||
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (The Stamford Hospital Obligated Group) Ser. L1 | 4.00 | 7/1/2025 | 600,000 | 678,516 | |||||
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (Yale University) Ser. A2 | 5.00 | 7/1/2022 | 11,960,000 | 12,737,400 | |||||
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (Yale University) Ser. C2 | 5.00 | 2/1/2023 | 5,000,000 | 5,451,150 | |||||
Connecticut Housing Finance Authority, Revenue Bonds, Refunding, Ser. A1 | 4.00 | 11/15/2045 | 4,345,000 | 4,780,282 | |||||
Connecticut Housing Finance Authority, Revenue Bonds, Refunding, Ser. E-E3 | 1.63 | 11/15/2022 | 1,185,000 | 1,186,055 | |||||
27,099,547 | |||||||||
District of Columbia - .7% | |||||||||
District of Columbia Water & Sewer Authority, Revenue Bonds, Ser. C | 1.75 | 10/1/2024 | 7,000,000 | 7,272,440 | |||||
Florida - 2.2% | |||||||||
Alachua County Health Facilities Authority, Revenue Bonds, Refunding (Shands Teaching Hospital & Clinics Obligated Group) | 4.00 | 12/1/2023 | 1,100,000 | 1,198,362 |
32
BNY Mellon National Short-Term Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 102.8% (continued) | |||||||||
Florida - 2.2% (continued) | |||||||||
Alachua County Health Facilities Authority, Revenue Bonds, Refunding (Shands Teaching Hospital & Clinics Obligated Group) | 5.00 | 12/1/2024 | 1,900,000 | 2,189,218 | |||||
Broward County Airport System, Revenue Bonds, Ser. A | 5.00 | 10/1/2024 | 1,250,000 | 1,437,288 | |||||
Broward County Airport System, Revenue Bonds, Ser. A | 5.00 | 10/1/2023 | 1,250,000 | 1,391,350 | |||||
Broward County Airport System, Revenue Bonds, Ser. A | 5.00 | 10/1/2022 | 1,250,000 | 1,339,475 | |||||
Florida Housing Finance Corp., Revenue Bonds (Parrish Oaks) Ser. A | 1.25 | 2/1/2022 | 1,500,000 | 1,514,790 | |||||
Hillsborough County Industrial Development Authority, Revenue Bonds, Refunding (BayCare Health System Obligated Group) (LOC; TD Bank NA) Ser. D | 0.02 | 11/15/2042 | 100,000 | a | 100,000 | ||||
Lake County School Board, COP, Refunding, Ser. B | 5.00 | 6/1/2027 | 1,620,000 | 1,708,436 | |||||
Orange County Health Facilities Authority, Revenue Bonds, Refunding (Orlando Health Obligated Group) | 5.00 | 10/1/2021 | 3,890,000 | 3,995,263 | |||||
Palm Beach County Airport System, Revenue Bonds, Refunding | 5.00 | 10/1/2022 | 710,000 | 761,404 | |||||
Palm Beach County School District, COP, Refunding, Ser. A | 5.00 | 8/1/2022 | 1,875,000 | 2,002,556 | |||||
State Board of Administration Finance Corp., Revenue Bonds, Ser. A | 1.26 | 7/1/2025 | 4,600,000 | 4,671,162 | |||||
22,309,304 | |||||||||
Georgia - 2.7% | |||||||||
Atlanta Department of Aviation, Revenue Bonds, Refunding, Ser. B | 5.00 | 7/1/2024 | 1,400,000 | 1,601,894 | |||||
Atlanta Department of Aviation, Revenue Bonds, Refunding, Ser. C | 5.00 | 1/1/2024 | 1,000,000 | 1,124,610 | |||||
Atlanta Department of Aviation, Revenue Bonds, Refunding, Ser. C | 5.00 | 1/1/2023 | 1,500,000 | 1,625,130 | |||||
Fayette County Hospital Authority, Revenue Bonds, Refunding (Piedmont Healthcare Obligated Group) | 5.00 | 7/1/2024 | 2,000,000 | 2,248,020 | |||||
Georgia Housing & Finance Authority, Revenue Bonds, Refunding, Ser. A2 | 3.75 | 12/1/2023 | 1,765,000 | 1,884,402 | |||||
Main Street Natural Gas, Revenue Bonds, Ser. A | 5.00 | 5/15/2022 | 1,000,000 | 1,055,560 | |||||
Main Street Natural Gas, Revenue Bonds, Ser. A | 5.00 | 5/15/2021 | 700,000 | 706,734 | |||||
Main Street Natural Gas, Revenue Bonds, Ser. B | 4.00 | 12/2/2024 | 2,600,000 | 2,895,854 | |||||
The Burke County Development Authority, Revenue Bonds (Georgia Power Company Plant Vogtle Project) | 2.25 | 5/25/2023 | 8,000,000 | 8,299,280 | |||||
The Burke County Development Authority, Revenue Bonds (Georgia Power Company Plant Vogtle Project) | 2.25 | 5/25/2023 | 5,000,000 | 5,187,050 | |||||
26,628,534 | |||||||||
Hawaii - 1.1% | |||||||||
Honolulu City & County, GO (Honolulu Rail Transit Project) Ser. E | 5.00 | 9/1/2023 | 5,000,000 | 5,512,650 | |||||
Honolulu City & County, GO (Honolulu Rail Transit Project) Ser. E | 5.00 | 9/1/2023 | 5,000,000 | 5,512,650 | |||||
11,025,300 | |||||||||
Illinois - 6.4% | |||||||||
Chicago II, GO, Refunding, Ser. A | 3.00 | 1/1/2023 | 730,000 | 754,258 | |||||
Chicago II, GO, Refunding, Ser. A | 3.00 | 1/1/2024 | 850,000 | 886,780 | |||||
Chicago II, GO, Refunding, Ser. A | 3.00 | 1/1/2022 | 710,000 | 722,070 | |||||
Chicago II, GO, Refunding, Ser. A | 5.00 | 1/1/2025 | 5,000,000 | 5,645,000 | |||||
Chicago II, GO, Refunding, Ser. A | 5.00 | 1/1/2024 | 500,000 | 549,930 | |||||
Chicago II, GO, Refunding, Ser. A | 5.00 | 1/1/2023 | 500,000 | 534,670 | |||||
Chicago O'Hare International Airport, Revenue Bonds, Refunding (Passenger Facility Charge) Ser. B | 5.00 | 1/1/2025 | 3,440,000 | 3,571,958 | |||||
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. B | 5.00 | 1/1/2022 | 3,000,000 | d | 3,116,340 | ||||
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. C | 5.00 | 1/1/2026 | 1,000,000 | 1,078,810 | |||||
Illinois, GO | 5.00 | 6/1/2024 | 5,000,000 | 5,553,750 |
33
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Short-Term Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 102.8% (continued) | |||||||||
Illinois - 6.4% (continued) | |||||||||
Illinois, GO, Ser. D | 5.00 | 11/1/2021 | 5,000,000 | 5,133,950 | |||||
Illinois Finance Authority, Revenue Bonds (Northwestern Memorial Healthcare Obligated Group) Ser. B | 5.00 | 12/15/2022 | 10,680,000 | 11,541,983 | |||||
Illinois Finance Authority, Revenue Bonds, Refunding (Advocate Health Care Network Obligated Group) | 5.00 | 8/1/2024 | 10,000,000 | d | 11,554,400 | ||||
Illinois Finance Authority, Revenue Bonds, Refunding (OSF Healthcare System Obligated Group) Ser. B1 | 5.00 | 11/15/2024 | 2,750,000 | 3,125,512 | |||||
Illinois Housing Development Authority, Revenue Bonds (Century Woods) (Insured; Government National Mortgage Association Collateral) | 1.90 | 10/1/2021 | 5,000,000 | 5,048,700 | |||||
Railsplitter Tobacco Settlement Authority, Revenue Bonds | 5.00 | 6/1/2022 | 5,000,000 | 5,280,700 | |||||
64,098,811 | |||||||||
Indiana - 1.0% | |||||||||
Indiana Finance Authority, Revenue Bonds, Refunding (Duke Energy Indiana Project) (LOC; Sumitomo Mitsui Banking) Ser. A4 | 0.02 | 12/1/2039 | 600,000 | a | 600,000 | ||||
Indiana Finance Authority, Revenue Bonds, Refunding, Ser. B | 0.95 | 4/1/2026 | 3,300,000 | 3,239,742 | |||||
Whiting, Revenue Bonds (BP Products North America) | 5.00 | 11/1/2022 | 6,000,000 | 6,449,940 | |||||
10,289,682 | |||||||||
Iowa - .2% | |||||||||
Iowa Higher Education Loan Authority, Revenue Bonds (Des Moines University Project) | 5.00 | 10/1/2025 | 570,000 | 672,298 | |||||
Iowa Higher Education Loan Authority, Revenue Bonds (Des Moines University Project) | 5.00 | 10/1/2024 | 540,000 | 620,492 | |||||
Iowa Higher Education Loan Authority, Revenue Bonds (Des Moines University Project) | 5.00 | 10/1/2023 | 515,000 | 573,097 | |||||
1,865,887 | |||||||||
Kansas - .5% | |||||||||
Johnson County Unified School District No. 512, GO, Refunding, Ser. A | 2.25 | 10/1/2023 | 3,790,000 | 3,795,533 | |||||
Lenexa, GO, Ser. B | 1.63 | 9/1/2021 | 1,000,000 | 1,000,730 | |||||
4,796,263 | |||||||||
Kentucky - 3.8% | |||||||||
Carroll County, Revenue Bonds, Refunding (Kentucky Utilities Co.) | 1.20 | 6/1/2021 | 6,000,000 | 6,012,720 | |||||
Kentucky Property & Building Commission, Revenue Bonds (Project No. 122) Ser. A | 5.00 | 11/1/2023 | 1,250,000 | 1,394,488 | |||||
Kentucky Property & Building Commission, Revenue Bonds, Refunding, Ser. C | 5.00 | 11/1/2021 | 10,000,000 | 10,313,500 | |||||
Kentucky Public Energy Authority, Revenue Bonds, Ser. A | 4.00 | 6/1/2026 | 1,000,000 | 1,144,730 | |||||
Kentucky Public Energy Authority, Revenue Bonds, Ser. B | 4.00 | 1/1/2025 | 1,500,000 | 1,660,515 | |||||
Louisville & Jefferson County Metropolitan Government, Revenue Bonds, Refunding (Louisville Gas & Electric Co.) | 1.85 | 4/1/2021 | 13,500,000 | 13,516,875 | |||||
Louisville & Jefferson County Metropolitan Government, Revenue Bonds, Refunding (Louisville Gas & Electric Co.) | 2.55 | 5/3/2021 | 1,500,000 | 1,505,610 | |||||
Owen County, Revenue Bonds, Refunding (Kentucky-American Water Obligated Group) Ser. 2020 | 0.70 | 9/1/2023 | 2,500,000 | 2,490,800 | |||||
38,039,238 | |||||||||
Louisiana - .8% | |||||||||
Louisiana Gasoline & Fuels, Revenue Bonds, Refunding, Ser. A | 0.60 | 5/1/2023 | 4,000,000 | 3,995,080 | |||||
Metropolitan Council of Baton Rouge and Parish of East Baton Rouge, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 8/1/2023 | 1,100,000 | 1,217,777 | |||||
Metropolitan Council of Baton Rouge and Parish of East Baton Rouge, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 8/1/2025 | 1,100,000 | 1,298,572 |
34
BNY Mellon National Short-Term Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 102.8% (continued) | |||||||||
Louisiana - .8% (continued) | |||||||||
Metropolitan Council of Baton Rouge and Parish of East Baton Rouge, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 8/1/2024 | 1,000,000 | 1,144,820 | |||||
7,656,249 | |||||||||
Maine - 1.1% | |||||||||
Maine Housing Authority, Revenue Bonds, Ser. C | 4.00 | 11/15/2050 | 2,830,000 | 3,130,942 | |||||
Maine Housing Authority, Revenue Bonds, Ser. F | 4.25 | 11/15/2048 | 3,435,000 | 3,791,313 | |||||
Maine State Housing Authority, Revenue Bonds, Refunding, Ser. E-1 | 3.60 | 11/15/2026 | 3,315,000 | 3,610,930 | |||||
10,533,185 | |||||||||
Maryland - 1.8% | |||||||||
Harford County, GO, Refunding, Ser. B | 5.00 | 7/1/2023 | 6,125,000 | 6,801,996 | |||||
Maryland, GO, Refunding, Ser. B | 5.00 | 8/1/2022 | 10,000,000 | 10,684,700 | |||||
17,486,696 | |||||||||
Massachusetts - 3.4% | |||||||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Partners Healthcare System) Ser. S5, 1 Month MUNIPSA +.42% | 0.45 | 1/27/2022 | 5,500,000 | b | 5,504,125 | ||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk University) | 5.00 | 7/1/2022 | 550,000 | 582,472 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk University) | 5.00 | 7/1/2021 | 575,000 | 583,493 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Trustees of Boston University) (LOC; TD Bank NA) Ser. U-6E-R | 0.02 | 10/1/2042 | 3,100,000 | a | 3,100,000 | ||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Wellforce Obligated Group) (Insured; Assured Guaranty Municipal Corp.) Ser. C | 5.00 | 10/1/2023 | 300,000 | 332,943 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Wellforce Obligated Group) (Insured; Assured Guaranty Municipal Corp.) Ser. C | 5.00 | 10/1/2024 | 720,000 | 825,394 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Wellforce Obligated Group) (Insured; Assured Guaranty Municipal Corp.) Ser. C | 5.00 | 10/1/2021 | 250,000 | 256,618 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Wellforce Obligated Group) (Insured; Assured Guaranty Municipal Corp.) Ser. C | 5.00 | 10/1/2022 | 275,000 | 294,685 | |||||
Massachusetts Educational Financing Authority, Revenue Bonds, Refunding | 5.00 | 7/1/2022 | 3,000,000 | 3,186,450 | |||||
Massachusetts Educational Financing Authority, Revenue Bonds, Refunding, Ser. A | 4.00 | 7/1/2021 | 1,000,000 | 1,012,250 | |||||
Massachusetts Educational Financing Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 7/1/2022 | 2,000,000 | 2,124,300 | |||||
Massachusetts Educational Financing Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 7/1/2021 | 1,150,000 | 1,167,883 | |||||
Massachusetts Health & Educational Facilities Authority, Revenue Bonds (University of Massachusetts) Ser. A | 1.85 | 4/1/2022 | 5,000,000 | 5,088,450 | |||||
Massachusetts Port Authority, Revenue Bonds, Refunding (Bosfuel Project) Ser. A | 5.00 | 7/1/2023 | 350,000 | 385,921 | |||||
Massachusetts Port Authority, Revenue Bonds, Refunding (Bosfuel Project) Ser. A | 5.00 | 7/1/2022 | 500,000 | 530,145 | |||||
Massachusetts Port Authority, Revenue Bonds, Refunding (Bosfuel Project) Ser. A | 5.00 | 7/1/2024 | 500,000 | 570,320 | |||||
Massachusetts Transportation Trust Fund Metropolitan Highway System, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2023 | 5,000,000 | 5,423,850 | |||||
The Massachusetts Clean Water Trust, Revenue Bonds, Refunding | 3.90 | 8/1/2023 | 2,600,000 | e | 2,692,430 | ||||
33,661,729 |
35
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Short-Term Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 102.8% (continued) | |||||||||
Michigan - 1.2% | |||||||||
Central Michigan University, Revenue Bonds, Refunding (LOC; TD Bank NA) Ser. A | 0.03 | 10/1/2032 | 660,000 | a | 660,000 | ||||
Detroit Downtown Development Authority, Tax Allocation Bonds, Refunding (Catalyst Development Project) (Insured; Assured Guaranty Municipal Corp.) Ser. A | 5.00 | 7/1/2021 | 500,000 | 507,860 | |||||
Detroit Downtown Development Authority, Tax Allocation Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 7/1/2021 | 1,000,000 | 1,015,720 | |||||
Michigan Housing Development Authority, Revenue Bonds, Ser. A1 | 1.50 | 10/1/2022 | 1,000,000 | 1,000,780 | |||||
Michigan Strategic Fund, Revenue Bonds (Consumers Energy Co.) | 1.80 | 10/1/2024 | 6,650,000 | 6,816,117 | |||||
Michigan Strategic Fund, Revenue Bonds, Refunding, Ser. CC | 1.45 | 9/1/2021 | 1,000,000 | 1,005,710 | |||||
Western Michigan University, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. C | 5.00 | 11/15/2026 | 450,000 | 537,638 | |||||
Western Michigan University, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. C | 5.00 | 11/15/2024 | 570,000 | 645,782 | |||||
Western Michigan University, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. C | 5.00 | 11/15/2023 | 225,000 | 246,704 | |||||
12,436,311 | |||||||||
Minnesota - 1.5% | |||||||||
Minneapolis-St. Paul Metropolitan Airports Commission, Revenue Bonds, Refunding, Ser. B | 5.00 | 1/1/2023 | 6,340,000 | 6,856,773 | |||||
Minnesota Housing Finance Agency, Revenue Bonds (Insured; GNMA/FNMA/FHLMC) Ser. B | 3.50 | 7/1/2050 | 1,440,000 | 1,583,539 | |||||
Rochester, Revenue Bonds, Refunding (Mayo Clinic) Ser. C | 4.50 | 11/15/2021 | 5,110,000 | 5,260,132 | |||||
Rochester Independent School District No. 535, COP, Ser. B | 5.00 | 2/1/2022 | 1,560,000 | 1,627,595 | |||||
15,328,039 | |||||||||
Missouri - 1.2% | |||||||||
Kansas City Industrial Development Authority, Revenue Bonds | 5.00 | 3/1/2025 | 1,250,000 | 1,456,950 | |||||
Kansas City Industrial Development Authority, Revenue Bonds | 5.00 | 3/1/2025 | 1,740,000 | 2,013,180 | |||||
Missouri Board of Public Buildings, Revenue Bonds, Refunding, Ser. A | 4.00 | 10/1/2026 | 2,000,000 | 2,106,280 | |||||
Missouri Development Finance Board, Revenue Bonds, Refunding (The Nelson Gallery Foundation) Ser. A | 3.00 | 12/1/2022 | 3,540,000 | 3,701,353 | |||||
Missouri Housing Development Commission, Revenue Bonds (Insured; GNMA/FNMA/FHLMC) Ser. A | 3.50 | 11/1/2050 | 2,400,000 | 2,639,088 | |||||
11,916,851 | |||||||||
Montana - .2% | |||||||||
Montana Board of Investments, Revenue Bonds, Refunding | 0.15 | 3/1/2028 | 2,000,000 | a | 2,000,000 | ||||
Nebraska - 1.0% | |||||||||
Nebraska Investment Finance Authority, Revenue Bonds, Refunding (Insured; GNMA/FNMA/FHLMC) Ser. E | 3.75 | 9/1/2049 | 4,300,000 | 4,656,728 | |||||
Nebraska Investment Finance Authority, Revenue Bonds, Ser. A | 3.00 | 9/1/2045 | 5,000,000 | 5,460,250 | |||||
10,116,978 | |||||||||
Nevada - 2.2% | |||||||||
Clark County School District, GO (Insured; Assured Guaranty Municipal Corp.) Ser. A | 3.00 | 6/15/2024 | 1,175,000 | 1,270,492 | |||||
Clark County School District, GO, Refunding, Ser. A | 5.00 | 6/15/2022 | 8,220,000 | 8,709,994 | |||||
Las Vegas Valley Water District, GO, Refunding, Ser. C | 5.00 | 6/1/2022 | 4,000,000 | 4,048,120 | |||||
Washoe County, Revenue Bonds, Refunding (Sierra Pacific Power Co.) | 2.05 | 4/15/2022 | 7,500,000 | 7,629,600 | |||||
21,658,206 | |||||||||
New Hampshire - .6% | |||||||||
New Hampshire Business Finance Authority, Revenue Bonds, Refunding (Waste Management) Ser. A3 | 2.15 | 7/1/2024 | 4,000,000 | 4,186,600 |
36
BNY Mellon National Short-Term Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 102.8% (continued) | |||||||||
New Hampshire - .6% (continued) | |||||||||
New Hampshire Business Finance Authority, Revenue Bonds, Refunding (Waste Management) Ser. A4 | 2.15 | 7/1/2024 | 2,000,000 | 2,093,300 | |||||
6,279,900 | |||||||||
New Jersey - 5.8% | |||||||||
New Jersey, GO, Ser. A | 4.00 | 6/1/2023 | 5,000,000 | 5,393,850 | |||||
New Jersey, GO, Ser. A | 5.00 | 6/1/2024 | 6,000,000 | 6,846,060 | |||||
New Jersey Economic Development Authority, Revenue Bonds (Cigarette Tax) Refunding | 5.00 | 6/15/2023 | 1,500,000 | 1,576,935 | |||||
New Jersey Economic Development Authority, Revenue Bonds, Refunding (American Water Co.) Ser. B | 1.20 | 6/1/2023 | 2,500,000 | 2,529,400 | |||||
New Jersey Economic Development Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. N1 | 5.50 | 9/1/2025 | 1,250,000 | 1,509,513 | |||||
New Jersey Economic Development Authority, Revenue Bonds, Refunding (New Jersey-American Water Co.) Ser. E | 0.85 | 12/1/2025 | 3,100,000 | 3,044,386 | |||||
New Jersey Economic Development Authority, Revenue Bonds, Refunding (School Facilities Construction) Ser. GGG | 5.25 | 9/1/2024 | 10,000,000 | c | 11,488,800 | ||||
New Jersey Economic Development Authority, Revenue Bonds, Ser. QQQ | 5.00 | 6/15/2023 | 220,000 | 241,538 | |||||
New Jersey Economic Development Authority, Revenue Bonds, Ser. QQQ | 5.00 | 6/15/2022 | 200,000 | 211,870 | |||||
New Jersey Economic Development Authority, Revenue Bonds, Ser. QQQ | 5.00 | 6/15/2025 | 400,000 | 465,804 | |||||
New Jersey Economic Development Authority, Revenue Bonds, Ser. QQQ | 5.00 | 6/15/2024 | 300,000 | 340,116 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding | 5.00 | 12/15/2024 | 1,750,000 | 2,018,047 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 6/15/2022 | 10,000,000 | 10,598,800 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding, Ser. A | 5.25 | 12/15/2021 | 10,000,000 | 10,387,500 | |||||
The Bergen County Improvement Authority, Revenue Bonds, Refunding (Insured; County Guaranteed) Ser. A | 3.00 | 8/15/2022 | 1,000,000 | 1,038,140 | |||||
57,690,759 | |||||||||
New Mexico - 1.2% | |||||||||
New Mexico Finance Authority, Revenue Bonds, Ser. C | 5.00 | 6/1/2022 | 4,200,000 | 4,250,232 | |||||
New Mexico Municipal Energy Acquisition Authority, Revenue Bonds, Refunding, Ser. A | 4.00 | 11/1/2021 | 1,210,000 | 1,240,153 | |||||
New Mexico Municipal Energy Acquisition Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 5/1/2025 | 5,500,000 | 6,422,790 | |||||
11,913,175 | |||||||||
New York - 13.9% | |||||||||
Albany County Airport Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 12/15/2023 | 1,225,000 | 1,362,090 | |||||
Albany County Airport Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 12/15/2022 | 875,000 | 943,941 | |||||
Albany County Airport Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 12/15/2021 | 840,000 | 869,408 | |||||
Long Island Power Authority, Revenue Bonds, Ser. B | 1.65 | 9/1/2024 | 7,000,000 | 7,242,340 | |||||
Metropolitan Transportation Authority, BAN, Ser. A | 5.00 | 3/1/2022 | 10,000,000 | 10,463,500 | |||||
Metropolitan Transportation Authority, BAN, Ser. A1 | 5.00 | 2/1/2023 | 10,000,000 | 10,776,400 | |||||
Metropolitan Transportation Authority, BAN, Ser. D1 | 5.00 | 9/1/2022 | 10,000,000 | 10,620,700 | |||||
Metropolitan Transportation Authority, Revenue Bonds, Refunding (Green Bond) Ser. A2 | 5.00 | 5/15/2024 | 2,200,000 | 2,461,514 | |||||
New York City, GO (LOC; Mizuho Bank) Ser. A3 | 0.04 | 10/1/2040 | 1,350,000 | a | 1,350,000 | ||||
New York City, GO (LOC; Mizuho Bank) Ser. G6 | 0.01 | 4/1/2042 | 5,800,000 | a | 5,800,000 | ||||
New York City, GO, Refunding (LOC; TD Bank NA) Ser. I4 | 0.03 | 4/1/2036 | 4,200,000 | a | 4,200,000 | ||||
New York City, GO, Refunding, Ser. D | 1.22 | 8/1/2026 | 3,920,000 | 3,930,466 | |||||
New York City, GO, Ser. D3 | 5.00 | 2/1/2024 | 5,000,000 | 5,483,400 |
37
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Short-Term Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 102.8% (continued) | |||||||||
New York - 13.9% (continued) | |||||||||
New York City Housing Development Corp., Revenue Bonds, Ser. B2 | 5.00 | 7/1/2023 | 4,100,000 | 4,522,792 | |||||
New York City Housing Development Corp., Revenue Bonds, Ser. C2 | 1.70 | 7/1/2021 | 4,280,000 | 4,287,832 | |||||
New York City Housing Development Corp., Revenue Bonds, Ser. D2 | 0.70 | 11/1/2024 | 2,000,000 | 2,004,900 | |||||
New York City Industrial Development Agency, Revenue Bonds (Yankee Stadium Project) (Insured; National Public Finance Guarantee Corp.) | 2.02 | 3/1/2023 | 2,000,000 | e | 2,043,720 | ||||
New York City Transitional Finance Authority, Revenue Bonds, Ser. B4 | 0.02 | 8/1/2042 | 5,500,000 | a | 5,500,000 | ||||
New York City Water & Sewer System, Revenue Bonds, Refunding (SPA; Landesbank Hessen-Thuringen Girozentrale) Ser. BB2 | 0.03 | 6/15/2039 | 2,300,000 | a | 2,300,000 | ||||
New York City Water & Sewer System, Revenue Bonds, Refunding, Ser. B2 | 0.02 | 6/15/2045 | 790,000 | a | 790,000 | ||||
New York State Dormitory Authority, Revenue Bonds, Refunding (Rochester Institute of Technology) Ser. 2020A | 5.00 | 7/1/2023 | 1,000,000 | 1,105,090 | |||||
New York State Dormitory Authority, Revenue Bonds, Refunding (Rochester Institute of Technology) Ser. 2020A | 5.00 | 7/1/2021 | 1,000,000 | 1,015,410 | |||||
New York State Housing Finance Agency, Revenue Bonds (Green Bond) (Insured; SONYMA/GNMA/FNMA/FHLMC) Ser. K | 1.50 | 5/1/2021 | 5,000,000 | 5,010,500 | |||||
New York State Housing Finance Agency, Revenue Bonds (Green Bond) Ser. I | 2.55 | 11/1/2022 | 2,000,000 | 2,073,980 | |||||
New York State Housing Finance Agency, Revenue Bonds (Green Bond) Ser. I | 2.65 | 5/1/2023 | 2,000,000 | 2,099,860 | |||||
New York State Housing Finance Agency, Revenue Bonds (Insured; SONYMA) Ser. M-2 | 0.75 | 11/1/2025 | 5,000,000 | 5,002,800 | |||||
New York State Housing Finance Agency, Revenue Bonds (Insured; SONYMA/FNMA/FHLMC) Ser. N | 1.50 | 11/1/2023 | 1,000,000 | 1,005,470 | |||||
New York State Housing Finance Agency, Revenue Bonds (Insured; SONYMA/FNMA/FHLMC) Ser. O | 1.45 | 5/1/2023 | 1,500,000 | 1,502,700 | |||||
New York State Housing Finance Agency, Revenue Bonds, Ser. E | 0.85 | 11/1/2024 | 1,250,000 | 1,252,875 | |||||
New York State Housing Finance Agency, Revenue Bonds, Ser. E | 0.95 | 5/1/2025 | 1,000,000 | 1,000,700 | |||||
New York State Housing Finance Agency, Revenue Bonds, Ser. J | 2.50 | 5/1/2022 | 1,500,000 | 1,501,575 | |||||
New York State Housing Finance Agency, Revenue Bonds, Ser. P | 1.60 | 11/1/2024 | 5,000,000 | 5,040,900 | |||||
New York State Mortgage Agency, Revenue Bonds, Refunding, Ser. 186 | 3.95 | 4/1/2025 | 4,880,000 | 5,200,274 | |||||
New York State Mortgage Agency, Revenue Bonds, Refunding, Ser. 191 | 3.00 | 10/1/2024 | 1,000,000 | 1,060,800 | |||||
New York Transportation Development Corp., Revenue Bonds, Refunding (JFK International Air Terminal) | 5.00 | 12/1/2023 | 1,000,000 | 1,116,580 | |||||
New York Transportation Development Corp., Revenue Bonds, Refunding (JFK International Air Terminal) Ser. A | 5.00 | 12/1/2024 | 1,000,000 | 1,139,500 | |||||
New York Transportation Development Corp., Revenue Bonds, Refunding (JFK International Air Terminal) Ser. A | 5.00 | 12/1/2023 | 1,300,000 | 1,436,539 | |||||
Oneida County Local Development Corp., Revenue Bonds, Refunding (Mohawk Valley Health System Obligated Group) (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 12/1/2027 | 1,425,000 | 1,581,494 | |||||
Oneida County Local Development Corp., Revenue Bonds, Refunding (Mohawk Valley Health System Obligated Group) (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 12/1/2026 | 1,625,000 | 1,811,193 | |||||
Port Authority of New York & New Jersey, Revenue Bonds, Refunding, Ser. 226 | 5.00 | 10/15/2024 | 3,750,000 | 4,287,562 | |||||
Port Authority of New York & New Jersey, Revenue Bonds, Refunding, Ser. 226 | 5.00 | 10/15/2023 | 2,710,000 | 2,987,667 |
38
BNY Mellon National Short-Term Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 102.8% (continued) | |||||||||
New York - 13.9% (continued) | |||||||||
Port Authority of New York & New Jersey, Revenue Bonds, Refunding, Ser. 226 | 5.00 | 10/15/2022 | 2,875,000 | 3,033,844 | |||||
Triborough Bridge & Tunnel Authority, Revenue Bonds, Refunding (LOC; State Street B&T) Ser. C | 0.01 | 1/1/2032 | 500,000 | a | 500,000 | ||||
138,720,316 | |||||||||
North Carolina - .1% | |||||||||
North Carolina Eastern Municipal Power Agency, Revenue Bonds, Refunding (Insured; National Public Finance Guarantee Corp.) Ser. B | 6.00 | 1/1/2022 | 1,250,000 | 1,310,675 | |||||
Ohio - 2.3% | |||||||||
Allen County Hospital Facilities, Revenue Bonds (Mercy Health) Ser. B | 5.00 | 5/5/2022 | 3,000,000 | 3,159,390 | |||||
Buckeye Tobacco Settlement Financing Authority, Revenue Bonds, Refunding, Ser. B1 | 1.85 | 6/1/2029 | 2,360,000 | 2,310,818 | |||||
Miami University, Revenue Bonds, Refunding | 5.00 | 9/1/2022 | 1,590,000 | 1,627,906 | |||||
Ohio, Revenue Bonds, Refunding (University Hospitals Health System Obligated Group) (LOC; PNC Bank NA) Ser. A | 0.02 | 1/15/2046 | 330,000 | a | 330,000 | ||||
Ohio Higher Educational Facility Commission, Revenue Bonds, Refunding (Cleveland Clinic Health System Obligated Group) | 5.00 | 1/1/2025 | 5,000,000 | 5,188,200 | |||||
Ohio Housing Finance Agency, Revenue Bonds (Insured; GNMA/FNMA/FHLMC) Ser. B | 3.25 | 3/1/2050 | 2,000,000 | 2,195,300 | |||||
Ohio Housing Finance Agency, Revenue Bonds (Neilan Park Apartments) | 1.75 | 6/1/2021 | 3,150,000 | 3,162,001 | |||||
Ohio Housing Finance Agency, Revenue Bonds (RAD East Project) | 2.45 | 5/1/2021 | 5,020,000 | 5,038,574 | |||||
23,012,189 | |||||||||
Oklahoma - 2.4% | |||||||||
The University of Oklahoma, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2023 | 1,860,000 | 2,057,774 | |||||
The University of Oklahoma, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2024 | 1,955,000 | 2,241,114 | |||||
The University of Oklahoma, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2025 | 1,815,000 | 2,147,472 | |||||
Tulsa, GO | 5.00 | 3/1/2023 | 5,000,000 | 5,474,950 | |||||
Tulsa County Independent School District No. 1, GO, Ser. B | 2.00 | 8/1/2024 | 5,000,000 | 5,260,600 | |||||
Tulsa County Independent School District No. 1, GO, Ser. B | 2.00 | 8/1/2025 | 6,150,000 | 6,522,690 | |||||
23,704,600 | |||||||||
Oregon - 1.2% | |||||||||
Gilliam County, Revenue Bonds (Waste Management) Ser. A | 2.40 | 5/2/2022 | 2,375,000 | 2,429,102 | |||||
Gilliam County, Revenue Bonds (Waste Management) Ser. A | 2.40 | 5/2/2022 | 2,500,000 | 2,508,225 | |||||
Oregon Housing & Community Services Department, Revenue Bonds, Ser. C | 3.00 | 1/1/2052 | 2,295,000 | 2,500,632 | |||||
Oregon Housing & Community Services Department, Revenue Bonds, Ser. D | 4.75 | 1/1/2050 | 3,640,000 | 4,068,282 | |||||
11,506,241 | |||||||||
Pennsylvania - 3.8% | |||||||||
Allegheny County Hospital Development Authority, Revenue Bonds, Refunding (University of Pittsburgh Medical Center Obligated Group) Ser. A | 5.00 | 7/15/2022 | 1,500,000 | 1,597,335 | |||||
Commonwealth Financing Authority, Revenue Bonds | 5.00 | 6/1/2022 | 3,000,000 | 3,169,200 | |||||
Geisinger Authority, Revenue Bonds, Refunding (Geisinger Health System Obligated Group) | 5.00 | 4/1/2022 | 1,000,000 | 1,051,110 | |||||
Montgomery County Higher Education & Health Authority, Revenue Bonds, Refunding (AICUP Financing Program Gwynedd Mercy University Project) | 4.00 | 5/1/2022 | 985,000 | 1,001,706 | |||||
Montgomery County Higher Education & Health Authority, Revenue Bonds, Refunding (Gwynedd Mercy University Project) | 3.00 | 5/1/2021 | 1,080,000 | 1,082,851 | |||||
Montgomery County Higher Education & Health Authority, Revenue Bonds, Refunding (Thomas Jefferson University Project) | 5.00 | 9/1/2023 | 500,000 | 554,325 |
39
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Short-Term Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 102.8% (continued) | |||||||||
Pennsylvania - 3.8% (continued) | |||||||||
Montgomery County Higher Education & Health Authority, Revenue Bonds, Refunding (Thomas Jefferson University Project) | 5.00 | 9/1/2022 | 600,000 | 641,160 | |||||
Pennsylvania Economic Development Financing Authority, Revenue Bonds (Waste Management Project) | 1.75 | 8/1/2024 | 5,000,000 | 5,176,750 | |||||
Pennsylvania Economic Development Financing Authority, Revenue Bonds (Waste Management Project) | 2.15 | 7/1/2024 | 4,500,000 | 4,726,575 | |||||
Pennsylvania Economic Development Financing Authority, Revenue Bonds (Waste Management Project) Ser. A | 0.70 | 8/2/2021 | 1,250,000 | 1,252,500 | |||||
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds (Shippensburg University of Pennsylvania) | 6.00 | 10/1/2021 | 2,000,000 | d | 2,067,380 | ||||
Philadelphia Authority for Industrial Development, Revenue Bonds, Refunding (St. Joseph's University) | 4.00 | 11/1/2024 | 500,000 | 554,555 | |||||
Philadelphia Authority for Industrial Development, Revenue Bonds, Refunding (St. Joseph's University) | 4.00 | 11/1/2022 | 225,000 | 237,800 | |||||
Philadelphia Authority for Industrial Development, Revenue Bonds, Refunding (St. Joseph's University) | 4.00 | 11/1/2021 | 200,000 | 204,592 | |||||
Pittsburgh Water & Sewer Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. C, 1 Month MUNIPSA +.65% | 0.68 | 12/1/2023 | 3,000,000 | b | 3,007,470 | ||||
The Philadelphia School District, GO (Insured; State Aid Withholding) Ser. A | 5.00 | 9/1/2023 | 1,100,000 | 1,216,622 | |||||
The Philadelphia School District, GO, Refunding (Insured; State Aid Withholding) Ser. 2020 | 5.00 | 9/1/2021 | 5,000,000 | 5,114,650 | |||||
The Philadelphia School District, GO, Refunding (Insured; State Aid Withholding) Ser. F | 5.00 | 9/1/2023 | 5,000,000 | 5,530,100 | |||||
38,186,681 | |||||||||
Rhode Island - .8% | |||||||||
Rhode Island Housing & Mortgage Finance Corp., Revenue Bonds | 3.00 | 10/1/2050 | 2,000,000 | 2,175,160 | |||||
Rhode Island Housing & Mortgage Finance Corp., Revenue Bonds | 3.50 | 10/1/2050 | 2,600,000 | 2,869,672 | |||||
Rhode Island Housing & Mortgage Finance Corp., Revenue Bonds | 0.45 | 10/1/2023 | 3,250,000 | 3,247,627 | |||||
8,292,459 | |||||||||
South Carolina - 1.1% | |||||||||
Patriots Energy Group Financing Agency, Revenue Bonds, Ser. A | 4.00 | 2/1/2024 | 5,000,000 | 5,458,750 | |||||
Renewable Water Resources, Revenue Bonds, Refunding | 5.00 | 1/1/2022 | 1,865,000 | d | 1,940,532 | ||||
South Carolina Housing Finance & Development Authority, Revenue Bonds, Ser. B | 3.25 | 1/1/2052 | 3,250,000 | 3,569,995 | |||||
10,969,277 | |||||||||
Texas - 14.6% | |||||||||
Alvin Independent School District, GO (Insured; Permanent School Fund Guarantee Program) Ser. B | 1.25 | 8/15/2022 | 1,000,000 | 1,015,810 | |||||
Amarillo Drainage Utility , Revenue Bonds | 5.00 | 8/15/2026 | 420,000 | 515,172 | |||||
Amarillo Drainage Utility , Revenue Bonds | 5.00 | 8/15/2025 | 375,000 | 447,195 | |||||
Amarillo Drainage Utility , Revenue Bonds | 5.00 | 8/15/2024 | 370,000 | 427,550 | |||||
Austin Affordable Public Facility Corp., Revenue Bonds (Bridge at Turtle Creek) | 0.42 | 12/1/2023 | 2,850,000 | 2,853,562 | |||||
Austin Airport System, Revenue Bonds, Refunding | 5.00 | 11/15/2021 | 2,500,000 | 2,581,150 | |||||
Austin Airport System, Revenue Bonds, Ser. B | 5.00 | 11/15/2024 | 600,000 | 693,726 | |||||
Central Texas Regional Mobility Authority, BAN | 4.00 | 1/1/2022 | 4,000,000 | 4,041,600 | |||||
Dallas Fort Worth International Airport, Revenue Bonds, Refunding | 5.00 | 11/1/2025 | 2,500,000 | 2,990,925 | |||||
Dallas Fort Worth International Airport, Revenue Bonds, Refunding | 5.00 | 11/1/2026 | 2,400,000 | 2,947,176 | |||||
Dallas Fort Worth International Airport, Revenue Bonds, Refunding, Ser. A | 5.00 | 11/1/2023 | 1,000,000 | 1,121,540 |
40
BNY Mellon National Short-Term Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 102.8% (continued) | |||||||||
Texas - 14.6% (continued) | |||||||||
Dallas Fort Worth International Airport, Revenue Bonds, Refunding, Ser. A | 5.00 | 11/1/2024 | 2,000,000 | 2,321,440 | |||||
Dallas Housing Finance Corp., Revenue Bonds | 1.25 | 7/1/2023 | 2,000,000 | 2,040,600 | |||||
Deer Park Independent School District, GO (Insured; Permanent School Fund Guarantee Program) | 0.28 | 10/1/2021 | 1,000,000 | 1,000,810 | |||||
Denton Independent School District, GO (Insured; Permanent School Fund Guarantee Program) | 2.00 | 8/1/2023 | 5,000,000 | 5,195,650 | |||||
Fort Bend Independent School District, GO, Refunding (Insured; Permanent School Fund Guarantee Program) Ser. A | 1.95 | 8/1/2022 | 845,000 | 866,353 | |||||
Georgetown Independent School District, GO (Insured; Permanent School Fund Guarantee Program) | 2.75 | 8/1/2022 | 5,000,000 | 5,182,800 | |||||
Georgetown Independent School District, GO (Insured; Permanent School Fund Guarantee Program) Ser. B | 2.00 | 8/1/2023 | 5,000,000 | 5,190,750 | |||||
Grand Parkway Transportation Corp., Revenue Bonds, Refunding | 1.59 | 10/1/2022 | 2,625,000 | 2,672,539 | |||||
Harris County-Houston Sports Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A | 5.00 | 11/15/2022 | 1,310,000 | 1,395,936 | |||||
Houston Combined Utility System, Revenue Bonds, Refunding, Ser. C, 1 Month LIBOR x.7 +.36% | 0.44 | 8/1/2021 | 5,000,000 | b | 5,000,250 | ||||
Houston Independent School District, GO (Insured; Permanent School Fund Guarantee Program) Ser. A2 | 2.25 | 6/1/2022 | 3,500,000 | 3,591,105 | |||||
Hutto Independent School District, GO (Insured; Permanent School Fund Guarantee Program) Ser. 2015 | 2.00 | 8/1/2025 | 2,000,000 | 2,110,420 | |||||
Lewisville Independent School District, GO, Refunding (Insured; Permanent School Fund Guarantee Program) Ser. A | 5.00 | 8/15/2021 | 7,700,000 | 7,870,016 | |||||
Mansfield Independent School District, GO (Insured; Permanent School Fund Guarantee Program) | 2.50 | 8/1/2021 | 3,500,000 | 3,534,160 | |||||
Matagorda County Navigation District No. 1, Revenue Bonds, Refunding | 0.90 | 9/1/2023 | 3,750,000 | 3,750,675 | |||||
New Caney Independent School District, GO (Insured; Permanent School Fund Guarantee Program) | 3.00 | 8/15/2021 | 3,000,000 | 3,038,820 | |||||
North Texas Tollway Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2025 | 2,500,000 | 2,915,550 | |||||
North Texas Tollway Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 1/1/2023 | 2,500,000 | 2,708,075 | |||||
Northside Independent School District, GO (Insured; Permanent School Fund Guarantee Program) | 2.00 | 6/1/2021 | 5,000,000 | 5,023,000 | |||||
Pasadena Independent School District, GO (Insured; Permanent School Fund Guarantee Program) Ser. B | 1.50 | 8/15/2024 | 4,000,000 | 4,124,960 | |||||
Pflugerville Independent School District, GO (Insured; Permanent School Fund Guarantee Program) Ser. A | 2.25 | 8/15/2022 | 3,450,000 | 3,554,604 | |||||
Pflugerville Independent School District, GO (Insured; Permanent School Fund Guarantee Program) Ser. B | 2.50 | 8/15/2023 | 9,725,000 | 10,212,028 | |||||
Round Rock Independent School District, GO (Insured; Permanent School Fund Guarantee Program) | 1.50 | 8/1/2021 | 6,355,000 | 6,390,715 | |||||
San Antonio Airport System, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2023 | 1,230,000 | 1,355,030 | |||||
San Antonio Airport System, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2023 | 1,000,000 | 1,104,850 | |||||
San Antonio Electric & Gas Systems, Revenue Bonds, Refunding | 1.75 | 12/1/2025 | 2,500,000 | 2,590,250 | |||||
San Antonio Electric & Gas Systems, Revenue Bonds, Refunding, Ser. 2019 | 2.75 | 12/1/2022 | 2,250,000 | 2,348,797 | |||||
San Antonio Electric & Gas Systems, Revenue Bonds, Refunding, Ser. B | 2.00 | 12/1/2021 | 5,000,000 | 5,022,250 | |||||
Sherman Independent School District, GO (Insured; Permanent School Fund Guarantee Program) | 2.00 | 8/1/2048 | 4,400,000 | 4,565,704 | |||||
Sherman Independent School District, GO (Insured; Permanent School Fund Guarantee Program) | 2.00 | 8/1/2023 | 600,000 | d | 623,778 |
41
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Short-Term Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 102.8% (continued) | |||||||||
Texas - 14.6% (continued) | |||||||||
Texas Department of Housing & Community Affairs, Revenue Bonds (FishPond Living at Corpus Christi) | 0.50 | 6/1/2023 | 2,000,000 | 2,003,080 | |||||
Texas Independent School District, GO, Refunding (Insured; Permanent School Fund Guarantee Program) Ser. A | 3.00 | 2/15/2024 | 1,575,000 | 1,688,794 | |||||
Texas Municipal Gas Acquisition & Supply Corp. III, Revenue Bonds, Refunding | 5.00 | 12/15/2025 | 875,000 | 1,038,424 | |||||
Texas Municipal Gas Acquisition & Supply Corp. III, Revenue Bonds, Refunding | 5.00 | 12/15/2024 | 625,000 | 723,000 | |||||
Texas Municipal Gas Acquisition & Supply Corp. III, Revenue Bonds, Refunding | 5.00 | 12/15/2022 | 500,000 | 540,345 | |||||
Texas Municipal Gas Acquisition & Supply Corp. III, Revenue Bonds, Refunding | 5.00 | 12/15/2023 | 750,000 | 841,440 | |||||
Travis County, GO, Refunding | 5.00 | 3/1/2023 | 1,100,000 | 1,153,031 | |||||
University of Houston, Revenue Bonds, Refunding, Ser. A | 5.00 | 2/15/2022 | 10,000,000 | 10,462,600 | |||||
145,388,035 | |||||||||
U.S. Related - .6% | |||||||||
Antonio B Won International Airport Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 10/1/2023 | 825,000 | 880,300 | |||||
Antonio B Won International Airport Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 10/1/2022 | 1,000,000 | 1,045,740 | |||||
Puerto Rico Highways & Transportation Authority, TRAN, Ser. K | 5.00 | 12/31/2049 | 2,885,000 | f | 1,024,175 | ||||
Puerto Rico Housing Finance Authority, Revenue Bonds, Refunding (Puerto Rico Public Housing Project) | 5.00 | 12/1/2023 | 2,500,000 | 2,793,625 | |||||
5,743,840 | |||||||||
Utah - .3% | |||||||||
Utah County, Revenue Bonds (IHC Health Services Obligated Group) Ser. B | 5.00 | 8/1/2024 | 3,000,000 | 3,457,740 | |||||
Virginia - 2.6% | |||||||||
Charles City County Economic Development Authority, Revenue Bonds (Waste Management) | 2.40 | 5/2/2022 | 1,750,000 | 1,789,865 | |||||
Fairfax County Industrial Development Authority, Revenue Bonds, Refunding (Inova Health System Obligated Group) Ser. B1 | 5.00 | 5/15/2021 | 3,900,000 | 3,936,465 | |||||
Gloucester County Economic Development Authority, Revenue Bonds (Waste Management) Ser. A | 2.40 | 5/2/2022 | 1,500,000 | 1,534,170 | |||||
King George County Economic Development Authority, Revenue Bonds (Waste Management) Ser. A | 2.50 | 6/1/2023 | 2,000,000 | a | 2,088,340 | ||||
Peninsula Ports Authority, Revenue Bonds, Refunding (Dominion Terminal Associates Project) | 1.70 | 10/1/2022 | 4,500,000 | 4,550,445 | |||||
Sussex County Industrial Development Authority, Revenue Bonds, Ser. A | 2.40 | 5/2/2022 | 1,750,000 | 1,789,865 | |||||
Virginia Port Authority Commonwealth Port Fund, Revenue Bonds, Refunding, Ser. B | 5.00 | 7/1/2025 | 1,090,000 | 1,286,592 | |||||
Virginia Port Authority Commonwealth Port Fund, Revenue Bonds, Refunding, Ser. B | 5.00 | 7/1/2024 | 1,250,000 | 1,431,150 | |||||
Westmoreland County Industrial Development Authority, Revenue Bonds | 2.00 | 6/1/2022 | 7,500,000 | 7,597,875 | |||||
26,004,767 | |||||||||
Washington - 2.6% | |||||||||
Port of Seattle, Revenue Bonds, Refunding, Ser. B | 5.00 | 9/1/2025 | 3,000,000 | 3,066,660 | |||||
University of Washington, Revenue Bonds, Refunding, Ser. C | 5.00 | 4/1/2023 | 1,480,000 | 1,625,691 | |||||
University of Washington, Revenue Bonds, Refunding, Ser. C | 5.00 | 4/1/2022 | 1,500,000 | 1,578,345 | |||||
University of Washington, Revenue Bonds, Ser. A | 5.00 | 5/1/2022 | 7,575,000 | 7,816,112 | |||||
Vancouver Housing Authority, Revenue Bonds (Anthem Park & Columbia Housing Project) | 2.00 | 6/1/2023 | 5,000,000 | 5,072,300 | |||||
Washington, GO, Refunding, Ser. R-2021A | 5.00 | 6/1/2024 | 1,500,000 | 1,724,940 | |||||
Washington, GO, Refunding, Ser. R-2021A | 5.00 | 6/1/2023 | 1,500,000 | 1,660,020 | |||||
Washington, GO, Refunding, Ser. R-2021A | 5.00 | 6/1/2022 | 1,110,000 | 1,177,188 |
42
BNY Mellon National Short-Term Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 102.8% (continued) | |||||||||
Washington - 2.6% (continued) | |||||||||
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Seattle Cancer Care Alliance Obligated Group) | 5.00 | 12/1/2024 | 200,000 | c | 230,524 | ||||
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Seattle Cancer Care Alliance Obligated Group) | 5.00 | 12/1/2025 | 275,000 | c | 325,168 | ||||
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Seattle Cancer Care Alliance Obligated Group) | 5.00 | 12/1/2022 | 250,000 | c | 269,728 | ||||
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Seattle Cancer Care Alliance Obligated Group) | 5.00 | 12/1/2023 | 250,000 | c | 279,290 | ||||
Whatcom County School District No. 502, GO (Insured; School Board Guaranty) | 3.00 | 12/1/2023 | 1,015,000 | 1,088,841 | |||||
25,914,807 | |||||||||
Wisconsin - 1.1% | |||||||||
Howard, NAN | 4.00 | 12/1/2022 | 5,000,000 | 5,139,850 | |||||
Wisconsin Health & Educational Facilities Authority, Revenue Bonds, Refunding, Ser. B5 | 5.00 | 12/3/2024 | 5,000,000 | 5,770,000 | |||||
10,909,850 | |||||||||
Total Long-Term Municipal Investments | 1,026,117,728 | ||||||||
Short-Term Municipal Investments - 2.6% | |||||||||
California - .3% | |||||||||
California County Tobacco Securitization Agency, Revenue Bonds, Refunding, Ser. A | 3.00 | 6/1/2021 | 400,000 | 402,636 | |||||
California Public Works Board, Revenue Bonds, Refunding, Ser. A | 5.00 | 2/1/2022 | 2,365,000 | 2,397,566 | |||||
2,800,202 | |||||||||
Indiana - .4% | |||||||||
Indianapolis Local Public Improvement Bond Bank, Revenue Notes (Fieldhouse Project) Ser. B | 1.45 | 6/1/2021 | 3,500,000 | 3,501,365 | |||||
New Jersey - .7% | |||||||||
Parsippany-Troy Hills, BAN | 2.00 | 11/11/2021 | 7,000,000 | 7,088,830 | |||||
New York - 1.2% | |||||||||
Board of Cooperative Educational Services for the Sole Supervisory District, RAN (Insured; State Aid Withholding) | 2.00 | 6/23/2021 | 5,000,000 | 5,027,050 | |||||
Suffolk County, TAN, Ser. I | 2.00 | 7/22/2021 | 4,330,000 | 4,359,790 | |||||
Suffolk County, TAN, Ser. II | 2.00 | 8/19/2021 | 3,000,000 | 3,023,610 | |||||
12,410,450 | |||||||||
Washington - .0% | |||||||||
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Seattle Cancer Care Alliance Obligated Group) | 5.00 | 12/1/2021 | 200,000 | c | 206,840 | ||||
Total Short-Term Municipal Investments | 26,007,687 | ||||||||
Total Investments (cost $1,041,002,972) | 105.4% | 1,052,125,415 | |||||||
Liabilities, Less Cash and Receivables | (5.4%) | (53,495,415) | |||||||
Net Assets | 100.0% | 998,630,000 |
a The Variable Rate shall be determined by the Remarketing Agent in its sole discretion based on prevailing market conditions and may, but need not, be established by reference to one or more financial indices.
b Variable rate security—rate shown is the interest rate in effect at period end.
c Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 28, 2021, these securities were valued at $17,800,850 or 1.78% of net assets.
d These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
e Principal amount for accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
f Non-income producing—security in default.
43
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Portfolio Summary (Unaudited) † | Value (%) |
General | 15.1 |
General Obligation | 11.6 |
School District | 11.3 |
Education | 10.6 |
Multifamily Housing | 7.4 |
Medical | 7.3 |
Development | 7.2 |
Transportation | 6.5 |
Single Family Housing | 5.9 |
Airport | 5.4 |
Power | 5.4 |
Water | 3.6 |
Prerefunded | 1.9 |
Utilities | 1.7 |
Pollution | 1.4 |
Tobacco Settlement | 1.2 |
Student Loan | .7 |
Housing | .5 |
Bond Bank | .4 |
Facilities | .2 |
Special Tax | .1 |
105.4 |
† Based on net assets.
See notes to financial statements.
44
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.5% | |||||||||
California - 1.1% | |||||||||
California Public Works Board, Revenue Bonds, Refunding, Ser. A | 5.00 | 2/1/2028 | 1,800,000 | 2,219,310 | |||||
Colorado - .0% | �� | ||||||||
Colorado Health Facilities Authority, Revenue Bonds, Refunding (Children's Hospital Colorado Obligated Group) (LOC; TD Bank NA) | 0.01 | 12/1/2052 | 100,000 | a | 100,000 | ||||
District of Columbia - .1% | |||||||||
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding (LOC; TD Bank NA) Ser. D2 | 0.02 | 10/1/2039 | 200,000 | a | 200,000 | ||||
Illinois - 2.6% | |||||||||
Chicago II, GO, Refunding, Ser. A | 5.00 | 1/1/2029 | 500,000 | 603,275 | |||||
Chicago II, GO, Refunding, Ser. A | 5.00 | 1/1/2026 | 500,000 | 576,195 | |||||
Chicago II, GO, Ser. 2002B | 5.25 | 1/1/2022 | 1,285,000 | 1,330,695 | |||||
Chicago II, GO, Ser. A | 5.00 | 1/1/2024 | 500,000 | 549,930 | |||||
Illinois, GO | 5.25 | 2/1/2029 | 2,000,000 | 2,179,960 | |||||
5,240,055 | |||||||||
Indiana - .1% | |||||||||
Indiana Finance Authority, Revenue Bonds, Refunding (Duke Energy Indiana Project) (LOC; Sumitomo Mitsui Banking) Ser. A4 | 0.02 | 12/1/2039 | 100,000 | a | 100,000 | ||||
Kentucky - 1.7% | |||||||||
Kentucky Public Energy Authority, Revenue Bonds, Ser. B | 4.00 | 1/1/2025 | 1,000,000 | 1,107,010 | |||||
Kentucky Public Energy Authority, Revenue Bonds, Ser. C1 | 4.00 | 6/1/2025 | 2,000,000 | 2,241,500 | |||||
3,348,510 | |||||||||
Maryland - .0% | |||||||||
Maryland Health & Higher Educational Facilities Authority, Revenue Bonds, Refunding (LOC; TD Bank NA) Ser. B | 0.03 | 4/1/2035 | 100,000 | a | 100,000 | ||||
Massachusetts - .5% | |||||||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Trustees of Boston University) (LOC; TD Bank NA) Ser. U-6E-R | 0.02 | 10/1/2042 | 1,100,000 | a | 1,100,000 | ||||
Minnesota - .1% | |||||||||
St. Paul Housing & Redevelopment Authority, Revenue Bonds, Refunding (Allina Health Obligated Group) (LOC; JPMorgan Chase Bank NA) Ser. B2 | 0.01 | 11/15/2035 | 100,000 | a | 100,000 | ||||
Missouri - .3% | |||||||||
The Missouri Health & Educational Facilities Authority, Revenue Bonds (The Washington University) Ser. B | 0.03 | 2/15/2033 | 135,000 | a | 135,000 | ||||
The Missouri Health & Educational Facilities Authority, Revenue Bonds, Refunding (Ranken Technical College) (LOC; Northern Trust Company) Ser. B | 0.01 | 11/1/2031 | 390,000 | a | 390,000 | ||||
525,000 | |||||||||
Nebraska - 1.2% | |||||||||
Central Plains Energy Project, Revenue Bonds, Refunding | 4.00 | 8/1/2025 | 2,000,000 | 2,268,540 | |||||
Douglas County Hospital Authority No. 2, Revenue Bonds, Refunding (Children's Hospital Obligated Group) (LOC; U.S. Bank NA) Ser. A | 0.02 | 8/15/2032 | 100,000 | a | 100,000 | ||||
2,368,540 | |||||||||
New Jersey - 4.2% | |||||||||
New Jersey, GO, Ser. A | 5.00 | 6/1/2025 | 800,000 | 941,864 | |||||
New Jersey Economic Development Authority, Revenue Bonds, Refunding, Ser. GGG | 5.25 | 9/1/2024 | 1,425,000 | b | 1,637,154 | ||||
New Jersey Economic Development Authority, Revenue Bonds, Refunding, Ser. NN | 5.00 | 3/1/2027 | 2,000,000 | 2,157,280 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding | 5.00 | 12/15/2026 | 725,000 | 873,806 |
45
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.5% (continued) | |||||||||
New Jersey - 4.2% (continued) | |||||||||
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2031 | 625,000 | 768,056 | |||||
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2029 | 875,000 | 1,090,128 | |||||
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2028 | 875,000 | 1,099,858 | |||||
8,568,146 | |||||||||
New York - 8.0% | |||||||||
Metropolitan Transportation Authority, Revenue Bonds, Refunding (Green Bond) Ser. A2 | 5.00 | 5/15/2024 | 1,625,000 | 1,818,164 | |||||
Metropolitan Transportation Authority, Revenue Bonds, Refunding, Ser. C1 | 5.25 | 11/15/2031 | 1,000,000 | 1,164,090 | |||||
New York City, GO (LOC; Mizuho Bank) Ser. G6 | 0.01 | 4/1/2042 | 100,000 | a | 100,000 | ||||
New York City, GO, Refunding, Ser. F2 | 3.24 | 8/1/2027 | 1,175,000 | 1,308,962 | |||||
New York City Housing Development Corp., Revenue Bonds, Ser. B2 | 5.25 | 7/1/2032 | 1,350,000 | 1,479,829 | |||||
New York City Transitional Finance Authority, Revenue Bonds | 5.00 | 5/1/2033 | 1,450,000 | 1,897,383 | |||||
New York City Water & Sewer System, Revenue Bonds, Refunding (SPA; Landesbank Hessen-Thuringen Girozentrale) Ser. BB1 | 0.03 | 6/15/2039 | 500,000 | a | 500,000 | ||||
New York Liberty Development Corp., Revenue Bonds, Refunding | 2.63 | 9/15/2069 | 1,675,000 | 1,695,200 | |||||
New York Liberty Development Corp., Revenue Bonds, Refunding (Class 1-3 World Trade Center Project) | 5.00 | 11/15/2044 | 2,250,000 | b | 2,447,662 | ||||
New York State Dormitory Authority, Revenue Bonds, Refunding (State of New York Personal Income Tax) Ser. A | 4.00 | 3/15/2037 | 1,000,000 | 1,165,830 | |||||
New York State Dormitory Authority, Revenue Bonds, Refunding, Ser. A | 4.00 | 3/15/2034 | 1,000,000 | 1,183,470 | |||||
New York Transportation Development Corp., Revenue Bonds (Delta Air Lines) | 5.00 | 1/1/2024 | 1,350,000 | 1,489,414 | |||||
16,250,004 | |||||||||
Pennsylvania - 80.8% | |||||||||
Allegheny County Higher Education Building Authority, Revenue Bonds, Refunding (Duquesne University) | 5.00 | 3/1/2026 | 1,000,000 | 1,200,160 | |||||
Allegheny County Hospital Development Authority, Revenue Bonds, Refunding (Allegheny Health Network Obligated Group) Ser. A | 5.00 | 4/1/2030 | 1,000,000 | 1,228,460 | |||||
Allegheny County Hospital Development Authority, Revenue Bonds, Refunding (UPMC Obligated Group) Ser. A | 5.00 | 7/15/2034 | 690,000 | 876,148 | |||||
Allegheny County Port Authority, Revenue Bonds, Refunding | 5.00 | 3/1/2029 | 2,000,000 | 2,544,120 | |||||
Allegheny County Port Authority, Revenue Bonds, Refunding | 5.25 | 3/1/2024 | 1,000,000 | 1,000,000 | |||||
Beaver County Hospital Authority, Revenue Bonds, Refunding (Heritage Valley Health System) | 5.00 | 5/15/2021 | 1,250,000 | c | 1,262,100 | ||||
Boyertown Area School District, GO (Insured; State Aid Withholding) | 5.00 | 4/1/2024 | 1,060,000 | c | 1,207,033 | ||||
Capital Region Water, Revenue Bonds, Refunding | 5.00 | 7/15/2026 | 750,000 | 898,170 | |||||
Chartiers Valley School District, GO (Insured; State Aid Withholding) Ser. B | 5.00 | 10/15/2040 | 1,500,000 | 1,733,175 | |||||
Chester County, GO | 4.00 | 7/15/2036 | 500,000 | 591,995 | |||||
Chester County, GO | 4.00 | 7/15/2034 | 500,000 | 596,530 | |||||
Chester County Avon Grove School District, GO (Insured; State Aid Withholding) Ser. A | 4.00 | 11/15/2037 | 1,000,000 | 1,180,310 | |||||
Chester County Health & Education Facilities Authority, Revenue Bonds (Main Line Health System Obligated Group) Ser. A | 4.00 | 9/1/2037 | 910,000 | 1,073,363 | |||||
Chester County Health & Education Facilities Authority, Revenue Bonds (Main Line Health System Obligated Group) Ser. A | 4.00 | 9/1/2038 | 600,000 | 705,432 |
46
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.5% (continued) | |||||||||
Pennsylvania - 80.8% (continued) | |||||||||
Chester County Health & Education Facilities Authority, Revenue Bonds (Main Line Health System Obligated Group) Ser. A | 4.00 | 9/1/2039 | 970,000 | 1,137,296 | |||||
Chester County Industrial Development Authority, Revenue Bonds (Longwood Gardens Project) | 5.00 | 12/1/2034 | 375,000 | 477,334 | |||||
Chester County Industrial Development Authority, Revenue Bonds (Longwood Gardens Project) | 5.00 | 12/1/2033 | 740,000 | 947,918 | |||||
Commonwealth Financing Authority, Revenue Bonds | 5.00 | 6/1/2032 | 2,500,000 | 3,076,550 | |||||
Cumberland County Municipal Authority, Revenue Bonds (Penn State Health Obligated Group) | 5.00 | 11/1/2034 | 1,000,000 | 1,261,980 | |||||
Cumberland County Municipal Authority, Revenue Bonds (Penn State Health Obligated Group) | 5.00 | 11/1/2032 | 1,000,000 | 1,271,240 | |||||
Dallastown Area School District, GO, Refunding (Insured; State Aid Withholding) | 5.00 | 4/15/2031 | 1,400,000 | 1,639,204 | |||||
Dauphin County General Authority, Revenue Bonds, Refunding (Pinnacle Health Systems Project) Ser. A | 5.00 | 6/1/2029 | 1,000,000 | 1,196,300 | |||||
Delaware Valley Regional Finance Authority, Revenue Bonds, Ser. A | 2.00 | 10/1/2029 | 1,000,000 | 1,036,140 | |||||
Derry Township Industrial & Commercial Development Authority, Revenue Bonds, Refunding | 4.00 | 11/15/2027 | 745,000 | 872,931 | |||||
Derry Township Industrial & Commercial Development Authority, Revenue Bonds, Refunding | 4.00 | 11/15/2028 | 425,000 | 502,414 | |||||
Derry Township Industrial & Commercial Development Authority, Revenue Bonds, Refunding | 4.00 | 11/15/2029 | 355,000 | 424,072 | |||||
Downingtown Area School District, GO (Insured; State Aid Withholding) Ser. C | 5.00 | 8/1/2030 | 1,455,000 | 1,786,289 | |||||
Easton Area School District, GO (Insured; State Aid Withholding) Ser. A | 5.00 | 4/1/2029 | 1,090,000 | 1,317,134 | |||||
Erie County, GO, Refunding (Insured; National Public Finance Guarantee Corp.) Ser. A | 5.50 | 9/1/2022 | 1,640,000 | 1,766,526 | |||||
Erie Water Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A | 2.07 | 12/1/2026 | 275,000 | 285,357 | |||||
Erie Water Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A | 2.16 | 12/1/2027 | 650,000 | 673,114 | |||||
Franklin County, GO, Refunding | 4.00 | 11/1/2032 | 1,205,000 | 1,394,209 | |||||
Garnet Valley School District, GO, Refunding (Insured; State Aid Withholding) | 4.00 | 4/1/2027 | 1,000,000 | 1,133,020 | |||||
Geisinger Authority, Revenue Bonds, Refunding (Geisinger Health System Obligated Group) | 5.00 | 4/1/2035 | 1,100,000 | 1,403,523 | |||||
Lancaster County Solid Waste Management Authority, Revenue Bonds (Insured; County Guaranty) Ser. B | 5.00 | 12/15/2033 | 1,895,000 | 2,127,725 | |||||
Lebanon School District, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) | 4.00 | 6/15/2031 | 1,500,000 | 1,724,160 | |||||
Lower Merion Township, GO, Ser. B | 4.00 | 7/15/2033 | 495,000 | 549,757 | |||||
Lower Merion Township, GO, Ser. B | 4.00 | 7/15/2030 | 440,000 | 491,643 | |||||
Lower Merion Township, GO, Ser. B | 4.00 | 7/15/2031 | 460,000 | 513,010 | |||||
Lower Merion Township, GO, Ser. B | 4.00 | 7/15/2029 | 425,000 | 475,490 | |||||
Lower Merion Township, GO, Ser. B | 4.00 | 7/15/2034 | 515,000 | 571,058 | |||||
Montgomery County Higher Education & Health Authority, Revenue Bonds, Refunding (The Hill School Project) | 5.00 | 8/15/2037 | 500,000 | 585,920 | |||||
Montgomery County Higher Education & Health Authority, Revenue Bonds, Refunding (Thomas Jefferson University Obligated Group) | 5.00 | 9/1/2030 | 1,600,000 | 1,978,432 | |||||
Montgomery County Higher Education & Health Authority, Revenue Bonds, Refunding (Thomas Jefferson University Project) | 4.00 | 9/1/2034 | 1,000,000 | 1,157,720 | |||||
Mount Lebanon Hospital Authority, Revenue Bonds (St. Clair Memorial Hospital Project) | 5.00 | 7/1/2036 | 1,105,000 | 1,348,564 | |||||
Mount Lebanon Hospital Authority, Revenue Bonds (St. Clair Memorial Hospital Project) | 5.00 | 7/1/2035 | 1,000,000 | 1,225,820 |
47
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.5% (continued) | |||||||||
Pennsylvania - 80.8% (continued) | |||||||||
Northampton County General Purpose Authority, Revenue Bonds, Refunding (Lafayette College) Ser. A | 5.00 | 11/1/2023 | 2,000,000 | c | 2,249,780 | ||||
Northampton County General Purpose Authority, Revenue Bonds, Refunding (Lehigh University) Ser. A | 4.00 | 11/15/2035 | 1,030,000 | 1,150,036 | |||||
Pennsbury School District, GO (Insured; St Aid Withholding) Ser. A | 5.00 | 8/1/2040 | 810,000 | 979,509 | |||||
Pennsbury School District, GO (Insured; St Aid Withholding) Ser. A | 5.00 | 8/1/2035 | 630,000 | 773,722 | |||||
Pennsylvania, GO (Insured; Assured Guaranty Municipal Corp.) Ser. 2nd | 3.00 | 9/15/2033 | 530,000 | 572,045 | |||||
Pennsylvania, GO, Ser. 1st | 5.00 | 3/15/2028 | 2,200,000 | 2,579,764 | |||||
Pennsylvania Economic Development Financing Authority, Revenue Bonds (PSEG Power) (LOC; TD Bank NA) | 0.03 | 1/15/2042 | 400,000 | a | 400,000 | ||||
Pennsylvania Economic Development Financing Authority, Revenue Bonds (Waste Management Project) Ser. A | 2.15 | 11/1/2021 | 2,375,000 | 2,404,117 | |||||
Pennsylvania Economic Development Financing Authority, Revenue Bonds, Refunding (Amtrak Project) Ser. A | 5.00 | 11/1/2026 | 1,000,000 | 1,070,670 | |||||
Pennsylvania Economic Development Financing Authority, Revenue Bonds, Refunding (Forum Place Project) | 5.00 | 3/1/2022 | 1,000,000 | c | 1,048,000 | ||||
Pennsylvania Economic Development Financing Authority, Revenue Bonds, Refunding (UPMC Obligated Group) | 4.00 | 3/15/2032 | 1,690,000 | 1,933,749 | |||||
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds (Insured; Build American Mutual) Ser. AT1 | 5.00 | 6/15/2027 | 1,000,000 | 1,206,170 | |||||
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds (Temple University) Ser. 1st | 5.00 | 4/1/2022 | 1,000,000 | c | 1,052,570 | ||||
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds (The Trustees of the University of Pennsylvania) Ser. A | 5.00 | 8/15/2032 | 1,000,000 | 1,212,090 | |||||
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds (The University of Pennsylvania Health System Obligated Group) | 5.00 | 8/15/2033 | 1,000,000 | 1,277,210 | |||||
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds (The University of Pennsylvania Health System Obligated Group) Ser. E | 4.00 | 8/15/2034 | 1,000,000 | 1,151,000 | |||||
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Refunding (Drexel University) | 5.00 | 5/1/2028 | 1,855,000 | 2,261,987 | |||||
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Refunding (Drexel University) (Insured; Assured Guaranty Municipal Corp.) Ser. A | 5.00 | 5/1/2029 | 1,115,000 | 1,414,311 | |||||
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Refunding (St. System of Higher Education) Ser. AQ | 5.00 | 6/15/2025 | 1,000,000 | 1,181,060 | |||||
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Refunding (The University of Pennsylvania Health System Obligated Group) | 5.00 | 8/15/2035 | 1,200,000 | 1,401,384 | |||||
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Refunding (University of Sciences) | 5.00 | 11/1/2025 | 1,000,000 | 1,170,850 | |||||
Pennsylvania Housing Finance Agency, Revenue Bonds, Refunding, Ser. 122nd | 3.65 | 10/1/2032 | 2,000,000 | 2,113,480 | |||||
Pennsylvania Housing Finance Agency, Revenue Bonds, Ser. 114C | 3.65 | 10/1/2037 | 1,000,000 | 1,009,430 | |||||
Pennsylvania Housing Finance Agency, Revenue Bonds, Ser. 2019-131A | 3.50 | 4/1/2049 | 1,910,000 | 2,054,682 | |||||
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding | 5.00 | 12/1/2038 | 1,230,000 | 1,473,565 | |||||
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding | 5.00 | 12/1/2040 | 1,260,000 | 1,503,432 | |||||
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A | 5.25 | 7/15/2025 | 2,500,000 | 3,011,125 |
48
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.5% (continued) | |||||||||
Pennsylvania - 80.8% (continued) | |||||||||
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding (LOC; TD Bank NA) Ser. 2nd | 0.03 | 12/1/2038 | 200,000 | a | 200,000 | ||||
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding, Ser. 2nd | 5.00 | 12/1/2034 | 1,000,000 | 1,226,400 | |||||
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding, Ser. A | 5.00 | 12/1/2030 | 1,325,000 | 1,615,983 | |||||
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding, Ser. A1 | 5.25 | 12/1/2035 | 2,280,000 | 2,718,809 | |||||
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding, Ser. B2 | 5.00 | 6/1/2032 | 1,000,000 | 1,201,030 | |||||
Pennsylvania Turnpike Commission, Revenue Bonds, Ser. A | 5.00 | 12/1/2022 | 2,415,000 | c | 2,616,628 | ||||
Philadelphia, GO, Refunding | 5.00 | 8/1/2029 | 1,000,000 | 1,242,490 | |||||
Philadelphia, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 8/1/2030 | 1,275,000 | 1,570,609 | |||||
Philadelphia, GO, Refunding, Ser. A | 5.00 | 8/1/2029 | 1,000,000 | 1,242,490 | |||||
Philadelphia, GO, Ser. B | 5.00 | 2/1/2028 | 1,085,000 | 1,365,646 | |||||
Philadelphia Airport, Revenue Bonds, Refunding, Ser. B | 5.00 | 7/1/2031 | 1,520,000 | 1,812,524 | |||||
Philadelphia Airport, Revenue Bonds, Refunding, Ser. B | 5.00 | 7/1/2025 | 2,000,000 | 2,353,240 | |||||
Philadelphia Airport, Revenue Bonds, Refunding, Ser. B | 5.00 | 7/1/2027 | 1,000,000 | 1,218,500 | |||||
Philadelphia Authority for Industrial Development, Revenue Bonds (Green Bond) Ser. A | 5.00 | 2/15/2034 | 1,250,000 | 1,531,812 | |||||
Philadelphia Authority for Industrial Development, Revenue Bonds, Refunding (St. Joseph's University) | 5.00 | 11/1/2027 | 850,000 | 1,048,339 | |||||
Philadelphia Authority for Industrial Development, Revenue Bonds, Refunding (St. Joseph's University) | 5.00 | 11/1/2026 | 850,000 | 1,026,537 | |||||
Philadelphia Authority for Industrial Development, Revenue Bonds, Refunding, Ser. 2016 | 5.00 | 4/1/2025 | 1,500,000 | 1,747,605 | |||||
Philadelphia Authority for Industrial Development, Revenue Bonds, Refunding, Ser. 2016 | 5.00 | 4/1/2031 | 2,000,000 | 2,272,240 | |||||
Philadelphia Industrial Development Authority, Revenue Bonds, Refunding (Children's Hospital of Philadelphia Project) | 4.00 | 7/1/2036 | 1,000,000 | 1,127,920 | |||||
Philadelphia Water & Wastewater, Revenue Bonds, Refunding, Ser. B | 5.00 | 7/1/2031 | 2,000,000 | 2,353,240 | |||||
Pittsburgh, GO, Refunding, Ser. A | 3.00 | 9/1/2033 | 325,000 | 348,959 | |||||
Pittsburgh, GO, Refunding, Ser. A | 3.00 | 9/1/2032 | 500,000 | 538,995 | |||||
Pittsburgh, GO, Refunding, Ser. A | 4.00 | 9/1/2030 | 500,000 | 597,120 | |||||
Pittsburgh & Allegheny County Sports & Exhibition Authority, Revenue Bonds | 5.00 | 12/15/2024 | 940,000 | 1,084,732 | |||||
Pittsburgh & Allegheny County Sports & Exhibition Authority, Revenue Bonds | 5.00 | 12/15/2032 | 1,000,000 | 1,225,180 | |||||
Pittsburgh & Allegheny County Sports & Exhibition Authority, Revenue Bonds | 5.00 | 12/15/2023 | 855,000 | 955,454 | |||||
Pittsburgh School District, GO (Insured; Assured Guaranty Municipal Corp.) Ser. A | 5.00 | 9/1/2027 | 1,150,000 | 1,449,724 | |||||
Pittsburgh School District, GO (Insured; Assured Guaranty Municipal Corp.) Ser. A | 5.00 | 9/1/2029 | 975,000 | 1,252,963 | |||||
Pittsburgh Water & Sewer Authority, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. B | 5.00 | 9/1/2023 | 2,580,000 | c | 2,882,144 | ||||
Pittsburgh Water & Sewer Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A | 5.00 | 9/1/2026 | 1,000,000 | 1,219,060 | |||||
Selinsgrove Area School District, GO, Refunding (Insured; State Aid Withholding) Ser. B | 3.00 | 3/1/2026 | 1,095,000 | 1,184,396 | |||||
Seneca Valley School District, GO (Insured; State Aid Withholding) | 4.00 | 7/15/2032 | 1,000,000 | 1,196,190 | |||||
Southcentral Pennsylvania General Authority, Revenue Bonds, Refunding (Wellspan Health Obligated Group) Ser. A | 5.00 | 6/1/2027 | 2,085,000 | 2,354,966 |
49
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.5% (continued) | |||||||||
Pennsylvania - 80.8% (continued) | |||||||||
State Public School Building Authority, Revenue Bonds (The School District of Philadelphia) (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 4/1/2022 | 1,000,000 | c | 1,052,010 | ||||
State Public School Building Authority, Revenue Bonds, Refunding (The School District of Philadelphia) (Insured; Assured Guaranty Municipal Corp.) Ser. A | 5.00 | 6/1/2024 | 2,000,000 | 2,270,240 | |||||
Susquehanna Township School District, GO, Refunding (Insured; State Aid Withholding) | 4.00 | 11/15/2027 | 1,975,000 | 2,198,214 | |||||
Susquehanna Township School District, GO, Refunding (Insured; State Aid Withholding) Ser. R | 3.00 | 5/15/2031 | 1,730,000 | 1,902,360 | |||||
The Canonsburg-Houston Joint Authority, Revenue Bonds, Ser. A | 5.00 | 12/1/2028 | 1,605,000 | 1,893,723 | |||||
The Canonsburg-Houston Joint Authority, Revenue Bonds, Ser. A | 5.00 | 12/1/2023 | 1,260,000 | 1,401,044 | |||||
The Canonsburg-Houston Joint Authority, Revenue Bonds, Ser. A | 5.00 | 12/1/2024 | 1,220,000 | 1,389,702 | |||||
The Pennsylvania University, Revenue Bonds, Ser. A | 5.00 | 9/1/2033 | 1,010,000 | 1,211,273 | |||||
The Philadelphia School District, GO (Insured; State Aid Withholding) Ser. A | 5.00 | 9/1/2028 | 500,000 | 623,090 | |||||
Tredyffrin Easttown School District, GO (Insured; State Aid Withholding) | 5.00 | 2/15/2036 | 1,365,000 | 1,663,867 | |||||
Tredyffrin Easttown School District, GO (Insured; State Aid Withholding) | 5.00 | 2/15/2034 | 240,000 | 293,710 | |||||
Upper Merion Area School District, GO (Insured; State Aid Withholding) | 5.00 | 1/15/2036 | 250,000 | 296,460 | |||||
Upper Merion Area School District, GO (Insured; State Aid Withholding) | 5.00 | 1/15/2037 | 275,000 | 325,391 | |||||
Upper Merion Area School District, GO (Insured; State Aid Withholding) | 5.00 | 1/15/2034 | 350,000 | 416,878 | |||||
Upper Merion Area School District, GO (Insured; State Aid Withholding) | 5.00 | 1/15/2035 | 420,000 | 499,153 | |||||
Upper Moreland Township School District, GO (Insured; State Aid Withholding) | 4.00 | 10/1/2033 | 780,000 | 833,188 | |||||
Upper St. Clair Township School District, GO (Insured; State Aid Withholding) | 5.00 | 10/1/2041 | 1,000,000 | 1,138,020 | |||||
West Chester Area School District, GO, Refunding (Insured; State Aid Withholding) | 2.00 | 3/15/2031 | 820,000 | 851,062 | |||||
West Mifflin School District, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 4/1/2026 | 1,000,000 | 1,191,880 | |||||
Whitemarsh Township, GO, Refunding | 4.00 | 11/15/2039 | 1,000,000 | 1,081,110 | |||||
Whitemarsh Township, GO, Refunding | 4.00 | 11/15/2035 | 605,000 | 656,951 | |||||
163,075,835 | |||||||||
U.S. Related - .8% | |||||||||
Guam, Revenue Bonds, Ser. A | 5.00 | 1/1/2024 | 1,500,000 | 1,548,885 | |||||
Puerto Rico Infrastructure Financing Authority, Revenue Bonds, Ser. B | 5.00 | 7/1/2021 | 800,000 | d | 109,000 | ||||
1,657,885 | |||||||||
Total Investments (cost $194,882,059) | 101.5% | 204,953,285 | |||||||
Liabilities, Less Cash and Receivables | (1.5%) | (3,063,493) | |||||||
Net Assets | 100.0% | 201,889,792 |
a The Variable Rate shall be determined by the Remarketing Agent in its sole discretion based on prevailing market conditions and may, but need not, be established by reference to one or more financial indices.
b Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 28, 2021, these securities were valued at $4,084,816 or 2.02% of net assets.
c These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
d Non-income producing—security in default.
50
Portfolio Summary (Unaudited) † | Value (%) |
School District | 14.6 |
General Obligation | 13.6 |
Medical | 12.6 |
Education | 12.0 |
General | 11.5 |
Transportation | 8.4 |
Prerefunded | 6.6 |
Water | 5.3 |
Development | 3.7 |
Tobacco Settlement | 3.0 |
Airport | 2.8 |
Single Family Housing | 2.6 |
Pollution | 2.5 |
Facilities | 1.6 |
Multifamily Housing | .7 |
101.5 |
† Based on net assets.
See notes to financial statements.
51
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.8% | |||||||||
California - 1.1% | |||||||||
California Public Works Board, Revenue Bonds, Refunding, Ser. A | 5.00 | 2/1/2028 | 3,000,000 | 3,698,850 | |||||
District of Columbia - .3% | |||||||||
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding, Ser. B | 4.00 | 10/1/2035 | 1,000,000 | 1,139,910 | |||||
Florida - .2% | |||||||||
Hillsborough County Industrial Development Authority, Revenue Bonds, Refunding (BayCare Health System Obligated Group) (LOC; TD Bank NA) Ser. D | 0.02 | 11/15/2042 | 100,000 | a | 100,000 | ||||
Miami-Dade County, Revenue Bonds (Juvenile Courthouse) (Insured; American Municipal Bond Assurance Corp.) (LOC; TD Bank NA) Ser. B | 0.03 | 4/1/2043 | 500,000 | a | 500,000 | ||||
600,000 | |||||||||
Illinois - 2.2% | |||||||||
Chicago II, GO, Refunding, Ser. A | 5.00 | 1/1/2029 | 1,000,000 | 1,206,550 | |||||
Chicago II, GO, Refunding, Ser. A | 5.00 | 1/1/2026 | 1,000,000 | 1,152,390 | |||||
Chicago II, GO, Ser. A | 5.00 | 1/1/2023 | 1,970,000 | 2,106,600 | |||||
Illinois, GO, Ser. D | 5.00 | 11/1/2026 | 2,500,000 | 2,873,950 | |||||
7,339,490 | |||||||||
Indiana - .1% | |||||||||
Indiana Finance Authority, Revenue Bonds, Refunding (Duke Energy Indiana Project) (LOC; Sumitomo Mitsui Banking) Ser. A4 | 0.02 | 12/1/2039 | 400,000 | a | 400,000 | ||||
Iowa - .1% | |||||||||
Iowa Finance Authority, Revenue Bonds, Refunding (Unity Point Health System) (LOC; TD Bank NA) Ser. B2 | 0.03 | 2/15/2039 | 100,000 | a | 100,000 | ||||
Iowa Finance Authority, Revenue Bonds, Refunding (Unity Point Health Sytem) (LOC; JP Morgan Chase Bank NA) Ser. F | 0.02 | 7/1/2041 | 125,000 | a | 125,000 | ||||
225,000 | |||||||||
Kentucky - 1.8% | |||||||||
Kentucky Public Energy Authority, Revenue Bonds, Ser. B | 4.00 | 1/1/2025 | 2,500,000 | 2,767,525 | |||||
Kentucky Public Energy Authority, Revenue Bonds, Ser. C1 | 4.00 | 6/1/2025 | 3,000,000 | 3,362,250 | |||||
6,129,775 | |||||||||
Massachusetts - 83.8% | |||||||||
Belmont, GO | 4.00 | 6/1/2031 | 1,260,000 | 1,537,716 | |||||
Berkshire Wind Power Cooperative Corp., Revenue Bonds, Refunding (Green Bond) (Berkshire Wind Project) Ser. 2nd | 5.00 | 7/1/2030 | 1,000,000 | 1,215,730 | |||||
Berkshire Wind Power Cooperative Corp., Revenue Bonds, Refunding (Green Bond) (Berkshire Wind Project) Ser. 2nd | 5.00 | 7/1/2028 | 1,000,000 | 1,231,350 | |||||
Berkshire Wind Power Cooperative Corp., Revenue Bonds, Refunding (Green Bond) (Berkshire Wind Project) Ser. 2nd | 5.00 | 7/1/2026 | 475,000 | 575,149 | |||||
Boston, GO, Ser. A | 3.00 | 11/1/2034 | 2,035,000 | 2,312,432 | |||||
Boston Housing Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 10/1/2026 | 565,000 | 691,628 | |||||
Boston Housing Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 4/1/2026 | 615,000 | 742,477 | |||||
Braintree, GO, Refunding | 4.00 | 10/15/2030 | 1,395,000 | 1,723,774 | |||||
Brookline, GO, Refunding | 4.00 | 2/15/2029 | 2,000,000 | 2,457,840 | |||||
Collegiate Charter School of Lowell, Revenue Bonds | 4.00 | 6/15/2024 | 315,000 | 328,208 | |||||
Collegiate Charter School of Lowell, Revenue Bonds | 5.00 | 6/15/2029 | 485,000 | 543,908 | |||||
Collegiate Charter School of Lowell, Revenue Bonds | 5.00 | 6/15/2039 | 1,000,000 | 1,093,470 | |||||
Dedham, GO | 4.00 | 6/15/2029 | 495,000 | 558,459 | |||||
Framingham, GO, Refunding | 5.00 | 12/1/2028 | 420,000 | 531,737 | |||||
Framingham, GO, Refunding | 5.00 | 12/1/2029 | 365,000 | 459,480 | |||||
Hingham, GO | 3.00 | 2/15/2036 | 375,000 | 414,236 | |||||
Hingham, GO | 3.00 | 2/15/2035 | 860,000 | 953,774 | |||||
Hingham, GO | 3.00 | 2/15/2034 | 1,240,000 | 1,381,335 |
52
BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.8% (continued) | |||||||||
Massachusetts - 83.8% (continued) | |||||||||
Hingham, GO | 4.00 | 2/15/2030 | 345,000 | 417,312 | |||||
Hingham, GO | 4.00 | 2/15/2031 | 315,000 | 379,288 | |||||
Hingham, GO | 4.00 | 2/15/2032 | 425,000 | 509,367 | |||||
Manchester Essex Regional School District, GO (School Project Loan-Chapter 70B) | 4.00 | 2/1/2034 | 845,000 | 986,098 | |||||
Manchester Essex Regional School District, GO (School Project Loan-Chapter 70B) | 4.00 | 2/1/2033 | 590,000 | 690,955 | |||||
Mansfield, GO | 4.00 | 5/15/2030 | 845,000 | 946,645 | |||||
Mansfield, GO | 4.00 | 5/15/2029 | 815,000 | 917,168 | |||||
Massachusetts, GO, Refunding, Ser. A, 3 Month LIBOR x.67 +.55% | 0.69 | 11/1/2025 | 2,500,000 | b | 2,501,475 | ||||
Massachusetts, GO, Refunding, Ser. B | 5.00 | 7/1/2027 | 1,000,000 | 1,260,650 | |||||
Massachusetts, GO, Refunding, Ser. D | 4.00 | 11/1/2034 | 2,215,000 | 2,704,581 | |||||
Massachusetts, GO, Refunding, Ser. D | 4.00 | 11/1/2035 | 2,000,000 | 2,433,040 | |||||
Massachusetts, GO, Ser. A | 5.00 | 3/1/2031 | 2,250,000 | 2,539,417 | |||||
Massachusetts Bay Transportation Authority, Revenue Bonds, Refunding | 5.00 | 7/1/2031 | 2,000,000 | 2,635,360 | |||||
Massachusetts Clean Energy Cooperative Corp., Revenue Bonds | 5.00 | 7/1/2032 | 870,000 | 945,533 | |||||
Massachusetts Clean Energy Cooperative Corp., Revenue Bonds | 5.00 | 7/1/2028 | 1,250,000 | 1,369,613 | |||||
Massachusetts Development Finance Agency, Revenue Bonds (Dana-Farber Cancer Institute Obligated Group) Ser. N | 5.00 | 12/1/2033 | 2,500,000 | 3,003,975 | |||||
Massachusetts Development Finance Agency, Revenue Bonds (Emerson College) | 5.00 | 1/1/2032 | 340,000 | 408,466 | |||||
Massachusetts Development Finance Agency, Revenue Bonds (Emerson College) | 5.00 | 1/1/2026 | 170,000 | 202,266 | |||||
Massachusetts Development Finance Agency, Revenue Bonds (Emerson College) | 5.00 | 1/1/2027 | 280,000 | 342,454 | |||||
Massachusetts Development Finance Agency, Revenue Bonds (Emerson College) | 5.00 | 1/1/2031 | 325,000 | 392,542 | |||||
Massachusetts Development Finance Agency, Revenue Bonds (Emerson College) Ser. A | 5.00 | 1/1/2023 | 400,000 | 432,220 | |||||
Massachusetts Development Finance Agency, Revenue Bonds (Emerson College) Ser. A | 5.00 | 1/1/2022 | 565,000 | 586,091 | |||||
Massachusetts Development Finance Agency, Revenue Bonds (President & Trustees of Williams College) Ser. S | 5.00 | 7/1/2030 | 1,000,000 | 1,232,760 | |||||
Massachusetts Development Finance Agency, Revenue Bonds (Trustees of Boston University) Ser. DD1 | 5.00 | 4/1/2024 | 1,075,000 | 1,196,851 | |||||
Massachusetts Development Finance Agency, Revenue Bonds (Wentworth Institute of Technology) | 5.00 | 10/1/2024 | 550,000 | 627,792 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding | 5.00 | 7/1/2032 | 1,910,000 | 2,236,534 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Babson College) Ser. A | 5.00 | 10/1/2025 | 545,000 | 646,305 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Baystate Medical Center Obligated Group) Ser. N | 5.00 | 7/1/2024 | 350,000 | 399,224 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Boston Medical Center Corp. Obligated Group) Ser. E | 5.00 | 7/1/2026 | 500,000 | 599,655 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Boston Medical Center Corp. Obligated Group) Ser. E | 5.00 | 7/1/2025 | 500,000 | 583,895 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Boston Medical Center Corp. Obligated Group) Ser. E | 5.00 | 7/1/2023 | 2,060,000 | 2,259,820 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Caregroup) Ser. H1 | 5.00 | 7/1/2022 | 1,000,000 | 1,061,810 |
53
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.8% (continued) | |||||||||
Massachusetts - 83.8% (continued) | |||||||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (College of Holy Cross) | 5.00 | 9/1/2026 | 705,000 | 863,258 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Emerson College) | 5.00 | 1/1/2025 | 1,000,000 | 1,156,340 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Emerson College) | 5.00 | 1/1/2035 | 1,000,000 | 1,109,040 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Emerson College) Ser. A | 5.00 | 1/1/2035 | 1,000,000 | 1,188,760 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Emerson College) Ser. A | 5.00 | 1/1/2033 | 1,250,000 | 1,495,325 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Emmanuel College) Ser. A | 5.00 | 10/1/2030 | 1,000,000 | 1,173,190 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Emmanuel College) Ser. A | 5.00 | 10/1/2043 | 1,000,000 | 1,135,540 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Fisher College) | 5.00 | 4/1/2035 | 840,000 | 972,821 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Fisher College) | 5.00 | 4/1/2033 | 390,000 | 454,362 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Fisher College) | 5.00 | 4/1/2031 | 350,000 | 411,698 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Fisher College) | 5.00 | 4/1/2032 | 370,000 | 433,141 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Foxborough Regional Charter School) | 4.00 | 7/1/2021 | 625,000 | 630,369 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Foxborough Regional Charter School) | 4.00 | 7/1/2022 | 655,000 | 674,899 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Foxborough Regional Charter School) | 5.00 | 7/1/2037 | 1,600,000 | 1,800,256 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Harvard University) Ser. A | 5.00 | 7/15/2027 | 3,200,000 | 3,937,408 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (International Charter School) | 5.00 | 4/15/2040 | 1,730,000 | 1,862,587 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (International Charter School) | 5.00 | 4/15/2033 | 3,410,000 | 3,716,866 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (MCPHS University) Ser. H | 5.00 | 7/1/2037 | 465,000 | 533,908 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Olin College) Ser. E | 5.00 | 11/1/2038 | 4,500,000 | 4,870,395 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Park School Corp.) | 5.00 | 9/1/2021 | 300,000 | 306,879 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Partners Healthcare System) | 4.00 | 7/1/2036 | 2,480,000 | 2,870,749 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Partners Healthcare System) | 4.00 | 7/1/2032 | 2,000,000 | 2,278,340 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Partners Healthcare System) Ser. S5, 1 Month MUNIPSA +.42% | 0.45 | 1/27/2022 | 1,500,000 | b | 1,501,125 | ||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (President & Trustees of Williams College) Ser. P | 5.00 | 7/1/2024 | 3,250,000 | 3,604,412 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Simmons College) Ser. J | 5.25 | 10/1/2024 | 465,000 | 518,489 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Simmons College) Ser. K1 | 5.00 | 10/1/2025 | 700,000 | 822,192 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Simmons College) Ser. K1 | 5.00 | 10/1/2029 | 1,000,000 | 1,159,730 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (South Shore Hospital Obligated Group) Ser. I | 5.00 | 7/1/2028 | 750,000 | 890,993 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (South Shore Hospital Obligated Group) Ser. I | 5.00 | 7/1/2021 | 500,000 | 506,860 |
54
BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.8% (continued) | |||||||||
Massachusetts - 83.8% (continued) | |||||||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (South Shore Hospital Obligated Group) Ser. I | 5.00 | 7/1/2024 | 530,000 | 602,472 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (South Shore Hospital Obligated Group) Ser. I | 5.00 | 7/1/2025 | 500,000 | 585,750 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Sterling & Francine Clark Art Institute) | 5.00 | 7/1/2031 | 2,050,000 | 2,507,765 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Sterling & Francine Clark Art Institute) | 5.00 | 7/1/2028 | 1,000,000 | 1,223,170 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk University) | 5.00 | 7/1/2023 | 1,250,000 | 1,374,000 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk University) | 5.00 | 7/1/2029 | 1,000,000 | 1,212,880 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk University) | 5.00 | 7/1/2028 | 1,300,000 | 1,589,224 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk University) | 5.00 | 7/1/2025 | 1,340,000 | 1,569,810 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk University) | 5.00 | 7/1/2033 | 1,000,000 | 1,186,730 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (The Broad Institute) | 5.00 | 4/1/2036 | 2,000,000 | 2,424,980 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Trustees of Boston University) (LOC; TD Bank NA) Ser. U-6C | 0.01 | 10/1/2042 | 625,000 | a | 625,000 | ||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Trustees of Boston University) (LOC; TD Bank NA) Ser. U-6E-R | 0.02 | 10/1/2042 | 2,400,000 | a | 2,400,000 | ||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Trustees of Boston University) Ser. BB2 | 4.00 | 10/1/2032 | 1,000,000 | 1,134,780 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Umass Memorial Health Care Obligated Group) Ser. I | 5.00 | 7/1/2025 | 2,375,000 | 2,782,312 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Umass Memorial Health Care Obligated Group) Ser. I | 5.00 | 7/1/2036 | 1,340,000 | 1,545,261 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Umass Memorial Health Care Obligated Group) Ser. K | 5.00 | 7/1/2024 | 815,000 | 926,443 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Umass Memorial Health Care Obligated Group) Ser. K | 5.00 | 7/1/2022 | 490,000 | 518,190 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Wellforce Obligated Group) (Insured; Assured Guaranty Municipal Corp.) Ser. C | 5.00 | 10/1/2027 | 475,000 | 588,278 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Wellforce Obligated Group) (Insured; Assured Guaranty Municipal Corp.) Ser. C | 5.00 | 10/1/2026 | 325,000 | 393,695 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Western New England University) | 5.00 | 9/1/2024 | 1,090,000 | 1,249,195 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Western New England University) | 5.00 | 9/1/2033 | 500,000 | 600,915 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Western New England University) | 5.00 | 9/1/2026 | 1,205,000 | 1,463,195 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Western New England University) | 5.00 | 9/1/2032 | 500,000 | 605,115 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Western New England University) | 5.00 | 9/1/2040 | 1,500,000 | 1,675,380 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Western New England University) | 5.00 | 9/1/2035 | 1,000,000 | 1,126,240 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (WGBH Educational Foundation) | 3.00 | 1/1/2025 | 190,000 | 205,187 |
55
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.8% (continued) | |||||||||
Massachusetts - 83.8% (continued) | |||||||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (WGBH Educational Foundation) | 4.00 | 1/1/2026 | 130,000 | 150,150 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (WGBH Educational Foundation) | 5.00 | 1/1/2030 | 410,000 | 496,563 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (WGBH Educational Foundation) | 5.00 | 1/1/2028 | 140,000 | 169,546 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (WGBH Educational Foundation) | 5.00 | 1/1/2029 | 200,000 | 243,708 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (WGBH Educational Foundation) | 5.00 | 1/1/2027 | 310,000 | 377,875 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (WGBH Educational Foundation) | 5.00 | 1/1/2031 | 415,000 | 500,776 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Woods Hole Oceanographic Institution) | 5.00 | 6/1/2026 | 850,000 | 1,033,779 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Woods Hole Oceanographic Institution) | 5.00 | 6/1/2025 | 450,000 | 531,248 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2031 | 1,350,000 | 1,669,450 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2030 | 2,075,000 | 2,581,217 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2029 | 1,050,000 | 1,319,987 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. A2 | 5.00 | 7/1/2037 | 2,460,000 | 3,130,817 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. G | 5.00 | 7/1/2036 | 450,000 | 574,983 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. G | 5.00 | 7/1/2035 | 400,000 | 513,248 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. G | 5.00 | 7/1/2032 | 515,000 | 674,820 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. H1 | 5.00 | 7/1/2025 | 800,000 | 945,416 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. I | 5.00 | 7/1/2029 | 2,000,000 | 2,407,760 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. I | 5.00 | 7/1/2026 | 1,000,000 | 1,214,900 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. O | 5.00 | 12/1/2025 | 1,140,000 | 1,360,237 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. O | 5.00 | 12/1/2033 | 160,000 | 201,363 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. O | 5.00 | 12/1/2032 | 250,000 | 315,973 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. O | 5.00 | 12/1/2035 | 200,000 | 250,112 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. O | 5.00 | 12/1/2034 | 200,000 | 250,962 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. O | 5.00 | 12/1/2031 | 250,000 | 317,438 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. O | 5.00 | 12/1/2026 | 1,000,000 | 1,223,710 | |||||
Massachusetts Educational Financing Authority, Revenue Bonds, Refunding | 5.00 | 7/1/2021 | 2,350,000 | 2,386,542 | |||||
Massachusetts Educational Financing Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2024 | 3,000,000 | 3,421,920 | |||||
Massachusetts Educational Financing Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 7/1/2023 | 2,300,000 | 2,539,453 | |||||
Massachusetts Federal Highway, GAN (Accelerated Bridge Program) Ser. A | 5.00 | 6/15/2027 | 2,000,000 | 2,442,340 | |||||
Massachusetts Federal Highway, GAN, Ser. A | 5.00 | 6/15/2025 | 2,500,000 | 2,864,075 | |||||
Massachusetts Federal Highway, GAN, Ser. A | 5.00 | 6/15/2027 | 2,000,000 | 2,278,380 |
56
BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.8% (continued) | |||||||||
Massachusetts - 83.8% (continued) | |||||||||
Massachusetts Federal Highway, Revenue Bonds, Refunding, Ser. A | 5.00 | 6/15/2027 | 2,500,000 | 3,052,925 | |||||
Massachusetts Health & Educational Facilities Authority, Revenue Bonds (Massachusetts Institute of Technology) Ser. K | 5.50 | 7/1/2022 | 1,800,000 | 1,929,204 | |||||
Massachusetts Health & Educational Facilities Authority, Revenue Bonds (Museum of Fine Arts) (SPA; Bank of America) Ser. A2 | 0.01 | 12/1/2037 | 960,000 | a | 960,000 | ||||
Massachusetts Health & Educational Facilities Authority, Revenue Bonds, Refunding (Harvard University) Ser. R | 0.01 | 11/1/2049 | 150,000 | a | 150,000 | ||||
Massachusetts Health & Educational Facilities Authority, Revenue Bonds, Refunding (Massachusetts Institute of Technology) Ser. L | 5.00 | 7/1/2023 | 3,335,000 | 3,708,587 | |||||
Massachusetts Health & Educational Facilities Authority, Revenue Bonds, Refunding (Tufts University) Ser. M | 5.25 | 2/15/2026 | 3,130,000 | 3,813,279 | |||||
Massachusetts Housing Finance Agency, Revenue Bonds, Refunding (Insured; GNMA, FNMA & FHLMC) Ser. 195th | 4.00 | 12/1/2048 | 945,000 | 1,029,389 | |||||
Massachusetts Housing Finance Agency, Revenue Bonds, Refunding (Insured; GNMA, FNMA & FHLMC) Ser. 220th | 3.00 | 12/1/2050 | 2,000,000 | 2,179,280 | |||||
Massachusetts Housing Finance Agency, Revenue Bonds, Refunding, Ser. 183rd | 3.50 | 12/1/2046 | 660,000 | 695,482 | |||||
Massachusetts Housing Finance Agency, Revenue Bonds, Refunding, Ser. 207th | 4.00 | 6/1/2049 | 2,385,000 | 2,631,370 | |||||
Massachusetts Housing Finance Agency, Revenue Bonds, Refunding, Ser. 211th | 3.50 | 12/1/2049 | 925,000 | 1,009,508 | |||||
Massachusetts Housing Finance Agency, Revenue Bonds, Ser. A1 | 2.55 | 12/1/2040 | 1,500,000 | 1,539,165 | |||||
Massachusetts Housing Finance Agency, Revenue Bonds, Ser. A3 | 0.88 | 12/1/2023 | 1,500,000 | 1,507,035 | |||||
Massachusetts Housing Finance Agency, Revenue Bonds, Ser. F | 2.95 | 12/1/2032 | 1,000,000 | 1,044,880 | |||||
Massachusetts Port Authority, Revenue Bonds, Refunding (Bosfuel Project) Ser. A | 5.00 | �� | 7/1/2032 | 865,000 | 1,074,460 | ||||
Massachusetts Port Authority, Revenue Bonds, Refunding (Bosfuel Project) Ser. A | 5.00 | 7/1/2035 | 500,000 | 614,175 | |||||
Massachusetts Port Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2028 | 1,330,000 | 1,515,841 | |||||
Massachusetts Port Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2028 | 2,000,000 | 2,532,660 | |||||
Massachusetts Port Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2027 | 2,000,000 | 2,480,800 | |||||
Massachusetts Port Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 7/1/2022 | 1,500,000 | c | 1,597,080 | ||||
Massachusetts Port Authority, Revenue Bonds, Refunding, Ser. C | 5.00 | 7/1/2033 | 2,000,000 | 2,259,320 | |||||
Massachusetts Port Authority, Revenue Bonds, Refunding, Ser. C | 5.00 | 7/1/2032 | 750,000 | 847,763 | |||||
Massachusetts Port Authority, Revenue Bonds, Refunding, Ser. C | 5.00 | 7/1/2030 | 1,635,000 | 2,085,377 | |||||
Massachusetts Port Authority, Revenue Bonds, Ser. B | 5.00 | 7/1/2028 | 200,000 | 233,872 | |||||
Massachusetts Port Authority, Revenue Bonds, Ser. B | 5.00 | 7/1/2029 | 200,000 | 233,670 | |||||
Massachusetts Port Authority, Revenue Bonds, Ser. B | 5.00 | 7/1/2024 | 315,000 | 360,536 | |||||
Massachusetts School Building Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 8/15/2022 | 1,860,000 | c | 1,991,428 | ||||
Massachusetts School Building Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 8/15/2022 | 140,000 | c | 149,680 | ||||
Massachusetts School Building Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 8/15/2022 | 1,700,000 | c | 1,820,122 | ||||
Massachusetts Transportation Fund, Revenue Bonds, Ser. A | 5.00 | 6/1/2036 | 1,000,000 | 1,137,890 | |||||
Massachusetts Transportation Trust Fund Metropolitan Highway System, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2023 | 3,000,000 | 3,254,310 |
57
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.8% (continued) | |||||||||
Massachusetts - 83.8% (continued) | |||||||||
Massachusetts Water Resources Authority, Revenue Bonds, Refunding (Green Bond) Ser. C | 5.00 | 8/1/2033 | 2,500,000 | 3,029,500 | |||||
Massachusetts Water Resources Authority, Revenue Bonds, Refunding (Green Bond) Ser. C | 5.00 | 8/1/2028 | 1,925,000 | 2,355,468 | |||||
Massachusetts Water Resources Authority, Revenue Bonds, Refunding (Green Bond) Ser. C | 5.00 | 8/1/2029 | 2,590,000 | 3,161,069 | |||||
Massachusetts Water Resources Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. B | 5.25 | 8/1/2028 | 2,000,000 | 2,623,560 | |||||
Medway, GO | 3.00 | 9/1/2032 | 700,000 | 777,609 | |||||
Medway, GO | 3.00 | 9/1/2030 | 650,000 | 727,883 | |||||
Medway, GO | 3.00 | 9/1/2031 | 500,000 | 557,605 | |||||
Metropolitan Boston Transit Parking Corp., Revenue Bonds, Refunding | 5.00 | 7/1/2041 | 2,000,000 | 2,024,300 | |||||
Minuteman Regional Vocational Technical School District, GO | 5.00 | 10/15/2026 | 915,000 | 1,133,081 | |||||
Minuteman Regional Vocational Technical School District, GO | 5.00 | 10/15/2028 | 1,055,000 | 1,287,701 | |||||
Minuteman Regional Vocational Technical School District, GO | 5.00 | 10/15/2027 | 525,000 | 645,818 | |||||
Mount Greylock Regional School District, GO, Refunding | 4.00 | 6/15/2030 | 315,000 | 344,708 | |||||
Mount Greylock Regional School District, GO, Refunding | 4.00 | 6/15/2029 | 745,000 | 818,062 | |||||
Mount Greylock Regional School District, GO, Refunding | 4.00 | 6/15/2028 | 420,000 | 462,932 | |||||
Mount Greylock Regional School District, GO, Refunding | 4.00 | 6/15/2027 | 640,000 | 708,326 | |||||
Natick, GO | 4.00 | 7/15/2033 | 3,000,000 | 3,511,260 | |||||
Natick, GO | 5.00 | 7/15/2029 | 2,000,000 | 2,500,660 | |||||
Plainville, GO | 4.00 | 10/15/2030 | 1,210,000 | 1,433,983 | |||||
Randolph, GO, Refunding | 5.00 | 9/15/2031 | 595,000 | 738,532 | |||||
Scituate, GO, Refunding | 4.00 | 10/1/2030 | 1,645,000 | 2,031,443 | |||||
Scituate, GO, Refunding | 4.00 | 10/1/2031 | 1,180,000 | 1,447,518 | |||||
Sharon, GO | 3.00 | 2/15/2033 | 2,000,000 | 2,232,400 | |||||
Shrewsbury, GO | 3.00 | 1/15/2034 | 2,160,000 | 2,418,552 | |||||
The Massachusetts Clean Water Trust, Revenue Bonds (Green Bond) Ser. 20th | 5.00 | 2/1/2033 | 2,300,000 | 2,669,058 | |||||
The Massachusetts Clean Water Trust, Revenue Bonds (Green Bond) Ser. 20th | 5.00 | 2/1/2035 | 990,000 | 1,147,846 | |||||
The Massachusetts Clean Water Trust, Revenue Bonds (Green Bond) Ser. 21st | 5.00 | 8/1/2035 | 2,250,000 | 2,825,122 | |||||
The Massachusetts Clean Water Trust, Revenue Bonds, Refunding | 3.90 | 8/1/2023 | 2,500,000 | d | 2,588,875 | ||||
The Massachusetts Clean Water Trust, Revenue Bonds, Refunding | 4.00 | 8/1/2032 | 1,210,000 | 1,496,794 | |||||
The Massachusetts Clean Water Trust, Revenue Bonds, Refunding, Ser. A | 5.75 | 8/1/2029 | 155,000 | 155,628 | |||||
University of Massachusetts Building Authority, Revenue Bonds, Refunding, Ser. 3rd | 5.00 | 11/1/2034 | 2,200,000 | 2,728,968 | |||||
University of Massachusetts Building Authority, Revenue Bonds, Ser. 1st | 4.00 | 11/1/2022 | 2,500,000 | c | 2,659,875 | ||||
Waltham, GO | 3.00 | 10/15/2032 | 2,160,000 | 2,443,910 | |||||
Worcester, GO, Refunding | 4.00 | 1/15/2031 | 2,235,000 | 2,601,004 | |||||
Worcester, GO, Refunding | 4.00 | 1/15/2028 | 800,000 | 939,576 | |||||
Worcester, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) | 2.00 | 2/15/2033 | 2,000,000 | 2,029,840 | |||||
Worcester, GO, Refunding, Ser. A | 5.00 | 1/15/2029 | 1,690,000 | 2,018,654 | |||||
282,302,720 | |||||||||
Missouri - .1% | |||||||||
Missouri Health & Educational Facilities Authority, Revenue Bonds (St. Louis University) (LOC; U.S. Bank NA) Ser. B | 0.01 | 10/1/2024 | 200,000 | a | 200,000 | ||||
Nebraska - 1.1% | |||||||||
Central Plains Energy Project, Revenue Bonds, Refunding | 4.00 | 8/1/2025 | 3,000,000 | 3,402,810 |
58
BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.8% (continued) | |||||||||
Nebraska - 1.1% (continued) | |||||||||
Douglas County Hospital Authority No. 2, Revenue Bonds, Refunding (Children's Hospital Obligated Group) (LOC; U.S. Bank NA) Ser. A | 0.02 | 8/15/2032 | 200,000 | a | 200,000 | ||||
3,602,810 | |||||||||
New Jersey - 3.7% | |||||||||
New Jersey, GO (COVID-19 Emergency Bonds) Ser. A | 5.00 | 6/1/2025 | 1,400,000 | 1,648,262 | |||||
New Jersey Economic Development Authority, Revenue Bonds (School Facilities Construction) (Insured; Assured Guaranty Municipal Corp.) Ser. UU | 5.00 | 6/15/2025 | 2,000,000 | 2,276,220 | |||||
New Jersey Economic Development Authority, Revenue Bonds, Refunding (School Facilities Construction) Ser. GGG | 5.25 | 9/1/2024 | 2,400,000 | e | 2,757,312 | ||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding | 5.00 | 12/15/2026 | 1,150,000 | 1,386,038 | |||||
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2031 | 875,000 | 1,075,279 | |||||
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2029 | 1,375,000 | 1,713,057 | |||||
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2028 | 1,375,000 | 1,728,347 | |||||
12,584,515 | |||||||||
New York - 5.6% | |||||||||
Metropolitan Transportation Authority, Revenue Bonds, Refunding (Green Bond) Ser. A2 | 5.00 | 5/15/2024 | 2,500,000 | 2,797,175 | |||||
Metropolitan Transportation Authority, Revenue Bonds, Refunding, Ser. C1 | 5.25 | 11/15/2031 | 2,000,000 | 2,328,180 | |||||
New York City, GO (LOC; Mizuho Bank) Ser. G6 | 0.01 | 4/1/2042 | 100,000 | a | 100,000 | ||||
New York City, GO, Refunding, Ser. A1 | 5.00 | 8/1/2029 | 1,000,000 | 1,296,100 | |||||
New York City, GO, Refunding, Ser. F2 | 3.24 | 8/1/2027 | 2,000,000 | 2,228,020 | |||||
New York City Transitional Finance Authority, Revenue Bonds | 5.00 | 5/1/2033 | 2,400,000 | 3,140,496 | |||||
New York City Water & Sewer System, Revenue Bonds, Refunding (SPA; Landesbank Hessen-Thuringen Girozentrale) Ser. BB2 | 0.03 | 6/15/2039 | 200,000 | a | 200,000 | ||||
New York City Water & Sewer System, Revenue Bonds, Refunding, Ser. B1 | 0.02 | 6/15/2045 | 200,000 | a | 200,000 | ||||
New York Liberty Development Corp., Revenue Bonds, Refunding (Bank of America Tower) | 2.63 | 9/15/2069 | 2,675,000 | 2,707,260 | |||||
New York Liberty Development Corp., Revenue Bonds, Refunding (Class 1-3 World Trade Center Project) | 5.00 | 11/15/2044 | 2,250,000 | e | 2,447,662 | ||||
New York State Dormitory Authority, Revenue Bonds, Refunding (State of New York Personal Income Tax) Ser. A | 4.00 | 3/15/2037 | 1,250,000 | 1,457,288 | |||||
18,902,181 | |||||||||
Tennessee - .1% | |||||||||
Clarksville Public Building Authority, Revenue Bonds (LOC; Bank of America NA) | 0.02 | 7/1/2034 | 200,000 | a | 200,000 | ||||
Montgomery County Public Building Authority, Revenue Bonds (LOC; Bank of America NA) | 0.02 | 7/1/2034 | 200,000 | a | 200,000 | ||||
400,000 | |||||||||
Texas - 1.0% | |||||||||
Arlington Higher Education Finance Corp., Revenue Bonds (Great Hearts America) (Insured; Permanent School Fund) Ser. A | 4.00 | 8/15/2035 | 500,000 | 587,380 | |||||
Arlington Higher Education Finance Corp., Revenue Bonds (Great Hearts America) (Insured; Permanent School Fund) Ser. A | 4.00 | 8/15/2031 | 510,000 | 607,685 | |||||
Arlington Higher Education Finance Corp., Revenue Bonds (Riverwalk Education Foundation) (Insured; Permanent School Fund) | 4.00 | 8/15/2034 | 1,100,000 | 1,294,315 |
59
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 101.8% (continued) | |||||||||
Texas - 1.0% (continued) | |||||||||
Arlington Higher Education Finance Corp., Revenue Bonds (Riverwalk Education Foundation) (Insured; Permanent School Fund) | 5.00 | 8/15/2032 | 620,000 | 791,250 | |||||
3,280,630 | |||||||||
U.S. Related - .6% | |||||||||
Guam, Revenue Bonds, Refunding, Ser. A | 6.00 | 11/1/2026 | 500,000 | 503,840 | |||||
Guam, Revenue Bonds, Ser. A | 5.00 | 1/1/2025 | 1,500,000 | 1,547,280 | |||||
Puerto Rico Infrastructure Financing Authority, Revenue Bonds, Ser. B | 5.00 | 3/22/2021 | 650,000 | f | 86,938 | ||||
2,138,058 | |||||||||
Total Investments (cost $326,717,352) | 101.8% | 342,943,939 | |||||||
Liabilities, Less Cash and Receivables | (1.8%) | (6,176,348) | |||||||
Net Assets | 100.0% | 336,767,591 |
a The Variable Rate shall be determined by the Remarketing Agent in its sole discretion based on prevailing market conditions and may, but need not, be established by reference to one or more financial indices.
b Variable rate security—rate shown is the interest rate in effect at period end.
c These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
d Principal amount for accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
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, 2021, these securities were valued at $5,204,974 or 1.55% of net assets.
f Non-income producing—security in default.
Portfolio Summary (Unaudited) † | Value (%) |
Education | 23.5 |
General Obligation | 17.6 |
Medical | 14.0 |
General | 11.6 |
Water | 6.7 |
Transportation | 6.3 |
School District | 4.7 |
Airport | 2.6 |
Student Loan | 2.5 |
Prerefunded | 2.4 |
Development | 2.4 |
Single Family Housing | 2.2 |
Multifamily Housing | 1.6 |
Power | 1.6 |
Tobacco Settlement | 1.3 |
Facilities | .7 |
Pollution | .1 |
101.8 |
† Based on net assets.
See notes to financial statements.
60
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 100.6% | |||||||||
California - 1.1% | |||||||||
California Public Works Board, Revenue Bonds, Refunding, Ser. A | 5.00 | 2/1/2028 | 1,500,000 | 1,849,425 | |||||
Illinois - 2.3% | |||||||||
Chicago II, GO, Refunding, Ser. A | 5.00 | 1/1/2029 | 500,000 | 603,275 | |||||
Chicago II, GO, Refunding, Ser. A | 5.00 | 1/1/2026 | 500,000 | 576,195 | |||||
Chicago II, GO, Ser. 2002B | 5.25 | 1/1/2022 | 1,150,000 | 1,190,894 | |||||
Illinois, GO, Ser. D | 5.00 | 11/1/2026 | 1,250,000 | 1,436,975 | |||||
3,807,339 | |||||||||
Kentucky - 1.0% | |||||||||
Kentucky Public Energy Authority, Revenue Bonds, Ser. C1 | 4.00 | 6/1/2025 | 1,500,000 | 1,681,125 | |||||
Nebraska - 1.0% | |||||||||
Central Plains Energy Project, Revenue Bonds, Refunding | 4.00 | 8/1/2025 | 1,500,000 | 1,701,405 | |||||
New Jersey - 3.3% | |||||||||
New Jersey, GO (COVID-19 Emergency Bonds) Ser. A | 5.00 | 6/1/2025 | 800,000 | 941,864 | |||||
New Jersey Economic Development Authority, Revenue Bonds, Refunding (School Facilities Construction) Ser. GGG | 5.25 | 9/1/2024 | 1,175,000 | a | 1,349,934 | ||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding | 5.00 | 12/15/2026 | 625,000 | 753,281 | |||||
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2031 | 500,000 | 614,445 | |||||
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2029 | 750,000 | 934,395 | |||||
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2028 | 750,000 | 942,735 | |||||
5,536,654 | |||||||||
New York - 91.3% | |||||||||
Albany County Airport Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 12/15/2025 | 420,000 | 492,429 | |||||
Albany County Airport Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 12/15/2026 | 450,000 | 538,592 | |||||
Albany County Airport Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 12/15/2027 | 470,000 | 571,478 | |||||
Albany County Airport Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 12/15/2024 | 405,000 | 462,956 | |||||
Albany County Airport Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 12/15/2021 | 345,000 | 357,637 | |||||
Albany County Airport Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 12/15/2022 | 370,000 | 400,536 | |||||
Albany County Airport Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 12/15/2023 | 385,000 | 427,635 | |||||
Brookhaven, GO, Refunding, Ser. C | 2.00 | 1/15/2030 | 1,000,000 | 1,048,340 | |||||
Build NYC Resource Corp., Revenue Bonds, Refunding (YMCA of Greater New York Project) | 5.00 | 8/1/2027 | 300,000 | 339,402 | |||||
Build NYC Resource Corp., Revenue Bonds, Refunding (YMCA of Greater New York Project) | 5.00 | 8/1/2029 | 200,000 | 223,636 | |||||
Build NYC Resource Corp., Revenue Bonds, Refunding (YMCA of Greater New York Project) | 5.00 | 8/1/2024 | 710,000 | 791,906 | |||||
Build NYC Resource Corp., Revenue Bonds, Refunding (YMCA of Greater New York Project) | 5.00 | 8/1/2026 | 350,000 | 398,178 | |||||
Colonie, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A | 2.00 | 3/1/2030 | 1,025,000 | 1,047,171 | |||||
Dutchess County Local Development Corp., Revenue Bonds (Health Quest Systems Obligated Group) Ser. B | 5.00 | 7/1/2026 | 1,000,000 | 1,193,590 | |||||
Dutchess County Local Development Corp., Revenue Bonds (Marist College Project) Ser. A | 5.00 | 7/1/2040 | 1,000,000 | 1,145,960 | |||||
Dutchess County Local Development Corp., Revenue Bonds, Refunding (The Culinary Institute of America Project) | 5.00 | 7/1/2033 | 920,000 | 1,060,548 |
61
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon New York Intermediate Tax-Exempt Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 100.6% (continued) | |||||||||
New York - 91.3% (continued) | |||||||||
Dutchess County Local Development Corp., Revenue Bonds, Refunding (The Culinary Institute of America Project) | 5.00 | 7/1/2028 | 1,000,000 | 1,186,020 | |||||
Dutchess County Local Development Corp., Revenue Bonds, Refunding (The Culinary Institute of America Project) | 5.00 | 7/1/2026 | 525,000 | 608,401 | |||||
East Ramapo Central School District, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 12/15/2024 | 1,240,000 | 1,434,432 | |||||
Haverstraw-Stony Point Central School District, GO, Refunding (Insured; State Aid Withholding) | 3.00 | 10/15/2030 | 1,000,000 | 1,100,580 | |||||
Hempstead Town Local Development Corp., Revenue Bonds, Refunding (Hofstra University Project) | 5.00 | 7/1/2027 | 1,650,000 | 1,671,681 | |||||
Johnstown School District, GO, Refunding (Insured; Build America Mutual) | 3.00 | 6/15/2028 | 1,100,000 | 1,211,155 | |||||
Metropolitan Transportation Authority, Revenue Bonds (Green Bond) Ser. A | 5.00 | 11/15/2035 | 1,570,000 | 1,881,017 | |||||
Metropolitan Transportation Authority, Revenue Bonds, Refunding (Green Bond) Ser. A2 | 5.00 | 5/15/2024 | 2,300,000 | 2,573,401 | |||||
Metropolitan Transportation Authority, Revenue Bonds, Refunding (Green Bond) Ser. B2 | 4.00 | 11/15/2033 | 1,000,000 | 1,147,150 | |||||
Metropolitan Transportation Authority, Revenue Bonds, Refunding (Green Bond) Ser. B2 | 5.25 | 11/15/2033 | 750,000 | 931,395 | |||||
Metropolitan Transportation Authority, Revenue Bonds, Refunding (Green Bond) Ser. C1 | 5.00 | 11/15/2025 | 1,000,000 | 1,174,240 | |||||
Metropolitan Transportation Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 11/15/2035 | 1,215,000 | 1,404,686 | |||||
Metropolitan Transportation Authority, Revenue Bonds, Refunding, Ser. C1 | 5.25 | 11/15/2030 | 1,000,000 | 1,167,670 | |||||
Metropolitan Transportation Authority, Revenue Bonds, Ser. B | 5.00 | 11/15/2038 | 1,010,000 | 1,076,529 | |||||
Monroe County Industrial Development Corp., Revenue Bonds (The Rochester General Hospital) | 5.00 | 12/1/2032 | 1,000,000 | 1,183,240 | |||||
Monroe County Industrial Development Corp., Revenue Bonds (The Rochester General Hospital) | 5.00 | 12/1/2028 | 1,095,000 | 1,318,402 | |||||
Monroe County Industrial Development Corp., Revenue Bonds, Refunding (University of Rochester Project) Ser. C | 4.00 | 7/1/2035 | 1,000,000 | 1,130,470 | |||||
Nassau County, GO, Refunding (Insured; Build America Mutual) Ser. A | 5.00 | 1/1/2032 | 1,640,000 | 2,016,593 | |||||
Nassau County, GO, Ser. A | 5.00 | 1/15/2031 | 500,000 | 599,200 | |||||
Nassau County, GO, Ser. B | 5.00 | 4/1/2024 | 1,500,000 | b | 1,711,035 | ||||
Nassau County Interim Finance Authority, Revenue Bonds, Refunding, Ser. A | 4.00 | 11/15/2035 | 1,000,000 | 1,228,490 | |||||
Nassau County Interim Finance Authority, Revenue Bonds, Refunding, Ser. B | 1.13 | 11/15/2027 | 1,400,000 | 1,387,540 | |||||
New York City, GO (LOC; Mizuho Bank) Ser. G6 | 0.01 | 4/1/2042 | 1,400,000 | c | 1,400,000 | ||||
New York City, GO (LOC; U.S. Bank NA) Ser. L4 | 0.02 | 4/1/2038 | 275,000 | c | 275,000 | ||||
New York City, GO, Refunding, Ser. F2 | 3.24 | 8/1/2027 | 1,000,000 | 1,114,010 | |||||
New York City, GO, Ser. E1 | 5.25 | 3/1/2031 | 1,065,000 | 1,339,919 | |||||
New York City Health & Hospitals Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 2/15/2029 | 1,000,000 | 1,289,280 | |||||
New York City Housing Development Corp., Revenue Bonds | 2.40 | 11/1/2030 | 910,000 | 948,484 | |||||
New York City Housing Development Corp., Revenue Bonds, Refunding, Ser. A | 4.00 | 7/1/2024 | 1,150,000 | 1,236,215 | |||||
New York City Housing Development Corp., Revenue Bonds, Ser. A1 | 3.38 | 11/15/2029 | 1,000,000 | 1,052,610 | |||||
New York City Housing Development Corp., Revenue Bonds, Ser. B2 | 5.00 | 7/1/2025 | 1,500,000 | 1,641,840 | |||||
New York City Housing Development Corp., Revenue Bonds, Ser. B2 | 5.25 | 7/1/2032 | 1,500,000 | 1,644,255 | |||||
New York City Industrial Development Agency, Revenue Bonds, Refunding (Queens Baseball Stadium Project) (Insured; Assured Guaranty Municipal Corp.) Ser. A | 3.00 | 1/1/2033 | 1,540,000 | 1,656,809 |
62
BNY Mellon New York Intermediate Tax-Exempt Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 100.6% (continued) | |||||||||
New York - 91.3% (continued) | |||||||||
New York City Industrial Development Agency, Revenue Bonds, Refunding (Yankee Stadium Project) (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 3/1/2030 | 1,600,000 | 2,064,800 | |||||
New York City Transitional Finance Authority, Revenue Bonds | 5.00 | 5/1/2033 | 1,150,000 | 1,504,821 | |||||
New York City Transitional Finance Authority, Revenue Bonds | 5.25 | 8/1/2037 | 1,000,000 | 1,255,830 | |||||
New York City Transitional Finance Authority, Revenue Bonds (Insured; State Aid Withholding) Ser. S3 | 5.25 | 7/15/2036 | 1,000,000 | 1,251,090 | |||||
New York City Transitional Finance Authority, Revenue Bonds, Ser. A5 | 0.02 | 8/1/2039 | 700,000 | c | 700,000 | ||||
New York City Transitional Finance Authority, Revenue Bonds, Ser. C2 | 2.98 | 11/1/2027 | 1,050,000 | 1,140,520 | |||||
New York City Water & Sewer System, Revenue Bonds, Refunding, Ser. AA | 5.00 | 6/15/2021 | 1,000,000 | b | 1,013,980 | ||||
New York City Water & Sewer System, Revenue Bonds, Refunding, Ser. B4 | 0.02 | 6/15/2045 | 125,000 | c | 125,000 | ||||
New York City Water & Sewer System, Revenue Bonds, Refunding, Ser. DD | 4.50 | 6/15/2039 | 1,040,000 | 1,156,251 | |||||
New York City Water & Sewer System, Revenue Bonds, Refunding, Ser. FF2 | 5.00 | 6/15/2035 | 1,000,000 | 1,254,290 | |||||
New York Liberty Development Corp., Revenue Bonds, Refunding (Bank of America Tower) | 2.63 | 9/15/2069 | 1,500,000 | 1,518,090 | |||||
New York Liberty Development Corp., Revenue Bonds, Refunding (Class 1-3 World Trade Center Project) | 5.00 | 11/15/2044 | 2,000,000 | a | 2,175,700 | ||||
New York Liberty Development Corp., Revenue Bonds, Refunding (Class 2-3 World Trade Center Project) | 5.15 | 11/15/2034 | 1,500,000 | a | 1,667,775 | ||||
New York State Dormitory Authority, Revenue Bonds (Insured; State Aid Withholding) Ser. A | 5.00 | 10/1/2030 | 1,045,000 | 1,280,647 | |||||
New York State Dormitory Authority, Revenue Bonds (Maimonides Medical Center) | 4.00 | 2/1/2038 | 275,000 | 317,441 | |||||
New York State Dormitory Authority, Revenue Bonds (Maimonides Medical Center) | 4.00 | 2/1/2039 | 250,000 | 287,925 | |||||
New York State Dormitory Authority, Revenue Bonds (Maimonides Medical Center) | 4.00 | 2/1/2040 | 250,000 | 287,428 | |||||
New York State Dormitory Authority, Revenue Bonds (Maimonides Medical Center) | 4.00 | 2/1/2037 | 225,000 | 260,185 | |||||
New York State Dormitory Authority, Revenue Bonds (Memorial Sloan-Kettering Cancer Center) | 4.00 | 7/1/2038 | 1,000,000 | 1,164,740 | |||||
New York State Dormitory Authority, Revenue Bonds (New York University) Ser. A | 5.00 | 7/1/2023 | 2,400,000 | b | 2,666,520 | ||||
New York State Dormitory Authority, Revenue Bonds, Refunding (Catholic Health System Obligated Group) | 5.00 | 7/1/2032 | 640,000 | 794,419 | |||||
New York State Dormitory Authority, Revenue Bonds, Refunding (Catholic Health System Obligated Group) | 5.00 | 7/1/2034 | 550,000 | 677,501 | |||||
New York State Dormitory Authority, Revenue Bonds, Refunding (Fordham University) | 4.00 | 7/1/2034 | 1,000,000 | 1,131,130 | |||||
New York State Dormitory Authority, Revenue Bonds, Refunding (Icahn School of Medicine at Mount Sinai) Ser. A | 5.00 | 7/1/2023 | 1,000,000 | 1,101,900 | |||||
New York State Dormitory Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A | 5.00 | 10/1/2030 | 1,000,000 | 1,259,630 | |||||
New York State Dormitory Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A | 5.00 | 10/1/2028 | 1,000,000 | 1,142,960 | |||||
New York State Dormitory Authority, Revenue Bonds, Refunding (NYU Hospitals Center Obligated Group) | 5.00 | 7/1/2030 | 1,155,000 | 1,364,332 | |||||
New York State Dormitory Authority, Revenue Bonds, Refunding (Rochester Institute of Technology) Ser. A | 5.00 | 7/1/2027 | 1,000,000 | 1,249,430 | |||||
New York State Dormitory Authority, Revenue Bonds, Refunding (Rochester Institute of Technology) Ser. A | 5.00 | 7/1/2028 | 1,200,000 | 1,532,172 |
63
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon New York Intermediate Tax-Exempt Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 100.6% (continued) | |||||||||
New York - 91.3% (continued) | |||||||||
New York State Dormitory Authority, Revenue Bonds, Refunding (State of New York Personal Income Tax) Ser. A | 4.00 | 3/15/2037 | 1,000,000 | 1,165,830 | |||||
New York State Dormitory Authority, Revenue Bonds, Refunding (State University of New York) Ser. A | 5.00 | 7/1/2026 | 640,000 | 774,195 | |||||
New York State Dormitory Authority, Revenue Bonds, Refunding (The New School) Ser. A | 5.00 | 7/1/2032 | 1,530,000 | 1,764,121 | |||||
New York State Dormitory Authority, Revenue Bonds, Refunding, Ser. A | 5.25 | 3/15/2037 | 775,000 | 974,167 | |||||
New York State Dormitory Authority, Revenue Bonds, Ser. 2015B-B | 5.00 | 3/15/2035 | 1,100,000 | 1,300,596 | |||||
New York State Dormitory Authority, Revenue Bonds, Ser. A | 5.00 | 3/15/2030 | 1,275,000 | 1,547,391 | |||||
New York State Dormitory Authority, Revenue Bonds, Ser. A | 5.00 | 3/15/2029 | 1,000,000 | 1,235,820 | |||||
New York State Dormitory Authority, Revenue Bonds, Ser. B1 | 4.00 | 7/1/2026 | 1,200,000 | 1,389,396 | |||||
New York State Environmental Facilities Corp., Revenue Bonds, Refunding (Green Bond) | 4.00 | 10/15/2035 | 650,000 | 787,046 | |||||
New York State Environmental Facilities Corp., Revenue Bonds, Refunding (Green Bond) | 4.00 | 10/15/2034 | 410,000 | 499,073 | |||||
New York State Environmental Facilities Corp., Revenue Bonds, Refunding (Green Bond) Ser. D | 3.00 | 9/15/2030 | 1,050,000 | 1,121,337 | |||||
New York State Housing Finance Agency, Revenue Bonds (Insured; State of New York Mortgage Agency) Ser. E | 4.13 | 11/1/2028 | 1,000,000 | 1,057,340 | |||||
New York State Mortgage Agency, Revenue Bonds, Refunding, Ser. 203 | 3.10 | 10/1/2032 | 1,500,000 | 1,582,665 | |||||
New York State Mortgage Agency, Revenue Bonds, Ser. 223rd | 2.65 | 10/1/2034 | 1,000,000 | 1,049,990 | |||||
New York State Mortgage Agency, Revenue Bonds, Ser. 226 | 1.70 | 4/1/2027 | 1,270,000 | 1,295,235 | |||||
New York State Thruway Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. K | 5.00 | 1/1/2031 | 2,000,000 | 2,318,420 | |||||
New York State Urban Development Corp., Revenue Bonds, Refunding | 4.00 | 3/15/2039 | 1,500,000 | 1,727,790 | |||||
New York State Urban Development Corp., Revenue Bonds, Ser. A | 5.00 | 3/15/2035 | 1,000,000 | 1,275,770 | |||||
New York Transportation Development Corp., Revenue Bonds (Delta Air Lines) | 5.00 | 1/1/2024 | 1,575,000 | 1,737,650 | |||||
New York Transportation Development Corp., Revenue Bonds, Refunding (JFK International Air Terminal) Ser. A | 5.00 | 12/1/2025 | 1,200,000 | 1,401,924 | |||||
Niagara Area Development Corp., Revenue Bonds, Refunding (Niagara University Project) Ser. A | 5.00 | 5/1/2022 | 500,000 | b | 524,755 | ||||
Niagara Frontier Transportation Authority, Revenue Bonds, Refunding | 5.00 | 4/1/2025 | 1,330,000 | 1,528,197 | |||||
Niagara Frontier Transportation Authority, Revenue Bonds, Refunding | 5.00 | 4/1/2024 | 1,050,000 | 1,174,509 | |||||
Niagara Frontier Transportation Authority, Revenue Bonds, Refunding | 5.00 | 4/1/2026 | 925,000 | 1,087,476 | |||||
Oneida County Local Development Corp., Revenue Bonds, Refunding (Mohawk Valley Health System Obligated Group) (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 12/1/2029 | 1,000,000 | 1,102,370 | |||||
Oneida County Local Development Corp., Revenue Bonds, Refunding (Utica College Project) | 5.00 | 7/1/2027 | 1,005,000 | 1,185,186 | |||||
Oneida County Local Development Corp., Revenue Bonds, Refunding (Utica College Project) | 5.00 | 7/1/2029 | 1,105,000 | 1,334,044 | |||||
Port Authority of New York & New Jersey, Revenue Bonds, Refunding, Ser. 194th | 5.00 | 10/15/2034 | 1,025,000 | 1,214,348 | |||||
Port Authority of New York & New Jersey, Revenue Bonds, Refunding, Ser. 222nd | 4.00 | 7/15/2036 | 1,000,000 | 1,169,980 | |||||
Sales Tax Asset Receivable Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 10/15/2031 | 1,060,000 | 1,223,590 | |||||
St. Lawrence County Industrial Development Agency, Revenue Bonds, Refunding (Clarkson University Project) | 5.00 | 9/1/2029 | 1,000,000 | 1,162,750 | |||||
Suffolk County, GO (Insured; Build America Mutual) Ser. A | 4.00 | 4/1/2033 | 1,785,000 | 2,016,247 |
64
BNY Mellon New York Intermediate Tax-Exempt Bond Fund (continued) | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Long-Term Municipal Investments - 100.6% (continued) | |||||||||
New York - 91.3% (continued) | |||||||||
Suffolk County Water Authority, Revenue Bonds, Refunding, Ser. A | 4.00 | 6/1/2030 | 1,145,000 | 1,307,029 | |||||
The New York City Cultural Resources Trust, Revenue Bonds (Wildlife Conservation Society) Ser. A | 5.00 | 8/1/2023 | 1,480,000 | b | 1,649,845 | ||||
The New York City Cultural Resources Trust, Revenue Bonds, Refunding (Lincoln Center Performing Arts) Ser. A | 5.00 | 12/1/2026 | 1,760,000 | 2,147,130 | |||||
The New York City Cultural Resources Trust, Revenue Bonds, Refunding (The Museum of Modern Art) | 4.00 | 4/1/2027 | 1,230,000 | 1,439,383 | |||||
Triborough Bridge & Tunnel Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 11/15/2036 | 1,525,000 | 1,839,165 | |||||
Triborough Bridge & Tunnel Authority, Revenue Bonds, Ser. D | 5.00 | 11/15/2034 | 1,500,000 | 1,964,160 | |||||
Troy Capital Resource Corp., Revenue Bonds, Refunding (Rensselaer Polytechnic Institute) | 5.00 | 9/1/2028 | 1,270,000 | 1,578,585 | |||||
TSASC, Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2024 | 500,000 | 570,335 | |||||
TSASC, Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2022 | 1,750,000 | 1,848,122 | |||||
Washingtonville Central School District, GO, Refunding (Insured; State Aid Withholding) | 3.00 | 6/15/2031 | 1,000,000 | 1,090,310 | |||||
Westchester County, GO, Ser. A | 2.00 | 10/15/2032 | 1,000,000 | 1,035,330 | |||||
Westchester County Health Care Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 11/1/2021 | 1,500,000 | b | 1,548,150 | ||||
Westchester County Local Development Corp., Revenue Bonds (Purchase Housing Corporation II Project) | 5.00 | 6/1/2037 | 1,000,000 | 1,115,530 | |||||
Westchester County Local Development Corp., Revenue Bonds, Refunding (Sarah Lawrence College) Ser. A | 5.00 | 6/1/2026 | 1,210,000 | 1,407,254 | |||||
Westchester County Local Development Corp., Revenue Bonds, Refunding (Sarah Lawrence College) Ser. A | 5.00 | 6/1/2025 | 1,105,000 | 1,256,219 | |||||
Westchester County Local Development Corp., Revenue Bonds, Refunding (Westchester Medical Center Obligated Group) | 5.00 | 11/1/2028 | 1,000,000 | 1,144,260 | |||||
Yonkers, GO (Insured; Assured Guaranty Municipal Corp.) Ser. A | 5.00 | 11/15/2026 | 1,000,000 | 1,223,590 | |||||
Yonkers Economic Development Corp., Revenue Bonds (Charter School of Educational Excellence Project) Ser. A | 4.00 | 10/15/2029 | 200,000 | 216,962 | |||||
Yonkers Economic Development Corp., Revenue Bonds (Charter School of Educational Excellence Project) Ser. A | 5.00 | 10/15/2049 | 640,000 | 712,384 | |||||
Yonkers Economic Development Corp., Revenue Bonds (Charter School of Educational Excellence Project) Ser. A | 5.00 | 10/15/2039 | 320,000 | 363,597 | |||||
152,774,798 | |||||||||
U.S. Related - .6% | |||||||||
Guam, Revenue Bonds, Ser. A | 5.00 | 1/1/2024 | 1,000,000 | 1,032,590 | |||||
Total Investments (cost $161,855,398) | 100.6% | 168,383,336 | |||||||
Liabilities, Less Cash and Receivables | (0.6%) | (934,278) | |||||||
Net Assets | 100.0% | 167,449,058 |
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, 2021, these securities were valued at $5,193,409 or 3.1% of net assets.
b These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
c The Variable Rate shall be determined by the Remarketing Agent in its sole discretion based on prevailing market conditions and may, but need not, be established by reference to one or more financial indices.
65
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Portfolio Summary (Unaudited) † | Value (%) |
General | 20.0 |
Education | 15.0 |
General Obligation | 10.7 |
Transportation | 9.5 |
Development | 9.4 |
Medical | 8.9 |
Prerefunded | 5.4 |
Multifamily Housing | 4.5 |
Airport | 4.2 |
Water | 3.7 |
Tobacco Settlement | 2.9 |
School District | 2.9 |
Single Family Housing | 2.4 |
Housing | 1.1 |
100.6 |
† Based on net assets.
See notes to financial statements.
66
BNY Mellon Municipal Opportunities Fund | |||||||||
Description | Coupon | Maturity | Principal | Value ($) | |||||
Bonds and Notes - .6% | |||||||||
Health Care - .6% | |||||||||
AHS Hospital, Sr. Unscd. Bonds, Ser. 2021 | 2.78 | 7/1/2051 | 5,000,000 | 4,811,291 | |||||
West Virginia United Health System Obligated Group, Scd. Bonds | 3.13 | 6/1/2050 | 4,000,000 | 3,893,267 | |||||
Yale-New Haven Health Services Corp., Unscd. Bonds, Ser. 2020 | 2.50 | 7/1/2050 | 6,250,000 | 5,683,922 | |||||
Total Bonds and Notes | 14,388,480 | ||||||||
Long-Term Municipal Investments - 102.0% | |||||||||
Alabama - 1.6% | |||||||||
Alabama Public School & College Authority, Revenue Bonds, Refunding, Ser. A | 4.00 | 11/1/2040 | 5,000,000 | 5,957,750 | |||||
Alabama Public School & College Authority, Revenue Bonds, Refunding, Ser. A | 4.00 | 11/1/2038 | 10,000,000 | 12,012,500 | |||||
Alabama Public School & College Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 11/1/2039 | 10,000,000 | 12,937,300 | |||||
Auburn University, Revenue Bonds, Ser. A | 5.00 | 6/1/2048 | 5,000,000 | 6,015,600 | |||||
Auburn University, Revenue Bonds, Ser. A | 5.00 | 6/1/2043 | 3,500,000 | 4,239,130 | |||||
41,162,280 | |||||||||
Arizona - 2.2% | |||||||||
Arizona Health Facilities Authority, Revenue Bonds, Refunding (Phoenix Children's Hospital Obligated Group) Ser. A | 5.00 | 2/1/2042 | 6,000,000 | 6,182,160 | |||||
Arizona Industrial Development Authority, Revenue Bonds (Academies of Math & Science Projects) | 5.00 | 7/1/2049 | 1,000,000 | a | 1,120,580 | ||||
Arizona Industrial Development Authority, Revenue Bonds (Academies of Math & Science Projects) Ser. B | 5.50 | 7/1/2038 | 1,165,000 | a | 1,326,364 | ||||
Arizona Industrial Development Authority, Revenue Bonds (Academies of Math & Science Projects) Ser. B | 5.63 | 7/1/2048 | 2,000,000 | a | 2,262,820 | ||||
Arizona Industrial Development Authority, Revenue Bonds (Academies of Math & Science Projects) Ser. B | 5.75 | 7/1/2053 | 3,260,000 | a | 3,700,654 | ||||
Arizona Industrial Development Authority, Revenue Bonds (Doral Academy of Nevada) Ser. A | 5.00 | 7/15/2039 | 1,325,000 | a | 1,493,103 | ||||
Arizona Industrial Development Authority, Revenue Bonds (Doral Academy of Nevada) Ser. A | 5.00 | 7/15/2049 | 1,675,000 | a | 1,861,696 | ||||
Arizona Industrial Development Authority, Revenue Bonds (Equitable School Revolving Fund Obligated Group) Ser. A | 4.00 | 11/1/2049 | 2,000,000 | 2,209,760 | |||||
Arizona Industrial Development Authority, Revenue Bonds (Equitable School Revolving Fund Obligated Group) Ser. A | 5.00 | 11/1/2044 | 1,625,000 | 1,941,290 | |||||
Arizona Industrial Development Authority, Revenue Bonds (Great Lakes Senior Living Communities) Ser. A | 5.00 | 1/1/2043 | 1,750,000 | 1,637,335 | |||||
Arizona Industrial Development Authority, Revenue Bonds (Great Lakes Senior Living Communities) Ser. B | 5.00 | 1/1/2043 | 1,650,000 | 1,295,712 | |||||
Arizona Industrial Development Authority, Revenue Bonds (Great Lakes Senior Living Communities) Ser. B | 5.00 | 1/1/2049 | 1,400,000 | 1,056,062 | |||||
Arizona Industrial Development Authority, Revenue Bonds (Lone Mountain Campus Project) Ser. A | 5.00 | 12/15/2039 | 400,000 | a | 435,472 | ||||
Arizona Industrial Development Authority, Revenue Bonds (Lone Mountain Campus Project) Ser. A | 5.00 | 12/15/2049 | 700,000 | a | 753,312 | ||||
Arizona Industrial Development Authority, Revenue Bonds (NCCU Properties) (Insured; Build America Mutual) Ser. A | 4.00 | 6/1/2044 | 2,000,000 | 2,173,260 | |||||
Arizona Industrial Development Authority, Revenue Bonds (Phoenix Children's Hospital Obligated Group) | 3.00 | 2/1/2045 | 1,600,000 | 1,651,360 | |||||
Arizona Industrial Development Authority, Revenue Bonds, Refunding (Phoenix Children's Hospital) (LOC; Bank of America NA) Ser. B | 0.01 | 2/1/2048 | 100,000 | b | 100,000 | ||||
Arizona Industrial Development Authority, Revenue Bonds, Refunding (Phoenix Children's Hospital) (LOC; JPMorgan Chase Bank NA) Ser. A | 0.01 | 2/1/2048 | 320,000 | b | 320,000 |
67
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.0% (continued) | |||||||||
Arizona - 2.2% (continued) | |||||||||
Maricopa County Special Health Care District, GO, Ser. C | 5.00 | 7/1/2036 | 7,500,000 | 9,078,600 | |||||
Pinal County Industrial Development Authority, Revenue Bonds (Green Bond) (WOF SW GGP 1) | 7.25 | 10/1/2033 | 2,000,000 | a | 2,145,160 | ||||
Salt River Project Agricultural Improvement & Power District, Revenue Bonds, Refunding (Salt River Project Agricultural Project) | 5.00 | 1/1/2029 | 6,250,000 | 7,960,375 | |||||
Salt River Project Agricultural Improvement & Power District, Revenue Bonds, Refunding (Salt River Project Agricultural Project) | 5.00 | 1/1/2028 | 4,500,000 | 5,613,255 | |||||
56,318,330 | |||||||||
Arkansas - .5% | |||||||||
Arkansas Development Finance Authority, Revenue Bonds | 4.00 | 6/1/2045 | 4,500,000 | 5,095,305 | |||||
Arkansas Development Finance Authority, Revenue Bonds | 4.00 | 6/1/2039 | 1,085,000 | 1,237,486 | |||||
University of Arkansas, Revenue Bonds | 5.00 | 11/1/2042 | 5,990,000 | 7,162,782 | |||||
13,495,573 | |||||||||
California - 19.8% | |||||||||
Alameda Corridor Transportation Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. B | 4.00 | 10/1/2037 | 1,000,000 | 1,108,650 | |||||
Alameda Corridor Transportation Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. B | 4.00 | 10/1/2035 | 1,500,000 | 1,681,095 | |||||
Alameda Corridor Transportation Authority, Revenue Bonds, Refunding, Ser. B | 5.00 | 10/1/2036 | 2,500,000 | 2,934,250 | |||||
Anaheim Public Financing Authority, Revenue Bonds, Refunding (Anaheim Convention Center Expansion Project) Ser. A | 5.00 | 5/1/2046 | 6,450,000 | 7,016,245 | |||||
Bay Area Toll Authority, Revenue Bonds, Refunding | 4.00 | 4/1/2042 | 5,000,000 | 5,703,850 | |||||
California, GO | 5.00 | 4/1/2033 | 1,205,000 | 1,536,917 | |||||
California, GO | 5.00 | 4/1/2049 | 2,500,000 | 3,071,800 | |||||
California, GO (LOC; Bank of Montreal) Ser. A3 | 0.02 | 5/1/2033 | 470,000 | b | 470,000 | ||||
California, GO, Refunding | 4.00 | 10/1/2039 | 5,000,000 | 5,866,700 | |||||
California, GO, Refunding | 4.00 | 10/1/2044 | 5,000,000 | 5,772,200 | |||||
California, GO, Refunding | 5.00 | 4/1/2035 | 9,000,000 | 10,184,400 | |||||
California, GO, Refunding | 5.00 | 9/1/2034 | 7,000,000 | 8,483,230 | |||||
California, GO, Refunding (LOC; State Street B&T Co.) Ser. A2 | 0.01 | 5/1/2034 | 550,000 | b | 550,000 | ||||
California, GO, Refunding (LOC; State Street B&T Co.) Ser. A3 | 0.01 | 5/1/2034 | 400,000 | b | 400,000 | ||||
California Community College Financing Authority, Revenue Bonds (Orange Coast Properties) | 5.25 | 5/1/2048 | 2,000,000 | 2,123,560 | |||||
California Community College Financing Authority, Revenue Bonds (Orange Coast Properties) | 5.25 | 5/1/2043 | 1,250,000 | 1,334,388 | |||||
California Community Housing Agency, Revenue Bonds (Verdant At Green Valley Project) | 5.00 | 8/1/2049 | 10,775,000 | a | 12,203,873 | ||||
California Community Housing Agency, Revenue Bonds, Ser. A | 4.00 | 2/1/2056 | 3,250,000 | a | 3,455,107 | ||||
California Community Housing Agency, Revenue Bonds, Ser. A | 5.00 | 4/1/2049 | 7,500,000 | a | 8,460,075 | ||||
California Community Housing Agency, Revenue Bonds, Ser. A | 5.00 | 2/1/2050 | 12,500,000 | a | 14,232,625 | ||||
California Community Housing Agency, Revenue Bonds, Ser. A | 5.00 | 8/1/2050 | 4,000,000 | a | 4,581,160 | ||||
California County Tobacco Securitization Agency, Revenue Bonds, Refunding, Ser. A | 4.00 | 6/1/2049 | 1,750,000 | 1,996,505 | |||||
California Educational Facilities Authority, Revenue Bonds (Green Bond) (Loyola Marymount University) | 5.00 | 10/1/2048 | 3,000,000 | 3,578,400 | |||||
California Educational Facilities Authority, Revenue Bonds, Refunding (Loma Linda University) Ser. A | 5.00 | 4/1/2047 | 2,500,000 | 2,871,725 | |||||
California Educational Facilities Authority, Revenue Bonds, Refunding (Loma Linda University) Ser. A | 5.00 | 4/1/2042 | 2,000,000 | 2,312,880 | |||||
California Health Facilities Financing Authority, Revenue Bonds, Refunding (Children's Hospital Los Angeles Obligated Group) Ser. A | 5.00 | 8/15/2047 | 1,000,000 | 1,162,240 |
68
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.0% (continued) | |||||||||
California - 19.8% (continued) | |||||||||
California Health Facilities Financing Authority, Revenue Bonds, Refunding (Providence St. Joseph Health Obligated Group) Ser. A | 5.00 | 7/1/2037 | 2,270,000 | 2,471,667 | |||||
California Health Facilities Financing Authority, Revenue Bonds, Refunding, Ser. A2 | 4.00 | 11/1/2044 | 12,000,000 | 13,631,880 | |||||
California Infrastructure & Economic Development Bank, Revenue Bonds (WFCS Holdings) | 0.00 | 1/1/2060 | 5,000,000 | c | 414,000 | ||||
California Infrastructure & Economic Development Bank, Revenue Bonds (WFCS Holdings) Ser. A | 5.00 | 1/1/2055 | 1,000,000 | a | 1,072,350 | ||||
California Infrastructure & Economic Development Bank, Revenue Bonds, Refunding (The J. David Gladstone Institutes Project) Ser. A | 5.25 | 10/1/2021 | 900,000 | d | 926,091 | ||||
California Municipal Finance Authority, Revenue Bonds | 5.00 | 5/15/2049 | 2,000,000 | 2,359,680 | |||||
California Municipal Finance Authority, Revenue Bonds (Bowles Hall Foundation) Ser. A | 5.00 | 6/1/2050 | 2,750,000 | 2,952,895 | |||||
California Municipal Finance Authority, Revenue Bonds (Bowles Hall Foundation) Ser. A | 5.00 | 6/1/2035 | 600,000 | 655,002 | |||||
California Municipal Finance Authority, Revenue Bonds (CHF-Davis I) | 5.00 | 5/15/2048 | 6,000,000 | 6,980,880 | |||||
California Municipal Finance Authority, Revenue Bonds (CHF-Davis I) | 5.00 | 5/15/2043 | 5,000,000 | 5,851,600 | |||||
California Municipal Finance Authority, Revenue Bonds (CHF-Davis I) | 5.00 | 5/15/2040 | 5,000,000 | 5,897,550 | |||||
California Municipal Finance Authority, Revenue Bonds (CHF-Riverside I) | 5.00 | 5/15/2043 | 2,000,000 | 2,336,020 | |||||
California Municipal Finance Authority, Revenue Bonds (CHF-Riverside I) | 5.00 | 5/15/2052 | 7,500,000 | 8,686,275 | |||||
California Municipal Finance Authority, Revenue Bonds (CHF-Riverside I) | 5.00 | 5/15/2039 | 3,265,000 | 3,853,614 | |||||
California Municipal Finance Authority, Revenue Bonds (CHF-Riverside I) | 5.00 | 5/15/2034 | 2,250,000 | 2,694,082 | |||||
California Municipal Finance Authority, Revenue Bonds (CHF-Riverside I) | 5.00 | 5/15/2037 | 2,605,000 | 3,090,728 | |||||
California Municipal Finance Authority, Revenue Bonds (Claremont Colleges Project) Ser. A | 5.00 | 7/1/2052 | 2,075,000 | a | 2,287,086 | ||||
California Municipal Finance Authority, Revenue Bonds (Claremont Colleges Project) Ser. A | 5.00 | 7/1/2040 | 1,515,000 | a | 1,697,664 | ||||
California Municipal Finance Authority, Revenue Bonds (Emerson College) | 6.00 | 1/1/2022 | 6,000,000 | d | 6,280,380 | ||||
California Municipal Finance Authority, Revenue Bonds (John Adams Academy - Lincoln) Ser. A | 5.00 | 10/1/2057 | 1,650,000 | a | 1,726,115 | ||||
California Municipal Finance Authority, Revenue Bonds (John Adams Academy - Lincoln) Ser. A | 5.00 | 10/1/2049 | 1,515,000 | a | 1,592,007 | ||||
California Municipal Finance Authority, Revenue Bonds (LAX Integrated Express Solutions Project) | 5.00 | 12/31/2047 | 2,250,000 | 2,642,017 | |||||
California Municipal Finance Authority, Revenue Bonds (Northbay Healthcare Group Obligated Group) Ser. A | 5.25 | 11/1/2041 | 1,200,000 | 1,366,092 | |||||
California Municipal Finance Authority, Revenue Bonds (Northbay Healthcare Group Obligated Group) Ser. A | 5.25 | 11/1/2047 | 700,000 | 790,692 | |||||
California Municipal Finance Authority, Revenue Bonds (Palmdale Aerospace Academy Project) Ser. A | 5.00 | 7/1/2038 | 1,100,000 | a | 1,245,310 | ||||
California Municipal Finance Authority, Revenue Bonds (Southwestern Law School) | 6.50 | 11/1/2031 | 300,000 | 310,383 | |||||
California Municipal Finance Authority, Revenue Bonds (United Airlines Project) | 4.00 | 7/15/2029 | 3,000,000 | 3,363,480 | |||||
California Municipal Finance Authority, Revenue Bonds, Refunding (William Jessup University) | 5.00 | 8/1/2039 | 1,500,000 | 1,643,250 | |||||
California Municipal Finance Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 2/1/2042 | 1,000,000 | 1,146,250 |
69
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.0% (continued) | |||||||||
California - 19.8% (continued) | |||||||||
California Pollution Control Financing Authority, Revenue Bonds (Rialto Bioenergy Facility Project) | 7.50 | 12/1/2040 | 5,000,000 | a | 5,072,300 | ||||
California Pollution Control Financing Authority, Revenue Bonds (Waste Management Project) Ser. A | 2.50 | 5/1/2024 | 2,870,000 | 3,048,083 | |||||
California Public Works Board, Revenue Bonds, Refunding, Ser. A | 5.00 | 2/1/2031 | 3,500,000 | 4,533,550 | |||||
California Public Works Board, Revenue Bonds, Refunding, Ser. A | 5.00 | 2/1/2032 | 3,500,000 | 4,612,370 | |||||
California Public Works Board, Revenue Bonds, Refunding, Ser. A | 5.00 | 2/1/2030 | 3,500,000 | 4,464,355 | |||||
California School Finance Authority, Revenue Bonds (Green Dot Public Schools California Project) Ser. A | 5.00 | 8/1/2038 | 1,000,000 | a | 1,170,450 | ||||
California School Finance Authority, Revenue Bonds (Green Dot Public Schools California Project) Ser. A | 5.00 | 8/1/2048 | 2,750,000 | a | 3,154,470 | ||||
California School Finance Authority, Revenue Bonds (KIPP LA Project) Ser. A | 5.00 | 7/1/2037 | 590,000 | a | 694,890 | ||||
California School Finance Authority, Revenue Bonds (KIPP LA Project) Ser. A | 5.00 | 7/1/2047 | 870,000 | a | 1,006,999 | ||||
California School Finance Authority, Revenue Bonds (Summit Public Schools Obligated Group) | 5.00 | 6/1/2047 | 1,500,000 | a | 1,680,480 | ||||
California Statewide Communities Development Authority, Revenue Bonds (Loma Linda University Medical Center Obligated Group) | 5.00 | 12/1/2033 | 1,000,000 | a | 1,181,960 | ||||
California Statewide Communities Development Authority, Revenue Bonds (Loma Linda University Medical Center Obligated Group) | 5.25 | 12/1/2038 | 1,500,000 | a | 1,773,705 | ||||
California Statewide Communities Development Authority, Revenue Bonds (Loma Linda University Medical Center Obligated Group) Ser. A | 5.00 | 12/1/2036 | 6,500,000 | a | 7,359,105 | ||||
California Statewide Communities Development Authority, Revenue Bonds (Loma Linda University Medical Center Obligated Group) Ser. A | 5.00 | 12/1/2041 | 2,500,000 | a | 2,801,675 | ||||
California Statewide Communities Development Authority, Revenue Bonds, Refunding | 5.38 | 5/15/2038 | 1,900,000 | 1,915,295 | |||||
California Statewide Communities Development Authority, Revenue Bonds, Refunding (CHF-Irvine) | 5.00 | 5/15/2040 | 2,000,000 | 2,274,860 | |||||
California Statewide Communities Development Authority, Revenue Bonds, Refunding (Front Porch Communities & Services Obligated Group) | 4.00 | 4/1/2042 | 1,600,000 | 1,696,160 | |||||
California Statewide Communities Development Authority, Revenue Bonds, Refunding (Front Porch Communities & Services Obligated Group) | 5.00 | 4/1/2047 | 1,500,000 | 1,678,830 | |||||
California Statewide Communities Development Authority, Revenue Bonds, Refunding (Loma Linda University Medical Center Obligated Group) | 5.25 | 12/1/2044 | 3,000,000 | 3,294,720 | |||||
California University, Revenue Bonds, Refunding, Ser. A | 4.00 | 11/1/2045 | 500,000 | 560,620 | |||||
Capistrano Unified School Community Facilities District No. 90-2, Special Tax Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 9/1/2032 | 4,000,000 | 4,431,440 | |||||
Chino Valley Unified School District, GO, Ser. B | 4.00 | 8/1/2045 | 2,610,000 | 3,018,569 | |||||
Cloverdale Unified School District, GO, Refunding, Ser. B | 4.00 | 8/1/2049 | 5,000,000 | 5,676,850 | |||||
Desert Sands Unified School District, GO | 5.00 | 8/1/2040 | 7,680,000 | 9,323,750 | |||||
Foothill Eastern Transportation Corridor Agency, Revenue Bonds, Refunding, Ser. B1 | 3.95 | 1/15/2053 | 5,000,000 | 5,524,750 | |||||
Foothill-Eastern Transportation Corridor Agency, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. B | 2.96 | 1/15/2046 | 2,000,000 | 1,988,700 | |||||
Foothill-Eastern Transportation Corridor Agency, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. D | 3.06 | 1/15/2043 | 1,000,000 | 999,230 |
70
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.0% (continued) | |||||||||
California - 19.8% (continued) | |||||||||
Foothill-Eastern Transportation Corridor Agency, Revenue Bonds, Refunding, Ser. A | 4.09 | 1/15/2049 | 7,500,000 | 8,007,750 | |||||
Foothill-Eastern Transportation Corridor Agency, Revenue Bonds, Ser. A | 4.00 | 1/15/2046 | 3,345,000 | 3,812,497 | |||||
Fowler Unified School District, GO (Insured; Build America Mutual) Ser. B | 3.38 | 8/1/2045 | 1,200,000 | 1,281,984 | |||||
Fowler Unified School District, GO (Insured; Build America Mutual) Ser. B | 5.00 | 8/1/2050 | 3,000,000 | 3,692,130 | |||||
Galt Redevelopment Agency, Tax Allocation Bonds | 7.38 | 9/1/2033 | 2,000,000 | 2,063,900 | |||||
Golden State Tobacco Securitization Corp., Revenue Bonds, Refunding, Ser. A1 | 5.00 | 6/1/2047 | 5,000,000 | 5,172,400 | |||||
Golden State Tobacco Securitization Corp., Revenue Bonds, Refunding, Ser. A2 | 5.00 | 6/1/2047 | 5,000,000 | 5,172,400 | |||||
Grant Joint Union High School District, GO (Insured; Assured Guaranty Municipal Corp.) | 0.00 | 2/1/2033 | 4,380,000 | c | 3,384,820 | ||||
Grant Joint Union High School District, GO (Insured; Assured Guaranty Municipal Corp.) | 0.00 | 8/1/2029 | 2,080,000 | c | 1,792,336 | ||||
Irvine, Special Assessment Bonds (LOC; Sumitomo Mitsui Banking) Ser. A | 0.01 | 9/2/2032 | 500,000 | b | 500,000 | ||||
Irvine, Special Assessment Bonds, Refunding | 4.00 | 9/2/2029 | 1,000,000 | 1,039,850 | |||||
Long Beach Marina System, Revenue Bonds | 5.00 | 5/15/2045 | 2,000,000 | 2,196,500 | |||||
Long Beach Marina System, Revenue Bonds | 5.00 | 5/15/2040 | 2,500,000 | 2,766,700 | |||||
Los Angeles Airports Department, Revenue Bonds, Refunding (P3 Project) Ser. A | 5.00 | 5/15/2046 | 2,500,000 | 3,111,600 | |||||
Los Angeles Airports Department, Revenue Bonds, Refunding, Ser. B | 5.00 | 5/15/2048 | 3,000,000 | 3,824,640 | |||||
Los Angeles Airports Department, Revenue Bonds, Refunding, Ser. B | 5.00 | 5/15/2045 | 3,000,000 | 3,836,190 | |||||
Los Angeles Community College District, GO, Refunding | 1.81 | 8/1/2030 | 4,000,000 | 4,040,320 | |||||
Los Angeles County Public Works Financing Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 12/1/2039 | 1,000,000 | 1,147,430 | |||||
Los Angeles County Public Works Financing Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 12/1/2034 | 1,000,000 | 1,155,020 | |||||
Los Angeles Unified School District, GO, Ser. RYQ | 4.00 | 7/1/2044 | 7,500,000 | 8,709,300 | |||||
New Haven Unified School District, GO (Insured; Assured Guaranty Corp.) | 0.00 | 8/1/2032 | 2,500,000 | c | 1,966,325 | ||||
Norman Y Mineta San Jose International Airport, Revenue Bonds, Refunding, Ser. A | 5.00 | 3/1/2047 | 8,500,000 | 9,944,915 | |||||
Northern California Energy Authority, Revenue Bonds, Ser. A | 4.00 | 7/1/2024 | 10,000,000 | 11,010,700 | |||||
Northern California Gas Authority No. 1, Revenue Bonds, Ser. B, 3 Month LIBOR x .67 +.72% | 0.88 | 7/1/2027 | 605,000 | e | 608,098 | ||||
Oroville, Revenue Bonds (Oroville Hospital) | 5.25 | 4/1/2039 | 1,750,000 | 2,020,445 | |||||
Palomar Health, Revenue Bonds, Refunding | 5.00 | 11/1/2039 | 1,000,000 | 1,123,240 | |||||
Riverside County Transportation Commission, Revenue Bonds, Refunding, Ser. A | 5.25 | 6/1/2023 | 2,000,000 | d | 2,226,820 | ||||
Riverside County Transportation Commission, Revenue Bonds, Ser. A | 5.75 | 6/1/2048 | 5,000,000 | 5,450,550 | |||||
Riverside County Transportation Commission, Revenue Bonds, Ser. A | 5.75 | 6/1/2044 | 2,000,000 | 2,180,800 | |||||
San Diego Unified School District, GO, Ser. A | 0.00 | 7/1/2025 | 2,385,000 | c | 2,299,975 | ||||
San Diego Unified School District, GO, Ser. A | 0.00 | 7/1/2025 | 1,615,000 | c | 1,564,160 | ||||
San Diego Unified School District, GO, Ser. F | 4.00 | 7/1/2035 | 2,205,000 | 2,475,774 | |||||
San Francisco Airport City & County, Revenue Bonds, Refunding, Ser. A | 5.00 | 5/1/2044 | 6,500,000 | 7,841,470 | |||||
San Francisco Airport City & County, Revenue Bonds, Refunding, Ser. E | 5.00 | 5/1/2050 | 4,905,000 | 5,875,945 | |||||
San Francisco City & County Redevelopment Agency, Special Tax Bonds, Ser. C | 0.00 | 8/1/2038 | 2,000,000 | c | 778,240 |
71
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.0% (continued) | |||||||||
California - 19.8% (continued) | |||||||||
San Francisco City & County Redevelopment Agency, Special Tax Bonds, Ser. C | 0.00 | 8/1/2043 | 7,835,000 | c | 2,251,544 | ||||
San Joaquin Hills Transportation Corridor Agency, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/15/2050 | 5,000,000 | 5,539,800 | |||||
Sierra Joint Community College District School Facilities District No. 2, GO (Insured; National Public Finance Guarantee Corp.) Ser. B | 0.00 | 8/1/2031 | 5,330,000 | c | 4,387,016 | ||||
Sierra Joint Community College District School Facilities District No. 2, GO (Insured; National Public Finance Guarantee Corp.) Ser. B | 0.00 | 8/1/2030 | 3,020,000 | c | 2,556,098 | ||||
The Morongo Band of Mission Indians, Revenue Bonds, Ser. A | 5.00 | 10/1/2042 | 1,000,000 | a | 1,141,240 | ||||
Tobacco Securitization Authority of Northern California, Revenue Bonds, Refunding (San Diego County Tobacco Asset Securitization) | 5.00 | 6/1/2039 | 2,000,000 | 2,508,300 | |||||
Tobacco Securitization Authority of Northern California, Revenue Bonds, Refunding (San Diego County Tobacco Asset Securitization) | 5.00 | 6/1/2048 | 4,000,000 | 4,868,880 | |||||
Tobacco Securitization Authority of Northern California, Revenue Bonds, Refunding, Ser. A | 4.00 | 6/1/2049 | 2,500,000 | 2,869,150 | |||||
Tobacco Securitization Authority of Northern California, Revenue Bonds, Refunding, Ser. A | 4.00 | 6/1/2040 | 500,000 | 586,080 | |||||
Tobacco Securitization Authority of Northern California, Revenue Bonds, Refunding, Ser. A | 4.00 | 6/1/2037 | 500,000 | 599,775 | |||||
Tobacco Securitization Authority of Northern California, Revenue Bonds, Refunding, Ser. A | 4.00 | 6/1/2038 | 800,000 | 956,464 | |||||
Tobacco Securitization Authority of Northern California, Revenue Bonds, Refunding, Ser. A | 4.00 | 6/1/2039 | 1,000,000 | 1,191,940 | |||||
Transbay Joint Powers Authority, Tax Allocation Bonds (Green Bond) Ser. A | 5.00 | 10/1/2045 | 1,000,000 | 1,219,530 | |||||
Transbay Joint Powers Authority, Tax Allocation Bonds (Green Bond) Ser. A | 5.00 | 10/1/2049 | 1,000,000 | 1,214,930 | |||||
Transbay Joint Powers Authority, Tax Allocation Bonds (Green Bond) Ser. A | 5.00 | 10/1/2039 | 900,000 | 1,115,604 | |||||
Transbay Joint Powers Authority, Tax Allocation Bonds (Green Bond) Ser. A | 5.00 | 10/1/2040 | 1,000,000 | 1,236,260 | |||||
University of California, Revenue Bonds, Refunding (Limited Project) Ser. G | 5.00 | 5/15/2037 | 7,325,000 | 7,731,977 | |||||
University of California, Revenue Bonds, Refunding, Ser. AZ | 5.00 | 5/15/2043 | 5,000,000 | 6,133,500 | |||||
University of California, Revenue Bonds, Refunding, Ser. BH | 4.00 | 5/15/2046 | 5,000,000 | 5,933,900 | |||||
University of California, Revenue Bonds, Refunding, Ser. BH | 4.00 | 5/15/2051 | 15,000,000 | 17,721,000 | |||||
University of California, Revenue Bonds, Ser. AV | 5.00 | 5/15/2042 | 2,525,000 | 3,038,610 | |||||
University of California, Revenue Bonds, Ser. BJ | 3.07 | 5/15/2051 | 10,000,000 | 10,079,000 | |||||
496,950,903 | |||||||||
Colorado - 1.2% | |||||||||
Colorado Board Governors University System, Revenue Bonds, Refunding, Ser. C | 5.00 | 3/1/2043 | 2,995,000 | 3,585,015 | |||||
Colorado Board Governors University System, Revenue Bonds, Refunding, Ser. C | 5.00 | 3/1/2028 | 2,005,000 | d | 2,553,468 | ||||
Colorado Educational & Cultural Facilities Authority, Revenue Bonds (LOC; Bank of America NA) Ser. A12 | 0.01 | 2/1/2038 | 400,000 | b | 400,000 | ||||
Colorado Educational & Cultural Facilities Authority, Revenue Bonds (LOC; TD Bank NA) Ser. B4 | 0.01 | 12/1/2035 | 3,230,000 | b | 3,230,000 | ||||
Colorado Educational & Cultural Facilities Authority, Revenue Bonds, Refunding (LOC; TD Bank NA) Ser. B5 | 0.01 | 1/1/2039 | 1,100,000 | b | 1,100,000 | ||||
Colorado Health Facilities Authority, Revenue Bonds, Refunding (Evangelical Lutheran Good Samaritan Society Project) Ser. R | 5.00 | 6/1/2027 | 2,500,000 | d | 3,117,825 | ||||
Denver City & County Airport System, Revenue Bonds, Refunding, Ser. A | 4.00 | 12/1/2048 | 1,250,000 | 1,367,950 |
72
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.0% (continued) | |||||||||
Colorado - 1.2% (continued) | |||||||||
Denver City & County Airport System, Revenue Bonds, Refunding, Ser. A | 5.25 | 12/1/2048 | 3,500,000 | 4,213,720 | |||||
Denver Urban Renewal Authority, Tax Allocation Bonds, Ser. A | 5.25 | 12/1/2039 | 2,000,000 | a | 2,139,380 | ||||
Denver Urban Renewal Authority, Tax Allocation Bonds, Ser. A | 5.25 | 12/1/2039 | 2,500,000 | a | 2,677,575 | ||||
E-470 Public Highway Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 9/1/2040 | 1,725,000 | 1,928,584 | |||||
Regional Transportation District, Revenue Bonds, Refunding (Denver Transit Partners) Ser. A | 3.00 | 7/15/2037 | 1,000,000 | 1,022,520 | |||||
Regional Transportation District, Revenue Bonds, Refunding (Denver Transit Partners) Ser. A | 4.00 | 7/15/2033 | 1,000,000 | 1,207,030 | |||||
Regional Transportation District, Revenue Bonds, Refunding (Denver Transit Partners) Ser. A | 4.00 | 7/15/2035 | 1,000,000 | 1,175,260 | |||||
29,718,327 | |||||||||
Connecticut - 1.3% | |||||||||
Connecticut, GO, Ser. 2021 A | 3.00 | 1/15/2040 | 5,000,000 | 5,330,950 | |||||
Connecticut, GO, Ser. 2021 A | 3.00 | 1/15/2038 | 5,000,000 | 5,381,600 | |||||
Connecticut, GO, Ser. 2021 A | 3.00 | 1/15/2037 | 5,000,000 | 5,400,800 | |||||
Connecticut, Special Tax Bonds, Ser. A | 4.00 | 5/1/2039 | 1,500,000 | 1,725,960 | |||||
Connecticut, Special Tax Bonds, Ser. A | 4.00 | 5/1/2036 | 1,725,000 | 2,004,588 | |||||
Connecticut, Special Tax Bonds, Ser. A | 5.00 | 5/1/2037 | 3,500,000 | 4,408,670 | |||||
Connecticut, Special Tax Bonds, Ser. A | 5.00 | 5/1/2034 | 2,000,000 | 2,557,240 | |||||
Connecticut, Special Tax Bonds, Ser. A | 5.00 | 5/1/2038 | 2,000,000 | 2,511,560 | |||||
The Metropolitan District, GO, Ser. A | 4.00 | 7/15/2037 | 1,125,000 | 1,306,260 | |||||
The Metropolitan District, GO, Ser. A | 4.00 | 7/15/2039 | 500,000 | 577,390 | |||||
The Metropolitan District, GO, Ser. A | 4.00 | 7/15/2035 | 500,000 | 584,635 | |||||
The Metropolitan District, GO, Ser. A | 4.00 | 7/15/2036 | 1,200,000 | 1,398,048 | |||||
33,187,701 | |||||||||
Delaware - .1% | |||||||||
Kent County, Revenue Bonds (CHF-Dover University Project) Ser. A | 5.00 | 7/1/2048 | 1,000,000 | 1,084,690 | |||||
Kent County, Revenue Bonds (CHF-Dover University Project) Ser. A | 5.00 | 7/1/2040 | 750,000 | 823,523 | |||||
1,908,213 | |||||||||
District of Columbia - 2.6% | |||||||||
District of Columbia, Revenue Bonds (District of Columbia International School Obligated Group) | 5.00 | 7/1/2049 | 1,275,000 | 1,450,300 | |||||
District of Columbia, Revenue Bonds (Friendship Public Charter School) | 5.00 | 6/1/2032 | 3,500,000 | 3,659,285 | |||||
District of Columbia, Revenue Bonds (KIPP DC Project) | 4.00 | 7/1/2039 | 1,275,000 | 1,413,695 | |||||
District of Columbia, Revenue Bonds (KIPP DC Project) | 4.00 | 7/1/2049 | 1,375,000 | 1,502,903 | |||||
District of Columbia, Revenue Bonds (KIPP DC Project) | 4.00 | 7/1/2044 | 1,240,000 | 1,361,570 | |||||
District of Columbia, Revenue Bonds (LOC; TD Bank NA) Ser. 2A | 0.03 | 8/15/2038 | 350,000 | b | 350,000 | ||||
District of Columbia, Revenue Bonds, Refunding | 6.00 | 7/1/2023 | 1,700,000 | d | 1,924,009 | ||||
District of Columbia, Revenue Bonds, Refunding | 6.00 | 7/1/2023 | 1,100,000 | d | 1,244,947 | ||||
District of Columbia, Revenue Bonds, Refunding | 6.00 | 7/1/2023 | 1,450,000 | d | 1,641,067 | ||||
District of Columbia, Revenue Bonds, Refunding (KIPP DC Project) Ser. A | 5.00 | 7/1/2048 | 5,000,000 | 5,780,750 | |||||
District of Columbia, Revenue Bonds, Refunding (KIPP DC Project) Ser. B | 5.00 | 7/1/2042 | 4,000,000 | 4,653,800 | |||||
District of Columbia, Revenue Bonds, Ser. A | 5.00 | 3/1/2026 | 10,000,000 | 12,187,500 | |||||
District of Columbia, Revenue Bonds, Ser. C | 4.00 | 5/1/2039 | 4,000,000 | 4,748,640 | |||||
District of Columbia, Revenue Bonds, Ser. C | 4.00 | 5/1/2038 | 2,605,000 | 3,101,747 | |||||
District of Columbia, Revenue Bonds, Ser. C | 4.00 | 5/1/2045 | 5,000,000 | 5,833,450 | |||||
District of Columbia, Revenue Bonds, Ser. C | 4.00 | 5/1/2040 | 3,000,000 | 3,552,810 |
73
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.0% (continued) | |||||||||
District of Columbia - 2.6% (continued) | |||||||||
Metropolitan Washington Airports Authority, Revenue Bonds (Dulles Metrorail & Capital Improvement Projects) (Insured; Assured Guaranty Corp.) Ser. B | 0.00 | 10/1/2036 | 6,275,000 | c | 4,352,528 | ||||
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. B | 4.00 | 10/1/2053 | 5,000,000 | 5,582,700 | |||||
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding (LOC; TD Bank NA) Ser. D2 | 0.02 | 10/1/2039 | 200,000 | b | 200,000 | ||||
64,541,701 | |||||||||
Florida - 4.5% | |||||||||
Broward County Airport System, Revenue Bonds, Ser. A | 4.00 | 10/1/2044 | 3,500,000 | 3,883,250 | |||||
Capital Trust Agency, Revenue Bonds (Franklin Academy Project) | 5.00 | 12/15/2035 | 1,085,000 | a | 1,193,533 | ||||
Capital Trust Agency, Revenue Bonds (Franklin Academy Project) | 5.00 | 12/15/2040 | 1,220,000 | a | 1,326,250 | ||||
Capital Trust Agency, Revenue Bonds (H-Bay Ministries Inc-Superior Residences Project) Ser. A1 | 5.00 | 7/1/2048 | 750,000 | 412,133 | |||||
Capital Trust Agency, Revenue Bonds (H-Bay Ministries Inc-Superior Residences Project) Ser. B | 5.00 | 7/1/2053 | 250,000 | 99,510 | |||||
Collier County Health Facilities Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 5/1/2045 | 2,500,000 | 2,769,650 | |||||
Florida Development Finance Corp., Revenue Bonds (Green Bond) Ser. B | 7.38 | 1/1/2049 | 5,000,000 | a | 4,853,500 | ||||
Florida Development Finance Corp., Revenue Bonds (Mater Academy Project) Ser. A | 5.00 | 6/15/2050 | 6,500,000 | 7,297,160 | |||||
Florida Development Finance Corp., Revenue Bonds (Mater Academy Project) Ser. A | 5.00 | 6/15/2040 | 1,650,000 | 1,874,779 | |||||
Florida Higher Educational Facilities Financial Authority, Revenue Bonds, Refunding (Rollins College Project) Ser. A | 3.00 | 12/1/2048 | 7,500,000 | 7,714,575 | |||||
Florida Higher Educational Facilities Financial Authority, Revenue Bonds, Refunding (Rollins College Project) Ser. A | 4.00 | 12/1/2050 | 10,000,000 | 11,339,900 | |||||
Florida Higher Educational Facilities Financial Authority, Revenue Bonds, Refunding (The University of Tampa Project) Ser. A | 5.25 | 4/1/2022 | 1,100,000 | d | 1,160,170 | ||||
Hillsborough County Industrial Development Authority, Revenue Bonds (Tampa General Hospital Project) Ser. A | 4.00 | 8/1/2045 | 2,220,000 | 2,489,264 | |||||
Hillsborough County Industrial Development Authority, Revenue Bonds, Refunding (BayCare Health System Obligated Group) (LOC; TD Bank NA) Ser. D | 0.02 | 11/15/2042 | 1,400,000 | b | 1,400,000 | ||||
Jacksonville, Revenue Bonds, Refunding | 5.00 | 10/1/2030 | 750,000 | 804,015 | |||||
Miami Beach Redevelopment Agency, Tax Allocation Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 2/1/2040 | 7,545,000 | 8,415,165 | |||||
Miami-Dade County Aviation, Revenue Bonds, Refunding, Ser. A | 4.00 | 10/1/2040 | 1,625,000 | 1,884,756 | |||||
Miami-Dade County Aviation, Revenue Bonds, Refunding, Ser. A | 4.00 | 10/1/2041 | 1,250,000 | 1,444,463 | |||||
Miami-Dade County Aviation, Revenue Bonds, Refunding, Ser. A | 4.00 | 10/1/2039 | 1,500,000 | 1,744,770 | |||||
Miami-Dade County Aviation, Revenue Bonds, Refunding, Ser. A | 5.00 | 10/1/2049 | 10,790,000 | 12,910,451 | |||||
Miami-Dade County Expressway Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2040 | 1,050,000 | 1,052,898 | |||||
Miami-Dade County Health Facilities Authority, Revenue Bonds, Refunding (Nicklaus Children's Hospital Obligated Group) | 5.00 | 8/1/2042 | 2,000,000 | 2,357,600 | |||||
Miami-Dade County Seaport Department, Revenue Bonds, Ser. A | 5.50 | 10/1/2042 | 14,145,000 | 15,655,827 | |||||
Orange County Health Facilities Authority, Revenue Bonds (Orlando Health Obligated Group) Ser. B | 5.00 | 4/1/2022 | 5,000,000 | d | 5,260,050 |
74
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.0% (continued) | |||||||||
Florida - 4.5% (continued) | |||||||||
Palm Beach County Health Facilities Authority, Revenue Bonds, Refunding (Baptist Health South Florida Obligated Group) | 4.00 | 8/15/2049 | 6,500,000 | 7,246,655 | |||||
Tampa, Revenue Bonds (H. Lee Moffitt Cancer Center & Research Institute Obligated Group) Ser. B | 4.00 | 7/1/2045 | 3,700,000 | 4,155,137 | |||||
Tampa, Revenue Bonds, Ser. A | 0.00 | 9/1/2049 | 1,800,000 | c | 626,526 | ||||
Tampa, Revenue Bonds, Ser. A | 0.00 | 9/1/2042 | 1,000,000 | c | 473,890 | ||||
Tampa, Revenue Bonds, Ser. A | 0.00 | 9/1/2041 | 1,000,000 | c | 497,270 | ||||
Tampa, Revenue Bonds, Ser. A | 0.00 | 9/1/2045 | 1,850,000 | c | 766,825 | ||||
113,109,972 | |||||||||
Georgia - 1.2% | |||||||||
Athens-Clarke County Unified Government Development Authority, Revenue Bonds (University of Georgia Athletic Association Project) (LOC; Wells Fargo Bank NA) Ser. B | 0.01 | 7/1/2035 | 5,500,000 | b | 5,500,000 | ||||
Atlanta Water & Wastewater, Revenue Bonds, Refunding | 2.26 | 11/1/2035 | 8,000,000 | 8,144,880 | |||||
Fulton County Development Authority, Revenue Bonds, Refunding (Robert W. Woodruff Arts Center) | 5.00 | 3/15/2044 | 6,000,000 | 7,059,120 | |||||
Georgia Municipal Electric Authority, Revenue Bonds (Plant Vogtle Units 3&4 Project) | 4.00 | 1/1/2049 | 2,000,000 | 2,211,660 | |||||
Georgia Municipal Electric Authority, Revenue Bonds (Plant Vogtle Units 3&4 Project) | 4.00 | 1/1/2049 | 2,155,000 | 2,370,888 | |||||
Georgia Municipal Electric Authority, Revenue Bonds (Plant Vogtle Units 3&4 Project) | 5.00 | 1/1/2056 | 1,000,000 | 1,176,300 | |||||
Main Street Natural Gas, Revenue Bonds, Ser. A | 5.00 | 5/15/2043 | 1,500,000 | 1,777,890 | |||||
The Atlanta Development Authority, Revenue Bonds, Ser. A1 | 5.25 | 7/1/2044 | 1,500,000 | 1,673,565 | |||||
29,914,303 | |||||||||
Hawaii - .4% | |||||||||
Hawaii Department of Budget & Finance, Revenue Bonds, Refunding (Kahala Senior Living Community Obligated Group) | 5.13 | 11/15/2032 | 2,050,000 | 2,175,050 | |||||
Hawaii Department of Budget & Finance, Revenue Bonds, Refunding (Kahala Senior Living Community Obligated Group) | 5.25 | 11/15/2037 | 1,000,000 | 1,058,590 | |||||
Hawaii Department of Budget & Finance, Revenue Bonds, Refunding (The Queen's Health Systems Obligated Group) Ser. A | 5.00 | 7/1/2035 | 7,000,000 | 7,979,510 | |||||
11,213,150 | |||||||||
Idaho - .2% | |||||||||
Idaho Health Facilities Authority, Revenue Bonds, Refunding (Trinity Health Obligated Group) Ser. D | 5.00 | 6/1/2022 | 3,900,000 | d | 4,134,078 | ||||
Illinois - 8.5% | |||||||||
Chicago Board of Education, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A | 5.00 | 12/1/2026 | 1,170,000 | 1,416,449 | |||||
Chicago Board of Education, GO, Refunding, Ser. A | 4.00 | 12/1/2027 | 750,000 | 846,735 | |||||
Chicago Board of Education, GO, Refunding, Ser. A | 7.00 | 12/1/2044 | 2,500,000 | 3,006,075 | |||||
Chicago Board of Education, GO, Refunding, Ser. B | 5.00 | 12/1/2033 | 600,000 | 718,062 | |||||
Chicago Board of Education, GO, Refunding, Ser. B | 6.75 | 12/1/2030 | 7,500,000 | a | 9,812,025 | ||||
Chicago Board of Education, GO, Refunding, Ser. B | 7.00 | 12/1/2042 | 10,000,000 | a | 12,791,800 | ||||
Chicago Board of Education, GO, Ser. A | 5.00 | 12/1/2038 | 2,000,000 | 2,371,980 | |||||
Chicago Board of Education, GO, Ser. A | 5.00 | 12/1/2041 | 1,000,000 | 1,175,050 | |||||
Chicago Board of Education, GO, Ser. A | 7.00 | 12/1/2046 | 5,000,000 | a | 6,360,250 | ||||
Chicago Board of Education, GO, Ser. B | 6.50 | 12/1/2046 | 4,500,000 | 5,423,040 | |||||
Chicago Board of Education, Revenue Bonds | 5.00 | 4/1/2042 | 1,700,000 | 1,938,561 | |||||
Chicago Board of Education, Revenue Bonds | 5.00 | 4/1/2046 | 1,600,000 | 1,811,760 | |||||
Chicago Board of Education, Revenue Bonds | 6.00 | 4/1/2046 | 1,500,000 | 1,791,630 | |||||
Chicago II, GO, Refunding, Ser. 2005D | 5.50 | 1/1/2040 | 5,000,000 | 5,532,950 | |||||
Chicago II, GO, Refunding, Ser. 2007E | 5.50 | 1/1/2042 | 1,750,000 | 1,934,292 | |||||
Chicago II, GO, Refunding, Ser. 2007F | 5.50 | 1/1/2042 | 1,250,000 | 1,381,638 | |||||
Chicago II, GO, Refunding, Ser. A | 5.00 | 1/1/2035 | 5,000,000 | 5,351,900 |
75
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.0% (continued) | |||||||||
Illinois - 8.5% (continued) | |||||||||
Chicago II, GO, Refunding, Ser. A | 5.00 | 1/1/2032 | 600,000 | 723,252 | |||||
Chicago II, GO, Refunding, Ser. A | 5.00 | 1/1/2031 | 1,300,000 | 1,574,690 | |||||
Chicago II, GO, Refunding, Ser. B | 7.75 | 1/1/2025 | 6,208,000 | d | 7,835,800 | ||||
Chicago II, GO, Ser. A | 5.50 | 1/1/2049 | 4,000,000 | 4,649,320 | |||||
Chicago II, GO, Ser. B | 7.75 | 1/1/2042 | 1,272,000 | 1,414,095 | |||||
Chicago Midway International Airport, Revenue Bonds, Refunding, Ser. B | 5.00 | 1/1/2046 | 5,000,000 | 5,647,850 | |||||
Chicago O'Hare International Airport, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) | 5.50 | 1/1/2043 | 4,000,000 | 4,333,920 | |||||
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2039 | 3,710,000 | 4,439,794 | |||||
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2038 | 3,250,000 | 3,899,577 | |||||
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2036 | 3,130,000 | 3,778,692 | |||||
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. A | 5.00 | 1/1/2037 | 3,000,000 | 3,609,630 | |||||
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. B | 5.00 | 1/1/2041 | 6,800,000 | 7,889,428 | |||||
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. B | 5.00 | 1/1/2033 | 10,425,000 | 12,020,650 | |||||
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. B | 5.00 | 1/1/2031 | 15,000,000 | 17,357,400 | |||||
Illinois, GO | 5.50 | 5/1/2030 | 2,500,000 | 3,135,275 | |||||
Illinois, GO | 5.50 | 5/1/2039 | 2,500,000 | 3,037,650 | |||||
Illinois, GO | 5.50 | 7/1/2033 | 2,500,000 | 2,679,325 | |||||
Illinois, GO | 5.50 | 7/1/2038 | 10,000,000 | 10,665,000 | |||||
Illinois, GO, Refunding, Ser. B | 5.00 | 10/1/2025 | 15,000,000 | 17,104,800 | |||||
Illinois, GO, Ser. A | 5.00 | 5/1/2042 | 2,500,000 | 2,819,225 | |||||
Illinois, GO, Ser. D | 5.00 | 11/1/2028 | 5,000,000 | 5,767,200 | |||||
Illinois Finance Authority, Revenue Bonds (The University of Chicago Medical Center Obligated Group) (LOC; Wells Fargo Bank NA) Ser. B | 0.01 | 8/1/2044 | 500,000 | b | 500,000 | ||||
Illinois Finance Authority, Revenue Bonds (University of Chicago Medical Center Group) (LOC; PNC Bank NA) Ser. D2 | 0.01 | 8/1/2043 | 500,000 | b | 500,000 | ||||
Illinois Finance Authority, Revenue Bonds, Refunding (Franciscan Communities Obligated Group) Ser. A | 5.00 | 5/15/2037 | 3,000,000 | 3,338,970 | |||||
Illinois Finance Authority, Revenue Bonds, Refunding, Ser. A | 5.25 | 5/15/2047 | 3,715,000 | 3,887,673 | |||||
Illinois Finance Authority, Revenue Bonds, Refunding, Ser. A | 5.50 | 7/1/2028 | 1,560,000 | 1,689,464 | |||||
Illinois Finance Authority, Revenue Bonds, Refunding, Ser. A | 6.00 | 7/1/2043 | 5,000,000 | 5,440,750 | |||||
Illinois Finance Authority, Revenue Bonds, Refunding, Ser. A | 5.25 | 5/15/2023 | 535,000 | d | 592,095 | ||||
Metropolitan Pier & Exposition Authority, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. A | 0.00 | 12/15/2040 | 10,000,000 | c | 5,675,600 | ||||
Metropolitan Pier & Exposition Authority, Revenue Bonds, Refunding | 4.00 | 6/15/2050 | 2,000,000 | 2,207,040 | |||||
Metropolitan Pier & Exposition Authority, Revenue Bonds, Refunding (McCormick Place Expansion Project) | 5.00 | 6/15/2050 | 2,000,000 | 2,376,560 | |||||
214,254,922 | |||||||||
Indiana - .6% | |||||||||
Indiana Finance Authority, Revenue Bonds (Butler University Project) | 4.00 | 2/1/2044 | 2,595,000 | 2,845,002 | |||||
Indiana Finance Authority, Revenue Bonds (United States Steel) Ser. A | 6.75 | 5/1/2039 | 1,000,000 | 1,242,940 | |||||
Indiana Finance Authority, Revenue Bonds, Refunding (Duke Energy Indiana Project) (LOC; Sumitomo Mitsui Banking) Ser. A4 | 0.02 | 12/1/2039 | 2,200,000 | b | 2,200,000 | ||||
Indiana Finance Authority, Revenue Bonds, Refunding (Duke Energy Indiana Project) (LOC; Sumitomo Mitsui Banking) Ser. A5 | 0.01 | 10/1/2040 | 2,000,000 | b | 2,000,000 |
76
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.0% (continued) | |||||||||
Indiana - .6% (continued) | |||||||||
Indiana Finance Authority, Revenue Bonds, Refunding (Stadium Project) Ser. A | 5.25 | 2/1/2035 | 5,000,000 | 5,898,800 | |||||
Indiana Municipal Power Agency, Revenue Bonds, Refunding (LOC; U.S. Bank NA) Ser. B | 0.01 | 1/1/2042 | 100,000 | b | 100,000 | ||||
14,286,742 | |||||||||
Iowa - .0% | |||||||||
Iowa Finance Authority, Revenue Bonds, Refunding (LOC; JP Morgan Chase Bank NA) Ser. E | 0.01 | 2/15/2041 | 300,000 | b | 300,000 | ||||
Kentucky - 1.2% | |||||||||
Kentucky Economic Development Finance Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A | 5.00 | 12/1/2047 | 3,500,000 | 3,694,635 | |||||
Kentucky Property & Building Commission, Revenue Bonds, Refunding (Project No. 112) Ser. B | 5.00 | 11/1/2027 | 10,000,000 | 12,050,800 | |||||
Kentucky Public Energy Authority, Revenue Bonds, Ser. C1 | 4.00 | 6/1/2025 | 10,000,000 | 11,207,500 | |||||
Kentucky Public Transportation Infrastructure Authority, Revenue Bonds (Downtown Crossing Project) Ser. A | 5.75 | 7/1/2049 | 3,000,000 | 3,290,130 | |||||
30,243,065 | |||||||||
Louisiana - 1.1% | |||||||||
Jefferson Parish Economic Development & Port District, Revenue Bonds (Kenner Discovery Health Sciences Foundation) Ser. A | 5.50 | 6/15/2038 | 3,200,000 | a | 3,579,904 | ||||
Jefferson Parish Economic Development & Port District, Revenue Bonds (Kenner Discovery Health Sciences Foundation) Ser. A | 5.63 | 6/15/2048 | 4,350,000 | a | 4,815,841 | ||||
Jefferson Parish Hospital Service District No. 2, Revenue Bonds, Refunding | 6.25 | 7/1/2021 | 5,000,000 | d | 5,100,050 | ||||
Louisiana Public Facilities Authority, Revenue Bonds (Louisiana Children's Medical Center Obligated Group) | 4.00 | 6/1/2050 | 2,750,000 | 3,087,645 | |||||
Louisiana Public Facilities Authority, Revenue Bonds (Louisiana Children's Medical Center Obligated Group) (Insured; Assured Guaranty Municipal Corp.) | 3.00 | 6/1/2050 | 4,000,000 | 4,142,680 | |||||
Louisiana Public Facilities Authority, Revenue Bonds, Refunding (Tulane University) | 4.00 | 4/1/2050 | 2,000,000 | 2,243,500 | |||||
New Orleans Water System, Revenue Bonds, Refunding | 5.00 | 12/1/2024 | 500,000 | d | 581,800 | ||||
St. James Parish, Revenue Bonds (NuStar Logistics Project) Ser. 2 | 6.35 | 7/1/2040 | 4,115,000 | a | 5,213,170 | ||||
28,764,590 | |||||||||
Maine - .6% | |||||||||
Maine Finance Authority, Revenue Bonds (Coastal Resources of Maine Project) | 5.25 | 6/15/2034 | 1,000,000 | f | 550,000 | ||||
Maine Finance Authority, Revenue Bonds (Coastal Resources of Maine Project) | 5.38 | 12/15/2033 | 4,400,000 | a,f | 2,420,000 | ||||
Maine Health & Higher Educational Facilities Authority, Revenue Bonds (MaineGeneral Health Medical Center Obligated Group) | 6.00 | 7/1/2021 | 825,000 | d | 840,832 | ||||
Maine Health & Higher Educational Facilities Authority, Revenue Bonds (MaineGeneral Health Medical Center Obligated Group) | 7.00 | 7/1/2021 | 4,240,000 | d | 4,335,230 | ||||
Maine Health & Higher Educational Facilities Authority, Revenue Bonds, Refunding (Bowdoin College) | 5.00 | 7/1/2038 | 5,000,000 | 5,970,900 | |||||
14,116,962 | |||||||||
Maryland - .1% | |||||||||
Maryland Economic Development Corp., Revenue Bonds (Seagirt Marine Terminal Project) | 5.00 | 6/1/2049 | 750,000 | 827,025 | |||||
Maryland Economic Development Corp., Revenue Bonds (Seagirt Marine Terminal Project) | 5.00 | 6/1/2044 | 200,000 | 221,544 | |||||
Maryland Health & Higher Educational Facilities Authority, Revenue Bonds, Refunding (LOC; TD Bank NA) Ser. B | 0.03 | 4/1/2035 | 900,000 | b | 900,000 | ||||
1,948,569 |
77
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.0% (continued) | |||||||||
Massachusetts - 3.4% | |||||||||
Commonwealth of Massachusetts, GO, Refunding, Ser. D | 4.00 | 11/1/2040 | 2,500,000 | 2,991,100 | |||||
Commonwealth of Massachusetts, GO, Refunding, Ser. D | 4.00 | 11/1/2041 | 2,250,000 | 2,670,772 | |||||
Commonwealth of Massachusetts, GO, Refunding, Ser. E | 1.77 | 11/1/2032 | 5,590,000 | 5,612,919 | |||||
Lowell Collegiate Charter School, Revenue Bonds | 5.00 | 6/15/2049 | 755,000 | 815,611 | |||||
Lowell Collegiate Charter School, Revenue Bonds | 5.00 | 6/15/2054 | 770,000 | 830,268 | |||||
Massachusetts Development Finance Agency, Revenue Bonds (Bentley University) | 5.00 | 7/1/2040 | 5,500,000 | 6,401,175 | |||||
Massachusetts Development Finance Agency, Revenue Bonds (Dana-Farber Cancer Institute Obligated Group) Ser. N | 5.00 | 12/1/2041 | 3,000,000 | 3,534,570 | |||||
Massachusetts Development Finance Agency, Revenue Bonds (Emerson College) Ser. A | 5.25 | 1/1/2042 | 5,500,000 | 6,379,340 | |||||
Massachusetts Development Finance Agency, Revenue Bonds (Linden Ponds Obligated Group) | 5.13 | 11/15/2046 | 1,500,000 | a | 1,627,230 | ||||
Massachusetts Development Finance Agency, Revenue Bonds (Tufts University) Ser. R | 0.02 | 8/15/2048 | 850,000 | b | 850,000 | ||||
Massachusetts Development Finance Agency, Revenue Bonds (Wentworth Institute of Technology) | 5.00 | 10/1/2046 | 2,015,000 | 2,274,391 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Berklee College of Music) | 5.00 | 10/1/2039 | 5,000,000 | 5,863,300 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Cape Cod Healthcare Obligated Group) | 5.25 | 11/15/2041 | 4,370,000 | 4,743,285 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Emerson College) Ser. A | 5.00 | 1/1/2040 | 1,000,000 | 1,175,470 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (International Charter School) | 5.00 | 4/15/2040 | 1,500,000 | 1,614,960 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (NewBridge Charles Obligated Group) | 5.00 | 10/1/2057 | 2,000,000 | a | 2,188,760 | ||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (NewBridge Charles Obligated Group) | 5.00 | 10/1/2047 | 3,000,000 | a | 3,283,140 | ||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (NewBridge Charles Obligated Group) | 5.00 | 10/1/2037 | 1,000,000 | a | 1,097,900 | ||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Simmons College) Ser. K1 | 5.00 | 10/1/2036 | 2,115,000 | 2,402,111 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Trustees of The College of The Holy Cross) (LOC; Bank of America NA) Ser. A | 0.01 | 9/1/2037 | 600,000 | b | 600,000 | ||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Wellforce Obligated Group) (Insured; Assured Guaranty Municipal Corp.) Ser. C | 4.00 | 10/1/2045 | 500,000 | 564,615 | |||||
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2044 | 1,375,000 | 1,632,153 | |||||
Massachusetts Health & Educational Facilities Authority, Revenue Bonds, Refunding (Harvard University) Ser. R | 0.01 | 11/1/2049 | 1,300,000 | b | 1,300,000 | ||||
Massachusetts Health & Educational Facilities Authority, Revenue Bonds, Refunding (Partners Healthcare System) (LOC; TD Bank NA) Ser. F3 | 0.03 | 7/1/2040 | 500,000 | b | 500,000 | ||||
Massachusetts Health & Educational Facilities Authority, Revenue Bonds, Refunding (Tufts University) (SPA; U.S. Bank NA) Ser. N1 | 0.01 | 8/15/2040 | 600,000 | b | 600,000 | ||||
Massachusetts School Building Authority, Revenue Bonds, Refunding, Ser. A | 5.25 | 2/15/2048 | 9,500,000 | 11,644,150 | |||||
Massachusetts School Building Authority, Revenue Bonds, Ser. B | 5.25 | 2/15/2048 | 10,000,000 | 12,257,000 | |||||
The Massachusetts Clean Water Trust, Revenue Bonds, Refunding, Ser. A | 5.75 | 8/1/2029 | 50,000 | 50,203 | |||||
85,504,423 | |||||||||
Michigan - 2.5% | |||||||||
Detroit, GO | 5.00 | 4/1/2034 | 1,000,000 | 1,168,350 | |||||
Detroit, GO | 5.00 | 4/1/2033 | 1,150,000 | 1,348,111 | |||||
Detroit, GO | 5.00 | 4/1/2035 | 1,660,000 | 1,935,162 |
78
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.0% (continued) | |||||||||
Michigan - 2.5% (continued) | |||||||||
Detroit, GO | 5.00 | 4/1/2038 | 1,235,000 | 1,427,574 | |||||
Detroit, GO | 5.00 | 4/1/2036 | 1,200,000 | 1,394,700 | |||||
Detroit, GO | 5.00 | 4/1/2029 | 1,000,000 | 1,195,380 | |||||
Detroit, GO | 5.00 | 4/1/2028 | 900,000 | 1,075,131 | |||||
Detroit, GO | 5.00 | 4/1/2030 | 700,000 | 830,522 | |||||
Detroit, GO | 5.00 | 4/1/2032 | 850,000 | 1,000,085 | |||||
Detroit, GO | 5.00 | 4/1/2031 | 1,000,000 | 1,181,580 | |||||
Detroit, GO, Ser. A | 5.00 | 4/1/2050 | 2,000,000 | 2,385,400 | |||||
Detroit, GO, Ser. A | 5.00 | 4/1/2046 | 1,250,000 | 1,495,613 | |||||
Detroit Downtown Development Authority, Tax Allocation Bonds, Refunding (Catalyst Development Project) (Insured; Assured Guaranty Municipal Corp.) Ser. A | 5.00 | 7/1/2043 | 10,000,000 | 11,275,800 | |||||
Grand Traverse County Hospital Finance Authority, Revenue Bonds, Refunding (Munson Healthcare Obligated Group) (LOC; PNC Bank NA) Ser. C | 0.02 | 7/1/2041 | 1,700,000 | b | 1,700,000 | ||||
Michigan Building Authority, Revenue Bonds, Refunding, Ser. IA | 5.38 | 10/15/2021 | 3,000,000 | d | 3,097,590 | ||||
Michigan Building Authority, Revenue Bonds, Refunding, Ser. II | 2.71 | 10/15/2040 | 5,000,000 | 5,064,800 | |||||
Michigan Finance Authority, Revenue Bonds, Refunding (Beaumont Health Obligated Group) | 5.00 | 8/1/2032 | 2,000,000 | 2,248,800 | |||||
Michigan Finance Authority, Revenue Bonds, Refunding, Ser. A | 4.00 | 6/1/2040 | 2,100,000 | 2,436,798 | |||||
Michigan Finance Authority, Revenue Bonds, Refunding, Ser. A | 4.00 | 6/1/2038 | 1,500,000 | 1,751,835 | |||||
Michigan Finance Authority, Revenue Bonds, Refunding, Ser. A | 4.00 | 12/1/2049 | 4,000,000 | 4,495,680 | |||||
University of Michigan, Revenue Bonds, Refunding, Ser. B | 0.02 | 4/1/2042 | 1,400,000 | b | 1,400,000 | ||||
University of Michigan, Revenue Bonds, Ser. B | 2.56 | 4/1/2050 | 8,750,000 | 8,628,637 | |||||
Western Michigan University, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. C | 5.00 | 11/15/2037 | 900,000 | 1,123,371 | |||||
Western Michigan University, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. C | 5.00 | 11/15/2039 | 850,000 | 1,054,043 | |||||
Western Michigan University, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. C | 5.00 | 11/15/2035 | 1,050,000 | 1,320,438 | |||||
Western Michigan University, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. C | 5.00 | 11/15/2036 | 325,000 | 407,063 | |||||
62,442,463 | |||||||||
Minnesota - .3% | |||||||||
Western Minnesota Municipal Power Agency, Revenue Bonds (Red Rock Hydroelectric Project) Ser. A | 5.00 | 1/1/2049 | 5,390,000 | 6,468,755 | |||||
Mississippi - .1% | |||||||||
Mississippi Development Bank, Revenue Bonds (Jackson Water & Sewer System Project) (Insured; Assured Guaranty Municipal Corp.) | 6.88 | 12/1/2040 | 1,625,000 | 1,870,229 | |||||
Missouri - .3% | |||||||||
Kansas City Industrial Development Authority, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) | 4.00 | 3/1/2057 | 3,000,000 | 3,328,050 | |||||
Missouri Health & Educational Facilities Authority, Revenue Bonds (St. Louis University) (LOC; U.S. Bank NA) Ser. B | 0.01 | 10/1/2024 | 900,000 | b | 900,000 | ||||
Missouri Health & Educational Facilities Authority, Revenue Bonds (The Washington University) Ser. C | 0.01 | 3/1/2040 | 1,100,000 | b | 1,100,000 | ||||
The St. Louis Missouri Industrial Development Authority, Revenue Bonds (Mid-America Transplant Services Project) (LOC; BMO Harris Bank NA) | 0.04 | 1/1/2039 | 2,800,000 | b | 2,800,000 | ||||
8,128,050 | |||||||||
Nebraska - 1.0% | |||||||||
Central Plains Energy Project, Revenue Bonds, Refunding | 4.00 | 8/1/2025 | 10,000,000 | 11,342,700 | |||||
Douglas County Hospital Authority No. 2, Revenue Bonds, Refunding (Children's Hospital Obligated Group) (LOC; U.S. Bank NA) Ser. A | 0.02 | 8/15/2032 | 200,000 | b | 200,000 |
79
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.0% (continued) | |||||||||
Nebraska - 1.0% (continued) | |||||||||
Lancaster County Hospital Authority No. 1, Revenue Bonds, Refunding (BryanLGH Medical Center Obligated Group) (LOC; U.S. Bank NA) Ser. B1 | 0.01 | 6/1/2031 | 800,000 | b | 800,000 | ||||
Omaha Public Power District, Revenue Bonds, Refunding, Ser. A | 5.00 | 2/1/2042 | 10,000,000 | 12,139,500 | |||||
Saline County Hospital Authority No. 1, Revenue Bonds, Refunding (Bryan Medical Center Obligated Group) (LOC; US Bank NA) Ser. C | 0.01 | 6/1/2031 | 1,000,000 | b | 1,000,000 | ||||
25,482,200 | |||||||||
Nevada - .5% | |||||||||
Clark County School District, GO (Insured; Assured Guaranty Municipal Corp.) Ser. A | 4.00 | 6/15/2040 | 750,000 | 865,290 | |||||
Clark County School District, GO (Insured; Assured Guaranty Municipal Corp.) Ser. A | 4.00 | 6/15/2038 | 1,700,000 | 1,972,017 | |||||
Clark County School District, GO (Insured; Assured Guaranty Municipal Corp.) Ser. A | 4.00 | 6/15/2037 | 850,000 | 993,047 | |||||
Henderson, GO, Ser. A1 | 4.00 | 6/1/2045 | 3,000,000 | 3,490,080 | |||||
Nevada Department of Business & Industry, Revenue Bonds (Green Bond) (Fulcrum Sierra Biofuels Project) | 6.25 | 12/15/2037 | 5,000,000 | a | 4,877,800 | ||||
Nevada Department of Business & Industry, Revenue Bonds (Green Bond) (Fulcrum Sierra Biofuels Project) Ser. B | 5.13 | 12/15/2037 | 1,500,000 | a | 1,292,355 | ||||
13,490,589 | |||||||||
New Jersey - 4.9% | |||||||||
New Jersey, GO (COVID-19 Emergency Bonds) Ser. A | 4.00 | 6/1/2031 | 2,500,000 | 3,000,475 | |||||
New Jersey, GO (COVID-19 Emergency Bonds) Ser. A | 4.00 | 6/1/2030 | 3,250,000 | 3,869,222 | |||||
New Jersey, GO, Ser. A | 5.00 | 6/1/2029 | 5,000,000 | 6,336,950 | |||||
New Jersey Economic Development Authority, Revenue Bonds (Beloved Community Charter School Project) Ser. A | 5.00 | 6/15/2054 | 725,000 | a | 774,866 | ||||
New Jersey Economic Development Authority, Revenue Bonds (Beloved Community Charter School Project) Ser. A | 5.00 | 6/15/2049 | 1,105,000 | a | 1,184,494 | ||||
New Jersey Economic Development Authority, Revenue Bonds (The Goethals Bridge Replacement Project) | 5.13 | 1/1/2034 | 5,325,000 | 5,878,161 | |||||
New Jersey Economic Development Authority, Revenue Bonds (The Goethals Bridge Replacement Project) | 5.38 | 1/1/2043 | 5,500,000 | 6,060,945 | |||||
New Jersey Economic Development Authority, Revenue Bonds, Refunding | 5.00 | 6/15/2026 | 2,500,000 | 2,610,975 | |||||
New Jersey Economic Development Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. PP | 5.00 | 6/15/2029 | 13,000,000 | 14,580,670 | |||||
New Jersey Economic Development Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2033 | 2,500,000 | 2,900,975 | |||||
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Refunding (St. Peter's University Hospital Obligated Group) | 6.25 | 7/1/2035 | 1,500,000 | 1,519,020 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds | 5.00 | 6/15/2030 | 1,500,000 | 1,748,295 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding | 4.00 | 12/15/2039 | 1,500,000 | 1,655,370 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 6/15/2031 | 2,000,000 | 2,323,540 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 6/15/2029 | 15,000,000 | 17,607,450 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 6/15/2030 | 3,000,000 | 3,496,590 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Ser. AA | 4.00 | 6/15/2050 | 5,000,000 | 5,419,450 | |||||
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Ser. AA | 4.00 | 6/15/2045 | 5,000,000 | 5,447,200 | |||||
New Jersey Turnpike Authority, Revenue Bonds, Refunding, Ser. B | 1.86 | 1/1/2031 | 3,500,000 | 3,438,400 |
80
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.0% (continued) | |||||||||
New Jersey - 4.9% (continued) | |||||||||
New Jersey Turnpike Authority, Revenue Bonds, Refunding, Ser. B | 2.78 | 1/1/2040 | 2,000,000 | 1,970,540 | |||||
New Jersey Turnpike Authority, Revenue Bonds, Ser. A | 4.00 | 1/1/2042 | 4,000,000 | 4,643,560 | |||||
New Jersey Turnpike Authority, Revenue Bonds, Ser. A | 4.00 | 1/1/2051 | 5,000,000 | 5,731,300 | |||||
South Jersey Port Corp., Revenue Bonds, Ser. B | 5.00 | 1/1/2048 | 1,500,000 | 1,689,465 | |||||
South Jersey Port Corp., Revenue Bonds, Ser. B | 5.00 | 1/1/2042 | 1,250,000 | 1,418,213 | |||||
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2046 | 3,000,000 | 3,498,540 | |||||
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | 5.00 | 6/1/2033 | 7,000,000 | 8,512,070 | |||||
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | 5.25 | 6/1/2046 | 5,000,000 | 5,949,850 | |||||
123,266,586 | |||||||||
New York - 14.6% | |||||||||
Build New York City Resource Corp., Revenue Bonds (Hellenic Classical Charter Schools) Ser. A | 5.00 | 12/1/2041 | 1,200,000 | a | 1,327,416 | ||||
Build New York City Resource Corp., Revenue Bonds (Hellenic Classical Charter Schools) Ser. A | 5.00 | 12/1/2051 | 1,450,000 | a | 1,584,589 | ||||
Build New York City Resource Corp., Revenue Bonds (Metropolitan Lighthouse Charter School Project) Ser. A | 5.00 | 6/1/2032 | 500,000 | a | 562,300 | ||||
Build New York City Resource Corp., Revenue Bonds (Metropolitan Lighthouse Charter School Project) Ser. A | 5.00 | 6/1/2037 | 700,000 | a | 779,961 | ||||
Build New York City Resource Corp., Revenue Bonds (Metropolitan Lighthouse Charter School Project) Ser. A | 5.00 | 6/1/2047 | 1,000,000 | a | 1,100,580 | ||||
Hudson Yards Infrastructure Corp., Revenue Bonds | 5.75 | 2/15/2047 | 1,895,000 | 1,902,561 | |||||
Metropolitan Transportation Authority, Revenue Bonds, Refunding | 4.00 | 11/15/2045 | 1,630,000 | 1,792,218 | |||||
Metropolitan Transportation Authority, Revenue Bonds, Refunding (Green Bond) Ser. C1 | 4.75 | 11/15/2045 | 10,000,000 | 11,519,400 | |||||
Metropolitan Transportation Authority, Revenue Bonds, Refunding (Green Bond) Ser. C1 | 5.00 | 11/15/2050 | 6,000,000 | 7,064,460 | |||||
Metropolitan Transportation Authority, Revenue Bonds, Refunding (Green Bond) Ser. C2 | 5.18 | 11/15/2049 | 10,000,000 | 12,932,600 | |||||
Metropolitan Transportation Authority, Revenue Bonds, Refunding (LOC; TD Bank NA) Ser. G2 | 0.03 | 11/1/2032 | 500,000 | b | 500,000 | ||||
Metropolitan Transportation Authority Hudson Rail Yards Trust, Revenue Bonds, Refunding, Ser. A | 5.00 | 11/15/2056 | 5,000,000 | 5,432,200 | |||||
Monroe County Industrial Development Corp., Revenue Bonds, Refunding (University of Rochester Project) Ser. A | 4.00 | 7/1/2050 | 3,500,000 | 3,954,825 | |||||
New York City, GO (LOC; Bank of America NA) Ser. E2 | 0.01 | 8/1/2034 | 500,000 | b | 500,000 | ||||
New York City, GO (LOC; Bank of America NA) Ser. L3 | 0.01 | 4/1/2036 | 700,000 | b | 700,000 | ||||
New York City, GO (LOC; Bank of Tokyo-Mitsubishi UFJ) Ser. G7 | 0.03 | 4/1/2042 | 2,700,000 | b | 2,700,000 | ||||
New York City, GO (LOC; Mizuho Bank) Ser. A3 | 0.04 | 10/1/2040 | 2,560,000 | b | 2,560,000 | ||||
New York City, GO (LOC; Mizuho Bank) Ser. G6 | 0.01 | 4/1/2042 | 7,715,000 | b | 7,715,000 | ||||
New York City, GO (LOC; U.S. Bank NA) Ser. L4 | 0.02 | 4/1/2038 | 200,000 | b | 200,000 | ||||
New York City, GO, Refunding (LOC; TD Bank NA) Ser. I4 | 0.03 | 4/1/2036 | 3,100,000 | b | 3,100,000 | ||||
New York City, GO, Refunding Ser. D | 1.82 | 8/1/2030 | 5,000,000 | 4,956,450 | |||||
New York City, GO, Refunding, Ser. E | 5.00 | 8/1/2034 | 1,250,000 | 1,550,900 | |||||
New York City, GO, Refunding, Ser. F1 | 5.00 | 8/1/2034 | 2,220,000 | 2,754,398 | |||||
New York City, GO, Ser. AA1 | 4.00 | 8/1/2038 | 5,000,000 | 5,671,500 | |||||
New York City, GO, Ser. AA1 | 5.00 | 8/1/2035 | 2,500,000 | 3,125,700 | |||||
New York City, GO, Ser. B1 | 5.00 | 12/1/2035 | 2,000,000 | 2,405,260 | |||||
New York City, GO, Ser. B1 | 5.00 | 10/1/2043 | 4,000,000 | 4,888,560 | |||||
New York City, GO, Ser. I8 | 0.03 | 4/1/2036 | 200,000 | b | 200,000 | ||||
New York City Industrial Development Agency, Revenue Bonds (Queens Baseball Stadium Project) (Insured; Assured Guaranty Corp.) | 6.50 | 1/1/2046 | 325,000 | 325,722 |
81
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.0% (continued) | |||||||||
New York - 14.6% (continued) | |||||||||
New York City Industrial Development Agency, Revenue Bonds, Refunding (Queens Baseball Stadium Project) (Insured; Assured Guaranty Municipal Corp.) Ser. A | 3.00 | 1/1/2046 | 7,750,000 | 8,010,322 | |||||
New York City Industrial Development Agency, Revenue Bonds, Refunding (Queens Baseball Stadium Project) (Insured; Assured Guaranty Municipal Corp.) Ser. A | 3.00 | 1/1/2037 | 2,250,000 | 2,378,790 | |||||
New York City Industrial Development Agency, Revenue Bonds, Refunding (Queens Baseball Stadium Project) (Insured; Assured Guaranty Municipal Corp.) Ser. A | 3.00 | 1/1/2040 | 1,750,000 | 1,830,938 | |||||
New York City Industrial Development Agency, Revenue Bonds, Refunding (Queens Baseball Stadium Project) (Insured; Assured Guaranty Municipal Corp.) Ser. A | 3.00 | 1/1/2039 | 2,285,000 | 2,396,988 | |||||
New York City Industrial Development Agency, Revenue Bonds, Refunding (Yankee Stadium Project) (Insured; Assured Guaranty Municipal Corp.) | 3.00 | 3/1/2036 | 2,500,000 | 2,667,875 | |||||
New York City Industrial Development Agency, Revenue Bonds, Refunding (Yankee Stadium Project) (Insured; Assured Guaranty Municipal Corp.) | 4.00 | 3/1/2045 | 5,000,000 | 5,690,650 | |||||
New York City Transitional Finance Authority, Revenue Bonds | 4.00 | 5/1/2045 | 3,500,000 | 3,954,580 | |||||
New York City Transitional Finance Authority, Revenue Bonds | 4.00 | 8/1/2038 | 1,250,000 | 1,429,825 | |||||
New York City Transitional Finance Authority, Revenue Bonds | 4.00 | 5/1/2039 | 5,000,000 | 5,747,850 | |||||
New York City Transitional Finance Authority, Revenue Bonds | 4.00 | 5/1/2041 | 5,000,000 | 5,714,050 | |||||
New York City Transitional Finance Authority, Revenue Bonds | 4.00 | 5/1/2042 | 5,000,000 | 5,692,500 | |||||
New York City Transitional Finance Authority, Revenue Bonds | 5.25 | 8/1/2037 | 10,000,000 | 12,558,300 | |||||
New York City Transitional Finance Authority, Revenue Bonds (Insured; State Aid Withholding) Ser. S3 | 5.25 | 7/15/2035 | 10,000,000 | 12,558,400 | |||||
New York City Transitional Finance Authority, Revenue Bonds (LOC; Sumitomo Mitsui Banking) Ser. C5 | 0.04 | 11/1/2041 | 3,100,000 | b | 3,100,000 | ||||
New York City Transitional Finance Authority, Revenue Bonds, Refunding (Insured; State Aid Withholding) Ser. S2A | 4.00 | 7/15/2037 | 2,500,000 | 2,859,800 | |||||
New York City Transitional Finance Authority, Revenue Bonds, Refunding (Insured; State Aid Withholding) Ser. S2A | 5.00 | 7/15/2033 | 3,250,000 | 4,027,562 | |||||
New York City Transitional Finance Authority, Revenue Bonds, Refunding, Ser. A4 | 0.03 | 11/1/2029 | 1,700,000 | b | 1,700,000 | ||||
New York City Transitional Finance Authority, Revenue Bonds, Ser. A1 | 4.00 | 8/1/2041 | 5,000,000 | 5,673,850 | |||||
New York City Transitional Finance Authority, Revenue Bonds, Ser. E4 | 0.01 | 2/1/2045 | 705,000 | b | 705,000 | ||||
New York City Water & Sewer System, Revenue Bonds (LOC; Citibank NA) Ser. F2 | 0.02 | 6/15/2035 | 6,925,000 | b | 6,925,000 | ||||
New York City Water & Sewer System, Revenue Bonds, Refunding (SPA; Landesbank Hessen-Thuringen Girozentrale) Ser. BB1 | 0.03 | 6/15/2039 | 200,000 | b | 200,000 | ||||
New York City Water & Sewer System, Revenue Bonds, Refunding, Ser. A1 | 0.01 | 6/15/2044 | 1,000,000 | b | 1,000,000 | ||||
New York City Water & Sewer System, Revenue Bonds, Refunding, Ser. AA | 0.01 | 6/15/2048 | 1,900,000 | b | 1,900,000 | ||||
New York City Water & Sewer System, Revenue Bonds, Refunding, Ser. AA1 | 0.01 | 6/15/2050 | 900,000 | b | 900,000 | ||||
New York City Water & Sewer System, Revenue Bonds, Refunding, Ser. AA4 | 0.03 | 6/15/2049 | 650,000 | b | 650,000 | ||||
New York City Water & Sewer System, Revenue Bonds, Refunding, Ser. F1A | 0.04 | 6/15/2035 | 1,425,000 | b | 1,425,000 | ||||
New York Counties Tobacco Trust VI, Revenue Bonds, Refunding, Ser. A2B | 5.00 | 6/1/2051 | 4,585,000 | 4,830,848 | |||||
New York Liberty Development Corp., Revenue Bonds, Refunding (4 World Trade Center Project) | 5.75 | 11/15/2051 | 5,000,000 | 5,175,550 | |||||
New York Liberty Development Corp., Revenue Bonds, Refunding (7 World Trade Center Project) | 5.00 | 3/15/2044 | 2,000,000 | 2,080,680 |
82
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.0% (continued) | |||||||||
New York - 14.6% (continued) | |||||||||
New York Liberty Development Corp., Revenue Bonds, Refunding (Bank of America Tower) | 2.80 | 9/15/2069 | 4,000,000 | 3,870,400 | |||||
New York Liberty Development Corp., Revenue Bonds, Refunding (Class 1-3 World Trade Center Project) | 5.00 | 11/15/2044 | 5,000,000 | a | 5,439,250 | ||||
New York State Dormitory Authority, Revenue Bonds (Columbia University) Ser. A | 5.00 | 10/1/2048 | 2,000,000 | 2,975,400 | |||||
New York State Dormitory Authority, Revenue Bonds (Maimonides Medical Center) | 4.00 | 8/1/2043 | 750,000 | 850,710 | |||||
New York State Dormitory Authority, Revenue Bonds (New York University) Ser. A | 5.00 | 7/1/2042 | 5,500,000 | 6,821,375 | |||||
New York State Dormitory Authority, Revenue Bonds, Refunding (Pace University) Ser. A | 5.00 | 5/1/2038 | 500,000 | 530,975 | |||||
New York State Dormitory Authority, Revenue Bonds, Refunding, Ser. D | 5.00 | 2/15/2028 | 14,510,000 | 18,416,963 | |||||
New York State Urban Development Corp., Revenue Bonds (State of New York Personal Income Tax) Ser. A | 4.00 | 3/15/2049 | 10,000,000 | 11,321,300 | |||||
New York State Urban Development Corp., Revenue Bonds (State of New York Personal Income Tax) Ser. A | 4.00 | 3/15/2045 | 2,500,000 | 2,841,850 | |||||
New York State Urban Development Corp., Revenue Bonds, Refunding (State of New York Personal Income Tax) | 3.00 | 3/15/2048 | 10,000,000 | 10,280,800 | |||||
New York State Urban Development Corp., Revenue Bonds, Refunding (State of New York Personal Income Tax) | 3.00 | 3/15/2040 | 5,000,000 | 5,252,700 | |||||
New York Transportation Development Corp., Revenue Bonds (Delta Air Lines) | 4.38 | 10/1/2045 | 5,000,000 | 5,730,000 | |||||
New York Transportation Development Corp., Revenue Bonds (Delta Air Lines) | 5.00 | 10/1/2035 | 8,000,000 | 9,875,280 | |||||
New York Transportation Development Corp., Revenue Bonds (Delta Air Lines) | 5.00 | 10/1/2040 | 5,000,000 | 6,077,950 | |||||
New York Transportation Development Corp., Revenue Bonds (Delta Air Lines) | 5.00 | 1/1/2036 | 2,500,000 | 2,937,075 | |||||
New York Transportation Development Corp., Revenue Bonds (Delta Air Lines) | 5.00 | 1/1/2034 | 4,000,000 | 4,722,200 | |||||
New York Transportation Development Corp., Revenue Bonds, Refunding (JFK International Air Terminal) | 4.00 | 12/1/2041 | 3,600,000 | 4,011,984 | |||||
New York Transportation Development Corp., Revenue Bonds, Refunding (JFK International Air Terminal) | 4.00 | 12/1/2040 | 3,455,000 | 3,852,705 | |||||
New York Transportation Development Corp., Revenue Bonds, Refunding (JFK International Air Terminal) Ser. A | 4.00 | 12/1/2039 | 2,000,000 | 2,249,800 | |||||
New York Transportation Development Corp., Revenue Bonds, Refunding (JFK International Air Terminal) Ser. A | 5.00 | 12/1/2035 | 400,000 | 494,604 | |||||
New York Transportation Development Corp., Revenue Bonds, Refunding (JFK International Air Terminal) Ser. A | 5.00 | 12/1/2037 | 700,000 | 861,903 | |||||
New York Transportation Development Corp., Revenue Bonds, Refunding, Ser. A | 5.25 | 8/1/2031 | 1,750,000 | 2,102,520 | |||||
New York Transportation Development Corp., Revenue Bonds, Refunding, Ser. A | 5.38 | 8/1/2036 | 1,000,000 | 1,188,080 | |||||
Oneida County Local Development Corp., Revenue Bonds, Refunding (Mohawk Valley Health System Obligated Group) (Insured; Assured Guaranty Municipal Corp.) | 4.00 | 12/1/2049 | 4,000,000 | 4,422,560 | |||||
Oneida County Local Development Corp., Revenue Bonds, Refunding (Utica College Project) | 4.00 | 7/1/2039 | 750,000 | 792,285 | |||||
Port Authority of New York & New Jersey, Revenue Bonds, Refunding, Ser. 222nd | 4.00 | 7/15/2039 | 2,250,000 | 2,611,102 | |||||
Port Authority of New York & New Jersey, Revenue Bonds, Refunding, Ser. 222nd | 4.00 | 7/15/2040 | 1,620,000 | 1,873,546 | |||||
Port Authority of New York & New Jersey, Revenue Bonds, Refunding, Ser. 222nd | 4.00 | 7/15/2037 | 3,000,000 | 3,505,290 | |||||
Port Authority of New York & New Jersey, Revenue Bonds, Refunding, Ser. 222nd | 4.00 | 7/15/2038 | 2,500,000 | 2,909,475 |
83
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.0% (continued) | |||||||||
New York - 14.6% (continued) | |||||||||
Port Authority of New York & New Jersey, Revenue Bonds, Refunding, Ser. 226 | 5.00 | 10/15/2030 | 1,675,000 | 2,140,080 | |||||
Port Authority of New York & New Jersey, Revenue Bonds, Refunding, Ser. 226 | 5.00 | 10/15/2028 | 3,250,000 | 4,047,712 | |||||
Port Authority of New York & New Jersey, Revenue Bonds, Refunding, Ser. 226 | 5.00 | 10/15/2027 | 3,500,000 | 4,286,590 | |||||
Triborough Bridge & Tunnel Authority, Revenue Bonds (MTA Bridges and Tunnels) Ser. A | 5.00 | 11/15/2049 | 3,500,000 | 4,390,680 | |||||
Triborough Bridge & Tunnel Authority, Revenue Bonds, Refunding (LOC; State Street Bank & Trust Co.) Ser. B3 | 0.02 | 1/1/2032 | 600,000 | b | 600,000 | ||||
Triborough Bridge & Tunnel Authority, Revenue Bonds, Refunding (LOC; U.S. Bank NA) Ser. 2005B-4C | 0.02 | 1/1/2031 | 2,100,000 | b | 2,100,000 | ||||
Triborough Bridge & Tunnel Authority, Revenue Bonds, Refunding, Ser. A | 0.00 | 11/15/2031 | 5,000,000 | c | 3,981,750 | ||||
Triborough Bridge & Tunnel Authority, Revenue Bonds, Refunding, Ser. B | 0.00 | 11/15/2027 | 2,000,000 | c | 1,825,720 | ||||
Triborough Bridge & Tunnel Authority, Revenue Bonds, Refunding, Ser. B | 0.00 | 11/15/2028 | 4,715,000 | c | 4,199,556 | ||||
Triborough Bridge & Tunnel Authority, Revenue Bonds, Ser. A | 4.00 | 11/15/2054 | 1,750,000 | 1,973,265 | |||||
365,956,393 | |||||||||
North Carolina - .8% | |||||||||
North Carolina, Revenue Bonds, Ser. B | 4.00 | 5/1/2035 | 3,250,000 | 3,958,467 | |||||
North Carolina Turnpike Authority, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 1/1/2049 | 1,500,000 | 1,838,655 | |||||
North Carolina Turnpike Authority, Revenue Bonds, Refunding | 5.00 | 7/1/2039 | 750,000 | 975,675 | |||||
North Carolina Turnpike Authority, Revenue Bonds, Refunding | 5.00 | 7/1/2038 | 755,000 | 985,977 | |||||
North Carolina Turnpike Authority, Revenue Bonds, Refunding | 5.00 | 7/1/2041 | 1,000,000 | 1,291,600 | |||||
North Carolina Turnpike Authority, Revenue Bonds, Refunding | 5.00 | 7/1/2040 | 750,000 | 972,188 | |||||
North Carolina Turnpike Authority, Revenue Bonds, Refunding | 5.00 | 7/1/2037 | 750,000 | 983,565 | |||||
North Carolina Turnpike Authority, Revenue Bonds, Refunding | 5.00 | 7/1/2034 | 1,000,000 | 1,328,840 | |||||
North Carolina Turnpike Authority, Revenue Bonds, Refunding | 5.00 | 7/1/2035 | 750,000 | 991,605 | |||||
North Carolina Turnpike Authority, Revenue Bonds, Refunding | 5.00 | 7/1/2036 | 750,000 | 987,450 | |||||
North Carolina Turnpike Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 1/1/2038 | 5,000,000 | 6,140,500 | |||||
20,454,522 | |||||||||
North Dakota - .2% | |||||||||
Grand Forks County, Revenue Bonds, Refunding (Green Bond) (Red River Biorefinery) | 6.38 | 12/15/2043 | 6,000,000 | 5,369,040 | |||||
Ohio - 2.6% | |||||||||
Allen County Hospital Facilities, Revenue Bonds (LOC; Bank of Montreal) Ser. C | 0.03 | 6/1/2034 | 5,400,000 | b | 5,400,000 | ||||
Buckeye Tobacco Settlement Financing Authority, Revenue Bonds, Refunding, Ser. B2 | 5.00 | 6/1/2055 | 16,500,000 | 18,578,835 | |||||
Cleveland-Cuyahoga County Port Authority, Revenue Bonds, Refunding (Playhouse Square Foundation Project) | 5.25 | 12/1/2038 | 2,420,000 | 2,568,322 | |||||
Cleveland-Cuyahoga County Port Authority, Revenue Bonds, Refunding (Playhouse Square Foundation Project) | 5.50 | 12/1/2053 | 1,500,000 | 1,594,995 | |||||
Cleveland-Cuyahoga County Port Authority, Revenue Bonds, Refunding (Playhouse Square Foundation Project) | 5.50 | 12/1/2043 | 1,580,000 | 1,680,140 | |||||
Franklin County, Revenue Bonds, Ser. A | 4.00 | 12/1/2049 | 2,500,000 | 2,809,800 | |||||
Hamilton County Sewer System, Revenue Bonds, Refunding, Ser. A | 5.00 | 12/1/2032 | 9,350,000 | 12,080,667 | |||||
Montgomery County, Revenue Bonds, Refunding (Kettering Health Network Obligated Group) | 3.00 | 8/1/2051 | 1,625,000 | 1,641,461 | |||||
Montgomery County, Revenue Bonds, Refunding (Kettering Health Network Obligated Group) | 3.00 | 8/1/2040 | 1,600,000 | 1,674,352 | |||||
Montgomery County, Revenue Bonds, Refunding (Kettering Health Network Obligated Group) | 4.00 | 8/1/2051 | 1,000,000 | 1,128,950 |
84
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.0% (continued) | |||||||||
Ohio - 2.6% (continued) | |||||||||
Montgomery County, Revenue Bonds, Refunding (Kettering Health Network Obligated Group) | 4.00 | 8/1/2041 | 500,000 | 574,365 | |||||
Ohio, Revenue Bonds (Portsmouth Bypass Project) (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 12/31/2035 | 3,000,000 | 3,419,640 | |||||
Ohio, Revenue Bonds (Portsmouth Bypass Project) (Insured; Assured Guaranty Municipal Corp.) | 5.00 | 12/31/2039 | 2,000,000 | 2,266,320 | |||||
Ohio Air Quality Development Authority, Revenue Bonds (Pratt Paper Project) | 4.25 | 1/15/2038 | 2,500,000 | a | 2,766,200 | ||||
Ohio Turnpike & Infrastructure Commission, Revenue Bonds | 5.70 | 2/15/2034 | 3,000,000 | g | 3,654,030 | ||||
Southern Ohio Port Authority, Revenue Bonds (PureCycle Project) Ser. A | 7.00 | 12/1/2042 | 4,000,000 | a | 4,261,080 | ||||
66,099,157 | |||||||||
Oregon - 1.0% | |||||||||
Benton & Linn Counties Consolidated School District No. 509J & 509A, GO (Insured; School Board Guaranty) Ser. A | 5.00 | 6/15/2027 | 1,275,000 | 1,609,139 | |||||
Benton & Linn Counties Consolidated School District No. 509J & 509A, GO (Insured; School Board Guaranty) Ser. A | 5.00 | 6/15/2022 | 1,745,000 | 1,853,469 | |||||
Benton & Linn Counties Consolidated School District No. 509J & 509A, GO (Insured; School Board Guaranty) Ser. A | 5.00 | 6/15/2021 | 1,800,000 | 1,825,020 | |||||
Oregon Business Development Commission, Revenue Bonds, Refunding (RED Rock Biofuels) Ser. 248A | 6.50 | 4/1/2031 | 2,000,000 | a,f | 550,000 | ||||
Oregon Business Development Commission, Revenue Bonds, Refunding (RED Rock Biofuels) Ser. 248D | 6.50 | 4/1/2031 | 2,000,000 | a,f | 550,000 | ||||
Oregon Business Development Commission, Revenue Bonds, Refunding (RED Rock Biofuels) Ser. 248F | 11.50 | 4/1/2031 | 1,000,000 | f | 275,000 | ||||
Salem-Keizer School District No. 24J, GO (Insured; School Board Guaranty) Ser. B | 5.00 | 6/15/2035 | 2,425,000 | g | 3,097,671 | ||||
Salem-Keizer School District No. 24J, GO (Insured; School Board Guaranty) Ser. B | 5.00 | 6/15/2032 | 2,700,000 | g | 3,489,534 | ||||
Salem-Keizer School District No. 24J, GO (Insured; School Board Guaranty) Ser. B | 5.00 | 6/15/2031 | 2,500,000 | g | 3,248,225 | ||||
Salem-Keizer School District No. 24J, GO (Insured; School Board Guaranty) Ser. B | 5.00 | 6/15/2034 | 3,000,000 | g | 3,844,020 | ||||
Salem-Keizer School District No. 24J, GO (Insured; School Board Guaranty) Ser. B | 5.00 | 6/15/2033 | 2,200,000 | g | 2,830,102 | ||||
Warm Springs Reservation Confederated Tribe, Revenue Bonds, Refunding (Green Bond) Ser. B | 5.00 | 11/1/2039 | 700,000 | a | 819,903 | ||||
Warm Springs Reservation Confederated Tribe, Revenue Bonds, Refunding (Green Bond) Ser. B | 5.00 | 11/1/2036 | 700,000 | a | 826,448 | ||||
24,818,531 | |||||||||
Pennsylvania - 1.3% | |||||||||
Allegheny County Industrial Development Authority, Revenue Bonds, Refunding (United States Steel Corp.) | 4.88 | 11/1/2024 | 2,000,000 | 2,142,740 | |||||
Allegheny County Industrial Development Authority, Revenue Bonds, Refunding (United States Steel Corp.) | 5.13 | 5/1/2030 | 1,750,000 | 1,982,960 | |||||
Commonwealth Financing Authority, Revenue Bonds | 5.00 | 6/1/2035 | 3,500,000 | 4,259,045 | |||||
Commonwealth Financing Authority, Revenue Bonds | 5.00 | 6/1/2034 | 4,000,000 | 4,879,320 | |||||
Geisinger Authority, Revenue Bonds, Refunding (Geisinger Health System Obligated Group) | 4.00 | 4/1/2050 | 4,070,000 | 4,600,850 | |||||
Geisinger Authority, Revenue Bonds, Refunding (Geisinger Health System Obligated Group) | 4.00 | 4/1/2039 | 1,500,000 | 1,732,470 | |||||
Geisinger Authority, Revenue Bonds, Refunding (Geisinger Health System Obligated Group) | 5.00 | 4/1/2050 | 3,000,000 | 3,687,060 | |||||
Montgomery County Higher Education & Health Authority, Revenue Bonds, Refunding (Thomas Jefferson University Project) | 4.00 | 9/1/2044 | 1,750,000 | 1,953,245 | |||||
Pennsylvania Economic Development Financing Authority, Revenue Bonds (PSEG Power) (LOC; TD Bank NA) | 0.03 | 1/15/2042 | 300,000 | b | 300,000 |
85
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.0% (continued) | |||||||||
Pennsylvania - 1.3% (continued) | |||||||||
Pennsylvania Economic Development Financing Authority, Revenue Bonds, Refunding (Tapestry Moon Senior Housing Project) | 6.50 | 12/1/2038 | 3,000,000 | a | 2,250,000 | ||||
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding (LOC; TD Bank NA) | 0.03 | 12/1/2039 | 1,050,000 | b | 1,050,000 | ||||
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding (LOC; TD Bank NA) Ser. 2nd | 0.03 | 12/1/2038 | 700,000 | b | 700,000 | ||||
Pennsylvania Turnpike Commission, Revenue Bonds, Ser. A | 3.00 | 12/1/2042 | 2,000,000 | 2,072,920 | |||||
31,610,610 | |||||||||
Rhode Island - .4% | |||||||||
Rhode Island Health & Educational Building Corp., Revenue Bonds | 5.25 | 8/15/2043 | 1,000,000 | 1,174,280 | |||||
Rhode Island Health & Educational Building Corp., Revenue Bonds, Refunding (Providence College) | 5.00 | 11/1/2045 | 7,000,000 | 8,022,070 | |||||
9,196,350 | |||||||||
South Carolina - .1% | |||||||||
South Carolina Public Service Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 12/1/2036 | 2,000,000 | 2,378,580 | |||||
Tennessee - .4% | |||||||||
Clarksville Public Building Authority, Revenue Bonds (LOC; Bank of America NA) | 0.02 | 11/1/2035 | 5,400,000 | b | 5,400,000 | ||||
Clarksville Public Building Authority, Revenue Bonds (LOC; Bank of America NA) | 0.02 | 7/1/2034 | 660,000 | b | 660,000 | ||||
Clarksville Public Building Authority, Revenue Bonds (LOC; Bank of America NA) | 0.02 | 1/1/2033 | 180,000 | b | 180,000 | ||||
Memphis-Shelby County Industrial Development Board, Tax Allocation Bonds, Refunding (Senior Tax Increment-Graceland Project) Ser. A | 4.75 | 7/1/2027 | 740,000 | 730,328 | |||||
Memphis-Shelby County Industrial Development Board, Tax Allocation Bonds, Refunding (Senior Tax Increment-Graceland Project) Ser. A | 5.50 | 7/1/2037 | 1,100,000 | 1,087,009 | |||||
Memphis-Shelby County Industrial Development Board, Tax Allocation Bonds, Refunding (Senior Tax Increment-Graceland Project) Ser. A | 5.63 | 1/1/2046 | 750,000 | 741,675 | |||||
Montgomery County Public Building Authority, Revenue Bonds (LOC; Bank of America NA) | 0.02 | 2/1/2036 | 1,300,000 | b | 1,300,000 | ||||
Montgomery County Public Building Authority, Revenue Bonds (LOC; Bank of America NA) | 0.02 | 7/1/2034 | 700,000 | b | 700,000 | ||||
10,799,012 | |||||||||
Texas - 9.2% | |||||||||
Arlington Higher Education Finance Corp., Revenue Bonds, Refunding (Uplift Education) Ser. A | 5.00 | 12/1/2046 | 1,100,000 | 1,201,585 | |||||
Arlington Higher Education Finance Corp., Revenue Bonds, Refunding (Uplift Education) Ser. A | 5.00 | 12/1/2036 | 1,315,000 | 1,463,832 | |||||
Arlington Higher Education Finance Corp., Revenue Bonds, Ser. A | 5.00 | 8/15/2053 | 925,000 | 990,157 | |||||
Arlington Higher Education Finance Corp., Revenue Bonds, Ser. A | 5.00 | 8/15/2048 | 1,900,000 | 2,039,479 | |||||
Arlington Higher Education Finance Corp., Revenue Bonds, Ser. A | 5.00 | 8/15/2038 | 1,000,000 | 1,090,780 | |||||
Austin Airport System, Revenue Bonds, Ser. A | 5.00 | 11/15/2046 | 13,120,000 | 15,257,904 | |||||
Bexar County Health Facilities Development Corp., Revenue Bonds, Refunding (Army Retirement Residence Foundation Project) | 5.00 | 7/15/2041 | 1,750,000 | 1,858,920 | |||||
Central Texas Regional Mobility Authority, Revenue Bonds, Refunding | 5.00 | 1/1/2046 | 1,500,000 | 1,699,515 | |||||
Central Texas Regional Mobility Authority, Revenue Bonds, Ser. A | 5.00 | 1/1/2040 | 7,300,000 | 8,299,151 | |||||
Central Texas Regional Mobility Authority, Revenue Bonds, Ser. E | 5.00 | 1/1/2045 | 1,250,000 | 1,526,050 |
86
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.0% (continued) | |||||||||
Texas - 9.2% (continued) | |||||||||
Central Texas Turnpike System, Revenue Bonds, Refunding, Ser. A | 5.00 | 8/15/2022 | 6,000,000 | d | 6,423,960 | ||||
Central Texas Turnpike System, Revenue Bonds, Refunding, Ser. B | 5.00 | 8/15/2037 | 16,235,000 | 18,295,059 | |||||
Clifton Higher Education Finance Corp., Revenue Bonds (IDEA Public Schools) | 5.00 | 8/15/2032 | 2,745,000 | 2,866,439 | |||||
Clifton Higher Education Finance Corp., Revenue Bonds (IDEA Public Schools) | 6.00 | 8/15/2033 | 1,500,000 | 1,654,050 | |||||
Clifton Higher Education Finance Corp., Revenue Bonds (IDEA Public Schools) | 6.00 | 8/15/2043 | 2,770,000 | 3,025,062 | |||||
Clifton Higher Education Finance Corp., Revenue Bonds (IDEA Public Schools) | 5.50 | 8/15/2021 | 1,250,000 | d | 1,279,850 | ||||
Clifton Higher Education Finance Corp., Revenue Bonds (IDEA Public Schools) | 5.75 | 8/15/2021 | 1,000,000 | d | 1,025,010 | ||||
Clifton Higher Education Finance Corp., Revenue Bonds (International Leadership) Ser. D | 6.13 | 8/15/2048 | 18,000,000 | 20,708,640 | |||||
Clifton Higher Education Finance Corp., Revenue Bonds, Ser. A | 5.00 | 12/1/2045 | 3,855,000 | 4,125,351 | |||||
Dallas Fort Worth International Airport, Revenue Bonds, Refunding | 4.00 | 11/1/2035 | 5,000,000 | 5,973,750 | |||||
Dallas Fort Worth International Airport, Revenue Bonds, Refunding | 4.00 | 11/1/2034 | 6,500,000 | 7,794,605 | |||||
Dallas Fort Worth International Airport, Revenue Bonds, Refunding | 4.00 | 11/1/2045 | 2,000,000 | 2,316,040 | |||||
Dallas Fort Worth International Airport, Revenue Bonds, Refunding, Ser. C | 2.92 | 11/1/2050 | 3,000,000 | 3,014,940 | |||||
Dallas Fort Worth International Airport, Revenue Bonds, Ser. H | 5.00 | 11/1/2021 | 7,500,000 | d | 7,737,675 | ||||
Danbury Higher Education Authority, Revenue Bonds, Ser. A | 4.00 | 8/15/2049 | 5,000,000 | 5,046,000 | |||||
Danbury Higher Education Authority, Revenue Bonds, Ser. A | 5.13 | 8/15/2049 | 2,240,000 | 2,307,312 | |||||
Grand Parkway Transportation Corp., Revenue Bonds, Refunding | 4.00 | 10/1/2049 | 5,000,000 | 5,698,750 | |||||
Grand Parkway Transportation Corp., Revenue Bonds, Ser. A | 5.00 | 10/1/2043 | 5,000,000 | 6,122,150 | |||||
Grand Parkway Transportation Corp., Revenue Bonds, Ser. A | 5.50 | 10/1/2023 | 4,500,000 | d | 5,102,325 | ||||
Grand Parkway Transportation Corp., Revenue Bonds, Ser. B | 5.20 | 10/1/2031 | 2,000,000 | g | 2,295,000 | ||||
Grand Parkway Transportation Corp., Revenue Bonds, Ser. B | 5.40 | 10/1/2033 | 2,500,000 | g | 2,867,050 | ||||
Grand Parkway Transportation Corp., Revenue Bonds, Ser. B | 5.45 | 10/1/2034 | 2,235,000 | g | 2,560,371 | ||||
Houston Airport System, Revenue Bonds, Refunding (United Airlines) | 5.00 | 7/15/2027 | 1,000,000 | 1,165,240 | |||||
Houston Airport System, Revenue Bonds, Refunding (United Airlines) Ser. A | 5.00 | 7/1/2027 | 1,000,000 | 1,164,580 | |||||
Houston Airport System, Revenue Bonds, Refunding (United Airlines) Ser. C | 5.00 | 7/15/2027 | 1,000,000 | 1,165,240 | |||||
Houston Higher Education Finance Corp., Revenue Bonds | 6.50 | 5/15/2021 | 1,530,000 | d | 1,549,400 | ||||
Houston Higher Education Finance Corp., Revenue Bonds | 6.50 | 5/15/2021 | 1,270,000 | d | 1,286,231 | ||||
Houston Higher Education Finance Corp., Revenue Bonds, Ser. A | 5.88 | 5/15/2021 | 140,000 | 141,618 | |||||
Mission Economic Development Corp., Revenue Bonds, Refunding (Natgasoline Project) | 4.63 | 10/1/2031 | 3,250,000 | a | 3,461,770 | ||||
Newark Higher Education Finance Corp., Revenue Bonds (A+ Charter Schools) Ser. A | 5.50 | 8/15/2035 | 750,000 | a | 836,363 | ||||
Newark Higher Education Finance Corp., Revenue Bonds (A+ Charter Schools) Ser. A | 5.75 | 8/15/2045 | 1,000,000 | a | 1,106,150 | ||||
North Texas Tollway Authority, Revenue Bonds, Refunding | 5.00 | 1/1/2036 | 2,800,000 | 3,356,696 | |||||
North Texas Tollway Authority, Revenue Bonds, Refunding, Ser. A | 4.00 | 1/2/2038 | 5,000,000 | 5,754,100 | |||||
Port Beaumont Navigation District, Revenue Bonds, Refunding, Ser. A | 3.63 | 1/1/2035 | 1,500,000 | a | 1,538,565 | ||||
Port Beaumont Navigation District, Revenue Bonds, Refunding, Ser. A | 4.00 | 1/1/2050 | 1,500,000 | a | 1,543,980 |
87
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.0% (continued) | |||||||||
Texas - 9.2% (continued) | |||||||||
Pottsboro Higher Education Finance Corp., Revenue Bonds, Ser. A | 5.00 | 8/15/2046 | 1,000,000 | 1,068,740 | |||||
San Antonio Independent School District, GO, Refunding (Insured; Permanent School Fund Guarantee Program) Ser. B | 5.00 | 8/1/2044 | 7,140,000 | 8,267,406 | |||||
Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds, Refunding (Methodist Hospitals of Dallas Obligated Group) (LOC; TD Bank NA) Ser. A | 0.03 | 10/1/2041 | 500,000 | b | 500,000 | ||||
Texas Municipal Gas Acquisition & Supply Corp. III, Revenue Bonds, Refunding | 5.00 | 12/15/2032 | 1,500,000 | 1,985,655 | |||||
Texas Municipal Gas Acquisition & Supply Corp. III, Revenue Bonds, Refunding | 5.00 | 12/15/2031 | 1,700,000 | 2,220,455 | |||||
Texas Municipal Gas Acquisition & Supply Corp. III, Revenue Bonds, Refunding | 5.00 | 12/15/2030 | 2,000,000 | 2,585,420 | |||||
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds (Blueridge Transportation Group) | 5.00 | 12/31/2045 | 1,000,000 | 1,120,790 | |||||
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds (NTE Mobility Partners Segments 3) | 6.75 | 6/30/2043 | 5,000,000 | 5,682,000 | |||||
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds (NTE Mobility Partners Segments 3) | 7.00 | 12/31/2038 | 10,000,000 | 11,438,700 | |||||
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds, Refunding (LBJ Infrastructure Group) | 4.00 | 6/30/2039 | 1,500,000 | 1,712,910 | |||||
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds, Refunding (LBJ Infrastructure Group) | 4.00 | 12/31/2039 | 1,600,000 | 1,820,384 | |||||
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds, Refunding (LBJ Infrastructure Group) | 4.00 | 6/30/2040 | 1,500,000 | 1,704,060 | |||||
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds, Refunding (LBJ Infrastructure Group) | 4.00 | 6/30/2037 | 1,250,000 | 1,435,250 | |||||
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds, Refunding (LBJ Infrastructure Group) | 4.00 | 6/30/2036 | 3,100,000 | 3,573,277 | |||||
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds, Refunding (LBJ Infrastructure Group) | 4.00 | 12/31/2037 | 1,250,000 | 1,432,863 | |||||
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds, Refunding (LBJ Infrastructure Group) | 4.00 | 12/31/2038 | 2,000,000 | 2,283,180 | |||||
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds, Refunding (LBJ Infrastructure Group) | 4.00 | 6/30/2038 | 2,000,000 | 2,286,920 | |||||
Texas Transportation Commission, Revenue Bonds | 5.00 | 8/1/2057 | 2,000,000 | 2,296,980 | |||||
231,151,685 | |||||||||
U.S. Related - 4.5% | |||||||||
Antonio B Won Pat International Airport Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. C | 6.00 | 10/1/2034 | 2,000,000 | 2,195,540 | |||||
Antonio B Won Pat International Airport Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. C | 6.13 | 10/1/2043 | 2,000,000 | 2,197,920 | |||||
Antonio B Won Pat International Airport Authority, Revenue Bonds, Refunding, Ser. C | 6.25 | 10/1/2034 | 1,000,000 | 1,071,660 | |||||
Antonio B Won Pat International Airport Authority, Revenue Bonds, Refunding, Ser. C | 6.38 | 10/1/2043 | 1,000,000 | 1,068,000 | |||||
Guam, Revenue Bonds, Refunding, Ser. A | 5.00 | 12/1/2046 | 1,500,000 | 1,668,465 | |||||
Guam, Revenue Bonds, Refunding, Ser. A | 6.00 | 11/1/2026 | 2,500,000 | 2,519,200 | |||||
Guam, Revenue Bonds, Refunding, Ser. A | 6.13 | 11/1/2031 | 5,000,000 | 5,034,900 | |||||
Guam, Revenue Bonds, Refunding, Ser. A | 6.50 | 11/1/2040 | 2,000,000 | 2,013,800 | |||||
Guam Government Waterworks Authority, Revenue Bonds, Ser. A | 5.00 | 1/1/2050 | 2,000,000 | 2,409,980 | |||||
Puerto Rico, GO, Refunding, Ser. A | 5.00 | 7/1/2041 | 2,500,000 | f | 1,953,125 | ||||
Puerto Rico, GO, Refunding, Ser. A | 8.00 | 7/1/2035 | 10,000,000 | f | 7,787,500 | ||||
Puerto Rico, GO, Ser. A | 5.00 | 7/1/2027 | 2,555,000 | f | 2,206,881 | ||||
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2047 | 7,500,000 | a | 8,698,275 |
88
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.0% (continued) | |||||||||
U.S. Related - 4.5% (continued) | |||||||||
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2030 | 15,000,000 | a | 17,883,600 | ||||
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds, Refunding, Ser. A | 5.00 | 7/1/2035 | 5,000,000 | a | 5,879,850 | ||||
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds, Ser. A | 5.25 | 7/1/2042 | 2,000,000 | 2,105,420 | |||||
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds, Ser. A | 5.75 | 7/1/2037 | 2,500,000 | 2,648,250 | |||||
Puerto Rico Electric Power Authority, Revenue Bonds, Refunding (Insured; National Public Finance Guarantee Corp.) Ser. SS | 5.00 | 7/1/2021 | 500,000 | 502,680 | |||||
Puerto Rico Electric Power Authority, Revenue Bonds, Refunding, Ser. DDD | 5.00 | 7/1/2022 | 2,000,000 | f | 1,725,000 | ||||
Puerto Rico Electric Power Authority, Revenue Bonds, Ser. A | 6.75 | 7/1/2036 | 10,000,000 | f | 8,850,000 | ||||
Puerto Rico GDB Debt Recovery Authority, Revenue Bonds | 7.50 | 8/20/2040 | 5,200,940 | 4,446,804 | |||||
Puerto Rico Highway & Transportation Authority, Revenue Bonds, Refunding, Ser. M | 5.00 | 7/1/2032 | 220,000 | f | 78,650 | ||||
Puerto Rico Highway & Transportation Authority, Revenue Bonds, Refunding, Ser. M | 5.00 | 7/1/2025 | 110,000 | f | 39,325 | ||||
Puerto Rico Highway & Transportation Authority, Revenue Bonds, Ser. G | 5.00 | 7/1/2042 | 120,000 | f | 42,900 | ||||
Puerto Rico Highway & Transportation Authority, Revenue Bonds, Ser. K | 5.00 | 7/1/2030 | 120,000 | f | 42,900 | ||||
Puerto Rico Infrastructure Financing Authority, Revenue Bonds, Ser. B | 5.00 | 7/1/2021 | 500,000 | f | 68,125 | ||||
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1 | 0.00 | 7/1/2031 | 498,000 | c | 382,409 | ||||
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1 | 0.00 | 7/1/2029 | 387,000 | c | 320,184 | ||||
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1 | 0.00 | 7/1/2033 | 561,000 | c | 398,888 | ||||
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1 | 0.00 | 7/1/2051 | 4,348,000 | c | 957,299 | ||||
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1 | 0.00 | 7/1/2046 | 5,338,000 | c | 1,641,115 | ||||
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1 | 0.00 | 7/1/2027 | 397,000 | c | 349,475 | ||||
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1 | 0.00 | 7/1/2024 | 207,000 | c | 194,808 | ||||
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1 | 4.50 | 7/1/2034 | 4,311,000 | 4,705,069 | |||||
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1 | 4.55 | 7/1/2040 | 208,000 | 226,730 | |||||
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1 | 4.75 | 7/1/2053 | 1,526,000 | 1,665,522 | |||||
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1 | 5.00 | 7/1/2058 | 8,783,000 | 9,727,524 | |||||
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A2 | 4.33 | 7/1/2040 | 2,112,000 | 2,271,773 | |||||
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A2 | 4.54 | 7/1/2053 | 63,000 | 67,891 | |||||
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A2 | 4.78 | 7/1/2058 | 847,000 | 926,254 | |||||
Virgin Islands Public Finance Authority, Revenue Bonds, Ser. A | 5.00 | 10/1/2029 | 2,250,000 | 2,123,910 | |||||
Virgin Islands Public Finance Authority, Revenue Bonds, Ser. A | 5.00 | 10/1/2034 | 1,500,000 | 1,375,155 | |||||
Virgin Islands Public Finance Authority, Revenue Bonds, Ser. A | 6.75 | 10/1/2037 | 1,250,000 | 1,256,038 | |||||
113,728,794 | |||||||||
Utah - .5% | |||||||||
Utah Charter School Finance Authority, Revenue Bonds, Refunding (Summit Academy) Ser. A | 5.00 | 4/15/2044 | 625,000 | 736,156 | |||||
Utah Charter School Finance Authority, Revenue Bonds, Refunding (Summit Academy) Ser. A | 5.00 | 4/15/2049 | 1,150,000 | 1,346,236 | |||||
Utah County, Revenue Bonds (IHC Health Services Inc Obligated Group) Ser. A | 4.00 | 5/15/2043 | 2,750,000 | 3,210,460 | |||||
Utah County, Revenue Bonds (IHC Health Services Inc Obligated Group) Ser. A | 5.00 | 5/15/2050 | 3,000,000 | 3,740,490 | |||||
Utah County, Revenue Bonds (IHC Health Services Inc Obligated Group) Ser. A | 5.00 | 5/15/2043 | 2,000,000 | 2,525,260 | |||||
11,558,602 | |||||||||
Virginia - 2.9% | |||||||||
Arlington County Industrial Development Authority, Revenue Bonds, Refunding (Virginia Hospital Center) | 4.00 | 7/1/2045 | 5,000,000 | 5,704,350 |
89
STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.0% (continued) | |||||||||
Virginia - 2.9% (continued) | |||||||||
Chesapeake Expressway, Revenue Bonds, Refunding, Ser. B | 4.88 | 7/15/2040 | 2,000,000 | g | 2,062,820 | ||||
Richmond Public Utility, Revenue Bonds, Ser. A | 4.00 | 1/15/2050 | 3,000,000 | 3,482,430 | |||||
Roanoke County Economic Development Authority, Revenue Bonds, Refunding (Richfield Living Obligated Group) Ser. A | 5.25 | 9/1/2049 | 10,000,000 | 10,047,600 | |||||
University of Virginia, Revenue Bonds, Refunding, Ser. A1 | 4.00 | 4/1/2045 | 3,950,000 | 4,349,542 | |||||
Virginia Small Business Financing Authority, Revenue Bonds (95 Express Lanes Project) | 5.00 | 1/1/2040 | 7,510,000 | 7,757,079 | |||||
Virginia Small Business Financing Authority, Revenue Bonds (95 Express Lanes Project) | 5.00 | 1/1/2040 | 12,395,000 | 12,802,795 | |||||
Virginia Small Business Financing Authority, Revenue Bonds (Elizabeth River Crossing Opco Project) | 5.25 | 1/1/2032 | 4,000,000 | 4,189,120 | |||||
Virginia Small Business Financing Authority, Revenue Bonds (Elizabeth River Crossing Opco Project) | 6.00 | 1/1/2037 | 1,665,000 | 1,765,116 | |||||
Virginia Small Business Financing Authority, Revenue Bonds (Transform 66 P3 Project) | 5.00 | 12/31/2049 | 4,500,000 | 5,202,945 | |||||
Virginia Small Business Financing Authority, Revenue Bonds (Transform 66 P3 Project) | 5.00 | 12/31/2056 | 4,000,000 | 4,604,520 | |||||
Virginia Small Business Financing Authority, Revenue Bonds, Refunding (National Senior Campuses Inc Obligated Group) Ser. A | 4.00 | 1/1/2045 | 3,000,000 | 3,297,600 | |||||
Virginia Small Business Financing Authority, Revenue Bonds, Refunding (National Senior Campuses Inc Obligated Group) Ser. A | 4.00 | 1/1/2040 | 3,000,000 | 3,329,940 | |||||
Virginia Small Business Financing Authority, Revenue Bonds, Refunding (National Senior Campuses Inc Obligated Group) Ser. A | 4.00 | 1/1/2051 | 2,750,000 | 3,014,962 | |||||
Virginia Small Business Financing Authority, Revenue Bonds, Refunding (Virginia State University Real Estate Foundation) (LOC; Bank of America NA) | 0.01 | 7/1/2030 | 100,000 | b | 100,000 | ||||
71,710,819 | |||||||||
Washington - .7% | |||||||||
Washington, GO, Refunding, Ser. R-2021A | 5.00 | 6/1/2035 | 1,250,000 | 1,628,200 | |||||
Washington, GO, Refunding, Ser. R-2021A | 5.00 | 6/1/2034 | 1,250,000 | 1,633,113 | |||||
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Fred Hutchinson Cancer Research Center) Ser. C, 1 Month MUNIPSA +1.05% | 1.08 | 7/3/2023 | 7,965,000 | e | 8,035,729 | ||||
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Seattle Cancer Care Alliance Obligated Group) | 4.00 | 12/1/2040 | 1,000,000 | a | 1,156,950 | ||||
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Seattle Cancer Care Alliance Obligated Group) | 4.00 | 12/1/2045 | 1,200,000 | a | 1,368,312 | ||||
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Seattle Cancer Care Alliance Obligated Group) | 4.00 | 12/1/2048 | 1,000,000 | a | 1,136,940 | ||||
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Seattle Cancer Care Alliance Obligated Group) | 4.00 | 9/1/2050 | 1,000,000 | 1,131,970 | |||||
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Seattle Cancer Care Alliance Obligated Group) | 5.00 | 9/1/2050 | 1,500,000 | 1,853,115 | |||||
17,944,329 | |||||||||
West Virginia - .7% | |||||||||
West Virginia, GO, Ser. B | 5.00 | 6/1/2041 | 10,000,000 | 12,260,700 | |||||
West Virginia Economic Development Authority, Revenue Bonds (Arch Resources) | 5.00 | 7/1/2025 | 1,000,000 | 1,039,460 | |||||
West Virginia Hospital Finance Authority, Revenue Bonds, Refunding (Charleston Area Medical Center Obligated Group) | 5.00 | 9/1/2039 | 1,450,000 | 1,745,989 | |||||
West Virginia Hospital Finance Authority, Revenue Bonds, Refunding (Charleston Area Medical Center Obligated Group) | 5.00 | 9/1/2038 | 1,500,000 | 1,810,605 | |||||
16,856,754 |
90
BNY Mellon Municipal Opportunities Fund (continued) | |||||||||
Description | Coupon | Maturity Date | Principal Amount ($) | Value ($) | |||||
Long-Term Municipal Investments - 102.0% (continued) | |||||||||
Wisconsin - 1.4% | |||||||||
Public Finance Authority, Revenue Bonds (Maryland Proton Treatment Center) Ser. A1 | 6.38 | 1/1/2048 | 2,500,000 | a | 2,029,425 | ||||
Public Finance Authority, Revenue Bonds (Nevada State College) | 5.00 | 5/1/2055 | 5,000,000 | a | 4,341,500 | ||||
Public Finance Authority, Revenue Bonds (Piedmont Community Charter School) | 5.00 | 6/15/2049 | 3,440,000 | 3,929,787 | |||||
Public Finance Authority, Revenue Bonds (Piedmont Community Charter School) | 5.00 | 6/15/2053 | 1,000,000 | 1,136,260 | |||||
Public Finance Authority, Revenue Bonds, Refunding (Friends Homes Obligated Group) | 5.00 | 9/1/2039 | 2,230,000 | a | 2,521,037 | ||||
Public Finance Authority, Revenue Bonds, Refunding (Renown Regional Medical Center) | 4.00 | 6/1/2045 | 6,515,000 | 7,345,141 | |||||
Wisconsin, GO, Refunding, Ser. 2021-2 | 5.00 | 5/1/2031 | 1,500,000 | 1,991,595 | |||||
Wisconsin Center District, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. A | 0.00 | 12/15/2046 | 3,990,000 | c | 1,596,638 | ||||
Wisconsin Center District, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. A | 0.00 | 12/15/2044 | 8,735,000 | c | 3,789,942 | ||||
Wisconsin Health & Educational Facilities Authority, Revenue Bonds, Refunding (Marshfield Clinic Health System Obligated Group) Ser. C | 5.00 | 2/15/2047 | 4,500,000 | 5,081,580 | |||||
Wisconsin Health & Educational Facilities Authority, Revenue Bonds, Refunding (Medical College of Wisconsin) (LOC; U.S. Bank NA) Ser. B | 0.01 | 12/1/2033 | 750,000 | b | 750,000 | ||||
34,512,905 | |||||||||
Total Long-Term Municipal Investments | 2,560,368,759 | ||||||||
Shares | |||||||||
Exchange-Traded Funds - .0% | |||||||||
Registered Investment Companies - .0% | |||||||||
iShares National Muni Bond ETF | 8,537 | 986,792 | |||||||
Total Investments (cost $2,426,688,773) | 102.6% | 2,575,744,031 | |||||||
Liabilities, Less Cash and Receivables | (2.6%) | (66,077,474) | |||||||
Net Assets | 100.0% | 2,509,666,557 |
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, 2021, these securities were valued at $244,520,024 or 9.74% of net assets.
b The Variable Rate shall be determined by the Remarketing Agent in its sole discretion based on prevailing market conditions and may, but need not, be established by reference to one or more financial indices.
c Security issued with a zero coupon. Income is recognized through the accretion of discount.
d These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
e Variable rate security���rate shown is the interest rate in effect at period end.
f Non-income producing—security in default.
g Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity.
91
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Portfolio Summary (Unaudited) † | Value (%) |
General | 16.9 |
Education | 16.2 |
Transportation | 13.7 |
General Obligation | 10.5 |
Medical | 8.0 |
Development | 6.8 |
Airport | 6.8 |
School District | 4.9 |
Tobacco Settlement | 3.2 |
Prerefunded | 3.1 |
Water | 2.9 |
Housing | 2.6 |
Nursing Homes | 2.1 |
Power | 2.1 |
Multifamily Housing | 1.7 |
Pollution | .4 |
Facilities | .3 |
Special Tax | .3 |
Utilities | .1 |
Exchange-Traded Funds | .0 |
102.6 |
† Based on net assets.
See notes to financial statements.
92
STATEMENT OF FUTURES
February 28, 2021 (Unaudited)
BNY Mellon Municipal Opportunities Fund | |||||||||||
|
|
|
|
|
| ||||||
Description | Number of | Expiration | Notional | Market | Unrealized | ||||||
Futures Short | |||||||||||
U.S. Treasury 10 Year Notes | 50 | 6/21/2021 | 6,713,319 | 6,635,938 | 77,381 | ||||||
U.S. Treasury Long Bond | 100 | 6/21/2021 | 16,170,403 | 15,921,875 | 248,528 | ||||||
U.S. Treasury Ultra Long Bond | 950 | 6/21/2021 | 180,561,552 | 179,609,375 | 952,177 | ||||||
Ultra 10 Year U.S. Treasury Notes | 300 | 6/21/2021 | 44,762,208 | 44,203,125 | 559,083 | ||||||
Gross Unrealized Appreciation | 1,837,169 |
See notes to financial statements.
93
Summary of Abbreviations (Unaudited) | |||
ABAG | Association of Bay Area Governments | AGC | ACE Guaranty Corporation |
AGIC | Asset Guaranty Insurance Company | AMBAC | American Municipal Bond Assurance Corporation |
BAN | Bond Anticipation Notes | CIFG | CDC Ixis Financial Guaranty |
COP | Certificate of Participation | CP | Commercial Paper |
DRIVERS | Derivative Inverse Tax-Exempt Receipts | FGIC | Financial Guaranty Insurance Company |
FHA | Federal Housing Administration | FHLB | Federal Home Loan Bank |
FHLMC | Federal Home Loan Mortgage Corporation | FNMA | Federal National Mortgage Association |
GAN | Grant Anticipation Notes | GIC | Guaranteed Investment Contract |
GNMA | Government National Mortgage Association | GO | General Obligation |
IDC | Industrial Development Corporation | LIBOR | London Interbank Offered Rate |
LOC | Letter of Credit | LR | Lease Revenue |
NAN | Note Anticipation Notes | MFHR | Multi-Family Housing Revenue |
MFMR | Multi-Family Mortgage Revenue | MUNIPSA | Securities Industry and Financial Markets Association Municipal Swap Index Yield |
OBFR | Overnight Bank Funding Rate | PILOT | Payment in Lieu of Taxes |
PRIME | Prime Lending Rate | PUTTERS | Puttable Tax-Exempt Receipts |
RAC | Revenue Anticipation Certificates | RAN | Revenue Anticipation Notes |
RIB | Residual Interest Bonds | SFHR | Single Family Housing Revenue |
SFMR | Single Family Mortgage Revenue | SOFR | Secured Overnight Financing Rate |
TAN | Tax Anticipation Notes | TRAN | Tax and Revenue Anticipation Notes |
U.S. T-Bill | U.S. Treasury Bill Money Market Yield | XLCA | XL Capital Assurance |
See notes to financial statements.
94
STATEMENTS OF ASSETS AND LIABILITIES
February 28, 2021 (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 |
|
|
| 2,803,632,613 |
| 1,052,125,415 |
| 204,953,285 |
| 342,943,939 |
|
|
Interest receivable |
|
|
| 28,166,312 |
| 7,766,744 |
| 2,115,610 |
| 2,636,582 |
|
|
Receivable for investment securities sold |
|
|
| 6,744,467 |
| - |
| - |
| - |
| |
Receivable for shares of Beneficial |
|
|
| 4,199,711 |
| 455,650 |
| 386,466 |
| 670,035 |
|
|
Prepaid expenses |
|
|
| 39,630 |
| 26,038 |
| 16,797 |
| 15,430 |
|
|
|
|
|
| 2,842,782,733 |
| 1,060,373,847 |
| 207,472,158 |
| 346,265,986 |
|
|
Liabilities ($): |
|
|
|
|
|
|
|
|
|
|
|
|
Due to BNY Mellon Investment Adviser, Inc. |
|
|
| 1,023,994 |
| 377,119 |
| 103,323 |
| 128,576 |
|
|
Cash overdraft due to Custodian |
|
|
| 3,517,974 |
| 626,225 |
| 171,312 |
| 344,745 |
|
|
Payable for investment securities purchased |
|
|
| 82,788,169 |
| 58,766,381 |
| 5,048,940 |
| 8,906,727 |
| |
Payable for shares of Beneficial |
|
|
| 1,661,771 |
| 1,886,139 |
| 211,738 |
| 63,853 |
|
|
Trustees’ fees and expenses payable |
|
|
| 33,973 |
| 27,780 |
| 4,679 |
| 9,067 |
|
|
Other accrued expenses |
|
|
| 103,013 |
| 60,203 |
| 42,374 |
| 45,427 |
|
|
|
|
|
| 89,128,894 |
| 61,743,847 |
| 5,582,366 |
| 9,498,395 |
|
|
Net Assets ($) |
|
|
| 2,753,653,839 |
| 998,630,000 |
| 201,889,792 |
| 336,767,591 |
|
|
Composition of Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
Paid-in capital |
|
|
| 2,603,826,286 |
| 988,478,239 |
| 191,225,719 |
| 320,446,342 |
|
|
Total distributable earnings (loss) |
|
|
| 149,827,553 |
| 10,151,761 |
| 10,664,073 |
| 16,321,249 |
|
|
Net Assets ($) |
|
|
| 2,753,653,839 |
| 998,630,000 |
| 201,889,792 |
| 336,767,591 |
|
|
† Investments at cost ($) |
|
|
| 2,662,390,840 |
| 1,041,002,972 |
| 194,882,059 |
| 326,717,352 |
|
|
Net Asset Value Per Share |
|
|
|
|
|
|
|
|
|
|
|
|
Class M |
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| 2,678,061,731 |
| 983,487,654 |
| 192,996,351 |
| 326,439,174 |
|
|
Shares Outstanding |
|
|
| 190,908,265 |
| 76,055,423 |
| 15,403,756 |
| 24,917,535 |
|
|
Net Asset Value Per Share ($) |
|
|
| 14.03 |
| 12.93 |
| 12.53 |
| 13.10 |
|
|
Investor Shares |
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| 75,592,108 |
| 15,142,346 |
| 8,893,441 |
| 10,328,417 |
|
|
Shares Outstanding |
|
|
| 5,395,358 |
| 1,171,799 |
| 710,743 |
| 788,626 |
|
|
Net Asset Value Per Share ($) |
|
|
| 14.01 |
| 12.92 |
| 12.51 |
| 13.10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements. |
|
|
|
|
|
|
|
|
|
|
|
|
95
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (continued)
|
|
|
|
|
|
|
|
|
|
|
|
| BNY Mellon New York Intermediate Tax-Exempt Bond Fund |
| BNY Mellon Municipal Opportunities Fund |
|
|
Assets ($): |
|
|
|
|
|
|
|
|
Investments in securities—See Statements |
|
|
| 168,383,336 |
| 2,575,744,031 |
|
|
Cash collateral held by broker—Note 4 |
|
|
| - |
| 8,582,500 |
|
|
Receivable for investment securities sold |
|
|
| 1,834,213 |
| - | ||
Interest receivable |
|
|
| 1,670,837 |
| 22,379,198 |
|
|
Receivable for shares of Beneficial |
|
|
| 32,317 |
| 4,215,101 |
|
|
Prepaid expenses |
|
|
| 19,465 |
| 49,826 |
|
|
|
|
|
| 171,940,168 |
| 2,610,970,656 |
|
|
Liabilities ($): |
|
|
|
|
|
|
|
|
Due to BNY Mellon Investment Adviser, Inc. |
|
|
| 63,754 |
| 1,222,362 |
|
|
Cash overdraft due to Custodian |
|
|
| 143,622 |
| 3,302,340 |
|
|
Payable for investment securities purchased |
|
|
| 4,234,723 |
| 91,827,102 |
| |
Payable for shares of Beneficial |
|
|
| 3,089 |
| 1,350,817 |
|
|
Trustees’ fees and expenses payable |
|
|
| 4,101 |
| 54,760 | ||
Payable for futures |
|
|
| - |
| 3,441,406 |
|
|
Other accrued expenses |
|
|
| 41,821 |
| 105,312 |
|
|
|
|
|
| 4,491,110 |
| 101,304,099 |
|
|
Net Assets ($) |
|
|
| 167,449,058 |
| 2,509,666,557 |
|
|
Composition of Net Assets ($): |
|
|
|
|
|
|
|
|
Paid-in capital |
|
|
| 160,159,887 |
| 2,349,379,103 |
|
|
Total distributable earnings (loss) |
|
|
| 7,289,171 |
| 160,287,454 |
|
|
Net Assets ($) |
|
|
| 167,449,058 |
| 2,509,666,557 |
|
|
† Investments at cost ($) |
|
|
| 161,855,398 |
| 2,426,688,773 |
|
|
Net Asset Value Per Share |
|
|
|
|
|
|
|
|
Class M |
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| 156,594,121 |
| 2,434,692,971 |
|
|
Shares Outstanding |
|
|
| 13,832,851 |
| 176,810,899 |
|
|
Net Asset Value Per Share ($) |
|
|
| 11.32 |
| 13.77 |
|
|
Investor Shares |
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| 10,854,937 |
| 74,973,586 |
|
|
Shares Outstanding |
|
|
| 958,295 |
| 5,442,308 |
|
|
Net Asset Value Per Share ($) |
|
|
| 11.33 |
| 13.78 |
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements. |
|
|
|
|
|
|
|
|
96
STATEMENTS OF OPERATIONS
Six Months Ended February 28, 2021 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BNY Mellon National Intermediate Municipal Bond Fund |
| BNY Mellon National Short-Term Municipal Bond Fund |
| BNY Mellon Pennsylvania Intermediate Municipal Bond Fund |
| BNY Mellon Massachusetts Intermediate Municipal Bond Fund |
|
Investment Income ($): |
|
|
|
|
|
|
|
|
|
| ||
Interest Income |
|
| 33,285,686 |
| 8,267,467 |
| 2,587,605 |
| 3,938,352 |
| ||
Expenses: |
|
|
|
|
|
|
|
|
|
| ||
Investment advisory fee—Note 3(a) |
|
| 4,698,039 |
| 1,801,182 |
| 491,225 |
| 573,123 |
| ||
Administration fee—Note 3(a) |
|
| 1,646,897 |
| 631,844 |
| 120,536 |
| 200,903 |
| ||
Trustees’ fees and expenses—Note 3(c) |
|
| 118,557 |
| 54,295 |
| 9,590 |
| 17,670 |
| ||
Shareholder servicing costs—Note 3(b) |
|
| 87,548 |
| 19,641 |
| 11,494 |
| 12,194 |
| ||
Loan commitment fees—Note 2 |
|
| 78,551 |
| 30,748 |
| 5,766 |
| 9,423 |
| ||
Registration fees |
|
| 45,996 |
| 21,529 |
| 16,311 |
| 16,527 |
| ||
Professional fees |
|
| 44,132 |
| 25,725 |
| 20,274 |
| 26,628 |
| ||
Custodian fees—Note 3(b) |
|
| 30,842 |
| 15,525 |
| 4,673 |
| 5,735 |
| ||
Chief Compliance Officer fees—Note 3(b) |
|
| 7,299 |
| 7,299 |
| 7,299 |
| 7,299 | |||
Prospectus and shareholders’ reports |
|
| 5,846 |
| 6,905 |
| 5,082 |
| 5,318 |
| ||
Miscellaneous |
|
| 68,214 |
| 34,885 |
| 18,806 |
| 22,071 |
| ||
Total Expenses |
|
| 6,831,921 |
| 2,649,578 |
| 711,056 |
| 896,891 |
| ||
Investment Income—Net |
|
| 26,453,765 |
| 5,617,889 |
| 1,876,549 |
| 3,041,461 |
| ||
Realized and Unrealized Gain (Loss) |
|
|
|
|
|
|
|
| ||||
Net realized gain (loss) on investments | 10,442,111 |
| 1,914,746 |
| 583,654 |
| 355,323 |
| ||||
Net change in unrealized appreciation (depreciation) |
|
| (13,837,486) |
| (3,200,903) |
| (1,262,201) |
| (877,397) |
| ||
Net Realized and Unrealized Gain (Loss) on Investments |
|
| (3,395,375) |
| (1,286,157) |
| (678,547) |
| (522,074) |
| ||
Net Increase in Net Assets Resulting from Operations |
| 23,058,390 |
| 4,331,732 |
| 1,198,002 |
| 2,519,387 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements. |
97
STATEMENTS OF OPERATIONS (Unaudited) (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
| BNY Mellon New York Intermediate Tax-Exempt Bond Fund |
| BNY Mellon Municipal Opportunities Fund |
|
Investment Income ($): |
|
|
|
|
|
| ||
Income: |
|
|
|
|
|
| ||
Interest |
|
| 2,033,750 |
| 38,871,126 |
| ||
Cash dividends from unaffiliated issuers |
|
| - |
| 1,550 |
| ||
Total Income |
|
| 2,033,750 |
| 38,872,676 |
| ||
Expenses: |
|
|
|
|
|
| ||
Investment advisory fee—Note 3(a) |
|
| 406,935 |
| 5,866,805 |
| ||
Administration fee—Note 3(a) |
|
| 99,853 |
| 1,438,779 |
| ||
Professional fees |
|
| 23,041 |
| 40,062 |
| ||
Registration fees |
|
| 15,983 |
| 59,123 |
| ||
Shareholder servicing costs—Note 3(b) |
|
| 13,375 |
| 82,147 |
| ||
Trustees’ fees and expenses—Note 3(c) |
|
| 8,959 |
| 118,612 |
| ||
Chief Compliance Officer fees—Note 3(b) |
|
| 7,299 |
| 7,299 |
| ||
Prospectus and shareholders’ reports |
|
| 5,601 |
| 7,072 |
| ||
Loan commitment fees—Note 2 |
|
| 4,584 |
| 66,839 |
| ||
Custodian fees—Note 3(b) |
|
| 3,738 |
| 29,184 | |||
Miscellaneous |
|
| 15,552 |
| 66,846 |
| ||
Total Expenses |
|
| 604,920 |
| 7,782,768 |
| ||
Less—reduction in expenses due to undertakings—Note 3(a) |
|
| (111,668) |
| - |
| ||
Net Expenses |
|
| 493,252 |
| 7,782,768 |
| ||
Investment Income—Net |
|
| 1,540,498 |
| 31,089,908 |
| ||
Realized and Unrealized Gain (Loss) |
|
|
|
| ||||
Net realized gain (loss) on investments | 1,061,619 |
| 9,828,793 |
| ||||
Net realized gain (loss) on futures |
|
| - |
| 17,807,768 |
| ||
Net Realized Gain (Loss) |
|
| 1,061,619 |
| 27,636,561 |
| ||
Net change in unrealized appreciation (depreciation) |
|
| (472,303) |
| 12,738,288 |
| ||
Net change in unrealized appreciation (depreciation) on futures |
|
| - |
| 1,449,677 |
| ||
Net Change in Unrealized Appreciation (Depreciation) |
|
| (472,303) |
| 14,187,965 |
| ||
Net Realized and Unrealized Gain (Loss) on Investments |
|
| 589,316 |
| 41,824,526 |
| ||
Net Increase in Net Assets Resulting from Operations |
| 2,129,814 |
| 72,914,434 |
| |||
|
|
|
|
|
|
|
|
|
See notes to financial statements. |
98
STATEMENTS OF CHANGES IN NET ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BNY Mellon National |
| BNY Mellon National |
| ||||||||
|
|
|
| Six Months Ended |
|
|
| Year Ended |
| Six Months Ended |
|
|
| Year Ended |
|
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 26,453,765 |
|
|
| 55,749,161 |
| 5,617,889 |
|
|
| 14,605,823 |
| |
Net realized gain (loss) on investments |
| 10,442,111 |
|
|
| 5,826,617 |
| 1,914,746 |
|
|
| (109,368) |
| ||
Net change in unrealized appreciation |
| (13,837,486) |
|
|
| (80,504) |
| (3,200,903) |
|
|
| 2,123,814 |
| ||
Net Increase (Decrease) in Net Assets | 23,058,390 |
|
|
| 61,495,274 |
| 4,331,732 |
|
|
| 16,620,269 |
| |||
Distributions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Distributions to shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (35,188,167) |
|
|
| (54,343,427) |
| (5,558,495) |
|
|
| (14,240,637) |
| |
Investor Shares |
|
| (863,795) |
|
|
| (1,176,041) |
| (66,506) |
|
|
| (161,043) |
| |
Total Distributions |
|
| (36,051,962) |
|
|
| (55,519,468) |
| (5,625,001) |
|
|
| (14,401,680) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 317,924,030 |
|
|
| 593,798,573 |
| 171,650,806 |
|
|
| 317,647,923 |
| |
Investor Shares |
|
| 31,887,003 |
|
|
| 61,288,554 |
| 10,284,990 |
|
|
| 21,706,222 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 6,700,466 |
|
|
| 6,946,978 |
| 808,302 |
|
|
| 2,364,760 |
| |
Investor Shares |
|
| 700,501 |
|
|
| 939,762 |
| 57,049 |
|
|
| 131,518 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (218,989,764) |
|
|
| (520,202,802) |
| (231,533,929) |
|
|
| (407,844,215) |
| |
Investor Shares |
|
| (20,529,280) |
|
|
| (49,889,531) |
| (9,149,662) |
|
|
| (22,513,065) |
| |
Increase (Decrease) in Net Assets | 117,692,956 |
|
|
| 92,881,534 |
| (57,882,444) |
|
|
| (88,506,857) |
| |||
Total Increase (Decrease) in Net Assets | 104,699,384 |
|
|
| 98,857,340 |
| (59,175,713) |
|
|
| (86,288,268) |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 2,648,954,455 |
|
|
| 2,550,097,115 |
| 1,057,805,713 |
|
|
| 1,144,093,981 |
| |
End of Period |
|
| 2,753,653,839 |
|
|
| 2,648,954,455 |
| 998,630,000 |
|
|
| 1,057,805,713 |
| |
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class Ma |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 22,480,985 |
|
|
| 42,676,595 |
| 13,256,578 |
|
|
| 24,690,689 |
| |
Shares issued for distributions reinvested |
|
| 473,294 |
|
|
| 499,405 |
| 62,419 |
|
|
| 183,815 |
| |
Shares redeemed |
|
| (15,494,576) |
|
|
| (37,734,967) |
| (17,872,625) |
|
|
| (31,785,268) |
| |
Net Increase (Decrease) in Shares Outstanding | 7,459,703 |
|
|
| 5,441,033 |
| (4,553,628) |
|
|
| (6,910,764) |
| |||
Investor Sharesa |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 2,256,248 |
|
|
| 4,432,411 |
| 794,848 |
|
|
| 1,688,381 |
| |
Shares issued for distributions reinvested |
|
| 49,589 |
|
|
| 67,624 |
| 4,408 |
|
|
| 10,233 |
| |
Shares redeemed |
|
| (1,452,155) |
|
|
| (3,608,651) |
| (706,584) |
|
|
| (1,752,210) |
| |
Net Increase (Decrease) in Shares Outstanding | 853,682 |
|
|
| 891,384 |
| 92,672 |
|
|
| (53,596) |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a During the period ended February 28, 2021, 2,180,986 Class M shares representing $30,858,359 were exchanged for 2,183,648 Investor shares for BNY Mellon National Intermediate Municipal Bond Fund and 782,760 Class M shares representing $10,135,088 were exchanged for 783,268 Investor shares for BNY Mellon National Short-Term Municipal Bond Fund. During the period ended August 31, 2020, 4,344,362 Class M shares representing $60,149,605 were exchanged for 4,349,296 Investor shares for BNY Mellon National Intermediate Municipal Bond Fund and 1,678,512 Class M shares representing $21,592,194 were exchanged for 1,679,735 Investor shares for BNY Mellon National Short-Term Municipal Bond Fund. | |||||||||||||||
See notes to financial statements. |
99
STATEMENTS OF CHANGES IN NET ASSETS (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BNY Mellon Pennsylvania |
| BNY Mellon Massachusetts |
| ||||||||
|
|
|
| Six Months Ended |
|
|
| Year Ended |
| Six Months Ended |
|
|
| Year Ended |
|
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 1,876,549 |
|
|
| 4,091,110 |
| 3,041,461 |
|
|
| 6,615,075 |
| |
Net realized gain (loss) on investments |
| 583,654 |
|
|
| 1,509,988 |
| 355,323 |
|
|
| (148,475) |
| ||
Net change in unrealized appreciation |
| (1,262,201) |
|
|
| (787,605) |
| (877,397) |
|
|
| (452,399) |
| ||
Net Increase (Decrease) in Net Assets | 1,198,002 |
|
|
| 4,813,493 |
| 2,519,387 |
|
|
| 6,014,201 |
| |||
Distributions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Distributions to shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (2,987,700) |
|
|
| (4,275,227) |
| (2,978,235) |
|
|
| (6,470,141) |
| |
Investor Shares |
|
| (134,804) |
|
|
| (171,460) |
| (78,793) |
|
|
| (152,559) |
| |
Total Distributions |
|
| (3,122,504) |
|
|
| (4,446,687) |
| (3,057,028) |
|
|
| (6,622,700) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 22,862,222 |
|
|
| 24,928,156 |
| 30,734,710 |
|
|
| 52,136,749 |
| |
Investor Shares |
|
| 371,297 |
|
|
| 7,910,815 |
| 3,436,597 |
|
|
| 6,355,651 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 612,024 |
|
|
| 308,830 |
| 374,616 |
|
|
| 893,098 |
| |
Investor Shares |
|
| 109,059 |
|
|
| 135,275 |
| 63,705 |
|
|
| 115,344 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (12,498,525) |
|
|
| (33,367,972) |
| (16,511,656) |
|
|
| (56,496,839) |
| |
Investor Shares |
|
| (757,411) |
|
|
| (6,930,612) |
| (1,401,743) |
|
|
| (5,588,211) |
| |
Increase (Decrease) in Net Assets | 10,698,666 |
|
|
| (7,015,508) |
| 16,696,229 |
|
|
| (2,584,208) |
| |||
Total Increase (Decrease) in Net Assets | 8,774,164 |
|
|
| (6,648,702) |
| 16,158,588 |
|
|
| (3,192,707) |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 193,115,628 |
|
|
| 199,764,330 |
| 320,609,003 |
|
|
| 323,801,710 |
| |
End of Period |
|
| 201,889,792 |
|
|
| 193,115,628 |
| 336,767,591 |
|
|
| 320,609,003 |
| |
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class Ma |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 1,807,740 |
|
|
| 1,985,576 |
| 2,330,958 |
|
|
| 4,012,995 |
| |
Shares issued for distributions reinvested |
|
| 48,352 |
|
|
| 24,730 |
| 28,448 |
|
|
| 68,785 |
| |
Shares redeemed |
|
| (988,199) |
|
|
| (2,676,204) |
| (1,252,768) |
|
|
| (4,391,336) |
| |
Net Increase (Decrease) in Shares Outstanding | 867,893 |
|
|
| (665,898) |
| 1,106,638 |
|
|
| (309,556) |
| |||
Investor Sharesa |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 29,410 |
|
|
| 631,315 |
| 261,100 |
|
|
| 490,773 |
| |
Shares issued for distributions reinvested |
|
| 8,634 |
|
|
| 10,821 |
| 4,838 |
|
|
| 8,870 |
| |
Shares redeemed |
|
| (59,906) |
|
|
| (549,728) |
| (106,629) |
|
|
| (437,604) |
| |
Net Increase (Decrease) in Shares Outstanding | (21,862) |
|
|
| 92,408 |
| 159,309 |
|
|
| 62,039 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a During the period ended February 28, 2021, 29,352 Class M shares representing $371,091 were exchanged for 29,393 Investor shares for BNY Mellon Pennsylvania Intermediate Municipal Bond Fund and 248,065 Class M shares representing $3,266,183 were exchanged for 248,199 Investor shares for BNY Mellon Massachusetts Intermediate Municipal Bond Fund. During the period ended August 31, 2020, 493,214 Class M shares representing $6,169,658 were exchanged for 493,937 Investor shares for BNY Mellon Pennsylvania Intermediate Municipal Bond Fund and 474,059 Class M shares representing $6,138,777 were exchanged for 474,222 Investor shares for BNY Mellon Massachusetts Intermediate Municipal Bond Fund. | |||||||||||||||
See notes to financial statements. |
100
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BNY Mellon New York Intermediate |
| BNY Mellon Municipal |
| ||||||||
|
|
|
| Six Months Ended |
|
|
| Year Ended |
| Six Months Ended |
|
|
| Year Ended |
|
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 1,540,498 |
|
|
| 3,359,944 |
| 31,089,908 |
|
|
| 59,894,703 |
| |
Net realized gain (loss) on investments |
| 1,061,619 |
|
|
| 987,898 |
| 27,636,561 |
|
|
| 6,957,290 |
| ||
Net change in unrealized appreciation |
| (472,303) |
|
|
| (2,363,235) |
| 14,187,965 |
|
|
| (20,606,930) |
| ||
Net Increase (Decrease) in Net Assets | 2,129,814 |
|
|
| 1,984,607 |
| 72,914,434 |
|
|
| 46,245,063 |
| |||
Distributions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Distributions to shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (2,516,963) |
|
|
| (4,115,366) |
| (30,391,789) |
|
|
| (58,327,439) |
| |
Investor Shares |
|
| (156,997) |
|
|
| (272,804) |
| (793,041) |
|
|
| (1,673,386) |
| |
Total Distributions |
|
| (2,673,960) |
|
|
| (4,388,170) |
| (31,184,830) |
|
|
| (60,000,825) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 13,659,324 |
|
|
| 21,402,720 |
| 372,728,592 |
|
|
| 571,583,571 |
| |
Investor Shares |
|
| 762,054 |
|
|
| 647,951 |
| 34,737,334 |
|
|
| 50,804,622 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| 647,446 |
|
|
| 813,133 |
| 7,857,530 |
|
|
| 16,700,188 |
| |
Investor Shares |
|
| 146,361 |
|
|
| 248,227 |
| 697,917 |
|
|
| 1,458,998 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class M |
|
| (7,695,033) |
|
|
| (18,047,195) |
| (173,669,895) |
|
|
| (307,516,025) |
| |
Investor Shares |
|
| (526,381) |
|
|
| (1,270,389) |
| (16,801,623) |
|
|
| (58,938,257) |
| |
Increase (Decrease) in Net Assets | 6,993,771 |
|
|
| 3,794,447 |
| 225,549,855 |
|
|
| 274,093,097 |
| |||
Total Increase (Decrease) in Net Assets | 6,449,625 |
|
|
| 1,390,884 |
| 267,279,459 |
|
|
| 260,337,335 |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 160,999,433 |
|
|
| 159,608,549 |
| 2,242,387,098 |
|
|
| 1,982,049,763 |
| |
End of Period |
|
| 167,449,058 |
|
|
| 160,999,433 |
| 2,509,666,557 |
|
|
| 2,242,387,098 |
| |
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Class Ma |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 1,197,545 |
|
|
| 1,891,409 |
| 27,169,130 |
|
|
| 43,651,354 |
| |
Shares issued for distributions reinvested |
|
| 56,804 |
|
|
| 71,778 |
| 574,028 |
|
|
| 1,244,694 |
| |
Shares redeemed |
|
| (674,930) |
|
|
| (1,595,204) |
| (12,712,657) |
|
|
| (23,200,225) |
| |
Net Increase (Decrease) in Shares Outstanding | 579,419 |
| �� |
| 367,983 |
| 15,030,501 |
|
|
| 21,695,823 |
| |||
Investor Sharesa |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 66,844 |
|
|
| 57,683 |
| 2,537,057 |
|
|
| 3,791,135 |
| |
Shares issued for distributions reinvested |
|
| 12,850 |
|
|
| 21,920 |
| 50,922 |
|
|
| 108,506 |
| |
Shares redeemed |
|
| (46,326) |
|
|
| (112,597) |
| (1,228,136) |
|
|
| (4,454,828) |
| |
Net Increase (Decrease) in Shares Outstanding | 33,368 |
|
|
| (32,994) |
| 1,359,843 |
|
|
| (555,187) |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a During the period ended February 28, 2021, 66,703 Class M shares representing $760,254 were exchanged for 66,687 Investor shares for BNY Mellon New York Intermediate Tax-Exempt Bond Fund and 1,884,131 Class M shares representing $25,672,984 were exchanged for 1,883,241 Investor shares for BNY Mellon Municipal Opportunities Fund. During the period ended August 31, 2020, 42,589 Class M shares representing $473,037 were exchanged for 42,551 Investor shares for BNY Mellon New York Intermediate Tax-Exempt Bond Fund and 3,049,545 Class M shares representing $40,913,771 were exchanged for 3,047,777 Investor shares for BNY Mellon Municipal Opportunities Fund. | |||||||||||||||
See notes to financial statements. |
101
FINANCIAL HIGHLIGHTS
The following tables describe the performance for each share class of each fund for the fiscal periods indicated. All information (except portfolio turnover rate) reflects financial results for a single fund share. Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. These figures have been derived from the funds’ financial statements.
Class M Shares | |||||||||||||||
Six Months Ended | |||||||||||||||
February 28, 2021 | Year Ended August 31, | ||||||||||||||
BNY Mellon National Intermediate Municipal Bond Fund | (Unaudited) | 2020 |
| 2019 |
| 2018 |
| 2017 |
| 2016 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 14.09 | 14.04 | 13.29 | 13.64 | 14.00 | 13.56 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—neta | .14 | .30 | .33 | .34 | .34 | .36 | |||||||||
Net realized and unrealized gain (loss) on investments | (.01) | .05 | .75 | (.35) | (.27) | .43 | |||||||||
Total from Investment Operations | .13 | .35 | 1.08 | (.01) | .07 | .79 | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (14) | (.30) | (.33) | (.34) | (.34) | (.35) | |||||||||
Dividends from net realized gain on investments | (.05) | - | - | (.00) | b | (.09) | (.00) | b | |||||||
Total Distributions | (.19) | (.30) | (.33) | (.34) | (.43) | (.35) | |||||||||
Net asset value, end of period | 14.03 | 14.09 | 14.04 | 13.29 | 13.64 | 14.00 | |||||||||
Total Return (%) | .91 | c | 2.54 | 8.26 | (.05) | .60 | 5.94 | ||||||||
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 | 1.98 | d | 2.16 | 2.45 | 2.54 | 2.52 | 2.58 | ||||||||
Portfolio Turnover Rate | 22.57 | c | 45.62 | 61.91 | 38.75 | 32.14 | 18.61 | ||||||||
Net Assets, end of period ($ x 1,000) | 2,678,062 | 2,585,034 | 2,498,913 | 2,144,898 | 2,093,660 | 2,223,660 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
c Not annualized.
d Annualized.
See notes to financial statements.
102
Investor Shares | |||||||||||||||
Six Months Ended | |||||||||||||||
February 28, 2021 | Year Ended August 31, | ||||||||||||||
BNY Mellon National Intermediate Municipal Bond Fund | (Unaudited) | 2020 |
| 2019 |
| 2018 |
| 2017 |
| 2016 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 14.07 | 14.02 | 13.28 | 13.63 | 13.99 | 13.54 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—neta | .12 | .27 | .30 | .31 | .31 | .32 | |||||||||
Net realized and unrealized gain (loss) on investments | (.01) | .04 | .74 | (.36) | (.27) | .45 | |||||||||
Total from Investment Operations | .11 | .31 | 1.04 | (.05) | .04 | .77 | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.12) | (.26) | (.30) | (.30) | (.31) | (.32) | |||||||||
Dividends from net realized gain on investments | (.05) | - | - | (.00) | b | (.09) | (.00) | b | |||||||
Total Distributions | (.17) | (.26) | (.30) | (.30) | (.40) | (.32) | |||||||||
Net asset value, end of period | 14.01 | 14.07 | 14.02 | 13.28 | 13.63 | 13.99 | |||||||||
Total Return (%) | .79 | c | 2.29 | 7.92 | (.30) | .35 | 5.76 | ||||||||
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 | 1.73 | d | 1.92 | 2.22 | 2.29 | 2.27 | 2.33 | ||||||||
Portfolio Turnover Rate | 22.52 | c | 45.62 | 61.91 | 38.75 | 32.14 | 18.61 | ||||||||
Net Assets, end of period ($ x 1,000) | 75,592 | 63,920 | 51,184 | 47,265 | 52,216 | 55,272 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
c Not annualized.
d Annualized.
See notes to financial statements.
103
FINANCIAL HIGHLIGHTS (continued)
Class M Shares | |||||||||||||||
Six Months Ended | |||||||||||||||
February 28, 2021 | Year Ended August 31, | ||||||||||||||
BNY Mellon National Short-Term Municipal Bond Fund | (Unaudited) | 2020 |
| 2019 |
| 2018 |
| 2017 |
| 2016 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 12.95 | 12.91 | 12.71 | 12.83 | 12.87 | 12.83 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—neta | .07 | .17 | .18 | .14 | .12 | .11 | |||||||||
Net realized and unrealized gain (loss) on investments | (.02) | .04 | .20 | (.12) | (.02) | .05 | |||||||||
Total from Investment Operations | .05 | .21 | .38 | .02 | .10 | .16 | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.07) | (.17) | (.18) | (.14) | (.12) | (.11) | |||||||||
Dividends from net realized gain on investments | - | - | - | - | (.02) | (.01) | |||||||||
Total Distributions | (.07) | (.17) | (.18) | (.14) | (.14) | (.12) | |||||||||
Net asset value, end of period | 12.93 | 12.95 | 12.91 | 12.71 | 12.83 | 12.87 | |||||||||
Total Return (%) | .39 | b | 1.64 | 3.03 | .18 | .76 | 1.21 | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .51 | c | .51 | .50 | .51 | .51 | .51 | ||||||||
Ratio of net expenses to average net assets | .51 | c | .51 | .50 | .51 | .51 | .51 | ||||||||
Ratio of net investment income to average net assets | 1.10 | c | 1.34 | 1.44 | 1.12 | .94 | .84 | ||||||||
Portfolio Turnover Rate | 36.55 | b | 92.41 | 128.58 | 58.52 | 35.60 | 51.47 | ||||||||
Net Assets, end of period ($ x 1,000) | 983,488 | 1,043,840 | 1,129,486 | 912,838 | 889,237 | 1,104,162 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
104
Investor Shares | |||||||||||||||
Six Months Ended | |||||||||||||||
February 28, 2021 | Year Ended August 31, | ||||||||||||||
BNY Mellon National Short-Term Municipal Bond Fund | (Unaudited) | 2020 |
| 2019 |
| 2018 |
| 2017 |
| 2016 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 12.94 | 12.90 | 12.70 | 12.82 | 12.86 | 12.82 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—neta | .06 | .14 | .15 | .11 | .09 | .08 | |||||||||
Net realized and unrealized gain (loss) on investments | (.02) | .04 | .20 | (.12) | (.02) | .05 | |||||||||
Total from Investment Operations | .04 | .18 | .35 | (.01) | .07 | .13 | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.06) | (.14) | (.15) | (.11) | (.09) | (.08) | |||||||||
Dividends from net realized gain on investments | - | - | - | - | (.02) | (.01) | |||||||||
Total Distributions | (.06) | (.14) | (.15) | (.11) | (.11) | (.09) | |||||||||
Net asset value, end of period | 12.92 | 12.94 | 12.90 | 12.70 | 12.82 | 12.86 | |||||||||
Total Return (%) | .27 | b | 1.39 | 2.78 | (.07) | .52 | .97 | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .76 | c | .76 | .75 | .76 | .76 | .76 | ||||||||
Ratio of net expenses to average net assets | .76 | c | .76 | .75 | .76 | .76 | .76 | ||||||||
Ratio of net investment income to average net assets | .85 | c | 1.09 | 1.20 | .87 | .72 | .60 | ||||||||
Portfolio Turnover Rate | 36.55 | b | 92.41 | 128.58 | 58.52 | 35.60 | 51.47 | ||||||||
Net Assets, end of period ($ x 1,000) | 15,142 | 13,965 | 14,608 | 9,158 | 13,526 | 5,880 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
105
FINANCIAL HIGHLIGHTS (continued)
Class M Shares | |||||||||||||||
Six Months Ended | |||||||||||||||
February 28, 2021 | Year Ended August 31, | ||||||||||||||
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | (Unaudited) | 2020 |
| 2019 |
| 2018 |
| 2017 |
| 2016 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 12.65 | 12.61 | 11.95 | 12.24 | 12.68 | 12.31 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—neta | .12 | .27 | .29 | .29 | .30 | .32 | |||||||||
Net realized and unrealized gain (loss) on investments | (.04) | .06 | .66 | (.27) | (.24) | .41 | |||||||||
Total from Investment Operations | .08 | .33 | .95 | .02 | .06 | .73 | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.12) | (.27) | (.29) | (.29) | (.30) | (.32) | |||||||||
Dividends from net realized gain on investments | (.08) | (.02) | - | (.02) | (.20) | (.04) | |||||||||
Total Distributions | (.20) | (.29) | (.29) | (.31) | (.50) | (.36) | |||||||||
Net asset value, end of period | 12.53 | 12.65 | 12.61 | 11.95 | 12.24 | 12.68 | |||||||||
Total Return (%) | .63 | b | 2.68 | 8.09 | .22 | .55 | 5.96 | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .71 | c | .72 | .70 | .70 | .70 | .69 | ||||||||
Ratio of net expenses to average net assets | .71 | c | .71 | .70 | .70 | .70 | .69 | ||||||||
Ratio of net investment income to average net assets | 1.92 | c | 2.15 | 2.41 | 2.44 | 2.44 | 2.52 | ||||||||
Portfolio Turnover Rate | 27.06 | b | 51.36 | 69.91 | 38.13 | 20.07 | 25.94 | ||||||||
Net Assets, end of period ($ x 1,000) | 192,996 | 183,861 | 191,702 | 184,216 | 209,457 | 255,017 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
106
Investor Shares | |||||||||||||||
Six Months Ended | |||||||||||||||
February 28, 2021 | Year Ended August 31, | ||||||||||||||
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | (Unaudited) | 2020 |
| 2019 |
| 2018 |
| 2017 |
| 2016 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 12.63 | 12.59 | 11.93 | 12.23 | 12.67 | 12.29 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—neta | .11 | .24 | .26 | .27 | .27 | .28 | |||||||||
Net realized and unrealized gain (loss) on investments | (.04) | .06 | .66 | (.29) | (.24) | .42 | |||||||||
Total from Investment Operations | .07 | .30 | .92 | (.02) | .03 | .70 | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.11) | (.24) | (.26) | (.26) | (.27) | (.28) | |||||||||
Dividends from net realized gain on investments | (.08) | (.02) | - | (.02) | (.20) | (.04) | |||||||||
Total Distributions | (.19) | (.26) | (.26) | (.28) | (.47) | (.32) | |||||||||
Net asset value, end of period | 12.51 | 12.63 | 12.59 | 11.93 | 12.23 | 12.67 | |||||||||
Total Return (%) | .51 | b | 2.43 | 7.83 | (.12) | .30 | 5.79 | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .96 | c | .97 | .95 | .95 | .95 | .94 | ||||||||
Ratio of net expenses to average net assets | .96 | c | .97 | .95 | .95 | .95 | .94 | ||||||||
Ratio of net investment income to average net assets | 1.68 | c | 1.90 | 2.15 | 2.19 | 2.20 | 2.27 | ||||||||
Portfolio Turnover Rate | 27.06 | b | 51.36 | 69.91 | 38.13 | 20.07 | 25.94 | ||||||||
Net Assets, end of period ($ x 1,000) | 8,893 | 9,255 | 8,063 | 5,473 | 5,043 | 5,981 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
See notes to financial statements.
107
FINANCIAL HIGHLIGHTS (continued)
Class M Shares | |||||||||||||||
Six Months Ended | |||||||||||||||
February 28, 2021 | Year Ended August 31, | ||||||||||||||
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | (Unaudited) | 2020 |
| 2019 |
| 2018 |
| 2017 |
| 2016 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 13.12 | 13.12 | 12.40 | 12.75 | 13.16 | 12.73 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—neta | .12 | .27 | .29 | .30 | .30 | .31 | |||||||||
Net realized and unrealized gain (loss) on investments | (.02) | (.00) | b | .72 | (.35) | (.28) | .43 | ||||||||
Total from Investment Operations | .10 | .27 | 1.01 | (.05) | .02 | .74 | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.12) | (.27) | (.29) | (.30) | (.30) | (.31) | |||||||||
Dividends from net realized gain on investments | - | - | - | (.00) | b | (.13) | - | ||||||||
Total Distributions | (.12) | (.27) | (.29) | (.30) | (.43) | (.31) | |||||||||
Net asset value, end of period | 13.10 | 13.12 | 13.12 | 12.40 | 12.75 | 13.16 | |||||||||
Total Return (%) | .78 | c | 2.10 | 8.28 | (.32) | .24 | 5.88 | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .54 | d | .54 | .53 | .54 | .54 | .54 | ||||||||
Ratio of net expenses to average net assets | .54 | d | .54 | .53 | .54 | .54 | .54 | ||||||||
Ratio of net investment income to average net assets | 1.86 | d | 2.08 | 2.32 | 2.43 | 2.35 | 2.39 | ||||||||
Portfolio Turnover Rate | 19.55 | c | 52.29 | 80.68 | 38.51 | 31.61 | 28.71 | ||||||||
Net Assets, end of period ($ x 1,000) | 326,439 | 312,356 | 316,364 | 297,515 | 297,243 | 360,108 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
c Not annualized.
d Annualized.
See notes to financial statements.
108
Investor Shares | |||||||||||||||
Six Months Ended | |||||||||||||||
February 28, 2021 | Year Ended August 31, | ||||||||||||||
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | (Unaudited) | 2020 |
| 2019 |
| 2018 |
| 2017 |
| 2016 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 13.11 | 13.11 | 12.40 | 12.75 | 13.15 | 12.73 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—neta | .11 | .24 | .26 | .27 | .27 | .28 | |||||||||
Net realized and unrealized gain (loss) on investments | (.01) | (.00) | b | .71 | (.35) | (.27) | .42 | ||||||||
Total from Investment Operations | .10 | .24 | .97 | (.08) | - | .70 | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.11) | (.24) | (.26) | (.27) | (.27) | (.28) | |||||||||
Dividends from net realized gain on investments | - | - | - | (.00) | b | (.13) | - | ||||||||
Total Distributions | (.11) | (.24) | (.26) | (.27) | (.40) | (.28) | |||||||||
Net asset value, end of period | 13.10 | 13.11 | 13.11 | 12.40 | 12.75 | 13.15 | |||||||||
Total Return (%) | .66 | c | 1.92 | 7.93 | (.56) | .06 | 5.54 | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .79 | d | .79 | .78 | .79 | .79 | .79 | ||||||||
Ratio of net expenses to average net assets | .79 | d | .79 | .78 | .79 | .79 | .79 | ||||||||
Ratio of net investment income to average net assets | 1.62 | d | 1.83 | 2.08 | 2.18 | 2.12 | 2.15 | ||||||||
Portfolio Turnover Rate | 19.55 | c | 52.29 | 80.68 | 38.51 | 31.61 | 28.71 | ||||||||
Net Assets, end of period ($ x 1,000) | 10,328 | 8,253 | 7,437 | 7,046 | 9,395 | 8,410 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
c Not annualized.
d Annualized.
See notes to financial statements.
109
FINANCIAL HIGHLIGHTS (continued)
Class M Shares | |||||||||||||||
Six Months Ended | |||||||||||||||
February 28, 2021 | Year Ended August 31, | ||||||||||||||
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | (Unaudited) | 2020 |
| 2019 |
| 2018 |
| 2017 |
| 2016 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 11.35 | 11.53 | 10.91 | 11.20 | 11.62 | 11.24 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—neta | .11 | .24 | .26 | .26 | .26 | .29 | |||||||||
Net realized and unrealized gain (loss) on investments | .05 | (.11) | .63 | (.29) | (.24) | .41 | |||||||||
Total from Investment Operations | .16 | .13 | .89 | (.03) | .02 | .70 | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.11) | (.24) | (.26) | (.26) | (.26) | (.29) | |||||||||
Dividends from net realized gain on investments | (.08) | (.07) | (.01) | (.00) | b | (.18) | (.03) | ||||||||
Total Distributions | (.19) | (.31) | (.27) | (.26) | (.44) | (.32) | |||||||||
Net asset value, end of period | 11.32 | 11.35 | 11.53 | 10.91 | 11.20 | 11.62 | |||||||||
Total Return (%) | 1.38 | c | 1.20 | 8.28 | (.22) | .31 | 6.30 | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .73 | d | .73 | .72 | .72 | .73 | .72 | ||||||||
Ratio of net expenses to average net assets | .59 | d | .59 | .59 | .59 | .59 | .59 | ||||||||
Ratio of net investment income to average net assets | 1.91 | d | 2.12 | 2.35 | 2.36 | 2.38 | 2.53 | ||||||||
Portfolio Turnover Rate | 34.38 | c | 79.52 | 90.17 | 45.71 | 37.78 | 36.53 | ||||||||
Net Assets, end of period ($ x 1,000) | 156,594 | 150,490 | 148,558 | 147,343 | 152,923 | 175,053 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
c Not annualized.
d Annualized.
See notes to financial statements.
110
Investor Shares | |||||||||||||||
Six Months Ended | |||||||||||||||
February 28, 2021 | Year Ended August 31, | ||||||||||||||
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | (Unaudited) | 2020 |
| 2019 |
| 2018 |
| 2017 |
| 2016 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 11.36 | 11.54 | 10.92 | 11.20 | 11.62 | 11.24 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—neta | .09 | .21 | .23 | .23 | .24 | .26 | |||||||||
Net realized and unrealized gain (loss) on investments | .05 | (.11) | .63 | (.28) | (.24) | .41 | |||||||||
Total from Investment Operations | .14 | .10 | .86 | (.05) | - | .67 | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.09) | (.21) | (.23) | (.23) | (.24) | (.26) | |||||||||
Dividends from net realized gain on investments | (.08) | (.07) | (.01) | (.00) | b | (.18) | (.03) | ||||||||
Total Distributions | (.17) | (.28) | (.24) | (.23) | (.42) | (.29) | |||||||||
Net asset value, end of period | 11.33 | 11.36 | 11.54 | 10.92 | 11.20 | 11.62 | |||||||||
Total Return (%) | 1.26 | c | .95 | 8.00 | (.38) | .07 | 6.03 | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .98 | d | .98 | .97 | .97 | .98 | .97 | ||||||||
Ratio of net expenses to average net assets | .84 | d | .84 | .84 | .84 | .84 | .84 | ||||||||
Ratio of net investment income to average net assets | 1.66 | d | 1.88 | 2.11 | 2.11 | 2.13 | 2.28 | ||||||||
Portfolio Turnover Rate | 34.38 | c | 79.52 | 90.17 | 45.71 | 37.78 | 36.53 | ||||||||
Net Assets, end of period ($ x 1,000) | 10,855 | 10,509 | 11,051 | 11,334 | 13,093 | 14,322 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
c Not annualized.
d Annualized.
See notes to financial statements.
111
FINANCIAL HIGHLIGHTS (continued)
Class M Shares | |||||||||||||||
Six Months Ended | |||||||||||||||
February 28, 2021 | Year Ended August 31, | ||||||||||||||
BNY Mellon Municipal Opportunities Fund | (Unaudited) | 2020 |
| 2019 |
| 2018 |
| 2017 |
| 2016 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 13.52 | 13.70 | 13.12 | 13.15 | 13.46 | 12.99 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—neta | .18 | .40 | .43 | .44 | .45 | .50 | |||||||||
Net realized and unrealized gain (loss) on investments | .25 | (.17) | .57 | (.02) | (.32) | .45 | |||||||||
Total from Investment Operations | .43 | .23 | 1.00 | .42 | .13 | .95 | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.18) | (.41) | (.42) | (.45) | (.44) | (.48) | |||||||||
Dividends from net realized gain on investments | - | - | (.00) | b | (.00) | b | (.00) | b | - | ||||||
Total Distributions | (.18) | (.41) | (.42) | (.45) | (.44) | (.48) | |||||||||
Net asset value, end of period | 13.77 | 13.52 | 13.70 | 13.12 | 13.15 | 13.46 | |||||||||
Total Return (%) | 3.21 | c | 1.79 | 7.77 | 3.27 | 1.11 | 7.40 | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .66 | d | .69 | .73 | .75 | .73 | .71 | ||||||||
Ratio of net expenses to average net assets | .66 | d | .69 | .73 | .75 | .73 | .71 | ||||||||
Ratio of interest and expense related to floating | - | .04 | .08 | .10 | .07 | .05 | |||||||||
Ratio of net investment income to average net assets | 2.66 | d | 3.02 | 3.22 | 3.43 | 3.44 | 3.79 | ||||||||
Portfolio Turnover Rate | 29.41 | c | 75.12 | 72.96 | 41.48 | 34.78 | 31.92 | ||||||||
Net Assets, end of period ($ x 1,000) | 2,434,693 | 2,187,170 | 1,918,499 | 1,432,351 | 1,257,498 | 1,084,650 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
c Not annualized.
d Annualized.
See notes to financial statements.
112
Investor Shares | |||||||||||||||
Six Months Ended | |||||||||||||||
February 28, 2021 | Year Ended August 31, | ||||||||||||||
BNY Mellon Municipal Opportunities Fund | (Unaudited) | 2020 |
| 2019 |
| 2018 |
| 2017 |
| 2016 |
| ||||
Per Share Data ($): | |||||||||||||||
Net asset value, beginning of period | 13.53 | 13.70 | 13.13 | 13.16 | 13.46 | 12.99 | |||||||||
Investment Operations: | |||||||||||||||
Investment income—neta | .16 | .38 | .39 | .40 | .41 | .47 | |||||||||
Net realized and unrealized gain (loss) on investments | .26 | (.18) | .57 | (.02) | (.30) | .44 | |||||||||
Total from Investment Operations | .42 | .20 | .96 | .38 | .11 | .91 | |||||||||
Distributions: | |||||||||||||||
Dividends from investment income—net | (.17) | (.37) | (.39) | (.41) | (.41) | (.44) | |||||||||
Dividends from net realized gain on investments | - | - | (.00) | b | (.00) | b | (.00) | b | - | ||||||
Total Distributions | (.17) | (.37) | (.39) | (.41) | (.41) | (.44) | |||||||||
Net asset value, end of period | 13.78 | 13.53 | 13.70 | 13.13 | 13.16 | 13.46 | |||||||||
Total Return (%) | 3.08 | c | 1.54 | 7.50 | 3.01 | .95 | 7.13 | ||||||||
Ratios/Supplemental Data (%): | |||||||||||||||
Ratio of total expenses to average net assets | .91 | d | .94 | .98 | 1.00 | .99 | .96 | ||||||||
Ratio of net expenses to average net assets | .91 | d | .94 | .98 | 1.00 | .99 | .96 | ||||||||
Ratio of interest and expense related to floating | - | .04 | .08 | .10 | .07 | .05 | |||||||||
Ratio of net investment income to average net assets | 2.41 | d | 2.77 | 2.97 | 3.12 | 3.14 | 3.55 | ||||||||
Portfolio Turnover Rate | 29.41 | c | 75.12 | 72.96 | 41.48 | 34.78 | 31.92 | ||||||||
Net Assets, end of period ($ x 1,000) | 74,974 | 55,217 | 63,551 | 32,924 | 57,865 | 25,463 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
c Not annualized.
d Annualized.
Vxcv See notes to financial statements.
113
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-three series, including the following non-diversified funds: BNY Mellon National Intermediate Municipal Bond Fund, BNY Mellon National Short-Term Municipal Bond Fund, BNY Mellon Pennsylvania Intermediate Municipal Bond Fund, BNY Mellon Massachusetts Intermediate Municipal Bond Fund, BNY Mellon New York Intermediate Tax-Exempt Bond Fund and BNY Mellon Municipal Opportunities Fund (each, a “fund” and collectively, the “funds”). The objectives of the funds are as follows: BNY Mellon National Intermediate Municipal Bond Fund and BNY Mellon National Short-Term Municipal Bond Fund seek to maximize current income exempt from federal income tax to the extent consistent with the preservation of capital. BNY Mellon Pennsylvania Intermediate Municipal Bond Fund seeks as high a level of income exempt from federal and Pennsylvania state income taxes as is consistent with the preservation of capital. BNY Mellon Massachusetts Intermediate Municipal Bond Fund seeks as high a level of income exempt from federal and Massachusetts state income taxes as is consistent with the preservation of capital. BNY Mellon New York Intermediate Tax-Exempt Bond Fund seeks as high a level of current income exempt from federal, New York state and New York city income taxes as is consistent with the preservation of capital. BNY Mellon Municipal Opportunities Fund seeks to maximize total return consisting of high current income exempt from federal income tax and capital appreciation. BNY Melon Municipal Opportunities Fund reopened to new and existing investors. The fund reserves the right to close again to new and/or existing investors at any time.
BNY Mellon Investment Adviser, Inc. (the “Adviser”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”), serves as each fund’s investment adviser. The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of the Adviser, serves as administrator for the funds pursuant to an Administration Agreement with the Trust (the “Administration Agreement”). The Bank of New York Mellon has entered into a Sub-Administration Agreement with the Adviser pursuant to which The Bank of New York Mellon pays the Adviser for performing certain administrative services. BNY Mellon Securities Corporation (the “Distributor”), a wholly-owned subsidiary of the Adviser, is the distributor of each fund’s shares, which are sold without a sales charge.
Each fund is authorized to issue an unlimited number of $.001 par value shares of Beneficial Interest in each of the following classes of shares: Class M and Investor. Each class of shares has identical rights and privileges, except with respect to the Shareholder Service Plan and the expenses borne by each class, the allocation of certain transfer agency costs and certain voting rights. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.
The Trust accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that series’ operations; expenses which are applicable to all series are allocated among them on a pro rata basis.
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. Each fund is an investment company and applies the accounting and reporting guidance of the FASB ASC Topic 946 Financial Services-Investment Companies. Each fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
The Trust enters into contracts that contain a variety of indemnifications. The funds’ maximum exposure under these arrangements is unknown. The funds do not anticipate recognizing any loss related to these arrangements.
(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
114
significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.
Various inputs are used in determining the value of each fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:
Level 1—unadjusted quoted prices in active markets for identical investments.
Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).
Level 3—significant unobservable inputs (including the funds’ own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value each fund’s investments are as follows:
Investments in debt securities excluding short-term investments (other than U.S. Treasury Bills), futures are valued each business day by one or more independent pricing services (each, a “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 a Service based upon its evaluation of the market for such securities). Securities are valued as determined by a 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.
BNY Mellon Municipal Opportunities Fund: 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. These securities are generally categorized within Level 2 of the fair value hierarchy.
Each Service and independent valuation firm is engaged under the general oversight of the Board.
Fair valuing of securities may be determined with the assistance of a pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant American Depository Receipts 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, 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 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 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, 2021 in valuing each fund’s investments:
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NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
Table 1—Fair Value Measurements | |||||||||||||||||
Investments in Securities† | |||||||||||||||||
Level 1—Unadjusted |
| Level 2—Other Significant |
| Level 3—Significant Unobservable Inputs |
|
| |||||||||||
|
| Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Assets ($) | Liabilities ($) | Total | |||||||||
BNY Mellon National Intermediate Municipal Bond Fund | |||||||||||||||||
Municipal Securities | - | - | 2,803,632,613 | - | - | - | 2,803,632,613 | ||||||||||
BNY Mellon National Short-Term | |||||||||||||||||
Municipal Securities | - | - | 1,052,125,415 | - | - | - | 1,052,125,415 | ||||||||||
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | |||||||||||||||||
Municipal Securities | - | - | 204,953,285 | - | - | - | 204,953,285 | ||||||||||
BNY Mellon Massachusetts | |||||||||||||||||
Municipal Securities | - | - | 342,943,939 | - | - | - | 342,943,939 | ||||||||||
BNY Mellon New York Intermediate | |||||||||||||||||
Municipal Securities | - | - | 168,383,336 | - | - | - | 168,383,336 | ||||||||||
BNY Mellon Municipal | |||||||||||||||||
Corporate Bonds | - | - | 14,388,480 | - | - | - | 14,388,480 | ||||||||||
Exchange-Traded Funds | 986,792 | - | - | - | - | - | 986,792 | ||||||||||
Municipal Securities | - | - | 2,560,368,759 | - | - | - | 2,560,368,759 | ||||||||||
Other Financial Instruments: | |||||||||||||||||
Futures†† | 1,837,169 | - | - | - | - | - | 1,837,169 |
† See Statement of Investments for additional detailed categorizations, if any.
†† Amount shown represents unrealized appreciation (depreciation) at period end, but only variation margin on exchanged traded and centrally cleared derivatives, if any, are reported in the Statements of Assets and Liabilities.
(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) Risk: Certain events particular to the industries in which each fund’s investments conduct their operations, as well as general economic, political and public health conditions, may have a significant negative impact on the investee’s operations and profitability. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect each fund. Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies world-wide. Recent examples include pandemic risks related to COVID-19 and aggressive measures taken world-wide in response by governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations, and by businesses, including changes to operations and reducing staff. To the extent each fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase each fund’s exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.
116
(d) 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.
(e) Federal income taxes: It is the policy of each fund to continue to qualify as a regulated investment company, which can distribute tax-exempt dividends, by complying with the applicable provisions of the Code, and to make distributions of income and net realized capital gain sufficient to relieve it from substantially all federal income and excise taxes. For federal income tax purposes, each fund is treated as a separate entity for the purpose of determining such qualification.
As of and during the period ended February 28, 2021, 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, 2021, the funds did not incur any interest or penalties.
Each tax year in the three-year period ended August 31, 2020 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, 2020.
Table 3 summarizes each fund’s tax character of distributions paid to shareholders during the fiscal year ended August 31, 2020. 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 Losses($)† | Long-Term Losses($)† | Total($) | ||||
BNY Mellon National Short-Term Municipal Bond Fund | 3,244,518 | - | 3,244,518 | |||
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | 257,349 | - | 257,349 | |||
BNY Mellon Municipal Opportunities Fund | 2,232,919 | 17,548,539 | 19,781,458 |
† These capital losses can be carried forward for an unlimited period.
Table 3—Tax Character of Distributions Paid | |||||||
2020 | |||||||
| Tax-Exempt Income ($) |
| Ordinary Income ($) | Long-Term Capital Gains ($) | |||
BNY Mellon National Intermediate Municipal Bond Fund | 55,465,612 | 53,856 | - | ||||
BNY Mellon National Short-Term Municipal Bond Fund | 14,374,458 | 27,222 | - | ||||
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | 4,086,339 | 907 | 359,441 | ||||
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | 6,618,956 | 3,744 | - | ||||
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | 3,356,970 | 1,614 | 1,029,586 | ||||
BNY Mellon Municipal Opportunities Fund | 58,943,513 | 1,057,312 | - |
(f) New accounting pronouncements: In March 2020, the FASB issued Accounting Standards Update 2020-04, Reference Rate Reform (Topic 848)-Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates as of the end of 2021. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period from March 12, 2020 through December 31, 2022. Management is evaluating the impact of ASU 2020-04 on each fund’s investments, derivatives, debt and other contracts that will undergo reference rate-related modifications as a result of the
117
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
reference rate reform. Management is also currently actively working with other financial institutions and counterparties to modify contracts as required by applicable regulation and within the regulatory deadlines.
NOTE 2—Bank Lines of Credit:
The funds participate with other long-term open-end funds managed by the Adviser in a $823.5 million unsecured credit facility led by Citibank, N.A. (the “Citibank Credit Facility”) and a $300 million unsecured credit facility provided by The Bank of New York Mellon (the “BNYM Credit Facility”), each to be utilized primarily for temporary or emergency purposes, including the financing of redemptions (each, a “Facility”). The Citibank Credit Facility is available in two tranches: (i) Tranche A is in an amount equal to $688.5 million and is available to all long-term open-ended funds, including the funds, and (ii) Tranche B is in amount equal to $135 million and is available only to the BNY Mellon Floating Rate Income Fund, a series of BNY Mellon Investment Funds IV, Inc. Prior to September 30, 2020, the Citibank Credit Facility was $927 million with Tranche A available in an amount equal to $747 million and Tranche B available in an amount equal to $180 million. In connection therewith, each fund has agreed to pay its pro rata portion of commitment fees for Tranche A of the Citibank Credit Facility and the BNYM Credit Facility. Interest is charged to the funds based on rates determined pursuant to the terms of the respective Facility at the time of borrowing. During the period ended February 28, 2021, 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 Adviser are payable monthly, computed on the average daily value of each fund’s net assets at the following annual rates: .35% of BNY Mellon National Intermediate Municipal Bond Fund, .35% of BNY Mellon National Short-Term Municipal Bond Fund, .50% of BNY Mellon Pennsylvania Intermediate Municipal Bond Fund, .35% of BNY Mellon Massachusetts Intermediate Municipal Bond Fund, .50% of BNY Mellon New York Intermediate Tax-Exempt Bond Fund and .50% of BNY Mellon Municipal Opportunities Fund.
For BNY Mellon New York Intermediate Tax-Exempt Bond Fund, the Adviser has contractually agreed from September 1, 2020 through December 31, 2021, to waive receipt of its fees and/or assume the direct expense of the fund, so that the direct expense of neither class (excluding Shareholder Services Plan fees, taxes, interest expense, brokerage commissions, commitment fees on borrowings and extraordinary expenses) exceed .59% of the fund’s average daily net assets. On or after December 31, 2021, the Adviser may terminate this expense limitation agreement at any time. The reduction in expenses, pursuant to the undertaking, amounted to $111,668 during the period ended February 28, 2021.
Pursuant to the Administration Agreement, The Bank of New York Mellon provides or arranges for fund accounting, transfer agency and other fund administration services and receives a fee based on the total net assets of the Trust based on the following rates:
0 up to $6 billion .15%
$6 billion up to $12 billion .12%
In excess of $12 billion .10%
The funds have arrangements with the transfer agent and the custodian whereby the funds may receive earnings credits when positive cash balances are maintained, which are used to offset transfer agency and custody fees. For financial reporting purposes, the funds include net earnings credits, if any, as expense offsets in the Statements of Operations.
(b) Each fund has adopted a Shareholder Services Plan with respect to its Investor shares. Each fund pays the Distributor at an annual rate of .25% of the value of its Investor shares average daily net assets for the provision of certain services. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding a fund and providing reports and other information, and services related to the maintenance of such shareholder accounts. The Shareholder Services Plan allows the Distributor to make payments from the shareholder services fees it collects from each fund to compensate service agents (certain banks, securities brokers or dealers and other financial institutions) with respect to these services. Table 4 summarizes the amounts Investor shares were charged during the period ended February 28, 2021, 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.
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Table 4—Shareholder Services Plan Fees |
|
BNY Mellon National Intermediate | $87,242 |
BNY Mellon National Short-Term | 19,547 |
BNY Mellon Pennsylvania Intermediate | 11,449 |
BNY Mellon Massachusetts Intermediate | 12,075 |
BNY Mellon New York Intermediate | 13,015 |
BNY Mellon Municipal | 82,025 |
Each fund compensates BNY Mellon Transfer, Inc., a wholly-owned subsidiary of the Adviser, under a transfer agency agreement for providing cash management services inclusive of earnings credits, if any, for the funds. The transfer agency fees are comprised of amounts paid on cash management fees are related to fund subscriptions and redemptions. The Bank of New York Mellon pays each fund’s transfer agent fees comprised of amounts paid on a per account basis 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, 2021, which is included in Shareholder servicing costs in the Statements of Operations.
Table 5—Transfer Agency Agreement Fees | |
BNY Mellon National Intermediate | $165 |
BNY Mellon National Short-Term | 57 |
BNY Mellon Pennsylvania Intermediate | 28 |
BNY Mellon Massachusetts Intermediate | 68 |
BNY Mellon New York Intermediate | 229 |
BNY Mellon Municipal | 68 |
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, 2021 pursuant to the custody agreement.
Table 6—Custody Agreement Fees | |
BNY Mellon National Intermediate | $30,842 |
BNY Mellon National Short-Term | 15,525 |
BNY Mellon Pennsylvania Intermediate | 4,673 |
BNY Mellon Massachusetts Intermediate | 5,735 |
BNY Mellon New York Intermediate | 3,738 |
BNY Mellon Municipal | 29,184 |
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, 2021 pursuant to the agreement, 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 | $119 |
BNY Mellon National Short-Term | 31 |
BNY Mellon Pennsylvania Intermediate | 16 |
BNY Mellon Massachusetts Intermediate | 45 |
BNY Mellon New York Intermediate | 111 |
BNY Mellon Municipal | 46 |
During the period ended February 28, 2021, each fund was charged $7,299 for services performed by the Chief Compliance Officer and his staff. These fees are included in Chief Compliance Officer fees in the Statements of Operations.
119
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
Table 8 summarizes the components of “Due to BNY Mellon Investment Adviser, Inc. and affiliates” in the Statements of Assets and Liabilities for each fund.
(c) Each Board member also serves as a Board member of other funds within the Trust. Annual retainer fees and attendance fees are allocated to each fund based on net assets.
NOTE 4—Securities Transactions:
Table 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, 2021.
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, 2021 is discussed below.
Futures: In the normal course of pursuing their investment objective, BNY Mellon Municipal Opportunities Fund is exposed to market risk, including interest rate risk, as a result of changes in value of underlying financial instruments. The funds invest in futures in order to manage their exposure to or protect against changes in the market. A futures contract represents a commitment for the future purchase or a sale of an asset at a specified date. Upon entering into such contracts, these investments require initial margin deposits with a counterparty, which consist of cash or cash equivalents. The amount of these deposits is determined by the exchange or Board of Trade on which the contract is traded and is subject to change. Accordingly, variation margin payments are received or made to reflect daily unrealized gains or losses which are recorded in the Statements of Operations. When the contracts are closed, the funds recognize a realized gain or loss which is reflected in the Statements of Operations. There is minimal counterparty credit risk to the funds with futures since they are exchange traded, and the exchange guarantees the futures against default. Futures open at February 28, 2021 are set forth in the Statements of Futures.
Table 8—Due to BNY Mellon Investment Adviser, Inc. and Affiliates | |||||||
| Investment | Administration | Shareholder | Custodian | Transfer Agency | Chief | Less Expense |
BNY Mellon National Intermediate | 745,441 | 243,716 | 14,570 | 17,580 | 66 | 2,621 | - |
BNY Mellon National Short-Term | 272,588 | 89,156 | 3,082 | 9,643 | 29 | 2,621 | - |
BNY Mellon Pennsylvania Intermediate | 78,244 | 17,910 | 1,727 | 2,809 | 12 | 2,621 | - |
BNY Mellon Massachusetts Intermediate | 91,075 | 29,776 | 1,945 | 3,125 | 34 | 2,621 | - |
BNY Mellon New York Intermediate | 64,679 | 14,801 | 2,115 | 2,392 | 150 | 2,621 | (23,004) |
BNY Mellon Municipal Opportunities Fund | 966,309 | 221,086 | 14,320 | 17,996 | 30 | 2,621 | - |
Table 9—Purchases and Sales | ||
| Purchases ($) | Sales ($) |
BNY Mellon National Intermediate Municipal Bond Fund | 787,106,645 | 622,798,945 |
BNY Mellon National Short-Term Municipal Bond Fund | 383,230,619 | 401,245,928 |
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | 67,442,192 | 54,020,656 |
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | 91,758,339 | 64,663,749 |
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | 66,137,106 | 56,712,809 |
BNY Mellon Municipal Opportunities Fund | 1,046,295,848 | 707,319,648 |
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Table 10 summarizes each fund’s average market value of derivatives outstanding during the period ended February 28, 2021.
Table 10—Average Market Value of Derivatives | |
Average | |
BNY Mellon Municipal | 162,543,103 |
Table 11 summarizes gross appreciation, gross depreciation and accumulated net unrealized appreciation (depreciation) on investments inclusive of derivative contracts for each fund at February 28, 2021.
At February 28, 2021, the cost of investments inclusive of derivative contracts for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statements of Investments).
Table 11—Accumulated Net Unrealized Appreciation (Depreciation) | |||
| Gross Appreciation ($) | Gross Depreciation ($) | Net ($) |
BNY Mellon National Intermediate Municipal Bond Fund | 149,115,831 | 7,874,058 | 141,241,773 |
BNY Mellon National Short-Term Municipal Bond Fund | 13,898,193 | 2,775,750 | 11,122,443 |
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | 11,191,473 | 1,120,247 | 10,071,226 |
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | 17,291,042 | 1,064,455 | 16,226,587 |
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | 6,940,813 | 412,875 | 6,527,938 |
BNY Mellon Municipal Opportunities Fund | 170,035,137 | 19,142,710 | 150,892,427 |
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The BNY Mellon Funds
c/o BNY Mellon Investment Adviser, Inc.
240 Greenwich Street
New York, NY 10286
Adviser
BNY Mellon Investment Adviser, Inc.
240 Greenwich Street
New York, NY 10286
Administrator
The Bank of New York Mellon
240 Greenwich Street
New York, NY 10286
Sub-Administrator
BNY Mellon Investment Adviser, Inc.
240 Greenwich Street
New York, NY 10286
Custodian
The Bank of New York Mellon
240 Greenwich Street
New York, NY 10286
Transfer Agent &
Dividend Disbursing Agent
BNY Mellon Transfer, Inc.
240 Greenwich Street
New York, NY 10286
Distributor
BNY Mellon Securities Corporation
240 Greenwich Street
New York, NY 10286
Ticker Symbols: | ||||||||
BNY Mellon National Intermediate Municipal Bond Fund | Class M: MPNIX | Investor: MINMX | ||||||
BNY Mellon National Short-Term Municipal Bond Fund | Class M: MPSTX | Investor: MINSX | ||||||
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | Class M: MPPIX | Investor: MIPAX | ||||||
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | Class M: MMBMX | Investor: MMBIX | ||||||
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | Class M: MNYMX | Investor: MNYIX | ||||||
BNY Mellon Municipal Opportunities Fund | Class M: MOTMX | Investor: MOTIX |
Telephone Wealth Management (WM) Clients, please contact your Account Officer or call 1-866-804-5023. Brokerage Clients of BNY Mellon Wealth Advisors (BNYMWA), please contact your financial representative or call 1-800-830-0549, Option 2 for BNY Mellon Wealth Management Direct or 1-800-843-5466 for former brokerage clients of BNY Mellon Wealth Advisors whose accounts are now held by BNY Mellon Brokerage Services. Individual Account holders, please call BNY Mellon Investment Advisers at 1-800-373-9387.
Mail WM clients, write to your Account Officer, c/o The Bank of New York Mellon, One Mellon Bank Center, Pittsburgh, PA 15258
BNYMWA Brokerage Clients, write to your financial representative, P.O. Box 9012, Hicksville, NY 11802-9012
Individual Account Holders, write to: BNY Mellon Funds, P.O. Box 9879, Providence, RI 02940-8079
Each fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-PORT. The fund’s Forms N-PORT are available on the SEC’s website at http://www.sec.gov.
A description of the policies and procedures that the fund uses to determine how to vote proxies relating to portfolio securities, and information regarding how the fund voted these proxies for the most recent 12-month period ended June 30 is available at http:// www.im.bnymellon.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 1-800-373-9387.
© 2021 BNY Mellon Securities Corporation | MFTSA0221-MB |
Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures applicable to Item 10.
Item 11. Controls and Procedures.
(a) The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
(b) There were no changes to the Registrant's internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
(a)(1) Not applicable.
(a)(3) Not applicable.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
BNY Mellon Funds Trust
By: /s/ Patrick T. Crowe
Patrick T. Crowe
President (Principal Executive Officer)
Date: April 26, 2021
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: /s/ Patrick T. Crowe
Patrick T. Crowe
President (Principal Executive Officer)
Date: April 26, 2021
By: /s/ James Windels
James Windels
Treasurer (Principal Financial Officer)
Date: April 26, 2021
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)