UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
| Investment Company Act file number | 811-09903 |
| | |
| | BNY Mellon Funds Trust | |
| | (Exact name of Registrant as specified in charter) | |
| | | |
| | c/o BNY Mellon Investment Adviser, Inc. 240 Greenwich Street New York, New York 10286 | |
| | (Address of principal executive offices) (Zip code) | |
| | | |
| | Deirdre Cunnane, Esq. 240 Greenwich Street New York, New York 10286 | |
| | (Name and address of agent for service) | |
| |
| Registrant's telephone number, including area code: | (212) 922-6400 |
| | |
Date of fiscal year end: | 08/31 | |
| Date of reporting period: | 08/31/2021 | |
| | | | | | | |
FORM N-CSR
Item 1. Reports to Stockholders.
The BNY Mellon Funds
BNY Mellon Bond Fund
BNY Mellon Intermediate Bond Fund
BNY Mellon Corporate Bond Fund
BNY Mellon Short-Term U.S. Government Securities Fund
| | |
ANNUAL REPORT
August 31, 2021 |
| |
Contents
THE FUNDS
FOR MORE INFORMATION
Back Cover
| |
| |
Save time. Save paper. View your next shareholder report online as soon as it’s available. Log into www.im.bnymellon.com and sign up for eCommunications. It’s simple and only takes a few minutes. |
| |
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 August 31, 2021, as provided by John F. Flahive, CFA, Portfolio Manager
Market and Fund Performance Overview
For the 12-month period ended August 31, 2021, BNY Mellon Bond Fund’s Class M shares produced a total return of 0.50%, and Investor shares produced a total return of 0.30%.1 In comparison, the fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index (the “Index”), produced a total return of −0.08% for the same period.2
Bonds produced marginally negative results over the 12 months after the yield curve steepened during the middle part of the period. The fund produced higher returns than the Index, due in part to positive allocation and duration effects within corporate debt and Treasury bonds.
The Fund’s Investment Approach
The fund seeks total return (consisting of capital appreciation and current income). To pursue its goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in bonds. The investment adviser actively manages the fund’s bond market and maturity exposure and credit profile and uses a disciplined process to select bonds and manage risks. The fund’s investments in bonds must be rated investment grade (i.e., Baa/BBB or higher) at the time of purchase or, if unrated, deemed of comparable quality by the investment adviser.3 Investments in bonds may include government securities, corporate bonds, mortgage-related securities and municipal securities. Generally, the average effective duration of the fund’s portfolio will not exceed eight years.
Risk Assets Rally on Economic Reopening
Early in the reporting period, risk assets rallied on continued support from the U.S. Federal Reserve (the “Fed”) 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 U.S. economic activity to pick up. 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 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.
The U.S. Treasury yield curve steepened in early 2021 with rates on intermediate- and long-dated debt rising as investors anticipated economic reopening, and concerns surfaced about potential increases in inflation. While long-dated Treasury bonds underperformed the broader market, prices of lower credit rated securities continued to gain as global economic activity improved, U.S. and European central banks remained accommodative, and default rates further declined. The trend peaked in late March, with longterm Treasury yields declining moderately before bottoming out in early August. However, yields in the front end of the curve continued to rise gradually as the curve flattened. The market’s risk-on rally moderated somewhat in July and August after the Delta variant of the COVID-19 virus began to spread widely, and the Fed signaled its belief that inflationary pressures were likely to prove transitory.
Allocations Add Significantly to Performance
The fund outperformed the Index largely due to allocation decisions in Treasury and corporate sectors. Underweight exposure to Treasury securities, 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 portfolio’s holdings, while an underweight to the underperforming asset class also proved beneficial. Exposure to Treasury Inflation-Protected Securities (TIPS) further bolstered the fund’s relative performance, as TIPS are indexed to inflation to provide investors with protection against rising rates. Holdings of taxable municipal bonds enhanced performance as well, with municipalities benefiting from the broad economic recovery and substantial federal assistance to localities. Finally, overweight exposure to corporate bonds, which generally outperformed Treasury bonds at a time of improving corporate earnings, provided additional support to returns, with particularly positive results from the finance, industrial and energy sectors.
On the negative side, slightly underweight exposure to structured debt and relatively short duration within the asset class slightly undermined relative performance. Moderate flattening of the yield curve late in the period also detracted slightly from performance compared to the Index.
Cautiously but Constructively Positioned
Despite the impact of the Delta variant of the COVID-19 virus, the U.S. economy continues to recover. However, employment remains well below pre-pandemic levels. Inflation, while rising, remains within the target range set by the Fed. In this environment, we think it unlikely the Fed will begin to taper its bond buying program or raise the short-term federal funds rate in the immediate future, events that could affect bond prices and yields. In the absence of other major unexpected events, we expect only moderate and gradual changes to the fund’s yield outlook. With spreads between Treasury securities and the fund’s other areas of investment currently at historically tight levels, further tightening seems unlikely.
Given these conditions, our team remains cautious regarding duration, maintaining the fund’s moderately underweight exposure to the longest part of the curve. At the same time, the fund continues to hold underweight exposure to Treasury bills. We also maintain the fund’s overweight exposure to lower credit- quality corporate bonds that provide relatively
2
high yields in the expectation that corporate profitability is likely to remain strong. We believe the prevailing trend toward lower default rates further supports the fund’s investments in lower credit-quality issues.
September 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 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 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.
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 August 31, 2021, as provided by John F. Flahive, CFA, Portfolio Managers
Market and Fund Performance Overview
For the 12-month period ended August 31, 2021, BNY Mellon Intermediate Bond Fund’s Class M shares produced a total return of 0.62%, and Investor shares produced a total return of 0.42%.1 In comparison, the fund’s benchmark, the Bloomberg U.S. Intermediate Government/Credit Index (the “Index”), produced a total return of 0.17% for the same period.2
Intermediate-term bonds produced marginally positive results over the 12 months after the yield curve steepened during the middle part 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 in bonds. The investment adviser actively manages bond market and maturity exposure and credit profile and uses a disciplined process to select bonds and manage risk.
Investments in bonds may include government securities, corporate bonds and municipal bonds. The fund’s investments in bonds must be rated investment grade at the time of purchase or, if unrated, deemed of comparable quality by the investment adviser.3 Generally, the fund’s average effective portfolio maturity will be between three and 10 years, and the average effective duration of the fund’s portfolio will be between 2.5 and 5.5 years. When managing the fund, we use a disciplined process to select bonds and manage risk. We generally choose bonds based on yield, credit quality, the level of interest rates and inflation, general economic and financial trends, and our outlook for the securities markets. Our management process also includes computer modeling and scenario testing of possible changes in market conditions.
Risk Assets Rally on Economic Reopening
Early in the reporting period, risk assets rallied on continued support from the U.S. Federal Reserve (the “Fed”) 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 U.S. economic activity to pick up. 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 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.
The U.S. Treasury yield curve steepened in early 2021 with rates on intermediate- and long-dated debt rising as investors anticipated economic reopening, and concerns surfaced about potential increases in inflation. At the same time, the fund continues to hold an underweight to Treasury obligations. The trend peaked in late March, with long-term Treasury yields declining moderately before bottoming out in early August. However, yields in the front end of the curve continued to rise gradually as the curve flattened. The market’s risk-on rally moderated somewhat in July and August after the Delta variant of the COVID-19 virus began to spread widely, and the Fed signaled its belief that inflationary pressures were likely to prove transitory.
Allocations Add Significantly to Performance
The fund outperformed the Index largely due to allocation decisions in Treasury and corporate sectors. Underweight exposure to Treasury securities, 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 portfolio’s holdings, while an underweight to the underperforming asset class also proved beneficial. Out-of-benchmark exposure to Treasury Inflation-Protected Securities (TIPS) further bolstered the fund’s relative performance, as TIPS are indexed to inflation to provide investors with protection against rising rates. An overweight position and good security selection in taxable municipal bonds enhanced performance as well, with municipalities benefiting from the broad economic recovery and substantial federal assistance to localities. Finally, materially overweight exposure to corporate bonds, which generally outperformed Treasury bonds at a time of improving corporate earnings, provided significant additional support to returns, with particularly positive results from the finance, industrial and energy sectors.
Moderate flattening of the yield curve late in the period slightly undermined performance compared to the Index; however, no positions held in the fund materially detracted from relative returns.
Cautiously but Constructively Positioned
Despite the impact of the Delta variant of the COVID-19 virus, the U.S. economy continues to recover.
However, employment remains well below pre-pandemic levels. Inflation, while rising, remains within the target range set by the Fed. In this environment, we think it unlikely the Fed will begin to taper its bond buying program or raise the short-term federal funds rate in the immediate future, events that could affect bond prices and yields. In the absence of other major unexpected events, we expect only moderate and gradual changes to the fund’s yield outlook. With spreads between Treasury securities and the fund’s other areas of investment currently at historically tight levels, further tightening seems unlikely.
4
Given these conditions, our team remains cautious regarding duration, maintaining the fund’s underweight exposure to the longest part of the curve. At the same time, the fund continues to hold underweight exposure to Treasury bills. We also maintain the fund’s overweight exposure to lower credit-quality corporate bonds that provide relatively high yields in the expectation that corporate profitability is likely to remain strong. We believe the prevailing trend toward lower default rates further supports the fund’s investments in lower credit-quality issues.
September 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 U.S. Intermediate Government/Credit Index is a broad-based, flagship benchmark that measures the non-securitized component of the Bloomberg U.S. Aggregate Bond Index. Investors cannot invest directly in any index.
3 The fund may continue to own investment-grade bonds (at the time of purchase), which are subsequently downgraded to below investment grade.
Bonds are subject generally to interest-rate, credit, liquidity and market risks, to varying degrees, all of which are more fully described in the fund’s prospectus. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes, and rate increases can cause price declines.
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 August 31, 2021, as provided by John F. Flahive, CFA, Portfolio Manager
Market and Fund Performance Overview
For the 12-month period ended August 31, 2021, BNY Mellon Corporate Bond Fund’s Class M shares produced a total return of 4.29%, and Investor shares produced a total return of 4.02%.1 In comparison, the fund’s benchmark, the Bloomberg U.S. Intermediate Credit Index (the “Index”), produced a total return of 1.45%, and the Bloomberg U.S. Credit Index, the fund’s secondary benchmark, produced a total return of 2.26% for the same period.2,3
Investment-grade, corporate-backed bonds produced mixed results over the 12 months, depending on the maturity profile of the bond. Longer-dated securities generally outperformed their short- or intermediate-maturity counterparts. The fund produced higher returns than the primary and secondary benchmark, primarily due to strong 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, which include U.S. dollar-denominated bonds issued by U.S. and foreign corporations. Although not a principal investment strategy, the remainder of the fund’s assets may be invested in U.S. government and agency bonds, mortgage-related securities, including commercial mortgage-backed securities, asset-backed securities, foreign corporate bonds denominated in foreign currencies, foreign government bonds, municipal bonds and commercial paper, and other money market instruments. Although not a principal investment strategy, for additional yield, the fund may invest up to 20% of its assets in fixed-income securities rated below investment grade (“high yield” or “junk” bonds) or the unrated equivalent as determined by the investment adviser, but no lower than Ba-/BB- (or the unrated equivalent as determined by the investment adviser) in the case of mortgage related and asset backed securities.
The investment adviser uses a disciplined process to select bonds and manage risk. The investment adviser chooses bonds based on yield, credit quality, the level of interest rates and inflation, general economic and financial trends, and its outlook for the securities markets. In selecting corporate bonds for investment, the fund’s portfolio managers analyze fundamental metrics, including the issuer’s cash flow, leverage and operating margins, as well as its business strategy and operating performance, and macroeconomic factors.
Risk Assets Rally on Economic Reopening
Early in the reporting period, risk assets rallied on continued support from the U.S. Federal Reserve (the “Fed”) 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 U.S. economic activity to pick up. 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 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.
The U.S. Treasury yield curve steepened in early 2021 with rates on intermediate- and long-dated debt rising as investors anticipated economic reopening and concerns surfaced about potential increases in inflation. While long- dated Treasury bonds underperformed the broader market, prices of lower credit-rated securities continued to gain as global economic activity improved, U.S. and European central banks remained accommodative and default rates further declined. The trend peaked in late March, with long-term Treasury yields declining moderately before bottoming out in early August. However, yields in the front end of the curve continued to rise gradually as the curve flattened. The market’s risk-on rally moderated somewhat in July and August after the Delta variant of the COVID19 virus began to spread widely, and the Fed signaled its belief that inflationary pressures were likely to prove transitory.
Allocations Add Significantly to Performance
Allocation decisions significantly enhanced performance compared to the Index, with security selection making a positive contribution as well. Overweight exposure to issues with lower credit-quality ratings versus the Index, particularly BBB rated debt, was a primary driver of outperformance. The fund held underweight exposure to government-related agency bonds, where strong selection bolstered relative returns. Among industry sectors, overweight exposure to financials provided the most significant boost to performance. Other outperforming sector positions included transportation, technology, consumer cyclicals, consumer non-cyclicals and basic industries. Slightly long duration relative to the benchmark had a marginally negative affect on performance.
Cautiously but Constructively Positioned
Despite the impact of the Delta variant of the COVID-19 virus, the U.S. economy continues to recover. However, employment remains well below pre-pandemic levels. Inflation, while rising, remains within the target range set by the Fed. In this environment, we think it unlikely the Fed will begin to taper its bond buying program or raise the short-term federal funds rate in the immediate future, events that could affect bond prices and yields. In the absence of other major unexpected events, we expect only moderate and gradual changes to the fund’s yield outlook. With spreads between Government Relate Securities and the fund’s other
6
areas of investment currently at historically tight levels, further tightening seems unlikely.
In the expectation that defaults rates are likely to remain low and corporate profitability is likely to remain strong as the economy recovers, we are currently maintaining the fund’s overweight exposure to lower credit quality corporate bonds that provide relatively high yields. At the same time, the fund continues to hold underweight exposure to Government ( or Gov) Related Securities. The fund’s duration remains slightly long compared to the Index. From a security selection perspective, we continue to rely on our disciplined, active, bottom-up selection process while maintaining a soundly diversified portfolio.
September 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 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 one year and less than 10 years. It is composed of the U.S. Corporate Index and a noncorporate 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 U.S. Credit Index measures the investment-grade, U.S. dollar-denominated, fixed-rate, taxable corporate and government-related bond markets. It is composed of the U.S. Corporate Index and a non-corporate component that includes non-U.S. agencies sovereigns, supranationals and local authorities. Investors cannot invest directly in any index.
Bonds are subject generally to interest-rate, credit, liquidity and market risks, to varying degrees, all of which are more fully described in the
fund’s prospectus. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes, and rate increases can cause price declines.
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.
7
DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)
For the period of September 1, 2020 through August 31, 2021, as provided by Lawrence R. Dunn, CFA, Portfolio Manager
Market and Fund Performance Overview
For the 12-month period ended August 31, 2021, BNY Mellon Short-Term U.S. Government Securities Fund’s Class M shares produced a total return of −0.15%, and Investor shares produced a total return of −0.37%.1 In comparison, the Bloomberg U.S. Government 1-3 Year Bond Index (the “Index”), the fund’s benchmark, produced a total return of 0.15% for the same period.2
Short-term U.S. government securities produced modestly positive total returns over the 12 months in an environment of accommodative central bank policies. The fund underperformed its benchmark mainly due to positioning in Treasury securities in the first half of the period and duration position in agency mortgages in the second half.
The Fund’s Investment Approach
The fund seeks to provide as high a level of current income as is consistent with the preservation of capital. To pursue this goal, the fund 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.
Risk Assets Rally on Economic Reopening
Early in the reporting period, risk assets rallied on continued support from the U.S. Federal Reserve (the “Fed”) 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 U.S. economic activity to pick up. 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 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.
The U.S. Treasury yield curve steepened in early 2021 with rates on intermediate- and long-dated debt rising as investors anticipated economic reopening, and concerns surfaced about potential increases in inflation. While long-dated Treasury bonds underperformed the broader market, prices of lower credit rated securities continued to gain as global economic activity improved, U.S. and European central banks remained accommodative, and default rates further declined. The trend peaked in late March, with long-term Treasury yields declining moderately before bottoming out in early August. However, yields in the front end of the curve continued to rise gradually as the curve flattened. The market’s risk-on rally moderated somewhat in the July and August after the Delta variant of the COVID-19 virus began to spread widely, and the Fed signaled its belief that inflationary pressures were likely to prove transitory. Non-Treasury credits and mortgage spreads generally traded sideways throughout the second half of the period, with spreads to Treasury bills remaining very tight.
Duration and Lack of Yield Constrain Performance
During the first half of the period, the fund’s performance compared to the Index was constrained by its relatively long duration positioning in Treasuries, 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 enhanced performance, as mortgage spreads compressed throughout the period. A relatively small allocation to taxable municipal securities also provided a tailwind.
The second half of the period saw conditions shift, with tight spreads and the fund’s relatively short duration among mortgage product holdings constraining relative performance. We increased the fund’s mortgage exposure while working to extend the duration—and thus the yield—of these holdings, while avoiding exposure to the risk of an unexpectedly sharp duration extension. Taxable municipal securities, which made up a shrinking percentage of the fund’s investments, continued to bolster returns.
Seeking Opportunities for Increased Yields
Despite the impact of the Delta variant of the COVID-19 virus, the U.S. economy continues to recover. However, employment remains well below pre-pandemic levels. Inflation, while rising, remains within the target range set by the Fed. In this environment, we think it unlikely the Fed will begin to taper its bond buying program or raise the short-term federal funds rate in the immediate future, events that could affect bond prices and yields. In the absence of other major unexpected events, we expect only moderate and
8
gradual changes to the fund’s yield outlook. With spreads between Treasury securities and the fund’s other areas of investment currently at historically tight levels, further tightening seems unlikely. Moderate widening could occur, providing us an opportunity to position the fund further out the yield curve and thereby increase the yields of mortgage holdings.
September 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. The fund’s return reflects the absorption of certain fund expenses by BNY Mellon Investment Adviser, Inc. pursuant to an agreement in effect through March 31, 2022, at which time it may be extended, modified or terminated. Had these expenses not been absorbed, returns would have been lower.
2 Source: Lipper Inc. – The Bloomberg 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
FUND PERFORMANCE (Unaudited)
Comparison of change in value of a $10,000 investment in Class M shares and Investor shares of BNY Mellon Bond Fund with a hypothetical investment of $10,000 in the Bloomberg U.S. Aggregate Bond Index (the “Index”)
| | | | |
Average Annual Total Returns as of 8/31/2021 |
| 1 Year | 5 Years | 10 Years |
Class M shares | 0.50% | 3.25% | 3.15% |
Investor shares | 0.30% | 3.00% | 2.90% |
Bloomberg U.S. Aggregate Bond Index | -0.08% | 3.11% | 3.18% |
† Source: Lipper Inc.
The above graph compares a hypothetical $10,000 investment made in each of the Class M shares and Investor shares of BNY Mellon Bond Fund on 8/31/11 to a hypothetical investment of $10,000 made in the Index on that date. All dividends and capital gain distributions are reinvested.
The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M shares and Investor shares. The Index is a broad-based flagship benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS and CMBS (agency and nonagency). Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to www.im.bnymellon.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
10
Comparison of change in value of a $10,000 investment in Class M shares and Investor shares of BNY Mellon Intermediate Bond Fund with a hypothetical investment of $10,000 in the Bloomberg U.S. Intermediate Government/Credit Index (the “Index”)
| | | | |
Average Annual Total Returns as of 8/31/2021 |
| 1 Year | 5 Years | 10 Years |
Class M shares | 0.62% | 2.44% | 2.15% |
Investor shares | 0.42% | 2.19% | 1.89% |
Bloomberg U.S. Intermediate
Government/Credit Index | 0.17% | 2.75% | 2.57% |
† Source: Lipper Inc.
The above graph compares a hypothetical $10,000 investment made in each of the Class M shares and Investor shares of BNY Mellon Intermediate Bond Fund on 8/31/11 to a hypothetical investment of $10,000 made in the Index on that date. All dividends and capital gain distributions are reinvested.
The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M shares and Investor shares. The Index is a broad-based flagship benchmark that measures the non-securitized component of the Bloomberg U.S. Aggregate Bond Index. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to www.im.bnymellon.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
11
FUND PERFORMANCE (Unaudited) (continued)
Comparison of change in value of a $10,000 investment in Class M shares and Investor shares of BNY Mellon Corporate Bond Fund with a hypothetical investment of $10,000 in the Bloomberg U.S. Intermediate Credit Index and the Bloomberg U.S. Credit Index
| | | | | |
Average Annual Total Returns as of 8/31/2021 |
| Inception
Date | 1 Year | 5 Year | From
Inception |
Class M shares | 3/2/12 | 4.29% | 4.83% | 4.57% |
Investor shares | 3/2/12 | 4.02% | 4.58% | 4.31% |
Bloomberg U.S. Intermediate Credit Index | 2/29/12 | 1.45% | 3.62% | 3.55%†† |
Bloomberg U.S. Credit Index | 2/29/12 | 2.26% | 4.54% | 4.47%†† |
† Source: Lipper Inc.
The above graph compares a hypothetical $10,000 investment made in each of the Class M shares and Investor shares of BNY Mellon Corporate Bond Fund on 3/2/12 (fund’s inception date) to a hypothetical investment of $10,000 made in each of the Bloomberg U.S. Intermediate Credit Index and the Bloomberg U.S. Credit Index on that date. All dividends and capital gain distributions are reinvested.
The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M shares and Investor shares. The Bloomberg U.S. Intermediate Credit Index measures the investment-grade, U.S. dollar-denominated, fixed-rate, taxable corporate and government-related bond markets with a maturity greater than 1 year and less than 10 years. It is composed of the U.S. Corporate Index and a non-corporate component that includes non-U.S. agencies, sovereigns, supranationals and local authorities constrained by maturity. The U.S. Intermediate Credit Index is a subset of the U.S. Credit Index which feeds into the U.S. Government/Credit Index and U.S. Aggregate Index. The Bloomberg U.S. Credit Index measures the investment-grade, U.S. dollar-denominated, fixed-rate, taxable corporate and government-related bond markets. It is composed of the U.S. Corporate Index and a non-corporate component that includes non-U.S. agencies sovereigns, supranationals and local authorities. Unlike a mutual fund, the indices are not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
†† For comparative purposes, the value of the indices as of 02/29/12 is used as the beginning value on 3/2/12.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to www.im.bnymellon.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
12
Comparison of change in value of a $10,000 investment in Class M shares and Investor shares of BNY Mellon Short-Term U.S. Government Securities Fund with a hypothetical investment of $10,000 in the Bloomberg U.S. Government 1-3 Year Bond Index (the “Index”)
| | | | |
Average Annual Total Returns as of 8/31/2021 |
| 1 Year | 5 Years | 10 Years |
Class M shares | -0.15% | 1.25% | 0.73% |
Investor shares | -0.37% | 1.00% | 0.48% |
Bloomberg U.S. Government
1-3 Year Bond Index | 0.15% | 1.69% | 1.18% |
† Source: Lipper Inc.
The above graph compares a hypothetical $10,000 investment made in each of the Class M shares and Investor shares of BNY Mellon Short-Term U.S. Government Securities Fund on 8/31/11 to a hypothetical investment of $10,000 made in the Index on that date. All dividends and capital gain distributions are reinvested.
The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M shares and Investor shares. The Index comprises the U.S. Treasury and U.S. Agency Indices. The index includes U.S. dollar-denominated, fixed-rate, nominal U.S. Treasuries and U.S. agency debentures, which reach maturity in 1-3 years. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to www.im.bnymellon.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
13
UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited)
As a mutual fund investor, you pay ongoing expenses, such as management fees and other expenses. Using the information below, you can estimate how these expenses affect your investment and compare them with the expenses of other funds. You also may pay one-time transaction expenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial adviser.
Review your fund’s expenses
The table below shows the expenses you would have paid on a $1,000 investment in each class of each fund from March 1, 2021 to August 31, 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 August 31, 2021 | | | | | | | | | | |
| | | | | | | | | Class M | | | | | | Investor Shares | | |
BNY Mellon Bond Fund | | | | | | | | | | | | | | | |
Expenses paid per $1,000† | | | | | | $ | 2.79 | | | | | $ | 4.06 | | |
Ending value (after expenses) | | | | | | $ | 1,012.90 | | | | | $ | 1,012.40 | | |
Annualized expense ratio (%) | | | | | | | .55 | | | | | | .80 | | |
BNY Mellon Intermediate Bond Fund | | | | | | | | | | | | | | | |
Expenses paid per $1,000† | | | | | | $ | 2.78 | | | | | $ | 4.05 | | |
Ending value (after expenses) | | | | | | $ | 1,007.40 | | | | | $ | 1,006.00 | | |
Annualized expense ratio (%) | | | | | | | .55 | | | | | | .80 | | |
BNY Mellon Corporate Bond Fund | | | | | | | | | | | | | | | |
Expenses paid per $1,000† | | | | | | $ | 2.85 | | | | | $ | 4.12 | | |
Ending value (after expenses) | | | | | | $ | 1,020.90 | | | | | $ | 1,019.60 | | |
Annualized expense ratio (%) | | | | | | | .56 | | | | | | .81 | | |
BNY Mellon Short-Term U.S. Government Securities Fund | | | | | | | | | | | | | |
Expenses paid per $1,000† | | | | | | $ | 2.57 | | | | | $ | 3.83 | | |
Ending value (after expenses) | | | | | | $ | 998.60 | | | | | $ | 998.00 | | |
Annualized expense ratio (%) | | | | | | | .51 | | | | | | .76 | | |
† Expenses are equal to each fund’s annualized expense ratios as shown above, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
14
COMPARING YOUR FUND’S EXPENSES
WITH THOSE OF OTHER FUNDS (Unaudited)
Using the SEC’s method to compare expenses
The Securities and Exchange Commission (“SEC”) has established guidelines to help investors assess fund expenses. Per these guidelines, the table below shows your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return. You can use this information to compare the ongoing expenses (but not transaction expenses or total cost) of investing in the fund with those of other funds. All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.
| | | | | | | | | | | | | | | | | | |
Expenses and Value of a $1,000 Investment |
Assuming a hypothetical 5% annualized return for the six months ended August 31, 2021 | | | |
| | | | | | | | | Class M | | | | | | Investor Shares | | |
BNY Mellon Bond Fund | | | | | | | | | | | | | | | |
Expenses paid per $1,000† | | | | | | $ | 2.80 | | | | | $ | 4.08 | | |
Ending value (after expenses) | | | | | | $ | 1,022.43 | | | | | $ | 1,021.17 | | |
Annualized expense ratio (%) | | | | | | | .55 | | | | | | .80 | | |
BNY Mellon Intermediate Bond Fund | | | | | | | | | | | | | | | |
Expenses paid per $1,000† | | | | | | $ | 2.80 | | | | | $ | 4.08 | | |
Ending value (after expenses) | | | | | | $ | 1,022.43 | | | | | $ | 1,021.17 | | |
Annualized expense ratio (%) | | | | | | | .55 | | | | | | .80 | | |
BNY Mellon Corporate Bond Fund | | | | | | | | | | | | | | | |
Expenses paid per $1,000† | | | | | | $ | 2.85 | | | | | $ | 4.13 | | |
Ending value (after expenses) | | | | | | $ | 1,022.38 | | | | | $ | 1,021.12 | | |
Annualized expense ratio (%) | | | | | | | .56 | | | | | | .81 | | |
BNY Mellon Short-Term U.S. Government Securities Fund | | | | | | | | | | | | | |
Expenses paid per $1,000† | | | | | | $ | 2.60 | | | | | $ | 3.87 | | |
Ending value (after expenses) | | | | | | $ | 1,022.63 | | | | | $ | 1,021.37 | | |
Annualized expense ratio (%) | | | | | | | .51 | | | | | | .76 | | |
† Expenses are equal to each fund’s annualized expense ratios as shown above, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
15
STATEMENT OF INVESTMENTS
August 31, 2021
| | | | | | | | | | |
| |
BNY Mellon Bond Fund |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Bonds and Notes - 98.6% | | | | | |
Aerospace & Defense - 1.0% | | | | | |
Northrop Grumman, Sr. Unscd. Notes | | 2.93 | | 1/15/2025 | | 5,255,000 | | 5,589,565 | |
The Boeing Company, Sr. Unscd. Notes | | 2.20 | | 2/4/2026 | | 1,000,000 | | 1,004,106 | |
The Boeing Company, Sr. Unscd. Notes | | 4.88 | | 5/1/2025 | | 6,125,000 | | 6,849,718 | |
| | 13,443,389 | |
Airlines - 1.0% | | | | | |
American Airlines Pass Through Trust, Ser. 2015-1, Cl. A | | 3.38 | | 5/1/2027 | | 4,311,591 | | 4,268,635 | |
Delta Air Lines Pass Through Trust, Ser. 2019-1, Cl. AA | | 3.20 | | 4/25/2024 | | 4,225,000 | | 4,492,211 | |
United Airlines Pass Through Trust, Ser. 2019-2, Cl. AA | | 2.70 | | 5/1/2032 | | 4,546,028 | | 4,590,016 | |
| | 13,350,862 | |
Automobiles & Components - .4% | | | | | |
General Motors, Sr. Unscd. Notes | | 5.40 | | 10/2/2023 | | 2,850,000 | | 3,116,663 | |
General Motors Financial, Sr. Unscd. Notes | | 1.50 | | 6/10/2026 | | 2,500,000 | | 2,502,889 | |
| | 5,619,552 | |
Banks - 7.1% | | | | | |
Banco Santander, Sr. Unscd. Notes | | 2.75 | | 5/28/2025 | | 6,000,000 | | 6,327,706 | |
Bank of America, Sub. Notes, Ser. L | | 3.95 | | 4/21/2025 | | 9,000,000 | | 9,861,202 | |
Citigroup, Sub. Notes | | 4.45 | | 9/29/2027 | | 9,000,000 | | 10,314,042 | |
Citizens Bank, Sr. Unscd. Notes | | 2.25 | | 4/28/2025 | | 5,875,000 | | 6,150,356 | |
Credit Suisse Group, Sr. Unscd. Notes | | 4.21 | | 6/12/2024 | | 6,500,000 | a | 6,888,284 | |
HSBC Holdings, Sr. Unscd. Notes | | 4.95 | | 3/31/2030 | | 6,000,000 | | 7,253,750 | |
JPMorgan Chase & Co., Jr. Sub. Bonds, Ser. II | | 4.00 | | 4/1/2025 | | 5,475,000 | b | 5,567,007 | |
Lloyds Bank, Jr. Sub. Notes | | 12.00 | | 12/16/2024 | | 4,000,000 | a,b,c | 4,236,500 | |
Morgan Stanley, Sr. Unscd. Notes | | 1.59 | | 5/4/2027 | | 10,180,000 | | 10,280,478 | |
NatWest Group, Sr. Unscd. Notes | | 5.08 | | 1/27/2030 | | 5,500,000 | | 6,601,532 | |
Nordea Bank, Jr. Sub. Notes | | 6.63 | | 3/26/2026 | | 4,280,000 | a,b | 4,938,927 | |
Societe Generale, Sub. Notes | | 4.75 | | 11/24/2025 | | 5,200,000 | a | 5,793,265 | |
The Goldman Sachs Group, Sub. Notes | | 6.75 | | 10/1/2037 | | 8,270,000 | | 12,065,093 | |
| | 96,278,142 | |
Beverage Products - .6% | | | | | |
Anheuser-Busch InBev Worldwide, Gtd. Notes | | 4.90 | | 2/1/2046 | | 6,250,000 | | 7,988,509 | |
Chemicals - 1.0% | | | | | |
Huntsman International, Sr. Unscd. Notes | | 4.50 | | 5/1/2029 | | 7,775,000 | | 8,921,191 | |
Yara International, Sr. Unscd. Notes | | 3.15 | | 6/4/2030 | | 4,000,000 | a | 4,278,180 | |
| | 13,199,371 | |
Commercial & Professional Services - 1.4% | | | | | |
Global Payments, Sr. Unscd. Notes | | 4.80 | | 4/1/2026 | | 5,765,000 | | 6,592,533 | |
Novant Health, Unscd. Bonds | | 2.64 | | 11/1/2036 | | 4,800,000 | | 4,976,619 | |
The George Washington University, Unscd. Bonds, Ser. 2018 | | 4.13 | | 9/15/2048 | | 5,350,000 | | 6,772,652 | |
| | 18,341,804 | |
Commercial Mortgage Pass-Through Certificates - 1.3% | | | | | |
UBS Commercial Mortgage Trust, Ser. 2012-C1, Cl. A3 | | 3.40 | | 5/10/2045 | | 3,377,904 | | 3,392,426 | |
WFRBS Commercial Mortgage Trust, Ser. 2013-C12, CI. A4 | | 3.20 | | 3/15/2048 | | 4,673,368 | | 4,816,452 | |
WFRBS Commercial Mortgage Trust, Ser. 2013-C13, Cl. A4 | | 3.00 | | 5/15/2045 | | 9,045,000 | | 9,324,604 | |
| | 17,533,482 | |
Diversified Financials - 2.4% | | | | | |
AerCap Global Aviation Trust, Gtd. Notes | | 1.75 | | 1/30/2026 | | 4,775,000 | | 4,726,603 | |
Aircastle, Sr. Unscd. Notes | | 2.85 | | 1/26/2028 | | 10,500,000 | a | 10,750,675 | |
Ares Capital, Sr. Unscd. Notes | | 2.88 | | 6/15/2028 | | 6,000,000 | | 6,122,463 | |
BlackRock TCP Capital, Sr. Unscd. Notes | | 2.85 | | 2/9/2026 | | 3,800,000 | | 3,891,230 | |
Blackstone Secured Lending Fund, Sr. Unscd. Notes | | 2.13 | | 2/15/2027 | | 4,750,000 | a | 4,697,235 | |
Owl Rock Capital, Sr. Unscd. Notes | | 2.63 | | 1/15/2027 | | 1,600,000 | | 1,616,208 | |
| | 31,804,414 | |
Electronic Components - .5% | | | | | |
Jabil, Sr. Unscd. Notes | | 3.60 | | 1/15/2030 | | 5,975,000 | | 6,465,829 | |
16
| | | | | | | | | | |
| |
BNY Mellon Bond Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Bonds and Notes - 98.6% (continued) | | | | | |
Energy - 3.4% | | | | | |
BP Capital Markets, Gtd. Notes | | 2.50 | | 11/6/2022 | | 5,500,000 | | 5,643,398 | |
Cheniere Corpus Christi Holdings, Sr. Scd. Notes | | 5.13 | | 6/30/2027 | | 4,350,000 | | 5,062,413 | |
Diamondback Energy, Gtd. Notes | | 3.13 | | 3/24/2031 | | 4,800,000 | | 5,001,818 | |
Diamondback Energy, Gtd. Notes | | 3.50 | | 12/1/2029 | | 4,535,000 | | 4,888,798 | |
Enbridge, Gtd. Notes | | 2.50 | | 8/1/2033 | | 3,520,000 | | 3,557,326 | |
Energy Transfer, Sr. Unscd. Notes | | 5.25 | | 4/15/2029 | | 9,925,000 | | 11,701,716 | |
Marathon Petroleum, Sr. Unscd. Notes | | 3.80 | | 4/1/2028 | | 4,825,000 | | 5,330,056 | |
Sabine Pass Liquefaction, Sr. Scd. Notes | | 4.50 | | 5/15/2030 | | 4,000,000 | | 4,637,473 | |
| | 45,822,998 | |
Environmental Control - .3% | | | | | |
Waste Connections, Sr. Unscd. Notes | | 3.50 | | 5/1/2029 | | 4,000,000 | | 4,438,811 | |
Financials - .3% | | | | | |
Apollo Management Holdings, Gtd. Notes | | 4.87 | | 2/15/2029 | | 3,775,000 | a | 4,420,987 | |
Food Products - .5% | | | | | |
The Kroger Company, Sr. Unscd. Notes | | 1.70 | | 1/15/2031 | | 6,640,000 | | 6,433,167 | |
Foreign Governmental - .4% | | | | | |
Province of Quebec, Unscd. Bonds | | 0.60 | | 7/23/2025 | | 5,000,000 | c | 4,981,107 | |
Health Care - 3.0% | | | | | |
AbbVie, Sr. Unscd. Notes | | 3.20 | | 11/21/2029 | | 6,000,000 | | 6,562,789 | |
Amgen, Sr. Unscd. Notes | | 5.65 | | 6/15/2042 | | 4,955,000 | | 6,911,294 | |
Astrazeneca Finance, Gtd. Notes | | 1.20 | | 5/28/2026 | | 4,450,000 | | 4,475,620 | |
CVS Health, Sr. Unscd. Notes | | 4.78 | | 3/25/2038 | | 7,250,000 | | 9,033,048 | |
Kaiser Foundation Hospitals, Unscd. Bonds, Ser. 2021 | | 2.81 | | 6/1/2041 | | 4,825,000 | | 4,988,082 | |
PeaceHealth Obligated Group, Sr. Unscd. Bonds, Ser. 2020 | | 1.38 | | 11/15/2025 | | 4,000,000 | | 4,061,524 | |
The Johns Hopkins Health System, Unscd. Bonds | | 3.84 | | 5/15/2046 | | 3,685,000 | | 4,408,834 | |
| | 40,441,191 | |
Industrial - .3% | | | | | |
John Deere Capital, Sr. Unscd. Notes | | 0.45 | | 1/17/2024 | | 4,245,000 | c | 4,248,021 | |
Information Technology - 2.1% | | | | | |
Adobe, Sr. Unscd. Notes | | 3.25 | | 2/1/2025 | | 4,895,000 | c | 5,272,885 | |
Fidelity National Information Services, Sr. Unscd. Notes | | 3.10 | | 3/1/2041 | | 4,775,000 | | 4,978,330 | |
Fiserv, Sr. Unscd. Notes | | 4.40 | | 7/1/2049 | | 5,000,000 | | 6,132,498 | |
Microsoft, Sr. Unscd. Notes | | 2.53 | | 6/1/2050 | | 7,035,000 | | 7,027,051 | |
Oracle, Sr. Unscd. Notes | | 3.90 | | 5/15/2035 | | 4,790,000 | | 5,388,551 | |
| | 28,799,315 | |
Insurance - .6% | | | | | |
MetLife, Jr. Sub. Notes, Ser. G | | 3.85 | | 9/15/2025 | | 1,900,000 | b | 1,999,750 | |
Prudential, Sr. Unscd. Notes | | 3.13 | | 4/14/2030 | | 5,500,000 | | 6,010,213 | |
| | 8,009,963 | |
Internet Software & Services - 1.9% | | | | | |
Amazon.com, Sr. Unscd. Notes | | 1.00 | | 5/12/2026 | | 7,245,000 | c | 7,286,206 | |
Arrow Electronics, Sr. Unscd. Notes | | 3.50 | | 4/1/2022 | | 5,620,000 | | 5,689,480 | |
eBay, Sr. Unscd. Notes | | 1.90 | | 3/11/2025 | | 6,000,000 | | 6,208,770 | |
Tencent Holdings, Sr. Unscd. Notes | | 3.98 | | 4/11/2029 | | 5,500,000 | a | 6,104,374 | |
| | 25,288,830 | |
Media - 1.0% | | | | | |
Sky, Gtd. Notes | | 3.75 | | 9/16/2024 | | 9,075,000 | a | 9,897,923 | |
The Walt Disney Company, Gtd. Notes | | 2.65 | | 1/13/2031 | | 4,000,000 | | 4,251,165 | |
| | 14,149,088 | |
Municipal Securities - 5.7% | | | | | |
California, GO | | 3.38 | | 4/1/2025 | | 3,270,000 | | 3,572,984 | |
California Educational Facilities Authority, Revenue Bonds, Refunding (The Leland Stanford Junior University) Ser. U2 | | 5.00 | | 10/1/2032 | | 6,125,000 | | 8,706,233 | |
JobsOhio Beverage System, Revenue Bonds, Refunding, Ser. A | | 2.83 | | 1/1/2038 | | 2,850,000 | | 3,022,545 | |
Massachusetts, GO (Build America Bonds) | | 4.91 | | 5/1/2029 | | 4,990,000 | | 6,179,186 | |
17
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | |
| |
BNY Mellon Bond Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Bonds and Notes - 98.6% (continued) | | | | | |
Municipal Securities - 5.7% (continued) | | | | | |
Massachusetts, GO (Build America Bonds) Ser. E | | 4.20 | | 12/1/2021 | | 165,000 | | 166,676 | |
Michigan Building Authority, Revenue Bonds, Refunding, Ser. II | | 2.71 | | 10/15/2040 | | 5,000,000 | | 5,015,811 | |
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding | | 4.13 | | 6/15/2042 | | 5,445,000 | | 6,257,005 | |
New Jersey Turnpike Authority, Revenue Bonds, Refunding, Ser. B | | 1.48 | | 1/1/2028 | | 4,800,000 | | 4,816,952 | |
New York City, GO, Refunding Ser. D | | 1.92 | | 8/1/2031 | | 3,825,000 | | 3,844,973 | |
Ohio Turnpike & Infrastructure Commission, Revenue Bonds, Refunding, Ser. A | | 3.22 | | 2/15/2048 | | 4,750,000 | | 4,941,911 | |
Port Authority of New York & New Jersey, Revenue Bonds, Ser. AAA | | 1.09 | | 7/1/2023 | | 4,755,000 | | 4,824,496 | |
Sales Tax Securitization Corp., Revenue Bonds, Refunding (Insured; Build America Mutual) Ser. B | | 3.41 | | 1/1/2043 | | 2,130,000 | | 2,342,064 | |
State Board of Administration Finance Corp., Revenue Bonds, Ser. A | | 2.15 | | 7/1/2030 | | 5,570,000 | | 5,719,091 | |
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds (North Tarrant Express Mobility Partners) Ser. B | | 3.92 | | 12/31/2049 | | 4,750,000 | | 5,475,529 | |
Texas Public Finance Authority, Revenue Bonds | | 8.25 | | 7/1/2024 | | 2,190,000 | | 2,210,727 | |
University of California, Revenue Bonds, Refunding (Limited Project) Ser. J | | 4.13 | | 5/15/2045 | | 5,530,000 | | 6,627,698 | |
University of California, Revenue Bonds, Ser. BG | | 1.61 | | 5/15/2030 | | 3,250,000 | | 3,246,711 | |
| | 76,970,592 | |
Real Estate - 2.4% | | | | | |
Alexandria Real Estate Equities, Gtd. Notes | | 4.30 | | 1/15/2026 | | 4,280,000 | | 4,807,307 | |
American Homes 4 Rent, Sr. Unscd. Notes | | 4.90 | | 2/15/2029 | | 7,855,000 | | 9,301,939 | |
Brandywine Operating Partnership, Gtd. Notes | | 4.10 | | 10/1/2024 | | 4,662,000 | | 5,043,972 | |
Hudson Pacific Properties, Gtd. Notes | | 3.25 | | 1/15/2030 | | 4,696,000 | | 4,996,318 | |
Life Storage, Gtd. Notes | | 4.00 | | 6/15/2029 | | 2,840,000 | | 3,225,520 | |
Spirit Realty, Gtd. Notes | | 2.10 | | 3/15/2028 | | 4,775,000 | | 4,800,870 | |
| | 32,175,926 | |
Retailing - 1.2% | | | | | |
7-Eleven, Sr. Unscd. Notes | | 1.80 | | 2/10/2031 | | 5,725,000 | a | 5,541,408 | |
Ross Stores, Sr. Unscd. Notes | | 4.60 | | 4/15/2025 | | 5,275,000 | | 5,923,132 | |
The Home Depot, Sr. Unscd. Notes | | 1.38 | | 3/15/2031 | | 5,595,000 | c | 5,406,060 | |
| | 16,870,600 | |
Semiconductors & Semiconductor Equipment - 2.7% | | | | | |
Broadcom, Gtd. Notes | | 3.75 | | 2/15/2051 | | 3,850,000 | a | 4,015,302 | |
Broadcom Cayman Finance, Gtd. Notes | | 3.50 | | 1/15/2028 | | 6,000,000 | | 6,531,461 | |
KLA, Sr. Unscd. Notes | | 4.10 | | 3/15/2029 | | 5,000,000 | | 5,762,573 | |
Lam Research, Sr. Unscd. Notes | | 4.00 | | 3/15/2029 | | 5,300,000 | | 6,144,738 | |
Microchip Technology, Sr. Scd. Notes | | 0.97 | | 2/15/2024 | | 7,075,000 | a | 7,085,082 | |
Microchip Technology, Sr. Scd. Notes | | 0.98 | | 9/1/2024 | | 2,445,000 | a | 2,443,826 | |
NXP Funding, Gtd. Notes | | 2.70 | | 5/1/2025 | | 4,500,000 | a | 4,736,277 | |
| | 36,719,259 | |
Technology Hardware & Equipment - .5% | | | | | |
Apple, Sr. Unscd. Notes | | 4.38 | | 5/13/2045 | | 4,895,000 | | 6,288,317 | |
Telecommunication Services - 2.8% | | | | | |
AT&T, Sr. Unscd. Notes | | 1.65 | | 2/1/2028 | | 3,500,000 | | 3,500,084 | |
AT&T, Sr. Unscd. Notes | | 4.55 | | 3/9/2049 | | 7,000,000 | | 8,372,403 | |
Telefonica Emisiones, Gtd. Notes | | 4.10 | | 3/8/2027 | | 5,750,000 | | 6,493,769 | |
T-Mobile USA, Sr. Scd. Notes | | 3.00 | | 2/15/2041 | | 6,675,000 | | 6,638,888 | |
Verizon Communications, Sr. Unscd. Notes | | 2.99 | | 10/30/2056 | | 11,073,000 | | 10,694,038 | |
Verizon Communications, Sr. Unscd. Notes | | 3.40 | | 3/22/2041 | | 2,610,000 | | 2,801,065 | |
| | 38,500,247 | |
Transportation - 1.3% | | | | | |
J.B. Hunt Transport Services, Gtd. Notes | | 3.88 | | 3/1/2026 | | 5,230,000 | | 5,831,661 | |
18
| | | | | | | | | | |
| |
BNY Mellon Bond Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Bonds and Notes - 98.6% (continued) | | | | | |
Transportation - 1.3% (continued) | | | | | |
Ryder System, Sr. Unscd. Notes | | 3.35 | | 9/1/2025 | | 5,525,000 | | 5,974,290 | |
Union Pacific, Sr. Unscd. Notes | | 3.15 | | 3/1/2024 | | 5,500,000 | | 5,852,247 | |
| | 17,658,198 | |
U.S. Government Agencies Mortgage-Backed - 26.1% | | | | | |
Federal Home Loan Mortgage Corp.: | | | |
1.50%, 1/1/2036-10/1/2050 | | | 14,040,532 | d | 14,025,894 | |
2.00%, 6/1/2041-8/1/2041 | | | 16,339,750 | d | 16,737,745 | |
2.50%, 4/1/2036-5/1/2051 | | | 25,851,531 | d | 26,968,916 | |
3.00%, 7/1/2051 | | | 8,167,185 | d | 8,568,204 | |
3.50%, 5/1/2051 | | | 11,599,043 | d | 12,294,547 | |
5.00%, 8/1/2049 | | | 2,324,341 | d | 2,555,941 | |
Federal National Mortgage Association: | | | |
2.00%, 2/1/2036-3/1/2051 | | | 45,609,396 | d | 46,532,896 | |
2.50%, 1/1/2051-7/1/2051 | | | 33,759,629 | d | 35,096,612 | |
3.00%, 1/1/2035-7/1/2051 | | | 41,210,613 | d | 43,355,950 | |
3.50%, 5/1/2051 | | | 8,300,863 | d | 8,781,639 | |
4.00%, 2/1/2050-8/1/2051 | | | 14,119,842 | d | 15,199,397 | |
4.50%, 3/1/2050 | | | 5,232,599 | d | 5,692,790 | |
Government National Mortgage Association I: | | | |
4.00%, 7/15/2049 | | | 2,342,201 | | 2,519,916 | |
Government National Mortgage Association II: | | | |
2.00%, 6/20/2051-8/20/2051 | | | 14,081,962 | | 14,368,651 | |
2.50%, 5/20/2051-7/20/2051 | | | 26,258,752 | | 27,118,873 | |
3.00%, 6/20/2050-6/20/2051 | | | 17,485,491 | | 18,275,227 | |
3.50%, 7/20/2051-9/20/2051 | | | 25,659,483 | | 27,299,526 | |
4.00%, 2/20/2051-6/20/2051 | | | 15,186,189 | | 15,814,458 | |
4.50%, 7/20/2051 | | | 10,182,472 | | 10,927,402 | |
| | 352,134,584 | |
U.S. Treasury Securities - 23.9% | | | | | |
U.S. Treasury Bonds | | 1.13 | | 8/15/2040 | | 7,815,000 | | 6,940,086 | |
U.S. Treasury Bonds | | 1.88 | | 2/15/2041 | | 10,155,000 | | 10,236,716 | |
U.S. Treasury Bonds | | 2.38 | | 5/15/2051 | | 10,500,000 | | 11,598,399 | |
U.S. Treasury Inflation Indexed Notes, US CPI Urban Consumers Not Seasonally Adjusted | | 0.13 | | 4/15/2025 | | 19,859,117 | c,e | 21,438,863 | |
U.S. Treasury Inflation Indexed Notes, US CPI Urban Consumers Not Seasonally Adjusted | | 0.13 | | 10/15/2024 | | 6,353,820 | c,e | 6,830,274 | |
U.S. Treasury Inflation Indexed Notes, US CPI Urban Consumers Not Seasonally Adjusted | | 0.38 | | 7/15/2025 | | 13,988,997 | e | 15,370,374 | |
U.S. Treasury Inflation Indexed Notes, US CPI Urban Consumers Not Seasonally Adjusted | | 0.38 | | 1/15/2027 | | 5,623,800 | e | 6,281,379 | |
U.S. Treasury Notes | | 0.13 | | 2/28/2023 | | 6,500,000 | | 6,498,731 | |
U.S. Treasury Notes | | 0.13 | | 12/15/2023 | | 9,000,000 | | 8,972,227 | |
U.S. Treasury Notes | | 0.13 | | 1/31/2023 | | 15,355,000 | | 15,355,000 | |
U.S. Treasury Notes | | 0.13 | | 7/31/2023 | | 5,000,000 | c | 4,994,531 | |
U.S. Treasury Notes | | 0.25 | | 6/15/2024 | | 8,000,000 | | 7,975,625 | |
U.S. Treasury Notes | | 0.25 | | 5/31/2025 | | 5,500,000 | | 5,434,043 | |
U.S. Treasury Notes | | 0.25 | | 6/30/2025 | | 9,250,000 | | 9,133,291 | |
U.S. Treasury Notes | | 0.25 | | 8/31/2025 | | 18,750,000 | | 18,476,074 | |
U.S. Treasury Notes | | 0.63 | | 12/31/2027 | | 1,875,000 | | 1,833,105 | |
U.S. Treasury Notes | | 0.75 | | 4/30/2026 | | 22,500,000 | | 22,521,094 | |
U.S. Treasury Notes | | 1.13 | | 2/15/2031 | | 11,145,000 | c | 10,996,980 | |
U.S. Treasury Notes | | 1.50 | | 2/15/2030 | | 5,630,000 | c | 5,764,152 | |
U.S. Treasury Notes | | 1.63 | | 8/15/2029 | | 7,735,000 | | 8,010,559 | |
U.S. Treasury Notes | | 1.75 | | 11/15/2029 | | 8,900,000 | c | 9,302,238 | |
U.S. Treasury Notes | | 1.75 | | 12/31/2026 | | 13,050,000 | c | 13,681,090 | |
19
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | |
| |
BNY Mellon Bond Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Bonds and Notes - 98.6% (continued) | | | | | |
U.S. Treasury Securities - 23.9% (continued) | | | | | |
U.S. Treasury Notes | | 2.00 | | 11/15/2026 | | 4,540,000 | | 4,817,011 | |
U.S. Treasury Notes | | 2.13 | | 7/31/2024 | | 11,475,000 | | 12,057,491 | |
U.S. Treasury Notes | | 2.25 | | 11/15/2027 | | 6,185,000 | | 6,667,962 | |
U.S. Treasury Notes | | 2.38 | | 5/15/2027 | | 9,825,000 | | 10,641,703 | |
U.S. Treasury Notes | | 2.50 | | 2/28/2026 | | 15,000,000 | | 16,199,121 | |
U.S. Treasury Notes | | 2.50 | | 1/31/2024 | | 14,820,000 | | 15,609,628 | |
U.S. Treasury Notes | | 2.63 | | 1/31/2026 | | 8,250,000 | | 8,946,416 | |
U.S. Treasury Notes | | 2.63 | | 2/15/2029 | | 3,000,000 | | 3,324,492 | |
U.S. Treasury Notes | | 2.63 | | 12/31/2023 | | 2,250,000 | | 2,373,135 | |
U.S. Treasury Notes | | 2.88 | | 11/30/2025 | | 5,750,000 | | 6,284,570 | |
U.S. Treasury Notes | | 3.13 | | 11/15/2028 | | 7,125,000 | | 8,132,798 | |
| | 322,699,158 | |
Utilities - 1.5% | | | | | |
Appalachian Power, Sr. Unscd. Notes, Ser. AA | | 2.70 | | 4/1/2031 | | 5,635,000 | | 5,884,451 | |
Black Hills, Sr. Unscd. Notes | | 4.35 | | 5/1/2033 | | 2,580,000 | | 3,040,530 | |
CenterPoint Energy, Sr. Unscd. Notes | | 4.25 | | 11/1/2028 | | 4,685,000 | | 5,397,382 | |
NiSource, Sr. Unscd. Notes | | 3.95 | | 3/30/2048 | | 5,115,000 | | 5,921,623 | |
| | 20,243,986 | |
Total Bonds and Notes
(cost $1,279,628,789) | | 1,331,319,699 | |
| Preferred
Dividend
Yield (%) | | | | Shares | | | |
Preferred Stocks - .5% | | | | | |
Telecommunication Services - .5% | | | | | |
AT&T, Ser. A
(cost $6,500,000) | | 5.00 | | | | 260,000 | | 6,942,000 | |
| 1-Day
Yield (%) | | | | | | | |
Investment Companies - .4% | | | | | |
Registered Investment Companies - .4% | | | | | |
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares
(cost $5,484,975) | | 0.06 | | | | 5,484,975 | f | 5,484,975 | |
| | | | | | | | |
Investment of Cash Collateral for Securities Loaned - .6% | | | | | |
Registered Investment Companies - .6% | | | | | |
Dreyfus Institutional Preferred Government Plus Money Market Fund, SL Shares
(cost $7,926,415) | | 0.02 | | | | 7,926,415 | f | 7,926,415 | |
Total Investments (cost $1,299,540,179) | | 100.1% | 1,351,673,089 | |
Liabilities, Less Cash and Receivables | | (0.1%) | (1,383,800) | |
Net Assets | | 100.0% | 1,350,289,289 | |
GO—General Obligation
a Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2021, these securities were valued at $85,828,245 or 6.36% of net assets.
b Security is a perpetual bond with no specified maturity date. Maturity date shown is next reset date of the bond.
c Security, or portion thereof, on loan. At August 31, 2021, the value of the fund’s securities on loan was $76,725,258 and the value of the collateral was $78,774,843, consisting of cash collateral of $7,926,415 and U.S. Government & Agency securities valued at $70,848,428.
d The Federal Housing Finance Agency (“FHFA”) placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies.
e Principal amount for accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
f Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
20
| | |
Portfolio Summary (Unaudited) † | Value (%) |
Government | 30.0 |
Mortgage Securities | 27.4 |
Financial | 12.8 |
Communications | 5.9 |
Consumer, Non-cyclical | 5.4 |
Technology | 5.3 |
Industrial | 3.8 |
Energy | 3.4 |
Consumer, Cyclical | 2.6 |
Utilities | 1.5 |
Investment Companies | 1.0 |
Basic Materials | 1.0 |
| | 100.1 |
† Based on net assets.
See notes to financial statements.
21
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | |
| |
BNY Mellon Intermediate Bond Fund |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Bonds and Notes - 98.3% | | | | | |
Aerospace & Defense - .5% | | | | | |
The Boeing Company, Sr. Unscd. Notes | | 1.17 | | 2/4/2023 | | 1,000,000 | | 1,000,818 | |
The Boeing Company, Sr. Unscd. Notes | | 4.51 | | 5/1/2023 | | 3,000,000 | | 3,179,544 | |
| | 4,180,362 | |
Airlines - 1.0% | | | | | |
American Airlines Pass Through Trust, Ser. 2015-1, Cl. A | | 3.38 | | 5/1/2027 | | 3,855,524 | | 3,817,111 | |
Delta Air Lines Pass Through Trust, Ser. 2020-1, Cl. AA | | 2.00 | | 6/10/2028 | | 3,760,824 | | 3,774,380 | |
| | 7,591,491 | |
Automobiles & Components - 1.6% | | | | | |
American Honda Finance, Sr. Unscd. Notes | | 1.70 | | 9/9/2021 | | 4,000,000 | | 4,001,195 | |
General Motors Financial, Sr. Unscd. Notes | | 1.70 | | 8/18/2023 | | 2,250,000 | | 2,295,399 | |
General Motors Financial, Sr. Unscd. Notes | | 5.20 | | 3/20/2023 | | 2,000,000 | | 2,136,430 | |
Toyota Motor Credit, Sr. Unscd. Notes | | 2.00 | | 10/7/2024 | | 3,650,000 | | 3,798,340 | |
| | 12,231,364 | |
Banks - 13.8% | | | | | |
Bank of America, Sub. Notes, Ser. L | | 3.95 | | 4/21/2025 | | 7,175,000 | | 7,861,569 | |
Bank of Montreal, Sr. Unscd. Notes, Ser. E | | 3.30 | | 2/5/2024 | | 7,000,000 | | 7,467,046 | |
Citigroup, Sub. Bonds | | 4.40 | | 6/10/2025 | | 8,500,000 | | 9,460,170 | |
Citizens Financial Group, Sub. Notes | | 4.30 | | 12/3/2025 | | 6,885,000 | | 7,683,815 | |
Cooperatieve Rabobank, Gtd. Notes | | 3.75 | | 7/21/2026 | | 6,785,000 | | 7,510,039 | |
Credit Suisse Group, Sr. Unscd. Notes | | 2.59 | | 9/11/2025 | | 5,500,000 | a | 5,725,896 | |
HSBC Holdings, Sr. Unscd. Notes | | 0.98 | | 5/24/2025 | | 500,000 | | 500,393 | |
JPMorgan Chase & Co., Jr. Sub. Bonds, Ser. II | | 4.00 | | 4/1/2025 | | 4,235,000 | b | 4,306,169 | |
JPMorgan Chase & Co., Sub. Notes | | 3.38 | | 5/1/2023 | | 3,960,000 | | 4,149,740 | |
Lloyds Bank, Jr. Sub. Notes | | 12.00 | | 12/16/2024 | | 2,685,000 | a,b,c | 2,843,751 | |
Lloyds Banking Group, Sr. Unscd. Notes | | 2.91 | | 11/7/2023 | | 5,374,000 | | 5,523,043 | |
Morgan Stanley, Sub. Notes | | 4.88 | | 11/1/2022 | | 7,610,000 | | 8,001,601 | |
NatWest Group, Sr. Unscd. Notes | | 3.88 | | 9/12/2023 | | 3,000,000 | | 3,194,290 | |
Royal Bank of Canada, Sub. Notes | | 4.65 | | 1/27/2026 | | 6,510,000 | c | 7,441,047 | |
Santander UK, Sr. Unscd. Notes | | 2.10 | | 1/13/2023 | | 4,560,000 | | 4,671,823 | |
Societe Generale, Sub. Notes | | 4.75 | | 11/24/2025 | | 3,680,000 | a | 4,099,849 | |
Sumitomo Mitsui Financial Group, Sr. Unscd. Notes | | 0.95 | | 1/12/2026 | | 5,000,000 | | 4,960,235 | |
The Bank of Nova Scotia, Sr. Unscd. Notes | | 1.95 | | 2/1/2023 | | 4,870,000 | | 4,984,487 | |
The Goldman Sachs Group, Sr. Unscd. Notes | | 2.91 | | 7/24/2023 | | 8,000,000 | | 8,177,547 | |
| | 108,562,510 | |
Beverage Products - .7% | | | | | |
Anheuser-Busch InBev Worldwide, Gtd. Notes | | 4.75 | | 1/23/2029 | | 4,955,000 | | 5,895,961 | |
Chemicals - .5% | | | | | |
DuPont de Nemours, Sr. Unscd. Notes | | 4.21 | | 11/15/2023 | | 3,745,000 | | 4,035,563 | |
Commercial & Professional Services - .6% | | | | | |
Global Payments, Sr. Unscd. Notes | | 4.00 | | 6/1/2023 | | 4,615,000 | | 4,881,790 | |
Consumer Staples - .4% | | | | | |
Kimberly-Clark, Sr. Unscd. Notes | | 1.05 | | 9/15/2027 | | 3,350,000 | | 3,324,603 | |
Diversified Financials - 1.9% | | | | | |
AerCap Global Aviation Trust, Gtd. Notes | | 1.75 | | 1/30/2026 | | 2,500,000 | | 2,474,661 | |
Air Lease, Sr. Unscd. Notes | | 2.30 | | 2/1/2025 | | 4,790,000 | | 4,951,744 | |
Goldman Sachs BDC, Sr. Unscd. Notes | | 3.75 | | 2/10/2025 | | 3,000,000 | | 3,207,070 | |
The Andrew W. Mellon Foundation, Unscd. Bonds, Ser. 2020 | | 0.95 | | 8/1/2027 | | 4,500,000 | c | 4,443,004 | |
| | 15,076,479 | |
Electronic Components - .3% | | | | | |
Jabil, Sr. Unscd. Notes | | 1.70 | | 4/15/2026 | | 2,000,000 | | 2,023,867 | |
Energy - 3.2% | | | | | |
BP Capital Markets, Gtd. Notes | | 2.50 | | 11/6/2022 | | 5,875,000 | | 6,028,175 | |
Cimarex Energy, Sr. Unscd. Notes | | 4.38 | | 3/15/2029 | | 3,000,000 | | 3,413,381 | |
22
| | | | | | | | | | |
| |
BNY Mellon Intermediate Bond Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Bonds and Notes - 98.3% (continued) | | | | | |
Energy - 3.2% (continued) | | | | | |
Energy Transfer, Sr. Unscd. Notes | | 3.75 | | 5/15/2030 | | 2,000,000 | | 2,173,485 | |
ONEOK, Gtd. Notes | | 4.00 | | 7/13/2027 | | 3,400,000 | | 3,777,982 | |
Sabine Pass Liquefaction, Sr. Scd. Notes | | 5.75 | | 5/15/2024 | | 2,500,000 | | 2,788,350 | |
Shell International Finance, Gtd. Notes | | 2.38 | | 4/6/2025 | | 3,785,000 | | 3,974,899 | |
Spectra Energy Partners, Gtd. Notes | | 3.50 | | 3/15/2025 | | 2,760,000 | | 2,972,871 | |
| | 25,129,143 | |
Environmental Control - .6% | | | | | |
Waste Management, Gtd. Notes | | 3.13 | | 3/1/2025 | | 4,775,000 | | 5,132,241 | |
Food Products - 1.0% | | | | | |
General Mills, Sr. Unscd. Notes, 3 Month LIBOR +1.01% | | 1.14 | | 10/17/2023 | | 4,325,000 | d | 4,400,433 | |
McCormick & Co., Sr. Unscd. Notes | | 0.90 | | 2/15/2026 | | 3,840,000 | | 3,797,965 | |
| | 8,198,398 | |
Health Care - 5.0% | | | | | |
AbbVie, Sr. Unscd. Notes | | 3.20 | | 11/21/2029 | | 4,600,000 | | 5,031,472 | |
Amgen, Sr. Unscd. Notes | | 2.20 | | 2/21/2027 | | 4,820,000 | | 5,026,134 | |
Anthem, Sr. Unscd. Notes | | 2.38 | | 1/15/2025 | | 3,000,000 | | 3,139,657 | |
Astrazeneca Finance, Gtd. Notes | | 1.20 | | 5/28/2026 | | 3,975,000 | | 3,997,885 | |
CVS Health, Sr. Unscd. Notes | | 1.30 | | 8/21/2027 | | 4,925,000 | | 4,885,839 | |
GlaxoSmithKline Capital, Gtd. Notes | | 3.38 | | 5/15/2023 | | 6,000,000 | | 6,310,289 | |
Humana, Sr. Unscd. Notes | | 0.65 | | 8/3/2023 | | 2,275,000 | | 2,276,846 | |
Shire Acquisitions Investments Ireland, Gtd. Notes | | 3.20 | | 9/23/2026 | | 5,005,000 | | 5,434,767 | |
UnitedHealth Group, Sr. Unscd. Notes | | 1.15 | | 5/15/2026 | | 2,915,000 | c | 2,936,915 | |
| | 39,039,804 | |
Industrial - 2.4% | | | | | |
Caterpillar Financial Services, Sr. Unscd. Notes | | 0.90 | | 3/2/2026 | | 5,460,000 | | 5,463,834 | |
John Deere Capital, Sr. Unscd. Notes | | 1.05 | | 6/17/2026 | | 5,000,000 | | 5,012,530 | |
Parker-Hannifin, Sr. Unscd. Notes | | 2.70 | | 6/14/2024 | | 3,825,000 | | 4,019,596 | |
Snap-On, Sr. Unscd. Notes | | 3.25 | | 3/1/2027 | | 3,890,000 | c | 4,257,522 | |
| | 18,753,482 | |
Information Technology - 2.4% | | | | | |
Fiserv, Sr. Unscd. Notes | | 3.50 | | 7/1/2029 | | 4,580,000 | | 5,036,368 | |
Microsoft, Sr. Unscd. Notes | | 3.13 | | 11/3/2025 | | 6,000,000 | | 6,543,182 | |
Oracle, Sr. Unscd. Notes | | 2.50 | | 4/1/2025 | | 7,000,000 | | 7,345,303 | |
| | 18,924,853 | |
Internet Software & Services - 2.0% | | | | | |
Amazon.com, Sr. Unscd. Notes | | 0.80 | | 6/3/2025 | | 5,350,000 | | 5,365,431 | |
eBay, Sr. Unscd. Notes | | 1.90 | | 3/11/2025 | | 4,750,000 | | 4,915,277 | |
Tencent Holdings, Sr. Unscd. Notes | | 3.98 | | 4/11/2029 | | 5,075,000 | a | 5,632,672 | |
| | 15,913,380 | |
Media - .6% | | | | | |
Discovery Communications, Gtd. Notes | | 4.90 | | 3/11/2026 | | 3,970,000 | | 4,528,378 | |
Metals & Mining - .6% | | | | | |
Glencore Funding, Gtd. Notes | | 1.63 | | 9/1/2025 | | 5,000,000 | a | 5,058,921 | |
Municipal Securities - 6.0% | | | | | |
California, GO | | 3.38 | | 4/1/2025 | | 950,000 | | 1,038,023 | |
California, GO, Ser. A | | 2.37 | | 4/1/2022 | | 2,850,000 | | 2,886,797 | |
California Earthquake Authority, Revenue Bonds, Ser. B | | 1.48 | | 7/1/2023 | | 3,000,000 | | 3,057,488 | |
Los Angeles Community College District, GO, Refunding | | 1.81 | | 8/1/2030 | | 4,000,000 | | 4,071,656 | |
Massachusetts, GO (Build America Bonds) Ser. E | | 4.20 | | 12/1/2021 | | 3,250,000 | | 3,283,021 | |
Nassau County Interim Finance Authority, Revenue Bonds, Refunding, Ser. B | | 1.28 | | 11/15/2028 | | 2,500,000 | | 2,504,774 | |
New Jersey Turnpike Authority, Revenue Bonds, Refunding, Ser. B | | 1.05 | | 1/1/2026 | | 2,500,000 | | 2,505,769 | |
New York State Dormitory Authority, Revenue Bonds, Refunding, Ser. C | | 1.75 | | 3/15/2028 | | 4,155,000 | | 4,204,815 | |
23
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | |
| |
BNY Mellon Intermediate Bond Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Bonds and Notes - 98.3% (continued) | | | | | |
Municipal Securities - 6.0% (continued) | | | | | |
Port Authority of New York & New Jersey, Revenue Bonds, Ser. AAA | | 1.09 | | 7/1/2023 | | 3,750,000 | | 3,804,807 | |
State Board of Administration Finance Corp., Revenue Bonds, Ser. A | | 1.71 | | 7/1/2027 | | 5,315,000 | | 5,448,929 | |
Texas Public Finance Authority, Revenue Bonds | | 8.25 | | 7/1/2024 | | 1,805,000 | | 1,822,084 | |
University of California, Revenue Bonds, Refunding, Ser. AX | | 3.06 | | 7/1/2025 | | 9,140,000 | | 9,901,228 | |
University of California, Revenue Bonds, Ser. BG | | 1.61 | | 5/15/2030 | | 2,405,000 | | 2,402,566 | |
| | 46,931,957 | |
Real Estate - 2.8% | | | | | |
American Homes 4 Rent, Sr. Unscd. Notes | | 2.38 | | 7/15/2031 | | 2,200,000 | | 2,211,644 | |
Brandywine Operating Partnership, Gtd. Notes | | 3.95 | | 11/15/2027 | | 4,000,000 | | 4,385,168 | |
HealthCare Realty Trust, Sr. Unscd. Notes | | 3.63 | | 1/15/2028 | | 2,375,000 | c | 2,624,364 | |
Healthcare Trust of America Holdings, Gtd. Notes | | 3.50 | | 8/1/2026 | | 2,335,000 | | 2,554,899 | |
Hudson Pacific Properties, Gtd. Notes | | 3.25 | | 1/15/2030 | | 3,950,000 | | 4,202,610 | |
Life Storage, Gtd. Notes | | 2.20 | | 10/15/2030 | | 2,000,000 | | 2,006,022 | |
UDR, Gtd. Notes | | 2.95 | | 9/1/2026 | | 3,620,000 | | 3,888,768 | |
| | 21,873,475 | |
Retailing - 1.4% | | | | | |
Target, Sr. Unscd. Notes | | 2.25 | | 4/15/2025 | | 3,785,000 | | 3,980,062 | |
The TJX Companies, Sr. Unscd. Notes | | 1.15 | | 5/15/2028 | | 7,040,000 | | 6,878,850 | |
| | 10,858,912 | |
Semiconductors & Semiconductor Equipment - 1.4% | | | | | |
Broadcom, Gtd. Notes | | 4.70 | | 4/15/2025 | | 4,500,000 | | 5,036,437 | |
Microchip Technology, Sr. Scd. Notes | | 0.97 | | 2/15/2024 | | 4,575,000 | a | 4,581,519 | |
Microchip Technology, Sr. Scd. Notes | | 0.98 | | 9/1/2024 | | 1,440,000 | a | 1,439,308 | |
| | 11,057,264 | |
Technology Hardware & Equipment - .7% | | | | | |
Apple, Sr. Unscd. Notes | | 2.05 | | 9/11/2026 | | 5,500,000 | | 5,770,425 | |
Telecommunication Services - 3.4% | | | | | |
AT&T, Sr. Unscd. Notes | | 1.65 | | 2/1/2028 | | 9,500,000 | | 9,500,227 | |
Motorola Solutions, Sr. Unscd. Notes | | 4.60 | | 5/23/2029 | | 2,420,000 | | 2,839,032 | |
T-Mobile USA, Sr. Scd. Notes | | 3.88 | | 4/15/2030 | | 4,700,000 | | 5,271,849 | |
Verizon Communications, Sr. Unscd. Notes | | 2.63 | | 8/15/2026 | | 8,500,000 | | 9,046,263 | |
| | 26,657,371 | |
Transportation - .5% | | | | | |
Ryder System, Sr. Unscd. Notes | | 4.63 | | 6/1/2025 | | 3,815,000 | | 4,291,323 | |
U.S. Government Agencies Collateralized Municipal-Backed Securities - .0% | | | | | |
Government National Mortgage Association, Ser. 2013-17, Cl. AB | | 2.30 | | 1/16/2049 | | 149,107 | | 149,523 | |
U.S. Government Agencies Mortgage-Backed - .8% | | | | | |
Federal Home Loan Mortgage Corp.: | | | |
4.50%, 2/1/2034 | | | 644,949 | e | 698,061 | |
Federal National Mortgage Association: | | | |
2.78%, 3/1/2022 | | | 5,913,009 | e | 5,924,015 | |
| | 6,622,076 | |
U.S. Government Agencies Obligations - 2.9% | | | | | |
Federal Home Loan Bank, Bonds | | 0.63 | | 10/28/2024 | | 4,170,000 | | 4,171,458 | |
Federal Home Loan Mortgage Corp., Notes | | 0.60 | | 8/12/2025 | | 9,250,000 | e | 9,238,465 | |
Federal National Mortgage Association, Notes | | 0.55 | | 8/19/2025 | | 9,250,000 | e | 9,216,149 | |
| | 22,626,072 | |
U.S. Treasury Securities - 36.6% | | | | | |
U.S. Treasury Inflation Indexed Notes, US CPI Urban Consumers Not Seasonally Adjusted | | 0.13 | | 4/15/2025 | | 11,544,163 | c,f | 12,462,475 | |
U.S. Treasury Inflation Indexed Notes, US CPI Urban Consumers Not Seasonally Adjusted | | 0.13 | | 10/15/2025 | | 11,429,315 | f | 12,473,402 | |
24
| | | | | | | | | | |
| |
BNY Mellon Intermediate Bond Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Bonds and Notes - 98.3% (continued) | | | | | |
U.S. Treasury Securities - 36.6% (continued) | | | | | |
U.S. Treasury Inflation Indexed Notes, US CPI Urban Consumers Not Seasonally Adjusted | | 0.38 | | 1/15/2027 | | 14,576,890 | f | 16,281,335 | |
U.S. Treasury Notes | | 0.13 | | 5/31/2022 | | 21,250,000 | | 21,259,093 | |
U.S. Treasury Notes | | 0.63 | | 5/15/2030 | | 6,740,000 | | 6,402,473 | |
U.S. Treasury Notes | | 1.13 | | 2/28/2025 | | 17,775,000 | c | 18,152,372 | |
U.S. Treasury Notes | | 1.25 | | 8/31/2024 | | 6,000,000 | | 6,152,812 | |
U.S. Treasury Notes | | 1.38 | | 8/31/2023 | | 4,000,000 | | 4,093,359 | |
U.S. Treasury Notes | | 1.50 | | 8/15/2022 | | 20,680,000 | | 20,961,307 | |
U.S. Treasury Notes | | 1.50 | | 9/15/2022 | | 20,000,000 | | 20,293,236 | |
U.S. Treasury Notes | | 1.63 | | 5/15/2026 | | 6,510,000 | | 6,777,012 | |
U.S. Treasury Notes | | 1.75 | | 9/30/2022 | | 19,210,000 | | 19,550,976 | |
U.S. Treasury Notes | | 1.75 | | 7/15/2022 | | 16,750,000 | | 16,994,789 | |
U.S. Treasury Notes | | 1.88 | | 2/28/2022 | | 9,500,000 | | 9,586,332 | |
U.S. Treasury Notes | | 2.00 | | 4/30/2024 | | 15,000,000 | | 15,668,262 | |
U.S. Treasury Notes | | 2.25 | | 11/15/2024 | | 15,690,000 | | 16,596,465 | |
U.S. Treasury Notes | | 2.38 | | 2/29/2024 | | 15,000,000 | | 15,776,953 | |
U.S. Treasury Notes | | 2.50 | | 3/31/2023 | | 11,000,000 | | 11,408,848 | |
U.S. Treasury Notes | | 2.63 | | 2/28/2023 | | 11,140,000 | | 11,556,662 | |
U.S. Treasury Notes | | 2.75 | | 4/30/2023 | | 8,000,000 | | 8,345,000 | |
U.S. Treasury Notes | | 2.88 | | 11/30/2023 | | 17,000,000 | | 18,001,074 | |
| | 288,794,237 | |
Utilities - 2.7% | | | | | |
American Water Capital, Sr. Unscd. Notes | | 2.80 | | 5/1/2030 | | 2,000,000 | | 2,141,668 | |
Black Hills, Sr. Unscd. Notes | | 3.05 | | 10/15/2029 | | 5,260,000 | | 5,654,615 | |
NiSource, Sr. Unscd. Notes | | 3.49 | | 5/15/2027 | | 3,600,000 | | 3,974,192 | |
Public Service Enterprise Group, Sr. Unscd. Notes | | 2.65 | | 11/15/2022 | | 3,860,000 | | 3,955,300 | |
Southwestern Electric Power, Sr. Unscd. Notes, Ser. M | | 4.10 | | 9/15/2028 | | 4,570,000 | | 5,216,281 | |
| | 20,942,056 | |
Total Bonds and Notes
(cost $745,292,945) | | 775,057,281 | |
| | Preferred
Dividend
Yield (%) | | | | Shares | | | |
Preferred Stocks - .7% | | | | | |
Telecommunication Services - .7% | | | | | |
AT&T, Ser. A
(cost $5,125,000) | | 5.00 | | | | 205,000 | | 5,473,500 | |
| 1-Day
Yield (%) | | | | | | | |
Investment Companies - .5% | | | | | |
Registered Investment Companies - .5% | | | | | |
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares
(cost $4,053,514) | | 0.06 | | | | 4,053,514 | g | 4,053,514 | |
25
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | |
| |
BNY Mellon Intermediate Bond Fund (continued) |
Description | 1-Day
Yield (%) | | | | Shares | | Value ($) | |
Investment of Cash Collateral for Securities Loaned - 1.5% | | | | | |
Registered Investment Companies - 1.5% | | | | | |
Dreyfus Institutional Preferred Government Plus Money Market Fund, SL Shares
(cost $11,290,760) | | 0.02 | | | | 11,290,760 | g | 11,290,760 | |
Total Investments (cost $765,762,219) | | 101.0% | 795,875,055 | |
Liabilities, Less Cash and Receivables | | (1.0%) | (7,627,287) | |
Net Assets | | 100.0% | 788,247,768 | |
GO—General Obligation
LIBOR—London Interbank Offered Rate
a Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2021, these securities were valued at $29,381,916 or 3.73% of net assets.
b Security is a perpetual bond with no specified maturity date. Maturity date shown is next reset date of the bond.
c Security, or portion thereof, on loan. At August 31, 2021, the value of the fund’s securities on loan was $23,748,056 and the value of the collateral was $24,370,958, consisting of cash collateral of $11,290,760 and U.S. Government & Agency securities valued at $13,080,198.
d Variable rate security—interest rate resets periodically and rate shown is the interest rate in effect at period end. Security description also includes the reference rate and spread if published and available.
e The Federal Housing Finance Agency (“FHFA”) placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies.
f Principal amount for accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
g Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
| | |
Portfolio Summary (Unaudited) † | Value (%) |
Government | 45.5 |
Financial | 18.5 |
Consumer, Non-cyclical | 7.7 |
Communications | 6.7 |
Technology | 4.5 |
Industrial | 4.4 |
Consumer, Cyclical | 3.9 |
Energy | 3.2 |
Utilities | 2.6 |
Investment Companies | 2.0 |
Basic Materials | 1.1 |
Mortgage Securities | .9 |
| | 101.0 |
† Based on net assets.
See notes to financial statements.
26
| | | | | | | | | | |
| |
BNY Mellon Corporate Bond Fund |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Bonds and Notes - 96.2% | | | | | |
Aerospace & Defense - 1.1% | | | | | |
Raytheon Technologies, Sr. Unscd. Notes | | 2.25 | | 7/1/2030 | | 3,000,000 | | 3,069,002 | |
The Boeing Company, Sr. Unscd. Notes | | 2.20 | | 2/4/2026 | | 5,000,000 | | 5,020,529 | |
| | 8,089,531 | |
Agriculture - .5% | | | | | |
Bunge Finance, Gtd. Notes | | 4.35 | | 3/15/2024 | | 3,500,000 | | 3,796,237 | |
Airlines - 2.4% | | | | | |
Air Canada Pass Through Trust, Ser. 2015-1, Cl. A | | 3.60 | | 3/15/2027 | | 2,229,369 | a | 2,286,773 | |
American Airlines Pass Through Trust, Ser. 2015-1, Cl. A | | 3.38 | | 5/1/2027 | | 3,788,868 | | 3,751,119 | |
JetBlue Pass Through Trust, Ser. 2019-1, CI. A | | 2.95 | | 5/15/2028 | | 4,695,179 | | 4,811,016 | |
United Airlines Pass Through Trust, Ser. 2016-2, Cl. A | | 3.10 | | 10/7/2028 | | 7,144,142 | | 7,123,044 | |
| | 17,971,952 | |
Automobiles & Components - 1.6% | | | | | |
Daimler Finance North America, Gtd. Notes | | 2.55 | | 8/15/2022 | | 2,000,000 | a | 2,042,966 | |
Ford Motor, Sr. Unscd. Notes | | 8.50 | | 4/21/2023 | | 1,000,000 | | 1,106,875 | |
Ford Motor Credit, Sr. Unscd. Notes | | 2.90 | | 2/16/2028 | | 2,000,000 | | 1,995,280 | |
Ford Motor Credit, Sr. Unscd. Notes | | 5.58 | | 3/18/2024 | | 3,000,000 | | 3,251,250 | |
General Motors Financial, Sr. Unscd. Notes | | 1.50 | | 6/10/2026 | | 1,350,000 | | 1,351,560 | |
General Motors Financial, Sr. Unscd. Notes | | 1.70 | | 8/18/2023 | | 1,750,000 | | 1,785,310 | |
General Motors Financial, Sr. Unscd. Notes | | 5.20 | | 3/20/2023 | | 1,000,000 | | 1,068,215 | |
| | 12,601,456 | |
Banks - 21.4% | | | | | |
BAC Capital Trust XIV, Ltd. Gtd. Notes, Ser. G, 3 Month LIBOR +.40% | | 4.00 | | 10/1/2021 | | 3,000,000 | b,c,d | 3,004,662 | |
Banco Santander, Sr. Unscd. Notes | | 3.13 | | 2/23/2023 | | 4,000,000 | | 4,152,992 | |
Bank of America, Jr. Sub. Bonds, Ser. FF | | 5.88 | | 3/15/2028 | | 3,000,000 | d | 3,423,750 | |
Bank of America, Sub. Notes | | 4.00 | | 1/22/2025 | | 3,000,000 | | 3,280,261 | |
Bank of Ireland Group, Sr. Unscd. Notes | | 4.50 | | 11/25/2023 | | 5,000,000 | a | 5,393,270 | |
Barclays, Sub. Notes | | 5.20 | | 5/12/2026 | | 7,000,000 | | 8,059,975 | |
BBVA Bancomer, Sr. Unscd. Notes | | 4.38 | | 4/10/2024 | | 5,250,000 | a | 5,694,937 | |
BNP Paribas, Sub. Notes | | 4.38 | | 5/12/2026 | | 5,000,000 | a | 5,583,912 | |
Citigroup, Sub. Bonds | | 4.40 | | 6/10/2025 | | 4,500,000 | | 5,008,325 | |
Citizens Financial Group, Sub. Notes | | 3.75 | | 2/11/2031 | | 5,000,000 | | 5,315,598 | |
Cooperatieve Rabobank, Gtd. Notes | | 4.38 | | 8/4/2025 | | 6,000,000 | | 6,710,445 | |
Credit Agricole, Sub. Notes | | 4.00 | | 1/10/2033 | | 6,500,000 | a | 7,078,472 | |
Credit Suisse Group, Sr. Unscd. Notes | | 2.59 | | 9/11/2025 | | 6,000,000 | a | 6,246,433 | |
Deutsche Bank, Sub. Notes | | 4.50 | | 4/1/2025 | | 7,500,000 | | 8,085,470 | |
HSBC Holdings, Sub. Notes | | 4.25 | | 3/14/2024 | | 5,750,000 | | 6,203,095 | |
JPMorgan Chase & Co., Jr. Sub. Bonds, Ser. FF | | 5.00 | | 8/1/2024 | | 5,000,000 | d | 5,287,525 | |
JPMorgan Chase & Co., Sub. Notes | | 3.63 | | 12/1/2027 | | 3,000,000 | | 3,303,041 | |
Lloyds Bank, Jr. Sub. Notes | | 12.00 | | 12/16/2024 | | 3,000,000 | a,c,d | 3,177,375 | |
Lloyds Banking Group, Sub. Notes | | 4.58 | | 12/10/2025 | | 3,500,000 | | 3,944,824 | |
M&T Bank, Jr. Sub. Notes, Ser. G | | 5.00 | | 8/1/2024 | | 5,000,000 | c,d | 5,280,000 | |
Morgan Stanley, Sub. Notes | | 4.88 | | 11/1/2022 | | 5,000,000 | | 5,257,294 | |
Nordea Bank, Jr. Sub. Notes | | 6.63 | | 3/26/2026 | | 3,465,000 | a,d | 3,998,454 | |
Royal Bank of Canada, Sub. Notes | | 4.65 | | 1/27/2026 | | 5,000,000 | | 5,715,090 | |
Santander UK Group Holdings, Sr. Unscd. Notes | | 4.80 | | 11/15/2024 | | 4,000,000 | | 4,348,906 | |
Societe Generale, Sub. Notes | | 4.75 | | 11/24/2025 | | 5,000,000 | a | 5,570,447 | |
Standard Chartered, Sr. Unscd. Notes | | 4.05 | | 4/12/2026 | | 4,750,000 | a | 5,258,772 | |
Synovus Bank, Sr. Unscd. Notes | | 2.29 | | 2/10/2023 | | 2,000,000 | | 2,012,005 | |
The Bank of Nova Scotia, Jr. Sub. Notes | | 4.65 | | 10/12/2022 | | 5,000,000 | d | 5,070,000 | |
The Goldman Sachs Group, Sr. Unscd. Notes | | 3.50 | | 11/16/2026 | | 4,750,000 | | 5,173,760 | |
The Toronto-Dominion Bank, Sub. Notes | | 3.63 | | 9/15/2031 | | 3,000,000 | | 3,326,225 | |
UniCredit, Sr. Unscd. Notes | | 6.57 | | 1/14/2022 | | 4,000,000 | a | 4,085,138 | |
27
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | |
| |
BNY Mellon Corporate Bond Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Bonds and Notes - 96.2% (continued) | | | | | |
Banks - 21.4% (continued) | | | | | |
Westpac Banking, Sub. Notes | | 4.32 | | 11/23/2031 | | 5,000,000 | | 5,562,042 | |
Zions Bancorp, Sub. Notes | | 3.25 | | 10/29/2029 | | 3,550,000 | | 3,758,603 | |
| | 163,371,098 | |
Beverage Products - 2.7% | | | | | |
Becle, Gtd. Notes | | 3.75 | | 5/13/2025 | | 6,000,000 | a | 6,543,840 | |
Constellation Brands, Gtd. Notes | | 3.15 | | 8/1/2029 | | 3,000,000 | | 3,243,954 | |
Constellation Brands, Gtd. Notes | | 4.40 | | 11/15/2025 | | 3,000,000 | | 3,380,628 | |
Keurig Dr Pepper, Gtd. Notes | | 4.60 | | 5/25/2028 | | 4,000,000 | | 4,697,585 | |
Suntory Holdings, Sr. Unscd. Notes | | 2.25 | | 10/16/2024 | | 3,000,000 | a | 3,118,913 | |
| | 20,984,920 | |
Building Materials - 1.5% | | | | | |
CRH America Finance, Gtd. Notes | | 3.40 | | 5/9/2027 | | 4,730,000 | a | 5,195,550 | |
Martin Marietta Materials, Sr. Unscd. Notes | | 0.65 | | 7/15/2023 | | 2,000,000 | | 2,005,030 | |
Masco, Sr. Unscd. Notes | | 1.50 | | 2/15/2028 | | 4,000,000 | c | 3,947,614 | |
| | 11,148,194 | |
Chemicals - 1.5% | | | | | |
Huntsman International, Sr. Unscd. Notes | | 4.50 | | 5/1/2029 | | 5,950,000 | | 6,827,149 | |
Yara International, Sr. Unscd. Notes | | 4.75 | | 6/1/2028 | | 3,750,000 | a | 4,399,645 | |
| | 11,226,794 | |
Commercial & Professional Services - .7% | | | | | |
Global Payments, Sr. Unscd. Notes | | 3.20 | | 8/15/2029 | | 5,000,000 | | 5,367,910 | |
Consumer Discretionary - 2.1% | | | | | |
Hasbro, Sr. Unscd. Notes | | 3.90 | | 11/19/2029 | | 4,500,000 | c | 5,029,187 | |
Leggett & Platt, Sr. Unscd. Notes | | 4.40 | | 3/15/2029 | | 2,000,000 | | 2,310,097 | |
Marriott International, Sr. Unscd. Notes | | 3.60 | | 4/15/2024 | | 4,000,000 | | 4,268,803 | |
Whirlpool, Sr. Unscd. Notes | | 4.75 | | 2/26/2029 | | 4,000,000 | | 4,748,612 | |
| | 16,356,699 | |
Consumer Durables & Apparel - .8% | | | | | |
Michael Kors USA, Gtd. Notes | | 4.50 | | 11/1/2024 | | 3,000,000 | a | 3,182,775 | |
Tapestry, Sr. Unscd. Notes | | 3.00 | | 7/15/2022 | | 3,000,000 | | 3,062,682 | |
| | 6,245,457 | |
Diversified Financials - 4.7% | | | | | |
AerCap Global Aviation Trust, Gtd. Notes | | 4.45 | | 10/1/2025 | | 3,000,000 | | 3,294,725 | |
Aircastle, Sr. Unscd. Notes | | 2.85 | | 1/26/2028 | | 1,000,000 | a | 1,023,874 | |
Aircastle, Sr. Unscd. Notes | | 4.25 | | 6/15/2026 | | 4,750,000 | | 5,226,140 | |
Ares Capital, Sr. Unscd. Notes | | 2.88 | | 6/15/2028 | | 3,725,000 | | 3,801,029 | |
BlackRock TCP Capital, Sr. Unscd. Notes | | 2.85 | | 2/9/2026 | | 3,000,000 | | 3,072,024 | |
Blackstone Holdings Finance, Gtd. Notes | | 4.75 | | 2/15/2023 | | 3,000,000 | a | 3,187,219 | |
Blackstone Secured Lending Fund, Sr. Unscd. Notes | | 2.75 | | 9/16/2026 | | 5,000,000 | | 5,151,915 | |
BlueHub Loan Fund, Sr. Unscd. Bonds, Ser. 2020 | | 3.10 | | 1/1/2030 | | 500,000 | | 525,480 | |
Goldman Sachs BDC, Sr. Unscd. Notes | | 3.75 | | 2/10/2025 | | 3,000,000 | | 3,207,070 | |
Owl Rock Capital, Sr. Unscd. Notes | | 2.63 | | 1/15/2027 | | 3,750,000 | | 3,787,988 | |
Stifel Financial, Sr. Unscd. Bonds | | 4.25 | | 7/18/2024 | | 3,000,000 | | 3,287,324 | |
| | 35,564,788 | |
Electronic Components - 1.7% | | | | | |
Arrow Electronics, Sr. Unscd. Notes | | 3.25 | | 9/8/2024 | | 2,000,000 | | 2,121,665 | |
Arrow Electronics, Sr. Unscd. Notes | | 4.00 | | 4/1/2025 | | 3,000,000 | | 3,248,097 | |
Avnet, Sr. Unscd. Notes | | 4.88 | | 12/1/2022 | | 3,000,000 | | 3,149,498 | |
Jabil, Sr. Unscd. Notes | | 3.60 | | 1/15/2030 | | 3,975,000 | | 4,301,535 | |
| | 12,820,795 | |
Energy - 7.0% | | | | | |
Andeavor, Gtd. Notes | | 4.75 | | 12/15/2023 | | 4,000,000 | | 4,267,729 | |
Cheniere Corpus Christi Holdings, Sr. Scd. Notes | | 2.74 | | 12/31/2039 | | 2,000,000 | a | 2,003,004 | |
Cheniere Corpus Christi Holdings, Sr. Scd. Notes | | 5.13 | | 6/30/2027 | | 2,750,000 | | 3,200,376 | |
Cheniere Energy, Sr. Scd. Notes | | 4.63 | | 10/15/2028 | | 2,000,000 | | 2,112,500 | |
28
| | | | | | | | | | |
| |
BNY Mellon Corporate Bond Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Bonds and Notes - 96.2% (continued) | | | | | |
Energy - 7.0% (continued) | | | | | |
Diamondback Energy, Gtd. Notes | | 3.50 | | 12/1/2029 | | 4,250,000 | | 4,581,564 | |
Diamondback Energy, Gtd. Notes | | 4.75 | | 5/31/2025 | | 1,000,000 | | 1,120,062 | |
Enable Midstream Partners, Sr. Unscd. Notes | | 4.15 | | 9/15/2029 | | 2,000,000 | | 2,192,532 | |
Enbridge, Gtd. Notes | | 4.25 | | 12/1/2026 | | 4,000,000 | | 4,498,031 | |
Energy Transfer, Sr. Unscd. Bonds | | 5.50 | | 6/1/2027 | | 2,500,000 | | 2,953,148 | |
Energy Transfer, Sr. Unscd. Notes | | 5.25 | | 4/15/2029 | | 1,000,000 | | 1,179,014 | |
EQM Midstream Partners, Sr. Unscd. Notes | | 4.00 | | 8/1/2024 | | 2,500,000 | | 2,559,375 | |
EQT, Sr. Unscd. Notes | | 3.90 | | 10/1/2027 | | 3,000,000 | | 3,243,120 | |
MPLX, Sr. Unscd. Notes | | 3.50 | | 12/1/2022 | | 2,000,000 | | 2,068,925 | |
MPLX, Sr. Unscd. Notes | | 4.25 | | 12/1/2027 | | 1,500,000 | | 1,699,927 | |
Petroleos Mexicanos, Gtd. Notes | | 6.49 | | 1/23/2027 | | 4,500,000 | | 4,773,105 | |
Sabal Trail Transmission, Sr. Unscd. Notes | | 4.25 | | 5/1/2028 | | 3,000,000 | a | 3,420,044 | |
Sabine Pass Liquefaction, Sr. Scd. Notes | | 5.63 | | 3/1/2025 | | 2,000,000 | | 2,280,166 | |
The Williams Companies, Sr. Unscd. Notes | | 3.75 | | 6/15/2027 | | 3,000,000 | | 3,335,316 | |
Transcontinental Gas Pipe Line, Sr. Unscd. Notes | | 3.25 | | 5/15/2030 | | 2,000,000 | | 2,166,973 | |
| | 53,654,911 | |
Environmental Control - .4% | | | | | |
Waste Connections, Sr. Unscd. Notes | | 3.50 | | 5/1/2029 | | 3,000,000 | | 3,329,108 | |
Financials - 1.5% | | | | | |
Apollo Management Holdings, Gtd. Notes | | 4.00 | | 5/30/2024 | | 4,000,000 | a | 4,349,041 | |
Apollo Management Holdings, Gtd. Notes | | 4.95 | | 1/14/2050 | | 2,000,000 | a,c | 2,080,214 | |
Carlyle Holdings Finance, Gtd. Notes | | 3.88 | | 2/1/2023 | | 5,000,000 | a | 5,228,929 | |
| | 11,658,184 | |
Food Products - 1.4% | | | | | |
Flowers Foods, Sr. Unscd. Notes | | 2.40 | | 3/15/2031 | | 1,000,000 | | 1,011,942 | |
Flowers Foods, Sr. Unscd. Notes | | 3.50 | | 10/1/2026 | | 2,000,000 | | 2,185,196 | |
Grupo Bimbo, Gtd. Notes | | 3.88 | | 6/27/2024 | | 3,000,000 | a | 3,239,917 | |
Grupo Bimbo, Jr. Sub. Notes | | 5.95 | | 4/17/2023 | | 500,000 | a,d | 530,125 | |
McCormick & Co., Sr. Unscd. Notes | | 1.85 | | 2/15/2031 | | 2,000,000 | | 1,970,997 | |
McCormick & Co., Sr. Unscd. Notes | | 2.50 | | 4/15/2030 | | 2,000,000 | | 2,074,581 | |
| | 11,012,758 | |
Foreign Governmental - .4% | | | | | |
The Morongo Band of Mission Indians, Unscd. Bonds | | 7.00 | | 10/1/2039 | | 2,500,000 | a | 3,348,669 | |
Health Care - 4.9% | | | | | |
AbbVie, Sr. Unscd. Notes | | 3.20 | | 11/21/2029 | | 4,500,000 | | 4,922,092 | |
Centene, Sr. Unscd. Notes | | 2.50 | | 3/1/2031 | | 4,000,000 | | 3,994,680 | |
Cigna, Gtd. Notes | | 4.38 | | 10/15/2028 | | 3,500,000 | | 4,087,386 | |
CVS Health, Sr. Unscd. Notes | | 4.78 | | 3/25/2038 | | 2,000,000 | | 2,491,875 | |
Dignity Health, Unscd. Notes | | 3.13 | | 11/1/2022 | | 5,000,000 | | 5,152,511 | |
HCA, Sr. Scd. Notes | | 4.13 | | 6/15/2029 | | 4,000,000 | | 4,529,097 | |
Magellan Health, Sr. Unscd. Notes | | 4.90 | | 9/22/2024 | | 3,000,000 | | 3,308,730 | |
Royalty Pharma, Gtd. Notes | | 2.20 | | 9/2/2030 | | 3,000,000 | | 2,976,736 | |
Takeda Pharmaceutical, Sr. Unscd. Notes | | 5.00 | | 11/26/2028 | | 5,000,000 | | 6,042,911 | |
| | 37,506,018 | |
Industrial - 2.6% | | | | | |
Carlisle, Sr. Unscd. Notes | | 3.75 | | 12/1/2027 | | 4,000,000 | | 4,452,667 | |
Hillenbrand, Gtd. Notes | | 5.00 | | 9/15/2026 | | 4,000,000 | | 4,467,000 | |
Huntington Ingalls Industries, Gtd. Notes | | 3.48 | | 12/1/2027 | | 4,000,000 | | 4,358,886 | |
John Deere Capital, Sr. Unscd. Notes | | 1.05 | | 6/17/2026 | | 1,700,000 | | 1,704,260 | |
Oshkosh, Sr. Unscd. Notes | | 4.60 | | 5/15/2028 | | 4,000,000 | | 4,623,334 | |
| | 19,606,147 | |
Information Technology - 3.7% | | | | | |
Activision Blizzard, Sr. Unscd. Notes | | 3.40 | | 9/15/2026 | | 4,500,000 | | 4,962,546 | |
Cadence Design Systems, Sr. Unscd. Notes | | 4.38 | | 10/15/2024 | | 5,000,000 | | 5,485,124 | |
Citrix Systems, Sr. Unscd. Notes | | 4.50 | | 12/1/2027 | | 4,000,000 | | 4,563,839 | |
29
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | |
| |
BNY Mellon Corporate Bond Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Bonds and Notes - 96.2% (continued) | | | | | |
Information Technology - 3.7% (continued) | | | | | |
Electronic Arts, Sr. Unscd. Notes | | 4.80 | | 3/1/2026 | | 3,250,000 | | 3,740,747 | |
Fiserv, Sr. Unscd. Notes | | 3.85 | | 6/1/2025 | | 5,000,000 | | 5,489,918 | |
Oracle, Sr. Unscd. Notes | | 1.65 | | 3/25/2026 | | 4,000,000 | | 4,065,325 | |
| | 28,307,499 | |
Insurance - 3.5% | | | | | |
Assured Guaranty US Holdings, Gtd. Notes | | 3.15 | | 6/15/2031 | | 3,000,000 | | 3,171,999 | |
Assured Guaranty US Holdings, Gtd. Notes | | 5.00 | | 7/1/2024 | | 5,500,000 | c | 6,142,638 | |
MetLife, Jr. Sub. Bonds, Ser. D | | 5.88 | | 3/15/2028 | | 5,500,000 | c,d | 6,438,814 | |
Prudential Financial, Jr. Sub. Notes | | 5.70 | | 9/15/2048 | | 5,000,000 | c | 5,891,802 | |
Reinsurance Group of America, Sr. Unscd. Notes | | 3.90 | | 5/15/2029 | | 4,750,000 | | 5,366,299 | |
| | 27,011,552 | |
Internet Software & Services - 1.6% | | | | | |
E*Trade Financial, Sr. Unscd. Notes | | 3.80 | | 8/24/2027 | | 3,750,000 | | 4,206,314 | |
eBay, Sr. Unscd. Notes | | 3.60 | | 6/5/2027 | | 4,500,000 | | 5,028,754 | |
Tencent Holdings, Sr. Unscd. Notes | | 3.98 | | 4/11/2029 | | 2,500,000 | a | 2,774,715 | |
| | 12,009,783 | |
Materials - 1.1% | | | | | |
Packaging Corp. of America, Sr. Unscd. Notes | | 3.00 | | 12/15/2029 | | 3,500,000 | | 3,748,281 | |
WRKCo, Gtd. Notes | | 4.00 | | 3/15/2028 | | 2,000,000 | | 2,265,237 | |
WRKCo, Gtd. Notes | | 4.65 | | 3/15/2026 | | 2,000,000 | | 2,280,395 | |
| | 8,293,913 | |
Media - 1.5% | | | | | |
Discovery Communications, Gtd. Notes | | 3.95 | | 3/20/2028 | | 5,500,000 | | 6,148,448 | |
Grupo Televisa, Sr. Unscd. Notes | | 4.63 | | 1/30/2026 | | 5,000,000 | | 5,575,945 | |
| | 11,724,393 | |
Metals & Mining - 1.3% | | | | | |
Anglo American Capital, Gtd. Notes | | 4.50 | | 3/15/2028 | | 4,000,000 | a | 4,572,321 | |
Glencore Funding, Gtd. Bonds | | 4.63 | | 4/29/2024 | | 2,000,000 | a | 2,191,103 | |
Glencore Funding, Gtd. Notes | | 1.63 | | 9/1/2025 | | 3,000,000 | a | 3,035,352 | |
| | 9,798,776 | |
Municipal Securities - 2.2% | | | | | |
Detroit, GO, Ser. B1 | | 4.00 | | 4/1/2044 | | 5,000,000 | | 4,845,017 | |
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding | | 2.63 | | 6/15/2024 | | 1,500,000 | | 1,567,476 | |
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 | | 2,864,236 | |
Oklahoma Development Finance Authority, Revenue Bonds (OU Medicine Project) Ser. C | | 5.45 | | 8/15/2028 | | 3,750,000 | | 4,276,623 | |
Texas Public Finance Authority, Revenue Bonds | | 8.25 | | 7/1/2024 | | 3,200,000 | | 3,230,287 | |
| | 16,783,639 | |
Real Estate - 6.9% | | | | | |
Alexandria Real Estate Equities, Gtd. Notes | | 3.95 | | 1/15/2027 | | 3,327,000 | | 3,750,479 | |
Alexandria Real Estate Equities, Gtd. Notes | | 4.30 | | 1/15/2026 | | 2,000,000 | | 2,246,405 | |
American Homes 4 Rent, Sr. Unscd. Notes | | 4.90 | | 2/15/2029 | | 5,000,000 | | 5,921,031 | |
Brandywine Operating Partnership, Gtd. Notes | | 4.55 | | 10/1/2029 | | 4,000,000 | | 4,529,983 | |
CBRE Services, Gtd. Notes | | 4.88 | | 3/1/2026 | | 6,000,000 | | 6,909,320 | |
CubeSmart, Gtd. Notes | | 2.00 | | 2/15/2031 | | 1,500,000 | | 1,483,155 | |
EPR Properties, Gtd. Notes | | 4.95 | | 4/15/2028 | | 4,250,000 | | 4,594,284 | |
Healthcare Trust of America Holdings, Gtd. Notes | | 3.10 | | 2/15/2030 | | 4,500,000 | | 4,818,647 | |
Highwoods Realty, Sr. Unscd. Notes | | 4.20 | | 4/15/2029 | | 3,250,000 | | 3,687,040 | |
Life Storage, Gtd. Notes | | 4.00 | | 6/15/2029 | | 5,000,000 | | 5,678,733 | |
Spirit Realty, Gtd. Notes | | 2.10 | | 3/15/2028 | | 1,500,000 | | 1,508,127 | |
Spirit Realty, Gtd. Notes | | 4.00 | | 7/15/2029 | | 3,000,000 | | 3,372,149 | |
WP Carey, Sr. Unscd. Notes | | 2.40 | | 2/1/2031 | | 4,000,000 | | 4,022,269 | |
| | 52,521,622 | |
30
| | | | | | | | | | |
| |
BNY Mellon Corporate Bond Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Bonds and Notes - 96.2% (continued) | | | | | |
Retailing - 3.9% | | | | | |
7-Eleven, Sr. Unscd. Notes | | 1.80 | | 2/10/2031 | | 4,000,000 | a | 3,871,726 | |
Alimentation Couche-Tard, Gtd. Notes | | 3.55 | | 7/26/2027 | | 3,000,000 | a | 3,320,569 | |
Autozone, Sr. Unscd. Notes | | 3.13 | | 4/21/2026 | | 2,000,000 | | 2,178,710 | |
Dollar Tree, Sr. Unscd. Notes | | 4.00 | | 5/15/2025 | | 4,000,000 | | 4,394,647 | |
Kohl's, Sr. Unscd. Notes | | 3.38 | | 5/1/2031 | | 2,000,000 | | 2,101,385 | |
Nordstorm, Sr. Unscd. Notes | | 4.00 | | 3/15/2027 | | 4,000,000 | c | 4,199,167 | |
O'Reilly Automotive, Sr. Unscd. Notes | | 3.90 | | 6/1/2029 | | 4,000,000 | | 4,548,984 | |
Ross Stores, Sr. Unscd. Notes | | 4.60 | | 4/15/2025 | | 4,500,000 | | 5,052,909 | |
| | 29,668,097 | |
Semiconductors & Semiconductor Equipment - 3.2% | | | | | |
Broadcom, Sr. Unscd. Notes | | 3.47 | | 4/15/2034 | | 3,250,000 | a | 3,444,394 | |
Broadcom Cayman Finance, Gtd. Notes | | 3.88 | | 1/15/2027 | | 2,365,000 | | 2,611,748 | |
KLA, Sr. Unscd. Notes | | 4.10 | | 3/15/2029 | | 4,850,000 | | 5,589,695 | |
Microchip Technology, Gtd. Notes | | 4.25 | | 9/1/2025 | | 4,000,000 | | 4,218,365 | |
Microchip Technology, Sr. Scd. Notes | | 0.98 | | 9/1/2024 | | 1,000,000 | a | 999,520 | |
Microchip Technology, Sr. Scd. Notes | | 4.33 | | 6/1/2023 | | 1,500,000 | | 1,590,668 | |
NXP, Gtd. Notes | | 4.88 | | 3/1/2024 | | 5,500,000 | a | 6,024,075 | |
| | 24,478,465 | |
Technology Hardware & Equipment - .6% | | | | | |
Dell International, Sr. Scd. Notes | | 8.10 | | 7/15/2036 | | 3,000,000 | | 4,606,843 | |
Telecommunication Services - 2.3% | | | | | |
Motorola Solutions, Sr. Unscd. Notes | | 4.60 | | 5/23/2029 | | 4,750,000 | | 5,572,481 | |
T-Mobile USA, Gtd. Notes | | 2.88 | | 2/15/2031 | | 500,000 | | 514,375 | |
T-Mobile USA, Sr. Scd. Notes | | 3.88 | | 4/15/2030 | | 4,150,000 | | 4,654,930 | |
Verizon Communications, Sr. Unscd. Notes | | 2.10 | | 3/22/2028 | | 3,000,000 | | 3,081,415 | |
Verizon Communications, Sr. Unscd. Notes | | 4.50 | | 8/10/2033 | | 3,000,000 | | 3,634,785 | |
| | 17,457,986 | |
Utilities - 3.5% | | | | | |
Black Hills, Sr. Unscd. Notes | | 3.05 | | 10/15/2029 | | 2,000,000 | | 2,150,044 | |
Black Hills, Sr. Unscd. Notes | | 4.25 | | 11/30/2023 | | 4,000,000 | | 4,276,913 | |
CenterPoint Energy, Sr. Unscd. Notes | | 2.95 | | 3/1/2030 | | 3,000,000 | | 3,200,622 | |
Duquesne Light Holdings, Sr. Unscd. Notes | | 2.53 | | 10/1/2030 | | 1,000,000 | a | 996,729 | |
Entergy, Sr. Unscd. Notes | | 2.95 | | 9/1/2026 | | 2,000,000 | | 2,147,074 | |
Mid-Atlantic Interstate Transmission, Sr. Unscd. Notes | | 4.10 | | 5/15/2028 | | 3,000,000 | a | 3,404,894 | |
Mississippi Power, Sr. Unscd. Notes | | 3.95 | | 3/30/2028 | | 5,000,000 | | 5,669,084 | |
The Cleveland Electric Illuminating Company, Sr. Unscd. Notes | | 4.55 | | 11/15/2030 | | 4,000,000 | a | 4,734,851 | |
| | 26,580,211 | |
Total Bonds and Notes
(cost $675,921,691) | | 734,904,405 | |
| | Preferred
Dividend
Yield (%) | | | | Shares | | | |
Preferred Stocks - 1.5% | | | | | |
Diversified Financials - .4% | | | | | |
Air Lease, Ser. A | | 6.15 | | | | 120,000 | c | 3,250,800 | |
Telecommunication Services - 1.1% | | | | | |
AT&T, Ser. A | | 5.00 | | | | 320,000 | | 8,544,000 | |
Total Preferred Stocks
(cost $11,000,000) | | 11,794,800 | |
| 1-Day
Yield (%) | | | | | | | |
Investment Companies - 1.2% | | | | | |
Registered Investment Companies - 1.2% | | | | | |
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares
(cost $9,018,856) | | 0.06 | | | | 9,018,856 | e | 9,018,856 | |
31
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | |
| |
BNY Mellon Corporate Bond Fund (continued) |
Description | 1-Day
Yield (%) | | | | Shares | | Value ($) | |
Investment of Cash Collateral for Securities Loaned - 3.2% | | | | | |
Registered Investment Companies - 3.2% | | | | | |
Dreyfus Institutional Preferred Government Plus Money Market Fund, SL Shares
(cost $24,487,583) | | 0.02 | | | | 24,487,583 | e | 24,487,583 | |
Total Investments (cost $720,428,130) | | 102.1% | 780,205,644 | |
Liabilities, Less Cash and Receivables | | (2.1%) | (16,363,521) | |
Net Assets | | 100.0% | 763,842,123 | |
GO—General Obligation
LIBOR—London Interbank Offered Rate
a Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2021, these securities were valued at $146,638,957 or 19.2% of net assets.
b Variable rate security—interest rate resets periodically and rate shown is the interest rate in effect at period end. Security description also includes the reference rate and spread if published and available.
c Security, or portion thereof, on loan. At August 31, 2021, the value of the fund’s securities on loan was $27,285,467 and the value of the collateral was $28,168,690, consisting of cash collateral of $24,487,583 and U.S. Government & Agency securities valued at $3,681,107.
d Security is a perpetual bond with no specified maturity date. Maturity date shown is next reset date of the bond.
e Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
| | |
Portfolio Summary (Unaudited) † | Value (%) |
Financial | 38.4 |
Consumer, Cyclical | 10.8 |
Consumer, Non-cyclical | 10.3 |
Industrial | 8.3 |
Technology | 7.5 |
Energy | 7.0 |
Communications | 6.5 |
Investment Companies | 4.4 |
Utilities | 3.5 |
Basic Materials | 2.8 |
Government | 2.6 |
| | 102.1 |
† Based on net assets.
See notes to financial statements.
32
| | | | | | | | | | |
| |
BNY Mellon Short-Term U.S. Government Securities Fund |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Bonds and Notes - 98.9% | | | | | |
Municipal Securities - 11.1% | | | | | |
Bay Area Toll Authority, Revenue Bonds, Refunding | | 2.23 | | 4/1/2023 | | 1,200,000 | | 1,235,900 | |
Chicago II, GO, Refunding, Ser. B | | 7.75 | | 1/1/2025 | | 2,008,000 | a | 2,479,905 | |
Connecticut, GO, Ser. A | | 0.92 | | 6/1/2025 | | 250,000 | | 251,887 | |
Gilroy Unified School District, GO, Refunding | | 1.73 | | 8/1/2022 | | 450,000 | | 456,392 | |
Kentucky Property & Building Commission, Revenue Bonds, Refunding, Ser. D | | 2.08 | | 11/1/2023 | | 500,000 | | 515,134 | |
Massachusetts College Building Authority, Revenue Bonds, Refunding, Ser. C | | 1.90 | | 5/1/2023 | | 2,000,000 | | 2,051,415 | |
Massachusetts Water Resources Authority, Revenue Bonds, Refunding (Green Bond) Ser. F | | 1.77 | | 8/1/2023 | | 2,000,000 | | 2,057,690 | |
Metropolitan Government of Nashville & Davidson County, GO, Refunding, Ser. B | | 0.61 | | 7/1/2025 | | 1,500,000 | | 1,496,411 | |
Michigan Finance Authority, Revenue Bonds, Ser. A1 | | 2.86 | | 9/1/2022 | | 1,500,000 | b | 1,520,342 | |
New York State Dormitory Authority, Revenue Bonds, Refunding, Ser. C | | 0.49 | | 3/15/2024 | | 1,750,000 | | 1,743,665 | |
Oregon, GO, Refunding, Ser. P | | 1.71 | | 5/1/2022 | | 1,000,000 | | 1,010,304 | |
Tennessee, GO, Refunding, Ser. B | | 0.65 | | 11/1/2024 | | 2,000,000 | | 2,004,211 | |
Tennessee School Bond Authority, Revenue Bonds, Refunding, Ser.A | | 0.22 | | 11/1/2023 | | 1,500,000 | | 1,498,009 | |
The Rutgers University of New Jersey, Revenue Bonds, Refunding, Ser. R | | 2.06 | | 5/1/2022 | | 1,000,000 | | 1,011,620 | |
Virginia Resources Authority, Revenue Bonds, Refunding, Ser. C | | 1.89 | | 11/1/2022 | | 500,000 | | 510,116 | |
| | 19,843,001 | |
U.S. Government Agencies Collateralized Mortgage Obligations - 18.5% | | | | | |
Federal Home Loan Mortgage Corp., REMIC, Ser. 2586, Cl. MJ | | 5.50 | | 3/15/2023 | | 63,491 | c | 65,391 | |
Federal Home Loan Mortgage Corp., REMIC, Ser. 3527, Cl. DA | | 4.00 | | 4/15/2029 | | 88,023 | c | 90,044 | |
Federal Home Loan Mortgage Corp., REMIC, Ser. 3563, Cl. BD | | 4.00 | | 8/15/2024 | | 211,339 | c | 218,623 | |
Federal Home Loan Mortgage Corp., REMIC, Ser. 3627, Cl. QH | | 4.00 | | 1/15/2025 | | 614,599 | c | 640,975 | |
Federal Home Loan Mortgage Corp., REMIC, Ser. 3640, Cl. GM | | 4.00 | | 3/15/2025 | | 428,489 | c | 446,958 | |
Federal Home Loan Mortgage Corp., REMIC, Ser. 3810, Cl. QB | | 3.50 | | 2/15/2026 | | 548,910 | c | 577,089 | |
Federal Home Loan Mortgage Corp., REMIC, Ser. 3816, Cl. HA | | 3.50 | | 11/15/2025 | | 1,355,500 | c | 1,426,085 | |
Federal Home Loan Mortgage Corp., REMIC, Ser. 3820, Cl. TB | | 3.50 | | 3/15/2026 | | 889,230 | c | 940,576 | |
Federal Home Loan Mortgage Corp., REMIC, Ser. 3830, Cl. NB | | 4.50 | | 2/15/2039 | | 1,284,527 | c | 1,329,399 | |
Federal Home Loan Mortgage Corp., REMIC, Ser. 3909, Cl. NG | | 4.00 | | 8/15/2026 | | 1,051,957 | c | 1,116,812 | |
Federal Home Loan Mortgage Corp., REMIC, Ser. 3942, Cl. AC | | 2.00 | | 10/15/2021 | | 4,595 | c | 4,597 | |
Federal Home Loan Mortgage Corp., REMIC, Ser. 3945, Cl. A | | 3.00 | | 3/15/2026 | | 86,473 | c | 87,396 | |
Federal Home Loan Mortgage Corp., REMIC, Ser. 3952, Cl. MA | | 3.00 | | 11/15/2021 | | 26,607 | c | 26,614 | |
Federal Home Loan Mortgage Corp., REMIC, Ser. 3964, Cl. QA | | 3.00 | | 11/15/2026 | | 516,120 | c | 541,197 | |
Federal Home Loan Mortgage Corp., REMIC, Ser. 3987, Cl. A | | 2.00 | | 9/15/2026 | | 95,256 | c | 97,067 | |
Federal Home Loan Mortgage Corp., REMIC, Ser. 3998, Cl. KG | | 2.00 | | 11/15/2026 | | 1,957,930 | c | 1,998,848 | |
Federal Home Loan Mortgage Corp., REMIC, Ser. 4020, Cl. PC | | 1.75 | | 3/15/2027 | | 246,656 | c | 251,640 | |
Federal Home Loan Mortgage Corp., REMIC, Ser. 4029, Cl. LA | | 2.00 | | 1/15/2027 | | 1,474,050 | c | 1,505,847 | |
Federal Home Loan Mortgage Corp., REMIC, Ser. 4174, Cl. VA | | 3.50 | | 6/15/2024 | | 866,666 | c | 879,410 | |
Federal Home Loan Mortgage Corp., REMIC, Ser. 4216, Cl. KC | | 1.75 | | 6/15/2028 | | 1,042,479 | c | 1,061,204 | |
Federal Home Loan Mortgage Corp., REMIC, Ser. 4221, Cl. BZ | | 6.50 | | 10/15/2032 | | 544,170 | c | 568,419 | |
Federal Home Loan Mortgage Corp., REMIC, Ser. 4265, Cl. DA | | 4.00 | | 6/15/2026 | | 655,628 | c | 657,686 | |
Federal Home Loan Mortgage Corp., REMIC, Ser. 4287, Cl. AB | | 2.00 | | 12/15/2026 | | 250,583 | c | 260,568 | |
Federal Home Loan Mortgage Corp., REMIC, Ser. 4304, Cl. DA | | 2.50 | | 1/15/2027 | | 243,935 | c | 248,981 | |
Federal Home Loan Mortgage Corp., REMIC, Ser. 4338, Cl. VA | | 4.25 | | 7/15/2025 | | 1,609,811 | c | 1,630,284 | |
Federal Home Loan Mortgage Corp., REMIC, Ser. 4386, Cl. AB | | 3.00 | | 9/15/2029 | | 371,970 | c | 386,045 | |
Federal Home Loan Mortgage Corp., REMIC, Ser. 5000, CI. KA | | 2.00 | | 4/25/2034 | | 1,000,856 | c | 1,004,664 | |
Federal Home Loan Mortgage Corp., Ser. 4113, CI. VM | | 3.50 | | 4/15/2029 | | 1,050,610 | c | 1,062,449 | |
33
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | |
| |
BNY Mellon Short-Term U.S. Government Securities Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Bonds and Notes - 98.9% (continued) | | | | | |
U.S. Government Agencies Collateralized Mortgage Obligations - 18.5% (continued) | | | | | |
Federal National Mortgage Association, REMIC, Ser. 2005-63, Cl. HB | | 5.00 | | 7/25/2025 | | 112,061 | c | 116,440 | |
Federal National Mortgage Association, REMIC, Ser. 2009-21, Cl. HB | | 4.50 | | 4/25/2024 | | 1,124 | c | 1,135 | |
Federal National Mortgage Association, REMIC, Ser. 2010-112, Cl. CY | | 4.00 | | 10/25/2025 | | 1,061,186 | c | 1,101,069 | |
Federal National Mortgage Association, REMIC, Ser. 2010-117, Cl. DE | | 2.00 | | 5/25/2025 | | 69,132 | c | 69,245 | |
Federal National Mortgage Association, REMIC, Ser. 2011-71, Cl. BA | | 4.00 | | 5/25/2037 | | 379,782 | c | 386,441 | |
Federal National Mortgage Association, REMIC, Ser. 2011-79, Cl. GC | | 2.00 | | 12/25/2022 | | 168,238 | c | 169,074 | |
Federal National Mortgage Association, REMIC, Ser. 2011-79, Cl. HD | | 2.00 | | 12/25/2022 | | 85,119 | c | 85,542 | |
Federal National Mortgage Association, REMIC, Ser. 2011-88, Cl. M | | 3.50 | | 9/25/2026 | | 567,809 | c | 596,578 | |
Federal National Mortgage Association, REMIC, Ser. 2012-127, Cl. DH | | 4.00 | | 11/25/2027 | | 84,223 | c | 85,545 | |
Federal National Mortgage Association, REMIC, Ser. 2012-148, Cl. DC | | 1.50 | | 1/25/2028 | | 1,291,480 | c | 1,316,543 | |
Federal National Mortgage Association, REMIC, Ser. 2012-78, Cl. KB | | 1.75 | | 7/25/2027 | | 342,861 | c | 351,923 | |
Federal National Mortgage Association, REMIC, Ser. 2012-98, Cl. YM | | 1.50 | | 9/25/2027 | | 1,213,231 | c | 1,235,260 | |
Federal National Mortgage Association, REMIC, Ser. 2013-108, Cl. GA | | 3.00 | | 6/25/2030 | | 151,156 | c | 153,332 | |
Federal National Mortgage Association, REMIC, Ser. 2013-137, Cl. V | | 3.50 | | 10/25/2028 | | 460,474 | c | 476,238 | |
Federal National Mortgage Association, REMIC, Ser. 2013-30, Cl. DA | | 1.75 | | 4/25/2028 | | 402,409 | c | 413,845 | |
Federal National Mortgage Association, REMIC, Ser. 2013-39, Cl. MP | | 1.75 | | 5/25/2028 | | 1,209,286 | c | 1,229,206 | |
Federal National Mortgage Association, REMIC, Ser. 2014-19, Cl. VK | | 4.50 | | 4/25/2034 | | 2,000,000 | c | 2,057,896 | |
Federal National Mortgage Association, REMIC, Ser. 2014-34, Cl. LC | | 2.50 | | 6/25/2029 | | 561,064 | c | 585,587 | |
Federal National Mortgage Association, REMIC, Ser. 2014-82, Cl. LV | | 3.00 | | 4/25/2026 | | 649,538 | c | 655,881 | |
Federal National Mortgage Association, REMIC, Ser. 2017-9, Cl. HA | | 3.00 | | 12/25/2042 | | 1,414,031 | c | 1,439,531 | |
Government National Mortgage Association, Ser. 2010-6, Cl. AB | | 3.00 | | 11/20/2039 | | 737,779 | | 772,053 | |
Government National Mortgage Association, Ser. 2012-51, Cl. VQ | | 3.50 | | 4/20/2025 | | 671,867 | | 712,320 | |
| | 33,135,552 | |
U.S. Government Agencies Collateralized Municipal-Backed Securities - 25.0% | | | | | |
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Ser. K017, Cl. A2 | | 2.87 | | 12/25/2021 | | 1,239,132 | c | 1,243,342 | |
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Ser. K025, Cl. A1 | | 1.88 | | 4/25/2022 | | 60,388 | c | 60,439 | |
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Ser. K721, Cl. A2 | | 3.09 | | 8/25/2022 | | 1,907,798 | c | 1,942,714 | |
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Ser. K724, Cl. A2 | | 3.06 | | 11/25/2023 | | 2,000,000 | c | 2,092,637 | |
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Ser. K725, Cl. A2 | | 3.00 | | 1/25/2024 | | 750,000 | c | 788,967 | |
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Ser. KC02, Cl. A2 | | 3.37 | | 7/25/2025 | | 2,100,000 | c | 2,234,772 | |
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Ser. KJ05, Cl. A2 | | 2.16 | | 10/25/2021 | | 770,730 | c | 771,806 | |
34
| | | | | | | | | | |
| |
BNY Mellon Short-Term U.S. Government Securities Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Bonds and Notes - 98.9% (continued) | | | | | |
U.S. Government Agencies Collateralized Municipal-Backed Securities - 25.0% (continued) | | | | | |
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Ser. KL1P, Cl. A1P | | 2.54 | | 10/25/2025 | | 1,740,676 | c | 1,814,413 | |
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Ser. KLU1, Cl. A1 | | 2.38 | | 1/25/2025 | | 2,501,676 | c | 2,589,547 | |
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates, Ser. X2FX, Cl. A2 | | 2.41 | | 9/25/2025 | | 2,342,286 | c | 2,436,511 | |
Federal Home Loan Mortgage Corp. Small Business Mortgage Trust, Ser. 2016-SB23, Cl. A5F | | 1.73 | | 9/25/2021 | | 17,371 | c | 17,362 | |
Federal Home Loan Mortgage Corp. Small Business Mortgage Trust, Ser. 2016-SB25, Cl. A7F | | 2.58 | | 10/25/2023 | | 711,310 | c | 726,839 | |
Federal Home Loan Mortgage Corp. Small Business Mortgage Trust, Ser. 2017-SB35, Cl. A5F | | 2.25 | | 6/25/2022 | | 236,330 | c | 238,574 | |
Federal Home Loan Mortgage Corp. Small Business Mortgage Trust, Ser. 2018-SB50, Cl. A5F | | 3.06 | | 4/25/2023 | | 2,316,066 | c | 2,376,071 | |
Federal Home Loan Mortgage Corp. Small Business Mortgage Trust, Ser. 2018-SB51, CI. A5H | | 3.14 | | 4/25/2038 | | 1,059,006 | c | 1,092,634 | |
Federal Home Loan Mortgage Corp. Small Business Mortgage Trust, Ser. 2019-SB61, Cl. A5F | | 2.86 | | 1/25/2024 | | 2,003,035 | c | 2,079,289 | |
Federal Home Loan Mortgage Corp. Small Business Mortgage Trust, Ser. 2019-SB67, CI. A5H | | 2.24 | | 8/25/2039 | | 875,674 | c | 894,407 | |
Federal Home Loan Mortgage Corp. Small Business Mortgage Trust, Ser. 2019-SB68, CI. A5H | | 2.39 | | 8/25/2039 | | 464,898 | c | 478,935 | |
Federal National Mortgage Association, ACES, Ser. 2013-M2, Cl. AFL, 1 Month LIBOR +.35% | | 0.43 | | 1/25/2023 | | 1,661,641 | c,d | 1,663,277 | |
Federal National Mortgage Association, ACES, Ser. 2014-M1, Cl. A2 | | 3.19 | | 7/25/2023 | | 2,033,200 | c | 2,123,700 | |
Federal National Mortgage Association, ACES, Ser. 2014-M13, Cl. A2 | | 3.02 | | 8/25/2024 | | 363,955 | c | 386,685 | |
Federal National Mortgage Association, ACES, Ser. 2014-M3, Cl. A2 | | 3.50 | | 1/25/2024 | | 1,689,969 | c | 1,792,297 | |
Federal National Mortgage Association, ACES, Ser. 2015-M4, Cl. AV2 | | 2.51 | | 7/25/2022 | | 1,433,506 | c | 1,440,514 | |
Federal National Mortgage Association, ACES, Ser. 2016-M3, Cl. ASQ2 | | 2.26 | | 2/25/2023 | | 1,537,652 | c | 1,544,205 | |
Federal National Mortgage Association, ACES, Ser. 2017-M10, CI. AV2 | | 2.64 | | 7/25/2024 | | 2,099,527 | c | 2,199,303 | |
Government National Mortgage Association, Ser. 2013-105, Cl. A | | 1.71 | | 2/16/2037 | | 941,028 | | 946,320 | |
Government National Mortgage Association, Ser. 2013-142, Cl. V | | 3.07 | | 2/16/2025 | | 1,011,753 | | 1,049,440 | |
Government National Mortgage Association, Ser. 2013-158, Cl. AB | | 3.05 | | 8/16/2053 | | 1,978,410 | | 2,057,649 | |
Government National Mortgage Association, Ser. 2013-30, Cl. A | | 1.50 | | 5/16/2042 | | 175,141 | | 176,124 | |
Government National Mortgage Association, Ser. 2013-73, Cl. A | | 0.98 | | 12/16/2035 | | 873,496 | | 873,786 | |
Government National Mortgage Association, Ser. 2014-109, Cl. A | | 2.33 | | 1/16/2046 | | 430,341 | | 430,749 | |
Government National Mortgage Association, Ser. 2014-82, Cl. VG | | 2.92 | | 12/16/2046 | | 1,600,432 | | 1,658,959 | |
Government National Mortgage Association, Ser. 2015-188, CI. VD | | 2.50 | | 3/16/2032 | | 580,295 | | 599,339 | |
Government National Mortgage Association, Ser. 2018-149, CI. A | | 3.00 | | 7/16/2048 | | 978,152 | | 1,008,932 | |
Government National Mortgage Association, Ser. 2018-162, Cl. AC | | 3.25 | | 9/16/2048 | | 972,380 | | 998,150 | |
| | 44,828,688 | |
U.S. Government Agencies Mortgage-Backed - 24.0% | | | | | |
Federal Home Loan Mortgage Corp.: | | | |
2.50%, 3/1/2027-12/1/2027 | | | 3,148,777 | c | 3,309,784 | |
3.00%, 7/1/2029 | | | 1,330,044 | c | 1,404,757 | |
35
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | |
| |
BNY Mellon Short-Term U.S. Government Securities Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Bonds and Notes - 98.9% (continued) | | | | | |
U.S. Government Agencies Mortgage-Backed - 24.0% (continued) | | | | | |
3.50%, 10/1/2026-5/1/2027 | | | 961,612 | c | 1,017,529 | |
4.50%, 11/1/2024-2/1/2034 | | | 1,007,409 | c | 1,079,022 | |
Federal National Mortgage Association: | | | |
1.88%, 9/1/2023 | | | 1,800,628 | c | 1,844,088 | |
1.94%, 11/1/2022 | | | 237,240 | c | 239,381 | |
2.16%, 1/1/2023 | | | 2,435,505 | c | 2,479,455 | |
2.18%, 3/1/2022 | | | 1,000,000 | c | 1,008,177 | |
2.25%, 1/1/2024 | | | 1,264,933 | c | 1,290,856 | |
2.31%, 8/1/2022 | | | 959,675 | c | 968,806 | |
2.36%, 12/1/2022 | | | 1,318,606 | c | 1,340,184 | |
2.44%, 8/1/2022 | | | 1,199,468 | c | 1,211,647 | |
2.50%, 11/1/2026-9/1/2027 | | | 2,989,565 | c | 3,137,389 | |
2.55%, 9/1/2022 | | | 1,867,374 | c | 1,890,892 | |
2.72%, 3/1/2024 | | | 2,000,000 | c | 2,103,668 | |
2.74%, 10/1/2022 | | | 1,500,000 | c | 1,528,095 | |
2.78%, 3/1/2022 | | | 2,260,083 | c | 2,264,290 | |
2.88%, 6/1/2024 | | | 935,243 | c | 956,311 | |
2.89%, 1/1/2025 | | | 1,000,000 | c | 1,070,642 | |
3.00%, 11/1/2026-9/1/2027 | | | 1,277,304 | c | 1,346,784 | |
3.09%, 8/1/2023 | | | 1,000,000 | c | 1,045,741 | |
3.16%, 1/1/2022 | | | 349,600 | c | 349,798 | |
3.42%, 3/1/2024 | | | 1,401,868 | c | 1,491,164 | |
4.00%, 7/1/2029-3/1/2034 | | | 1,941,993 | c | 2,066,859 | |
4.50%, 11/1/2022 | | | 13 | c | 13 | |
5.00%, 3/1/2027 | | | 683,525 | c | 712,610 | |
5.10%, 10/1/2024 | | | 709,756 | c | 782,471 | |
6.00%, 8/1/2022 | | | 9,055 | c | 9,081 | |
Government National Mortgage Association I: | | | |
3.00%, 5/15/2027 | | | 2,422,969 | | 2,551,477 | |
4.00%, 8/15/2024-7/15/2027 | | | 737,314 | | 781,908 | |
Government National Mortgage Association II: | | | |
3.00%, 4/20/2027 | | | 546,824 | | 572,612 | |
3.50%, 3/20/2026 | | | 244,746 | | 256,804 | |
4.50%, 7/20/2024-5/20/2025 | | | 762,055 | | 811,498 | |
| | 42,923,793 | |
U.S. Government Agencies Obligations - 1.1% | | | | | |
Federal Home Loan Bank, Bonds | | 0.57 | | 9/30/2024 | | 2,000,000 | | 2,000,463 | |
U.S. Treasury Securities - 19.2% | | | | | |
U.S. Treasury Notes | | 0.13 | | 1/15/2024 | | 2,500,000 | | 2,490,723 | |
U.S. Treasury Notes | | 0.13 | | 2/15/2024 | | 8,000,000 | e | 7,968,750 | |
U.S. Treasury Notes | | 0.13 | | 12/15/2023 | | 6,000,000 | | 5,981,484 | |
U.S. Treasury Notes | | 0.25 | | 11/15/2023 | | 5,250,000 | | 5,250,923 | |
U.S. Treasury Notes | | 0.25 | | 5/15/2024 | | 6,750,000 | | 6,732,334 | |
U.S. Treasury Notes | | 1.25 | | 8/31/2024 | | 5,750,000 | | 5,896,445 | |
| | 34,320,659 | |
Total Bonds and Notes
(cost $176,553,919) | | 177,052,156 | |
36
| | | | | | | | | | |
| |
BNY Mellon Short-Term U.S. Government Securities Fund (continued) |
Description | 1-Day
Yield (%) | | | | Shares | | Value ($) | |
Investment Companies - 3.9% | | | | | |
Registered Investment Companies - 3.9% | | | | | |
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares
(cost $7,008,387) | | 0.06 | | | | 7,008,387 | f | 7,008,387 | |
Total Investments (cost $183,562,306) | | 102.8% | 184,060,543 | |
Liabilities, Less Cash and Receivables | | (2.8%) | (5,038,890) | |
Net Assets | | 100.0% | 179,021,653 | |
ACES—Alternative Credit Enhancement Securities
GO—General Obligation
LIBOR—London Interbank Offered Rate
REMIC—Real Estate Mortgage Investment Conduit
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 These securities have a put feature; the date shown represents the put date and the bond holder can take a specific action to retain the bond after the put date.
c The Federal Housing Finance Agency (“FHFA”) placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies.
d Variable rate security—interest rate resets periodically and rate shown is the interest rate in effect at period end. Security description also includes the reference rate and spread if published and available.
e Security, or portion thereof, on loan. At August 31, 2021, the value of the fund’s securities on loan was $7,968,750 and the value of the collateral was $8,130,708, consisting of U.S. Government & Agency securities.
f Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
| | |
Portfolio Summary (Unaudited) † | Value (%) |
Mortgage Securities | 67.5 |
Government | 31.4 |
Investment Companies | 3.9 |
| | 102.8 |
† Based on net assets.
See notes to financial statements.
37
STATEMENTS OF INVESTMENTS IN AFFILIATED ISSUERS
| | | | | | | |
Investment Companies | Value
8/31/20 ($) | Purchases ($)† | Sales ($) | Value
8/31/21 ($) | Net
Assets (%) | Dividends/
Distributions ($) |
BNY Mellon Bond Fund | | | | | | |
Registered Investment Companies; | | | | | | |
Dreyfus Institutional Preferred
Government Plus Money Market Fund, Institutional Shares | 19,173,351 | 308,124,061 | (321,812,437) | 5,484,975 | .4 | 10,503 |
Investment of Cash Collateral
for Securities Loaned:†† | | | | | | |
Dreyfus Institutional Preferred
Government Plus Money Market Fund, Institutional Shares | 21,105,434 | 28,858,326 | (49,963,760) | - | - | 11,046††† |
Dreyfus Institutional Preferred
Government Plus Money Market Fund, SL Shares | - | 316,406,585 | (308,480,170) | 7,926,415 | .6 | 44,225††† |
Total | 40,278,785 | 653,388,972 | (680,256,367) | 13,411,390 | 1.0 | 65,774 |
BNY Mellon Intermediate Bond Fund | | | | | | |
Registered Investment Companies; | | | | | | |
Dreyfus Institutional Preferred
Government Plus Money Market Fund, Institutional Shares | 13,253,689 | 142,082,324 | (151,282,499) | 4,053,514 | .5 | 4,319 |
Investment of Cash Collateral
for Securities Loaned: †† | | | | | | |
Dreyfus Institutional Preferred
Government Plus Money Market Fund, Institutional Shares | - | 6,211,180 | (6,211,180) | - | - | 3,886††† |
Dreyfus Institutional Preferred
Government Plus Money Market Fund, SL Shares | - | 151,296,104 | (140,005,344) | 11,290,760 | 1.5 | 12,282††† |
Total | 13,253,689 | 299,589,608 | (297,499,023) | 15,344,274 | 2.0 | 20,487 |
BNY Mellon Corporate Bond Fund | | | | | | |
Registered Investment Companies; | | | | | | |
Dreyfus Institutional Preferred
Government Plus Money Market Fund, Institutional Shares | 8,954,696 | 139,918,232 | (139,854,072) | 9,018,856 | 1.2 | 6,118 |
Investment of Cash Collateral
for Securities Loaned: †† | | | | | | |
Dreyfus Institutional Preferred
Government Plus Money Market Fund, Institutional Shares | 7,176,396 | 11,697,997 | (18,874,393) | - | - | 54,240††† |
Dreyfus Institutional Preferred
Government Plus Money Market Fund, SL Shares | - | 94,990,974 | (70,503,391) | 24,487,583 | 3.2 | 71,515††† |
Total | 16,131,092 | 246,607,203 | (229,231,856) | 33,506,439 | 4.4 | 131,873 |
BNY Mellon Short-Term U.S.
Government Securities Fund | | | | | | |
Registered Investment Companies; | | | | | | |
Dreyfus Institutional Preferred
Government Plus Money Market Fund, Institutional Shares | 5,012,233 | 168,594,682 | (166,598,528) | 7,008,387 | 3.9 | 2,456 |
Investment of Cash Collateral
for Securities Loaned: †† | | | | | | |
Dreyfus Institutional Preferred
Government Plus Money Market Fund, SL Shares | - | 672,838 | (672,838) | - | - | 5,866††† |
Total | 5,012,233 | 169,267,520 | (167,271,366) | 7,008,387 | 3.9 | 8,322 |
† Includes reinvested dividends/distributions.
†† Effective November 9, 2020, cash collateral for securities 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.
38
STATEMENTS OF ASSETS AND LIABILITIES
August 31, 2021
| | | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | BNY Mellon Bond Fund | | BNY Mellon Intermediate Bond Fund | | BNY Mellon Corporate Bond Fund | | BNY Mellon Short-Term U.S. Government Securities Fund | | |
Assets ($): | | | | | | | | | | | | |
Investments in securities—See Statements
of Investments† (including securities
on loan)††—Note 1(b) | | | | | | | | | | | | |
Unaffiliated issuers | | | | 1,338,261,699 | | 780,530,781 | | 746,699,205 | | 177,052,156 | | |
Affiliated issuers | | | | 13,411,390 | | 15,344,274 | | 33,506,439 | | 7,008,387 | | |
Cash | | | | - | | - | | - | | 578,586 | | |
Receivable for investment securities sold | | | | 13,459,796 | | - | | - | | - | | |
Interest receivable | | | | 7,601,468 | | 4,349,673 | | 7,772,170 | | 399,407 | | |
Receivable for shares of Beneficial
Interest subscribed | | | | 2,016,796 | | 1,346,668 | | 2,654,981 | | 1,064,881 | | |
Securities lending receivable | | | | 5,016 | | 1,734 | | 7,431 | | 433 | | |
Dividends receivable | | | | 291 | | 233 | | 46,530 | | 188 | | |
Prepaid expenses | | | | 30,036 | | 26,324 | | 17,252 | | 25,486 | | |
| | | | 1,374,786,492 | | 801,599,687 | | 790,704,008 | | 186,129,524 | | |
Liabilities ($): | | | | | | | | | | | | |
Due to BNY Mellon Investment Adviser, Inc.
and affiliates—Note 3(b) | | | | 616,287 | | 364,252 | | 350,719 | | 75,119 | | |
Cash overdraft due to Custodian | | | | 2,286,046 | | 1,254,024 | | 1,623,575 | | - | | |
Payable for investment securities purchased | | | | 12,613,614 | | - | | - | | 6,738,123 | | |
Liability for securities on loan—Note 1(b) | | | | 7,926,415 | | 11,290,760 | | 24,487,583 | | - | | |
Payable for shares of Beneficial
Interest redeemed | | | | 957,618 | | 362,307 | | 317,828 | | 239,158 | | |
Trustees’ fees and expenses payable | | | | 28,967 | | 17,333 | | 15,666 | | 7,800 | | |
Other accrued expenses | | | | 68,256 | | 63,243 | | 66,514 | | 47,671 | | |
| | | | 24,497,203 | | 13,351,919 | | 26,861,885 | | 7,107,871 | | |
Net Assets ($) | | | | 1,350,289,289 | | 788,247,768 | | 763,842,123 | | 179,021,653 | | |
Composition of Net Assets ($): | | | | | | | | | | | | |
Paid-in capital | | | | 1,307,876,478 | | 760,392,128 | | 703,899,961 | | 192,893,124 | | |
Total distributable earnings (loss) | | | | 42,412,811 | | 27,855,640 | | 59,942,162 | | (13,871,471) | | |
Net Assets ($) | | | | 1,350,289,289 | | 788,247,768 | | 763,842,123 | | 179,021,653 | | |
† Investments at cost ($) | | | | | | | | | | | | |
Unaffiliated issuers | | | | 1,286,128,789 | | 750,417,945 | | 686,921,691 | | 176,553,919 | | |
Affiliated issuers | | | | 13,411,390 | | 15,344,274 | | 33,506,439 | | 7,008,387 | | |
†† Value of securities on loan ($) | | | | 76,725,258 | | 23,748,056 | | 27,285,467 | | 7,968,750 | | |
Net Asset Value Per Share | | | | | | | | | | | | |
Class M | | | | | | | | | | | | |
Net Assets ($) | | | | 1,339,003,056 | | 779,122,775 | | 757,616,645 | | 174,318,845 | | |
Shares Outstanding | | | | 102,175,495 | | 60,273,658 | | 54,909,404 | | 15,023,470 | | |
Net Asset Value Per Share ($) | | | | 13.10 | | 12.93 | | 13.80 | | 11.60 | | |
Investor Shares | | | | | | | | | | | | |
Net Assets ($) | | | | 11,286,233 | | 9,124,993 | | 6,225,478 | | 4,702,808 | | |
Shares Outstanding | | | | 862,974 | | 704,752 | | 450,864 | | 405,294 | | |
Net Asset Value Per Share ($) | | | | 13.08 | | 12.95 | | 13.81 | | 11.60 | | |
| | | | | | | | | | | | |
See notes to financial statements. | | | | | | | | | | | | |
39
STATEMENTS OF OPERATIONS
Year Ended August 31, 2021
| | | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | BNY Mellon Bond Fund | | BNY Mellon Intermediate Bond Fund | | BNY Mellon Corporate Bond Fund | | BNY Mellon Short-Term U.S. Government Securities Fund | |
Investment Income ($): | | | | | | | | | | |
Income: | | | | | | | | | | |
Interest | | | 29,489,257 | | 19,553,297 | | 28,226,573 | | 3,255,573 | |
Dividends: | | | | | | | | | | |
Unaffiliated issuers | | | 325,000 | | 256,250 | | 584,500 | | - | |
Affiliated issuers | | | 10,503 | | 4,319 | | 6,118 | | 2,456 | |
Income from securities lending—Note 1(b) | | | 55,271 | | 16,168 | | 125,755 | | 5,866 | |
Total Income | | | 29,880,031 | | 19,830,034 | | 28,942,946 | | 3,263,895 | |
Expenses: | | | | | | | | | | |
Investment advisory fee—Note 3(a) | | | 5,295,216 | | 3,301,218 | | 3,165,561 | | 798,646 | |
Administration fee—Note 3(a) | | | 1,634,104 | | 1,019,066 | | 977,185 | | 281,730 | |
Trustees’ fees and expenses—Note 3(d) | | | 113,693 | | 75,744 | | 71,391 | | 18,656 | |
Professional fees | | | 76,392 | | 51,411 | | 50,613 | | 37,304 | |
Registration fees | | | 41,067 | | 36,146 | | 38,830 | | 45,034 | |
Loan commitment fees—Note 2 | | | 38,181 | | 28,522 | | 36,839 | | 7,405 | |
Shareholder servicing costs—Note 3(b) | | | 27,088 | | 22,820 | | 15,040 | | 13,931 | |
Custodian fees—Note 3(c) | | | 23,691 | | 13,382 | | 12,288 | | 14,276 | |
Chief Compliance Officer fees—Note 3(c) | | | 14,319 | | 14,319 | | 14,319 | | 14,319 | |
Prospectus and shareholders’ reports | | | 12,368 | | 11,499 | | 11,705 | | 8,287 | |
Miscellaneous | | | 46,494 | | 38,116 | | 33,718 | | 37,716 | |
Total Expenses | | | 7,322,613 | | 4,612,243 | | 4,427,489 | | 1,277,304 | |
Less—reduction in expenses due to undertakings—Note 3(a) | | | - | | - | | - | | (41,161) | |
Net Expenses | | | 7,322,613 | | 4,612,243 | | 4,427,489 | | 1,236,143 | |
Investment Income—Net | | | 22,557,418 | | 15,217,791 | | 24,515,457 | | 2,027,752 | |
Realized and Unrealized Gain (Loss)
on Investments—Note 4 ($): | | | | | | | | |
Net realized gain (loss) on investments | 9,732,205 | | 5,583,570 | | 13,262,011 | | 563,703 | |
Net change in unrealized appreciation (depreciation)
on investments | | | (25,300,442) | | (15,719,879) | | (4,860,187) | | (2,802,651) | |
Net Realized and Unrealized Gain (Loss) on Investments | | | (15,568,237) | | (10,136,309) | | 8,401,824 | | (2,238,948) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | 6,989,181 | | 5,081,482 | | 32,917,281 | | (211,196) | |
| | | | | | | | | | | | |
See notes to financial statements. | | | | | | | | | | | |
40
STATEMENTS OF CHANGES IN NET ASSETS
| | | | | | | | | | | | | | | | |
| | | | BNY Mellon Bond Fund | | BNY Mellon Intermediate Bond Fund | |
| | | | Year Ended August 31, | Year Ended August 31, |
| | | | 2021 | | | | 2020 | | 2021 | | | | 2020 | |
Operations ($): | | | | | | | | | | | | | | |
Investment income—net | | | 22,557,418 | | | | 28,223,995 | | 15,217,791 | | | | 19,036,046 | |
Net realized gain (loss) on investments | | 9,732,205 | | | | 33,444,223 | | 5,583,570 | | | | 10,807,672 | |
Net change in unrealized appreciation
(depreciation) on investments | | (25,300,442) | | | | 15,372,257 | | (15,719,879) | | | | 18,111,833 | |
Net Increase (Decrease) in Net Assets
Resulting from Operations | 6,989,181 | | | | 77,040,475 | | 5,081,482 | | | | 47,955,551 | |
Distributions ($): | | | | | | | | | | | | | | |
Distributions to shareholders: | | | | | | | | | | | | | | |
Class M | | | (58,139,162) | | | | (32,100,864) | | (16,244,256) | | | | (19,839,736) | |
Investor Shares | | | (432,181) | | | | (235,878) | | (153,470) | | | | (132,963) | |
Total Distributions | | | (58,571,343) | | | | (32,336,742) | | (16,397,726) | | | | (19,972,699) | |
Beneficial Interest Transactions ($): | | | | | | | | | | | | | | |
Net proceeds from shares sold: | | | | | | | | | | | | | | |
Class M | | | 327,798,253 | | | | 264,395,528 | | 99,405,334 | | | | 130,269,392 | |
Investor Shares | | | 20,175,687 | | | | 18,820,957 | | 14,137,038 | | | | 16,622,445 | |
Distributions reinvested: | | | | | | | | | | | | | | |
Class M | | | 19,657,953 | | | | 5,467,566 | | 2,860,843 | | | | 3,940,616 | |
Investor Shares | | | 368,779 | | | | 202,916 | | 124,764 | | | | 108,322 | |
Cost of shares redeemed: | | | | | | | | | | | | | | |
Class M | | | (225,834,590) | | | | (265,907,929) | | (203,715,376) | | | | (255,435,067) | |
Investor Shares | | | (18,074,128) | | | | (18,961,915) | | (13,323,672) | | | | (14,918,761) | |
Increase (Decrease) in Net Assets
from Beneficial Interest Transactions | 124,091,954 | | | | 4,017,123 | | (100,511,069) | | | | (119,413,053) | |
Total Increase (Decrease) in Net Assets | 72,509,792 | | | | 48,720,856 | | (111,827,313) | | | | (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 | | | 1,350,289,289 | | | | 1,277,779,497 | | 788,247,768 | | | | 900,075,081 | |
Capital Share Transactions (Shares): | | | | | | | | | | | | | | |
Class Ma | | | | | | | | | | | | | | |
Shares sold | | | 24,654,820 | | | | 19,866,058 | | 7,637,070 | | | | 10,173,365 | |
Shares issued for distributions reinvested | | | 1,480,678 | | | | 412,579 | | 220,249 | | | | 307,373 | |
Shares redeemed | | | (17,023,473) | | | | (20,105,827) | | (15,629,069) | | | | (19,894,286) | |
Net Increase (Decrease) in Shares Outstanding | 9,112,025 | | | | 172,810 | | (7,771,750) | | | | (9,413,548) | |
Investor Sharesa | | | | | | | | | | | | | | |
Shares sold | | | 1,530,513 | | | | 1,431,498 | | 1,085,072 | | | | 1,294,477 | |
Shares issued for distributions reinvested | | | 27,850 | | | | 15,352 | | 9,593 | | | | 8,418 | |
Shares redeemed | | | (1,371,980) | | | | (1,433,808) | | (1,021,890) | | | | (1,159,869) | |
Net Increase (Decrease) in Shares Outstanding | 186,383 | | | | 13,042 | | 72,775 | | | | 143,026 | |
| | | | | | | | | | | | | | | |
a | During the period ended August 31, 2021, 1,478,214 Class M Shares representing $19,532,549 were exchanged for 1,481,327 Investor Shares for BNY Mellon Bond Fund and 1,085,263 Class M Shares representing $14,120,624 were exchanged for 1,083,737 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 $16,165,460 were exchanged for 1,259,304 Investor Shares for BNY Mellon Intermediate Bond Fund. |
See notes to financial statements. | | | | | | | | | | | | | | |
41
STATEMENTS OF CHANGES IN NET ASSETS (continued)
| | | | | | | | | | | | | | | | |
| | | | BNY Mellon Corporate Bond Fund | | BNY Mellon Short-Term U.S. Government Securities Fund | |
| | | | Year Ended August 31, | Year Ended August 31, |
| | | | 2021 | | | | 2020 | | 2021 | | | | 2020 | |
Operations ($): | | | | | | | | | | | | | | |
Investment income—net | | | 24,515,457 | | | | 30,918,115 | | 2,027,752 | | | | 4,096,078 | |
Net realized gain (loss) on investments | | 13,262,011 | | | | 10,397,096 | | 563,703 | | | | 1,646,724 | |
Net change in unrealized appreciation
(depreciation) on investments | | (4,860,187) | | | | 10,915,491 | | (2,802,651) | | | | 1,392,767 | |
Net Increase (Decrease) in Net Assets
Resulting from Operations | 32,917,281 | | | | 52,230,702 | | (211,196) | | | | 7,135,569 | |
Distributions ($): | | | | | | | | | | | | | | |
Distributions to shareholders: | | | | | | | | | | | | | | |
Class M | | | (26,638,751) | | | | (31,999,493) | | (3,541,306) | | | | (4,869,132) | |
Investor Shares | | | (185,328) | | | | (168,173) | | (73,458) | | | | (39,865) | |
Total Distributions | | | (26,824,079) | | | | (32,167,666) | | (3,614,764) | | | | (4,908,997) | |
Beneficial Interest Transactions ($): | | | | | | | | | | | | | | |
Net proceeds from shares sold: | | | | | | | | | | | | | | |
Class M | | | 105,549,061 | | | | 175,188,538 | | 187,555,518 | | | | 84,017,058 | |
Investor Shares | | | 11,232,091 | | | | 16,524,022 | | 9,928,542 | | | | 8,168,274 | |
Distributions reinvested: | | | | | | | | | | | | | | |
Class M | | | 6,003,401 | | | | 7,780,392 | | 677,084 | | | | 1,112,738 | |
Investor Shares | | | 129,333 | | | | 106,512 | | 70,875 | | | | 38,415 | |
Cost of shares redeemed: | | | | | | | | | | | | | | |
Class M | | | (209,133,437) | | | | (261,119,893) | | (245,096,305) | | | | (108,197,966) | |
Investor Shares | | | (10,646,076) | | | | (14,053,972) | | (10,515,819) | | | | (4,631,268) | |
Increase (Decrease) in Net Assets
from Beneficial Interest Transactions | (96,865,627) | | | | (75,574,401) | | (57,380,105) | | | | (19,492,749) | |
Total Increase (Decrease) in Net Assets | (90,772,425) | | | | (55,511,365) | | (61,206,065) | | | | (17,266,177) | |
Net Assets ($): | | | | | | | | | | | | | | |
Beginning of Period | | | 854,614,548 | | | | 910,125,913 | | 240,227,718 | | | | 257,493,895 | |
End of Period | | | 763,842,123 | | | | 854,614,548 | | 179,021,653 | | | | 240,227,718 | |
Capital Share Transactions (Shares): | | | | | | | | | | | | | | |
Class Ma | | | | | | | | | | | | | | |
Shares sold | | | 7,653,507 | | | | 13,224,134 | | 16,019,133 | | | | 7,141,253 | |
Shares issued for distributions reinvested | | | 436,356 | | | | 584,843 | | 57,848 | | | | 94,756 | |
Shares redeemed | | | (15,187,093) | | | | (19,708,249) | | (20,953,372) | | | | (9,200,252) | |
Net Increase (Decrease) in Shares Outstanding | (7,097,230) | | | | (5,899,272) | | (4,876,391) | | | | (1,964,243) | |
Investor Sharesa | | | | | | | | | | | | | | |
Shares sold | | | 814,247 | | | | 1,242,478 | | 848,547 | | | | 692,799 | |
Shares issued for distributions reinvested | | | 9,392 | | | | 8,014 | | 6,059 | | | | 3,268 | |
Shares redeemed | | | (770,362) | | | | (1,054,323) | | (899,233) | | | | (393,943) | |
Net Increase (Decrease) in Shares Outstanding | 53,277 | | | | 196,169 | | (44,627) | | | | 302,124 | |
| | | | | | | | | | | | | | | |
a | During the period ended August 31, 2021, 799,301 Class M Shares representing $11,020,723 were exchanged for 798,844 Investor Shares for BNY Mellon Corporate Bond Fund and 497,238 Class M Shares representing $5,812,901 were exchanged for 497,432 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 $4,152,915 were exchanged for 352,816 Investor Shares for BNY Mellon Short-Term U.S. Government Securities Fund. |
See notes to financial statements. | | | | | | | | | | | | | | |
42
FINANCIAL HIGHLIGHTS
The following tables describe the performance for each share class of each fund for the fiscal periods indicated. All information (except portfolio turnover) reflects financial results for a single fund share. Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. These figures have been derived from the funds’ financial statements.
| | | | | | | | | | | | | | | | |
| | | | | | Class M Shares |
| | | | | | | Year Ended August 31, |
BNY Mellon Bond Fund | | | 2021 | | 2020 | | 2019 | | 2018 | | 2017 | |
Per Share Data ($): | | | | | | | | | | | | |
Net asset value, beginning of period | | | 13.63 | | 13.14 | | 12.32 | | 12.82 | | 13.11 | |
Investment Operations: | | | | | | | | | | | | |
Investment income—net a | | | .23 | | .30 | | .35 | | .34 | | .32 | |
Net realized and unrealized
gain (loss) on investments | | | (.17) | | .54 | | .84 | | (.48) | | (.21) | |
Total from Investment Operations | | | .06 | | .84 | | 1.19 | | (.14) | | .11 | |
Distributions: | | | | | | | | | | | | |
Dividends from investment income—net | | | (.31) | | (.35) | | (.37) | | (.36) | | (.37) | |
Dividends from net realized gain on investments | | | (.28) | | - | | - | | - | | (.03) | |
Total Distributions | | | (.59) | | (.35) | | (.37) | | (.36) | | (.40) | |
Net asset value, end of period | | | 13.10 | | 13.63 | | 13.14 | | 12.32 | | 12.82 | |
Total Return (%) | | | .50 | | 6.49 | | 9.89 | | (1.10) | | .87 | |
Ratios/Supplemental Data (%): | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | .55 | | .55 | | .55 | | .55 | | .56 | |
Ratio of net investment income
to average net assets | | | 1.71 | | 2.30 | | 2.77 | | 2.70 | | 2.50 | |
Portfolio Turnover Rate | | | 72.04 | | 93.11 | | 79.56 | | 47.36 | | 72.85 | |
Net Assets, end of period ($ x 1,000) | | | 1,339,003 | | 1,268,576 | | 1,220,362 | | 1,002,899 | | 1,001,290 | |
a Based on average shares outstanding.
See notes to financial statements.
43
FINANCIAL HIGHLIGHTS (continued)
| | | | | | | | | | | | | | | | |
| | | | | | Investor Shares |
| | | | | | | Year Ended August 31, |
BNY Mellon Bond Fund | | | 2021 | | 2020 | | 2019 | | 2018 | | 2017 | |
Per Share Data ($): | | | | | | | | | | | | |
Net asset value, beginning of period | | | 13.60 | | 13.11 | | 12.29 | | 12.79 | | 13.08 | |
Investment Operations: | | | | | | | | | | | | |
Investment income—net a | | | .20 | | .28 | | .32 | | .31 | | .28 | |
Net realized and unrealized
gain (loss) on investments | | | (.16) | | .52 | | .84 | | (.48) | | (.21) | |
Total from Investment Operations | | | .04 | | .80 | | 1.16 | | (.17) | | .07 | |
Distributions: | | | | | | | | | | | | |
Dividends from investment income—net | | | (.28) | | (.31) | | (.34) | | (.33) | | (.33) | |
Dividends from net realized gain on investments | | | (.28) | | - | | - | | - | | (.03) | |
Total Distributions | | | (.56) | | (.31) | | (.34) | | (.33) | | (.36) | |
Net asset value, end of period | | | 13.08 | | 13.60 | | 13.11 | | 12.29 | | 12.79 | |
Total Return (%) | | | .30 | | 6.22 | | 9.60 | | (1.35) | | .63 | |
Ratios/Supplemental Data (%): | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | .80 | | .80 | | .80 | | .80 | | .81 | |
Ratio of net investment income
to average net assets | | | 1.46 | | 2.08 | | 2.47 | | 2.46 | | 2.24 | |
Portfolio Turnover Rate | | | 72.04 | | 93.11 | | 79.56 | | 47.36 | | 72.85 | |
Net Assets, end of period ($ x 1,000) | | | 11,286 | | 9,204 | | 8,697 | | 6,944 | | 9,613 | |
a Based on average shares outstanding.
See notes to financial statements.
44
| | | | | | | | | | | | | | | | |
| | | | | | Class M Shares |
| | | | | | | Year Ended August 31, |
BNY Mellon Intermediate Bond Fund | | | 2021 | | 2020 | | 2019 | | 2018 | | 2017 | |
Per Share Data ($): | | | | | | | | | | | | |
Net asset value, beginning of period | | | 13.11 | | 12.72 | | 12.26 | | 12.60 | | 12.74 | |
Investment Operations: | | | | | | | | | | | | |
Investment income—net a | | | .24 | | .25 | | .27 | | .25 | | .22 | |
Net realized and unrealized
gain (loss) on investments | | | (.16) | | .41 | | .47 | | (.32) | | (.10) | |
Total from Investment Operations | | | .08 | | .66 | | .74 | | (.07) | | .12 | |
Distributions: | | | | | | | | | | | | |
Dividends from investment income—net | | | (.26) | | (.27) | | (.28) | | (.27) | | (.26) | |
Net asset value, end of period | | | 12.93 | | 13.11 | | 12.72 | | 12.26 | | 12.60 | |
Total Return (%) | | | .62 | | 5.23 | | 6.09 | | (.58) | | 1.01 | |
Ratios/Supplemental Data (%): | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | .56 | | .55 | | .55 | | .55 | | .56 | |
Ratio of net investment income
to average net assets | | | 1.85 | | 1.97 | | 2.15 | | 2.03 | | 1.77 | |
Portfolio Turnover Rate | | | 19.07 | | 41.86 | | 33.30 | | 28.92 | | 48.97 | |
Net Assets, end of period ($ x 1,000) | | | 779,123 | | 891,782 | | 985,280 | | 833,954 | | 838,741 | |
a Based on average shares outstanding.
See notes to financial statements.
45
FINANCIAL HIGHLIGHTS (continued)
| | | | | | | | | | | | | | | | |
| | | | | Investor Shares |
| | | | | | | Year Ended August 31, |
BNY Mellon Intermediate Bond Fund | | | 2021 | | 2020 | | 2019 | | 2018 | | 2017 | |
Per Share Data ($): | | | | | | | | | | | | |
Net asset value, beginning of period | | | 13.12 | | 12.73 | | 12.26 | | 12.60 | | 12.74 | |
Investment Operations: | | | | | | | | | | | | |
Investment income—net a | | | .21 | | .22 | | .23 | | .22 | | .19 | |
Net realized and unrealized
gain (loss) on investments | | | (.16) | | .40 | | .48 | | (.33) | | (.10) | |
Total from Investment Operations | | | .05 | | .62 | | .71 | | (.11) | | .09 | |
Distributions: | | | | | | | | | | | | |
Dividends from investment income—net | | | (.22) | | (.23) | | (.24) | | (.23) | | (.23) | |
Net asset value, end of period | | | 12.95 | | 13.12 | | 12.73 | | 12.26 | | 12.60 | |
Total Return (%) | | | .42 | | 4.93 | | 5.88 | | (.84) | | .75 | |
Ratios/Supplemental Data (%): | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | .81 | | .80 | | .80 | | .80 | | .81 | |
Ratio of net investment income
to average net assets | | | 1.59 | | 1.68 | | 1.88 | | 1.78 | | 1.52 | |
Portfolio Turnover Rate | | | 19.07 | | 41.86 | | 33.30 | | 28.92 | | 48.97 | |
Net Assets, end of period ($ x 1,000) | | | 9,125 | | 8,293 | | 6,225 | | 5,756 | | 7,563 | |
a Based on average shares outstanding.
See notes to financial statements.
46
| | | | | | | | | | | | | | | | |
| | | | | | Class M Shares |
| | | | | | | Year Ended August 31, |
BNY Mellon Corporate Bond Fund | | | 2021 | | 2020 | | 2019 | | 2018 | | 2017 | |
Per Share Data ($): | | | | | | | | | | | | |
Net asset value, beginning of period | | | 13.69 | | 13.36 | | 12.52 | | 13.06 | | 13.07 | |
Investment Operations: | | | | | | | | | | | | |
Investment income—net a | | | .43 | | .45 | | .46 | | .44 | | .42 | |
Net realized and unrealized
gain (loss) on investments | | | .15 | | .35 | | .86 | | (.50) | | .05 | |
Total from Investment Operations | | | .58 | | .80 | | 1.32 | | (.06) | | .47 | |
Distributions: | | | | | | | | | | | | |
Dividends from investment income—net | | | (.47) | | (.47) | | (.48) | | (.48) | | (.48) | |
Net asset value, end of period | | | 13.80 | | 13.69 | | 13.36 | | 12.52 | | 13.06 | |
Total Return (%) | | | 4.29 | | 6.16 | | 10.81 | | (.48) | | 3.67 | |
Ratios/Supplemental Data (%): | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | .56 | | .56 | | .56 | | .55 | | .56 | |
Ratio of net investment income
to average net assets | | | 3.10 | | 3.39 | | 3.65 | | 3.43 | | 3.29 | |
Portfolio Turnover Rate | | | 18.34 | | 25.67 | | 30.95 | | 33.36 | | 33.05 | |
Net Assets, end of period ($ x 1,000) | | | 757,617 | | 849,166 | | 907,433 | | 776,480 | | 784,237 | |
a Based on average shares outstanding.
See notes to financial statements.
47
FINANCIAL HIGHLIGHTS (continued)
| | | | | | | | | | | | | | | | |
| | | | | Investor Shares |
| | | | | | | Year Ended August 31, |
BNY Mellon Corporate Bond Fund | | | 2021 | | 2020 | | 2019 | | 2018 | | 2017 | |
Per Share Data ($): | | | | | | | | | | | | |
Net asset value, beginning of period | | | 13.70 | | 13.37 | | 12.53 | | 13.07 | | 13.07 | |
Investment Operations: | | | | | | | | | | | | |
Investment income—net a | | | .40 | | .43 | | .43 | | .37 | | .42 | |
Net realized and unrealized
gain (loss) on investments | | | .14 | | .34 | | .85 | | (.46) | | .03 | |
Total from Investment Operations | | | .54 | | .77 | | 1.28 | | (.09) | | .45 | |
Distributions: | | | | | | | | | | | | |
Dividends from investment income—net | | | (.43) | | (.44) | | (.44) | | (.45) | | (.45) | |
Net asset value, end of period | | | 13.81 | | 13.70 | | 13.37 | | 12.53 | | 13.07 | |
Total Return (%) | | | 4.02 | | 5.87 | | 10.50 | | (.72) | | 3.53 | |
Ratios/Supplemental Data (%): | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | .81 | | .81 | | .81 | | .80 | | .81 | |
Ratio of net investment income
to average net assets | | | 2.85 | | 3.12 | | 3.41 | | 3.06 | | 3.02 | |
Portfolio Turnover Rate | | | 18.34 | | 25.67 | | 30.95 | | 33.36 | | 33.05 | |
Net Assets, end of period ($ x 1,000) | | | 6,225 | | 5,448 | | 2,693 | | 2,573 | | 2,807 | |
a Based on average shares outstanding.
See notes to financial statements.
48
| | | | | | | | | | | | | | | | |
| | | | | | Class M Shares |
BNY Mellon Short-Term | | | Year Ended August 31, |
U.S. Government Securities Fund | | | 2021 | | 2020 | | 2019 | | 2018 | | 2017 | |
Per Share Data ($): | | | | | | | | | | | | |
Net asset value, beginning of period | | | 11.81 | | 11.70 | | 11.52 | | 11.72 | | 11.81 | |
Investment Operations: | | | | | | | | | | | | |
Investment income—net a | | | .11 | | .19 | | .21 | | .14 | | .08 | |
Net realized and unrealized
gain (loss) on investments | | | (.13) | | .15 | | .20 | | (.18) | | (.05) | |
Total from Investment Operations | | | (.02) | | .34 | | .41 | | (.04) | | .03 | |
Distributions: | | | | | | | | | | | | |
Dividends from investment income—net | | | (.19) | | (.23) | | (.23) | | (.16) | | (.12) | |
Net asset value, end of period | | | 11.60 | | 11.81 | | 11.70 | | 11.52 | | 11.72 | |
Total Return (%) | | | (.15) | | 2.95 | | 3.61 | | (.36) | | .26 | |
Ratios/Supplemental Data (%): | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | .55 | | .55 | | .55 | | .56 | | .55 | |
Ratio of net expenses to average net assets | | | .54 | | .55 | | .55 | | .56 | | .55 | |
Ratio of net investment income
to average net assets | | | .89 | | 1.65 | | 1.84 | | 1.20 | | .68 | |
Portfolio Turnover Rate | | | 114.85 | | 65.00 | | 119.53 | | 61.04 | | 65.98 | |
Net Assets, end of period ($ x 1,000) | | | 174,319 | | 234,920 | | 255,767 | | 190,515 | | 172,603 | |
a Based on average shares outstanding.
See notes to financial statements.
49
FINANCIAL HIGHLIGHTS (continued)
| | | | | | | | | | | | | | | | |
| | | | | Investor Shares |
BNY Mellon Short-Term | | | Year Ended August 31, |
U.S. Government Securities Fund | | | 2021 | | 2020 | | 2019 | | 2018 | | 2017 | |
Per Share Data ($): | | | | | | | | | | | | |
Net asset value, beginning of period | | | 11.80 | | 11.68 | | 11.50 | | 11.71 | | 11.79 | |
Investment Operations: | | | | | | | | | | | | |
Investment income—net a | | | .08 | | .11 | | .18 | | .11 | | .05 | |
Net realized and unrealized
gain (loss) on investments | | | (.12) | | .21 | | .20 | | (.19) | | (.04) | |
Total from Investment Operations | | | (.04) | | .32 | | .38 | | (.08) | | .01 | |
Distributions: | | | | | | | | | | | | |
Dividends from investment income—net | | | (.16) | | (.20) | | (.20) | | (.13) | | (.09) | |
Net asset value, end of period | | | 11.60 | | 11.80 | | 11.68 | | 11.50 | | 11.71 | |
Total Return (%) | | | (.37) | | 2.73 | | 3.31 | | (.69) | | .10 | |
Ratios/Supplemental Data (%): | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | .80 | | .80 | | .80 | | .81 | | .80 | |
Ratio of net expenses to average net assets | | | .79 | | .80 | | .80 | | .81 | | .80 | |
Ratio of net investment income
to average net assets | | | .64 | | .98 | | 1.54 | | .92 | | .43 | |
Portfolio Turnover Rate | | | 114.85 | | 65.00 | | 119.53 | | 61.04 | | 65.98 | |
Net Assets, end of period ($ x 1,000) | | | 4,703 | | 5,308 | | 1,727 | | 1,494 | | 1,753 | |
a Based on average shares outstanding.
See notes to financial statements.
50
NOTES TO FINANCIAL STATEMENTS
NOTE 1—Significant Accounting Policies:
BNY Mellon Funds Trust (the “Trust”), a Massachusetts business trust that is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company, operates as a series company currently consisting of twenty-two 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 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 enter 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:
51
NOTES TO FINANCIAL STATEMENTS (continued)
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 a Service are valued at the mean between the quoted bid prices (as obtained by a 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 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 August 31, 2021 in valuing each fund’s investments:
52
| | | | | | | | | | | | | | | | | | |
Table 1—Fair Value Measurements | | | | | | |
| | | Investments in Securities† |
| | | Level 1—Unadjusted
Quoted Prices | | Level 2—Other Significant
Observable Inputs | | Level 3—Significant Unobservable Inputs | | |
| | Assets ($) | Liabilities ($) | | Assets ($) | Liabilities ($) | | Assets ($) | Liabilities ($) | | Total |
BNY Mellon Bond Fund | | | | | | | | | | | |
Commercial Mortgage-Backed | | - | - | | 17,533,482 | - | | - | - | | 17,533,482 |
Corporate Bonds | | - | - | | 557,000,776 | - | | - | - | | 557,000,776 |
Equity Securities –
Preferred Stocks | | 6,942,000 | - | | - | - | | - | - | | 6,942,000 |
Foreign Governmental | | - | - | | 4,981,107 | - | | - | - | | 4,981,107 |
Investment Companies | | 13,411,390 | - | | - | - | | - | - | | 13,411,390 |
Municipal Securities | | - | - | | 76,970,592 | - | | - | - | | 76,970,592 |
U.S. Government Agencies
Mortgage-Backed | | - | - | | 352,134,584 | - | | - | - | | 352,134,584 |
U.S. Treasury Securities | | - | - | | 322,699,158 | - | | - | - | | 322,699,158 |
BNY Mellon Intermediate Bond Fund | | | | | | | | | |
Corporate Bonds | | - | - | | 409,933,416 | - | | - | - | | 409,933,416 |
Equity Securities –
Preferred Stocks | | 5,473,500 | - | | - | - | | - | - | | 5,473,500 |
Investment Companies | | 15,344,274 | - | | - | - | | - | - | | 15,344,274 |
Municipal Securities | | - | - | | 46,931,957 | - | | - | - | | 46,931,957 |
U.S. Government Agencies Collateralized Municipal-Backed Securities | | - | - | | 149,523 | - | | - | - | | 149,523 |
U.S. Government Agencies Mortgage-Backed | | - | - | | 6,622,076 | - | | - | - | | 6,622,076 |
U.S. Government Agencies Obligations | | - | - | | 22,626,072 | - | | - | - | | 22,626,072 |
U.S. Treasury Securities | | - | - | | 288,794,237 | - | | - | - | | 288,794,237 |
BNY Mellon Corporate Bond Fund | | | | | | | | | |
Corporate Bonds | | - | - | | 714,772,097 | - | | - | - | | 714,772,097 |
Equity Securities -
Preferred Stocks | | 11,794,800 | - | | - | - | | - | - | | 11,794,800 |
Foreign Governmental | | - | - | | 3,348,669 | - | | - | - | | 3,348,669 |
Investment Companies | | 33,506,439 | - | | - | - | | - | - | | 33,506,439 |
Municipal Securities | | - | - | | 16,783,639 | - | | - | - | | 16,783,639 |
BNY Mellon Short-Term U.S.
Government Securities Fund | | | | | | | | | | | |
Investment Companies | | 7,008,387 | - | | - | - | | - | - | | 7,008,387 |
Municipal Securities | | - | - | | 19,843,001 | - | | - | - | | 19,843,001 |
U.S. Government Agencies Collateralized Mortgage Obligations | | - | - | | 33,135,552 | - | | - | - | | 33,135,552 |
U.S. Government Agencies Collateralized Municipal-Backed Securities | | - | - | | 44,828,688 | - | | - | - | | 44,828,688 |
U.S. Government Agencies Mortgage-Backed | | - | - | | 42,923,793 | - | | - | - | | 42,923,793 |
U.S. Government Agencies Obligations | | - | - | | 2,000,463 | - | | - | - | | 2,000,463 |
U.S. Treasury Securities | | - | - | | 34,320,659 | - | | - | - | | 34,320,659 |
† See Statement of Investments for additional detailed categorizations, if any.
53
NOTES TO FINANCIAL STATEMENTS (continued)
(b) Securities transactions and investment income: Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is 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 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 August 31, 2021.
| | |
Table 2—Securities Lending Agreement | |
| | |
BNY Mellon Bond Fund | $ 7,836 |
BNY Mellon Intermediate Bond Fund | 2,325 |
BNY Mellon Corporate Bond Fund | 19,121 |
BNY Mellon Short-Term U.S.
Government Securities Fund | 789 |
(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
54
federal income tax purposes, each fund is treated as a separate entity for the purpose of determining such qualification.
As of and during the period ended August 31, 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 August 31, 2021, the funds did not incur any interest or penalties.
Each tax year in the four-year period ended August 31, 2021 remains subject to examination by the Internal Revenue Service and state taxing authorities.
Table 3 summarizes each fund’s components of accumulated earnings on a tax basis at August 31, 2021.
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 4 summarizes each relevant fund’s accumulated capital loss carryover available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to August 31, 2021.
Table 5 summarizes each fund’s tax character of distributions paid to shareholders during the fiscal periods ended August 31, 2021 and August 31, 2020.
| | | | | | | | | |
Table 3—Components of Accumulated Earnings | |
| | Undistributed
Ordinary Income ($) | Undistributed
Capital Gains ($) | Accumulated
Capital (Losses) ($) | Unrealized
Appreciation ($) | Capital (Losses)
Realized After
October 31, 2020† | | |
BNY Mellon Bond Fund | 912,169 | - | - | 48,137,898 | (6,637,256) | | |
BNY Mellon Intermediate Bond Fund | 1,260,015 | - | (1,211,789) | 27,807,414 | - | | |
BNY Mellon Corporate Bond Fund | 409,667 | 2,417,329 | - | 57,115,166 | - | | |
BNY Mellon Short-Term U.S.
Government Securities Fund | 246,559 | - | (14,534,773) | 416,743 | - | | |
† These losses were deferred for tax purposes to the first day of the following fiscal year.
| | | | | | | | | | | |
Table 4—Capital Loss Carryover | | | | | | |
| | | |
Short-Term
Losses ($)
| † | Long-Term
Losses ($) | |
| | | | | | † | Total ($) |
BNY Mellon Intermediate Bond Fund | | | | 1,211,789 | - | 1,211,789 |
BNY Mellon Short-Term U.S. Government Securities Fund | | | | 6,961,872 | 7,572,901 | 14,534,773 |
† These capital losses can be carried forward for an unlimited period.
| | | | | | | |
Table 5—Tax Character of Distributions Paid | | | | | | |
| | 2021 | | 2020 |
| Ordinary Income ($) | Long-Term
Capital Gains ($) | | Ordinary Income ($) | Long-Term
Capital Gains ($) |
BNY Mellon Bond Fund | 39,076,531 | 19,494,812 | | 32,336,742 | - |
BNY Mellon Intermediate Bond Fund | 16,397,726 | - | | 19,972,699 | - |
BNY Mellon Corporate Bond Fund | 26,824,079 | - | | 32,167,666 | - |
BNY Mellon Short-Term U.S. Government Securities Fund | 3,614,764 | - | | 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”), and in January 2021, the FASB issued Accounting Standards Update 2021-01, Reference Rate Reform (Topic 848): Scope (“ASU 2021-01”), 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 and ASU 2021-01 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 and ASU 2021-01 on each fund’s investments, derivatives, debt and other contracts that will undergo
55
NOTES TO FINANCIAL STATEMENTS (continued)
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 August 31, 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: .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.
For BNY Mellon Short-Term U.S. Government Securities Fund, the Adviser has contractually agreed, from March 31, 2021 through March 31, 2022, to waive receipt of its fees and/or assume the direct expenses of the fund, so that the direct expenses of Class M and Investor shares (excluding Shareholder Services Plan fees, taxes, interest expense, brokerage commissions, commitment fees on borrowings and extraordinary expenses) do not exceed .50% of the value of the fund’s average daily net assets. On or after March 31, 2022, the Adviser may terminate this expense limitation agreement at any time. The reduction in expenses, pursuant to the undertaking, amounted to $41,161 during the period ended August 31, 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%
(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 services related to the maintenance of such shareholder accounts. The Shareholder Services Plan allows the Distributor to make payments from the shareholder services fees it collects from each fund to compensate service agents (certain banks, securities brokers or dealers and other financial institutions) with respect to these services. Table 6 summarizes the amounts Investor shares were charged during the period ended August 31, 2021, pursuant to the Shareholder Services Plan, which is included in Shareholder servicing costs in the Statements of Operations.
| | |
Table 6—Shareholder Services Plan Fees | |
| | |
BNY Mellon Bond Fund | $ 26,334 |
BNY Mellon Intermediate Bond Fund | 22,510 |
BNY Mellon Corporate Bond Fund | 14,897 |
BNY Mellon Short-Term U.S. Government Securities Fund | 13,700 |
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.
56
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 which 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 7 summarizes the amount each fund was charged during the period ended August 31, 2021, which is included in Shareholder servicing costs in the Statements of Operations.
| | | |
Table 7—Transfer Agency Agreement Fees |
| | | |
BNY Mellon Bond Fund | | $ 213 |
BNY Mellon Intermediate Bond Fund | | 164 |
BNY Mellon Corporate Bond Fund | | 73 |
BNY Mellon Short-Term U.S.
Government Securities Fund | | 62 |
Each fund compensates The Bank of New York Mellon, under a custody agreement for providing custodial services for each fund. These fees are determined based on net assets, geographic region and transaction activity. Table 8 summarizes the amount each fund was charged during the period ended August 31, 2021 pursuant to the custody agreement.
| | | |
Table 8—Custody Agreement Fees |
| | | |
BNY Mellon Bond Fund | | $ 23,691 |
BNY Mellon Intermediate Bond Fund | | 13,382 |
BNY Mellon Corporate Bond Fund | | 12,288 |
BNY Mellon Short-Term U.S.
Government Securities Fund | | 14,276 |
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 9 summarizes the amount each fund was charged during the period ended August 31, 2021 pursuant to the agreement, which is included in Shareholder servicing costs in the Statements of Operations.
| | | |
Table 9—The Bank of New York Mellon Cash Management Fees |
| | | |
BNY Mellon Bond Fund | | $ 105 |
BNY Mellon Intermediate Bond Fund | | 135 |
BNY Mellon Corporate Bond Fund | | 65 |
BNY Mellon Short-Term U.S.
Government Securities Fund | | 25 |
During the period ended August 31, 2021, each fund was charged $14,319 for services performed by the Chief Compliance Officer and his staff. These fees are included in Chief Compliance Officer fees in the Statements of Operations.
Table 10 summarizes the components of “Due to BNY Mellon Investment Adviser, Inc. and affiliates” in the Statements of Assets and Liabilities for each fund.
(c) Each Board member also serves as a Board member of other funds within the Trust. Annual retainer fees and attendance fees are allocated to each fund based on net assets.
NOTE 4—Securities Transactions:
Table 11 summarizes each fund’s aggregate amount of purchases and sales (including paydowns) of investment securities, excluding short-term securities during the period ended August 31, 2021.
Table 12 summarizes the cost of investments for federal income tax purposes, gross appreciation, gross depreciation and accumulated net unrealized appreciation (depreciation) on investments for each fund at August 31, 2021.
| | | | | | | | |
Table 10—Due to BNY Mellon Investment Adviser, Inc. and Affiliates | | | |
| Investment
Advisory
Fees ($) | Administration
Fees ($) | Shareholder
Services
Plan
Fees ($) | Custodian
Fees ($) | Transfer
Agency
Fees ($) | Chief
Compliance
Officer
Fees ($) | Less Expense
Reimbursement ($) |
BNY Mellon Bond Fund | 458,504 | 140,940 | 2,507 | 8,000 | 50 | 6,286 | - |
BNY Mellon Intermediate Bond Fund | 268,904 | 82,658 | 1,974 | 4,400 | 30 | 6,286 | - |
BNY Mellon Corporate Bond Fund | 259,390 | 79,734 | 1,297 | 4,000 | 12 | 6,286 | - |
BNY Mellon Short-Term U.S.
Government Securities Fund | 53,103 | 18,655 | 978 | 4,800 | 11 | 6,286 | (8,714) |
57
NOTES TO FINANCIAL STATEMENTS (continued)
| | | | | | |
Table 11—Purchases and Sales |
| | Purchases ($) | | Sales ($) | |
BNY Mellon Bond Fund | | 1,040,359,244 | | 944,929,321 | |
BNY Mellon Intermediate Bond Fund | | 155,838,568 | | 252,770,200 | |
BNY Mellon Corporate Bond Fund | | 142,605,569 | | 243,562,798 | |
BNY Mellon Short-Term U.S. Government Securities Fund | | 251,934,863 | | 308,769,167 | |
| | | | | | | | | |
Table 12—Accumulated Net Unrealized Appreciation (Depreciation) | | | |
| | Cost ($) | Gross
Appreciation ($) | Gross
Depreciation ($) | Net ($) |
BNY Mellon Bond Fund | | 1,303,535,191 | 53,132,815 | 4,994,917 | 48,137,898 |
BNY Mellon Intermediate Bond Fund | | 768,067,641 | 29,573,793 | 1,766,379 | 27,807,414 |
BNY Mellon Corporate Bond Fund | | 723,090,478 | 58,624,771 | 1,509,605 | 57,115,166 |
BNY Mellon Short-Term U.S. Government Securities Fund | | 183,643,800 | 1,133,672 | 716,929 | 416,743 |
58
REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
To the Shareholders of the Funds and Board of Trustees of
BNY Mellon Funds Trust:
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of BNY Mellon Bond Fund, BNY Mellon Intermediate Bond Fund, BNY Mellon Corporate Bond Fund and BNY Mellon Short-Term U.S. Government Securities Fund (collectively, the “Funds”), each a series of BNY Mellon Funds Trust, including the statements of investments, as of August 31, 2021, the statement of investments in affiliated issuers as of and for the year then ended, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of August 31, 2021, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of August 31, 2021, by correspondence with the custodian and brokers or by other appropriate auditing procedures when replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more BNY Mellon Investment Adviser, Inc. investment companies since 1994.
New York, New York
October 22, 2021
59
IMPORTANT TAX INFORMATION (Unaudited)
BNY Mellon Bond Fund
For federal tax purposes, the fund designates the maximum amount allowable but not less than 89.02% as interest-related dividends in accordance with Sections 871(k)(1) and 881(e) of the Internal Revenue Code.
BNY Mellon Intermediate Bond Fund
For federal tax purposes, the fund designates the maximum amount allowable but not less than 84.20% as interest-related dividends in accordance with Sections 871(k)(1) and 881(e) of the Internal Revenue Code.
BNY Mellon Corporate Bond Fund
For federal tax purposes, the fund reports the maximum amount allowable but not less than 70.04% as interest-related dividends in accordance with Sections 871(k)(1) and 881(e) of the Internal Revenue Code.
BNY Mellon Short-Term U.S. Government Securities Fund
For federal tax purposes, the fund reports the maximum amount allowable but not less than 99.89% as interest-related dividends in accordance with Sections 871(k)(1) and 881(e) of the Internal Revenue Code.
60
INFORMATION ABOUT THE RENEWAL OF EACH FUND’S INVESTMENT ADVISORY AGREEMENT AND ADMINISTRATION AGREEMENT (Unaudited)
At a meeting of the Trust’s Board of Trustees held on March 15-16, 2021, the Board considered the renewal of the funds’ Investment Advisory Agreement and Administration Agreement pursuant to which the Adviser provides the funds with investment advisory services and The Bank of New York Mellon provides the funds with administrative services (together, the “Agreement”). The Bank of New York Mellon has entered into a Sub-Administration Agreement with the Adviser pursuant to which The Bank of New York Mellon pays the Adviser for performing certain of these administrative services. The Board members, none of whom are “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the Trust, were assisted in their review by independent legal counsel and met with counsel in executive session separate from representatives of the Adviser. In considering the renewal of the Agreement, the Board considered several factors that it believed to be relevant, including those discussed below. The Board did not identify any one factor as dispositive, and each Board member may have attributed different weights to the factors considered.
Analysis of Nature, Extent, and Quality of Services Provided to the Funds. The Board considered information provided to it at the meeting and in previous presentations from representatives of the Adviser regarding the nature, extent, and quality of the services provided to the funds in the Trust, including the funds. The Adviser provided the number of open accounts in each fund, each fund’s asset size and the allocation of fund assets among distribution channels. The Adviser also had previously provided information regarding the need to be able to provide ongoing shareholder services.
The Board also considered research support available to, and portfolio management capabilities of, each fund’s portfolio management personnel and that the Adviser also provides oversight of day-to-day fund operations, including fund accounting and administration and assistance in meeting legal and regulatory requirements. The Board also considered the Adviser’s extensive administrative, accounting and compliance infrastructures.
Comparative Analysis of the Funds’ Performance and Management Fees and Expense Ratios. For each fund, the Board reviewed reports prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data based on classifications provided by Thomson Reuters Lipper, which included information comparing (1) the performance of the fund’s Class M shares with the performance of a group of funds selected by Broadridge as comparable to the fund (the “Performance Group”)1 and with a broader group of funds (the “Performance Universe”), all for various periods ended December 31, 2020, and (2) the fund’s actual and contractual management fees and total expenses with those of the same group of funds in the Performance Group (the “Expense Group”) and with a broader group of funds (the “Expense Universe”), the information for which was derived in part from fund financial statements available to Broadridge as of the date of its analysis. The Adviser previously had furnished the Board with a description of the methodology Broadridge used to select the Performance Group and Performance Universe and the Expense Group and Expense Universe.
Representatives of the Adviser stated that the usefulness of performance comparisons may be affected by a number of factors, including different investment limitations and policies that may be applicable to each fund and comparison funds and the end date selected.
For each fund, the Board reviewed and considered the contractual management fee rate payable by the fund to the Adviser in light of the nature, extent and quality of the management services provided by the Adviser. In addition, the Board reviewed and considered the actual management fee rate paid by the fund over the fund’s last fiscal year. The Board also reviewed the range of actual and contractual management fees and total expenses as a percentage of average net assets of the Expense Group and Expense Universe funds and discussed the results of the comparisons.
For each fund, representatives of the Adviser noted that there were no other funds advised or administered by the Adviser that are in the same Lipper category as the fund or separate accounts and/or other types of client portfolios advised by the Adviser that are considered to have similar investment strategies and policies as the fund.
BNY Mellon Bond Fund
The Board discussed with representatives of the Adviser the results of the performance comparisons and considered that the fund’s total return performance was below the Performance Group and Performance Universe medians for all periods. The Board also considered that the fund’s yield performance was at or above the Performance Group median for four of the ten one-year periods ended December 31st and above the Performance
61
INFORMATION ABOUT THE RENEWAL OF EACH FUND’S INVESTMENT ADVISORY AGREEMENT AND ADMINISTRATION AGREEMENT (Unaudited) (continued)
Universe median for all ten one-year periods. The Board considered the relative proximity of the fund’s total return and yield performance to the Performance Group and/or Performance Universe medians in certain periods when performance was below median. The Adviser also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index, and it was noted that the fund’s returns were above the returns of the index in five of the ten calendar years shown.
The Board considered that the fund’s contractual management fee was higher than the Expense Group median contractual management fee, the fund’s actual management fee was higher than the Expense Group median and the Expense Universe median actual management fee and the fund’s total expenses were higher than the Expense Group median and lower than the Expense Universe median total expenses.
BNY Mellon Intermediate Bond Fund
The Board discussed with representatives of the Adviser the results of the performance comparisons and considered that the fund’s total return performance was above the Performance Group and Performance Universe medians for all periods, except for the four- and five-year periods when the fund’s total return performance was below the Performance Group medians and the ten-year period when it was below the Performance Group and Performance Universe medians. The Board also considered that the fund’s yield performance was at or above the Performance Group median for five of the ten one-year periods ended December 31st and above the Performance Universe median for eight of the one-year periods ended December 31st. The Board considered the relative proximity of the fund’s total return and yield performance to the Performance Group and/or Performance Universe medians in most of the periods when performance was below median. The Adviser also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index.
The Board considered that the fund’s contractual management fee was higher than the Expense Group median contractual management fee, the fund’s actual management fee was higher than the Expense Group median and the Expense Universe median actual management fee and the fund’s total expenses were higher than the Expense Group median and the Expense Universe median total expenses.
BNY Mellon Corporate Bond Fund
The Board discussed with representatives of the Adviser the results of the performance comparisons and considered that the fund’s total return performance was below the Performance Group and Performance Universe medians for all periods. The Board also considered that the fund’s yield performance was above the Performance Group for five of the eight one-year periods ended December 31st and above the Performance Universe medians for six of the eight one-year periods ended December 31st. The Board considered the relative proximity of the fund’s total return and yield performance to the Performance Group and/or Performance Universe medians in certain of the periods when performance was below median. The Adviser also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index, and it was noted that the fund’s returns were above the returns of the index in five of the eight calendar years shown.
The Board considered that the fund’s contractual management fee was higher than the Expense Group median contractual management fee, the fund’s actual management fee was higher than the Expense Group median and the Expense Universe median actual management fee and the fund’s total expenses were lower than the Expense Group median and the Expense Universe median total expenses.
BNY Mellon Short-Term U.S. Government Securities Fund
The Board discussed with representatives of the Adviser the results of the performance comparisons and considered that the fund’s total return performance was below the Performance Group and Performance Universe medians for all periods. The Board also considered that the fund’s yield performance was at or above the Performance Group median for six of the ten one-year periods ended December 31st and above the Performance Universe median for seven of the ten one-year periods ended December 31st. The Board considered the relative proximity of the fund’s total return and yield performance to the Performance Group and/or Performance Universe medians in certain periods when performance was below median. The Adviser also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index. The Board noted that the fund had a four star three year rating from Morningstar based on Morningstar’s risk-adjusted return measures (with a
62
three star rating overall and for the five and ten year periods).
The Board considered that the fund’s contractual management fee was higher than the Expense Group median contractual management fee, the fund’s actual management fee was higher than the Expense Group median and the Expense Universe median actual management fee and the fund’s total expenses were higher than the Expense Group median and the Expense Universe median total expenses.
Representatives of the Adviser stated that the Adviser has contractually agreed, until March 31, 2022, to waive receipt of its fees and/or assume the direct expenses of the fund so that the direct expenses of neither class (excluding shareholder services fees, taxes, interest, brokerage commissions, commitment fees on borrowings and extraordinary expenses) exceed 0.50% of the fund’s average daily net assets.
Analysis of Profitability and Economies of Scale. Representatives of the Adviser reviewed the expenses allocated and profit received by the Adviser and its affiliates and the resulting profitability percentage for managing each fund and the aggregate profitability percentage to the Adviser and its affiliates for managing the funds in the BNY Mellon fund complex, and the method used to determine the expenses and profit. The Board concluded that the profitability results were not excessive, given the services rendered and service levels provided to each fund by the Adviser and its affiliates. The Board also had been provided with information prepared by an independent consulting firm regarding the Adviser’s approach to allocating costs to, and determining the profitability of, individual funds and the entire BNY Mellon fund complex. The consulting firm also had analyzed where any economies of scale might emerge in connection with the management of a fund.
For each fund, the Board considered, on the advice of its counsel, the profitability analysis (1) as part of its evaluation of whether the fees under the Agreement, considered in relation to the mix of services provided pursuant to the Agreement, including the nature, extent and quality of such services, supported the renewal of the Agreement and (2) in light of the relevant circumstances for the fund and the extent to which economies of scale would be realized if the fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders. Representatives of the Adviser stated that a discussion of economies of scale is predicated on a fund having achieved a substantial size with increasing assets and that, if a fund’s assets had been stable or decreasing, the possibility that the Adviser may have realized any economies of scale would be less. Representatives of the Adviser also stated that, as a result of shared and allocated costs among funds in the BNY Mellon fund complex, the extent of economies of scale could depend substantially on the level of assets in the complex as a whole, so that increases and decreases in complex-wide assets can affect potential economies of scale in a manner that is disproportionate to, or even in the opposite direction from, changes in a fund’s asset level. The Board also considered potential benefits to the Adviser from acting as investment adviser and took into consideration that there were no soft dollar arrangements in effect for trading the funds’ investments.
At the conclusion of these discussions, the Board agreed that it had been furnished with sufficient information to make an informed business decision with respect to the renewal of the Agreement. Based on the discussions and considerations as described above, the Board concluded and determined as follows with respect to each fund.
· The Board concluded that the nature, extent and quality of the services provided to the fund are adequate and appropriate.
· The Board generally was satisfied with the fund’s overall performance.
· The Board concluded that the fees paid pursuant to the Agreement continued to be appropriate under the circumstances and in light of the factors and the totality of the services provided as discussed above.
· The Board determined that the economies of scale which may accrue to the Adviser and its affiliates in connection with the management of the fund had been adequately considered in connection with the fee rates charged to the fund pursuant to the Agreement and that, to the extent in the future it were determined that material economies of scale had not been shared with the fund, the Board would seek to have those economies of scale shared with the fund.
In evaluating the Agreement with respect to each fund, the Board considered these conclusions and determinations and also relied on its previous knowledge, gained through
63
INFORMATION ABOUT THE RENEWAL OF EACH FUND’S INVESTMENT ADVISORY AGREEMENT AND ADMINISTRATION AGREEMENT (Unaudited) (continued)
meetings and other interactions with the Adviser and its affiliates, of the Adviser and the services provided to the fund pursuant to the Agreement. The Board also relied on information received on a routine and regular basis throughout the year relating to the operations of the fund and the investment management and other services provided under the Agreement, including information on the investment performance of the fund in comparison to similar mutual funds and benchmark performance indices; general market outlook as applicable to the fund; and compliance reports. In addition, the Board’s consideration of the contractual fee arrangements for the fund had the benefit of a number of years of reviews of the Agreement for the fund, or for the other funds in the Trust, during which lengthy discussions took place between the Board and representatives of the Adviser. Certain aspects of the arrangements may receive greater scrutiny in some years than in others, and the Board’s conclusions may be based, in part, on its consideration of the fund’s arrangements, or the arrangements for the other funds in the Trust, in prior years. The Board determined to renew the Agreement for each fund.
1 For each fund, the Performance Universe and the Expense Universe (each as defined herein) were each comprised of the same group of funds, except that the Performance Universe consisted of all retail and institutional funds in the stated strategy while the Expense Universe consisted of all institutional funds in the stated strategy and excluded outliers. The Performance and Expense Groups and the Performance and Expense Universes for the BNY Mellon Bond Fund consisted of core bond funds; the Performance and Expense Groups and the Performance and Expense Universes for the BNY Mellon Intermediate Bond Fund consisted of short-intermediate investment grade debt funds; the Performance and Expense Groups and the Performance and Expense Universes of the BNY Mellon Corporate Bond Fund consisted of BBB-rated corporate debt funds; and the Performance and Expense Groups and the Performance and Expense Universes for the BNY Mellon Short-Term U.S. Government Securities Fund consisted of short U.S. government funds.
64
LIQUIDITY RISK MANAGEMENT PROGRAM (Unaudited)
Effective June 1, 2019, each fund adopted a liquidity risk management program (the “Liquidity Risk Management Program”) pursuant to the requirements of Rule 22e-4 under the Investment Company Act of 1940, as amended. Rule 22e-4 requires registered open-end funds, including mutual funds and exchange-traded funds but not money market funds, to establish liquidity risk management programs in order to effectively manage fund liquidity and shareholder redemptions. The rule is designed to mitigate the risk that a fund could not meet redemption requests without significantly diluting the interests of remaining investors.
The rule requires each fund to assess, manage and review their liquidity risk at least annually considering applicable factors such as investment strategy and liquidity during normal and foreseeable stressed conditions, including whether the strategy is appropriate for an open-end fund and whether the fund has a relatively concentrated portfolio or large positions in particular issuers. Each fund must also assess its use of borrowings and derivatives, short-term and long-term cash flow projections in normal and stressed conditions, holdings of cash and cash equivalents, and borrowing arrangements and other funding sources.
The rule also requires each fund to classify its investments as highly liquid, moderately liquid, less liquid or illiquid based on the number of days each fund expects it would take to liquidate the investment, and to review these classifications at least monthly or more often under certain conditions. The periods range from three or fewer business days for a highly liquid investment to greater than seven calendar days for settlement of a less liquid investment. Illiquid investments are those funds do not expect to be able to sell or dispose of within seven calendar days without significantly changing the market value. Each fund is prohibited from acquiring an investment if, after the acquisition, its holdings of illiquid assets will exceed 15% of its net assets. In addition, if a fund permits redemptions in-kind, the rule requires the fund to establish redemption in-kind policies and procedures governing how and when it will engage in such redemptions.
Pursuant to the rule’s requirements, the Liquidity Risk Management Program has been reviewed and approved by the Board. Furthermore, the Board has received a written report prepared by the Program’s Administrator that addresses the operation of the Program, assesses its adequacy and effectiveness and describes any material changes made to the Program.
Assessment of Program
In the opinion of the Program Administrator, the Program approved by the Board continues to be adequate for each fund and the Program has been implemented effectively. The Program Administrator has monitored the funds’ liquidity risk and the liquidity classification of the securities held by each fund and has determined that the Program is operating effectively.
During the period from January 1, 2020 to December 31, 2020, there were no material changes to the Program and no material liquidity events that impacted each fund. During the period, the fund held sufficient highly liquid assets to meet fund redemptions.
Under normal expected foreseeable fund redemption forecasts and foreseeable stressed fund redemption forecasts, the Program Administrator believes that the fund maintains sufficient highly liquid assets to meet expected fund redemptions.
65
BOARD MEMBERS INFORMATION (Unaudited)
INDEPENDENT BOARD MEMBERS
Patrick J. O’Connor (78)
Board Member, Chairman of the Board (2000)
Principal Occupation During Past 5 Years:
Attorney, Cozen O’Connor, P.C. (1973-Present), Vice Chairman (1980-2002) and President and Chief Executive Officer (2002-2007)
No. of Portfolios for which Board Member Serves: 22
———————
John R. Alchin (73)
Board Member (2008)
Principal Occupation During Past 5 Years:
· Retired
· The Barnes Foundation, an art museum, Trustee (2017 - Present)
· Metropolitan AIDS Neighborhood Nutrition Alliance, Advisory Board Member (2004 – Present)
· Philadelphia Art Museum, Board Member (2008 - Present)
· Xplornet Communications, Inc., a rural wireless tele-communications provider, Director (2015 –2020)
Other Public Company Board Memberships During Past 5 Years:
· Polo Ralph Lauren Corporation, a retail clothing and home furnishing company, Director (2007-Present), and Chair of Audit Committee (2018-Present)
No. of Portfolios for which Board Member Serves: 22
———————
Ronald R. Davenport (85)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Sheridan Broadcasting Corporation, Chairman (1972-Present)
No. of Portfolios for which Board Member Serves: 22
———————
Jack Diederich (84)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Retired
Other Public Company Board Memberships During Past 5 Years:
· Continental Mills, Inc., a dry baking products company, Director (1997 - 2020)
No. of Portfolios for which Board Member Serves: 22
———————
Kim D. Kelly (65)
Board Member (2008)
Principal Occupation During Past 5 Years:
· Consultant (2005-Present)
Other Public Company Board Memberships During Past 5 Years:
· MCG Capital Corporation, a business development company, Director (2004-2015)
· HITV, broadcasting, President (2015 – 2019)
No. of Portfolios for which Board Member Serves: 22
———————
Kevin C. Phelan (77)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Mortgage Banker, Colliers International (1978-Present) and Co-Chairman (2010-Present)
· A.D. Makepeace Co., cranberry grower and real estate development company, Director (2019-Present)
Other Public Company Board Memberships During Past 5 Years:
· Industrial Logistics Properties Trust, a real estate company, Trustee (2020 - Present)
No. of Portfolios for which Board Member Serves: 22
———————
Patrick J. Purcell (73)
Board Member (2000)
Principal Occupation During Past 5 Years:
· jobfind.com, an employment search site on the world wide web, President and Founder (1996 -– Present)
· The Boston Herald, President and Publisher (1994-2018)
· Herald Media, President and Chief Executive Officer, (2001 -– 2018)
No. of Portfolios for which Board Member Serves: 22
———————
Thomas F. Ryan, Jr. (80)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Retired
· Boston College. Trustee Associate (2013 – Present)
· NYISO Independent System Operator, a non-profit organization responsible for managing the state of New York’s electric grid, Director (1998-2021)
Other Public Company Board Memberships During Past 5 Years:
· RepliGen Corporation, a biopharmaceutical company, Director (2002-Present)
No. of Portfolios for which Board Member Serves: 22
———————
66
Maureen M. Young (76)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Retired
No. of Portfolios for which Board Member Serves: 22
———————
Once elected all Board Members serve for an indefinite term. The address of the Board Members and Officers is c/o BNY Mellon Investment Adviser, Inc. 240 Greenwich Street, New York, New York 10286. Additional information about the Board Members is available in the fund’s Statement of Additional Information which can be obtained from the Adviser free of charge by calling this toll free number: 1-800-373-9387. For individual account holders for Private Wealth Management clients, please contact your account officer or call 1-866-804-5023.
67
OFFICERS OF THE TRUST (Unaudited)
PATRICK T. CROWE, President since July 2015.
National Director of Investment Advisory, Analytics and Solutions for BNY Mellon Wealth Management since July 2014; from July 2007 to July 2014, Managing Director for BNY Mellon Wealth Management's Tri-State region, comprising New York, New Jersey and Southern Connecticut. He is 57 years old and has served in various capacities with BNY Mellon since 1993.
JAMES WINDELS, Treasurer since November 2001.
Vice President of the Adviser since September 2020, Director- BNY Mellon Fund Administration, and an officer of 57 investment companies (comprised of 128 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 62 years old and has been an employee of the Adviser since April 1985.
PETER M. SULLIVAN, Chief Legal Officer since July 2021 and Vice President and Assistant Secretary since March 2019.
Chief Legal Officer of the Adviser since July 2021, Associate General Counsel of BNY Mellon since July 2021; Senior Managing Counsel of BNY Mellon from December 2020 to July 2021; Managing Counsel of BNY Mellon from March 2009 to December 2020, and an officer of 57 investment companies (comprised of 128 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 53 years old and has been an employee of BNY Mellon since April 2004.
JAMES BITETTO, Vice President since August 2005 and Secretary since February 2018.
Senior Managing Counsel of BNY Mellon since December 2019; Managing Counsel of BNY Mellon from April 2014 to December 2019; Secretary of the Adviser, and an officer of 57 investment companies (comprised of 128 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 55 years old and has been an employee of the Adviser since December 1996.
DEIRDRE CUNNANE, Vice President and Assistant Secretary since February 2019.
Counsel of BNY Mellon since August 2018; Senior Regulatory Specialist at BNY Mellon Investment Management Services from February 2016 to August 2018. She is an officer of 57 investment companies (comprised of 128 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 31 years old and has been an employee of the Adviser since August 2018.
SARAH S. KELLEHER, Vice President and Assistant Secretary since April 2014.
Managing Counsel of BNY Mellon since December 2017, Senior Counsel of BNY Mellon from March 2013 to December 2017. She is an officer of 57 investment companies (comprised of 128 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 45 years old and has been an employee of the Adviser since March 2013.
JEFF PRUSNOFSKY, Vice President and Assistant Secretary since August 2015.
Senior Managing Counsel of BNY Mellon, and an officer of 57 investment companies (comprised of 128 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 56 years old and has been an employee of the Adviser since October 1990.
AMANDA QUINN, Vice President and Assistant Secretary since March 2020.
Counsel of BNY Mellon since June 2019; Regulatory Administration Manager at BNY Mellon Investment Management Services from September 2018 to May 2019; Senior Regulatory Specialist at BNY Mellon Investment Management Services from April 2015 to August 2018. She is an officer of 62 investment companies (comprised of 128 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 36 years old and has been an employee of the Adviser since June 2019.
NATALYA ZELENSKY, Vice President and Assistant Secretary since March 2017.
Chief Compliance Officer (since August 2021) and Vice President and Assistant Secretary (since February 2020) of BNY Mellon ETF Investment Adviser, LLC; Chief Compliance Officer (since August 2021) and Vice President (since February 2020) of BNY Mellon ETF Trust; Managing Counsel (December 2019 to August 2021) and Counsel (May 2016 to December 2019) of BNY Mellon; Assistant Secretary of the Adviser from April 2018 to August 2021. She is an officer of 57 investment companies (comprised of 128 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 36 years old and has been an employee of BNY Mellon since May 2016.
GAVIN C. REILLY, Assistant Treasurer since December 2005.
Tax Manager - BNY Mellon Fund Administration, and an officer of 57 investment companies (comprised of 128 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 53 years old and has been an employee of the Adviser since April 1991.
ROBERT SALVIOLO, Assistant Treasurer since July 2007.
Senior Accounting Manager – BNY Mellon Fund Administration, and an officer of 57 investment companies (comprised of 128 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 54 years old and has been an employee of the Adviser since June 1989.
ROBERT SVAGNA, Assistant Treasurer since December 2002.
Senior Accounting Manager – BNY Mellon Fund Administration, and an officer of 57 investment companies (comprised of 128 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 54 years old and has been an employee of the Adviser since November 1990.
JOSEPH W. CONNOLLY, Chief Compliance Officer since October 2004.
Chief Compliance Officer of the BNY Mellon Family of Funds and BNY Mellon Funds Trust (56 investment companies, comprised of 119 portfolios). He also served as Chief Compliance Officer of the Adviser from 2004 to June 2021. He is 64 years old.
CARIDAD M. CAROSELLA, Anti-Money Laundering Compliance Officer since January 2016.
Anti-Money Laundering Compliance Officer of the BNY Mellon Family of Funds and BNY Mellon Funds Trust since January 2016. She is an officer of 50 investment companies (comprised of 121 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 53 years old and has been an employee of the Distributor since 1997.
68
This page intentionally left blank.
69
This page intentionally left blank.
70
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 | MFTAR0821-TB |
The BNY Mellon Funds
| |
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund |
BNY Mellon Income Stock Fund |
BNY Mellon Mid Cap Multi-Strategy Fund |
BNY Mellon Small Cap Multi-Strategy Fund |
BNY Mellon Focused Equity Opportunities Fund |
BNY Mellon Small/Mid Cap Multi-Strategy Fund |
BNY Mellon International Fund |
BNY Mellon Emerging Markets Fund |
BNY Mellon International Equity Income Fund |
BNY Mellon Asset Allocation Fund |
| | |
ANNUAL REPORT
August 31, 2021 |
| |
Contents
THE FUNDS
FOR MORE INFORMATION
Back Cover
| |
| |
Save time. Save paper. View your next shareholder report online as soon as it’s available. Log into www.im.bnymellon.com and sign up for eCommunications. It’s simple and only takes a few minutes. |
| |
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 August 31, 2021, as provided by Caroline Lee Tsao, Primary Portfolio Manager responsible for investment allocation decisions
Market and Fund Performance Overview
For the 12-month period ended August 31, 2021, BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund’s Class M shares produced a total return of 32.91%, and Investor shares produced a total return of 32.59%.1 In comparison, the S&P 500® Index (the “Index”), the fund’s benchmark, produced a total return of 31.16% for the same period.2
Large-cap stocks gained ground over the reporting period as COVID-19 vaccine approvals were announced, and the economy continued to reopen. The fund outperformed the Index due to a favorable allocation decision and to contributions from underlying strategies.
The Fund’s Investment Approach
The fund seeks long-term capital appreciation. To pursue its goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of large-cap companies. The fund currently considers large-cap companies to be those companies with total market capitalizations of $5 billion or more at the time of purchase. The fund normally allocates its assets among multiple investment strategies employed by the fund’s investment adviser or its affiliates that invest primarily in equity securities issued by large-cap companies. The fund is designed to provide exposure to various large-cap equity portfolio managers and investment strategies and styles and uses tax-sensitive strategies to reduce the impact of federal and state income taxes on the fund’s after-tax returns.
The fund allocates its assets among some or all of the following: the Large Cap Core Strategy, Large Cap Tax-Sensitive Strategy, Focused Equity Strategy, U.S. Large Cap Equity Strategy, Dynamic Large Cap Value Strategy, Large Cap Growth Strategy, U.S. Large Cap Growth Strategy, Income Stock Strategy, Appreciation Strategy, and Large Cap Dividend Strategy—all of which are more fully described in the fund’s prospectus. The fund invests directly in securities or in other mutual funds as advised by the fund’s investment adviser or its affiliates, referred to as underlying funds.
The investment adviser has the discretion to change the investment strategies, including whether to implement a strategy by investing directly in securities or through an underlying fund, as well as the target allocations and ranges when the investment adviser deems it appropriate.
Stocks Rise Despite Concerns about Economic Recovery
During the reporting period, the economy continued to show signs of recovery as government-mandated lockdowns were eased, and COVID-19 vaccines were approved. Technology and other growth stocks performed particularly early in the period, but 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. Investors also began to factor the likelihood of infrastructure spending into their calculations.
Early in 2021, concerns about inflation arose, and interest rates began to rise. This took a toll on more growth-oriented stocks whose valuations had soared. But with the re-emergence of COVID-19, questions about whether the economic recovery would stall caused the market to pivot back to more defensive and growth-oriented stocks. Mixed economic data also weighed on markets later in the period, as did signals from the Federal Reserve, which suggested that policies might not be as supportive in the future.
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 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 the value-oriented benchmark. The other positive contributors included the Focused Equity Strategy, the 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 balance, overall allocation decisions contributed positively.
On a less positive note, the fund’s performance was hindered slightly by the returns in the growth-oriented category. The underlying strategy lagged the Index, and the growth-oriented category also underperformed the Index. An overweight allocation to this category also detracted somewhat.
Well Positioned for Further Economic Growth
We think the fund is well positioned in the current environment of broadening economic growth and constrained inflation. We believe diversification across asset classes will continue to be additive to fund performance while providing a degree of insulation from high levels of volatility in any individual asset class. Diversification across asset classes also positions the fund to take advantage of broadening market participation as more asset classes begin to participate in the bull market. We expect U.S. stocks to reflect the relatively strong growth of the U.S.
2
economy, which is supported by more aggressive, ongoing fiscal and monetary stimuli than most international economies are willing or able to muster.
September 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 due 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.
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.
3
DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)
For the period of September 1, 2020 through August 31, 2021 as provided by John C. Bailer, Brian C. Ferguson and David S. Intoppa, Portfolio Managers
Market and Fund Performance Overview
For the 12-month period ended August 31, 2021, BNY Mellon Income Stock Fund’s Class M shares produced a total return of 44.06%, Investor shares produced a total return of 43.91%, Class A shares produced a total return of 43.74%, Class C shares produced a total return of 42.59%, Class I shares produced a total return of 43.96% and Class Y shares produced a total return of 44.11%.1 In comparison, the fund’s benchmark, the Dow Jones U.S. Select Dividend™ Index (the “Index”), produced a total return of 46.52% 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 asset allocation and security selection.
The Fund’s Investment Approach
The fund seeks total return (consisting of capital appreciation and income). To pursue its goal, the fund normally invests at least 80% of its assets in stocks. The fund seeks to focus on dividend-paying stocks and other investment techniques that produce income. We choose stocks through a disciplined investment process that combines quantitative modeling techniques, fundamental analysis and risk management. The fund emphasizes those stocks with value characteristics, although it may also purchase growth stocks. The fund may invest in the stocks of companies of any size, although it focuses on large-cap companies. The fund’s investment process is designed to provide investors with investment exposure to sector weightings and risk characteristics generally similar to those of the Index.
Stocks Rise Despite Concerns about Economic Recovery
During the reporting period, the global economy continued to show signs of recovery as government-mandated lockdowns were eased, and COVID-19 vaccines were approved. Growth-oriented stocks performed well early in the period, but 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. This rotation continued through March 2021.
Returns were supported by interest rates, which remained low, as well as fiscal stimulus, which bolstered consumers, small businesses and the economy generally. Investors also began to factor the likelihood of infrastructure spending and other additional stimulus into their calculations.
Early in 2021, concerns about inflation arose, and interest rates began to rise. This took a toll on more growth-oriented stocks whose valuations had soared. In some emerging markets, central banks raised rates to combat rising prices, but generally central banks have been tolerant of pricing pressures.
With the emergence of the delta variant of COVID-19 midway through 2021, questions about whether the economic recovery would stall caused the market to pivot somewhat to more defensive and growth-oriented stocks. Nevertheless, markets were supported by strong corporate earnings worldwide, but especially in the U.S.
Mixed economic data weighed on markets later in the period, as did signals from the Federal Reserve, which suggested that policies might not be as supportive in the future. Nevertheless, the slowing of the recovery may benefit stocks worldwide as it may extend the recovery.
While valuations were low early in the period, they have largely recovered, helped in part by stronger corporate earnings. Earnings have been more favorable for cyclical companies hurt by the pandemic, but results from growth stocks have been favorable as well.
Performance Hindered by Stock Selections
The fund underperformed the Index, primarily due to stock selections in the communication services and health care sectors. In the communications services sector, the fund’s performance was hurt by its underweight position and by a decision not to own shares of ViacomCBS, which rose more than 260%. In the health care sector, which lagged, the fund’s large overweight position hampered returns, though stock selection contributed positively.
On a more positive note, the performance of the fund relative to the Index was helped primarily by positions in the utilities and consumer staples sectors. In the utilities sector, the fund’s large underweight position was beneficial as this sector lagged the Index. Selection in this sector was also beneficial. In the consumer staples sector, the fund’s underweight position was advantageous. In addition, shares of Philip Morris International, the tobacco company, performed well.
4
Valuations Appear Attractive
We remain optimistic about the prospects for cyclical, income-oriented stocks. The extraordinary amount of fiscal stimulus that is in the works will benefit the economy and more cyclical, value-oriented stocks, which should benefit even if the economic recovery is slower and shallower than expected a few months ago. The economy continues to be supported by positive trends, and the Federal Reserve is unlikely to tighten monetary policy in the near term, while rising interest rates should be supportive of value-oriented companies. Strong earnings will help support valuations, which remain attractive.
September 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 due 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 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.
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.
5
DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)
For the period from September 1, 2020 through August 31, 2021, as provided by Caroline Lee Tsao, Primary Portfolio Manager responsible for investment allocation decisions
Market and Fund Performance Overview
For the 12-month period ended August 31, 2021, BNY Mellon Mid Cap Multi-Strategy Fund’s Class M shares produced a total return of 38.15%, and Investor shares produced a total return of 37.83%.1 In comparison, the fund’s benchmark, the Russell Midcap® Index (the “Index”), produced a total return of 41.24% for the reporting period.2 The Russell Midcap® Value Index and Russell Midcap® Growth Index, the fund’s secondary benchmarks, produced total returns of 44.50% and 35.17%, respectively, for the same period.3,4
Mid-cap stocks gained ground over the reporting period as COVID-19 vaccines were approved, and the economy continued to recover. The fund lagged the Index due to an overweight to the growth-oriented category and to underperformance by 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 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 Rise Despite Concerns about Economic Recovery
During the reporting period, the economy continued to show signs of recovery as government-mandated lockdowns were eased, and COVID-19 vaccines were approved. Technology and other growth stocks performed, particularly early in the period, but 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. Investors also began to factor the likelihood of infrastructure spending into their calculations.
Early in 2021, concerns about inflation arose, and interest rates began to rise. This took a toll on more growth-oriented stocks whose valuations had soared. But with the re-emergence of COVID-19, questions about whether the economic recovery would stall caused the market to pivot back to more defensive and growth-oriented stocks. Mixed economic data also weighed on markets later in the period, as did signals from the Federal Reserve, which suggested that policies might not be as supportive in the future.
Three Underlying Strategies Underperformed
The fund’s relative performance was hindered primarily by an overweight to the growth-oriented category and the performance of three underlying funds. In the growth-oriented category, the Mid Cap Growth Strategy underperformed the Russell Mid Cap Growth benchmark, and this category lagged the Index. In the value-oriented category, although the category benchmark beat the Index, the Opportunistic Mid Cap Value Fund lagged the secondary category benchmark. In the tax-sensitive category, the Mid Cap Tax-Sensitive Core Strategy underperformed the Index.
On a more positive note, in the growth-oriented category, the underlying Geneva Mid Cap Growth Strategy outperformed the secondary category benchmark and the Index. In the value-oriented category, the Robeco Mid Cap Value Strategy exceeded its secondary benchmark and the Index. The fund’s overall allocation to the value-oriented category also contributed positively to returns.
Well Positioned for Further Economic Growth
We think the fund is well positioned in the current environment of broadening economic growth and constrained inflation. We believe diversification across asset classes will continue to be additive to fund performance while providing a degree of insulation from high levels of volatility in any individual asset class. Diversification across asset classes also positions the fund to take advantage of broadening market participation as more asset classes begin to participate in the bull market. We expect U.S. stocks to reflect the relatively strong growth of the U.S.
6
economy, which is supported by more aggressive, ongoing fiscal and monetary stimuli than most international economies are willing or able to muster.
September 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.
7
DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)
For the period of September 1, 2020 through August 31, 2021, as provided by Caroline Lee Tsao, Primary Portfolio Manager responsible for investment allocation decisions
Market and Fund Performance Overview
For the 12-month period ended August 31, 2021, BNY Mellon Small Cap Multi-Strategy Fund’s Class M shares produced a total return of 36.05 %, and Investor shares produced a total return of 35.68%.1 In comparison, the fund’s primary benchmark, the Russell 2000® Index (the “Index”), produced a total return of 47.08% for the same period.2 The Russell 2000® Growth Index and Russell 2000® Value Index, the fund’s secondary benchmarks, produced total returns of 35.61% and 59.49%, respectively, for the same period.3,4
Small-cap stocks gained ground over the reporting period as COVID-19 vaccine approvals were announced, and the economy continued to open up. The fund lagged the Index due to negative contributions from the fund’s 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 Rise Despite Concerns about Economic Recovery
During the reporting period, the economy continued to show signs of recovery as government-mandated lockdowns were eased, and COVID-19 vaccines were approved. Technology and other growth stocks performed well, particularly early in the period, but 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. Investors also began to factor the likelihood of infrastructure spending into their calculations.
Early in 2021, concerns about inflation arose, and interest rates began to rise. This took a toll on more growth-oriented stocks whose valuations had soared. But with the re-emergence of COVID-19, questions about whether the economic recovery would stall caused the market to pivot back to more defensive and growth-oriented stocks. Mixed economic data also weighed on markets later in the period, as did signals from the Federal Reserve, which suggested that policies might not be as supportive in the future.
Underlying Strategies Detracted from Fund Performance
The fund’s returns relative to the Index were hindered by the underperformance of underlying mangers. Allocation decisions were slightly positive. The fund’s growth-oriented strategy lagged the Russell 2000® Growth Index (a secondary benchmark) and an underweight to this category produced a lag on returns. The fund’s performance in the value-oriented category also lagged the secondary category benchmark. The fund’s position in the core category also hindered the fund’s overall performance as the underlying strategy lagged the Index. The underweight to this category produced a neutral effect.
The primary positive contributor to the fund’s returns was the value-oriented category. Although the underlying strategy in this category lagged the Russell 2000® Value Index (a secondary benchmark) slightly, this category easily outperformed the overall Index. The fund manager’s overweighted position to this category also benefited fund performance.
Well Positioned for Further Economic Growth
We think the fund is well positioned in the current environment of broadening economic growth and constrained inflation. We believe diversification across asset classes will continue to be additive to fund performance while providing a degree of insulation from high levels of volatility in any individual asset class. Diversification across asset classes also positions the fund to take advantage of broadening market participation as more asset classes begin to participate in the bull market. We expect U.S. stocks to reflect the relatively strong growth of the U.S.
8
economy, which is supported by more aggressive ongoing fiscal and monetary stimuli than most international economies are willing or able to muster.
September 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.
9
DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)
For the period from September 1, 2020 through August 31, 2021, as provided by Donald Sauber and Thomas Lee, Portfolio Managers
Market and Fund Performance Overview
For the 12-month period ended August 31, 2021, BNY Mellon Focused Equity Opportunities Fund’s Class M shares produced a total return of 32.72%, and Investor shares produced a total return of 32.36%.1 In comparison, the S&P 500® Index (the “Index”), the fund’s benchmark, produced a total return of 31.16% 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 outperformed the Index for the period, largely due strong issue selection aided by positive allocation decisions.
The Fund’s Investment Approach
The fund seeks capital appreciation. To pursue its goal, the fund normally invests at least 80% of its net assets in equity securities. The fund invests, under normal circumstances, in approximately 25-30 companies that are considered by the investment adviser to be positioned for long-term earnings growth. The fund may hold growth or value stocks or a blend of both. The fund may invest in the stocks of companies of any size, although it focuses on large-cap companies. The fund invests primarily in equity securities of U.S. issuers but may invest up to 25% of its assets in the equity securities of foreign issuers, including those in emerging market countries.
The portfolio manager monitors sector and security weightings and regularly evaluates the fund’s risk-adjusted returns to manage the risk profile of the fund’s portfolio. The portfolio manager adjusts exposure limits, as necessary.
Risk Assets Rally on Economic Reopening
After a strong summer rally, volatility crept back into equity markets in September 2020 as increasing COVID-19 infection rates and a variety of other geopolitical uncertainties began to concern investors. However, resolution in the U.S. presidential election and hopes for a COVID-19 vaccine during the month of November 2020 helped stocks resume their upward momentum. A strong risk-on rally ensued as vaccines were, indeed, announced and distributed, providing relief to areas of the market that were hard hit by the pandemic, such as travel and leisure names, and low quality and distressed debt.
The U.S. Treasury yield curve steepened in early 2021 with rates on intermediate- and long-dated debt rising as investors anticipated economic reopening, and concerns surfaced about potential increases in inflation. Stocks continued to broadly gain through April. However, risk appetites diminished during the closing months of the period due to concerns over increasing inflationary pressures, weakening consumer confidence, disappointing employment numbers and the spread of the Delta variant. Intrinsically riskier, small- and mid-cap stocks traded sideways from the beginning of May through the end of the period, while large-cap stocks continued to advance as the economy showed signs of transitioning to more moderate, mid-cycle growth.
Performance Benefits from Selection Plus Allocation
The fund’s relatively strong performance compared to the Index was primarily driven by strong stock selections in the communications services, information technology and industrials sectors. Within communications services, lack of exposure to the underperforming entertainment and media subsectors bolstered relative returns, along with overweight exposure to above -average performers in the internet advertising and media subsectors, including Alphabet (the parent company of Go ogle), Facebook and Comcast. In information technology, top performers included semiconductor companies Advanced Micro Devices and NVIDIA, both of which benefited from strong demand in the areas of artificial intelligence, remote work and data centers. Another leading techno logy holding, Adobe, rose on demand for its creative software from the internet advertising and e -commerce spaces. Among industrials, agricultural equipment maker Deere & Co. and industrial machinery firm Eaton both produced robust revenues, while food retailer Costco Wholesale rose on food-price inflation and market-share gains. The fund also benefited in the industrial space from lack of exposure to the underperforming food product subsector. From an allocation perspective, overweight exposure to the communications services and industrials sectors further contributed to the fund’s relative outperformance.
On the negative side, the fund’s exposure to high-quality companies in the basic materials and energy sectors detracted from relative performance due to the market’s preference for lower-quality names. Notable underperformers included integrated oil and gas company Chevron.
Positioned for Mid-Cycle Economic Growth
With the economy well on its way to fully reopening, we believe the fastest portion of the recovery is behind us. As we enter a mid-cycle phase, we expect the growth rate to ease over the coming months. At the same time, inflationary pressures are likely to moderate as supply-chain disruptions are resolved and inventories return to more normal levels. While labor markets may continue to tighten, we believe shortages should become less severe. We expect commodity prices and interest rates to stay relatively range bound. At the same time, capital markets are likely to remain broadly supportive of the economy and the equity markets.
In our opinion, the fund is well positioned to benefit from these conditions, with overweight exposure to the communications services, information technology and industrial sectors. Within those sectors, we are focusing on companies well suited to a slow-growth environment and poised to benefit from secular tailwinds. Conversely, the fund holds underweight exposure in
10
financials, reflecting our macroeconomic view, and in utilities and health care, reflecting our opinion of sector valuations and opportunities.
September 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 due 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.
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 or legal standards, and less market liquidity. These risks generally are greater with emerging market countries.
11
DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)
For the period from September 1, 2020 through August 31, 2021, as provided by Caroline Lee Tsao, Primary Portfolio Manager responsible for investment allocation decisions
Market and Fund Performance Overview
For the 12-month period ended August 31, 2021, BNY Mellon Small/Mid Cap Multi-Strategy Fund’s Class M shares produced a total return of 30.28%, and Investor shares produced a total return of 29.91%.1 In comparison, the Russell 2500™ Index (the “Index”), the fund’s primary benchmark, produced a total return of 45.87% for the same period.2 The Russell 2500™ Growth Index and Russell 2500™ Value Index, the fund’s secondary benchmarks, produced total returns of 36.14% and 52.51%, respectively, for the same period.3,4
Small- and mid-cap stocks gained ground over the reporting period as COVID-19 vaccines were approved, and the economy continued to open up. The fund lagged the primary Index due to negative contributions from 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, plus any borrowings for investment purposes, 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 Rise Despite Concerns about Economic Recovery
During the reporting period, the economy continued to show signs of recovery as government-mandated lockdowns were eased, and COVID-19 vaccines were approved. Technology and other growth stocks performed well, particularly early in the period, but 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. Investors also began to factor the likelihood of infrastructure spending into their calculations.
Early in 2021, concerns about inflation arose, and interest rates began to rise. This took a toll on more growth-oriented stocks whose valuations had soared. But with the re-emergence of COVID-19, questions about whether the economic recovery would stall caused the market to pivot back to more defensive and growth-oriented stocks. Mixed economic data also weighed on markets later in the period, as did signals from the Federal Reserve, which suggested that policies might not be as supportive in the future.
Underlying Strategies Contributed Negatively to Fund Performance
The fund’s performance relative to the Index was hampered by the returns from 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), and the fund’s slight 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), 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 overweight to the value-oriented category, which outperformed the Index. This allocation decision partially offset negative contribution from the underlying strategy.
Well Positioned for Further Economic Growth
We think the fund is well positioned in the current environment of broadening economic growth and constrained inflation. We believe diversification across asset classes will continue to be additive to fund performance while providing a degree of insulation from high levels of volatility in any individual asset class. Diversification across asset classes also positions the fund to take advantage of broadening market participation as more asset classes begin to participate in the bull market. We expect U.S. stocks to reflect the relatively strong growth of the U.S.
12
economy, which is supported by more aggressive, ongoing fiscal and monetary stimuli than most international economies are willing or able to muster.
September 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 due 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.
13
DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)
For the period of September 1, 2020 through August 31, 2021, as provided by James A. Lydotes, CFA, Portfolio Manager
Market and Fund Performance Overview
For the 12-month period ended August 31, 2021, BNY Mellon International Fund’s Class M shares produced a total return of 23.04%, and Investor shares produced a total return of 22.66%.1 In comparison, the fund’s benchmark, the MSCI EAFE Index (the “Index”), produced a total return of 26.12% 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 UK, the Netherlands and Sweden.
The Fund’s Investment Approach
The fund seeks long-term capital growth. To pursue this goal, the fund normally invests at least 65% of its total assets in equity securities of foreign issuers. 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 Rise Despite Concerns about Economic Recovery
During the reporting period, the global economy continued to show signs of recovery as government-mandated lockdowns were eased, and COVID-19 vaccines were approved. Growth-oriented stocks performed well early in the period, but 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. This rotation continued through March 2021.
Returns were supported by interest rates, which remained low, as well as fiscal stimulus, which bolstered consumers, small businesses and the economy generally. Investors also began to factor the likelihood of infrastructure spending and other additional stimulus into their calculations.
Early in 2021, concerns about inflation arose, and interest rates began to rise. This took a toll on more growth-oriented stocks whose valuations had soared. In some emerging markets, central banks raised rates to combat rising prices, but generally central banks have been tolerant of pricing pressures.
With the emergence of the delta variant of COVID-19 midway through 2021, questions about whether the economic recovery would stall caused the market to pivot somewhat to more defensive and growth-oriented stocks. Nevertheless, markets were supported by strong corporate earnings worldwide, but especially in the U.S.
Mixed economic data weighed on markets later in the period, as did signals from the Federal Reserve, which suggested that policies might not be as supportive in the future. Nevertheless, the slowing of the recovery may benefit stocks worldwide as it may extend the recovery.
While valuations were low early in the period, they have largely recovered, helped in part by stronger corporate earnings. Earnings have been more favorable for cyclical companies hurt by the pandemic, but results from growth stocks have been favorable as well.
Positions in the UK, Sweden and the Netherlands Hinder Performance
From a country perspective, holdings in the UK, Sweden and the Netherlands were the primary detractors. In the UK, the fund had an overweight position in defensive sectors, such as consumer staples, which underperformed. In addition, the fund’s overweight position in the consumer discretionary sector detracted. In Sweden, the fund had an overweight position in consumer staples, which lagged, though individual stock selection was strong. In the Netherlands, the fund did not have exposure to the information technology sector, which performed well. For example, shares of ASML, a semiconductor capital equipment company, rose 123%.
On the other hand, Germany, Australia and Switzerland were the primary positive contributors. The fund was underweight to Germany, but shares of Deutsche Post, a logistics company, rose 57%. In addition, the fund’s position in HeidelbergCement rose 39% on the reopening of the economy. In Australia, Fortescue Metals Group, an iron producer, and Aristocrat Leisure, a gaming company, were the primary drivers. In Switzerland, the fund did not have any exposure to the consumer staples sector, which added to relative returns. The fund also owned shares of STMicroelectronics, which rose 48%.
From a sector perspective, the utilities and health care sectors were the primary detractors. In the utilities sector, AGL Energy declined 54% in part due to competition in the renewables business. In addition, shares of Enagas, a Spanish company, and Enel, an Italian company, lagged the sector. In the health care sector, an overweight position in France hurt performance, as did a position in Ono Pharmaceutical, a Japanese drug company.
On a more positive note, the materials and energy sectors were the primary positive contributors. In the materials sector, shares of Fortescue Metals Group drove performance, and in the energy sector, shares of OMV, an Austrian company, and Royal Dutch Shell were the leading contributors.
Valuations Still Attractive
The fund altered certain sector positions during the period, moving from an overweight position in the consumer staples
14
sector to an underweight. In addition, the fund shifted from an underweight position in real estate to an overweight.
The economic recovery in non-U.S. markets is lagging that of developed markets since the response to COVID-19 has been slower. But valuations remain attractive relative to developed markets. We believe than any delay in reopening these economies due to COVID-19 is likely to extend the recovery.
September 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.
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.
15
DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)
For the period of September 1, 2020 through August 31, 2021, as provided by Julianne D. McHugh, Portfolio Manager
Market and Fund Performance Overview
For the 12-month period ended August 31, 2021, BNY Mellon Emerging Markets Fund’s Class M shares produced a total return of 26.19%, and Investor shares produced a total return of 25.97%.1 In comparison, the fund’s benchmark, the MSCI Emerging Markets Index (the “Index”), produced a total return of 21.12% 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 outperformed the Index, mainly due to positions in Taiwan and in the consumer discretionary and industrial sectors.
The Fund’s Investment Approach
The fund seeks long-term capital growth. To pursue its goal, the fund invests at least 80% of its assets, plus any borrowings for investment purposes, in equity securities of companies organized, or with a majority of assets or operations, in countries considered to be emerging markets. Emerging market countries generally include all countries represented by the Index. The fund may invest in companies of any size.
Normally, the fund will invest in a broad range of (and in any case at least five different) emerging market countries. The stocks purchased may have value and/or growth characteristics. The portfolio managers employ a “bottom-up” investment approach, which emphasizes individual stock selection. The stock selection process is designed to produce a diversified portfolio that, relative to the Index, has a below-average price/earnings ratio and an above-average earnings growth trend.
Stocks Rise Despite Concerns about Economic Recovery
During the reporting period, the global economy continued to show signs of recovery as government-mandated lockdowns were eased, and COVID-19 vaccines were approved. Growth-oriented stocks performed well early in the period, but 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. This rotation continued through March 2021.
Returns were supported by interest rates, which remained low, as well as fiscal stimulus, which bolstered consumers, small businesses and the economy generally. Investors also began to factor the likelihood of infrastructure spending and other additional stimulus into their calculations.
Early in 2021, concerns about inflation arose, and interest rates began to rise. This took a toll on more growth-oriented stocks whose valuations had soared. In some emerging markets, central banks raised rates to combat rising prices, but generally central banks have been tolerant of pricing pressures.
With the emergence of the Delta variant of COVID-19 midway through 2021, questions about whether the economic recovery would stall caused the market to pivot somewhat to more defensive and growth-oriented stocks. Nevertheless, markets were supported by strong corporate earnings worldwide but especially in the U.S.
Mixed economic data weighed on markets later in the period, as did signals from the Federal Reserve, which suggested that policies might not be as supportive in the future. Nevertheless, the slowing of the recovery may benefit stocks worldwide as it may extend the recovery.
While valuations were low early in the period, they have largely recovered, helped in part by stronger corporate earnings. Earnings have been more favorable for cyclical companies hurt by the pandemic but results from growth stocks have been favorable as well.
Certain Selections and Allocations Helped Performance
The fund’s performance relative to the Index was driven primarily by the performance of the Taiwanese market. The fund had an overweight position in this market, which rose 53%. Stocks in the consumer discretionary and industrial sectors were particularly beneficial. In the consumer discretionary sector, shares of Momo, an e-commerce company, rose 225% during the period on stronger revenues and margins. In the industrial sector, Evergreen Marine, a shipping and logistics company, rose 743% on strong supply/demand forces and improved pricing. Holdings in South Korea and South Africa were also beneficial. The fund had a modest overweight to financial stocks in South Korea, which was advantageous. In addition, shares of Korea Investment Holdings and Hana Financial Group were particularly additive. In South Africa, holdings in the metals and mining industry contributed positively, especially Impala Platinum Holdings and Sibanye Stillwater, a gold producer.
On the other hand, positions in Brazil, Mexico and China were particularly detrimental to returns. In Brazil, the fund did not have exposure to the materials sector, which performed strongly. In addition, the fund’s position in Minerva, a meat producer, fell 25% due to rising costs and a ban on exports to China. In Mexico, the fund was hindered by a lack of exposure to the materials sector, which performed well, and shares of Gruma, a multinational maker of tortillas, which were flat. In China, the fund had an overweight position, and the market declined by 5%, largely due to regulatory crackdowns. Shares of Ping An Insurance Group Company of China, also detracted. In addition, Tencent Holdings, a Chinese gaming, e-commerce and payments company, declined 9%.
On a sector basis, the consumer discretionary and industrial sectors were the primary positive contributors. In the consumer discretionary sector, the main drivers were Momo, the South Korean company, and Bosideng International Holdings, a Chinese apparel maker, which rose 193%. In the industrial sector, Evergreen Marine led the way along with Cosco Shipping Holdings, a Chinese shipping company.
On a less positive note, the communication services and consumer staples sectors were the primary detractors. Here, Tencent Holdings and Minerva were the primary detractors, respectively.
16
Valuations Still Attractive versus Developed Markets
The fund engaged in some repositioning during the reporting period, shifting from an overweight position in the consumer staples sector to an underweight. In addition, the fund moved from an underweight position in the industrials sector to an overweight.
The economic recovery in emerging market equities is lagging that of developed markets since the response to COVID-19 has been slower, but valuations remain attractive relative to developed markets. We believe than any delay in reopening these economies due to COVID-19 is likely to extend the recovery. Some inflation pressures have become evident in emerging markets, and central banks in certain markets have taken action on interest rates. In China, the regulatory uncertainty is likely to continue, but historically the country has been pragmatic and has been reluctant to let such crackdowns disturb financial markets too much.
September 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 due 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 derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying assets.
17
DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)
For the period from September 1, 2020 through August 31, 2021, as provided by Peter D. Goslin, CFA, Tao Wang and Syed A. Zamil, CFA, Portfolio Managers
Market and Fund Performance Overview
For the 12-month period ended August 31, 2021, BNY Mellon International Equity Income Fund’s Class M shares produced a total return of 27.02%, and Investor shares produced a total return of 26.62%.1 In comparison, the fund’s benchmark, the MSCI ACWI ex USA Index (the “Index”), produced a total return of 24.87% 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 of emerging market countries. The fund may invest in the stocks of companies of any market capitalization.
We select stocks through a disciplined investment process using proprietary, quantitative computer models that analyze a diverse set of characteristics to identify and rank stocks according to earnings quality. Based on this analysis, we generally select from the higher-ranked, dividend-paying securities those stocks that we believe will continue to pay above-average dividends. We seek to overweight higher-dividend-paying stocks, while maintaining country and sector weights generally similar to those of the Index.
Markets Favor Dividends and Value
After a strong summer rally, volatility crept back into equity markets in September 2020 as increasing COVID-19 infection rates and a variety of other geopolitical uncertainties began to concern investors. However, resolution in the U.S. presidential election and promising progress toward a COVID-19 vaccine during the month of November 2020 helped stocks resume 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, which continued into the new year. Equity strength began to rotate out of technology and growth stocks benefiting from the pandemic into COVID-19-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”). As a result, international stocks generally traded sideways during the second half of the reporting period. The spread of the Delta variant of the COVID-19 virus introduced more uncertainty into investors’ calculations during the last two months of the period, causing a modest dip in equity performance. Nevertheless, stocks of both developed and emerging markets posted generally strong gains for the 12 months overall, with investors rewarding quality, yield and value over top-line growth and momentum. High-dividend-paying stocks outperformed low-dividend payers by a significant margin, particularly in emerging markets.
Dividend Strategy Benefits from the Market’s Tilt Toward Yield
An emphasis on high-yielding, dividend-paying equities, along with a tilt toward value over growth provided a strong source of outperformance for the fund. Good stock selection in the materials and utilities sectors provided particularly strong gains, as did stocks from Taiwan and Russia. Top performers included Russian steel company Severstal, Taiwan-based technology company Globalwafers and Hong Kong-based materials company Zijin Mining Group. However, it is important to note that the fund’s robust gains were driven primarily by the positioning of its broadly diversified portfolio rather than the performance of a few individual holdings.
On the negative side, stock selection in the health care and industrials sectors undermined relative returns, as did holdings of companies based in South Korea and India. Notably significant detractors included Japanese health care company Takeda Pharmaceutical and Hong Kong-based real estate firm Guangzhou R&F Properties.
Remaining Close to the Index with a Tilt Toward Yields
As a result of our disciplined investment process, the fund ended the period modestly overweight to financials, utilities and technology. The portfolio was modestly underweight to the consumer discretionary, industrials and health care sectors. We continue to own a broad set of securities that we believe display an attractive dividend yield. The fund is risk controlled from a perspective of sector, market capitalization and country exposure relative to the benchmark. We believe the fund is well positioned to benefit as investors seek increasing yield in the
18
equity space amid historically low interest rates and modest fixed-income dividend yields.
September 15, 2021
1 DUE TO RECENT MARKET VOLATILITY, CURRENT PERFORMANCEMAY 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 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.
19
DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)
For the period of September 1, 2020 through August 31, 2021, as provided by Jeffrey M. Mortimer, Primary Portfolio Manager responsible for investment allocation decisions
Market and Fund Performance Overview
For the 12-month period ended August 31, 2021, BNY Mellon Asset Allocation Fund’s Class M shares produced a total return of 23.59%, and Investor shares produced a total return of 23.29%.1 In comparison, the fund’s benchmark, the Morningstar Moderate Target Risk Index (the “Index”), produced a total return of 18.55% for the same period.2
Stocks generally produced strongly 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, with total returns largely dependent on maturity profile, spread sector and credit rating. The portfolio outperformed the Index, driven largely by overweight exposure to 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 Investment Adviser, Inc. 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 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.
Risk Assets Rally on Economic Reopening
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, several countries had begun to reinstitute some degree of behavioral restrictions among residents 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, the swift development and deployment of effective COVID-19 vaccines starting in December 2020 allowed global economies to begin broadly reopening in 2021, helping stocks regain their upward momentum.
The new year saw a strong rotation out of stocks best positioned to benefit in the COVID-19 economy, including shares of some fast-growing technology firms. Investors began to support pandemic-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. Small- and mid-cap stocks outperformed their large-cap counterparts, while U.S. stocks generally continued to outperform international equities. 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”). Despite this concern and uncertainties related to the spread of the more contagious Delta variant of the COVID-19 virus in the final months of the period, most stock sectors continued to climb through August 2021.
Bonds produced mixed results during the period, generally underperforming stocks by a wide margin. Corporate bonds, buoyed by widespread economic reopenings, generally outperformed government and agency issues. While long-dated Treasury bonds underperformed the broader market, prices of lower credit-rated securities continued to gain as global economic activity improved, U.S. and European central banks remained accommodative and default rates declined further. The trend peaked in late March, with long-term Treasury yields declining moderately before bottoming out in early August. However, yields in the front end of the curve continued to rise gradually as the curve flattened.
Equity Exposure Drives Outperformance
The fund’s exposure to a diverse range of market capitalizations and asset classes significantly bolstered relative performance during the period. The fund’s benchmark contains U.S. large-cap equities for its equity portion, while the fund includes a broader range of market capitalization sizes. U.S. large-cap equity stocks generally underperformed U.S. small- and mid-cap equities. The fund also held overweight exposure to U.S. versus international equities, which was further accretive to performance. On the fixed-income side, direct bond holdings delivered strong relative performance, as did the fund’s modest exposure to high-yield debt.
From a manager selection standpoint, performance was mixed, with some funds outperforming their respective benchmarks while others lagged. Leading contributors to relative performance included BNY Mellon Focused Equity Opportunities Fund, BNY Mellon Income Stock Fund and BNY Mellon Corporate Bond Fund. Detractors included BNY Mellon Mid Cap Multi-Strategy Fund and BNY Mellon Select Managers Small Cap Growth Fund.
Well Positioned for Further Economic Growth
We think the fund is well positioned in the current environment of broadening economic growth and constrained inflation. We believe diversification across asset classes will continue to be additive to fund performance while providing a degree of insulation from high levels of volatility in any individual asset class. Diversification across asset classes also positions the fund to take advantage of broadening market participation as more asset classes begin to participate in the bull market. At a time
20
when many corporations are reporting unexpectedly strong earnings, the fund holds overweight exposure to equities. Our emphasis on U.S. stocks reflects the relatively strong growth of the U.S. economy, which is supported by more aggressive ongoing fiscal and monetary stimuli than most international economies are willing or able to muster. At the same time, the fund’s fixed-income component provides an addition buffer against volatility while enhancing total return potential through exposure to high-yield debt.
September 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 due 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.
21
FUND PERFORMANCE (Unaudited)
Comparison of change in value of a $10,000 investment in Class M shares and Investor shares of BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund with a hypothetical investment of $10,000 in the S&P 500® Index (the “Index”)
| | | | | |
Average Annual Total Returns as of 8/31/2021 | | | |
| | 1 Year | 5 Years | 10 Years |
Class M shares | | 32.91% | 17.99% | 15.12% |
Investor shares | | 32.59% | 17.69% | 14.99% |
S&P 500® Index | | 31.16% | 18.01% | 16.33% |
† Source: Lipper Inc.
Past performance is not predictive of future performance.
The above graph compares a hypothetical $10,000 investment made in each of the Class M shares and Investor shares of BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund on 8/31/11 to a hypothetical investment of $10,000 made in the Index on that date. All dividends and capital gain distributions are reinvested.
The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M shares and Investor shares. The Index is widely regarded as the best single gauge of large-cap U.S. equities. The index includes 500 leading companies and captures approximately 80% coverage of available market capitalization. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to www.im.bnymellon.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
22
Comparison of change in value of a $10,000 investment in Class M shares, Investor shares, Class A shares, Class C shares and Class I shares of BNY Mellon Income Stock Fund with a hypothetical investment of $10,000 in the Dow Jones U.S. Select DividendTM Index (the “Index”)
† Source: Lipper Inc.
†† The total return figures presented for Class A shares, Class C shares and Class I shares of the fund reflect the performance of the fund’s Class M shares for the period prior to 5/31/16 (the inception date for Class A shares, Class C shares and Class I shares) adjusted to reflect each share class’ applicable sales charges, and the performance for the fund’s Class A shares, Class C shares and Class I shares thereafter.
Past performance is not predictive of future performance.
The above graph compares a hypothetical $10,000 investment made in Class M shares, Investor shares, Class A shares, Class C shares and Class I shares of BNY Mellon Income Stock Fund on 8/31/11 to a hypothetical investment of $10,000 made in the Index on that date. All dividends and capital gain distributions are reinvested.
The fund’s performance shown in the line graph above takes into account all applicable fees and expenses on all classes. The Index is defined as all dividend-paying companies in the Dow Jones U.S. Index, excluding REITs, that have a non-negative historical five-year dividend-per-share growth rate, a five-year average dividend coverage ratio of greater than or equal to 167%, paid dividends in each of the previous five years, non-negative trailing 12-month earnings-per-share (EPS), a float-adjusted market capitalization of at least US$1 billion, and three-month average daily trading volume of 200,000 shares. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
23
FUND PERFORMANCE (Unaudited) (continued)
Comparison of change in value of a $1,000,000 investment in Class Y shares of BNY Mellon Income Stock Fund with a hypothetical investment of $1,000,000 in the Dow Jones U.S. Select DividendTM Index (the “Index”)
† Source: Lipper Inc.
†† The total return figures presented for Class Y shares for the period prior to 5/31/16 (the inception date for Class Y shares) adjusted to reflect each share class’ applicable sales charges, and the performance for the fund’s Class Y shares thereafter.
Past performance is not predictive of future performance.
The above graph compares a hypothetical investment of $1,000,000 made in Class Y shares of BNY Mellon Income Stock Fund on 8/31/11 to a hypothetical investment of $1,000,000 made in the Index on that date. All dividends and capital gain distributions are reinvested.
The fund’s performance shown in the line graph above takes into account all applicable fees and expenses on Class Y shares. The Index is defined as all dividend-paying companies in the Dow Jones U.S. Index, excluding REITs, that have a non-negative historical five-year dividend-per-share growth rate, a five-year average dividend coverage ratio of greater than or equal to 167%, paid dividends in each of the previous five years, non-negative trailing 12-month earnings-per-share (EPS), a float-adjusted market capitalization of at least US$1 billion, and three-month average daily trading volume of 200,000 shares. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
24
| | | | | | | | |
Average Annual Total Returns as of 8/31/2021 | | | |
| Inception Date | 1 Year | 5 Years | 10 Years |
Class M shares | 1/1/85 | 44.06% | 11.72% | 13.23% |
Investor shares | 7/11/01 | 43.91% | 11.45% | 12.95% |
Class A shares | | | | |
with maximum sales charge (5.75%) | 5/31/16 | 35.43% | 10.11% | 12.41%†† |
without sales charge | 5/31/16 | 43.74% | 11.42% | 13.07%†† |
Class C shares | | | | |
with applicable redemption charge† | 5/31/16 | 41.59% | 10.54% | 12.60%†† |
without redemption | 5/31/16 | 42.59% | 10.54% | 12.60%†† |
Class I shares | 5/31/16 | 43.96% | 11.68% | 13.21%†† |
Class Y shares | 5/31/16 | 44.11% | 11.70% | 13.22%†† |
Dow Jones U.S. Select Dividend TM Index | | 46.52% | 10.95% | 13.10% |
† The maximum contingent deferred sales charge for Class C shares is 1% for shares redeemed within one year of the date of purchase.
†† The total return performance figures presented for Class A shares, Class C shares, Class I shares and Class Y shares of the fund reflect the performance of the fund’s Class M shares for the period prior to 5/31/16 (the inception date for Class A shares, Class C shares, Class I shares and Class Y shares) adjusted to reflect each share class’ applicable sales charges, and the performance for the fund’s Class A shares, Class C shares, Class I shares and Class Y shares thereafter.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to www.im.bnymellon.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graphs and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
25
FUND PERFORMANCE (Unaudited) (continued)
Comparison of change in value of a $10,000 investment in Class M shares and Investor shares of BNY Mellon Mid Cap Multi-Strategy Fund with a hypothetical investment of $10,000 made in the Russell Midcap® Index, Russell Midcap® Value Index and Russell Midcap® Growth Index
| | | | | |
Average Annual Total Returns as of 8/31/2021 | | | |
| | 1 Year | 5 Years | 10 Years |
Class M shares | | 38.15% | 16.19% | 13.97% |
Investor shares | | 37.83% | 15.92% | 13.70% |
Russell Midcap® Index | | 41.24% | 15.40% | 14.84% |
Russell Midcap® Value Index | | 44.50% | 11.52% | 13.26% |
Russell Midcap® Growth Index | | 35.17% | 20.44% | 16.88% |
† Source: Lipper Inc.
Past performance is not predictive of future performance.
The above graph compares a $10,000 investment made in Class M shares and Investor shares of BNY Mellon Mid Cap Multi-Strategy Fund on 8/31/11 to a hypothetical investment of $10,000 made in each of the (1) the Russell Midcap® Index, (2) the Russell Midcap® Value Index and (3) the Russell Midcap® Growth Index on that date. All dividends and capital gain distributions are reinvested.
The fund changed its investment strategy on August 20, 2012. Prior to that date, the fund generally had a single primary portfolio manager and investment strategy – selecting stocks of mid cap domestic companies through a disciplined investment process that combined computer modeling techniques, fundamental analysis and risk management. Different investment strategies may lead to different performance results. The fund’s performance for periods prior to August 20, 2012 reflects the fund’s investment strategy in effect prior to that date.
The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M shares and Investor shares. The Russell Midcap® Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap® Index is a subset of the Russell 1000® Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap® Index represents approximately 31% of the total market capitalization of the Russell 1000 companies. The Russell Midcap® Index is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment. The index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap opportunity set. The Russell Midcap® Value Index measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap® Index companies that are considered more value-oriented relative to the overall market as defined by Russell’s leading style methodology. The Russell Midcap® Value Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap value market. The index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap value market. The Russell Midcap® Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Midcap® Index companies with higher growth earning potential as defined by Russell’s leading style methodology. The Russell Midcap® Growth Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap growth market. The index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap growth market. Unlike a mutual fund, the indices are not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to www.im.bnymellon.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
26
Comparison of change in value of a $10,000 investment in Class M shares and Investor shares of BNY Mellon Small Cap Multi-Strategy Fund with a hypothetical investment of $10,000 in each of the Russell 2000® Index, Russell 2000® Value Index and Russell 2000® Growth Index
| | | | | |
Average Annual Total Returns as of 8/31/2021 | | | |
| | 1 Year | 5 Years | 10 Years |
Class M shares | | 36.05% | 16.08% | 13.88% |
Investor shares | | 35.68% | 15.80% | 13.59% |
Russell 2000® Index | | 47.08% | 14.38% | 13.62% |
Russell 2000® Value Index | | 59.49% | 11.66% | 12.14% |
Russell 2000® Growth Index | | 35.61% | 16.58% | 14.78% |
† Source: Lipper Inc.
Past performance is not predictive of future performance.
The above graph compares a $10,000 investment made in Class M shares and Investor shares of BNY Mellon Small Cap Multi-Strategy Fund on 8/31/11 to a hypothetical investment of $10,000 made in each of the (1) the Russell 2000® Index, (2) the Russell 2000® Value Index and (3) the Russell 2000® Growth Index on that date. All dividends and capital gain distributions are reinvested.
The fund changed its investment strategy on August 20, 2012. Prior to that date, the fund generally had a single primary portfolio manager and investment strategy – selecting stocks of small cap domestic companies through a disciplined investment process that combined computer modeling techniques, fundamental analysis and risk management. Different investment strategies may lead to different performance results. The fund’s performance for periods prior to August 20, 2012 reflects the fund’s investment strategy in effect prior to that date.
The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M shares and Investor shares. The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000® Index is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000 is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set. The Russell 2000® Value Index measures the performance of the small-cap value segment of the U.S. equity universe. It includes those Russell 2000 companies that are considered more value-oriented relative to the overall market as defined by Russell’s leading style methodology. The Russell 2000® Value Index is constructed to provide a comprehensive and unbiased barometer for the small-cap value segment. The index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set and that the represented companies continue to reflect value characteristics. The Russell 2000® Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000 companies with higher growth earning potential as defined by Russell’s leading style methodology. The Russell 2000® Growth Index is constructed to provide a comprehensive and unbiased barometer for the small-cap growth segment. The index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set and that the represented companies continue to reflect growth characteristics. Unlike a mutual fund, the indices are not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to www.im.bnymellon.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
27
FUND PERFORMANCE (Unaudited) (continued)
Comparison of change in value of a $10,000 investment in Class M shares and Investor shares of BNY Mellon Focused Equity Opportunities Fund with a hypothetical investment of $10,000 in the S&P 500® Index (the “Index”)
| | | | | | |
Average Annual Total Returns as of 8/31/2021 | | | |
| | 1 Year | 5 Years | 10 Years |
Class M shares | | 32.72% | 20.40% | 16.11% |
Investor shares | | 32.36% | 20.09% | 15.80% |
S&P 500® Index | | 31.16% | 18.01% | 16.33% |
† Source: Lipper Inc.
Past performance is not predictive of future performance.
The above graph compares a hypothetical $10,000 investment made in each of the Class M shares and Investor shares of BNY Mellon Focused Equity Opportunities Fund on 8/31/11 to a hypothetical investment of $10,000 made in the Index on that date. All dividends and capital gain distributions are reinvested.
The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M shares and Investor shares. The Index is widely regarded as the best single gauge of large-cap U.S. equities. The index includes 500 leading companies and captures approximately 80% coverage of available market capitalization. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to www.im.bnymellon.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
28
Comparison of change in value of a $10,000 investment in Class M shares and Investor shares of BNY Mellon Small/Mid Cap Multi-Strategy Fund with a hypothetical investment of $10,000 in the Russell 2500™ Index, Russell 2500™ Value Index and Russell 2500™ Growth Index
| | | | | |
Average Annual Total Returns as of 8/31/2021 | | | |
| | 1 Year | 5 Years | 10 Years |
Class M shares | | 30.28% | 16.06% | 12.24% |
Investor shares | | 29.91% | 15.75% | 11.94% |
Russell 2500™ Index | | 45.87% | 15.10% | 14.32% |
Russell 2500™ Value Index | | 52.51% | 11.23% | 12.38% |
Russell 2500™ Growth Index | | 36.14% | 19.20% | 16.31% |
† Source: Lipper Inc.
Past performance is not predictive of future performance.
The above graph compares a hypothetical $10,000 investment made in each of the Class M shares and Investor shares of BNY Mellon Small/Mid Cap Multi-Strategy Fund on 8/31/11 to a hypothetical investment of $10,000 made in each of the Russell 2500™ Index, the Russell 2500™ Value Index and the Russell 2500™ Growth Index on that date. All dividends and capital gain distributions are reinvested.
On April 28, 2014, the fund’s investment strategy changed. From August 20, 2012 through April 27, 2014, the investment adviser selected securities for the fund using a disciplined investment process that combined quantitative modeling techniques, fundamental analysis and risk management. Prior to August 20, 2012, the investment adviser selected securities for the fund using proprietary computer models, along with fundamental analysis to identify and rank stocks within industries or sectors, based on several characteristics, including value, growth and financial profile. Different investment strategies may lead to different performance results. The fund’s performance for the period August 20, 2012 through April 27, 2014 and for the periods prior to August 20, 2012 reflects the fund’s investment strategy in effect during those periods.
The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M shares and Investor shares. The Russell 2500™ Index measures the performance of the small- to mid-cap segment of the U.S. equity universe, commonly referred to as “smid” cap. The Russell 2500 Index is a subset of the Russell 3000® Index. It includes approximately 2,500 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2500™ Index is constructed to provide a comprehensive and unbiased barometer for the small- to mid-cap segment. The index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small- to mid-cap opportunity set. The Russell 2500™ Value Index measures the performance of the small- to mid-cap value segment of the U.S. equity universe. It includes those Russell 2500 companies that are considered more value-oriented relative to the overall market as defined by Russell’s leading style methodology. The Russell 2500™ Value Index is constructed to provide a comprehensive and unbiased barometer of the small- to mid-cap growth market. The index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small- to mid-cap opportunity set and that the represented companies continue to reflect value characteristics. The Russell 2500™ Growth Index measures the performance of the small- to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500 companies with higher growth earning potential as defined by Russell’s leading style methodology. The Russell 2500™ Growth Index is constructed to provide a comprehensive and unbiased barometer of the small- to mid-cap growth market. The index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small- to mid-cap opportunity set and that the represented companies continue to reflect growth characteristics. Unlike a mutual fund, the indices are not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to www.im.bnymellon.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
29
FUND PERFORMANCE (Unaudited) (continued)
Comparison of change in value of a $10,000 investment in Class M shares and Investor shares of BNY Mellon International Fund with a hypothetical investment of $10,000 in the MSCI EAFE Index (the “Index”)
| | | | | |
Average Annual Total Returns as of 8/31/2021 | | | |
| | 1 Year | 5 Years | 10 Years |
Class M shares | | 23.04% | 8.75% | 6.79% |
Investor shares | | 22.66% | 8.50% | 6.53% |
MSCI EAFE Index | | 26.12% | 9.72% | 7.34% |
† Source: Lipper Inc.
Past performance is not predictive of future performance.
The above graph compares a $10,000 investment made in Class M shares and Investor shares of BNY Mellon International Fund on 8/31/11 to a hypothetical investment of $10,000 made in the Index on that date. All dividends and capital gain distributions are reinvested.
The fund changed its investment strategy on August 6, 2015. Prior to that date, the fund allocated its assets between a core investment style and a value investment style at the discretion of the investment adviser. Different investment strategies may lead to different performance results. The fund’s performance shown in the line chart and table reflects the fund’s investment strategy in effect during those periods. The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares. The Index is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any Index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to www.im.bnymellon.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
30
Comparison of change in value of a $10,000 investment in Class M shares and Investor shares of BNY Mellon Emerging Markets Fund with a hypothetical investment of $10,000 in the MSCI Emerging Markets Index (the “Index”)
| | | | | |
Average Annual Total Returns as of 8/31/2021 | | | |
| | 1 Year | 5 Years | 10 Years |
Class M shares | | 26.19% | 10.62% | 4.32% |
Investor shares | | 25.97% | 10.34% | 4.05% |
MSCI Emerging Markets Index | | 21.12% | 10.40% | 4.85% |
† Source: Lipper Inc.
Past performance is not predictive of future performance.
The above graph compares a hypothetical investment of $10,000 made in each of the Class M shares and Investor shares of BNY Mellon Emerging Markets Fund on 8/31/11 to a hypothetical investment of $10,000 made in the Index on that date. All dividends and capital gain distributions are reinvested.
The fund changed its investment strategy on August 6, 2015. Prior to that date, the fund allocated its assets between a core investment style and a value investment style at the discretion of the investment adviser. Different investment strategies may lead to different performance results. The fund’s performance shown in the line chart and table reflects the fund’s investment strategy in effect during those periods. The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M shares and Investor shares. The Index is a free float-adjusted market capitalization-weighted index that is designed to measure equity market performance of emerging markets. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to www.im.bnymellon.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
31
FUND PERFORMANCE (Unaudited) (continued)
Comparison of change in value of a $10,000 investment in Class M shares and Investor shares of BNY Mellon International Equity Income Fund with a hypothetical investment of $10,000 in the MSCI ACWI ex USA Index (the “Index”)
| | | | | |
Average Annual Total Returns as of 8/31/2021 | | | |
| Inception Date | 1 Year | 5 Year | From Inception |
Class M shares | 12/15/11 | 27.02% | 6.26% | 4.90% |
Investor shares | 12/15/11 | 26.62% | 5.87% | 4.57% |
MSCI ACWI ex-USA Index | 11/30/11 | 24.87% | 9.92% | 7.51%†† |
† Source: Lipper Inc.
Past performance is not predictive of future performance.
The above graph compares a hypothetical $10,000 investment made in Class M shares and Investor shares of BNY Mellon International Equity Income Fund on 12/15/11 (inception date) to a hypothetical investment of $10,000 made in the Index on that date. All dividends and capital gain distributions are reinvested.
The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M shares and Investor shares. The Index captures large- and mid-cap representation across Developed Market (DM) countries (excluding the U.S.) and Emerging Market (EM) countries. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
†† For comparative purposes, the value of the Index on 11/30/11 is used as the beginning value on 12/15/11.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to www.im.bnymellon.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
32
Comparison of change in value of a $10,000 investment in Class M shares and Investor shares of BNY Mellon Asset Allocation Fund with a hypothetical investment of $10,000 in the Morningstar Moderate Target Risk Index (the “Index”)
| | | | | |
Average Annual Total Returns as of 8/31/2021 | | | |
| | 1 Year | 5 Years | 10 Years |
Class M shares | | 23.59% | 11.64% | 9.09% |
Investor shares | | 23.29% | 11.37% | 8.83% |
Morningstar Moderate Target Risk Index | | 18.55% | 10.09% | 8.68% |
† Source: Morningstar Inc.
Past performance is not predictive of future performance.
The above graph compares a hypothetical $10,000 investment made in each of the Class M shares and Investor shares of BNY Mellon Asset Allocation Fund on 8/31/11 to a hypothetical investment of $10,000 made in the Index on that date. All dividends and capital gain distributions are reinvested.
The fund changed its investment strategy on September 15, 2011. Prior to that date, the fund invested in individual securities and BNY Mellon funds only and its target allocation was 60% of its assets invested in equity securities (directly and through underlying funds) and 40% of its assets invested in bonds and money market instruments (directly), with a range of 15% above or below such target amount. Different investment strategies may lead to different performance results. The fund’s performance for periods prior to September 15, 2011 reflects the investment strategy in effect prior to that date.
The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M shares and Investor shares. The Index serves as a benchmark to help with target-risk mutual fund selection and evaluation by offering an objective yardstick for moderate performance comparison. Unlike a mutual fund, the index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to www.im.bnymellon.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
33
UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited)
As a mutual fund investor, you pay ongoing expenses, such as management fees and other expenses. Using the information below, you can estimate how these expenses affect your investment and compare them with the expenses of other funds. You also may pay one-time transaction expenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial adviser.
Review your fund’s expenses
The table below shows the expenses you would have paid on a $1,000 investment in each class of each fund from March 1, 2021 to August 31, 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 August 31, 2021 | |
| | | | Class M | | Investor
Shares | | Class A | | Class C | Class I | | Class Y |
BNY Mellon Tax-Sensitive
Large Cap Multi-Strategy Fund | | | | | | | | | | | | |
Expenses paid per $1,000† | $ | 2.96 | $ | 4.33 | | – | | – | | – | | – |
Ending value (after expenses) | $ | 1,175.90 | | 1,174.40 | | – | | – | | – | | – |
Annualized expense ratio (%) | | .54 | | .79 | | – | | – | | – | | – |
BNY Mellon Income Stock Fund | | | | | | | | | | | | |
Expenses paid per $1,000† | $ | 4.44 | $ | 5.79 | $ | 6.22 | $ | 10.25 | $ | 4.76 | $ | 4.44 |
Ending value (after expenses) | $ | 1,147.60 | $ | 1,146.10 | $ | 1,145.60 | $ | 1,141.10 | $ | 1,147.30 | $ | 1,147.80 |
Annualized expense ratio (%) | | .82 | | 1.07 | | 1.15 | | 1.90 | | .88 | | .82 |
BNY Mellon Mid Cap Multi-Strategy Fund | | | | | | | | | | | | |
Expenses paid per $1,000† | $ | 4.82 | $ | 6.15 | | – | | – | | – | | – |
Ending value (after expenses) | $ | 1,124.80 | $ | 1,123.20 | | – | | – | | – | | – |
Annualized expense ratio (%) | | .90 | | 1.15 | | – | | – | | – | | – |
BNY Mellon Small Cap Multi-Strategy Fund | | | | | | | | | | | | |
Expenses paid per $1,000† | $ | 5.10 | $ | 6.36 | | – | | – | | – | | – |
Ending value (after expenses) | $ | 1,003.90 | $ | 1,002.10 | | – | | – | | – | | – |
Annualized expense ratio (%) | | 1.01 | | 1.26 | | – | | – | | – | | – |
BNY Mellon Focused
Equity Opportunities Fund | | | | | | | | | | | | |
Expenses paid per $1,000† | $ | 4.81 | $ | 6.20 | | – | | – | | – | | – |
Ending value (after expenses) | $ | 1,217.20 | $ | 1,215.30 | | – | | – | | – | | – |
Annualized expense ratio (%) | | .86 | | 1.11 | | – | | – | | – | | – |
34
| | | | | | | | | | | | | | | |
Expenses and Value of a $1,000 Investment (continued) |
Assume actual returns for the six months ended August 31, 2021 | |
| | | | | | Class M | | | | | Investor
Shares | | |
BNY Mellon Small/Mid Cap Multi-Strategy Fund | | | | | | | | | | | | |
Expenses paid per $1,000† | | | $ | 5.17 | | | | | $ | 6.45 | | |
Ending value (after expenses) | | | $ | 1,032.30 | | | | | $ | 1,030.80 | | |
Annualized expense ratio (%) | | | | 1.01 | | | | | | 1.26 | | |
BNY Mellon International Fund | | | | | | | | | | | | |
Expenses paid per $1,000† | | | $ | 5.37 | | | | | $ | 6.67 | | |
Ending value (after expenses) | | | $ | 1,086.90 | | | | | $ | 1,085.20 | | |
Annualized expense ratio (%) | | | | 1.02 | | | | | | 1.27 | | |
BNY Mellon Emerging Markets Fund | | | | | | | | | | | | |
Expenses paid per $1,000† | | | $ | 7.13 | | | | | $ | 8.41 | | |
Ending value (after expenses) | | | $ | 1,035.90 | | | | | $ | 1,034.20 | | |
Annualized expense ratio (%) | | | | 1.39 | | | | | | 1.64 | | |
BNY Mellon International Equity Income Fund | | | | | | | | | | | | |
Expenses paid per $1,000† | | | $ | 6.26 | | | | | $ | 7.56 | | |
Ending value (after expenses) | | | $ | 1,085.50 | | | | | $ | 1,083.20 | | |
Annualized expense ratio (%) | | | | 1.19 | | | | | | 1.44 | | |
BNY Mellon Asset Allocation Fund | | | | | | | | | | | | |
Expenses paid per $1,000† | | | $ | 1.70 | | | | | $ | 3.03 | | |
Ending value (after expenses) | | | $ | 1,108.90 | | | | | $ | 1,108.00 | | |
Annualized expense ratio (%) | | | | .32 | | | | | | .57 | | |
† Expenses are equal to each fund’s annualized expense ratios as shown above, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
35
COMPARING YOUR FUND’S EXPENSES
WITH THOSE OF OTHER FUNDS (Unaudited)
Using the SEC’s method to compare expenses
The Securities and Exchange Commission (“SEC”) has established guidelines to help investors assess fund expenses. Per these guidelines, the table below shows your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return. You can use this information to compare the ongoing expenses (but not transaction expenses or total cost) of investing in the fund with those of other funds. All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.
| | | | | | | | | | | | | | | | | |
Expenses and Value of a $1,000 Investment |
Assuming a hypothetical 5% annualized return for the six months ended August 31, 2021 | | | |
| | | | | Class M | Investor
Shares | | Class A | | Class C | Class I | | Class Y |
BNY Mellon Tax-Sensitive
Large Cap Multi-Strategy Fund | | | | | | | | | | | | | |
Expenses paid per $1,000† | | $ | 2.75 | $ | 4.02 | | – | | – | | – | | – |
Ending value (after expenses) | | $ | 1,022.48 | $ | 1.021.22 | | – | | – | | – | | – |
Annualized expense ratio (%) | | | .54 | | .79 | | – | | – | | – | | – |
BNY Mellon Income Stock Fund | | | | | | | | | | | | | |
Expenses paid per $1,000† | | $ | 4.18 | $ | 5.45 | $ | 5.85 | $ | 9.65 | $ | 4.48 | $ | 4.18 |
Ending value (after expenses) | | $ | 1,021.07 | $ | 1,019.81 | $ | 1,019.41 | $ | 1,015.63 | $ | 1,020.77 | $ | 1,021.07 |
Annualized expense ratio (%) | | | .82 | | 1.07 | | 1.15 | | 1.90 | | .88 | | .82 |
BNY Mellon Mid Cap Multi-Strategy Fund | | | | | | | | | | | | | |
Expenses paid per $1,000† | | $ | 4.58 | $ | 5.85 | | – | | – | | – | | – |
Ending value (after expenses) | | $ | 1,020.67 | $ | 1,019.41 | | – | | – | | – | | – |
Annualized expense ratio (%) | | | .90 | | 1.15 | | – | | – | | – | | – |
BNY Mellon Small Cap Multi-Strategy Fund | | | | | | | | | | | | | |
Expenses paid per $1,000† | | $ | 5.14 | $ | 6.41 | | – | | – | | – | | – |
Ending value (after expenses) | | $ | 1,020.11 | $ | 1,018.85 | | – | | – | | – | | – |
Annualized expense ratio (%) | | | 1.01 | | 1.26 | | – | | – | | – | | – |
BNY Mellon Focused
Equity Opportunities Fund | | | | | | | | | | | | | |
Expenses paid per $1,000† | | $ | 4.38 | $ | 5.65 | | – | | – | | – | | – |
Ending value (after expenses) | | $ | 1,020.87 | $ | 1,019.61 | | – | | – | | – | | – |
Annualized expense ratio (%) | | | .86 | | 1.11 | | – | | – | | – | | – |
36
| | | | | | | | | | | | | | | | | |
Expenses and Value of a $1,000 Investment (continued) |
Assuming a hypothetical 5% annualized return for the six months ended August 31, 2021 | | | |
| | | | | | Class M | | | | | Investor
Shares | | |
BNY Mellon Small/Mid Cap Multi-Strategy Fund | | | | | | | | | | | | | |
Expenses paid per $1,000† | | | | $ | 5.14 | | | | | $ | 6.41 | | |
Ending value (after expenses) | | | | $ | 1,020.11 | | | | | $ | 1,018.85 | | |
Annualized expense ratio (%) | | | | | 1.01 | | | | | | 1.26 | | |
BNY Mellon International Fund | | | | | | | | | | | | | |
Expenses paid per $1,000† | | | | $ | 5.19 | | | | | $ | 6.46 | | |
Ending value (after expenses) | | | | $ | 1,020.06 | | | | | $ | 1,018.80 | | |
Annualized expense ratio (%) | | | | | 1.02 | | | | | | 1.27 | | |
BNY Mellon Emerging Markets Fund | | | | | | | | | | | | | |
Expenses paid per $1,000† | | | | $ | 7.07 | | | | | $ | 8.34 | | |
Ending value (after expenses) | | | | $ | 1,018.20 | | | | | $ | 1,016.94 | | |
Annualized expense ratio (%) | | | | | 1.39 | | | | | | 1.64 | | |
BNY Mellon International Equity Income Fund | | | | | | | | | | | | | |
Expenses paid per $1,000† | | | | $ | 6.06 | | | | | $ | 7.32 | | |
Ending value (after expenses) | | | | $ | 1,019.21 | | | | | $ | 1,017.95 | | |
Annualized expense ratio (%) | | | | | 1.19 | | | | | | 1.44 | | |
BNY Mellon Asset Allocation Fund | | | | | | | | | | | | | |
Expenses paid per $1,000† | | | | $ | 1.63 | | | | | $ | 2.91 | | |
Ending value (after expenses) | | | | $ | 1,023.59 | | | | | $ | 1,022.33 | | |
Annualized expense ratio (%) | | | | | .32 | | | | | | .57 | | |
† Expenses are equal to each fund’s annualized expense ratio as shown above, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
37
STATEMENT OF INVESTMENTS
August 31, 2021
| | | | | | |
|
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund |
Description | | Shares | | Value ($) | |
Common Stocks - 51.8% | | | |
Automobiles & Components - .9% | | | | |
Aptiv | | 835 | a | 127,079 | |
Ford Motor | | 13,510 | a | 176,035 | |
General Motors | | 39,105 | a | 1,916,536 | |
Harley-Davidson | | 2,434 | | 96,216 | |
Tesla | | 3,237 | a | 2,381,526 | |
| | | | 4,697,392 | |
Banks - 1.9% | | | | |
Bank of America | | 31,944 | | 1,333,662 | |
Citigroup | | 6,550 | | 471,010 | |
Citizens Financial Group | | 4,320 | | 189,173 | |
Comerica | | 3,780 | | 279,380 | |
Fifth Third Bancorp | | 3,234 | | 125,673 | |
Huntington Bancshares | | 19,330 | | 300,195 | |
JPMorgan Chase & Co. | | 13,087 | | 2,093,266 | |
KeyCorp | | 2,680 | | 54,458 | |
M&T Bank | | 630 | | 88,206 | |
People's United Financial | | 8,605 | | 141,380 | |
Regions Financial | | 6,175 | | 126,155 | |
The PNC Financial Services Group | | 2,968 | | 567,185 | |
Truist Financial | | 44,282 | | 2,526,731 | |
U.S. Bancorp | | 5,082 | | 291,656 | |
Wells Fargo & Co. | | 11,492 | | 525,184 | |
Zions Bancorp | | 2,665 | | 154,304 | |
| | | | 9,267,618 | |
Capital Goods - 3.5% | | | | |
3M | | 3,389 | | 659,974 | |
Allegion | | 2,512 | | 361,703 | |
Carrier Global | | 2,681 | | 154,426 | |
Caterpillar | | 1,992 | | 420,053 | |
Deere & Co. | | 7,516 | | 2,841,273 | |
Dover | | 3,314 | | 577,829 | |
Eaton | | 17,345 | | 2,920,204 | |
Emerson Electric | | 663 | | 69,947 | |
Fastenal | | 9,250 | | 516,612 | |
Fortive | | 2,056 | | 151,877 | |
Generac Holdings | | 230 | a | 100,505 | |
General Dynamics | | 741 | | 148,430 | |
General Electric | | 3,785 | | 398,977 | |
Hexcel | | 2,725 | a,b | 154,535 | |
Honeywell International | | 11,206 | | 2,598,783 | |
Illinois Tool Works | | 2,190 | | 509,963 | |
Ingersoll Rand | | 4,553 | a | 241,400 | |
Johnson Controls International | | 1,056 | | 78,989 | |
Lockheed Martin | | 1,377 | | 495,445 | |
Northrop Grumman | | 1,146 | | 421,384 | |
Otis Worldwide | | 1,090 | | 100,520 | |
Parker-Hannifin | | 612 | | 181,562 | |
Raytheon Technologies | | 7,567 | | 641,379 | |
Roper Technologies | | 302 | | 145,951 | |
Stanley Black & Decker | | 653 | | 126,205 | |
The Boeing Company | | 2,419 | a | 530,970 | |
The Toro Company | | 4,140 | | 455,152 | |
Trane Technologies | | 3,049 | | 605,226 | |
TransDigm Group | | 241 | a | 146,400 | |
United Rentals | | 875 | a | 308,569 | |
|
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund (continued) |
Description | | Shares | | Value ($) | |
Common Stocks - 51.8% (continued) | | | |
Capital Goods - 3.5% (continued) | | | | |
W.W. Grainger | | 220 | | 95,414 | |
Xylem | | 2,698 | | 367,764 | |
| | | | 17,527,421 | |
Commercial & Professional Services - .2% | | | | |
Cintas | | 285 | | 112,794 | |
Equifax | | 321 | | 87,395 | |
IHS Markit | | 1,655 | | 199,593 | |
Robert Half International | | 2,005 | | 207,317 | |
Waste Management | | 2,644 | | 410,111 | |
| | | | 1,017,210 | |
Consumer Durables & Apparel - .8% | | | | |
Garmin | | 722 | | 125,938 | |
Leggett & Platt | | 1,485 | | 71,859 | |
Lennar, Cl. A | | 2,735 | | 293,493 | |
Newell Brands | | 2,975 | | 75,595 | |
NIKE, Cl. B | | 20,583 | | 3,390,843 | |
PVH | | 789 | a | 82,679 | |
VF | | 1,000 | | 76,470 | |
Whirlpool | | 409 | | 90,606 | |
| | | | 4,207,483 | |
Consumer Services - 1.1% | | | | |
Booking Holdings | | 251 | a | 577,217 | |
Chipotle Mexican Grill | | 70 | a | 133,233 | |
Darden Restaurants | | 937 | | 141,159 | |
Domino's Pizza | | 148 | | 76,500 | |
Expedia Group | | 473 | a | 68,349 | |
Marriott International, Cl. A | | 608 | a | 82,165 | |
McDonald's | | 4,910 | | 1,165,929 | |
MGM Resorts International | | 2,875 | | 122,533 | |
Norwegian Cruise Line Holdings | | 2,835 | a,b | 73,256 | |
Royal Caribbean Cruises | | 20,941 | a | 1,732,449 | |
Starbucks | | 6,808 | | 799,872 | |
Wynn Resorts | | 863 | a | 87,758 | |
Yum! Brands | | 2,491 | | 326,396 | |
| | | | 5,386,816 | |
Diversified Financials - 2.1% | | | | |
American Express | | 1,959 | | 325,116 | |
Ameriprise Financial | | 1,484 | | 404,998 | |
Berkshire Hathaway, Cl. B | | 8,348 | a | 2,385,608 | |
BlackRock | | 406 | | 382,976 | |
Capital One Financial | | 1,193 | | 198,002 | |
CME Group | | 8,896 | | 1,794,501 | |
Discover Financial Services | | 1,942 | | 249,003 | |
Intercontinental Exchange | | 6,851 | | 818,900 | |
Invesco | | 8,925 | | 225,981 | |
Moody's | | 1,285 | | 489,289 | |
Morgan Stanley | | 6,300 | | 657,909 | |
MSCI | | 198 | | 125,647 | |
S&P Global | | 1,852 | | 821,955 | |
State Street | | 3,249 | | 301,865 | |
Synchrony Financial | | 5,495 | | 273,376 | |
The Charles Schwab | | 8,051 | | 586,515 | |
The Goldman Sachs Group | | 1,060 | | 438,321 | |
| | | | 10,479,962 | |
38
| | | | | | |
|
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund (continued) |
Description | | Shares | | Value ($) | |
Common Stocks - 51.8% (continued) | | | |
Energy - 1.2% | | | | |
Baker Hughes | | 4,295 | | 97,840 | |
Chevron | | 25,716 | | 2,488,537 | |
ConocoPhillips | | 6,692 | | 371,607 | |
Devon Energy | | 6,835 | | 201,974 | |
Diamondback Energy | | 1,045 | | 80,611 | |
DT Midstream | | 330 | | 15,335 | |
EOG Resources | | 2,751 | | 185,748 | |
Exxon Mobil | | 11,854 | | 646,280 | |
Halliburton | | 11,100 | | 221,778 | |
Hess | | 1,575 | | 108,281 | |
Kinder Morgan | | 6,985 | | 113,646 | |
Marathon Oil | | 8,470 | | 99,523 | |
Marathon Petroleum | | 3,531 | | 209,282 | |
Occidental Petroleum | | 4,040 | | 103,788 | |
ONEOK | | 1,985 | | 104,252 | |
Phillips 66 | | 2,308 | | 164,076 | |
Pioneer Natural Resources | | 823 | | 123,178 | |
Schlumberger | | 6,200 | | 173,848 | |
The Williams Companies | | 9,679 | | 238,975 | |
Valero Energy | | 3,548 | | 235,268 | |
| | | | 5,983,827 | |
Food & Staples Retailing - 1.0% | | | | |
Costco Wholesale | | 8,123 | | 3,699,945 | |
Sysco | | 1,650 | | 131,423 | |
The Kroger Company | | 6,927 | | 318,850 | |
Walgreens Boots Alliance | | 2,047 | | 103,885 | |
Walmart | | 4,499 | | 666,302 | |
| | | | 4,920,405 | |
Food, Beverage & Tobacco - 1.3% | | | | |
Altria Group | | 9,164 | | 460,308 | |
Archer-Daniels-Midland | | 4,910 | | 294,600 | |
Conagra Brands | | 1,660 | | 54,979 | |
Constellation Brands, Cl. A | | 1,330 | | 280,816 | |
McCormick & Co. | | 3,618 | | 312,197 | |
Mondelez International, Cl. A | | 12,005 | | 745,150 | |
Monster Beverage | | 2,265 | a | 220,996 | |
PepsiCo | | 6,684 | | 1,045,311 | |
Philip Morris International | | 3,754 | | 386,662 | |
The Coca-Cola Company | | 42,945 | | 2,418,233 | |
The Hershey Company | | 281 | | 49,934 | |
The Kraft Heinz Company | | 1,321 | | 47,543 | |
Tyson Foods, Cl. A | | 1,390 | | 109,143 | |
| | | | 6,425,872 | |
Health Care Equipment & Services - 3.9% | | | | |
Abbott Laboratories | | 5,809 | | 734,083 | |
ABIOMED | | 303 | a | 110,280 | |
Align Technology | | 259 | a | 183,631 | |
AmerisourceBergen | | 1,368 | | 167,183 | |
Anthem | | 1,524 | | 571,698 | |
Baxter International | | 1,555 | | 118,522 | |
Becton Dickinson & Co. | | 1,855 | | 466,904 | |
Boston Scientific | | 52,904 | a | 2,388,616 | |
Cardinal Health | | 1,145 | | 60,101 | |
Centene | | 1,715 | a | 108,011 | |
|
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund (continued) |
Description | | Shares | | Value ($) | |
Common Stocks - 51.8% (continued) | | | |
Health Care Equipment & Services - 3.9% (continued) | | | | |
Cerner | | 1,125 | | 85,894 | |
Cigna | | 2,215 | | 468,805 | |
CVS Health | | 4,045 | | 349,448 | |
Danaher | | 11,387 | | 3,691,210 | |
DexCom | | 298 | a | 157,767 | |
Edwards Lifesciences | | 4,099 | a | 480,321 | |
HCA Healthcare | | 533 | | 134,838 | |
Henry Schein | | 4,631 | a | 350,057 | |
Humana | | 1,030 | | 417,583 | |
IDEXX Laboratories | | 258 | a | 173,830 | |
Intuitive Surgical | | 1,433 | a | 1,509,751 | |
Medtronic | | 6,993 | | 933,426 | |
Quest Diagnostics | | 500 | | 76,415 | |
ResMed | | 2,042 | | 593,262 | |
Steris | | 654 | | 140,617 | |
Stryker | | 2,423 | | 671,413 | |
UnitedHealth Group | | 10,231 | | 4,258,858 | |
West Pharmaceutical Services | | 371 | | 167,551 | |
Zimmer Biomet Holdings | | 709 | | 106,669 | |
| | | | 19,676,744 | |
Household & Personal Products - .7% | | | | |
Colgate-Palmolive | | 8,263 | | 644,101 | |
Kimberly-Clark | | 1,327 | | 182,874 | |
The Clorox Company | | 2,023 | | 339,965 | |
The Estee Lauder Companies, Cl. A | | 3,035 | | 1,033,387 | |
The Procter & Gamble Company | | 10,201 | | 1,452,520 | |
| | | | 3,652,847 | |
Insurance - 1.4% | | | | |
American International Group | | 65,090 | | 3,551,310 | |
Aon, Cl. A | | 2,074 | | 594,948 | |
Chubb | | 739 | | 135,917 | |
Cincinnati Financial | | 1,410 | | 173,994 | |
Lincoln National | | 2,076 | | 142,517 | |
Marsh & McLennan | | 4,296 | | 675,331 | |
MetLife | | 2,067 | | 128,154 | |
Principal Financial Group | | 1,760 | | 117,586 | |
Prudential Financial | | 671 | | 71,045 | |
The Allstate | | 3,415 | | 461,981 | |
The Hartford Financial Services Group | | 4,565 | | 306,859 | |
The Progressive | | 720 | | 69,365 | |
The Travelers Companies | | 2,111 | | 337,148 | |
Unum Group | | 3,265 | | 86,914 | |
| | | | 6,853,069 | |
Materials - 1.3% | | | | |
Air Products & Chemicals | | 7,609 | | 2,050,702 | |
Albemarle | | 500 | | 118,370 | |
Amcor | | 16,260 | | 208,941 | |
CF Industries Holdings | | 1,385 | | 62,907 | |
Corteva | | 4,294 | | 188,807 | |
Dow | | 4,754 | | 299,027 | |
DuPont de Nemours | | 1,824 | | 135,012 | |
Ecolab | | 1,795 | | 404,521 | |
FMC | | 3,375 | | 316,001 | |
39
STATEMENT OF INVESTMENTS (continued)
| | | | | | |
|
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund (continued) |
Description | | Shares | | Value ($) | |
Common Stocks - 51.8% (continued) | | | |
Materials - 1.3% (continued) | | | | |
Freeport-McMoRan | | 11,795 | | 429,220 | |
International Paper | | 2,939 | | 176,605 | |
Linde | | 2,902 | | 912,940 | |
LyondellBasell Industries, Cl. A | | 975 | | 97,841 | |
Newmont | | 4,165 | | 241,528 | |
PPG Industries | | 2,407 | | 384,037 | |
The Mosaic Company | | 2,020 | | 65,004 | |
The Sherwin-Williams Company | | 690 | | 209,532 | |
Vulcan Materials | | 1,952 | | 362,935 | |
| | | | 6,663,930 | |
Media & Entertainment - 5.7% | | | | |
Activision Blizzard | | 2,755 | | 226,929 | |
Alphabet, Cl. A | | 2,486 | a | 7,194,360 | |
Alphabet, Cl. C | | 1,634 | a | 4,753,698 | |
Charter Communications, Cl. A | | 446 | a,b | 364,230 | |
Comcast, Cl. A | | 58,230 | | 3,533,396 | |
Discovery, Cl. C | | 2,710 | a | 74,769 | |
Electronic Arts | | 1,027 | | 149,131 | |
Facebook, Cl. A | | 21,284 | a | 8,074,724 | |
Netflix | | 2,254 | a | 1,282,954 | |
News Corporation, Cl. A | | 2,900 | | 65,163 | |
Take-Two Interactive Software | | 1,620 | a | 261,176 | |
The Walt Disney Company | | 10,667 | a | 1,933,927 | |
Twitter | | 3,045 | a | 196,403 | |
ViacomCBS, Cl. B | | 3,374 | | 139,852 | |
| | | | 28,250,712 | |
Pharmaceuticals Biotechnology & Life Sciences - 3.1% | | | | |
AbbVie | | 28,483 | | 3,440,177 | |
Agilent Technologies | | 980 | | 171,960 | |
Amgen | | 3,046 | | 686,964 | |
AstraZeneca, ADR | | 1,652 | | 96,279 | |
Biogen | | 928 | a | 314,508 | |
Bio-Rad Laboratories, Cl. A | | 137 | a | 110,260 | |
Bristol-Myers Squibb | | 8,743 | | 584,557 | |
Catalent | | 775 | a | 101,091 | |
Charles River Laboratories International | | 240 | a | 106,526 | |
Eli Lilly & Co. | | 6,584 | | 1,700,581 | |
Gilead Sciences | | 8,381 | | 609,969 | |
Illumina | | 525 | a | 240,009 | |
Johnson & Johnson | | 13,748 | | 2,380,191 | |
Merck & Co. | | 11,176 | | 852,617 | |
Mettler-Toledo International | | 248 | a | 385,102 | |
Organon & Co. | | 1,631 | | 55,275 | |
PerkinElmer | | 715 | | 132,132 | |
Pfizer | | 26,278 | | 1,210,627 | |
Regeneron Pharmaceuticals | | 368 | a | 247,811 | |
Thermo Fisher Scientific | | 2,463 | | 1,366,842 | |
Viatris | | 6,350 | | 92,901 | |
Waters | | 1,162 | a | 481,091 | |
Zoetis | | 1,098 | | 224,607 | |
| | | | 15,592,077 | |
Real Estate - 1.3% | | | | |
Alexandria Real Estate Equities | | 459 | c | 94,724 | |
|
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund (continued) |
Description | | Shares | | Value ($) | |
Common Stocks - 51.8% (continued) | | | |
Real Estate - 1.3% (continued) | | | | |
American Tower | | 8,960 | c | 2,617,843 | |
Apartment Income REIT | | 1,506 | c | 76,535 | |
AvalonBay Communities | | 1,018 | c | 233,712 | |
Crown Castle International | | 2,870 | c | 558,760 | |
Digital Realty Trust | | 1,015 | c | 166,369 | |
Equinix | | 373 | c | 314,607 | |
Essex Property Trust | | 259 | c | 85,662 | |
Extra Space Storage | | 566 | c | 105,791 | |
Federal Realty Investment Trust | | 1,002 | c | 122,014 | |
Healthpeak Properties | | 5,050 | c | 181,800 | |
Host Hotels & Resorts | | 5,845 | a,c | 96,793 | |
Iron Mountain | | 3,710 | c | 177,153 | |
Kimco Realty | | 8,550 | c | 186,305 | |
Mid-America Apartment Communities | | 589 | c | 113,306 | |
Prologis | | 1,736 | c | 233,770 | |
Realty Income | | 1,780 | b,c | 128,552 | |
Regency Centers | | 1,750 | c | 120,085 | |
Simon Property Group | | 1,020 | c | 137,139 | |
SL Green Realty | | 1,839 | b,c | 128,877 | |
Ventas | | 1,810 | c | 101,251 | |
Vornado Realty Trust | | 1,780 | c | 74,546 | |
Welltower | | 1,790 | c | 156,679 | |
Weyerhaeuser | | 5,745 | c | 206,820 | |
| | | | 6,419,093 | |
Retailing - 3.3% | | | | |
Amazon.com | | 2,901 | a | 10,068,762 | |
Bath & Body Works | | 1,965 | | 132,598 | |
Dollar General | | 1,445 | | 322,105 | |
Dollar Tree | | 1,734 | a | 156,996 | |
eBay | | 2,742 | | 210,421 | |
Etsy | | 608 | a,b | 131,486 | |
Genuine Parts | | 414 | | 50,587 | |
Kohl's | | 1,435 | | 82,369 | |
Lowe's | | 4,196 | | 855,522 | |
O'Reilly Automotive | | 1,408 | a | 836,465 | |
Ross Stores | | 2,308 | | 273,267 | |
Target | | 1,552 | | 383,313 | |
The Home Depot | | 5,332 | | 1,739,192 | |
The TJX Companies | | 13,564 | | 986,374 | |
Victoria's Secret & Co. | | 655 | a | 43,427 | |
| | | | 16,272,884 | |
Semiconductors & Semiconductor Equipment - 3.4% | | | | |
Advanced Micro Devices | | 26,360 | a | 2,918,579 | |
Analog Devices | | 1,503 | | 244,914 | |
Applied Materials | | 5,935 | | 801,997 | |
Broadcom | | 1,590 | | 790,564 | |
Enphase Energy | | 560 | a | 97,289 | |
Intel | | 18,417 | | 995,623 | |
KLA | | 318 | | 108,107 | |
Lam Research | | 4,792 | | 2,898,297 | |
Micron Technology | | 6,870 | | 506,319 | |
NVIDIA | | 24,652 | | 5,518,350 | |
Qualcomm | | 3,107 | | 455,766 | |
40
| | | | | | |
|
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund (continued) |
Description | | Shares | | Value ($) | |
Common Stocks - 51.8% (continued) | | | |
Semiconductors & Semiconductor Equipment - 3.4% (continued) | | | | |
Texas Instruments | | 8,150 | | 1,555,916 | |
Xilinx | | 1,834 | | 285,352 | |
| | | | 17,177,073 | |
Software & Services - 8.1% | | | | |
Accenture, Cl. A | | 3,595 | | 1,209,933 | |
Adobe | | 8,429 | a | 5,594,327 | |
Alliance Data Systems | | 882 | | 86,533 | |
Ansys | | 735 | a | 268,540 | |
Autodesk | | 1,824 | a | 565,604 | |
Automatic Data Processing | | 5,167 | | 1,080,110 | |
Cadence Design Systems | | 754 | a | 123,264 | |
Cognizant Technology Solutions, Cl. A | | 4,317 | | 329,430 | |
Fidelity National Information Services | | 731 | | 93,400 | |
Fiserv | | 4,731 | a | 557,264 | |
Fortinet | | 1,559 | a | 491,303 | |
International Business Machines | | 1,691 | | 237,315 | |
Intuit | | 737 | | 417,223 | |
Jack Henry & Associates | | 2,115 | | 373,044 | |
Manhattan Associates | | 2,885 | a | 470,226 | |
Mastercard, Cl. A | | 5,884 | | 2,037,217 | |
Microsoft | | 52,919 | | 15,975,188 | |
Oracle | | 9,500 | | 846,735 | |
Paychex | | 8,699 | | 995,775 | |
Paycom Software | | 249 | a | 121,736 | |
PayPal Holdings | | 4,521 | a | 1,305,032 | |
salesforce.com | | 4,737 | a | 1,256,584 | |
ServiceNow | | 727 | a | 467,926 | |
Square, Cl. A | | 5,200 | a,b | 1,393,964 | |
Tyler Technologies | | 205 | a | 99,569 | |
Visa, Cl. A | | 17,665 | b | 4,047,051 | |
| | | | 40,444,293 | |
Technology Hardware & Equipment - 3.7% | | | | |
Amphenol, Cl. A | | 16,456 | | 1,261,023 | |
Apple | | 88,638 | | 13,457,908 | |
Cisco Systems | | 27,302 | | 1,611,364 | |
Cognex | | 4,415 | | 391,257 | |
Corning | | 9,840 | | 393,502 | |
F5 Networks | | 254 | a | 51,707 | |
Hewlett Packard Enterprise | | 20,128 | | 311,179 | |
HP | | 3,338 | | 99,272 | |
IPG Photonics | | 1,820 | a | 310,638 | |
Motorola Solutions | | 768 | | 187,561 | |
TE Connectivity | | 3,150 | | 473,193 | |
Teledyne Technologies | | 262 | a | 121,406 | |
| | | | 18,670,010 | |
Telecommunication Services - .4% | | | | |
AT&T | | 19,888 | | 545,329 | |
Lumen Technologies | | 8,303 | b | 102,127 | |
T-Mobile US | | 2,311 | a | 316,653 | |
Verizon Communications | | 16,015 | | 880,825 | |
| | | | 1,844,934 | |
|
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund (continued) |
Description | | Shares | | Value ($) | |
Common Stocks - 51.8% (continued) | | | |
Transportation - .7% | | | | |
Alaska Air Group | | 3,500 | a | 200,690 | |
CSX | | 21,099 | | 686,350 | |
Expeditors International of Washington | | 3,040 | | 378,906 | |
FedEx | | 908 | | 241,247 | |
Norfolk Southern | | 757 | | 191,930 | |
Southwest Airlines | | 6,835 | a | 340,246 | |
Union Pacific | | 4,002 | | 867,794 | |
United Parcel Service, Cl. B | | 2,283 | | 446,623 | |
| | | | 3,353,786 | |
Utilities - .8% | | | | |
American Electric Power | | 1,420 | | 127,189 | |
CMS Energy | | 7,021 | | 450,257 | |
DTE Energy | | 660 | | 79,424 | |
Duke Energy | | 1,027 | | 107,486 | |
Eversource Energy | | 2,320 | | 210,494 | |
Exelon | | 2,495 | | 122,305 | |
FirstEnergy | | 2,950 | | 114,667 | |
NextEra Energy | | 9,486 | | 796,729 | |
NiSource | | 10,190 | | 251,184 | |
NRG Energy | | 5,820 | | 265,799 | |
Pinnacle West Capital | | 1,425 | | 109,583 | |
Sempra Energy | | 2,855 | | 377,888 | |
The AES | | 9,690 | | 231,300 | |
Xcel Energy | | 7,485 | | 514,594 | |
| | | | 3,758,899 | |
Total Common Stocks (cost $83,680,198) | 258,544,357 | |
| | 1-Day
Yield (%) | | | | |
Investment Companies - 48.2% | | | | |
Registered Investment Companies - 48.2% | | | | |
BNY Mellon Dynamic Value Fund, Cl. Y | | 1,697,832 | d | 81,580,823 | |
BNY Mellon Income Stock Fund, Cl. M | | 4,948,690 | d | 51,268,427 | |
BNY Mellon Research Growth Fund, Cl. Y | | 4,574,273 | d | 103,515,800 | |
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares | 0.06 | 4,067,746 | d | 4,067,746 | |
Total Investment Companies (cost $173,143,056) | 240,432,796 | |
41
STATEMENT OF INVESTMENTS (continued)
| | | | | | |
|
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund (continued) |
Description | 1-Day
Yield (%) | Shares | | Value ($) | |
Investment of Cash Collateral for Securities Loaned - .0% | | | | |
Registered Investment Companies - .0% | | | | |
Dreyfus Institutional Preferred Government Plus Money Market Fund, SL Shares
(cost $72,956) | 0.02 | 72,956 | d | 72,956 | |
Total Investments (cost $256,896,210) | 100.0% | 499,050,109 | |
Liabilities, Less Cash and Receivables | (.0%) | (99,737) | |
Net Assets | 100.0% | 498,950,372 | |
ADR—American Depository Receipt
REIT—Real Estate Investment Trust
a Non-income producing security.
b Security, or portion thereof, on loan. At August 31, 2021, the value of the fund’s securities on loan was $6,457,989 and the value of the collateral was $6,642,527, consisting of cash collateral of $72,956 and U.S. Government & Agency securities valued at $6,569,571.
c Investment in real estate investment trust within the United States.
d Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
| | |
Portfolio Summary (Unaudited) † | Value (%) |
Investment Companies | 48.2 |
Information Technology | 15.3 |
Health Care | 7.1 |
Consumer Discretionary | 6.1 |
Communication Services | 6.0 |
Financials | 5.3 |
Industrials | 4.4 |
Consumer Staples | 3.0 |
Materials | 1.3 |
Real Estate | 1.3 |
Energy | 1.2 |
Utilities | .8 |
| | 100.0 |
† Based on net assets.
See notes to financial statements.
42
| | | | | | |
| |
BNY Mellon Income Stock Fund |
Description | | Shares | | Value ($) | |
Common Stocks - 95.0% | | | |
Automobiles & Components - .7% | | | | |
General Motors | | 80,277 | a | 3,934,376 | |
Banks - 12.1% | | | | |
Bank of America | | 416,367 | | 17,383,322 | |
JPMorgan Chase & Co. | | 120,345 | | 19,249,183 | |
U.S. Bancorp | | 412,771 | | 23,688,928 | |
Wells Fargo & Co. | | 222,651 | | 10,175,151 | |
| | | | 70,496,584 | |
Capital Goods - 9.1% | | | | |
Carrier Global | | 109,366 | | 6,299,482 | |
Eaton | | 60,071 | | 10,113,554 | |
Hubbell | | 43,869 | | 9,041,840 | |
L3Harris Technologies | | 82,163 | | 19,144,801 | |
Northrop Grumman | | 22,869 | | 8,408,931 | |
| | | | 53,008,608 | |
Consumer Durables & Apparel - 1.2% | | | | |
Newell Brands | | 265,698 | | 6,751,386 | |
Diversified Financials - 10.9% | | | | |
Ally Financial | | 92,839 | | 4,911,183 | |
Ameriprise Financial | | 48,177 | | 13,147,985 | |
Equitable Holdings | | 134,517 | | 4,171,372 | |
Morgan Stanley | | 144,778 | | 15,119,166 | |
The Charles Schwab | | 195,528 | | 14,244,215 | |
Voya Financial | | 181,106 | b | 11,768,268 | |
| | | | 63,362,189 | |
Energy - 9.1% | | | | |
Devon Energy | | 515,894 | | 15,244,668 | |
Exxon Mobil | | 302,027 | | 16,466,512 | |
Hess | | 87,475 | | 6,013,906 | |
Marathon Petroleum | | 259,265 | | 15,366,637 | |
| | | | 53,091,723 | |
Food, Beverage & Tobacco - 4.0% | | | | |
Mondelez International, Cl. A | | 70,004 | | 4,345,148 | |
PepsiCo | | 27,954 | | 4,371,726 | |
Philip Morris International | | 141,348 | | 14,558,844 | |
| | | | 23,275,718 | |
Health Care Equipment & Services - 9.1% | | | | |
CVS Health | | 169,072 | | 14,606,130 | |
Medtronic | | 181,145 | | 24,179,235 | |
UnitedHealth Group | | 34,815 | | 14,492,440 | |
| | | | 53,277,805 | |
Insurance - 4.6% | | | | |
Assurant | | 106,834 | | 18,173,532 | |
Principal Financial Group | | 63,822 | | 4,263,948 | |
Willis Towers Watson | | 19,955 | | 4,404,468 | |
| | | | 26,841,948 | |
Materials - 3.6% | | | | |
CF Industries Holdings | | 219,769 | | 9,981,908 | |
Freeport-McMoRan | | 139,799 | | 5,087,286 | |
Newmont | | 100,799 | | 5,845,334 | |
| | | | 20,914,528 | |
Media & Entertainment - 1.8% | | | | |
Comcast, Cl. A | | 176,825 | | 10,729,741 | |
Pharmaceuticals Biotechnology & Life Sciences - 8.4% | | | | |
AbbVie | | 222,130 | | 26,828,861 | |
| |
BNY Mellon Income Stock Fund (continued) |
Description | | Shares | | Value ($) | |
Common Stocks - 95.0% (continued) | | | |
Pharmaceuticals Biotechnology & Life Sciences - 8.4% (continued) | | | | |
Eli Lilly & Co. | | 38,979 | | 10,067,886 | |
Organon & Co. | | 195,146 | | 6,613,498 | |
Viatris | | 374,407 | | 5,477,574 | |
| | | | 48,987,819 | |
Real Estate - 1.0% | | | | |
Medical Properties Trust | | 273,292 | c | 5,597,020 | |
Semiconductors & Semiconductor Equipment - 2.9% | | | | |
Applied Materials | | 43,328 | | 5,854,912 | |
Qualcomm | | 73,668 | | 10,806,359 | |
| | | | 16,661,271 | |
Technology Hardware & Equipment - 4.5% | | | | |
Cisco Systems | | 313,131 | | 18,480,992 | |
Corning | | 192,950 | | 7,716,070 | |
| | | | 26,197,062 | |
Telecommunication Services - 2.0% | | | | |
Vodafone Group, ADR | | 678,875 | b | 11,588,396 | |
Transportation - .9% | | | | |
Union Pacific | | 25,222 | | 5,469,138 | |
Utilities - 9.1% | | | | |
Clearway Energy, Cl. C | | 351,173 | | 11,023,320 | |
Exelon | | 341,018 | | 16,716,702 | |
NextEra Energy Partners | | 168,029 | b | 13,430,558 | |
PPL | | 203,407 | | 5,969,995 | |
Vistra Energy | | 298,818 | | 5,704,436 | |
| | | | 52,845,011 | |
Total Common Stocks (cost $401,595,413) | 553,030,323 | |
| | Preferred Dividend
Yield (%) | | | | |
Preferred Stocks - 1.5% | | | | |
Health Care Equipment & Services - 1.5% | | | | |
Becton Dickinson & Co.
(cost $8,269,741) | 3.04 | 163,891 | b | 8,956,643 | |
| | 1-Day
Yield (%) | | | | |
Investment Companies - 3.5% | | | | |
Registered Investment Companies - 3.5% | | | | |
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares
(cost $20,524,470) | 0.06 | 20,524,470 | d | 20,524,470 | |
43
STATEMENT OF INVESTMENTS (continued)
| | | | | | |
| |
BNY Mellon Income Stock Fund (continued) |
Description | 1-Day
Yield (%) | Shares | | Value ($) | |
Investment of Cash Collateral for Securities Loaned - 2.0% | | | | |
Registered Investment Companies - 2.0% | | | | |
Dreyfus Institutional Preferred Government Plus Money Market Fund, SL Shares
(cost $11,371,294) | 0.02 | 11,371,294 | d | 11,371,294 | |
Total Investments (cost $441,760,918) | 102.0% | 593,882,730 | |
Liabilities, Less Cash and Receivables | (2.0%) | (11,499,315) | |
Net Assets | 100.0% | 582,383,415 | |
ADR—American Depository Receipt
a Non-income producing security.
b Security, or portion thereof, on loan. At August 31, 2021, the value of the fund’s securities on loan was $42,048,655 and the value of the collateral was $43,062,235, consisting of cash collateral of $11,371,294 and U.S. Government & Agency securities valued at $31,690,941.
c Investment in real estate investment trust within the United States.
d Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
| | |
Portfolio Summary (Unaudited) † | Value (%) |
Financials | 27.6 |
Health Care | 19.1 |
Industrials | 10.0 |
Energy | 9.1 |
Utilities | 9.1 |
Information Technology | 7.4 |
Investment Companies | 5.5 |
Consumer Staples | 4.0 |
Communication Services | 3.8 |
Materials | 3.6 |
Consumer Discretionary | 1.8 |
Real Estate | 1.0 |
| | 102.0 |
† Based on net assets.
See notes to financial statements.
44
| | | | | | |
| |
BNY Mellon Mid Cap Multi-Strategy Fund |
Description | | Shares | | Value ($) | |
Common Stocks - 97.7% | | | |
Automobiles & Components - .8% | | | | |
Aptiv | | 14,470 | a | 2,202,189 | |
BorgWarner | | 9,390 | | 400,765 | |
Ford Motor | | 82,835 | a | 1,079,340 | |
Gentex | | 139,780 | | 4,305,224 | |
Harley-Davidson | | 154,593 | | 6,111,061 | |
Lear | | 18,593 | | 2,973,764 | |
Thor Industries | | 52,799 | | 5,988,991 | |
| | | | 23,061,334 | |
Banks - 3.7% | | | | |
Citizens Financial Group | | 26,980 | | 1,181,454 | |
Comerica | | 19,000 | | 1,404,290 | |
Cullen/Frost Bankers | | 7,080 | | 808,678 | |
East West Bancorp | | 114,407 | | 8,390,609 | |
Essent Group | | 33,857 | | 1,593,988 | |
F.N.B. | | 47,780 | | 558,070 | |
Fifth Third Bancorp | | 328,453 | | 12,763,684 | |
First Hawaiian | | 35,220 | | 982,990 | |
First Horizon | | 9,460 | | 155,049 | |
First Republic Bank | | 29,128 | | 5,794,724 | |
Huntington Bancshares | | 1,318,818 | | 20,481,244 | |
KeyCorp | | 460,410 | | 9,355,531 | |
M&T Bank | | 3,655 | | 511,737 | |
MGIC Investment | | 71,255 | | 1,088,064 | |
PacWest Bancorp | | 5,825 | | 247,854 | |
Popular | | 155,123 | | 11,780,041 | |
Regions Financial | | 126,240 | | 2,579,083 | |
Signature Bank | | 50,271 | | 13,036,778 | |
Sterling Bancorp | | 43,580 | | 997,546 | |
SVB Financial Group | | 6,865 | a | 3,840,967 | |
Synovus Financial | | 30,815 | | 1,328,127 | |
Truist Financial | | 124,702 | | 7,115,496 | |
Umpqua Holdings | | 44,400 | | 864,468 | |
Webster Financial | | 18,865 | | 953,060 | |
Wintrust Financial | | 8,355 | | 625,288 | |
Zions Bancorp | | 31,720 | | 1,836,588 | |
| | | | 110,275,408 | |
Capital Goods - 10.3% | | | | |
A.O. Smith | | 11,385 | | 827,917 | |
Advanced Drainage Systems | | 123,636 | | 14,113,049 | |
AECOM | | 17,410 | a | 1,141,400 | |
Air Lease | | 8,345 | | 331,630 | |
Allegion | | 15,751 | | 2,267,986 | |
Allison Transmission Holdings | | 66,125 | | 2,445,303 | |
Altra Industrial Motion | | 49,935 | | 2,924,194 | |
AMETEK | | 118,689 | | 16,138,143 | |
Axon Enterprise | | 55,482 | a | 10,090,511 | |
BWX Technologies | | 61,429 | | 3,527,867 | |
Carrier Global | | 38,505 | | 2,217,888 | |
CNH Industrial | | 629,616 | | 10,382,368 | |
Colfax | | 161,311 | a | 7,770,351 | |
Cummins | | 19,986 | | 4,716,296 | |
Curtiss-Wright | | 26,607 | | 3,240,200 | |
Donaldson | | 32,690 | | 2,214,748 | |
Dover | | 64,783 | | 11,295,564 | |
Eaton | | 53,663 | | 9,034,703 | |
| |
BNY Mellon Mid Cap Multi-Strategy Fund (continued) |
Description | | Shares | | Value ($) | |
Common Stocks - 97.7% (continued) | | | |
Capital Goods - 10.3% (continued) | | | | |
Fastenal | | 19,190 | | 1,071,762 | |
Flowserve | | 19,205 | | 746,498 | |
Fortune Brands Home & Security | | 50,820 | | 4,948,343 | |
Generac Holdings | | 28,123 | a | 12,289,189 | |
General Dynamics | | 20,323 | | 4,070,900 | |
Graco | | 41,844 | | 3,281,406 | |
HEICO, Cl. A | | 57,145 | | 6,528,245 | |
Hexcel | | 77,566 | a | 4,398,768 | |
Howmet Aerospace | | 172,421 | | 5,474,367 | |
Hubbell | | 9,156 | | 1,887,143 | |
Huntington Ingalls Industries | | 15,065 | | 3,075,821 | |
IDEX | | 72,329 | | 16,201,696 | |
Ingersoll Rand | | 26,105 | a | 1,384,087 | |
ITT | | 48,572 | | 4,646,883 | |
L3Harris Technologies | | 20,655 | | 4,812,822 | |
Lincoln Electric Holdings | | 12,945 | | 1,807,251 | |
Masco | | 173,081 | | 10,509,478 | |
Maxar Technologies | | 59,303 | | 1,885,242 | |
Mercury Systems | | 137,940 | a | 6,949,417 | |
MSC Industrial Direct, Cl. A | | 4,085 | | 343,998 | |
Nordson | | 15,926 | | 3,799,944 | |
nVent Electric | | 20,000 | | 687,200 | |
Oshkosh | | 40,304 | | 4,618,032 | |
Owens Corning | | 43,397 | | 4,146,583 | |
PACCAR | | 26,335 | | 2,156,046 | |
Parker-Hannifin | | 32,014 | | 9,497,593 | |
Plug Power | | 13,555 | a | 353,243 | |
Quanta Services | | 82,906 | | 8,464,703 | |
Resideo Technologies | | 62,053 | a | 2,000,589 | |
Rockwell Automation | | 12,719 | | 4,139,399 | |
Roper Technologies | | 34,757 | | 16,797,363 | |
Sensata Technologies Holding | | 36,084 | a | 2,135,451 | |
Snap-on | | 3,705 | | 833,440 | |
Spirit AeroSystems Holdings, Cl. A | | 9,680 | | 379,843 | |
Stanley Black & Decker | | 16,676 | | 3,222,971 | |
Sunrun | | 22,450 | a | 993,413 | |
Textron | | 118,258 | | 8,593,809 | |
The Timken Company | | 22,040 | | 1,620,822 | |
Trane Technologies | | 18,780 | | 3,727,830 | |
TransDigm Group | | 8,180 | a | 4,969,105 | |
Trex | | 5,817 | a | 638,474 | |
United Rentals | | 12,836 | a | 4,526,615 | |
Vertiv Holdings | | 111,138 | | 3,130,757 | |
Virgin Galactic Holdings | | 12,260 | a | 332,369 | |
W.W. Grainger | | 6,335 | | 2,747,490 | |
Watsco | | 26,649 | | 7,419,615 | |
Westinghouse Air Brake Technologies | | 19,895 | | 1,786,372 | |
Xylem | | 38,185 | | 5,204,997 | |
| | | | 309,917,502 | |
Commercial & Professional Services - 4.3% | | | | |
ADT | | 551,852 | | 4,723,853 | |
ASGN | | 40,183 | a | 4,508,131 | |
Booz Allen Hamilton Holding | | 3,725 | | 305,115 | |
Cintas | | 16,745 | | 6,627,169 | |
45
STATEMENT OF INVESTMENTS (continued)
| | | | | | |
| |
BNY Mellon Mid Cap Multi-Strategy Fund (continued) |
Description | | Shares | | Value ($) | |
Common Stocks - 97.7% (continued) | | | |
Commercial & Professional Services - 4.3% (continued) | | | | |
Clarivate | | 633,593 | a | 15,960,208 | |
Copart | | 118,778 | a | 17,142,041 | |
CoStar Group | | 244,030 | a | 20,679,102 | |
Dun & Bradstreet Holdings | | 8,950 | a | 164,054 | |
Equifax | | 17,235 | | 4,692,401 | |
IAA | | 12,220 | a | 649,126 | |
IHS Markit | | 38,186 | | 4,605,232 | |
Jacobs Engineering Group | | 12,785 | | 1,725,464 | |
Leidos Holdings | | 38,277 | | 3,755,356 | |
Republic Services | | 35,910 | | 4,457,508 | |
Ritchie Bros Auctioneers | | 170,949 | | 10,699,698 | |
Robert Half International | | 49,263 | | 5,093,794 | |
Science Applications International | | 29,550 | | 2,488,997 | |
Stericycle | | 4,210 | a | 293,016 | |
Verisk Analytics | | 68,681 | | 13,857,079 | |
Waste Connections | | 60,480 | | 7,814,621 | |
| | | | 130,241,965 | |
Consumer Durables & Apparel - 3.8% | | | | |
Capri Holdings | | 21,955 | a | 1,240,677 | |
D.R. Horton | | 12,075 | | 1,154,612 | |
Garmin | | 22,545 | | 3,932,524 | |
Hanesbrands | | 51,240 | | 957,163 | |
Hasbro | | 140,740 | | 13,836,149 | |
Leggett & Platt | | 22,780 | | 1,102,324 | |
Lululemon Athletica | | 68,269 | a | 27,319,206 | |
Mohawk Industries | | 24,285 | a | 4,802,602 | |
Newell Brands | | 264,954 | | 6,732,481 | |
NVR | | 650 | a | 3,366,961 | |
Peloton Interactive, Cl. A | | 146,908 | a | 14,718,713 | |
Polaris | | 37,907 | | 4,539,742 | |
PulteGroup | | 38,310 | | 2,063,377 | |
Skechers USA, CI. A | | 221,515 | a | 11,171,001 | |
Tapestry | | 56,725 | | 2,287,152 | |
Tempur Sealy International | | 49,922 | | 2,231,513 | |
Toll Brothers | | 25,915 | | 1,660,115 | |
Under Armour, Cl. A | | 236,671 | a | 5,476,567 | |
Whirlpool | | 30,262 | | 6,703,941 | |
| | | | 115,296,820 | |
Consumer Services - 4.2% | | | | |
Aramark | | 317,329 | | 11,039,876 | |
Carnival | | 87,194 | a | 2,104,863 | |
Chegg | | 36,205 | a | 3,012,980 | |
Chipotle Mexican Grill | | 2,787 | a | 5,304,581 | |
Churchill Downs | | 2,904 | | 611,292 | |
Darden Restaurants | | 30,919 | | 4,657,947 | |
Domino's Pizza | | 1,213 | | 626,988 | |
DraftKings, Cl. A | | 126,261 | a | 7,486,015 | |
Expedia Group | | 156,298 | a | 22,585,061 | |
Frontdoor | | 125,262 | a | 5,463,928 | |
H&R Block | | 35,775 | | 917,629 | |
Hilton Worldwide Holdings | | 19,703 | a | 2,460,117 | |
Hyatt Hotels, Cl. A | | 3,080 | a | 226,657 | |
International Game Technology | | 56,987 | a | 1,224,651 | |
Las Vegas Sands | | 62,102 | a | 2,770,370 | |
| |
BNY Mellon Mid Cap Multi-Strategy Fund (continued) |
Description | | Shares | | Value ($) | |
Common Stocks - 97.7% (continued) | | | |
Consumer Services - 4.2% (continued) | | | | |
Marriott International, Cl. A | | 21,678 | a | 2,929,565 | |
Membership Collective Group, Cl. A | | 175,209 | a | 2,102,508 | |
MGM Resorts International | | 51,420 | | 2,191,520 | |
Norwegian Cruise Line Holdings | | 597,487 | a | 15,439,064 | |
Penn National Gaming | | 11,210 | a | 909,131 | |
Planet Fitness, Cl. A | | 150,612 | a | 12,244,756 | |
Royal Caribbean Cruises | | 26,551 | a | 2,196,564 | |
Service Corp. International | | 43,550 | | 2,733,198 | |
Six Flags Entertainment | | 27,440 | a | 1,159,066 | |
The Wendy's Company | | 80,255 | | 1,847,470 | |
Travel + Leisure | | 47,710 | | 2,612,600 | |
Wyndham Hotels & Resorts | | 60,686 | | 4,411,872 | |
Wynn Resorts | | 39,430 | a | 4,009,637 | |
Yum China Holdings | | 20,435 | | 1,257,979 | |
| | | | 126,537,885 | |
Diversified Financials - 4.7% | | | | |
AGNC Investment | | 62,145 | b | 1,013,585 | |
Ally Financial | | 58,030 | | 3,069,787 | |
Ameriprise Financial | | 66,010 | | 18,014,789 | |
Annaly Capital Management | | 101,340 | b | 880,645 | |
Ares Management, Cl. A | | 181,639 | | 14,018,898 | |
Brookfield Asset Management, Cl. A | | 5,936 | | 329,745 | |
Capital One Financial | | 77,943 | | 12,936,200 | |
Cboe Global Markets | | 8,370 | | 1,055,876 | |
Credit Acceptance | | 2,202 | a | 1,276,455 | |
Discover Financial Services | | 70,113 | | 8,989,889 | |
Equitable Holdings | | 41,880 | | 1,298,699 | |
Evercore, Cl. A | | 9,198 | | 1,284,409 | |
Franklin Resources | | 30,910 | | 1,002,720 | |
Intercontinental Exchange | | 80,038 | | 9,566,942 | |
Invesco | | 43,145 | | 1,092,431 | |
KKR & Co. | | 20,610 | | 1,325,017 | |
LPL Financial Holdings | | 72,370 | | 10,699,904 | |
MarketAxess Holdings | | 2,287 | | 1,088,429 | |
MSCI | | 3,382 | | 2,146,150 | |
Nasdaq | | 23,680 | | 4,636,070 | |
Northern Trust | | 19,900 | | 2,358,548 | |
Raymond James Financial | | 76,528 | | 10,706,267 | |
SLM | | 189,789 | | 3,558,544 | |
Starwood Property Trust | | 66,080 | b | 1,704,864 | |
State Street | | 56,645 | | 5,262,887 | |
Synchrony Financial | | 56,864 | | 2,828,984 | |
T. Rowe Price Group | | 17,895 | | 4,006,154 | |
Tradeweb Markets, Cl. A | | 40,724 | | 3,543,395 | |
Virtu Financial, Cl. A | | 39,070 | | 956,434 | |
Voya Financial | | 166,421 | | 10,814,037 | |
| | | | 141,466,754 | |
Energy - 2.8% | | | | |
Baker Hughes | | 63,210 | | 1,439,924 | |
Cabot Oil & Gas | | 50,675 | | 805,226 | |
ChampionX | | 152,449 | a | 3,556,635 | |
Cheniere Energy | | 25,110 | a | 2,196,121 | |
ConocoPhillips | | 97,207 | | 5,397,905 | |
Continental Resources | | 29,515 | | 1,159,349 | |
Devon Energy | | 142,983 | | 4,225,148 | |
46
| | | | | | |
| |
BNY Mellon Mid Cap Multi-Strategy Fund (continued) |
Description | | Shares | | Value ($) | |
Common Stocks - 97.7% (continued) | | | |
Energy - 2.8% (continued) | | | | |
Diamondback Energy | | 70,301 | | 5,423,019 | |
DT Midstream | | 10,030 | | 466,094 | |
EQT | | 370,811 | a | 6,796,966 | |
Halliburton | | 184,047 | | 3,677,259 | |
Helmerich & Payne | | 81,749 | | 2,200,683 | |
Hess | | 30,550 | | 2,100,313 | |
HollyFrontier | | 84,402 | | 2,728,717 | |
Marathon Oil | | 167,825 | | 1,971,944 | |
Marathon Petroleum | | 95,868 | | 5,682,096 | |
New Fortress Energy | | 8,287 | | 243,389 | |
NOV | | 55,710 | a | 733,701 | |
Occidental Petroleum | | 59,865 | | 1,537,932 | |
ONEOK | | 25,660 | | 1,347,663 | |
Pioneer Natural Resources | | 100,155 | | 14,990,199 | |
Schlumberger | | 208,996 | | 5,860,248 | |
Targa Resources | | 26,145 | | 1,148,288 | |
The Williams Companies | | 45,035 | | 1,111,914 | |
Valero Energy | | 130,522 | | 8,654,914 | |
| | | | 85,455,647 | |
Food & Staples Retailing - .2% | | | | |
Casey's General Stores | | 4,406 | | 901,291 | |
Grocery Outlet Holding | | 1,370 | a | 35,661 | |
The Kroger Company | | 25,875 | | 1,191,026 | |
US Foods Holding | | 122,333 | a | 4,159,322 | |
| | | | 6,287,300 | |
Food, Beverage & Tobacco - 1.3% | | | | |
Archer-Daniels-Midland | | 18,945 | | 1,136,700 | |
Beyond Meat | | 3,069 | a | 367,175 | |
Brown-Forman, Cl. B | | 21,662 | | 1,521,106 | |
Bunge | | 15,695 | | 1,188,268 | |
Coca-Cola European Partners | | 82,782 | | 4,779,833 | |
Conagra Brands | | 265,252 | | 8,785,146 | |
Flowers Foods | | 7,315 | | 176,511 | |
Ingredion | | 10,390 | | 912,865 | |
Lamb Weston Holdings | | 17,296 | | 1,126,834 | |
McCormick & Co. | | 38,670 | | 3,336,834 | |
Molson Coors Beverage, Cl. B | | 147,589 | | 7,014,905 | |
Nomad Foods | | 78,502 | a | 2,071,668 | |
The Boston Beer Company, Cl. A | | 779 | a | 444,194 | |
The Hain Celestial Group | | 19,100 | a | 714,531 | |
The Hershey Company | | 12,140 | | 2,157,278 | |
The J.M. Smucker Company | | 5,644 | | 697,993 | |
Tyson Foods, Cl. A | | 38,890 | | 3,053,643 | |
| | | | 39,485,484 | |
Health Care Equipment & Services - 8.7% | | | | |
ABIOMED | | 53,155 | a | 19,346,294 | |
Alcon | | 94,808 | | 7,818,816 | |
Align Technology | | 47,808 | a | 33,895,872 | |
AmerisourceBergen | | 71,314 | | 8,715,284 | |
Boston Scientific | | 48,760 | a | 2,201,514 | |
Cardinal Health | | 3,635 | | 190,801 | |
Centene | | 202,378 | a | 12,745,766 | |
Cerner | | 26,450 | | 2,019,458 | |
Change Healthcare | | 47,590 | a | 1,038,890 | |
DaVita | | 12,890 | a | 1,685,625 | |
| |
BNY Mellon Mid Cap Multi-Strategy Fund (continued) |
Description | | Shares | | Value ($) | |
Common Stocks - 97.7% (continued) | | | |
Health Care Equipment & Services - 8.7% (continued) | | | | |
Dentsply Sirona | | 15,876 | | 979,549 | |
DexCom | | 32,644 | a | 17,282,386 | |
Encompass Health | | 76,137 | | 5,972,948 | |
Envista Holdings | | 14,515 | a | 621,097 | |
HCA Healthcare | | 16,984 | | 4,296,612 | |
HealthEquity | | 46,123 | a | 2,959,713 | |
Henry Schein | | 22,740 | a | 1,718,917 | |
Hill-Rom Holdings | | 12,660 | | 1,843,043 | |
Humana | | 12,293 | | 4,983,828 | |
IDEXX Laboratories | | 29,100 | a | 19,606,416 | |
Insulet | | 22,148 | a | 6,595,896 | |
Laboratory Corp. of America Holdings | | 34,475 | a | 10,459,025 | |
Masimo | | 26,727 | a | 7,257,450 | |
Molina Healthcare | | 18,985 | a | 5,102,598 | |
Novocure | | 5,075 | a | 681,116 | |
Penumbra | | 1,981 | a | 544,676 | |
Quest Diagnostics | | 20,900 | | 3,194,147 | |
Quidel | | 3,594 | a | 463,446 | |
ResMed | | 22,965 | | 6,672,021 | |
Steris | | 47,778 | | 10,272,748 | |
Tandem Diabetes Care | | 5,472 | a | 613,794 | |
Teladoc Health | | 39,048 | a | 5,639,312 | |
Teleflex | | 30,314 | | 11,987,974 | |
The Cooper Companies | | 19,497 | | 8,787,493 | |
Universal Health Services, Cl. B | | 39,317 | | 6,124,016 | |
Veeva Systems, Cl. A | | 17,476 | a | 5,801,682 | |
West Pharmaceutical Services | | 4,337 | | 1,958,676 | |
Zimmer Biomet Holdings | | 124,821 | | 18,779,319 | |
| | | | 260,858,218 | |
Household & Personal Products - .5% | | | | |
Church & Dwight | | 145,908 | | 12,206,663 | |
Coty, Cl. A | | 81,095 | a | 792,298 | |
Herbalife Nutrition | | 4,435 | a | 227,693 | |
Spectrum Brands Holdings | | 2,695 | | 210,372 | |
The Clorox Company | | 9,182 | | 1,543,035 | |
| | | | 14,980,061 | |
Insurance - 2.8% | | | | |
Aflac | | 42,432 | | 2,405,046 | |
Alleghany | | 7,608 | a | 5,148,258 | |
American Financial Group | | 10,223 | | 1,410,161 | |
American International Group | | 87,486 | | 4,773,236 | |
Aon, Cl. A | | 14,679 | | 4,210,818 | |
Arch Capital Group | | 151,291 | a | 6,218,060 | |
Assurant | | 20,175 | | 3,431,969 | |
Assured Guaranty | | 22,525 | | 1,123,097 | |
Cincinnati Financial | | 19,985 | | 2,466,149 | |
Erie Indemnity, Cl. A | | 774 | | 137,068 | |
Everest Re Group | | 26,862 | | 7,115,744 | |
Fidelity National Financial | | 38,340 | | 1,872,142 | |
First American Financial | | 6,095 | | 429,880 | |
Globe Life | | 32,510 | | 3,123,236 | |
Kemper | | 4,920 | | 337,512 | |
Lemonade | | 7,160 | a | 540,866 | |
47
STATEMENT OF INVESTMENTS (continued)
| | | | | | |
| |
BNY Mellon Mid Cap Multi-Strategy Fund (continued) |
Description | | Shares | | Value ($) | |
Common Stocks - 97.7% (continued) | | | |
Insurance - 2.8% (continued) | | | | |
Lincoln National | | 29,615 | | 2,033,070 | |
Markel | | 4,875 | a | 6,192,469 | |
Old Republic International | | 87,115 | | 2,264,990 | |
Principal Financial Group | | 37,100 | | 2,478,651 | |
Prudential Financial | | 6,660 | | 705,161 | |
Reinsurance Group of America | | 96,544 | | 11,181,726 | |
RenaissanceRe Holdings | | 12,583 | | 1,972,134 | |
The Hanover Insurance Group | | 4,446 | | 628,264 | |
The Hartford Financial Services Group | | 53,110 | | 3,570,054 | |
The Travelers Companies | | 14,814 | | 2,365,944 | |
Unum Group | | 37,685 | | 1,003,175 | |
W.R. Berkley | | 45,395 | | 3,418,697 | |
| | | | 82,557,577 | |
Materials - 4.1% | | | | |
Albemarle | | 14,520 | | 3,437,465 | |
Ashland Global Holdings | | 9,861 | | 898,436 | |
Avery Dennison | | 27,850 | | 6,277,111 | |
Ball | | 27,110 | | 2,601,476 | |
Celanese | | 21,213 | | 3,364,382 | |
Corteva | | 160,548 | | 7,059,296 | |
Crown Holdings | | 32,600 | | 3,579,154 | |
DuPont de Nemours | | 65,882 | | 4,876,586 | |
Eagle Materials | | 57,546 | | 9,025,515 | |
Eastman Chemical | | 14,635 | | 1,656,097 | |
FMC | | 63,489 | | 5,944,475 | |
Freeport-McMoRan | | 348,764 | | 12,691,522 | |
Huntsman | | 38,360 | | 1,013,855 | |
Ingevity | | 22,600 | a | 1,816,814 | |
International Flavors & Fragrances | | 17,631 | | 2,671,097 | |
International Paper | | 4,400 | | 264,396 | |
LyondellBasell Industries, Cl. A | | 10,725 | | 1,076,254 | |
Martin Marietta Materials | | 8,375 | | 3,192,969 | |
Newmont | | 178,938 | | 10,376,615 | |
Olin | | 18,700 | | 932,008 | |
Packaging Corp. of America | | 16,505 | | 2,503,809 | |
PPG Industries | | 17,974 | | 2,867,752 | |
Reliance Steel & Aluminum | | 9,199 | | 1,380,218 | |
Royal Gold | | 9,890 | | 1,101,054 | |
RPM International | | 7,120 | | 585,905 | |
Sealed Air | | 29,410 | | 1,794,892 | |
Sonoco Products | | 25,750 | | 1,681,475 | |
Steel Dynamics | | 41,570 | | 2,805,559 | |
The Chemours Company | | 3,465 | | 116,112 | |
The Mosaic Company | | 450,143 | | 14,485,602 | |
Valvoline | | 27,071 | | 816,461 | |
Vulcan Materials | | 41,797 | | 7,771,316 | |
WestRock | | 27,221 | | 1,416,581 | |
| | | | 122,082,259 | |
Media & Entertainment - 3.0% | | | | |
Activision Blizzard | | 109,882 | | 9,050,980 | |
Altice USA, Cl. A | | 63,471 | a | 1,741,644 | |
Cable One | | 331 | | 694,964 | |
Discovery, Cl. C | | 25,780 | a | 711,270 | |
DISH Network, Cl. A | | 15,915 | a | 693,735 | |
| |
BNY Mellon Mid Cap Multi-Strategy Fund (continued) |
Description | | Shares | | Value ($) | |
Common Stocks - 97.7% (continued) | | | |
Media & Entertainment - 3.0% (continued) | | | | |
Fox, Cl. A | | 40,970 | | 1,533,917 | |
InterActiveCorp | | 13,255 | a | 1,750,323 | |
Liberty Broadband, Cl. A | | 2,552 | a | 474,085 | |
Liberty Broadband, Cl. C | | 13,908 | a | 2,660,879 | |
Liberty Media Corp-Liberty Formula One, Cl. C | | 124,840 | a | 6,309,414 | |
Liberty Media Corp-Liberty SiriusXM, Cl. A | | 10,210 | a | 505,395 | |
Liberty Media Corp-Liberty SiriusXM, Cl. C | | 20,420 | a | 1,007,727 | |
Live Nation Entertainment | | 77,253 | a | 6,697,835 | |
Match Group | | 44,575 | a | 6,126,388 | |
News Corporation, Cl. A | | 66,975 | | 1,504,928 | |
Nexstar Media Group, Cl. A | | 2,490 | | 372,878 | |
Omnicom Group | | 23,400 | | 1,713,348 | |
Pinterest, Cl. A | | 25,137 | | 1,396,863 | |
Roku | | 8,750 | a | 3,083,500 | |
Skillz | | 42,148 | a | 496,082 | |
Spotify Technology | | 33,138 | a | 7,765,559 | |
Take-Two Interactive Software | | 8,172 | a | 1,317,490 | |
TEGNA | | 178,450 | | 3,162,134 | |
The Interpublic Group of Companies | | 66,315 | | 2,468,907 | |
The New York Times Company, Cl. A | | 17,640 | | 895,759 | |
Twitter | | 217,189 | a | 14,008,690 | |
ViacomCBS, Cl. B | | 28,621 | | 1,186,340 | |
Vimeo | | 21,519 | a | 820,304 | |
Yelp | | 50,803 | a | 1,956,424 | |
Zillow Group, Cl. C | | 60,373 | a | 5,781,922 | |
Zynga, Cl. A | | 173,810 | a | 1,538,219 | |
| | | | 89,427,903 | |
Pharmaceuticals Biotechnology & Life Sciences - 6.2% | | | | |
10X Genomics, CI. A | | 29,793 | a | 5,241,185 | |
Acceleron Pharma | | 20,715 | a | 2,773,324 | |
Agilent Technologies | | 38,810 | | 6,809,991 | |
Alnylam Pharmaceuticals | | 12,857 | a | 2,589,786 | |
AstraZeneca, ADR | | 16,550 | | 964,534 | |
Avantor | | 140,069 | a | 5,524,321 | |
Biohaven Pharmaceutical Holding | | 54,629 | a | 7,169,510 | |
BioMarin Pharmaceutical | | 51,939 | a | 4,373,783 | |
Bio-Techne | | 16,863 | | 8,416,998 | |
Catalent | | 104,488 | a | 13,629,415 | |
Charles River Laboratories International | | 8,894 | a | 3,947,691 | |
Elanco Animal Health | | 305,755 | a | 10,206,102 | |
Exact Sciences | | 13,705 | a | 1,430,528 | |
FibroGen | | 45,913 | a | 533,968 | |
Horizon Therapeutics | | 107,735 | a | 11,645,076 | |
ICON | | 27,307 | a | 6,984,311 | |
Illumina | | 14,948 | a | 6,833,628 | |
Incyte | | 14,730 | a | 1,126,698 | |
Ionis Pharmaceuticals | | 17,320 | a | 688,643 | |
IQVIA Holdings | | 8,686 | a | 2,256,015 | |
Jazz Pharmaceuticals | | 10,759 | a | 1,417,068 | |
Mettler-Toledo International | | 3,951 | a | 6,135,231 | |
Moderna | | 29,312 | a | 11,041,537 | |
48
| | | | | | |
| |
BNY Mellon Mid Cap Multi-Strategy Fund (continued) |
Description | | Shares | | Value ($) | |
Common Stocks - 97.7% (continued) | | | |
Pharmaceuticals Biotechnology & Life Sciences - 6.2% (continued) | | | | |
Nektar Therapeutics | | 4,585 | a | 70,976 | |
Neurocrine Biosciences | | 124,025 | a | 11,807,180 | |
Novavax | | 6,999 | a | 1,669,541 | |
Perrigo | | 11,635 | | 476,453 | |
QIAGEN | | 28,976 | a | 1,617,440 | |
Repligen | | 34,941 | a | 9,887,604 | |
Royalty Pharma, CI. A | | 24,245 | | 937,069 | |
Sage Therapeutics | | 9,682 | a | 447,405 | |
Sarepta Therapeutics | | 153,604 | a | 11,999,544 | |
Seagen | | 9,579 | a | 1,605,440 | |
uniQure | | 22,126 | a | 641,654 | |
United Therapeutics | | 39,118 | a | 8,405,676 | |
Viatris | | 580,721 | | 8,495,948 | |
Waters | | 13,379 | a | 5,539,174 | |
| | | | 185,340,447 | |
Real Estate - 5.1% | | | | |
Alexandria Real Estate Equities | | 36,984 | b | 7,632,388 | |
American Campus Communities | | 25,130 | b | 1,277,861 | |
American Homes 4 Rent, Cl. A | | 86,709 | b | 3,636,575 | |
Americold Realty Trust | | 106,537 | b | 3,914,169 | |
Apartment Income REIT | | 17,839 | b | 906,578 | |
Apple Hospitality REIT | | 69,400 | b | 1,025,732 | |
AvalonBay Communities | | 7,330 | b | 1,682,821 | |
Brixmor Property Group | | 79,420 | b | 1,862,399 | |
Camden Property Trust | | 19,110 | b | 2,867,264 | |
CBRE Group, Cl. A | | 141,205 | a | 13,598,041 | |
CoreSite Realty | | 690 | b | 102,375 | |
Cousins Properties | | 106,683 | b | 4,113,696 | |
CubeSmart | | 13,560 | b | 725,460 | |
CyrusOne | | 50,318 | b | 3,873,480 | |
Digital Realty Trust | | 52,970 | b | 8,682,313 | |
Duke Realty | | 105,579 | b | 5,543,953 | |
Equinix | | 5,452 | b | 4,598,489 | |
Equity Lifestyle Properties | | 52,700 | b | 4,483,189 | |
Equity Residential | | 186,820 | b | 15,705,957 | |
Essex Property Trust | | 21,582 | b | 7,138,031 | |
Extra Space Storage | | 22,840 | b | 4,269,024 | |
Federal Realty Investment Trust | | 6,272 | b | 763,741 | |
Gaming & Leisure Properties | | 8,925 | b | 440,003 | |
Healthcare Trust of America, Cl. A | | 11,800 | b | 357,894 | |
Healthpeak Properties | | 120,016 | b | 4,320,576 | |
Highwoods Properties | | 27,540 | b | 1,258,303 | |
Host Hotels & Resorts | | 64,354 | a,b | 1,065,702 | |
Hudson Pacific Properties | | 24,345 | b | 642,221 | |
Iron Mountain | | 8,705 | b | 415,664 | |
Kilroy Realty | | 42,337 | b | 2,779,424 | |
Kimco Realty | | 91,134 | b | 1,985,810 | |
Lamar Advertising, Cl. A | | 34,737 | b | 3,954,113 | |
Life Storage | | 11,322 | b | 1,408,910 | |
Medical Properties Trust | | 70,435 | b | 1,442,509 | |
Mid-America Apartment Communities | | 6,670 | b | 1,283,108 | |
National Retail Properties | | 17,080 | b | 813,179 | |
Omega Healthcare Investors | | 19,805 | b | 664,062 | |
| |
BNY Mellon Mid Cap Multi-Strategy Fund (continued) |
Description | | Shares | | Value ($) | |
Common Stocks - 97.7% (continued) | | | |
Real Estate - 5.1% (continued) | | | | |
Opendoor Technologies | | 47,383 | a | 840,101 | |
Outfront Media | | 23,265 | b | 576,041 | |
Paramount Group | | 81,285 | b | 720,185 | |
Park Hotels & Resorts | | 31,625 | a,b | 605,303 | |
Rayonier | | 25,524 | b | 938,773 | |
Realty Income | | 26,900 | b | 1,942,718 | |
Regency Centers | | 80,145 | b | 5,499,550 | |
Simon Property Group | | 22,995 | b | 3,091,678 | |
SL Green Realty | | 14,030 | b | 983,222 | |
Spirit Realty Capital | | 23,674 | b | 1,225,603 | |
STORE Capital | | 25,790 | b | 930,245 | |
UDR | | 28,390 | b | 1,533,628 | |
Ventas | | 34,450 | b | 1,927,133 | |
VEREIT | | 23,194 | b | 1,171,993 | |
VICI Properties | | 44,120 | b | 1,363,749 | |
Vornado Realty Trust | | 7,175 | b | 300,489 | |
Welltower | | 91,444 | b | 8,004,093 | |
Weyerhaeuser | | 27,897 | b | 1,004,292 | |
WP Carey | | 9,295 | b | 726,125 | |
| | | | 154,619,935 | |
Retailing - 4.8% | | | | |
Advance Auto Parts | | 7,533 | | 1,528,069 | |
AutoZone | | 8,043 | a | 12,459,813 | |
Bath & Body Works | | 36,810 | | 2,483,939 | |
Best Buy | | 39,932 | | 4,652,477 | |
Burlington Stores | | 35,678 | a | 10,685,204 | |
CarMax | | 16,745 | a | 2,096,641 | |
Carvana | | 2,965 | a | 972,698 | |
Coupang | | 74,364 | a | 2,227,945 | |
Dollar Tree | | 93,736 | a | 8,486,857 | |
Doordash, Cl. A | | 4,650 | a | 890,010 | |
eBay | | 34,688 | | 2,661,957 | |
Etsy | | 33,144 | a | 7,167,721 | |
Farfetch, Cl. A | | 84,932 | a | 3,555,254 | |
Five Below | | 3,867 | a | 822,936 | |
Foot Locker | | 75,165 | | 4,261,104 | |
Genuine Parts | | 13,416 | | 1,639,301 | |
Kohl's | | 30,965 | | 1,777,391 | |
LKQ | | 62,514 | a | 3,293,863 | |
Ollie's Bargain Outlet Holdings | | 41,499 | a | 3,003,698 | |
O'Reilly Automotive | | 29,940 | a | 17,786,755 | |
Petco Health & Wellness | | 16,310 | a | 351,154 | |
Pool | | 37,615 | | 18,593,094 | |
Qurate Retail, Ser. A | | 72,720 | | 802,102 | |
Ross Stores | | 91,726 | | 10,860,358 | |
The Gap | | 54,205 | | 1,448,900 | |
Tractor Supply | | 14,334 | | 2,784,379 | |
Ulta Beauty | | 32,534 | a | 12,600,744 | |
Victoria's Secret & Co. | | 12,270 | a | 813,501 | |
Vroom | | 17,645 | a | 473,945 | |
Wayfair, Cl. A | | 8,160 | a | 2,290,920 | |
Williams-Sonoma | | 7,545 | | 1,408,652 | |
| | | | 144,881,382 | |
49
STATEMENT OF INVESTMENTS (continued)
| | | | | | |
| |
BNY Mellon Mid Cap Multi-Strategy Fund (continued) |
Description | | Shares | | Value ($) | |
Common Stocks - 97.7% (continued) | | | |
Semiconductors & Semiconductor Equipment - 2.7% | | | | |
Analog Devices | | 19,741 | | 3,216,796 | |
Cree | | 10,420 | a | 885,492 | |
Enphase Energy | | 7,025 | a | 1,220,453 | |
First Solar | | 25,985 | a | 2,442,590 | |
KLA | | 19,177 | | 6,519,413 | |
Marvell Technology | | 79,504 | | 4,864,850 | |
Microchip Technology | | 34,776 | | 5,472,351 | |
Monolithic Power Systems | | 2,853 | | 1,412,035 | |
NVIDIA | | 26,608 | | 5,956,201 | |
NXP Semiconductors | | 33,578 | | 7,223,635 | |
Qorvo | | 56,962 | a | 10,710,565 | |
Skyworks Solutions | | 133,577 | | 24,506,036 | |
SolarEdge Technologies | | 2,572 | a | 745,314 | |
Universal Display | | 6,433 | | 1,341,859 | |
Xilinx | | 30,960 | | 4,817,066 | |
| | | | 81,334,656 | |
Software & Services - 14.1% | | | | |
Affirm Holdings | | 38,307 | a | 3,690,496 | |
Akamai Technologies | | 16,890 | a | 1,912,793 | |
Alliance Data Systems | | 5,835 | | 572,472 | |
Alteryx, Cl. A | | 6,185 | a | 457,504 | |
Anaplan | | 11,060 | a | 663,379 | |
Ansys | | 51,030 | a | 18,644,321 | |
Aspen Technology | | 5,404 | a | 699,818 | |
Avalara | | 6,619 | a | 1,189,434 | |
Bill.com Holdings | | 31,767 | a | 8,716,547 | |
Black Knight | | 14,860 | a | 1,124,456 | |
BlackLine | | 90,134 | a | 9,833,619 | |
Broadridge Financial Solutions | | 72,888 | | 12,552,771 | |
C3.ai, Cl. A | | 13,200 | a | 680,328 | |
Cadence Design Systems | | 8,891 | a | 1,453,501 | |
Ceridian HCM Holding | | 8,830 | a | 992,051 | |
Citrix Systems | | 11,990 | | 1,233,411 | |
Cloudflare, Cl. A | | 2,970 | a | 358,598 | |
Cognizant Technology Solutions, Cl. A | | 31,465 | | 2,401,094 | |
Coupa Software | | 7,011 | a | 1,716,363 | |
CrowdStrike Holdings, CI. A | | 14,591 | a | 4,100,071 | |
Datadog, Cl. A | | 23,155 | a | 3,190,759 | |
DocuSign | | 48,268 | a | 14,298,912 | |
Dropbox, CI. A | | 13,585 | a | 430,780 | |
Duck Creek Technologies | | 5,420 | a | 252,735 | |
DXC Technology | | 15,730 | a | 577,606 | |
Dynatrace | | 14,725 | a | 1,012,049 | |
Elastic | | 3,076 | a | 490,776 | |
EPAM Systems | | 35,158 | a | 22,248,334 | |
Euronet Worldwide | | 123,203 | a | 16,414,336 | |
Everbridge | | 9,027 | a | 1,416,968 | |
EVERTEC | | 79,449 | | 3,674,516 | |
Fair Isaac | | 686 | a | 315,382 | |
Fidelity National Information Services | | 25,894 | | 3,308,476 | |
FireEye | | 30,200 | a | 549,338 | |
Fiserv | | 89,452 | a | 10,536,551 | |
Five9 | | 6,252 | a | 989,254 | |
| |
BNY Mellon Mid Cap Multi-Strategy Fund (continued) |
Description | | Shares | | Value ($) | |
Common Stocks - 97.7% (continued) | | | |
Software & Services - 14.1% (continued) | | | | |
FLEETCOR Technologies | | 4,275 | a | 1,125,522 | |
Fortinet | | 10,360 | a | 3,264,850 | |
Gartner | | 46,611 | a | 14,390,680 | |
Global Payments | | 138,323 | | 22,496,853 | |
GoDaddy, Cl. A | | 3,420 | a | 250,720 | |
Guidewire Software | | 6,721 | a | 796,170 | |
HubSpot | | 50,543 | a | 34,595,167 | |
Intuit | | 36,017 | | 20,389,584 | |
Jack Henry & Associates | | 17,194 | | 3,032,678 | |
Marqeta, CI. A | | 1,881 | a | 54,624 | |
MongoDB | | 3,612 | a | 1,415,290 | |
N-Able | | 10,545 | a | 142,674 | |
nCino | | 7,565 | a | 469,106 | |
New Relic | | 1,460 | a | 116,756 | |
NortonLifeLock | | 168,117 | | 4,465,188 | |
Nutanix, Cl. A | | 11,340 | a | 418,559 | |
Okta | | 13,797 | a | 3,636,889 | |
Pagerduty | | 9,095 | a | 389,266 | |
Palantir Technologies, Cl. A | | 102,076 | a | 2,688,682 | |
Palo Alto Networks | | 12,380 | a | 5,707,675 | |
Paychex | | 23,210 | | 2,656,849 | |
Paycom Software | | 5,762 | a | 2,817,042 | |
Paylocity Holding | | 1,775 | a | 477,830 | |
Proofpoint | | 12,457 | a,c | 2,192,432 | |
PTC | | 5,660 | a | 745,196 | |
RingCentral, Cl. A | | 9,418 | a | 2,375,785 | |
Sabre | | 49,775 | a | 558,973 | |
salesforce.com | | 2,456 | a | 651,503 | |
ServiceNow | | 19,893 | a | 12,803,931 | |
Shopify, Cl. A | | 10,581 | a | 16,133,697 | |
Smartsheet, Cl. A | | 11,499 | a | 914,975 | |
SolarWinds | | 10,545 | | 180,003 | |
Splunk | | 113,857 | a | 17,405,320 | |
Square, Cl. A | | 55,516 | a | 14,882,174 | |
SS&C Technologies Holdings | | 178,837 | | 13,530,807 | |
StoneCo, CI. A | | 8,665 | a | 403,269 | |
Synopsys | | 5,795 | a | 1,925,331 | |
Teradata | | 7,030 | a | 384,471 | |
The Trade Desk, Cl. A | | 88,200 | a | 7,060,410 | |
Twilio, Cl. A | | 63,110 | a | 22,527,746 | |
Tyler Technologies | | 28,595 | a | 13,888,591 | |
Unity Software | | 3,903 | a | 494,705 | |
Verisign | | 20,958 | a | 4,532,377 | |
Zendesk | | 45,260 | a | 5,594,136 | |
Zoom Video Communications, CI. A | | 13,787 | a | 3,991,336 | |
Zscaler | | 11,060 | a | 3,078,440 | |
| | | | 424,754,061 | |
Technology Hardware & Equipment - 4.8% | | | | |
Amphenol, Cl. A | | 319,709 | | 24,499,301 | |
Arista Networks | | 1,865 | a | 689,173 | |
CDW | | 5,460 | | 1,095,331 | |
Ciena | | 11,675 | a | 666,993 | |
Cognex | | 87,067 | | 7,715,878 | |
CommScope Holding | | 108,491 | a | 1,714,158 | |
Corning | | 16,580 | | 663,034 | |
50
| | | | | | |
| |
BNY Mellon Mid Cap Multi-Strategy Fund (continued) |
Description | | Shares | | Value ($) | |
Common Stocks - 97.7% (continued) | | | |
Technology Hardware & Equipment - 4.8% (continued) | | | | |
F5 Networks | | 6,940 | a | 1,412,776 | |
Flex | | 142,522 | a | 2,648,059 | |
HP | | 54,780 | | 1,629,157 | |
IPG Photonics | | 579 | a | 98,824 | |
Jabil | | 15,780 | | 974,888 | |
Keysight Technologies | | 122,458 | a | 21,966,516 | |
Lumentum Holdings | | 60,856 | a | 5,272,564 | |
Motorola Solutions | | 25,235 | | 6,162,892 | |
NetApp | | 66,850 | | 5,944,970 | |
Nokia, ADR | | 1,231,807 | a | 7,341,570 | |
Pure Storage, Cl. A | | 27,470 | a | 709,550 | |
TE Connectivity | | 55,259 | | 8,301,007 | |
Teledyne Technologies | | 1,768 | a | 819,256 | |
Trimble | | 158,872 | a | 14,968,920 | |
Western Digital | | 242,465 | a | 15,323,788 | |
Xerox Holdings | | 121,210 | | 2,728,437 | |
Zebra Technologies, Cl. A | | 16,974 | a | 9,966,624 | |
| | | | 143,313,666 | |
Telecommunication Services - .0% | | | | |
Lumen Technologies | | 51,800 | | 637,140 | |
Transportation - 1.9% | | | | |
Alaska Air Group | | 100,594 | a | 5,768,060 | |
American Airlines Group | | 39,040 | a | 778,458 | |
C.H. Robinson Worldwide | | 10,305 | | 928,068 | |
Copa Holdings, Cl. A | | 12,149 | a | 914,212 | |
Delta Air Lines | | 12,780 | a | 516,823 | |
Expeditors International of Washington | | 48,655 | | 6,064,359 | |
J.B. Hunt Transport Services | | 25,684 | | 4,556,342 | |
JetBlue Airways | | 36,505 | a | 552,321 | |
Kansas City Southern | | 15,327 | | 4,301,829 | |
Landstar System | | 12,477 | | 2,096,510 | |
Lyft, Cl. A | | 550,063 | a | 26,188,499 | |
Ryder System | | 17,170 | | 1,364,843 | |
Southwest Airlines | | 35,466 | a | 1,765,497 | |
United Airlines Holdings | | 34,750 | a | 1,616,223 | |
| | | | 57,412,044 | |
Utilities - 2.9% | | | | |
Ameren | | 53,545 | | 4,696,967 | |
American Electric Power | | 26,399 | | 2,364,558 | |
American Water Works | | 24,202 | | 4,410,814 | |
Atmos Energy | | 2,939 | | 286,582 | |
CenterPoint Energy | | 316,231 | | 7,934,236 | |
CMS Energy | | 57,200 | | 3,668,236 | |
DTE Energy | | 48,268 | | 5,808,571 | |
Edison International | | 106,011 | | 6,131,676 | |
Entergy | | 65,621 | | 7,258,339 | |
Essential Utilities | | 32,225 | | 1,599,327 | |
Eversource Energy | | 43,050 | | 3,905,926 | |
Exelon | | 179,390 | | 8,793,698 | |
FirstEnergy | | 21,075 | | 819,185 | |
IDACORP | | 1,090 | | 114,832 | |
MDU Resources Group | | 28,140 | | 905,264 | |
NiSource | | 57,360 | | 1,413,924 | |
| |
BNY Mellon Mid Cap Multi-Strategy Fund (continued) |
Description | | Shares | | Value ($) | |
Common Stocks - 97.7% (continued) | | | |
Utilities - 2.9% (continued) | | | | |
NRG Energy | | 65,635 | | 2,997,550 | |
OGE Energy | | 6,140 | | 217,417 | |
Pinnacle West Capital | | 23,700 | | 1,822,530 | |
PPL | | 265,048 | | 7,779,159 | |
Public Service Enterprise Group | | 12,840 | | 820,990 | |
The AES | | 70,645 | | 1,686,296 | |
UGI | | 17,795 | | 824,086 | |
Vistra Energy | | 350,193 | | 6,685,184 | |
WEC Energy Group | | 20,550 | | 1,941,564 | |
Xcel Energy | | 42,585 | | 2,927,719 | |
| | | | 87,814,630 | |
Total Common Stocks (cost $1,394,017,561) | 2,938,040,078 | |
| | | | | | |
Exchange-Traded Funds - .9% | | | | |
Registered Investment Companies - .9% | | | | |
iShares Russell Mid-Cap Growth ETF | | 192,861 | | 22,765,312 | |
SPDR S&P MidCap 400 ETF Trust | | 10,868 | | 5,458,779 | |
Total Exchange-Traded Funds (cost $25,873,416) | 28,224,091 | |
| | 1-Day
Yield (%) | | | | |
Investment Companies - 1.4% | | | | |
Registered Investment Companies - 1.4% | | | | |
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares
(cost $41,572,222) | 0.06 | 41,572,222 | d | 41,572,222 | |
Total Investments (cost $1,461,463,199) | 100.0% | 3,007,836,391 | |
Liabilities, Less Cash and Receivables | (.0%) | (1,021,065) | |
Net Assets | 100.0% | 3,006,815,326 | |
ADR—American Depository Receipt
ETF—Exchange-Traded Fund
REIT—Real Estate Investment Trust
SPDR—Standard & Poor's Depository Receipt
a Non-income producing security.
b Investment in real estate investment trust within the United States.
c The valuation of this security has been determined in good faith by management under the direction of the Board of Trustees. At August 31, 2021, the value of these securities amounted to $2,192,432 or .07% of net assets.
d Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
| | |
Portfolio Summary (Unaudited) † | Value (%) |
Information Technology | 21.6 |
Industrials | 16.6 |
Health Care | 14.8 |
Consumer Discretionary | 13.6 |
Financials | 11.1 |
Real Estate | 5.2 |
Materials | 4.1 |
Communication Services | 3.0 |
Utilities | 2.9 |
Energy | 2.8 |
Investment Companies | 2.3 |
Consumer Staples | 2.0 |
| | 100.0 |
† Based on net assets.
See notes to financial statements.
51
STATEMENT OF INVESTMENTS (continued)
| | | | | | |
| |
BNY Mellon Small Cap Multi-Strategy Fund |
Description | | Shares | | Value ($) | |
Common Stocks - 95.6% | | | |
Automobiles & Components - .8% | | | | |
Gentherm | | 52,601 | a | 4,514,218 | |
Thor Industries | | 15,348 | | 1,740,924 | |
Visteon | | 14,517 | a | 1,534,157 | |
| | | | 7,789,299 | |
Banks - 8.1% | | | | |
BankUnited | | 134,417 | | 5,649,547 | |
Banner | | 38,152 | | 2,182,294 | |
Central Pacific Financial | | 106,593 | | 2,697,869 | |
Columbia Banking System | | 47,912 | | 1,742,080 | |
CVB Financial | | 73,443 | | 1,495,299 | |
Essent Group | | 179,145 | | 8,434,147 | |
First Bancorp | | 484,012 | | 6,161,473 | |
First Bancorp | | 56,600 | | 2,363,616 | |
First Hawaiian | | 74,821 | | 2,088,254 | |
First Interstate BancSystem, Cl. A | | 166,800 | | 7,349,208 | |
First Merchants | | 79,083 | | 3,254,265 | |
HarborOne Bancorp | | 131,825 | | 1,862,687 | |
Heritage Commerce | | 186,547 | | 2,102,385 | |
Heritage Financial | | 39,503 | | 1,005,351 | |
Old National Bancorp | | 174,246 | | 2,902,938 | |
Seacoast Banking Corp. of Florida | | 105,966 | | 3,384,554 | |
Silvergate Capital, Cl. A | | 36,841 | a | 4,162,296 | |
South State | | 24,963 | | 1,711,963 | |
Synovus Financial | | 118,558 | | 5,109,850 | |
TriState Capital Holdings | | 33,263 | a | 672,245 | |
UMB Financial | | 42,686 | | 3,909,184 | |
United Community Bank | | 108,459 | | 3,272,208 | |
Webster Financial | | 88,686 | | 4,480,417 | |
| | | | 77,994,130 | |
Capital Goods - 14.3% | | | | |
AerCap Holdings | | 59,556 | a | 3,211,855 | |
AeroVironment | | 30,285 | a | 3,099,973 | |
Armstrong World Industries | | 51,497 | | 5,352,083 | |
Array Technologies | | 556,911 | a,b | 10,620,293 | |
Astec Industries | | 38,743 | | 2,368,747 | |
Astra Space | | 130,114 | a,b | 1,226,975 | |
Construction Partners, Cl. A | | 187,917 | a | 6,289,582 | |
Curtiss-Wright | | 14,863 | | 1,810,016 | |
Dycom Industries | | 41,873 | a | 3,154,293 | |
EMCOR Group | | 25,009 | | 3,038,593 | |
Energy Recovery | | 249,691 | a | 5,101,187 | |
EnerSys | | 81,434 | | 6,888,502 | |
Fluor | | 431,293 | a,b | 7,185,341 | |
Gibraltar Industries | | 80,820 | a | 6,034,021 | |
GrafTech International | | 742,832 | | 8,223,150 | |
Granite Construction | | 75,422 | b | 3,057,608 | |
Hyster-Yale Materials Handling | | 23,629 | | 1,384,896 | |
Kornit Digital | | 41,361 | a | 5,392,234 | |
Lindsay | | 13,625 | | 2,244,719 | |
Matrix Service | | 340,082 | a | 3,836,125 | |
Maxar Technologies | | 119,791 | | 3,808,156 | |
Mercury Systems | | 51,333 | a | 2,586,157 | |
MSC Industrial Direct, Cl. A | | 31,340 | | 2,639,141 | |
Parsons | | 8,467 | a | 299,986 | |
Proto Labs | | 7,633 | a | 566,063 | |
| |
BNY Mellon Small Cap Multi-Strategy Fund (continued) |
Description | | Shares | | Value ($) | |
Common Stocks - 95.6% (continued) | | | |
Capital Goods - 14.3% (continued) | | | | |
Rexnord | | 126,899 | | 7,710,383 | |
Ribbit LEAP | | 15,189 | a | 156,447 | |
SiteOne Landscape Supply | | 13,464 | a,b | 2,694,146 | |
Spirit AeroSystems Holdings, Cl. A | | 49,326 | | 1,935,552 | |
Terex | | 55,215 | | 2,818,726 | |
The AZEK Company | | 37,499 | a | 1,593,333 | |
The Gorman-Rupp Company | | 25,072 | | 879,275 | |
The Greenbrier Companies | | 41,258 | b | 1,819,478 | |
Titan Machinery | | 117,145 | a | 3,364,404 | |
Valmont Industries | | 15,580 | | 3,877,239 | |
Wabash National | | 406,296 | | 6,313,840 | |
WESCO International | | 46,298 | a | 5,417,792 | |
| | | | 138,000,311 | |
Commercial & Professional Services - 2.7% | | | | |
CACI International, Cl. A | | 15,905 | a | 4,096,174 | |
Huron Consulting Group | | 44,541 | a | 2,198,989 | |
KBR | | 166,566 | | 6,486,080 | |
Korn Ferry | | 36,947 | | 2,611,783 | |
Li-Cycle Holdings | | 132,589 | a,b | 1,161,480 | |
The Brink's Company | | 45,290 | | 3,539,866 | |
TPG Pace Tech Opportunities, Cl. A | | 215,346 | a,b | 2,149,153 | |
U.S. Ecology | | 100,557 | a | 3,604,968 | |
| | | | 25,848,493 | |
Consumer Durables & Apparel - 3.3% | | | | |
Callaway Golf | | 225,192 | a | 6,318,888 | |
Capri Holdings | | 71,351 | a | 4,032,045 | |
Cavco Industries | | 11,384 | a | 2,908,612 | |
GoPro, Cl. A | | 400,660 | a | 3,994,580 | |
Helen of Troy | | 7,916 | a | 1,893,428 | |
Meritage Homes | | 27,448 | a | 3,061,550 | |
Oxford Industries | | 17,995 | | 1,624,949 | |
Skechers USA, CI. A | | 78,901 | a | 3,978,977 | |
Tri Pointe Homes | | 62,452 | a | 1,484,484 | |
YETI Holdings | | 29,361 | a | 2,916,722 | |
| | | | 32,214,235 | |
Consumer Services - 4.3% | | | | |
Bally's | | 43,287 | a | 2,174,739 | |
Bloomin‘ Brands | | 168,628 | a,b | 4,517,544 | |
Boyd Gaming | | 28,930 | a | 1,775,434 | |
Cracker Barrel Old Country Store | | 9,886 | | 1,419,432 | |
European Wax Center, Cl. A | | 34,615 | a | 842,875 | |
Houghton Mifflin Harcourt | | 1,015,075 | a | 13,673,060 | |
Membership Collective Group, Cl. A | | 103,402 | a | 1,240,824 | |
OneSpaWorld Holdings | | 268,658 | a | 2,820,909 | |
Papa John's International | | 40,217 | | 5,128,874 | |
Planet Fitness, Cl. A | | 91,680 | a | 7,453,584 | |
The Cheesecake Factory | | 18,613 | a | 868,296 | |
| | | | 41,915,571 | |
Diversified Financials - 1.9% | | | | |
Cohen & Steers | | 29,160 | | 2,557,624 | |
Federated Hermes | | 134,570 | | 4,552,503 | |
LPL Financial Holdings | | 25,297 | | 3,740,161 | |
MarketWise | | 141,553 | a,b | 1,276,808 | |
PJT Partners, Cl. A | | 56,806 | | 4,486,538 | |
52
| | | | | | |
| |
BNY Mellon Small Cap Multi-Strategy Fund (continued) |
Description | | Shares | | Value ($) | |
Common Stocks - 95.6% (continued) | | | |
Diversified Financials - 1.9% (continued) | | | | |
WisdomTree Investments | | 305,760 | | 1,929,346 | |
| | | | 18,542,980 | |
Energy - 3.6% | | | | |
Cactus, Cl. A | | 194,699 | | 7,303,159 | |
Chesapeake Energy | | 25,466 | | 1,421,257 | |
CNX Resources | | 559,135 | a | 6,351,774 | |
Comstock Resources | | 366,972 | a | 2,168,805 | |
EQT | | 310,703 | a | 5,695,186 | |
Helix Energy Solutions Group | | 680,346 | a,b | 2,558,101 | |
PBF Energy, Cl. A | | 373,012 | a | 3,879,325 | |
Viper Energy Partners | | 318,926 | | 5,906,509 | |
| | | | 35,284,116 | |
Food & Staples Retailing - 1.0% | | | | |
Grocery Outlet Holding | | 103,432 | a,b | 2,692,335 | |
The Chefs' Warehouse | | 221,927 | a | 6,708,853 | |
| | | | 9,401,188 | |
Food, Beverage & Tobacco - 1.3% | | | | |
AppHarvest | | 132,857 | a,b | 1,115,999 | |
Calavo Growers | | 26,447 | | 1,240,893 | |
Fresh Del Monte Produce | | 47,733 | | 1,569,461 | |
Freshpet | | 35,785 | a | 4,585,490 | |
J&J Snack Foods | | 11,484 | | 1,880,620 | |
The Hain Celestial Group | | 59,308 | a | 2,218,712 | |
| | | | 12,611,175 | |
Health Care Equipment & Services - 8.0% | | | | |
1Life Healthcare | | 200,724 | a | 4,919,745 | |
Acadia Healthcare | | 124,056 | a | 8,202,583 | |
Accolade | | 3,623 | a,b | 171,658 | |
Apria | | 275,834 | a | 9,838,999 | |
AtriCure | | 32,911 | a | 2,422,908 | |
Evolent Health, Cl. A | | 291,333 | a,b | 7,155,138 | |
Health Catalyst | | 153,010 | a,b | 8,355,876 | |
Innovage Holding | | 86,920 | a | 1,306,408 | |
iRhythm Technologies | | 38,568 | a | 1,843,550 | |
ModivCare | | 25,806 | a | 5,090,492 | |
Nevro | | 12,064 | a | 1,471,808 | |
NuVasive | | 98,332 | a | 6,110,350 | |
Oak Street Health | | 898 | a,b | 41,964 | |
Omnicell | | 12,138 | a | 1,884,667 | |
Outset Medical | | 218 | a,b | 10,745 | |
Privia Health Group | | 147,987 | a | 4,411,492 | |
R1 RCM | | 318,911 | a | 6,288,925 | |
SOC Telemed | | 1,050,766 | a | 2,847,576 | |
Tabula Rasa HealthCare | | 77,086 | a,b | 2,413,563 | |
Teladoc Health | | 15,365 | a | 2,219,013 | |
| | | | 77,007,460 | |
Household & Personal Products - .8% | | | | |
Inter Parfums | | 82,866 | | 6,011,100 | |
Spectrum Brands Holdings | | 25,711 | | 2,007,001 | |
| | | | 8,018,101 | |
Insurance - 1.8% | | | | |
BRP Group, Cl. A | | 189,447 | a | 7,132,680 | |
Palomar Holdings | | 37,704 | a | 3,385,819 | |
Selective Insurance Group | | 39,206 | | 3,276,445 | |
| |
BNY Mellon Small Cap Multi-Strategy Fund (continued) |
Description | | Shares | | Value ($) | |
Common Stocks - 95.6% (continued) | | | |
Insurance - 1.8% (continued) | | | | |
The Hanover Insurance Group | | 27,806 | | 3,929,266 | |
| | | | 17,724,210 | |
Materials - 4.4% | | | | |
Alamos Gold, Cl. A | | 1,057,939 | | 8,357,718 | |
Carpenter Technology | | 65,364 | | 2,179,889 | |
Coeur Mining | | 220,523 | a | 1,554,687 | |
Constellium | | 170,414 | a | 3,445,771 | |
Hecla Mining | | 302,422 | | 1,859,895 | |
IAMGOLD | | 713,961 | a | 1,699,227 | |
Largo Resources | | 157,625 | a | 2,167,344 | |
Livent | | 69,283 | a,b | 1,723,068 | |
Materion | | 26,686 | | 1,948,879 | |
MP Materials | | 213,203 | a,b | 7,157,225 | |
Schnitzer Steel Industries, Cl. A | | 54,592 | | 2,582,748 | |
Summit Materials, Cl. A | | 113,267 | a | 3,813,700 | |
Tronox Holdings, Cl. A | | 171,804 | | 3,630,219 | |
| | | | 42,120,370 | |
Media & Entertainment - 3.3% | | | | |
Cardlytics | | 37,687 | a,b | 3,421,226 | |
Eventbrite, Cl. A | | 447,444 | a,b | 7,910,810 | |
EverQuote, Cl. A | | 115,860 | a | 2,281,283 | |
Genius Sports | | 93,068 | a,b | 1,908,825 | |
Gray Television | | 110,604 | | 2,515,135 | |
IMAX | | 147,022 | a | 2,309,716 | |
John Wiley & Sons, Cl. A | | 27,989 | | 1,626,161 | |
Lions Gate Entertainment, Cl. A | | 110,354 | a,b | 1,425,774 | |
Lions Gate Entertainment, Cl. B | | 121,033 | a | 1,423,348 | |
Manchester United, Cl. A | | 83,220 | b | 1,434,713 | |
Scholastic | | 50,482 | | 1,678,022 | |
TEGNA | | 138,079 | | 2,446,760 | |
TrueCar | | 457,936 | a | 1,923,331 | |
| | | | 32,305,104 | |
Pharmaceuticals Biotechnology & Life Sciences - 8.7% | | | | |
10X Genomics, CI. A | | 14,994 | a | 2,637,744 | |
Acceleron Pharma | | 11,032 | a | 1,476,964 | |
Adaptive Biotechnologies | | 25,789 | a | 936,657 | |
Alkermes | | 275,495 | a | 8,611,974 | |
Arena Pharmaceuticals | | 85,136 | a | 4,505,397 | |
Ascendis Pharma, ADR | | 7,155 | a | 1,121,403 | |
Beam Therapeutics | | 20,336 | a,b | 2,255,669 | |
Biohaven Pharmaceutical Holding | | 39,563 | a | 5,192,248 | |
Blueprint Medicines | | 15,905 | a | 1,483,459 | |
CareDx | | 26,141 | a | 1,915,612 | |
Cerevel Therapeutics Holdings | | 123,276 | a,b | 3,902,918 | |
Crinetics Pharmaceuticals | | 90,852 | a | 2,141,382 | |
Dyne Therapeutics | | 107,593 | a | 1,821,549 | |
FibroGen | | 55,217 | a | 642,174 | |
Generation Bio | | 135,353 | a,b | 3,383,825 | |
Iovance Biotherapeutics | | 64,215 | a | 1,545,655 | |
MeiraGTx Holdings | | 38,018 | a,b | 475,605 | |
NanoString Technologies | | 49,955 | a | 2,907,381 | |
Natera | | 39,312 | a | 4,655,720 | |
NeoGenomics | | 37,447 | a | 1,820,673 | |
Pacific Biosciences of California | | 53,795 | a | 1,684,321 | |
53
STATEMENT OF INVESTMENTS (continued)
| | | | | | |
| |
BNY Mellon Small Cap Multi-Strategy Fund (continued) |
Description | | Shares | | Value ($) | |
Common Stocks - 95.6% (continued) | | | |
Pharmaceuticals Biotechnology & Life Sciences - 8.7% (continued) | | | | |
Passage Bio | | 86,378 | a | 1,038,264 | |
PTC Therapeutics | | 69,959 | a | 3,053,710 | |
Quanterix | | 70,216 | a | 3,584,527 | |
Sarepta Therapeutics | | 41,425 | a | 3,236,121 | |
Twist Bioscience | | 27,252 | a | 3,085,199 | |
Ultragenyx Pharmaceutical | | 41,529 | a | 3,998,827 | |
uniQure | | 68,661 | a | 1,991,169 | |
Vanda Pharmaceuticals | | 101,660 | a | 1,701,788 | |
Xenon Pharmaceuticals | | 300,735 | a | 5,307,973 | |
Zogenix | | 149,391 | a | 2,212,481 | |
| | | | 84,328,389 | |
Real Estate - 5.3% | | | | |
Agree Realty | | 47,226 | c | 3,520,698 | |
Colliers International Group | | 42,279 | | 5,908,490 | |
CoreSite Realty | | 28,217 | c | 4,186,556 | |
Equity Commonwealth | | 62,823 | c | 1,654,758 | |
Highwoods Properties | | 37,583 | c | 1,717,167 | |
Newmark Group, Cl. A | | 320,804 | | 4,369,350 | |
Pebblebrook Hotel Trust | | 139,773 | c | 3,079,199 | |
Physicians Realty Trust | | 240,678 | c | 4,454,950 | |
Potlatchdeltic | | 52,955 | c | 2,751,012 | |
Rayonier | | 79,428 | c | 2,921,362 | |
Redfin | | 103,120 | a,b | 5,008,538 | |
Retail Opportunity Investments | | 67,819 | c | 1,226,168 | |
STAG Industrial | | 41,912 | c | 1,770,782 | |
Sunstone Hotel Investors | | 259,665 | a,c | 3,009,517 | |
Terreno Realty | | 31,592 | c | 2,110,662 | |
Urban Edge Properties | | 173,952 | c | 3,294,651 | |
| | | | 50,983,860 | |
Retailing - 2.1% | | | | |
Bed Bath & Beyond | | 41,513 | a,b | 1,143,268 | |
Funko, Cl. A | | 69,346 | a | 1,382,759 | |
Guess? | | 85,250 | | 2,062,198 | |
National Vision Holdings | | 79,750 | a,b | 4,783,405 | |
Nordstrom | | 64,593 | a,b | 1,848,006 | |
Ollie's Bargain Outlet Holdings | | 23,889 | a,b | 1,729,086 | |
Party City Holdco | | 766,941 | a | 5,222,868 | |
Urban Outfitters | | 61,316 | a | 2,024,654 | |
| | | | 20,196,244 | |
Semiconductors & Semiconductor Equipment - 2.9% | | | | |
Diodes | | 110,940 | a | 10,742,320 | |
MaxLinear | | 132,571 | a | 6,924,183 | |
Power Integrations | | 38,409 | | 4,172,754 | |
Semtech | | 61,652 | a | 4,310,708 | |
SkyWater Technology | | 52,575 | a,b | 1,754,954 | |
| | | | 27,904,919 | |
Software & Services - 9.4% | | | | |
A10 Networks | | 157,270 | a | 2,184,480 | |
ChannelAdvisor | | 356,866 | a | 9,142,907 | |
Everbridge | | 65,926 | a,b | 10,348,404 | |
Flywire | | 8,505 | a,b | 373,455 | |
HubSpot | | 13,037 | a | 8,923,435 | |
MAXIMUS | | 36,476 | | 3,176,695 | |
| |
BNY Mellon Small Cap Multi-Strategy Fund (continued) |
Description | | Shares | | Value ($) | |
Common Stocks - 95.6% (continued) | | | |
Software & Services - 9.4% (continued) | | | | |
Medallia | | 106,861 | a | 3,608,696 | |
nCino | | 22,918 | a | 1,421,145 | |
Paya Holdings | | 650,936 | a | 6,281,532 | |
Progress Software | | 59,437 | | 2,767,387 | |
Proofpoint | | 24,893 | a,d | 4,381,168 | |
Rapid7 | | 77,653 | a,b | 9,436,393 | |
Shift4 Payments, Cl. A | | 43,535 | a | 3,731,385 | |
Twilio, Cl. A | | 23,445 | a | 8,368,927 | |
Vonage Holdings | | 121,754 | a | 1,716,731 | |
WM Technology | | 114,231 | a,b | 1,588,953 | |
Zendesk | | 33,405 | a | 4,128,858 | |
Zuora, Cl. A | | 576,503 | a | 9,789,021 | |
| | | | 91,369,572 | |
Technology Hardware & Equipment - 3.4% | | | | |
ADTRAN | | 432,393 | | 8,933,239 | |
Arlo Technologies | | 303,536 | a | 1,881,923 | |
Calix | | 136,853 | a | 6,377,350 | |
Extreme Networks | | 542,566 | a | 5,875,990 | |
Lumentum Holdings | | 33,668 | a,b | 2,916,996 | |
NETGEAR | | 89,691 | a | 3,204,659 | |
nLight | | 127,569 | a | 3,522,180 | |
Ondas Holdings | | 91,866 | a,b | 656,842 | |
| | | | 33,369,179 | |
Telecommunication Services - .4% | | | | |
Bandwidth, Cl. A | | 41,389 | a,b | 4,258,928 | |
Transportation - 1.2% | | | | |
SkyWest | | 242,612 | a | 11,317,850 | |
Utilities - 2.6% | | | | |
Avista | | 48,584 | | 2,033,240 | |
Chesapeake Utilities | | 18,668 | | 2,439,908 | |
Clearway Energy, Cl. C | | 188,863 | | 5,928,410 | |
NextEra Energy Partners | | 75,105 | b | 6,003,143 | |
NorthWestern | | 45,532 | | 2,895,835 | |
Portland General Electric | | 48,793 | | 2,505,521 | |
Southwest Gas Holdings | | 41,084 | | 2,888,616 | |
| | | | 24,694,673 | |
Total Common Stocks (cost $715,789,810) | 925,200,357 | |
| | 1-Day
Yield (%) | | | | |
Investment Companies - 4.4% | | | | |
Registered Investment Companies - 4.4% | | | | |
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares
(cost $42,511,157) | 0.06 | 42,511,157 | e | 42,511,157 | |
54
| | | | | | |
| |
BNY Mellon Small Cap Multi-Strategy Fund (continued) |
Description | 1-Day
Yield (%) | Shares | | Value ($) | |
Investment of Cash Collateral for Securities Loaned - 1.9% | | | | |
Registered Investment Companies - 1.9% | | | | |
Dreyfus Institutional Preferred Government Plus Money Market Fund, SL Shares
(cost $18,245,364) | 0.02 | 18,245,364 | e | 18,245,364 | |
Total Investments (cost $776,546,331) | 101.9% | 985,956,878 | |
Liabilities, Less Cash and Receivables | (1.9%) | (18,202,137) | |
Net Assets | 100.0% | 967,754,741 | |
ADR—American Depository Receipt
a Non-income producing security.
b Security, or portion thereof, on loan. At August 31, 2021, the value of the fund’s securities on loan was $96,131,981 and the value of the collateral was $97,661,363, consisting of cash collateral of $18,245,364 and U.S. Government & Agency securities valued at $79,415,999.
c Investment in real estate investment trust within the United States.
d The valuation of this security has been determined in good faith by management under the direction of the Board of Trustees. At August 31, 2021, the value of these securities amounted to $4,381,168 or .45% of net assets.
e Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
| | |
Portfolio Summary (Unaudited) † | Value (%) |
Industrials | 17.9 |
Health Care | 16.7 |
Information Technology | 15.8 |
Financials | 11.8 |
Consumer Discretionary | 10.5 |
Investment Companies | 6.3 |
Real Estate | 5.3 |
Materials | 4.4 |
Communication Services | 3.8 |
Energy | 3.6 |
Consumer Staples | 3.1 |
Utilities | 2.5 |
Diversified | .2 |
| | 101.9 |
† Based on net assets.
See notes to financial statements.
55
STATEMENT OF INVESTMENTS (continued)
| | | | | | |
| |
BNY Mellon Focused Equity Opportunities Fund |
Description | | Shares | | Value ($) | |
Common Stocks - 99.9% | | | |
Automobiles & Components - 2.3% | | | | |
General Motors | | 236,860 | a | 11,608,509 | |
Banks - 2.9% | | | | |
Truist Financial | | 253,103 | | 14,442,057 | |
Capital Goods - 9.2% | | | | |
Deere & Co. | | 45,393 | | 17,159,916 | |
Eaton | | 84,534 | | 14,232,144 | |
Honeywell International | | 60,710 | | 14,079,256 | |
| | | | 45,471,316 | |
Consumer Durables & Apparel - 2.3% | | | | |
NIKE, Cl. B | | 69,284 | | 11,413,846 | |
Consumer Services - 2.2% | | | | |
Royal Caribbean Cruises | | 129,640 | a | 10,725,117 | |
Diversified Financials - 2.2% | | | | |
CME Group | | 54,245 | | 10,942,301 | |
Energy - 2.7% | | | | |
Chevron | | 137,781 | | 13,333,067 | |
Food & Staples Retailing - 3.0% | | | | |
Costco Wholesale | | 32,321 | | 14,721,892 | |
Food, Beverage & Tobacco - 2.3% | | | | |
The Coca-Cola Company | | 205,275 | | 11,559,035 | |
Health Care Equipment & Services - 9.1% | | | | |
Boston Scientific | | 315,110 | a | 14,227,217 | |
Danaher | | 45,049 | | 14,603,084 | |
UnitedHealth Group | | 38,666 | | 16,095,496 | |
| | | | 44,925,797 | |
Insurance - 4.8% | | | | |
American International Group | | 439,700 | | 23,990,032 | |
Materials - 2.1% | | | | |
Air Products & Chemicals | | 38,456 | | 10,364,277 | |
Media & Entertainment - 13.6% | | | | |
Alphabet, Cl. A | | 8,331 | a | 24,109,497 | |
Comcast, Cl. A | | 240,413 | | 14,588,261 | |
Facebook, Cl. A | | 76,156 | a | 28,892,063 | |
| | | | 67,589,821 | |
Pharmaceuticals Biotechnology & Life Sciences - 3.3% | | | | |
AbbVie | | 135,859 | | 16,409,050 | |
Real Estate - 2.6% | | | | |
American Tower | | 44,650 | b | 13,045,391 | |
Retailing - 4.9% | | | | |
Amazon.com | | 6,968 | a | 24,184,465 | |
Semiconductors & Semiconductor Equipment - 10.3% | | | | |
Advanced Micro Devices | | 155,710 | a | 17,240,211 | |
Lam Research | | 25,007 | | 15,124,734 | |
NVIDIA | | 82,342 | | 18,432,257 | |
| | | | 50,797,202 | |
Software & Services - 15.9% | | | | |
Adobe | | 31,165 | a | 20,684,211 | |
Microsoft | | 111,869 | | 33,771,014 | |
Square, Cl. A | | 35,260 | a | 9,452,148 | |
Visa, Cl. A | | 63,979 | | 14,657,589 | |
| | | | 78,564,962 | |
| |
BNY Mellon Focused Equity Opportunities Fund (continued) |
Description | | Shares | | Value ($) | |
Common Stocks - 99.9% (continued) | | | |
Technology Hardware & Equipment - 4.2% | | | | |
Apple | | 137,151 | | 20,823,636 | |
Total Common Stocks (cost $270,508,818) | 494,911,773 | |
| | 1-Day
Yield (%) | | | | |
Investment Companies - .5% | | | | |
Registered Investment Companies - .5% | | | | |
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares
(cost $2,622,603) | 0.06 | 2,622,603 | c | 2,622,603 | |
Total Investments (cost $273,131,421) | 100.4% | 497,534,376 | |
Liabilities, Less Cash and Receivables | (.4%) | (2,213,576) | |
Net Assets | 100.0% | 495,320,800 | |
a Non-income producing security.
b Investment in real estate investment trust within the United States.
c Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
| | |
Portfolio Summary (Unaudited) † | Value (%) |
Information Technology | 30.3 |
Communication Services | 13.6 |
Health Care | 12.4 |
Consumer Discretionary | 11.7 |
Financials | 10.0 |
Industrials | 9.2 |
Consumer Staples | 5.3 |
Energy | 2.7 |
Real Estate | 2.6 |
Materials | 2.1 |
Investment Companies | .5 |
| | 100.4 |
† Based on net assets.
See notes to financial statements.
56
| | | | | | |
| |
BNY Mellon Small/Mid Cap Multi-Strategy Fund |
Description | | Shares | | Value ($) | |
Common Stocks - 97.2% | | | |
Automobiles & Components - .2% | | | | |
Thor Industries | | 1,669 | | 189,315 | |
Banks - 6.9% | | | | |
Cullen/Frost Bankers | | 14,541 | | 1,660,873 | |
Essent Group | | 28,488 | | 1,341,215 | |
First Bancorp | | 47,487 | | 604,510 | |
First Interstate BancSystem, Cl. A | | 6,441 | | 283,790 | |
First Merchants | | 7,729 | | 318,048 | |
First Republic Bank | | 410 | | 81,565 | |
Huntington Bancshares | | 40,054 | | 622,039 | |
SVB Financial Group | | 2,833 | a | 1,585,063 | |
Synovus Financial | | 10,490 | | 452,119 | |
| | | | 6,949,222 | |
Capital Goods - 10.8% | | | | |
AerCap Holdings | | 3,645 | a | 196,575 | |
AMETEK | | 549 | | 74,648 | |
Armstrong World Industries | | 9,742 | | 1,012,486 | |
Array Technologies | | 35,875 | a | 684,136 | |
Astra Space | | 7,965 | a,b | 75,110 | |
CNH Industrial | | 32,612 | | 537,772 | |
Colfax | | 9,458 | a | 455,592 | |
Construction Partners, Cl. A | | 9,771 | a | 327,035 | |
Curtiss-Wright | | 10,678 | | 1,300,367 | |
Energy Recovery | | 9,013 | a | 184,136 | |
EnerSys | | 5,724 | | 484,193 | |
Fluor | | 25,814 | a,b | 430,061 | |
Graco | | 1,134 | | 88,928 | |
GrafTech International | | 51,994 | | 575,574 | |
Kornit Digital | | 2,483 | a | 323,709 | |
Masco | | 1,788 | | 108,567 | |
Maxar Technologies | | 13,230 | | 420,582 | |
Mercury Systems | | 5,103 | a | 257,089 | |
Proto Labs | | 467 | a | 34,633 | |
Quanta Services | | 4,645 | | 474,255 | |
Rexnord | | 8,152 | | 495,316 | |
Ribbit LEAP | | 1,400 | a | 14,420 | |
Roper Technologies | | 402 | | 194,279 | |
SiteOne Landscape Supply | | 825 | a | 165,083 | |
Terex | | 5,881 | | 300,225 | |
The AZEK Company | | 2,295 | a | 97,515 | |
The Greenbrier Companies | | 13,973 | b | 616,209 | |
Valmont Industries | | 1,556 | | 387,226 | |
WESCO International | | 5,208 | a | 609,440 | |
| | | | 10,925,161 | |
Commercial & Professional Services - 5.7% | | | | |
ADT | | 35,770 | b | 306,191 | |
CACI International, Cl. A | | 5,208 | a | 1,341,268 | |
Clarivate | | 88,140 | a | 2,220,247 | |
CoStar Group | | 1,961 | a | 166,175 | |
Li-Cycle Holdings | | 8,116 | a,b | 71,096 | |
Ritchie Bros Auctioneers | | 8,210 | | 513,864 | |
The Brink's Company | | 4,785 | | 373,996 | |
TPG Pace Tech Opportunities, Cl. A | | 13,183 | a | 131,566 | |
U.S. Ecology | | 11,054 | a | 396,286 | |
Waste Connections | | 1,640 | | 211,904 | |
| | | | 5,732,593 | |
| |
BNY Mellon Small/Mid Cap Multi-Strategy Fund (continued) |
Description | | Shares | | Value ($) | |
Common Stocks - 97.2% (continued) | | | |
Consumer Durables & Apparel - 3.4% | | | | |
Callaway Golf | | 19,501 | a | 547,198 | |
Hasbro | | 4,113 | | 404,349 | |
Lululemon Athletica | | 985 | a | 394,167 | |
Newell Brands | | 17,739 | | 450,748 | |
Peloton Interactive, Cl. A | | 3,300 | a | 330,627 | |
Skechers USA, CI. A | | 15,226 | a | 767,847 | |
Under Armour, Cl. A | | 17,201 | a | 398,031 | |
YETI Holdings | | 1,753 | a | 174,143 | |
| | | | 3,467,110 | |
Consumer Services - 5.9% | | | | |
Aramark | | 16,845 | | 586,038 | |
Bloomin‘ Brands | | 15,559 | a,b | 416,826 | |
Chegg | | 747 | a,b | 62,165 | |
Cracker Barrel Old Country Store | | 1,114 | | 159,948 | |
DraftKings, Cl. A | | 2,626 | a,b | 155,696 | |
European Wax Center, Cl. A | | 2,067 | a | 50,331 | |
Expedia Group | | 1,441 | a | 208,225 | |
Grand Canyon Education | | 10,082 | a | 898,709 | |
Membership Collective Group, Cl. A | | 10,886 | a | 130,632 | |
Norwegian Cruise Line Holdings | | 22,824 | a,b | 589,772 | |
OneSpaWorld Holdings | | 7,879 | a | 82,730 | |
Planet Fitness, Cl. A | | 9,591 | a | 779,748 | |
Service Corp. International | | 27,190 | | 1,706,444 | |
Wynn Resorts | | 876 | a | 89,080 | |
| | | | 5,916,344 | |
Diversified Financials - 3.4% | | | | |
Ares Management, Cl. A | | 1,927 | | 148,726 | |
LPL Financial Holdings | | 9,459 | | 1,398,513 | |
MarketWise | | 8,666 | a,b | 78,167 | |
PJT Partners, Cl. A | | 13,687 | | 1,080,999 | |
Tradeweb Markets, Cl. A | | 1,104 | | 96,059 | |
Voya Financial | | 10,285 | b | 668,319 | |
| | | | 3,470,783 | |
Energy - 1.6% | | | | |
Cactus, Cl. A | | 6,237 | | 233,950 | |
CNX Resources | | 38,428 | a | 436,542 | |
EQT | | 9,168 | a | 168,049 | |
PBF Energy, Cl. A | | 40,034 | a | 416,354 | |
Viper Energy Partners | | 20,280 | | 375,586 | |
| | | | 1,630,481 | |
Food & Staples Retailing - .2% | | | | |
Grocery Outlet Holding | | 6,338 | a | 164,978 | |
Food, Beverage & Tobacco - 1.6% | | | | |
AppHarvest | | 8,134 | a,b | 68,326 | |
Calavo Growers | | 1,625 | | 76,245 | |
Freshpet | | 2,183 | a | 279,730 | |
J&J Snack Foods | | 7,039 | b | 1,152,707 | |
| | | | 1,577,008 | |
Health Care Equipment & Services - 10.7% | | | | |
1Life Healthcare | | 12,059 | a | 295,566 | |
ABIOMED | | 709 | a | 258,048 | |
Acadia Healthcare | | 7,544 | a | 498,809 | |
Accolade | | 343 | a,b | 16,251 | |
Align Technology | | 672 | a | 476,448 | |
Amedisys | | 2,971 | a | 545,030 | |
57
STATEMENT OF INVESTMENTS (continued)
| | | | | | |
| |
BNY Mellon Small/Mid Cap Multi-Strategy Fund (continued) |
Description | | Shares | | Value ($) | |
Common Stocks - 97.2% (continued) | | | |
Health Care Equipment & Services - 10.7% (continued) | | | | |
Apria | | 12,770 | a | 455,506 | |
AtriCure | | 2,017 | a | 148,492 | |
DexCom | | 833 | a | 441,007 | |
Encompass Health | | 21,477 | | 1,684,871 | |
Evolent Health, Cl. A | | 6,771 | a,b | 166,296 | |
Health Catalyst | | 3,164 | a,b | 172,786 | |
Innovage Holding | | 9,648 | a | 145,009 | |
Insulet | | 430 | a | 128,058 | |
iRhythm Technologies | | 2,260 | a | 108,028 | |
ModivCare | | 1,902 | a | 375,189 | |
Molina Healthcare | | 4,430 | a | 1,190,651 | |
Nevro | | 739 | a | 90,158 | |
NuVasive | | 15,803 | a | 981,998 | |
Oak Street Health | | 83 | a,b | 3,879 | |
Omnicell | | 6,689 | a | 1,038,601 | |
Outset Medical | | 19 | a,b | 937 | |
Privia Health Group | | 14,090 | a | 420,023 | |
R1 RCM | | 31,618 | a | 623,507 | |
SOC Telemed | | 23,061 | a | 62,495 | |
Tabula Rasa HealthCare | | 4,719 | a,b | 147,752 | |
Teladoc Health | | 1,763 | a | 254,612 | |
Teleflex | | 304 | | 120,220 | |
| | | | 10,850,227 | |
Household & Personal Products - 1.0% | | | | |
Inter Parfums | | 10,266 | | 744,696 | |
Spectrum Brands Holdings | | 2,833 | | 221,144 | |
| | | | 965,840 | |
Insurance - 1.8% | | | | |
BRP Group, Cl. A | | 15,036 | a | 566,105 | |
Markel | | 102 | a | 129,566 | |
Palomar Holdings | | 2,308 | a | 207,258 | |
Reinsurance Group of America | | 4,054 | | 469,534 | |
The Hanover Insurance Group | | 2,879 | | 406,831 | |
| | | | 1,779,294 | |
Materials - 3.4% | | | | |
Alamos Gold, Cl. A | | 7,515 | | 59,369 | |
AptarGroup | | 7,526 | | 1,014,505 | |
Constellium | | 10,432 | a | 210,935 | |
Kinross Gold | | 80,475 | | 484,460 | |
Newmont | | 783 | | 45,406 | |
Summit Materials, Cl. A | | 12,318 | a | 414,747 | |
The Mosaic Company | | 19,662 | | 632,723 | |
Tronox Holdings, Cl. A | | 19,013 | | 401,745 | |
Vulcan Materials | | 712 | | 132,382 | |
| | | | 3,396,272 | |
Media & Entertainment - 2.0% | | | | |
Cardlytics | | 3,426 | a,b | 311,012 | |
Eventbrite, Cl. A | | 40,223 | a,b | 711,143 | |
EverQuote, Cl. A | | 10,739 | a | 211,451 | |
Liberty Media Corp-Liberty Formula One, Cl. C | | 2,848 | a | 143,938 | |
Live Nation Entertainment | | 1,265 | a | 109,676 | |
Manchester United, Cl. A | | 4,877 | b | 84,079 | |
Match Group | | 426 | a | 58,549 | |
| |
BNY Mellon Small/Mid Cap Multi-Strategy Fund (continued) |
Description | | Shares | | Value ($) | |
Common Stocks - 97.2% (continued) | | | |
Media & Entertainment - 2.0% (continued) | | | | |
Spotify Technology | | 634 | a | 148,572 | |
Twitter | | 4,327 | a | 279,092 | |
| | | | 2,057,512 | |
Pharmaceuticals Biotechnology & Life Sciences - 7.9% | | | | |
10X Genomics, CI. A | | 1,729 | a | 304,166 | |
Acceleron Pharma | | 1,056 | a | 141,377 | |
Adaptive Biotechnologies | | 1,578 | a | 57,313 | |
Alkermes | | 18,050 | a | 564,243 | |
Arena Pharmaceuticals | | 2,707 | a | 143,254 | |
Ascendis Pharma, ADR | | 437 | a | 68,491 | |
Beam Therapeutics | | 1,245 | a,b | 138,095 | |
Biohaven Pharmaceutical Holding | | 3,903 | a | 512,230 | |
BioMarin Pharmaceutical | | 1,021 | a | 85,978 | |
Bio-Techne | | 194 | | 96,833 | |
Blueprint Medicines | | 974 | a | 90,845 | |
CareDx | | 1,600 | a | 117,248 | |
Catalent | | 581 | a | 75,786 | |
Cerevel Therapeutics Holdings | | 7,546 | a | 238,906 | |
Crinetics Pharmaceuticals | | 5,562 | a | 131,096 | |
Dyne Therapeutics | | 6,586 | a | 111,501 | |
FibroGen | | 4,624 | a | 53,777 | |
Generation Bio | | 4,492 | a,b | 112,300 | |
Horizon Therapeutics | | 2,402 | a | 259,632 | |
Illumina | | 406 | a | 185,607 | |
Iovance Biotherapeutics | | 3,896 | a | 93,777 | |
MeiraGTx Holdings | | 2,326 | a | 29,098 | |
Moderna | | 571 | a | 215,090 | |
NanoString Technologies | | 3,058 | a | 177,976 | |
Natera | | 2,406 | a | 284,943 | |
NeoGenomics | | 2,294 | a | 111,534 | |
Neurocrine Biosciences | | 6,171 | a | 587,479 | |
Pacific Biosciences of California | | 3,228 | a | 101,069 | |
Passage Bio | | 5,289 | a | 63,574 | |
PTC Therapeutics | | 3,240 | a | 141,426 | |
Quanterix | | 4,299 | a | 219,464 | |
Sarepta Therapeutics | | 7,353 | a | 574,416 | |
Twist Bioscience | | 1,628 | a | 184,306 | |
Ultragenyx Pharmaceutical | | 3,021 | a | 290,892 | |
uniQure | | 2,785 | a,b | 80,765 | |
United Therapeutics | | 2,781 | a | 597,581 | |
Viatris | | 30,042 | | 439,514 | |
Xenon Pharmaceuticals | | 9,308 | a | 164,286 | |
Zogenix | | 11,557 | a | 171,159 | |
| | | | 8,017,027 | |
Real Estate - 6.3% | | | | |
Americold Realty Trust | | 44,296 | c | 1,627,435 | |
Colliers International Group | | 4,438 | | 620,210 | |
CoreSite Realty | | 2,395 | c | 355,346 | |
Equinix | | 148 | c | 124,831 | |
Pebblebrook Hotel Trust | | 6,949 | c | 153,086 | |
Physicians Realty Trust | | 56,300 | c | 1,042,113 | |
Redfin | | 6,026 | a,b | 292,683 | |
Sunstone Hotel Investors | | 77,912 | a,c | 903,000 | |
58
| | | | | | |
| |
BNY Mellon Small/Mid Cap Multi-Strategy Fund (continued) |
Description | | Shares | | Value ($) | |
Common Stocks - 97.2% (continued) | | | |
Real Estate - 6.3% (continued) | | | | |
Urban Edge Properties | | 66,129 | c | 1,252,483 | |
| | | | 6,371,187 | |
Retailing - 1.1% | | | | |
Coupang | | 1,999 | a | 59,890 | |
Farfetch, Cl. A | | 2,301 | a | 96,320 | |
National Vision Holdings | | 4,898 | a,b | 293,782 | |
Ollie's Bargain Outlet Holdings | | 6,035 | a,b | 436,813 | |
Ross Stores | | 1,627 | | 192,637 | |
| | | | 1,079,442 | |
Semiconductors & Semiconductor Equipment - 2.1% | | | | |
First Solar | | 1,312 | a | 123,328 | |
MaxLinear | | 10,282 | a | 537,029 | |
MKS Instruments | | 1,757 | | 258,595 | |
NVIDIA | | 724 | | 162,067 | |
Power Integrations | | 2,351 | | 255,413 | |
Semtech | | 3,692 | a | 258,145 | |
SkyWater Technology | | 3,232 | a,b | 107,884 | |
Skyworks Solutions | | 2,007 | | 368,204 | |
| | | | 2,070,665 | |
Software & Services - 13.5% | | | | |
Affirm Holdings | | 1,038 | a,b | 100,001 | |
Amdocs | | 15,226 | | 1,172,859 | |
Bill.com Holdings | | 739 | a,b | 202,774 | |
ChannelAdvisor | | 4,624 | a | 118,467 | |
DocuSign | | 908 | a | 268,986 | |
Dolby Laboratories, Cl. A | | 15,001 | | 1,486,749 | |
Euronet Worldwide | | 6,564 | a | 874,522 | |
Everbridge | | 5,671 | a,b | 890,177 | |
Fidelity National Information Services | | 702 | | 89,695 | |
Flywire | | 510 | a | 22,394 | |
HubSpot | | 1,390 | a | 951,413 | |
Marqeta, CI. A | | 53 | a | 1,539 | |
MAXIMUS | | 16,216 | | 1,412,251 | |
Medallia | | 6,420 | a | 216,803 | |
nCino | | 1,403 | a,b | 87,000 | |
Paya Holdings | | 72,197 | a | 696,701 | |
Proofpoint | | 1,863 | a,d | 327,888 | |
Rapid7 | | 4,754 | a,b | 577,706 | |
ServiceNow | | 540 | a | 347,566 | |
Shift4 Payments, Cl. A | | 2,665 | a | 228,417 | |
Shopify, Cl. A | | 287 | a | 437,612 | |
Splunk | | 1,038 | a | 158,679 | |
Square, Cl. A | | 1,508 | a,b | 404,250 | |
SS&C Technologies Holdings | | 1,298 | | 98,207 | |
The Trade Desk, Cl. A | | 1,319 | a | 105,586 | |
Twilio, Cl. A | | 2,813 | a | 1,004,129 | |
Vonage Holdings | | 13,184 | a | 185,894 | |
Zendesk | | 3,050 | a,b | 376,980 | |
Zoom Video Communications, CI. A | | 374 | a | 108,273 | |
Zuora, Cl. A | | 37,456 | a | 636,003 | |
| | | | 13,589,521 | |
Technology Hardware & Equipment - 3.5% | | | | |
ADTRAN | | 47,143 | | 973,974 | |
| |
BNY Mellon Small/Mid Cap Multi-Strategy Fund (continued) |
Description | | Shares | | Value ($) | |
Common Stocks - 97.2% (continued) | | | |
Technology Hardware & Equipment - 3.5% (continued) | | | | |
Amphenol, Cl. A | | 2,015 | | 154,409 | |
Calix | | 5,901 | a | 274,987 | |
Ciena | | 13,398 | a | 765,428 | |
Cognex | | 675 | | 59,819 | |
Lumentum Holdings | | 3,709 | a,b | 321,348 | |
NETGEAR | | 1,965 | a | 70,209 | |
nLight | | 4,445 | a | 122,726 | |
Trimble | | 1,278 | a | 120,413 | |
Western Digital | | 9,464 | a | 598,125 | |
Zebra Technologies, Cl. A | | 185 | a | 108,626 | |
| | | | 3,570,064 | |
Telecommunication Services - .2% | | | | |
Bandwidth, Cl. A | | 2,465 | a,b | 253,649 | |
Transportation - 2.3% | | | | |
Knight-Swift Transportation Holdings | | 7,189 | | 373,325 | |
Lyft, Cl. A | | 8,652 | a | 411,922 | |
SkyWest | | 33,061 | a | 1,542,296 | |
| | | | 2,327,543 | |
Utilities - 1.7% | | | | |
Clearway Energy, Cl. C | | 20,902 | | 656,114 | |
NextEra Energy Partners | | 8,079 | | 645,754 | |
Vistra Energy | | 21,991 | | 419,808 | |
| | | | 1,721,676 | |
Total Common Stocks (cost $63,995,855) | 98,072,914 | |
| | | | | | |
Exchange-Traded Funds - .4% | | | | |
Registered Investment Companies - .4% | | | | |
iShares Russell 2000 Value ETF
(cost $357,396) | | 2,167 | b | 355,388 | |
| | 1-Day
Yield (%) | | | | |
Investment Companies - 2.6% | | | | |
Registered Investment Companies - 2.6% | | | | |
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares
(cost $2,656,949) | 0.06 | 2,656,949 | e | 2,656,949 | |
59
STATEMENT OF INVESTMENTS (continued)
| | | | | | |
| |
BNY Mellon Small/Mid Cap Multi-Strategy Fund (continued) |
Description | 1-Day
Yield (%) | Shares | | Value ($) | |
Investment of Cash Collateral for Securities Loaned - 1.3% | | | | |
Registered Investment Companies - 1.3% | | | | |
Dreyfus Institutional Preferred Government Plus Money Market Fund, SL Shares
(cost $1,344,395) | 0.02 | 1,344,395 | e | 1,344,395 | |
Total Investments (cost $68,354,595) | 101.5% | 102,429,646 | |
Liabilities, Less Cash and Receivables | (1.5%) | (1,502,163) | |
Net Assets | 100.0% | 100,927,483 | |
ADR—American Depository Receipt
ETF—Exchange-Traded Fund
a Non-income producing security.
b Security, or portion thereof, on loan. At August 31, 2021, the value of the fund’s securities on loan was $8,293,546 and the value of the collateral was $8,434,476, consisting of cash collateral of $1,344,395 and U.S. Government & Agency securities valued at $7,090,081.
c Investment in real estate investment trust within the United States.
d The valuation of this security has been determined in good faith by management under the direction of the Board of Trustees. At August 31, 2021, the value of these securities amounted to $327,888 or .32% of net assets.
e Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
| | |
Portfolio Summary (Unaudited) † | Value (%) |
Information Technology | 19.0 |
Health Care | 18.7 |
Industrials | 18.7 |
Financials | 12.1 |
Consumer Discretionary | 10.6 |
Real Estate | 6.3 |
Investment Companies | 4.3 |
Materials | 3.4 |
Consumer Staples | 2.7 |
Communication Services | 2.3 |
Utilities | 1.7 |
Energy | 1.6 |
Diversified | .1 |
| | 101.5 |
† Based on net assets.
See notes to financial statements.
60
| | | | | | |
| |
BNY Mellon International Fund |
Description | | Shares | | Value ($) | |
Common Stocks - 96.1% | | | |
Australia - 6.3% | | | | |
AGL Energy | | 1,006,688 | | 4,750,055 | |
Aristocrat Leisure | | 94,866 | | 3,169,462 | |
Brambles | | 764,201 | | 6,770,111 | |
Fortescue Metals Group | | 367,140 | | 5,640,207 | |
Macquarie Group | | 47,907 | | 5,843,631 | |
Telstra | | 4,655,324 | | 13,077,513 | |
| | | | 39,250,979 | |
Austria - 1.2% | | | | |
OMV | | 137,248 | | 7,605,268 | |
Czech Republic - .5% | | | | |
Avast | | 370,157 | a | 3,042,266 | |
Denmark - 1.7% | | | | |
Vestas Wind Systems | | 254,343 | b | 10,269,510 | |
France - 12.4% | | | | |
BNP Paribas | | 262,104 | | 16,628,323 | |
Cie Generale des Etablissements Michelin | | 20,162 | | 3,262,651 | |
Klepierre | | 265,751 | | 6,495,360 | |
LVMH | | 31,298 | | 23,163,465 | |
Sanofi | | 134,121 | | 13,875,799 | |
Teleperformance | | 17,917 | | 7,920,618 | |
Vinci | | 57,602 | | 6,181,753 | |
| | | | 77,527,969 | |
Germany - 8.4% | | | | |
Allianz | | 49,158 | | 11,549,457 | |
Daimler | | 169,781 | b | 14,317,490 | |
Deutsche Post | | 213,363 | | 15,009,892 | |
Evonik Industries | | 103,285 | | 3,487,878 | |
HeidelbergCement | | 91,712 | | 7,970,066 | |
| | | | 52,334,783 | |
Hong Kong - 2.0% | | | | |
Sun Hung Kai Properties | | 895,500 | | 12,619,406 | |
Ireland - .9% | | | | |
ICON | | 22,309 | c | 5,705,973 | |
Italy - 2.8% | | | | |
Enel | | 1,893,219 | | 17,250,723 | |
Japan - 23.8% | | | | |
Advantest | | 30,800 | | 2,665,237 | |
Casio Computer | | 293,500 | | 4,532,623 | |
ENEOS Holdings | | 503,900 | | 1,951,659 | |
Fujitsu | | 59,000 | | 10,886,697 | |
ITOCHU | | 298,900 | | 8,995,663 | |
Mitsubishi Electric | | 687,000 | | 9,401,250 | |
Mizuho Financial Group | | 522,900 | | 7,333,861 | |
Nintendo | | 22,700 | | 10,915,148 | |
Nippon Telegraph & Telephone | | 396,900 | | 10,592,177 | |
Ono Pharmaceutical | | 170,700 | | 4,102,448 | |
Recruit Holdings | | 49,300 | | 2,912,785 | |
Seven & i Holdings | | 76,000 | | 3,326,274 | |
Shionogi & Co. | | 101,300 | | 6,401,287 | |
Sony Group | | 138,800 | | 14,332,300 | |
Sumitomo Mitsui Financial Group | | 462,300 | | 15,972,388 | |
Tokyo Electron | | 11,700 | | 5,023,933 | |
Trend Micro | | 268,900 | | 14,738,599 | |
| |
BNY Mellon International Fund (continued) |
Description | | Shares | | Value ($) | |
Common Stocks - 96.1% (continued) | | | |
Japan - 23.8% (continued) | | | | |
West Japan Railway | | 257,600 | | 14,086,457 | |
| | | | 148,170,786 | |
Netherlands - 4.1% | | | | |
ING Groep | | 472,272 | | 6,524,331 | |
Koninklijke Ahold Delhaize | | 448,574 | | 15,132,208 | |
Royal Dutch Shell, Cl. B | | 182,451 | | 3,589,560 | |
| | | | 25,246,099 | |
Norway - .5% | | | | |
Yara International | | 67,893 | | 3,409,389 | |
Singapore - 1.8% | | | | |
Singapore Exchange | | 297,300 | b | 2,189,200 | |
United Overseas Bank | | 488,200 | | 9,288,673 | |
| | | | 11,477,873 | |
Spain - 1.6% | | | | |
ACS Actividades de Construccion y Servicios | | 148,743 | | 4,014,863 | |
Enagas | | 273,203 | | 6,214,589 | |
| | | | 10,229,452 | |
Sweden - 2.3% | | | | |
Epiroc, Cl. A | | 464,845 | | 10,199,769 | |
Swedish Match | | 442,803 | | 4,088,620 | |
| | | | 14,288,389 | |
Switzerland - 13.3% | | | | |
Holcim | | 216,860 | | 12,361,553 | |
Logitech International | | 124,840 | | 12,765,512 | |
Novartis | | 158,332 | | 14,660,082 | |
Roche Holding | | 61,620 | | 24,745,569 | |
Sonova Holding | | 35,608 | | 13,726,043 | |
STMicroelectronics | | 97,707 | | 4,351,087 | |
| | | | 82,609,846 | |
United Kingdom - 12.5% | | | | |
BAE Systems | | 710,022 | | 5,548,572 | |
Bunzl | | 66,045 | | 2,393,540 | |
Centrica | | 5,892,482 | | 4,209,424 | |
Diageo | | 121,631 | | 5,842,820 | |
Ferguson | | 72,195 | | 10,426,979 | |
GlaxoSmithKline | | 278,982 | | 5,607,624 | |
Legal & General Group | | 1,774,587 | | 6,592,315 | |
Melrose Industries | | 767,093 | | 1,769,050 | |
Rio Tinto | | 100,636 | | 7,446,503 | |
Tate & Lyle | | 553,938 | | 5,373,720 | |
Unilever | | 316,637 | | 17,613,386 | |
Vodafone Group | | 2,903,307 | | 4,868,170 | |
| | | | 77,692,103 | |
Total Common Stocks (cost $534,435,998) | 598,730,814 | |
| | | | | | |
Exchange-Traded Funds - .5% | | | | |
United States - .5% | | | | |
iShares MSCI EAFE ETF
(cost $3,129,511) | | 39,803 | b | 3,209,714 | |
61
STATEMENT OF INVESTMENTS (continued)
| | | | | | |
| |
BNY Mellon International Fund (continued) |
Description | Preferred Dividend Yield (%) | Shares | | Value ($) | |
Preferred Stocks - 1.5% | | | | |
Germany - 1.5% | | | | |
Volkswagen
(cost $11,089,705) | 2.61 | 38,993 | | 9,268,050 | |
| | 1-Day
Yield (%) | | | | |
Investment Companies - .2% | | | | |
Registered Investment Companies - .2% | | | | |
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares
(cost $968,234) | 0.06 | 968,234 | d | 968,234 | |
| | | | | | |
Investment of Cash Collateral for Securities Loaned - .5% | | | | |
Registered Investment Companies - .5% | | | | |
Dreyfus Institutional Preferred Government Plus Money Market Fund, SL Shares
(cost $3,436,076) | 0.02 | 3,436,076 | d | 3,436,076 | |
Total Investments (cost $553,059,524) | 98.8% | 615,612,888 | |
Cash and Receivables (Net) | 1.2% | 7,715,986 | |
Net Assets | 100.0% | 623,328,874 | |
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 August 31, 2021, these securities were valued at $3,042,266 or .49% of net assets.
b Security, or portion thereof, on loan. At August 31, 2021, the value of the fund’s securities on loan was $20,309,406 and the value of the collateral was $22,861,192, consisting of cash collateral of $3,436,076 and U.S. Government & Agency securities valued at $19,425,116.
c Non-income producing security.
d Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
| | |
Portfolio Summary (Unaudited) † | Value (%) |
Pharmaceuticals Biotechnology & Life Sciences | 12.1 |
Capital Goods | 11.1 |
Banks | 8.9 |
Consumer Durables & Apparel | 6.7 |
Materials | 6.5 |
Utilities | 5.2 |
Transportation | 4.7 |
Software & Services | 4.6 |
Telecommunication Services | 4.6 |
Automobiles & Components | 4.3 |
Real Estate | 3.1 |
Food & Staples Retailing | 3.0 |
Insurance | 2.9 |
Household & Personal Products | 2.8 |
Commercial & Professional Services | 2.8 |
Food, Beverage & Tobacco | 2.5 |
Health Care Equipment & Services | 2.2 |
Energy | 2.1 |
Technology Hardware & Equipment | 2.0 |
Semiconductors & Semiconductor Equipment | 1.9 |
Media & Entertainment | 1.8 |
Diversified Financials | 1.3 |
Investment Companies | 1.2 |
Consumer Services | .5 |
| | 98.8 |
† Based on net assets.
See notes to financial statements.
62
| | | | | | |
| |
BNY Mellon Emerging Markets Fund |
Description | | Shares | | Value ($) | |
Common Stocks - 97.7% | | | |
Brazil - 4.8% | | | | |
Banco do Brasil | | 879,300 | | 5,154,247 | |
Cia Brasileira de Distribuicao | | 110,500 | | 607,977 | |
Cia de Saneamento de Minas Gerais-COPASA | | 2,407,600 | | 6,518,604 | |
Cyrela Brazil Realty Empreendimentos e Participacoes | | 2,602,900 | | 10,193,534 | |
Minerva | | 3,058,100 | | 4,873,278 | |
Petroleo Brasileiro, ADR | | 2,073,808 | | 22,480,079 | |
Sendas Distribuidora | | 552,500 | | 1,815,382 | |
YDUQS Participacoes | | 285,000 | | 1,430,842 | |
| | | | 53,073,943 | |
China - 25.5% | | | | |
Agile Group Holdings | | 4,428,000 | | 5,078,497 | |
Agricultural Bank of China, Cl. H | | 17,239,000 | | 5,785,160 | |
Alibaba Group Holding, ADR | | 90,208 | a | 15,063,834 | |
ANTA Sports Products | | 220,000 | | 4,525,905 | |
China CITIC Bank, Cl. H | | 17,907,000 | | 8,242,684 | |
China Construction Bank, Cl. H | | 27,927,939 | | 20,180,781 | |
China Galaxy Securities, Cl. H | | 10,471,000 | | 5,883,454 | |
China Shenhua Energy, Cl. H | | 6,202,500 | | 13,732,914 | |
Cosco Shipping Holdings, Cl. H | | 7,551,350 | a,b | 14,272,653 | |
ENN Energy Holdings | | 788,900 | | 15,610,735 | |
Huazhu Group, ADR | | 34,922 | a | 1,686,383 | |
Industrial Bank, Cl. A | | 1,630,000 | | 4,665,646 | |
JD.com, ADR | | 40,771 | a | 3,202,970 | |
Lonking Holdings | | 18,121,000 | | 5,685,056 | |
Meituan, Cl. B | | 168,500 | a,c | 5,394,635 | |
NetDragon Websoft Holdings | | 2,647,000 | | 5,921,967 | |
NetEase, ADR | | 62,426 | | 6,081,541 | |
New China Life Insurance, Cl. H | | 1,940,300 | | 5,713,038 | |
NIO, ADR | | 107,767 | a | 4,236,321 | |
OneConnect Financial Technology, ADR | | 71,893 | a | 337,897 | |
Ping An Insurance Group Company of China, Cl. H | | 2,006,000 | | 15,578,679 | |
Shanghai Pharmaceuticals Holding, Cl. H | | 4,798,100 | | 9,525,315 | |
Sinotruk Hong Kong | | 2,155,500 | | 4,245,898 | |
Sunny Optical Technology Group | | 190,500 | | 5,760,963 | |
TAL Education Group, ADR | | 38,701 | a | 205,889 | |
Tencent Holdings | | 1,313,700 | | 81,280,168 | |
Wuxi Biologics Cayman | | 436,500 | a,c | 6,757,305 | |
Zoomlion Heavy Industry Science & Technology, Cl. A | | 3,933,135 | | 4,795,319 | |
| | | | 279,451,607 | |
Czech Republic - .2% | | | | |
Avast | | 221,654 | c | 1,821,742 | |
Hong Kong - 3.1% | | | | |
Bosideng International Holdings | | 16,420,000 | | 13,427,434 | |
Galaxy Entertainment Group | | 405,224 | b | 2,597,306 | |
Shimao Group Holdings | | 2,406,000 | | 4,974,443 | |
SITC International Holdings | | 2,954,000 | | 12,875,763 | |
| | | | 33,874,946 | |
India - 9.2% | | | | |
Colgate-Palmolive India | | 208,035 | | 4,825,061 | |
Glenmark Pharmaceuticals | | 764,497 | | 5,553,029 | |
| |
BNY Mellon Emerging Markets Fund (continued) |
Description | | Shares | | Value ($) | |
Common Stocks - 97.7% (continued) | | | |
India - 9.2% (continued) | | | | |
ICICI Bank | | 620,037 | | 6,106,737 | |
Indus Towers | | 1,887,343 | | 5,567,090 | |
Infosys | | 330,643 | | 7,728,326 | |
Larsen & Toubro | | 128,777 | | 2,949,572 | |
Mindtree | | 300,237 | | 14,916,750 | |
Motherson Sumi Systems | | 3,285,120 | | 9,836,349 | |
Power Grid Corporation of India | | 2,726,304 | | 6,548,059 | |
REC | | 2,837,861 | | 5,896,703 | |
Shriram Transport Finance | | 305,326 | | 5,657,151 | |
Tata Steel | | 552,435 | | 10,973,788 | |
Tech Mahindra | | 485,544 | | 9,627,747 | |
UPL | | 433,736 | | 4,403,750 | |
| | | | 100,590,112 | |
Indonesia - 1.0% | | | | |
Astra International | | 4,798,600 | | 1,757,945 | |
Bank Rakyat Indonesia | | 10,927,500 | | 3,011,048 | |
Indofood Sukses Makmur | | 13,753,700 | | 5,954,713 | |
| | | | 10,723,706 | |
Mexico - 1.0% | | | | |
Arca Continental | | 639,600 | | 4,119,949 | |
Grupo Aeroportuario del Centro Norte | | 508,100 | a | 3,062,413 | |
Wal-Mart de Mexico | | 959,177 | | 3,403,732 | |
| | | | 10,586,094 | |
Philippines - 1.2% | | | | |
Ayala Land | | 2,402,700 | | 1,629,972 | |
International Container Terminal Services | | 2,584,410 | | 9,667,512 | |
Puregold Price Club | | 1,746,280 | | 1,465,471 | |
| | | | 12,762,955 | |
Russia - 3.9% | | | | |
Lukoil, ADR | | 187,547 | | 16,044,646 | |
Sberbank of Russia, ADR | | 935,950 | | 16,725,427 | |
X5 Retail Group, GDR | | 210,717 | | 6,981,054 | |
Yandex, Cl. A | | 36,022 | a | 2,770,092 | |
| | | | 42,521,219 | |
Saudi Arabia - .5% | | | | |
Jarir Marketing | | 105,521 | | 6,093,755 | |
Singapore - 2.0% | | | | |
Sea, ADR | | 64,214 | a | 21,724,881 | |
South Africa - 5.5% | | | | |
Clicks Group | | 354,465 | | 7,382,974 | |
Impala Platinum Holdings | | 713,575 | | 10,949,548 | |
MTN Group | | 555,591 | | 5,103,730 | |
MultiChoice Group | | 763,336 | | 6,037,849 | |
Sibanye Stillwater | | 5,278,734 | | 21,403,833 | |
The Foschini Group | | 933,896 | | 9,598,532 | |
| | | | 60,476,466 | |
South Korea - 15.5% | | | | |
CJ CheilJedang | | 12,705 | | 4,969,354 | |
DB Insurance | | 161,131 | | 8,157,652 | |
DGB Financial Group | | 601,744 | | 4,722,817 | |
Hana Financial Group | | 177,387 | | 6,892,306 | |
Hyundai Mobis | | 76,739 | | 18,366,529 | |
KB Financial Group | | 304,152 | | 13,876,960 | |
63
STATEMENT OF INVESTMENTS (continued)
| | | | | | |
| |
BNY Mellon Emerging Markets Fund (continued) |
Description | | Shares | | Value ($) | |
Common Stocks - 97.7% (continued) | | | |
South Korea - 15.5% (continued) | | | | |
Kia Motors | | 62,054 | | 4,554,569 | |
Korea Investment Holdings | | 124,828 | | 10,260,131 | |
Kumho Petrochemical | | 71,690 | | 12,026,137 | |
LG Electronics | | 107,654 | | 13,184,586 | |
Osstem Implant | | 54,185 | | 7,491,358 | |
POSCO | | 60,370 | | 17,546,846 | |
Samsung Electronics | | 512,065 | | 33,874,152 | |
Shinhan Financial Group | | 213,721 | | 7,161,206 | |
SK Hynix | | 78,368 | | 7,198,406 | |
| | | | 170,283,009 | |
Taiwan - 19.9% | | | | |
Chailease Holding | | 4,278,795 | | 41,145,971 | |
EVA Airways | | 6,701,000 | a | 4,642,474 | |
Evergreen Marine | | 3,094,000 | | 15,183,358 | |
MediaTek | | 811,000 | | 26,366,608 | |
momo.com | | 525,700 | | 32,531,997 | |
Taiwan Semiconductor Manufacturing | | 4,387,000 | | 97,195,158 | |
TCI | | 158,303 | | 1,542,274 | |
| | | | 218,607,840 | |
Thailand - 1.1% | | | | |
Sri Trang Gloves Thailand | | 5,083,600 | | 5,835,514 | |
Thai Beverage | | 3,812,300 | | 1,928,197 | |
Thanachart Capital | | 3,994,700 | | 4,554,571 | |
| | | | 12,318,282 | |
Turkey - 1.6% | | | | |
BIM Birlesik Magazalar | | 734,511 | | 6,345,772 | |
Eregli Demir ve Celik Fabrikalari | | 4,973,136 | | 11,230,144 | |
| | | | 17,575,916 | |
United Arab Emirates - .2% | | | | |
Dubai Islamic Bank | | 1,976,608 | | 2,744,429 | |
Uruguay - 1.5% | | | | |
Globant | | 49,867 | a,b | 16,071,137 | |
Total Common Stocks (cost $686,378,042) | 1,071,302,039 | |
| | Preferred Dividend
Yield (%) | | | | |
Preferred Stocks - .6% | | | | |
Brazil - .6% | | | | |
Banco do Estado do Rio Grande do Sul, Cl. B | 8.48 | 674,500 | | 1,620,115 | |
Cia Energetica de Minas Gerais | 6.36 | 2,141,772 | | 5,550,349 | |
Total Preferred Stocks (cost $6,322,696) | 7,170,464 | |
| | 1-Day
Yield (%) | | | | |
Investment Companies - .7% | | | | |
Registered Investment Companies - .7% | | | | |
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares
(cost $7,580,677) | 0.06 | 7,580,677 | d | 7,580,677 | |
| |
BNY Mellon Emerging Markets Fund (continued) |
Description | 1-Day
Yield (%) | Shares | | Value ($) | |
Investment of Cash Collateral for Securities Loaned - .3% | | | | |
Registered Investment Companies - .3% | | | | |
Dreyfus Institutional Preferred Government Plus Money Market Fund, SL Shares
(cost $3,266,196) | 0.02 | 3,266,196 | d | 3,266,196 | |
Total Investments (cost $703,547,611) | 99.3% | 1,089,319,376 | |
Cash and Receivables (Net) | .7% | 7,711,465 | |
Net Assets | 100.0% | 1,097,030,841 | |
ADR—American Depository Receipt
GDR—Global Depository Receipt
a Non-income producing security.
b Security, or portion thereof, on loan. At August 31, 2021, the value of the fund’s securities on loan was $14,487,023 and the value of the collateral was $14,982,821, consisting of cash collateral of $3,266,196 and U.S. Government & Agency securities valued at $11,716,625.
c Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2021, these securities were valued at $13,973,682 or 1.27% of net assets.
d Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
| | |
Portfolio Summary (Unaudited) † | Value (%) |
Semiconductors & Semiconductor Equipment | 11.9 |
Media & Entertainment | 11.3 |
Banks | 10.2 |
Materials | 8.1 |
Retailing | 6.5 |
Diversified Financials | 6.3 |
Transportation | 5.4 |
Energy | 4.8 |
Software & Services | 4.6 |
Consumer Durables & Apparel | 3.8 |
Technology Hardware & Equipment | 3.6 |
Automobiles & Components | 3.5 |
Utilities | 3.1 |
Insurance | 2.7 |
Food & Staples Retailing | 2.5 |
Health Care Equipment & Services | 2.1 |
Food, Beverage & Tobacco | 2.0 |
Capital Goods | 1.6 |
Pharmaceuticals Biotechnology & Life Sciences | 1.1 |
Real Estate | 1.1 |
Investment Companies | 1.0 |
Telecommunication Services | 1.0 |
Household & Personal Products | .6 |
Consumer Services | .5 |
| | 99.3 |
† Based on net assets.
See notes to financial statements.
64
| | | | | | |
| |
BNY Mellon International Equity Income Fund |
Description | | Shares | | Value ($) | |
Common Stocks - 97.0% | | | |
Australia - 6.0% | | | | |
Aurizon Holdings | | 234,990 | | 649,808 | |
BHP Group | | 20,050 | | 668,988 | |
National Australia Bank | | 42,170 | | 855,456 | |
Suncorp Group | | 51,710 | | 472,099 | |
Wesfarmers | | 62,680 | | 2,748,921 | |
Westpac Banking | | 4,650 | | 87,832 | |
| | | | 5,483,104 | |
Brazil - .5% | | | | |
Vale | | 23,380 | | 444,242 | |
Canada - 8.4% | | | | |
Canadian Natural Resources | | 20,470 | | 677,385 | |
Manulife Financial | | 40,480 | | 788,328 | |
Royal Bank of Canada | | 26,410 | | 2,712,905 | |
Shopify, Cl. A | | 560 | a | 855,142 | |
The Toronto-Dominion Bank | | 39,520 | | 2,566,380 | |
| | | | 7,600,140 | |
China - 8.1% | | | | |
Alibaba Group Holding, ADR | | 6,300 | a | 1,052,037 | |
Bank of China, Cl. H | | 1,631,720 | | 572,758 | |
Fuyao Glass Industry Group, Cl. H | | 102,810 | b | 633,189 | |
Guangzhou R&F Properties, Cl. H | | 838,380 | | 715,767 | |
Industrial & Commercial Bank of China, Cl. H | | 445,840 | | 248,789 | |
KWG Group Holdings | | 220,640 | | 232,627 | |
Lenovo Group | | 325,950 | | 361,261 | |
Sinotruk Hong Kong | | 284,580 | | 560,565 | |
Tencent Holdings | | 15,820 | | 978,802 | |
TravelSky Technology, Cl. H | | 131,670 | | 246,835 | |
Xinyi Solar Holdings | | 289,920 | | 700,808 | |
Zhejiang Expressway, Cl. H | | 1,014,760 | | 889,837 | |
Zijin Mining Group, Cl. H | | 131,340 | | 187,111 | |
| | | | 7,380,386 | |
Czech Republic - 1.3% | | | | |
CEZ | | 38,040 | | 1,198,919 | |
Finland - 4.2% | | | | |
Fortum | | 61,970 | | 1,881,960 | |
Nordea Bank | | 89,020 | a | 1,046,232 | |
Sampo, Cl. A | | 18,000 | | 929,628 | |
| | | | 3,857,820 | |
France - 5.0% | | | | |
AXA | | 82,420 | | 2,314,208 | |
Credit Agricole | | 10,260 | | 147,918 | |
Eutelsat Communications | | 12,350 | | 142,644 | |
Sanofi | | 7,224 | | 747,376 | |
TotalEnergies | | 22,160 | | 977,148 | |
Unibail-Rodamco-Westfield | | 2,440 | | 213,772 | |
| | | | 4,543,066 | |
Germany - 4.4% | | | | |
Allianz | | 2,830 | | 664,896 | |
Bayer | | 8,169 | | 454,739 | |
Deutsche Post | | 12,260 | | 862,480 | |
Deutsche Telekom | | 13,400 | | 284,923 | |
HOCHTIEF | | 1,330 | | 106,473 | |
METRO | | 81,610 | | 1,086,952 | |
| |
BNY Mellon International Equity Income Fund (continued) |
Description | | Shares | | Value ($) | |
Common Stocks - 97.0% (continued) | | | |
Germany - 4.4% (continued) | | | | |
SAP | | 3,440 | | 517,714 | |
| | | | 3,978,177 | |
Greece - 1.3% | | | | |
OPAP | | 74,560 | | 1,169,128 | |
Hong Kong - 1.3% | | | | |
Nine Dragons Paper Holdings | | 441,310 | | 603,738 | |
PCCW | | 811,410 | | 423,574 | |
Yue Yuen Industrial Holdings | | 69,140 | | 140,281 | |
| | | | 1,167,593 | |
Italy - 1.5% | | | | |
Eni | | 98,800 | | 1,219,544 | |
Recordati Industria Chimica E Farmaceutica | | 2,380 | | 156,134 | |
| | | | 1,375,678 | |
Japan - 14.6% | | | | |
Aozora Bank | | 21,990 | | 515,895 | |
Canon | | 35,220 | | 836,041 | |
Denso | | 14,460 | | 1,013,376 | |
Honda Motor | | 19,680 | | 597,833 | |
ITOCHU | | 88,690 | | 2,669,205 | |
Mitsubishi | | 26,970 | | 811,686 | |
Mitsui & Co. | | 33,110 | | 731,029 | |
MS&AD Insurance Group Holdings | | 30,720 | | 992,679 | |
Nintendo | | 940 | | 451,993 | |
Otsuka | | 15,710 | | 813,953 | |
Sumitomo | | 34,140 | | 482,394 | |
Takeda Pharmaceutical | | 49,740 | | 1,663,350 | |
Tokyo Electron | | 3,290 | | 1,412,713 | |
Toyota Motor | | 3,220 | | 280,746 | |
| | | | 13,272,893 | |
Macau - .1% | | | | |
Sands China | | 20,760 | | 66,598 | |
Malaysia - .4% | | | | |
British American Tobacco Malaysia | | 32,450 | | 109,754 | |
Top Glove | | 285,710 | | 274,919 | |
| | | | 384,673 | |
Mexico - .3% | | | | |
Grupo Mexico, Ser. B | | 54,410 | | 252,273 | |
Netherlands - 1.8% | | | | |
ASML Holding | | 990 | | 823,520 | |
NN Group | | 6,510 | | 337,983 | |
Royal Dutch Shell, Cl. A | | 22,110 | | 435,177 | |
Royal Dutch Shell, Cl. B | | 171 | | 3,364 | |
| | | | 1,600,044 | |
New Zealand - 2.0% | | | | |
Spark New Zealand | | 540,100 | | 1,855,335 | |
Poland - 1.1% | | | | |
Powszechny Zaklad Ubezpieczen | | 97,970 | | 1,038,493 | |
Portugal - .1% | | | | |
Galp Energia | | 5,450 | | 55,818 | |
Russia - 3.4% | | | | |
Novolipetsk Steel | | 338,960 | | 1,142,583 | |
Severstal | | 81,664 | | 1,916,435 | |
| | | | 3,059,018 | |
65
STATEMENT OF INVESTMENTS (continued)
| | | | | | |
| |
BNY Mellon International Equity Income Fund (continued) |
Description | | Shares | | Value ($) | |
Common Stocks - 97.0% (continued) | | | |
Singapore - 1.2% | | | | |
DBS Group Holdings | | 18,291 | | 407,736 | |
Singapore Telecommunications | | 409,620 | | 706,845 | |
| | | | 1,114,581 | |
South Africa - 1.0% | | | | |
Kumba Iron Ore | | 15,650 | | 703,516 | |
MTN Group | | 6,750 | | 62,006 | |
Resilient REIT | | 25,714 | | 101,236 | |
| | | | 866,758 | |
South Korea - 2.4% | | | | |
KT&G | | 14,070 | | 990,221 | |
Samsung Electronics | | 18,620 | | 1,231,751 | |
| | | | 2,221,972 | |
Spain - 1.6% | | | | |
ACS Actividades de Construccion y Servicios | | 32,430 | | 875,349 | |
Telefonica | | 121,620 | | 600,475 | |
| | | | 1,475,824 | |
Sweden - .6% | | | | |
Telia | | 115,580 | | 496,102 | |
Switzerland - 6.6% | | | | |
Nestle | | 14,180 | | 1,792,185 | |
Novartis | | 11,250 | | 1,041,646 | |
Partners Group Holding | | 180 | | 319,214 | |
Roche Holding | | 2,941 | | 1,181,057 | |
Zurich Insurance Group | | 3,785 | | 1,661,556 | |
| | | | 5,995,658 | |
Taiwan - 6.9% | | | | |
Asustek Computer | | 112,170 | | 1,311,385 | |
Globalwafers | | 31,200 | | 979,450 | |
Taiwan Cement | | 569,497 | | 995,621 | |
Taiwan Semiconductor Manufacturing | | 117,120 | | 2,594,825 | |
Uni-President Enterprises | | 4,020 | | 10,488 | |
United Microelectronics | | 174,530 | | 397,382 | |
| | | | 6,289,151 | |
Thailand - .0% | | | | |
BTS Group Holdings | | 55,400 | | 16,156 | |
Turkey - .7% | | | | |
Ford Otomotiv Sanayi | | 29,728 | | 614,113 | |
United Arab Emirates - .4% | | | | |
Dubai Islamic Bank | | 245,428 | | 340,766 | |
United Kingdom - 9.8% | | | | |
AstraZeneca | | 2,674 | | 313,004 | |
BP | | 334,530 | | 1,365,758 | |
British American Tobacco | | 31,890 | | 1,196,502 | |
GlaxoSmithKline | | 87,766 | | 1,764,124 | |
Imperial Brands | | 77,970 | | 1,652,443 | |
Legal & General Group | | 123,140 | | 457,446 | |
Persimmon | | 28,130 | | 1,137,031 | |
Rio Tinto | | 2,030 | | 150,209 | |
SSE | | 40,390 | | 906,530 | |
| | | | 8,943,047 | |
Total Common Stocks (cost $69,382,314) | 88,157,526 | |
| |
BNY Mellon International Equity Income Fund (continued) |
Description | | Shares | | Value ($) | |
Exchange-Traded Funds - .9% | | | | |
United States - .9% | | | | |
iShares MSCI EAFE ETF
(cost $834,262) | | 10,350 | c | 834,624 | |
| | Preferred Dividend
Yield (%) | | | | |
Preferred Stocks - .4% | | | | |
Brazil - .1% | | | | |
Gerdau | 5.32 | 16,360 | | 89,634 | |
South Korea - .3% | | | | |
Samsung Electronics | 4.19 | 4,030 | | 246,086 | |
Total Preferred Stocks (cost $375,664) | 335,720 | |
| | Maturity Date | Number of Warrants | | | |
Warrants - .0% | | | | |
Thailand - .0% | | | | |
BTS Group Holdings | 12/31/2021 | 11,346 | | 0 | |
BTS Group Holdings | 12/31/2021 | 5,673 | | 0 | |
BTS Group Holdings | 12/31/2021 | 2,836 | | 0 | |
Total Warrants (cost $0) | | | | 0 | |
| | 1-Day
Yield (%) | Shares | | | |
Investment Companies - .2% | | | | |
Registered Investment Companies - .2% | | | | |
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares
(cost $223,898) | 0.06 | 223,898 | d | 223,898 | |
Total Investments (cost $70,816,138) | 98.5% | 89,551,768 | |
Cash and Receivables (Net) | 1.5% | 1,369,847 | |
Net Assets | 100.0% | 90,921,615 | |
ADR—American Depository Receipt
ETF—Exchange-Traded Fund
REIT—Real Estate Investment Trust
a Non-income producing security.
b Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2021, these securities were valued at $633,189 or .7% of net assets.
c Security, or portion thereof, on loan. At August 31, 2021, the value of the fund’s securities on loan was $826,237 and the value of the collateral was $843,590, consisting of U.S. Government & Agency securities.
d Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
66
| | |
Portfolio Summary (Unaudited) † | Value (%) |
Insurance | 10.5 |
Banks | 10.4 |
Pharmaceuticals Biotechnology & Life Sciences | 8.0 |
Materials | 7.9 |
Semiconductors & Semiconductor Equipment | 7.6 |
Capital Goods | 6.9 |
Food, Beverage & Tobacco | 6.3 |
Energy | 5.2 |
Telecommunication Services | 4.9 |
Utilities | 4.4 |
Technology Hardware & Equipment | 4.4 |
Retailing | 4.2 |
Automobiles & Components | 3.4 |
Software & Services | 2.7 |
Transportation | 2.7 |
Media & Entertainment | 1.7 |
Consumer Durables & Apparel | 1.4 |
Real Estate | 1.4 |
Consumer Services | 1.4 |
Food & Staples Retailing | 1.2 |
Investment Companies | 1.1 |
Diversified Financials | .3 |
Health Care Equipment & Services | .3 |
| | 98.5 |
† Based on net assets.
See notes to financial statements.
67
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | |
| |
BNY Mellon Asset Allocation Fund |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Bonds and Notes - 11.5% | | | | | |
Aerospace & Defense - .1% | | | | | |
Northrop Grumman, Sr. Unscd. Notes | | 2.93 | | 1/15/2025 | | 235,000 | | 249,962 | |
The Boeing Company, Sr. Unscd. Notes | | 4.88 | | 5/1/2025 | | 275,000 | | 307,538 | |
| | 557,500 | |
Airlines - .1% | | | | | |
American Airlines Pass Through Trust, Ser. 2015-1, Cl. A | | 3.38 | | 5/1/2027 | | 270,132 | | 267,441 | |
Delta Air Lines Pass Through Trust, Ser. 2019-1, Cl. AA | | 3.20 | | 4/25/2024 | | 250,000 | | 265,811 | |
United Airlines Pass Through Trust, Ser. 2019-2, Cl. AA | | 2.70 | | 5/1/2032 | | 259,498 | | 262,009 | |
| | 795,261 | |
Automobiles & Components - .1% | | | | | |
General Motors, Sr. Unscd. Notes | | 5.40 | | 10/2/2023 | | 150,000 | | 164,035 | |
General Motors Financial, Sr. Unscd. Notes | | 1.50 | | 6/10/2026 | | 150,000 | | 150,173 | |
| | 314,208 | |
Banks - .8% | | | | | |
Banco Santander, Sr. Unscd. Notes | | 2.75 | | 5/28/2025 | | 200,000 | | 210,924 | |
Bank of America, Sub. Notes, Ser. L | | 3.95 | | 4/21/2025 | | 495,000 | | 542,366 | |
Citigroup, Sub. Notes | | 4.45 | | 9/29/2027 | | 435,000 | | 498,512 | |
Citizens Bank, Sr. Unscd. Notes | | 2.25 | | 4/28/2025 | | 310,000 | | 324,529 | |
HSBC Holdings, Sr. Unscd. Notes | | 4.95 | | 3/31/2030 | | 175,000 | | 211,568 | |
JPMorgan Chase & Co., Jr. Sub. Bonds, Ser. II | | 4.00 | | 4/1/2025 | | 290,000 | a | 294,873 | |
Lloyds Bank, Jr. Sub. Notes | | 12.00 | | 12/16/2024 | | 200,000 | a,b | 211,825 | |
Morgan Stanley, Sr. Unscd. Notes | | 1.59 | | 5/4/2027 | | 500,000 | | 504,935 | |
NatWest Group, Sr. Unscd. Notes | | 5.08 | | 1/27/2030 | | 260,000 | | 312,072 | |
Nordea Bank, Jr. Sub. Notes | | 6.63 | | 3/26/2026 | | 255,000 | a,b | 294,259 | |
Societe Generale, Sub. Notes | | 4.75 | | 11/24/2025 | | 250,000 | b | 278,522 | |
The Goldman Sachs Group, Sub. Notes | | 6.75 | | 10/1/2037 | | 395,000 | | 576,265 | |
| | 4,260,650 | |
Beverage Products - .1% | | | | | |
Anheuser-Busch InBev Worldwide, Gtd. Notes | | 4.90 | | 2/1/2046 | | 320,000 | | 409,012 | |
Chemicals - .1% | | | | | |
Huntsman International, Sr. Unscd. Notes | | 4.50 | | 5/1/2029 | | 375,000 | | 430,283 | |
Yara International, Sr. Unscd. Notes | | 3.15 | | 6/4/2030 | | 230,000 | b | 245,995 | |
| | 676,278 | |
Commercial & Professional Services - .2% | | | | | |
Global Payments, Sr. Unscd. Notes | | 4.80 | | 4/1/2026 | | 320,000 | | 365,934 | |
Novant Health, Unscd. Bonds | | 2.64 | | 11/1/2036 | | 200,000 | | 207,359 | |
The George Washington University, Unscd. Bonds, Ser. 2018 | | 4.13 | | 9/15/2048 | | 325,000 | | 411,423 | |
| | 984,716 | |
Commercial Mortgage Pass-Through Certificates - .2% | | | | | |
UBS Commercial Mortgage Trust, Ser. 2012-C1, Cl. A3 | | 3.40 | | 5/10/2045 | | 219,701 | | 220,646 | |
WFRBS Commercial Mortgage Trust, Ser. 2013-C12, CI. A4 | | 3.20 | | 3/15/2048 | | 304,470 | | 313,792 | |
WFRBS Commercial Mortgage Trust, Ser. 2013-C13, Cl. A4 | | 3.00 | | 5/15/2045 | | 540,000 | | 556,693 | |
| | 1,091,131 | |
Diversified Financials - .3% | | | | | |
AerCap Global Aviation Trust, Gtd. Notes | | 1.75 | | 1/30/2026 | | 225,000 | | 222,720 | |
Aircastle, Sr. Unscd. Notes | | 2.85 | | 1/26/2028 | | 500,000 | b | 511,937 | |
Ares Capital, Sr. Unscd. Notes | | 2.88 | | 6/15/2028 | | 275,000 | | 280,613 | |
BlackRock TCP Capital, Sr. Unscd. Notes | | 2.85 | | 2/9/2026 | | 200,000 | | 204,802 | |
Blackstone Secured Lending Fund, Sr. Unscd. Notes | | 2.13 | | 2/15/2027 | | 250,000 | b | 247,223 | |
| | 1,467,295 | |
Electronic Components - .1% | | | | | |
Jabil, Sr. Unscd. Notes | | 3.60 | | 1/15/2030 | | 300,000 | | 324,644 | |
Energy - .4% | | | | | |
BP Capital Markets, Gtd. Notes | | 2.50 | | 11/6/2022 | | 255,000 | | 261,648 | |
68
| | | | | | | | | | |
| |
BNY Mellon Asset Allocation Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Bonds and Notes - 11.5% (continued) | | | | | |
Energy - .4% (continued) | | | | | |
Cheniere Corpus Christi Holdings, Sr. Scd. Notes | | 5.13 | | 6/30/2027 | | 250,000 | | 290,943 | |
Diamondback Energy, Gtd. Notes | | 3.13 | | 3/24/2031 | | 200,000 | | 208,409 | |
Diamondback Energy, Gtd. Notes | | 3.50 | | 12/1/2029 | | 215,000 | | 231,773 | |
Enbridge, Gtd. Notes | | 2.50 | | 8/1/2033 | | 195,000 | | 197,068 | |
Energy Transfer, Sr. Unscd. Notes | | 5.25 | | 4/15/2029 | | 440,000 | | 518,766 | |
Marathon Petroleum, Sr. Unscd. Notes | | 3.80 | | 4/1/2028 | | 175,000 | | 193,318 | |
Sabine Pass Liquefaction, Sr. Scd. Notes | | 4.50 | | 5/15/2030 | | 200,000 | | 231,874 | |
| | 2,133,799 | |
Environmental Control - .0% | | | | | |
Waste Connections, Sr. Unscd. Notes | | 3.50 | | 5/1/2029 | | 225,000 | | 249,683 | |
Financials - .1% | | | | | |
Apollo Management Holdings, Gtd. Notes | | 4.87 | | 2/15/2029 | | 225,000 | b | 263,503 | |
Food Products - .1% | | | | | |
The Kroger Company, Sr. Unscd. Notes | | 1.70 | | 1/15/2031 | | 300,000 | | 290,655 | |
Health Care - .3% | | | | | |
AbbVie, Sr. Unscd. Notes | | 3.20 | | 11/21/2029 | | 325,000 | | 355,484 | |
Amgen, Sr. Unscd. Notes | | 5.65 | | 6/15/2042 | | 230,000 | | 320,807 | |
Astrazeneca Finance, Gtd. Notes | | 1.20 | | 5/28/2026 | | 225,000 | | 226,295 | |
CVS Health, Sr. Unscd. Notes | | 4.78 | | 3/25/2038 | | 405,000 | | 504,605 | |
Kaiser Foundation Hospitals, Unscd. Bonds, Ser. 2021 | | 2.81 | | 6/1/2041 | | 175,000 | | 180,915 | |
The Johns Hopkins Health System, Unscd. Bonds | | 3.84 | | 5/15/2046 | | 195,000 | | 233,303 | |
| | 1,821,409 | |
Industrial - .0% | | | | | |
John Deere Capital, Sr. Unscd. Notes | | 0.45 | | 1/17/2024 | | 225,000 | | 225,160 | |
Information Technology - .3% | | | | | |
Adobe, Sr. Unscd. Notes | | 3.25 | | 2/1/2025 | | 305,000 | | 328,545 | |
Fidelity National Information Services, Sr. Unscd. Notes | | 3.10 | | 3/1/2041 | | 225,000 | | 234,581 | |
Fiserv, Sr. Unscd. Notes | | 4.40 | | 7/1/2049 | | 275,000 | | 337,287 | |
Microsoft, Sr. Unscd. Notes | | 2.53 | | 6/1/2050 | | 360,000 | | 359,593 | |
Oracle, Sr. Unscd. Notes | | 3.90 | | 5/15/2035 | | 275,000 | | 309,364 | |
| | 1,569,370 | |
Insurance - .1% | | | | | |
MetLife, Jr. Sub. Notes, Ser. G | | 3.85 | | 9/15/2025 | | 100,000 | a | 105,250 | |
Prudential, Sr. Unscd. Notes | | 3.13 | | 4/14/2030 | | 250,000 | | 273,192 | |
| | 378,442 | |
Internet Software & Services - .2% | | | | | |
Amazon.com, Sr. Unscd. Notes | | 1.00 | | 5/12/2026 | | 350,000 | c | 351,991 | |
Arrow Electronics, Sr. Unscd. Notes | | 3.50 | | 4/1/2022 | | 245,000 | | 248,029 | |
eBay, Sr. Unscd. Notes | | 1.90 | | 3/11/2025 | | 320,000 | | 331,134 | |
Tencent Holdings, Sr. Unscd. Notes | | 3.98 | | 4/11/2029 | | 280,000 | b | 310,768 | |
| | 1,241,922 | |
Media - .1% | | | | | |
Sky, Gtd. Notes | | 3.75 | | 9/16/2024 | | 425,000 | b | 463,539 | |
The Walt Disney Company, Gtd. Notes | | 2.65 | | 1/13/2031 | | 145,000 | | 154,105 | |
| | 617,644 | |
Municipal Securities - .7% | | | | | |
California, GO | | 3.38 | | 4/1/2025 | | 175,000 | | 191,215 | |
California Educational Facilities Authority, Revenue Bonds, Refunding (The Leland Stanford Junior University) Ser. U2 | | 5.00 | | 10/1/2032 | | 375,000 | | 533,035 | |
69
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | |
| |
BNY Mellon Asset Allocation Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Bonds and Notes - 11.5% (continued) | | | | | |
Municipal Securities - .7% (continued) | | | | | |
JobsOhio Beverage System, Revenue Bonds, Refunding, Ser. A | | 2.83 | | 1/1/2038 | | 150,000 | | 159,081 | |
Massachusetts, GO (Build America Bonds) | | 4.91 | | 5/1/2029 | | 325,000 | | 402,452 | |
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding | | 4.13 | | 6/15/2042 | | 310,000 | | 356,230 | |
New Jersey Turnpike Authority, Revenue Bonds, Refunding, Ser. B | | 1.48 | | 1/1/2028 | | 200,000 | | 200,706 | |
New York City, GO, Refunding Ser. D | | 1.92 | | 8/1/2031 | | 175,000 | | 175,914 | |
Ohio Turnpike & Infrastructure Commission, Revenue Bonds, Refunding, Ser. A | | 3.22 | | 2/15/2048 | | 250,000 | | 260,101 | |
Port Authority of New York & New Jersey, Revenue Bonds, Ser. AAA | | 1.09 | | 7/1/2023 | | 255,000 | | 258,727 | |
State Board of Administration Finance Corp., Revenue Bonds, Ser. A | | 2.15 | | 7/1/2030 | | 280,000 | | 287,495 | |
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds (North Tarrant Express Mobility Partners) Ser. B | | 3.92 | | 12/31/2049 | | 250,000 | | 288,186 | |
Texas Public Finance Authority, Revenue Bonds | | 8.25 | | 7/1/2024 | | 210,000 | | 211,988 | |
University of California, Revenue Bonds, Refunding (Limited Project) Ser. J | | 4.13 | | 5/15/2045 | | 340,000 | | 407,490 | |
University of California, Revenue Bonds, Ser. BG | | 1.61 | | 5/15/2030 | | 160,000 | | 159,838 | |
| | 3,892,458 | |
Real Estate - .3% | | | | | |
Alexandria Real Estate Equities, Gtd. Notes | | 4.30 | | 1/15/2026 | | 265,000 | | 297,649 | |
American Homes 4 Rent, Sr. Unscd. Notes | | 4.90 | | 2/15/2029 | | 400,000 | | 473,682 | |
Brandywine Operating Partnership, Gtd. Notes | | 4.10 | | 10/1/2024 | | 200,000 | | 216,387 | |
Hudson Pacific Properties, Gtd. Notes | | 3.25 | | 1/15/2030 | | 265,000 | | 281,947 | |
Life Storage, Gtd. Notes | | 4.00 | | 6/15/2029 | | 160,000 | | 181,719 | |
Spirit Realty, Gtd. Notes | | 2.10 | | 3/15/2028 | | 225,000 | | 226,219 | |
| | 1,677,603 | |
Retailing - .1% | | | | | |
7-Eleven, Sr. Unscd. Notes | | 1.80 | | 2/10/2031 | | 275,000 | b | 266,181 | |
Ross Stores, Sr. Unscd. Notes | | 4.60 | | 4/15/2025 | | 225,000 | | 252,645 | |
The Home Depot, Sr. Unscd. Notes | | 1.38 | | 3/15/2031 | | 280,000 | c | 270,545 | |
| | 789,371 | |
Semiconductors & Semiconductor Equipment - .3% | | | | | |
Broadcom, Gtd. Notes | | 3.75 | | 2/15/2051 | | 150,000 | b | 156,440 | |
Broadcom Cayman Finance, Gtd. Notes | | 3.50 | | 1/15/2028 | | 300,000 | | 326,573 | |
KLA, Sr. Unscd. Notes | | 4.10 | | 3/15/2029 | | 225,000 | | 259,316 | |
Lam Research, Sr. Unscd. Notes | | 4.00 | | 3/15/2029 | | 315,000 | | 365,206 | |
Microchip Technology, Sr. Scd. Notes | | 0.97 | | 2/15/2024 | | 310,000 | b | 310,442 | |
Microchip Technology, Sr. Scd. Notes | | 0.98 | | 9/1/2024 | | 115,000 | b | 114,945 | |
NXP Funding, Gtd. Notes | | 2.70 | | 5/1/2025 | | 100,000 | b | 105,251 | |
| | 1,638,173 | |
Technology Hardware & Equipment - .1% | | | | | |
Apple, Sr. Unscd. Notes | | 4.38 | | 5/13/2045 | | 255,000 | | 327,583 | |
Telecommunication Services - .3% | | | | | |
AT&T, Sr. Unscd. Notes | | 4.55 | | 3/9/2049 | | 345,000 | | 412,640 | |
Telefonica Emisiones, Gtd. Notes | | 4.10 | | 3/8/2027 | | 300,000 | | 338,805 | |
T-Mobile USA, Sr. Scd. Notes | | 3.00 | | 2/15/2041 | | 325,000 | | 323,242 | |
Verizon Communications, Sr. Unscd. Notes | | 3.40 | | 3/22/2041 | | 140,000 | | 150,249 | |
70
| | | | | | | | | | |
| |
BNY Mellon Asset Allocation Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Bonds and Notes - 11.5% (continued) | | | | | |
Telecommunication Services - .3% (continued) | | | | | |
Verizon Communications, Sr. Unscd. Notes | | 5.50 | | 3/16/2047 | | 310,000 | | 440,847 | |
| | 1,665,783 | |
Transportation - .2% | | | | | |
J.B. Hunt Transport Services, Gtd. Notes | | 3.88 | | 3/1/2026 | | 310,000 | | 345,663 | |
Ryder System, Sr. Unscd. Notes | | 3.35 | | 9/1/2025 | | 290,000 | | 313,583 | |
Union Pacific, Sr. Unscd. Notes | | 3.15 | | 3/1/2024 | | 235,000 | | 250,051 | |
| | 909,297 | |
U.S. Government Agencies Mortgage-Backed - 3.0% | | | | | |
Federal Home Loan Mortgage Corp.: | | | |
1.50%, 1/1/2036-10/1/2050 | | | 698,477 | d | 697,883 | |
2.00%, 6/1/2041-8/1/2041 | | | 763,446 | d | 782,042 | |
2.50%, 4/1/2036-5/1/2051 | | | 1,114,127 | d | 1,161,786 | |
3.00%, 7/1/2051 | | | 380,904 | d | 399,607 | |
3.50%, 5/1/2051 | | | 546,627 | d | 579,404 | |
5.00%, 8/1/2049 | | | 124,489 | d | 136,893 | |
Federal National Mortgage Association: | | | |
2.00%, 2/1/2036-3/1/2051 | | | 2,061,567 | d | 2,103,649 | |
2.50%, 1/1/2051-7/1/2051 | | | 1,476,357 | d | 1,534,786 | |
3.00%, 1/1/2035-7/1/2051 | | | 1,934,008 | d | 2,034,667 | |
3.50%, 5/1/2051 | | | 382,696 | d | 404,862 | |
4.00%, 2/1/2050-8/1/2051 | | | 699,300 | d | 752,568 | |
4.50%, 3/1/2050 | | | 260,360 | d | 283,258 | |
Government National Mortgage Association I: | | | |
4.00%, 7/15/2049 | | | 124,940 | | 134,419 | |
Government National Mortgage Association II: | | | |
2.00%, 6/20/2051-8/20/2051 | | | 661,340 | | 674,798 | |
2.50%, 5/20/2051-7/20/2051 | | | 1,226,008 | | 1,266,212 | |
3.00%, 6/20/2050-6/20/2051 | | | 834,625 | | 872,038 | |
3.50%, 7/20/2051-9/20/2051 | | | 1,196,720 | | 1,273,214 | |
4.00%, 2/20/2051-5/20/2051 | | | 900,148 | | 937,446 | |
4.50%, 7/20/2051 | | | 472,374 | | 506,932 | |
| | 16,536,464 | |
U.S. Treasury Securities - 2.6% | | | | | |
U.S. Treasury Bonds | | 1.13 | | 8/15/2040 | | 305,000 | | 270,854 | |
U.S. Treasury Bonds | | 1.88 | | 2/15/2041 | | 605,000 | | 609,868 | |
U.S. Treasury Bonds | | 2.38 | | 5/15/2051 | | 115,000 | | 127,030 | |
U.S. Treasury Inflation Indexed Notes, US CPI Urban Consumers Not Seasonally Adjusted | | 0.13 | | 10/15/2024 | | 317,691 | e | 341,514 | |
U.S. Treasury Inflation Indexed Notes, US CPI Urban Consumers Not Seasonally Adjusted | | 0.13 | | 4/15/2025 | | 1,030,823 | c,e | 1,112,822 | |
U.S. Treasury Inflation Indexed Notes, US CPI Urban Consumers Not Seasonally Adjusted | | 0.38 | | 7/15/2025 | | 647,320 | e | 711,242 | |
U.S. Treasury Inflation Indexed Notes, US CPI Urban Consumers Not Seasonally Adjusted | | 0.38 | | 1/15/2027 | | 314,933 | e | 351,757 | |
U.S. Treasury Notes | | 0.13 | | 1/31/2023 | | 1,095,000 | | 1,095,000 | |
U.S. Treasury Notes | | 0.13 | | 12/31/2022 | | 410,000 | | 410,032 | |
U.S. Treasury Notes | | 0.13 | | 12/15/2023 | | 180,000 | | 179,445 | |
U.S. Treasury Notes | | 0.13 | | 2/28/2023 | | 390,000 | | 389,924 | |
U.S. Treasury Notes | | 0.13 | | 7/31/2023 | | 260,000 | c | 259,716 | |
71
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | |
| |
BNY Mellon Asset Allocation Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Bonds and Notes - 11.5% (continued) | | | | | |
U.S. Treasury Securities - 2.6% (continued) | | | | | |
U.S. Treasury Notes | | 0.25 | | 6/15/2024 | | 520,000 | | 518,416 | |
U.S. Treasury Notes | | 0.25 | | 10/31/2025 | | 595,000 | c | 585,192 | |
U.S. Treasury Notes | | 0.25 | | 8/31/2025 | | 245,000 | | 241,421 | |
U.S. Treasury Notes | | 0.50 | | 8/31/2027 | | 625,000 | | 609,155 | |
U.S. Treasury Notes | | 0.63 | | 5/15/2030 | | 755,000 | | 717,191 | |
U.S. Treasury Notes | | 0.63 | | 7/31/2026 | | 205,000 | | 203,607 | |
U.S. Treasury Notes | | 0.63 | | 12/31/2027 | | 200,000 | | 195,531 | |
U.S. Treasury Notes | | 1.13 | | 2/15/2031 | | 630,000 | c | 621,633 | |
U.S. Treasury Notes | | 1.50 | | 2/15/2030 | | 620,000 | c | 634,773 | |
U.S. Treasury Notes | | 1.63 | | 8/15/2029 | | 205,000 | | 212,303 | |
U.S. Treasury Notes | | 1.75 | | 11/15/2029 | | 665,000 | c | 695,055 | |
U.S. Treasury Notes | | 1.75 | | 12/31/2026 | | 255,000 | c | 267,332 | |
U.S. Treasury Notes | | 2.00 | | 11/15/2026 | | 525,000 | | 557,033 | |
U.S. Treasury Notes | | 2.13 | | 7/31/2024 | | 200,000 | | 210,152 | |
U.S. Treasury Notes | | 2.25 | | 11/15/2027 | | 120,000 | | 129,370 | |
U.S. Treasury Notes | | 2.38 | | 5/15/2027 | | 605,000 | | 655,291 | |
U.S. Treasury Notes | | 2.50 | | 1/31/2024 | | 210,000 | | 221,189 | |
U.S. Treasury Notes | | 2.50 | | 2/28/2026 | | 345,000 | | 372,580 | |
U.S. Treasury Notes | | 2.63 | | 12/31/2023 | | 305,000 | | 321,692 | |
U.S. Treasury Notes | | 2.63 | | 1/31/2026 | | 120,000 | | 130,130 | |
U.S. Treasury Notes | | 2.88 | | 11/30/2025 | | 5,000 | | 5,465 | |
U.S. Treasury Notes | | 3.13 | | 11/15/2028 | | 220,000 | | 251,118 | |
| | 14,214,833 | |
Utilities - .2% | | | | | |
Appalachian Power, Sr. Unscd. Notes, Ser. AA | | 2.70 | | 4/1/2031 | | 280,000 | | 292,395 | |
Black Hills, Sr. Unscd. Notes | | 4.35 | | 5/1/2033 | | 160,000 | | 188,560 | |
CenterPoint Energy, Sr. Unscd. Notes | | 4.25 | | 11/1/2028 | | 275,000 | | 316,815 | |
NiSource, Sr. Unscd. Notes | | 3.95 | | 3/30/2048 | | 290,000 | | 335,732 | |
| | 1,133,502 | |
Total Bonds and Notes
(cost $59,810,752) | | 62,457,349 | |
Description | | | | | Shares | | Value ($) | |
Common Stocks - 26.3% | | | | | |
Advertising - .0% | | | | | |
Omnicom Group | | | | | | 1,955 | | 143,145 | |
Aerospace & Defense - .4% | | | | | |
Howmet Aerospace | | | | | | 2,805 | | 89,059 | |
L3Harris Technologies | | | | | | 814 | | 189,670 | |
Lockheed Martin | | | | | | 1,379 | | 496,164 | |
Northrop Grumman | | | | | | 592 | | 217,678 | |
Raytheon Technologies | | | | | | 5,029 | | 426,258 | |
Teledyne Technologies | | | | | | 187 | f | 86,652 | |
The Boeing Company | | | | | | 1,883 | f | 413,318 | |
| | 1,918,799 | |
Agriculture - .2% | | | | | |
Altria Group | | | | | | 7,361 | | 369,743 | |
Archer-Daniels-Midland | | | | | | 960 | | 57,600 | |
Philip Morris International | | | | | | 6,759 | | 696,177 | |
| | 1,123,520 | |
72
| | | | | | | | | | |
| |
BNY Mellon Asset Allocation Fund (continued) |
Description | | | | | Shares | | Value ($) | |
Common Stocks - 26.3% (continued) | | | | | |
Airlines - .1% | | | | | |
Delta Air Lines | | | | | | 4,125 | f | 166,815 | |
Southwest Airlines | | | | | | 2,875 | f | 143,117 | |
| | 309,932 | |
Automobiles & Components - .5% | | | | | |
BorgWarner | | | | | | 4,815 | | 205,504 | |
Ford Motor | | | | | | 21,780 | f | 283,793 | |
General Motors | | | | | | 4,685 | f | 229,612 | |
Tesla | | | | | | 2,698 | f | 1,984,973 | |
| | 2,703,882 | |
Banks - 1.1% | | | | | |
Bank of America | | | | | | 36,493 | | 1,523,583 | |
Citigroup | | | | | | 5,056 | | 363,577 | |
Citizens Financial Group | | | | | | 4,435 | | 194,209 | |
Comerica | | | | | | 2,895 | | 213,969 | |
Huntington Bancshares | | | | | | 9,285 | | 144,196 | |
JPMorgan Chase & Co. | | | | | | 9,614 | | 1,537,759 | |
M&T Bank | | | | | | 623 | | 87,226 | |
People's United Financial | | | | | | 5,890 | | 96,773 | |
Regions Financial | | | | | | 11,540 | | 235,762 | |
The PNC Financial Services Group | | | | | | 2,230 | | 426,153 | |
Truist Financial | | | | | | 5,473 | | 312,289 | |
U.S. Bancorp | | | | | | 8,125 | | 466,294 | |
Wells Fargo & Co. | | | | | | 11,244 | | 513,851 | |
Zions Bancorp | | | | | | 2,290 | | 132,591 | |
| | 6,248,232 | |
Beverage Products - .4% | | | | | |
CVS Health | | | | | | 4,335 | | 374,501 | |
Molson Coors Beverage, Cl. B | | | | | | 1,840 | | 87,455 | |
Monster Beverage | | | | | | 3,998 | f | 390,085 | |
PepsiCo | | | | | | 5,011 | | 783,670 | |
The Coca-Cola Company | | | | | | 13,183 | | 742,335 | |
| | 2,378,046 | |
Building Materials - .1% | | | | | |
Carrier Global | | | | | | 4,240 | | 244,224 | |
Johnson Controls International | | | | | | 3,162 | | 236,518 | |
| | 480,742 | |
Chemicals - .5% | | | | | |
Air Products & Chemicals | | | | | | 767 | | 206,714 | |
Albemarle | | | | | | 805 | | 190,576 | |
Celanese | | | | | | 773 | | 122,598 | |
Dow | | | | | | 3,055 | | 192,159 | |
DuPont de Nemours | | | | | | 3,360 | | 248,707 | |
Eastman Chemical | | | | | | 1,785 | | 201,991 | |
Ecolab | | | | | | 553 | | 124,624 | |
FMC | | | | | | 346 | | 32,396 | |
Linde | | | | | | 1,988 | | 625,405 | |
LyondellBasell Industries, Cl. A | | | | | | 1,455 | | 146,009 | |
PPG Industries | | | | | | 880 | | 140,404 | |
The Sherwin-Williams Company | | | | | | 759 | | 230,486 | |
73
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | |
| |
BNY Mellon Asset Allocation Fund (continued) |
Description | | | | | Shares | | Value ($) | |
Common Stocks - 26.3% (continued) | | | | | |
Chemicals - .5% (continued) | | | | | |
Vulcan Materials | | | | | | 628 | | 116,764 | |
| | 2,578,833 | |
Commercial & Professional Services - .3% | | | | | |
Automatic Data Processing | | | | | | 1,940 | | 405,538 | |
Cintas | | | | | | 455 | | 180,075 | |
Equifax | | | | | | 579 | | 157,639 | |
FLEETCOR Technologies | | | | | | 296 | f | 77,931 | |
IHS Markit | | | | | | 1,431 | | 172,579 | |
Nielsen Holdings | | | | | | 3,950 | | 84,767 | |
S&P Global | | | | | | 1,736 | | 770,472 | |
| | 1,849,001 | |
Consumer Discretionary - .4% | | | | | |
Chipotle Mexican Grill | | | | | | 116 | f | 220,786 | |
D.R. Horton | | | | | | 1,990 | | 190,284 | |
Darden Restaurants | | | | | | 970 | | 146,130 | |
Hasbro | | | | | | 793 | | 77,960 | |
Hilton Worldwide Holdings | | | | | | 1,112 | f | 138,844 | |
Las Vegas Sands | | | | | | 1,250 | f | 55,763 | |
Lennar, Cl. A | | | | | | 1,875 | | 201,206 | |
Marriott International, Cl. A | | | | | | 1,377 | f | 186,088 | |
MGM Resorts International | | | | | | 3,600 | | 153,432 | |
Royal Caribbean Cruises | | | | | | 723 | f | 59,814 | |
Starbucks | | | | | | 4,623 | | 543,156 | |
Whirlpool | | | | | | 646 | | 143,108 | |
Wynn Resorts | | | | | | 987 | f | 100,368 | |
Yum! Brands | | | | | | 696 | | 91,197 | |
| | 2,308,136 | |
Consumer Durables & Apparel - .2% | | | | | |
NIKE, Cl. B | | | | | | 6,011 | | 990,252 | |
Tapestry | | | | | | 4,150 | | 167,328 | |
| | 1,157,580 | |
Consumer Staples - .3% | | | | | |
Church & Dwight | | | | | | 1,145 | | 95,791 | |
Colgate-Palmolive | | | | | | 3,460 | | 269,707 | |
The Estee Lauder Companies, Cl. A | | | | | | 756 | | 257,410 | |
The Procter & Gamble Company | | | | | | 8,699 | | 1,238,651 | |
| | 1,861,559 | |
Diversified Financials - 1.3% | | | | | |
American Express | | | | | | 4,493 | | 745,658 | |
BlackRock | | | | | | 577 | | 544,278 | |
Capital One Financial | | | | | | 1,865 | | 309,534 | |
CME Group | | | | | | 1,114 | | 224,716 | |
Discover Financial Services | | | | | | 1,739 | | 222,975 | |
Intercontinental Exchange | | | | | | 1,846 | | 220,652 | |
Invesco | | | | | | 8,985 | | 227,500 | |
Mastercard, Cl. A | | | | | | 3,061 | | 1,059,810 | |
Moody's | | | | | | 692 | | 263,493 | |
Morgan Stanley | | | | | | 4,770 | | 498,131 | |
Northern Trust | | | | | | 1,381 | | 163,676 | |
74
| | | | | | | | | | |
| |
BNY Mellon Asset Allocation Fund (continued) |
Description | | | | | Shares | | Value ($) | |
Common Stocks - 26.3% (continued) | | | | | |
Diversified Financials - 1.3% (continued) | | | | | |
State Street | | | | | | 940 | | 87,335 | |
T. Rowe Price Group | | | | | | 856 | | 191,633 | |
The Charles Schwab | | | | | | 3,505 | | 255,339 | |
The Goldman Sachs Group | | | | | | 787 | | 325,432 | |
Visa, Cl. A | | | | | | 7,693 | | 1,762,466 | |
| | 7,102,628 | |
Electronic Components - .5% | | | | | |
AMETEK | | | | | | 1,235 | | 167,923 | |
Amphenol, Cl. A | | | | | | 1,756 | | 134,562 | |
Emerson Electric | | | | | | 2,845 | | 300,147 | |
Fastenal | | | | | | 3,550 | | 198,267 | |
Fortive | | | | | | 1,255 | | 92,707 | |
Garmin | | | | | | 1,168 | | 203,734 | |
Honeywell International | | | | | | 2,989 | | 693,179 | |
PACCAR | | | | | | 2,645 | | 216,546 | |
Quanta Services | | | | | | 2,165 | | 221,046 | |
TE Connectivity | | | | | | 1,585 | | 238,099 | |
United Rentals | | | | | | 611 | f | 215,469 | |
| | 2,681,679 | |
Energy - .6% | | | | | |
Baker Hughes | | | | | | 3,420 | | 77,908 | |
Cabot Oil & Gas | | | | | | 7,250 | | 115,203 | |
Chevron | | | | | | 4,622 | | 447,271 | |
ConocoPhillips | | | | | | 7,062 | | 392,153 | |
Devon Energy | | | | | | 5,325 | | 157,354 | |
Diamondback Energy | | | | | | 1,550 | | 119,567 | |
DT Midstream | | | | | | 523 | | 24,304 | |
EOG Resources | | | | | | 4,635 | | 312,955 | |
Exxon Mobil | | | | | | 11,471 | | 625,399 | |
Halliburton | | | | | | 4,010 | | 80,120 | |
Hess | | | | | | 1,685 | | 115,844 | |
Kinder Morgan | | | | | | 6,857 | | 111,563 | |
Marathon Oil | | | | | | 11,755 | | 138,121 | |
Marathon Petroleum | | | | | | 1,585 | | 93,943 | |
Occidental Petroleum | | | | | | 2,755 | | 70,776 | |
ONEOK | | | | | | 1,930 | | 101,364 | |
Phillips 66 | | | | | | 1,480 | | 105,213 | |
Pioneer Natural Resources | | | | | | 471 | | 70,495 | |
Schlumberger | | | | | | 7,885 | | 221,095 | |
The Williams Companies | | | | | | 1,775 | | 43,825 | |
Valero Energy | | | | | | 1,086 | | 72,013 | |
| | 3,496,486 | |
Environmental Control - .0% | | | | | |
Waste Management | | | | | | 1,115 | | 172,948 | |
Food & Staples Retailing - .4% | | | | | |
Costco Wholesale | | | | | | 1,496 | | 681,413 | |
Sysco | | | | | | 1,860 | | 148,149 | |
The Kroger Company | | | | | | 3,215 | | 147,986 | |
Walgreens Boots Alliance | | | | | | 2,465 | | 125,099 | |
75
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | |
| |
BNY Mellon Asset Allocation Fund (continued) |
Description | | | | | Shares | | Value ($) | |
Common Stocks - 26.3% (continued) | | | | | |
Food & Staples Retailing - .4% (continued) | | | | | |
Walmart | | | | | | 7,242 | | 1,072,540 | |
| | 2,175,187 | |
Food Products - .2% | | | | | |
Conagra Brands | | | | | | 2,650 | | 87,768 | |
General Mills | | | | | | 3,390 | | 195,976 | |
McCormick & Co. | | | | | | 535 | | 46,165 | |
Mondelez International, Cl. A | | | | | | 4,860 | | 301,660 | |
The Hershey Company | | | | | | 673 | | 119,592 | |
The J.M. Smucker Company | | | | | | 721 | | 89,166 | |
Tyson Foods, Cl. A | | | | | | 1,210 | | 95,009 | |
| | 935,336 | |
Forest Products & Paper - .0% | | | | | |
International Paper | | | | | | 2,340 | | 140,611 | |
Health Care - 3.5% | | | | | |
Abbott Laboratories | | | | | | 6,331 | | 800,048 | |
AbbVie | | | | | | 6,781 | | 819,009 | |
ABIOMED | | | | | | 235 | f | 85,531 | |
Agilent Technologies | | | | | | 3,667 | | 643,448 | |
Align Technology | | | | | | 292 | f | 207,028 | |
Amgen | | | | | | 3,439 | | 775,598 | |
Anthem | | | | | | 836 | | 313,609 | |
Baxter International | | | | | | 655 | | 49,924 | |
Becton Dickinson & Co. | | | | | | 290 | | 72,993 | |
Biogen | | | | | | 439 | f | 148,781 | |
Boston Scientific | | | | | | 5,510 | f | 248,776 | |
Bristol-Myers Squibb | | | | | | 7,588 | | 507,334 | |
Centene | | | | | | 1,855 | f | 116,828 | |
Cigna | | | | | | 1,073 | | 227,100 | |
Corteva | | | | | | 2,493 | | 109,617 | |
Danaher | | | | | | 3,675 | | 1,191,288 | |
DexCom | | | | | | 410 | f | 217,062 | |
Edwards Lifesciences | | | | | | 1,846 | f | 216,314 | |
Eli Lilly & Co. | | | | | | 2,634 | | 680,336 | |
Gilead Sciences | | | | | | 4,680 | | 340,610 | |
HCA Healthcare | | | | | | 1,394 | | 352,654 | |
Henry Schein | | | | | | 830 | f | 62,740 | |
Hologic | | | | | | 825 | f | 65,299 | |
Humana | | | | | | 547 | | 221,765 | |
IDEXX Laboratories | | | | | | 678 | f | 456,809 | |
Illumina | | | | | | 339 | f | 154,977 | |
Intuitive Surgical | | | | | | 434 | f | 457,245 | |
Johnson & Johnson | | | | | | 11,838 | | 2,049,513 | |
Laboratory Corp. of America Holdings | | | | | | 610 | f | 185,062 | |
McKesson | | | | | | 503 | | 102,682 | |
Medtronic | | | | | | 3,668 | | 489,605 | |
Merck & Co. | | | | | | 7,170 | | 546,999 | |
Pfizer | | | | | | 28,956 | | 1,334,003 | |
Quest Diagnostics | | | | | | 805 | | 123,028 | |
Regeneron Pharmaceuticals | | | | | | 329 | f | 221,549 | |
76
| | | | | | | | | | |
| |
BNY Mellon Asset Allocation Fund (continued) |
Description | | | | | Shares | | Value ($) | |
Common Stocks - 26.3% (continued) | | | | | |
Health Care - 3.5% (continued) | | | | | |
ResMed | | | | | | 547 | | 158,920 | |
Steris | | | | | | 559 | | 120,191 | |
Stryker | | | | | | 716 | | 198,404 | |
Teleflex | | | | | | 189 | | 74,742 | |
The Cooper Companies | | | | | | 379 | | 170,819 | |
Thermo Fisher Scientific | | | | | | 2,123 | | 1,178,159 | |
UnitedHealth Group | | | | | | 3,713 | | 1,545,611 | |
Universal Health Services, Cl. B | | | | | | 906 | | 141,119 | |
Vertex Pharmaceuticals | | | | | | 639 | f | 127,985 | |
Viatris | | | | | | 3,599 | | 52,653 | |
Zimmer Biomet Holdings | | | | | | 1,043 | | 156,919 | |
Zoetis | | | | | | 2,677 | | 547,607 | |
| | 19,068,293 | |
Household & Personal Products - .1% | | | | | |
Kimberly-Clark | | | | | | 2,191 | | 301,942 | |
The Clorox Company | | | | | | 1,147 | | 192,753 | |
| | 494,695 | |
Industrial - .7% | | | | | |
3M | | | | | | 1,628 | | 317,037 | |
Caterpillar | | | | | | 1,778 | | 374,927 | |
Copart | | | | | | 965 | f | 139,269 | |
Deere & Co. | | | | | | 1,345 | | 508,450 | |
Dover | | | | | | 1,264 | | 220,391 | |
Eaton | | | | | | 1,820 | | 306,415 | |
General Electric | | | | | | 3,431 | | 361,662 | |
Huntington Ingalls Industries | | | | | | 459 | | 93,714 | |
Illinois Tool Works | | | | | | 995 | | 231,696 | |
Ingersoll Rand | | | | | | 1,960 | f | 103,919 | |
Otis Worldwide | | | | | | 714 | | 65,845 | |
Parker-Hannifin | | | | | | 660 | | 195,802 | |
Snap-on | | | | | | 691 | | 155,440 | |
Stanley Black & Decker | | | | | | 547 | | 105,719 | |
Textron | | | | | | 1,495 | | 108,642 | |
Trane Technologies | | | | | | 1,630 | | 323,555 | |
Westinghouse Air Brake Technologies | | | | | | 990 | | 88,892 | |
| | 3,701,375 | |
Information Technology - 3.1% | | | | | |
Activision Blizzard | | | | | | 2,530 | | 208,396 | |
Adobe | | | | | | 2,114 | f | 1,403,062 | |
Autodesk | | | | | | 1,103 | f | 342,029 | |
Cadence Design Systems | | | | | | 3,250 | f | 531,310 | |
Citrix Systems | | | | | | 1,646 | | 169,324 | |
Cognizant Technology Solutions, Cl. A | | | | | | 2,265 | | 172,842 | |
eBay | | | | | | 2,572 | | 197,375 | |
Electronic Arts | | | | | | 689 | | 100,050 | |
Fidelity National Information Services | | | | | | 1,258 | | 160,735 | |
Fiserv | | | | | | 835 | f | 98,355 | |
Global Payments | | | | | | 522 | | 84,898 | |
International Business Machines | | | | | | 2,268 | | 318,291 | |
77
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | |
| |
BNY Mellon Asset Allocation Fund (continued) |
Description | | | | | Shares | | Value ($) | |
Common Stocks - 26.3% (continued) | | | | | |
Information Technology - 3.1% (continued) | | | | | |
Intuit | | | | | | 1,192 | | 674,803 | |
Microsoft | | | | | | 29,174 | | 8,807,047 | |
MSCI | | | | | | 369 | | 234,160 | |
Oracle | | | | | | 7,188 | | 640,666 | |
Paychex | | | | | | 1,685 | | 192,882 | |
PayPal Holdings | | | | | | 4,278 | f | 1,234,887 | |
Roper Technologies | | | | | | 373 | | 180,263 | |
salesforce.com | | | | | | 2,942 | f | 780,424 | |
ServiceNow | | | | | | 645 | f | 415,148 | |
| | 16,946,947 | |
Insurance - .8% | | | | | |
Aflac | | | | | | 3,260 | | 184,777 | |
American International Group | | | | | | 4,230 | | 230,789 | |
Aon, Cl. A | | | | | | 551 | | 158,060 | |
Berkshire Hathaway, Cl. B | | | | | | 6,470 | f | 1,848,932 | |
Chubb | | | | | | 913 | | 167,919 | |
Cincinnati Financial | | | | | | 1,075 | | 132,655 | |
Lincoln National | | | | | | 2,170 | | 148,970 | |
Marsh & McLennan | | | | | | 1,500 | | 235,800 | |
Prudential Financial | | | | | | 2,335 | | 247,230 | |
The Allstate | | | | | | 1,955 | | 264,472 | |
The Progressive | | | | | | 4,774 | | 459,927 | |
The Travelers Companies | | | | | | 1,223 | | 195,325 | |
Unum Group | | | | | | 4,510 | | 120,056 | |
Willis Towers Watson | | | | | | 448 | | 98,883 | |
| | 4,493,795 | |
Internet Software & Services - 3.0% | | | | | |
Alphabet, Cl. A | | | | | | 1,168 | f | 3,380,134 | |
Alphabet, Cl. C | | | | | | 1,217 | f | 3,540,545 | |
Amazon.com | | | | | | 1,580 | f | 5,483,848 | |
Booking Holdings | | | | | | 109 | f | 250,664 | |
Facebook, Cl. A | | | | | | 8,983 | f | 3,407,971 | |
| | 16,063,162 | |
Materials - .1% | | | | | |
Amcor | | | | | | 6,990 | | 89,822 | |
Ball | | | | | | 1,424 | | 136,647 | |
WestRock | | | | | | 3,225 | | 167,829 | |
| | 394,298 | |
Media - .8% | | | | | |
Charter Communications, Cl. A | | | | | | 890 | f | 726,827 | |
Comcast, Cl. A | | | | | | 14,751 | | 895,091 | |
Discovery, Cl. C | | | | | | 2,690 | f | 74,217 | |
Fox, Cl. A | | | | | | 1,795 | | 67,205 | |
Live Nation Entertainment | | | | | | 1,050 | f | 91,035 | |
Netflix | | | | | | 1,797 | f | 1,022,834 | |
The Walt Disney Company | | | | | | 6,359 | f | 1,152,887 | |
ViacomCBS, Cl. B | | | | | | 3,685 | | 152,743 | |
| | 4,182,839 | |
78
| | | | | | | | | | |
| |
BNY Mellon Asset Allocation Fund (continued) |
Description | | | | | Shares | | Value ($) | |
Common Stocks - 26.3% (continued) | | | | | |
Metals & Mining - .1% | | | | | |
Freeport-McMoRan | | | | | | 4,920 | | 179,039 | |
Newmont | | | | | | 3,695 | | 214,273 | |
| | 393,312 | |
Real Estate - .7% | | | | | |
Alexandria Real Estate Equities | | | | | | 705 | g | 145,491 | |
American Tower | | | | | | 709 | g | 207,149 | |
AvalonBay Communities | | | | | | 590 | g | 135,452 | |
Crown Castle International | | | | | | 1,443 | g | 280,938 | |
Digital Realty Trust | | | | | | 1,045 | g | 171,286 | |
Equinix | | | | | | 285 | g | 240,383 | |
Equity Residential | | | | | | 1,390 | g | 116,857 | |
Essex Property Trust | | | | | | 641 | g | 212,004 | |
Extra Space Storage | | | | | | 696 | g | 130,089 | |
Federal Realty Investment Trust | | | | | | 1,141 | g | 138,940 | |
Iron Mountain | | | | | | 2,760 | g | 131,790 | |
Prologis | | | | | | 2,420 | g | 325,877 | |
Public Storage | | | | | | 1,223 | g | 395,775 | |
Regency Centers | | | | | | 1,970 | g | 135,181 | |
SBA Communications | | | | | | 250 | g | 89,743 | |
Simon Property Group | | | | | | 1,240 | g | 166,718 | |
SL Green Realty | | | | | | 1,372 | g | 96,150 | |
UDR | | | | | | 3,160 | g | 170,703 | |
Ventas | | | | | | 1,715 | g | 95,937 | |
Welltower | | | | | | 1,950 | g | 170,683 | |
Weyerhaeuser | | | | | | 3,370 | g | 121,320 | |
| | 3,678,466 | |
Retailing - .8% | | | | | |
AutoZone | | | | | | 128 | f | 198,291 | |
Best Buy | | | | | | 701 | | 81,674 | |
Dollar General | | | | | | 1,000 | | 222,910 | |
Dollar Tree | | | | | | 1,130 | f | 102,310 | |
Expedia Group | | | | | | 657 | f | 94,937 | |
Lowe's | | | | | | 3,142 | | 640,622 | |
McDonald's | | | | | | 2,597 | | 616,684 | |
O'Reilly Automotive | | | | | | 302 | f | 179,412 | |
Ross Stores | | | | | | 1,642 | | 194,413 | |
Target | | | | | | 2,038 | | 503,345 | |
The Gap | | | | | | 3,420 | | 91,417 | |
The Home Depot | | | | | | 3,878 | | 1,264,926 | |
The TJX Companies | | | | | | 2,512 | f | 182,673 | |
Tractor Supply | | | | | | 841 | | 163,364 | |
| | 4,536,978 | |
Semiconductors & Semiconductor Equipment - 1.3% | | | | | |
Advanced Micro Devices | | | | | | 5,440 | f | 602,317 | |
Analog Devices | | | | | | 2,643 | | 430,677 | |
Applied Materials | | | | | | 3,365 | | 454,712 | |
Broadcom | | | | | | 1,604 | | 797,525 | |
Intel | | | | | | 14,283 | | 772,139 | |
KLA | | | | | | 775 | | 263,469 | |
79
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | |
| |
BNY Mellon Asset Allocation Fund (continued) |
Description | | | | | Shares | | Value ($) | |
Common Stocks - 26.3% (continued) | | | | | |
Semiconductors & Semiconductor Equipment - 1.3% (continued) | | | | | |
Lam Research | | | | | | 480 | | 290,314 | |
Microchip Technology | | | | | | 1,199 | | 188,675 | |
Micron Technology | | | | | | 1,505 | | 110,919 | |
NVIDIA | | | | | | 9,896 | | 2,215,220 | |
Qorvo | | | | | | 751 | f | 141,211 | |
Skyworks Solutions | | | | | | 914 | | 167,682 | |
Texas Instruments | | | | | | 2,939 | | 561,084 | |
Xilinx | | | | | | 1,199 | | 186,552 | |
| | 7,182,496 | |
Technology Hardware & Equipment - 2.3% | | | | | |
Accenture, Cl. A | | | | | | 3,479 | | 1,170,892 | |
Apple | | | | | | 60,707 | | 9,217,144 | |
Corning | | | | | | 3,035 | | 121,370 | |
DXC Technology | | | | | | 2,550 | f | 93,636 | |
F5 Networks | | | | | | 687 | f | 139,853 | |
Fortinet | | | | | | 1,045 | f | 329,321 | |
HP | | | | | | 5,166 | | 153,637 | |
Juniper Networks | | | | | | 5,270 | | 152,725 | |
Keysight Technologies | | | | | | 945 | f | 169,514 | |
MarketAxess Holdings | | | | | | 162 | | 77,099 | |
Qualcomm | | | | | | 4,076 | | 597,908 | |
Seagate Technology Holdings | | | | | | 2,080 | | 182,187 | |
Zebra Technologies, Cl. A | | | | | | 296 | f | 173,802 | |
| | 12,579,088 | |
Telecommunication Services - .5% | | | | | |
Arista Networks | | | | | | 340 | f | 125,640 | |
AT&T | | | | | | 17,240 | | 472,721 | |
Cisco Systems | | | | | | 12,005 | | 708,535 | |
T-Mobile US | | | | | | 1,670 | f | 228,823 | |
Verizon Communications | | | | | | 16,578 | | 911,790 | |
| | 2,447,509 | |
Transportation - .4% | | | | | |
CSX | | | | | | 5,163 | | 167,952 | |
FedEx | | | | | | 795 | | 211,224 | |
Norfolk Southern | | | | | | 2,160 | | 547,646 | |
Union Pacific | | | | | | 3,968 | | 860,421 | |
United Parcel Service, Cl. B | | | | | | 2,610 | | 510,594 | |
| | 2,297,837 | |
Utilities - .6% | | | | | |
Ameren | | | | | | 1,795 | | 157,457 | |
American Electric Power | | | | | | 2,230 | | 199,741 | |
Atmos Energy | | | | | | 629 | | 61,334 | |
CenterPoint Energy | | | | | | 5,220 | | 130,970 | |
CMS Energy | | | | | | 2,985 | | 191,428 | |
DTE Energy | | | | | | 1,046 | | 125,876 | |
Duke Energy | | | | | | 1,581 | | 165,467 | |
Edison International | | | | | | 3,500 | | 202,440 | |
Entergy | | | | | | 962 | | 106,407 | |
Evergy | | | | | | 3,065 | | 209,799 | |
80
| | | | | | | | | | |
| |
BNY Mellon Asset Allocation Fund (continued) |
Description | | | | | Shares | | Value ($) | |
Common Stocks - 26.3% (continued) | | | | | |
Utilities - .6% (continued) | | | | | |
Exelon | | | | | | 6,025 | | 295,345 | |
FirstEnergy | | | | | | 4,180 | | 162,477 | |
NextEra Energy | | | | | | 6,872 | | 577,179 | |
NiSource | | | | | | 3,495 | | 86,152 | |
NRG Energy | | | | | | 2,350 | | 107,325 | |
Pinnacle West Capital | | | | | | 1,735 | | 133,421 | |
Public Service Enterprise Group | | | | | | 2,960 | | 189,262 | |
Sempra Energy | | | | | | 1,012 | | 133,948 | |
The AES | | | | | | 4,010 | | 95,719 | |
| | 3,331,747 | |
Total Common Stocks
(cost $70,981,308) | | 143,559,119 | |
| | Preferred
Dividend
Yield (%) | | | | | | | |
Preferred Stocks - .1% | | | | | |
Telecommunication Services - .1% | | | | | |
AT&T, Ser. A
(cost $375,000) | | 5.00 | | | | 15,000 | | 400,500 | |
| 1-Day
Yield (%) | | | | | | | |
Investment Companies - 62.1% | | | | | |
Registered Investment Companies - 62.1% | | | | | |
BNY Mellon Corporate Bond Fund, Cl. M | | | | | | 1,483,457 | h | 20,471,709 | |
BNY Mellon Emerging Markets Fund, Cl. M | | | | | | 2,360,644 | h | 33,403,107 | |
BNY Mellon Floating Rate Income Fund, Cl. Y | | | | | | 1,045,716 | h | 11,973,446 | |
BNY Mellon Focused Equity Opportunities Fund, Cl. M | | | | | | 3,178,169 | h | 69,824,384 | |
BNY Mellon Global Real Estate Securities Fund, CI. Y | | | | | | 1,067,617 | h | 11,434,177 | |
BNY Mellon High Yield Fund, Cl. I | | | | | | 2,012,171 | h | 12,435,214 | |
BNY Mellon Income Stock Fund, Cl. M | | | | | | 1,588,247 | h | 16,454,238 | |
BNY Mellon Intermediate Bond Fund, Cl. M | | | | | | 2,089,018 | h | 27,010,997 | |
BNY Mellon International Equity Fund, Cl. Y | | | | | | 828,486 | h | 21,689,770 | |
BNY Mellon International Fund, Cl. M | | | | | | 18,933 | h | 291,195 | |
BNY Mellon International Small Cap Fund, Cl. Y | | | | | | 864,050 | h | 14,723,415 | |
BNY Mellon Mid Cap Multi-Strategy Fund, Cl. M | | | | | | 320,054 | h | 7,902,128 | |
BNY Mellon Research Growth Fund, Cl. Y | | | | | | 849,556 | f,h | 19,225,451 | |
BNY Mellon Select Managers Small Cap Growth Fund, Cl. Y | | | | | | 747,368 | f,h | 27,174,289 | |
BNY Mellon Select Managers Small Cap Value Fund, Cl. Y | | | | | | 619,490 | f,h | 18,690,003 | |
BNY Mellon Small Cap Multi-Strategy Fund, Cl. M | | | | | | 207,099 | f,h | 5,399,061 | |
BNY Mellon Small/Mid Cap Multi-Strategy Fund, Cl. M | | | | | | 1,004,481 | f,h | 17,005,865 | |
Dreyfus Institutional Preferred Government Plus Money Market Fund, Institutional Shares | | 0.06 | | | | 3,491,004 | h | 3,491,004 | |
Total Investment Companies
(cost $241,230,098) | | 338,599,453 | |
81
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | |
| |
BNY Mellon Asset Allocation Fund (continued) |
Description | 1-Day
Yield (%) | | | | Shares | | Value ($) | |
Investment of Cash Collateral for Securities Loaned - .1% | | | | | |
Registered Investment Companies - .1% | | | | | |
Dreyfus Institutional Preferred Government Plus Money Market Fund, SL Shares
(cost $280,000) | | 0.02 | | | | 280,000 | h | 280,000 | |
Total Investments (cost $372,677,158) | | 100.1% | 545,296,421 | |
Liabilities, Less Cash and Receivables | | (0.1%) | (292,825) | |
Net Assets | | 100.0% | 545,003,596 | |
GO—General Obligation
a Security is a perpetual bond with no specified maturity date. Maturity date shown is next reset date of the bond.
b Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2021, these securities were valued at $3,780,830 or .69% of net assets.
c Security, or portion thereof, on loan. At August 31, 2021, the value of the fund’s securities on loan was $4,747,336 and the value of the collateral was $4,873,795, consisting of cash collateral of $280,000 and U.S. Government & Agency securities valued at $4,593,795.
d The Federal Housing Finance Agency (“FHFA”) placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies.
e Principal amount for accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
f Non-income producing security.
g Investment in real estate investment trust within the United States.
h Investment in affiliated issuer. The investment objective of this investment company is publicly available and can be found within the investment company’s prospectus.
| | |
Portfolio Summary (Unaudited) † | Value (%) |
Investment Companies | 62.2 |
Technology | 7.0 |
Consumer, Non-cyclical | 6.1 |
Financial | 5.4 |
Communications | 5.0 |
Government | 3.3 |
Mortgage Securities | 3.2 |
Consumer, Cyclical | 2.8 |
Industrial | 2.6 |
Energy | 1.0 |
Utilities | .8 |
Basic Materials | .7 |
| | 100.1 |
† Based on net assets.
See notes to financial statements.
82
STATEMENTS OF INVESTMENTS IN AFFILIATED ISSUERS
| | | | | | | | | | | | |
Investment Companies | Value
8/31/20 | Purchases ($)† | Sales ($) | Net
Realized
Gain
(Loss) ($) | Net Change in Unrealized
Appreciation
(Depreciation) ($) | Value
8/31/21 | Net
Assets (%) | Dividends/
Distributions ($) |
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | | | | | | |
Registered Investment
Companies; | | | | | | | |
BNY Mellon Dynamic
Value Fund, Cl. Y | 32,994,617 | 31,000,000 | (5,840,021) | 784,691 | 22,641,536 | 81,580,823 | 16.4 | 1,934,238 |
BNY Mellon Income
Stock Fund, Cl. M | 25,200,716 | 14,000,000 | (2,207,090) | 242,890 | 14,031,911 | 51,268,427 | 10.3 | 878,842 |
BNY Mellon Research
Growth Fund, Cl. Y | 58,367,569 | 34,350,000 | - | - | 10,798,231 | 103,515,800 | 20.7 | 10,037,772 |
Dreyfus Institutional
Preferred Government Plus Money Market Fund, Institutional Shares | 3,814,473 | 53,833,644 | (53,580,371) | - | - | 4,067,746 | .8 | 2,692 |
Investment of Cash
Collateral for Securities Loaned:†† | | | | | | | |
Dreyfus Institutional
Preferred Government Plus Money Market Fund, Institutional Shares | 896 | 270,014 | (270,910) | - | - | - | - | 937††† |
Dreyfus Institutional
Preferred Government Plus Money Market Fund, SL Shares | - | 221,572 | (148,616) | - | - | 72,956 | .0 | 3,315††† |
Total | 120,378,271 | 133,675,230 | (62,047,008) | 1,027,581 | 47,471,678 | 240,505,752 | 48.2 | 12,857,796 |
BNY Mellon Income Stock Fund | | | | | | |
Registered Investment
Companies; | | | | | | | |
Dreyfus Institutional
Preferred Government Plus Money Market Fund, Institutional Shares | 14,827,164 | 268,517,464 | (262,820,158) | - | - | 20,524,470 | 3.5 | 11,252 |
Investment of Cash
Collateral for Securities Loaned:†† | | | | | | | |
Dreyfus Institutional
Preferred Government Plus Money Market Fund, Institutional Shares | 18,170,487 | 13,918,942 | (32,089,429) | - | - | - | - | 6,037††† |
Dreyfus Institutional
Preferred Government Plus Money Market Fund, SL Shares | - | 106,771,801 | (95,400,507) | - | - | 11,371,294 | 2.0 | 31,074††† |
Total | 32,997,651 | 389,208,207 | (390,310,094) | - | - | 31,895,764 | 5.5 | 48,363 |
BNY Mellon Mid Cap Multi-Strategy Fund | | | | | | |
Registered Investment
Companies; | | | | | | | |
Dreyfus Institutional
Preferred Government Plus Money Market Fund, Institutional Shares | 30,699,298 | 396,976,654 | (386,103,730) | - | - | 41,572,222 | 1.4 | 24,741 |
Investment of Cash
Collateral for Securities Loaned:†† | | | | | | | |
Dreyfus Institutional
Preferred Government Plus Money Market Fund, Institutional Shares | 18,657,425 | 49,151,787 | (67,809,212) | - | - | - | - | 60,994††† |
Dreyfus Institutional
Preferred Government Plus Money Market Fund, SL Shares | - | 212,335,856 | (212,335,856) | - | - | - | - | 245,737††† |
Total | 49,356,723 | 658,464,297 | (666,248,798) | - | - | 41,572,222 | 1.4 | 331,472 |
83
STATEMENTS OF INVESTMENTS IN AFFILIATED ISSUERS (continued)
| | | | | | | | | | | | | | | | |
Investment Companies | Value
8/31/20 | Purchases ($)† | Sales ($) | Net
Realized
Gain
(Loss) ($) | Net Change in Unrealized
Appreciation
(Depreciation) ($) | Value
8/31/21 | Net
Assets (%) | Dividends/
Distributions ($) |
BNY Mellon Small Cap Multi-Strategy Fund | | | | | | |
Registered Investment
Companies; | | | | | | | |
Dreyfus Institutional
Preferred Government Plus Money Market Fund, Institutional Shares | 14,108,238 | 260,054,444 | (231,651,525) | - | - | 42,511,157 | 4.4 | 18,670 |
Investment of Cash
Collateral for Securities
Loaned:†† | | | | | | | |
Dreyfus Institutional
Preferred Government Plus Money Market Fund, Institutional Shares | 16,027,508 | 31,718,281 | (47,745,789) | - | - | - | - | 67,214††† |
Dreyfus Institutional
Preferred Government Plus Money Market Fund, SL Shares | - | 152,528,343 | (134,282,979) | - | - | 18,245,364 | 1.9 | 833,635††† |
Total | 30,135,746 | 444,301,068 | (413,680,293) | - | - | 60,756,521 | 6.3 | 919,519 |
BNY Mellon Focused Equity Opportunities Fund | | | | | | |
Registered Investment
Companies; | | | | | | | |
Dreyfus Institutional
Preferred Government Plus Money Market Fund, Institutional Shares | - | 42,341,280 | (39,718,677) | - | - | 2,622,603 | .5 | 462 |
BNY Mellon Small/Mid Cap Multi-Strategy Fund | | | | | | |
Registered Investment
Companies; | | | | | | | |
Dreyfus Institutional
Preferred Government Plus Money Market Fund, Institutional Shares | 3,336,461 | 29,067,529 | (29,747,041) | - | - | 2,656,949 | 2.6 | 1,791 |
Investment of Cash
Collateral for Securities
Loaned:†† | | | | | | | |
Dreyfus Institutional
Preferred Government Plus Money Market Fund, Institutional Shares | 5,021,330 | 12,910,286 | (17,931,616) | - | - | - | - | 6,920††† |
Dreyfus Institutional
Preferred Government Plus Money Market Fund, SL Shares | - | 32,853,449 | (31,509,054) | | | 1,344,395 | 1.3 | 52,428††† |
Total | 8,357,791 | 74,831,264 | (79,187,711) | - | - | 4,001,344 | 3.9 | 61,139 |
84
| | | | | | | | | | | | | | |
Investment Companies | Value
8/31/20 | Purchases ($)† | Sales ($) | Net Realized
Gain (Loss) ($) | Net Change in Unrealized
Appreciation
(Depreciation) ($) | Value
8/31/21 | Net
Assets (%) | Dividends/
Distributions ($) |
BNY Mellon International Fund | | | | | | |
Registered Investment
Companies; | | | | | | | |
Dreyfus Institutional
Preferred Government Plus Money Market Fund, Institutional Shares | 693,349 | 99,088,426 | (98,813,541) | - | - | 968,234 | .2 | 2,210 |
Investment of Cash
Collateral for Securities
Loaned:†† | | | | | | | |
Dreyfus Institutional
Preferred Government Plus Money Market Fund, Institutional Shares | 91,080 | 4,016,271 | (4,107,351) | - | - | - | - | 1,778††† |
Dreyfus Institutional
Preferred Government Plus Money Market Fund, SL Shares | - | 84,817,477 | (81,381,401) | - | - | 3,436,076 | .5 | 14,148††† |
Total | 784,429 | 187,922,174 | (184,302,293) | - | - | 4,404,310 | .7 | 18,136 |
BNY Mellon Emerging Markets Fund | | | | | | |
Registered Investment
Companies; | | | | | | | |
Dreyfus Institutional
Preferred Government Plus Money Market Fund, Institutional Shares | 6,823,602 | 277,181,637 | (276,424,562) | - | - | 7,580,677 | .7 | 6,817 |
Investment of Cash
Collateral for Securities
Loaned:†† | | | | | | | - |
Dreyfus Institutional
Preferred Government Plus Money Market Fund, Institutional Shares | - | 29,878,642 | (29,878,642) | - | - | - | - | 2,454††† |
Dreyfus Institutional
Preferred Government Plus Money Market Fund, SL Shares | - | 297,650,019 | (294,383,823) | - | - | 3,266,196 | .3 | 87,339††† |
Total | 6,823,602 | 604,710,298 | (600,687,027) | - | - | 10,846,873 | 1.0 | 96,610 |
85
STATEMENTS OF INVESTMENTS IN AFFILIATED ISSUERS (continued)
| | | | | | | | | |
Investment Companies | Value
8/31/20 | Purchases ($)† | Sales ($) | Net
Realized
Gain
(Loss) ($) | Net Change in Unrealized
Appreciation
(Depreciation) ($) | Value
8/31/21 | Net
Assets (%) | Dividends/
Distributions ($) |
BNY Mellon International Equity Income Fund | | | | | | |
Registered Investment
Companies; | | | | | | | |
Dreyfus Institutional
Preferred Government Plus Money Market Fund, Institutional Shares | - | 22,635,955 | (22,412,057) | - | - | 223,898 | .2 | 187 |
Investment of Cash
Collateral for Securities
Loaned:†† | | | | | | | |
Dreyfus Institutional
Preferred Government Plus Money Market Fund, Institutional Shares | 256,238 | 2,785,675 | (3,041,913) | - | - | - | - | 2,227††† |
Dreyfus Institutional
Preferred Government Plus Money Market Fund, SL Shares | - | 5,567,086 | (5,567,086) | - | - | - | - | 3,440††† |
Total | 256,238 | 30,988,716 | (31,021,056) | - | - | 223,898 | .2 | 5,854 |
BNY Mellon Asset Allocation Fund | | | | | | |
Registered Investment
Companies; | | | | | | | |
BNY Mellon Corporate Bond Fund, Cl. M | 14,795,416 | 5,555,912 | - | - | 120,381 | 20,471,709 | 3.8 | 555,912 |
BNY Mellon Dynamic Total Return Fund, Cl. Y | 9,012,146 | - | (9,055,163) | 956,960 | (913,943) | - | .0 | - |
BNY Mellon Emerging Markets Fund, Cl. M | 23,273,918 | 4,873,443 | (1,454,249) | 245,929 | 6,464,066 | 33,403,107 | 6.1 | 373,444 |
BNY Mellon Floating Rate Income Fund, Cl. Y | 11,144,668 | 491,624 | - | - | 337,154 | 11,973,446 | 2.2 | 491,624 |
BNY Mellon Focused Equity Opportunities Fund, Cl. M | 56,797,985 | 4,251,462 | (4,751,410) | 601,118 | 12,925,229 | 69,824,384 | 12.8 | 4,251,462 |
BNY Mellon Global Real Estate Securities Fund, Cl. Y | 8,437,467 | 100,109 | - | - | 2,896,601 | 11,434,177 | 2.1 | 100,109 |
BNY Mellon High Yield
Fund, Cl. I | 11,477,447 | 606,076 | - | - | 351,691 | 12,435,214 | 2.3 | 604,494 |
BNY Mellon Income Stock Fund, Cl. M | 11,907,126 | 296,477 | (673,203) | 40,400 | 4,883,438 | 16,454,238 | 3.0 | 296,477 |
BNY Mellon Intermediate Bond Fund, Cl. M | 26,844,583 | 537,285 | - | - | (370,871) | 27,010,997 | 5.0 | 537,285 |
BNY Mellon
International Equity
Fund, Cl. Y | 13,570,103 | 4,808,644 | (899,073) | 113,703 | 4,096,393 | 21,689,770 | 4.0 | 308,644 |
BNY Mellon International Fund, Cl. M | 236,675 | 5,715 | - | - | 48,805 | 291,195 | .1 | 5,715 |
BNY Mellon International
Small Cap Fund, Cl. Y | 11,436,967 | 51,668 | (608,221) | 55,787 | 3,787,214 | 14,723,415 | 2.7 | 51,668 |
86
| | | | | | | | | |
Investment Companies | Value
8/31/20 | Purchases ($)† | Sales ($) | Net Realized
Gain (Loss) ($) | Net Change in Unrealized
Appreciation
(Depreciation) ($) | Value
8/31/21 | Net
Assets (%) | Dividends/
Distributions ($) |
BNY Mellon Asset
Allocation Fund (continued) | | | | | | |
Registered Investment
Companies (continued); | | | | | | | |
BNY Mellon Mid Cap Multi-Strategy Fund, Cl M | 14,784,295 | 1,160,138 | (10,579,290) | 5,170,554 | (2,633,569) | 7,902,128 | 1.4 | 1,160,138 |
BNY Mellon Research
Growth Fund, Cl. Y | 16,450,800 | 1,962,575 | (1,284,528) | 92,983 | 2,003,621 | 19,225,451 | 3.5 | 1,962,575 |
BNY Mellon Select
Managers Small Cap Growth Fund, Cl. Y | 20,545,849 | 1,806,386 | (1,141,047) | 115,818 | 5,847,283 | 27,174,289 | 5.0 | 1,806,386 |
BNY Mellon Select
Managers Small Cap Value Fund, Cl. Y | 12,958,579 | 887,094 | (792,712) | 107,165 | 5,529,877 | 18,690,003 | 3.4 | 887,094 |
BNY Mellon Small Cap Multi-Strategy Fund, Cl M | 4,136,771 | 31,133 | (233,102) | 63,881 | 1,400,378 | 5,399,061 | 1.0 | 31,133 |
BNY Mellon Small/Mid Cap Multi-Strategy Fund, Cl M | 13,608,031 | 1,791,585 | (725,425) | 11,088 | 2,320,586 | 17,005,865 | 3.1 | 1,791,585 |
Dreyfus Institutional
Preferred Government Plus Money Market Fund, Institutional Shares | 8,738,444 | 43,035,037 | (48,282,477) | - | - | 3,491,004 | .6 | 2,892 |
Investment of Cash
Collateral for Securities
Loaned:†† | | | | | | | |
Dreyfus Institutional
Preferred Government Plus Money Market Fund, Institutional Shares | 565,050 | 1,069,306 | (1,634,356) | - | - | - | - | 316††† |
Dreyfus Institutional
Preferred Government Plus Money Market Fund, SL Shares | - | 13,766,325 | (13,486,325) | - | - | 280,000 | .1 | 2,136††† |
Total | 290,722,320 | 87,087,994 | (95,600,581) | 7,575,386 | 49,094,334 | 338,879,453 | 62.2 | 15,221,089 |
† Includes reinvested dividends/distributions.
†† Effective November 9, 2020, cash collateral for securities 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
87
STATEMENT OF FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS August 31, 2021
| | | | | | |
BNY Mellon International Fund |
Counterparty/ Purchased
Currency | Purchased Currency
Amounts | Currency
Sold | Sold
Currency
Amounts | Settlement Date | Unrealized (Depreciation)($) |
J.P. Morgan Securities | | | |
United States Dollar | 4,603,248 | British Pound | 3,350,180 | 9/1/2021 | (2,757) |
Gross Unrealized Depreciation | | | (2,757) |
See notes to financial statements.
88
STATEMENTS OF ASSETS AND LIABILITIES
August 31, 2021
| | | | | | | | | | | |
| | | | | | | | | | |
| | | | BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | | BNY Mellon Income Stock Fund | | BNY Mellon Mid Cap Multi-Strategy Fund | | |
Assets ($): | | | | | | | | | | |
Investments in securities—See Statements
of Investments† (including securities
on loan)††—Note 1(c): | | | | | | | | | | |
Unaffiliated issuers | | | | 258,544,357 | | 561,986,966 | | 2,966,264,169 | | |
Affiliated issuers | | | | 240,505,752 | | 31,895,764 | | 41,572,222 | | |
Receivable for shares of Beneficial
Interest subscribed | | | | 449,206 | | 59,843 | | 696,633 | | |
Dividends receivable | | | | 374,759 | | 1,380,356 | | 2,239,528 | | |
Securities lending receivable | | | | 446 | | 5,115 | | - | | |
Receivable for investment securities sold | | | | - | | 2,833,106 | | - | | |
Tax reclaim receivable | | | | - | | 56,565 | | - | | |
Prepaid expenses | | | | 22,079 | | 55,824 | | 34,639 | | |
| | | | 499,896,599 | | 598,273,539 | | 3,010,807,191 | | |
Liabilities ($): | | | | | | | | | | |
Due to BNY Mellon Investment Adviser, Inc.
and affiliates—Note 3(b) | | | | 224,838 | | 397,957 | | 2,277,640 | | |
Cash overdraft due to Custodian | | | | - | | 856,738 | | - | | |
Payable for shares of Beneficial
Interest redeemed | | | | 579,818 | | 346,671 | | 923,365 | | |
Liability for securities on loan—Note 1(c) | | | | 72,956 | | 11,371,294 | | - | | |
Trustees’ fees and expenses payable | | | | 10,146 | | 10,000 | | 55,251 | | |
Payable for investment securities purchased | | | | - | | 2,835,336 | | 590,333 | | |
Other accrued expenses | | | | 58,469 | | 72,128 | | 145,276 | | |
| | | | 946,227 | | 15,890,124 | | 3,991,865 | | |
Net Assets ($) | | | | 498,950,372 | | 582,383,415 | | 3,006,815,326 | | |
Composition of Net Assets ($): | | | | | | | | | | |
Paid-in capital | | | | 226,222,094 | | 366,754,446 | | 1,179,130,693 | | |
Total distributable earnings (loss) | | | | 272,728,278 | | 215,628,969 | | 1,827,684,633 | | |
Net Assets ($) | | | | 498,950,372 | | 582,383,415 | | 3,006,815,326 | | |
† Investments at cost ($) | | | | | | | | | | |
Unaffiliated issuers | | | | 83,680,198 | | 409,865,154 | | 1,419,890,977 | | |
Affiliated issuers | | | | 173,216,012 | | 31,895,764 | | 41,572,222 | | |
†† Value of securities on loan ($) | | | | 6,457,989 | | 42,048,655 | | - | | |
Net Asset Value Per Share | | | | | | | | | | |
Class M | | | | | | | | | | |
Net Assets ($) | | | | 484,341,254 | | 554,602,418 | | 2,831,948,322 | | |
Shares Outstanding | | | | 21,688,871 | | 53,543,104 | | 114,681,291 | | |
Net Asset Value Per Share ($) | | | | 22.33 | | 10.36 | | 24.69 | | |
Investor Shares | | | | | | | | | | |
Net Assets ($) | | | | 14,609,118 | | 16,125,281 | | 174,867,004 | | |
Shares Outstanding | | | | 636,217 | | 1,533,522 | | 7,236,983 | | |
Net Asset Value Per Share ($) | | | | 22.96 | | 10.52 | | 24.16 | | |
Class A | | | | | | | | | | |
Net Assets ($) | | | | - | | 1,717,580 | | - | | |
Shares Outstanding | | | | - | | 165,675 | | - | | |
Net Asset Value Per Share ($) | | | | - | | 10.37 | | - | | |
Class C | | | | | | | | | | |
Net Assets ($) | | | | - | | 628,743 | | - | | |
Shares Outstanding | | | | - | | 60,891 | | - | | |
Net Asset Value Per Share ($) | | | | - | | 10.33 | | - | | |
Class I | | | | | | | | | | |
Net Assets ($) | | | | - | | 8,530,145 | | - | | |
Shares Outstanding | | | | - | | 823,239 | | - | | |
Net Asset Value Per Share ($) | | | | - | | 10.36 | | - | | |
Class Y | | | | | | | | | | |
Net Assets ($) | | | | - | | 779,248 | | - | | |
Shares Outstanding | | | | - | | 75,290 | | - | | |
Net Asset Value Per Share ($) | | | | - | | 10.35 | | - | | |
| | | | | | | | | | |
See notes to financial statements. | | | | | | | | | | |
89
STATEMENTS OF ASSETS AND LIABILITIES (continued)
| | | | | | | | | | | |
| | | | | | | | | | |
| | | | BNY Mellon Small Cap Multi-Strategy Fund | | BNY Mellon Focused Equity Opportunities Fund | | BNY Mellon Small/Mid Cap Multi-Strategy Fund | | |
Assets ($): | | | | | | | | | | |
Investments in securities—See Statements
of Investments† (including securities
on loan)††—Note 1(c): | | | | | | | | | | |
Unaffiliated issuers | | | | 925,200,357 | | 494,911,773 | | 98,428,302 | | |
Affiliated issuers | | | | 60,756,521 | | 2,622,603 | | 4,001,344 | | |
Cash | | | | 78,291 | | - | | - | | |
Receivable for shares of Beneficial
Interest subscribed | | | | 1,405,518 | | 407,051 | | - | | |
Dividends receivable | | | | 482,998 | | 469,059 | | 55,147 | | |
Receivable for investment securities sold | | | | 386,813 | | - | | - | | |
Securities lending receivable | | | | 147,771 | | - | | 8,999 | | |
Tax reclaim receivable | | | | 852 | | - | | - | | |
Prepaid expenses | | | | 34,106 | | 28,677 | | 24,884 | | |
| | | | 988,493,227 | | 498,439,163 | | 102,518,676 | | |
Liabilities ($): | | | | | | | | | | |
Due to BNY Mellon Investment Adviser, Inc.
and affiliates—Note 3(b) | | | | 807,582 | | 353,965 | | 88,260 | | |
Liability for securities on loan—Note 1(c) | | | | 18,245,364 | | - | | 1,344,395 | | |
Payable for investment securities purchased | | | | 1,241,767 | | - | | 34,088 | | |
Payable for shares of Beneficial
Interest redeemed | | | | 359,288 | | 2,689,530 | | 65,572 | | |
Trustees’ fees and expenses payable | | | | 20,333 | | 10,133 | | 3,672 | | |
Other accrued expenses | | | | 64,152 | | 64,735 | | 55,206 | | |
| | | | 20,738,486 | | 3,118,363 | | 1,591,193 | | |
Net Assets ($) | | | | 967,754,741 | | 495,320,800 | | 100,927,483 | | |
Composition of Net Assets ($): | | | | | | | | | | |
Paid-in capital | | | | 659,279,688 | | 218,651,346 | | 46,109,865 | | |
Total distributable earnings (loss) | | | | 308,475,053 | | 276,669,454 | | 54,817,618 | | |
Net Assets ($) | | | | 967,754,741 | | 495,320,800 | | 100,927,483 | | |
† Investments at cost ($) | | | | | | | | | | |
Unaffiliated issuers | | | | 715,789,810 | | 270,508,818 | | 64,353,251 | | |
Affiliated issuers | | | | 60,756,521 | | 2,622,603 | | 4,001,344 | | |
†† Value of securities on loan ($) | | | | 96,131,981 | | - | | 8,293,546 | | |
Net Asset Value Per Share | | | | | | | | | | |
Class M | | | | | | | | | | |
Net Assets ($) | | | | 933,505,747 | | 483,168,789 | | 98,280,699 | | |
Shares Outstanding | | | | 35,812,928 | | 21,991,631 | | 5,805,675 | | |
Net Asset Value Per Share ($) | | | | 26.07 | | 21.97 | | 16.93 | | |
Investor Shares | | | | | | | | | | |
Net Assets ($) | | | | 34,248,994 | | 12,152,011 | | 2,646,784 | | |
Shares Outstanding | | | | 1,402,907 | | 561,979 | | 161,369 | | |
Net Asset Value Per Share ($) | | | | 24.41 | | 21.62 | | 16.40 | | |
| | | | | | | | | | |
See notes to financial statements. | | | | | | | | | | |
90
| | | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | BNY Mellon International Fund | | BNY Mellon Emerging Markets Fund | | BNY Mellon International Equity Income Fund | | BNY Mellon Asset Allocation Fund | | |
Assets ($): | | | | | | | | | | | | |
Investments in securities—See Statements
of Investments† (including securities
on loan)††—Note 1(c): | | | | | | | | | | | | |
Unaffiliated issuers | | | | 611,208,578 | | 1,078,472,503 | | 89,327,870 | | 206,416,968 | | |
Affiliated issuers | | | | 4,404,310 | | 10,846,873 | | 223,898 | | 338,879,453 | | |
Cash denominated in foreign currency††† | | | | 3,014,671 | | 9,397,146 | | 421,730 | | - | | |
Receivable for investment securities sold | | | | 6,648,652 | | - | | - | | 663,350 | | |
Tax reclaim receivable | | | | 2,870,022 | | 131,024 | | 882,826 | | - | | |
Dividends receivable | | | | 1,939,700 | | 4,093,713 | | 285,909 | | 318,118 | | |
Receivable for shares of Beneficial
Interest subscribed | | | | 227,231 | | 423,520 | | - | | 451,270 | | |
Securities lending receivable | | | | 2,935 | | 12,005 | | 47 | | 277 | | |
Interest receivable | | | | - | | - | | - | | 420,689 | | |
Prepaid expenses | | | | 27,206 | | 29,255 | | 10,601 | | 23,761 | | |
| | | | 630,343,305 | | 1,103,406,039 | | 91,152,881 | | 547,173,886 | | |
Liabilities ($): | | | | | | | | | | | | |
Due to BNY Mellon Investment Adviser, Inc.
and affiliates—Note 3(b) | | | | 558,774 | | 1,454,799 | | 109,485 | | 191,644 | | |
Cash overdraft due to Custodian | | | | 2,711,029 | | - | | - | | 367,148 | | |
Liability for securities on loan—Note 1(c) | | | | 3,436,076 | | 3,266,196 | | - | | 280,000 | | |
Payable for shares of Beneficial
Interest redeemed | | | | 214,169 | | 728,117 | | 63,761 | | 459,588 | | |
Trustees’ fees and expenses payable | | | | 15,633 | | 20,833 | | 2,000 | | 12,048 | | |
Unrealized depreciation on forward foreign
currency exchange contracts—Note 4 | | | | 2,757 | | - | | - | | - | | |
Foreign capital gains tax payable | | | | - | | 821,708 | | - | | - | | |
Interest payable—Note 2 | | | | - | | 1,105 | | - | | - | | |
Payable for investment securities purchased | | | | - | | - | | - | | 784,508 | | |
Other accrued expenses | | | | 75,993 | | 82,440 | | 56,020 | | 75,354 | | |
| | | | 7,014,431 | | 6,375,198 | | 231,266 | | 2,170,290 | | |
Net Assets ($) | | | | 623,328,874 | | 1,097,030,841 | | 90,921,615 | | 545,003,596 | | |
Composition of Net Assets ($): | | | | | | | | | | | | |
Paid-in capital | | | | 593,685,102 | | 1,111,260,484 | | 148,428,123 | | 354,142,299 | | |
Total distributable earnings (loss) | | | | 29,643,772 | | (14,229,643) | | (57,506,508) | | 190,861,297 | | |
Net Assets ($) | | | | 623,328,874 | | 1,097,030,841 | | 90,921,615 | | 545,003,596 | | |
† Investments at cost ($) | | | | | | | | | | | | |
Unaffiliated issuers | | | | 548,655,214 | | 692,700,738 | | 70,592,240 | | 131,167,060 | | |
Affiliated issuers | | | | 4,404,310 | | 10,846,873 | | 223,898 | | 241,510,098 | | |
†† Value of securities on loan ($) | | | | 20,309,406 | | 14,487,023 | | 826,237 | | 4,747,336 | | |
††† Cash denominated in foreign
currency (cost) ($) | | | | 3,024,636 | | 9,417,650 | | 417,044 | | - | | |
Net Asset Value Per Share | | | | | | | | | | | | |
Class M | | | | | | | | | | | | |
Net Assets ($) | | | | 603,936,678 | | 1,063,203,424 | | 89,568,005 | | 537,189,021 | | |
Shares Outstanding | | | | 39,275,865 | | 75,151,280 | | 6,495,324 | | 35,023,688 | | |
Net Asset Value Per Share ($) | | | | 15.38 | | 14.15 | | 13.79 | | 15.34 | | |
Investor Shares | | | | | | | | | | | | |
Net Assets ($) | | | | 19,392,196 | | 33,827,417 | | 1,353,610 | | 7,814,575 | | |
Shares Outstanding | | | | 1,179,693 | | 2,330,076 | | 96,860 | | 504,685 | | |
Net Asset Value Per Share ($) | | | | 16.44 | | 14.52 | | 13.97 | | 15.48 | | |
| | | | | | | | | | | | |
See notes to financial statements. | | | | | | | | | | | | |
91
STATEMENTS OF OPERATIONS
Year Ended August 31, 2021
| | | | | | | | | | | |
| | | | | | | | | | |
| | | | | BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | | BNY Mellon Income Stock Fund | | BNY Mellon Mid Cap Multi-Strategy Fund | |
Investment Income ($): | | | | | | | | |
Income: | | | | | | | | |
Cash dividends: | | | | | | | | |
Unaffiliated issuers | | | 3,373,906 | | 16,423,451 | | 29,778,076 | † |
Affiliated issuers | | | 1,447,110 | | 11,252 | | 24,741 | |
Income from securities lending—Note 1(c) | | | 4,252 | | 37,111 | | 306,731 | |
Interest | | | - | | - | | 692 | |
Total Income | | | 4,825,268 | | 16,471,814 | | 30,110,240 | |
Expenses: | | | | | | | | |
Investment advisory fee—Note 3(a) | | | 1,922,575 | | 3,762,361 | | 20,951,180 | |
Administration fee—Note 3(a) | | | 287,781 | | 714,508 | | 3,447,300 | |
Professional fees | | | 47,371 | | 66,254 | | 99,061 | |
Trustees’ fees and expenses—Note 3(c) | | | 38,585 | | 47,268 | | 247,646 | |
Registration fees | | | 34,101 | | 91,180 | | 47,222 | |
Shareholder servicing costs—Note 3(b) | | | 28,040 | | 48,078 | | 364,369 | |
Chief Compliance Officer fees—Note 3(b) | | | 20,046 | | 14,319 | | 22,910 | |
Loan commitment fees—Note 2 | | | 14,433 | | 25,356 | | 101,157 | |
Prospectus and shareholders’ reports | | | 10,781 | | 13,000 | | 22,775 | |
Custodian fees—Note 3(b) | | | 4,103 | | 14,594 | | 72,653 | |
Distribution fees—Note 3(b) | | | - | | 5,237 | | - | |
Interest expense—Note 2 | | | - | | 1,298 | | - | |
Miscellaneous | | | 23,365 | | 29,513 | | 79,803 | |
Total Expenses | | | 2,431,181 | | 4,832,966 | | 25,456,076 | |
Less—reduction in expenses due to undertakings—Note 3(a) | | | - | | (882) | | - | |
Net Expenses | | | 2,431,181 | | 4,832,084 | | 25,456,076 | |
Investment Income—Net | | | 2,394,087 | | 11,639,730 | | 4,654,164 | |
Realized and Unrealized Gain (Loss)
on Investments—Note 4 ($): | | | | | | |
Net realized gain (loss) on investments
and foreign currency transactions: | | | | | | |
Unaffiliated issuers | | | | 18,204,359 | | 99,494,194 | | 369,022,852 | |
Affiliated issuers | | | | 1,027,581 | | - | | - | |
Net realized gain (loss) on options transactions | | | - | | 392,146 | | - | |
Capital gain distributions from affiliated issuers | | | 11,406,434 | | - | | - | |
Net Realized Gain (Loss) | | | 30,638,374 | | 99,886,340 | | 369,022,852 | |
Net change in unrealized appreciation (depreciation)
on investments and foreign currency transactions: | | | | | | | | |
Unaffiliated issuers | | | | 43,540,873 | | 97,146,325 | | 517,138,703 | |
Affiliated issuers | | | | 47,471,678 | | - | | - | |
Net change in unrealized appreciation (depreciation) on options transactions | | | - | | 22,498 | | - | |
Net Change in Unrealized Appreciation (Depreciation) | | | 91,012,551 | | 97,168,823 | | 517,138,703 | |
Net Realized and Unrealized Gain (Loss) on Investments | | | 121,650,925 | | 197,055,163 | | 886,161,555 | |
Net Increase in Net Assets Resulting from Operations | | 124,045,012 | | 208,694,893 | | 890,815,719 | |
† Net of foreign taxes withheld at source ($) | | | - | | - | | 63,002 | |
| | | | | | | | | | |
See notes to financial statements. | | | | | | | | | |
92
| | | | | | | | | | | |
| | | | | | | | | | |
| | | | | BNY Mellon Small Cap Multi-Strategy Fund | | BNY Mellon Focused Equity Opportunities Fund | | BNY Mellon Small/Mid Cap Multi-Strategy Fund | |
Investment Income ($): | | | | | | | | |
Income: | | | | | | | | |
Cash dividends: | | | | | | | | |
Unaffiliated issuers | | | 5,521,193 | † | 6,367,309 | | 903,130 | † |
Affiliated issuers | | | 18,670 | | 462 | | 1,791 | |
Income from securities lending—Note 1(c) | | | 900,849 | | 8,899 | | 59,348 | |
Interest | | | - | | - | | 28 | |
Total Income | | | 6,440,712 | | 6,376,670 | | 964,297 | |
Expenses: | | | | | | | | |
Investment advisory fee—Note 3(a) | | | 6,673,212 | | 3,147,227 | | 935,275 | |
Administration fee—Note 3(a) | | | 967,857 | | 554,947 | | 154,178 | |
Trustees’ fees and expenses—Note 3(c) | | | 72,768 | | 40,420 | | 10,853 | |
Shareholder servicing costs—Note 3(b) | | | 71,021 | | 23,652 | | 5,617 | |
Custodian fees—Note 3(b) | | | 53,660 | | 11,399 | | 23,454 | |
Professional fees | | | 52,216 | | 53,695 | | 37,111 | |
Registration fees | | | 43,174 | | 35,708 | | 31,112 | |
Loan commitment fees—Note 2 | | | 25,778 | | 14,644 | | 6,078 | |
Chief Compliance Officer fees—Note 3(b) | | | 14,319 | | 14,319 | | 14,319 | |
Prospectus and shareholders’ reports | | | 14,113 | | 5,902 | | 5,546 | |
Interest expense—Note 2 | | | - | | 2,266 | | - | |
Miscellaneous | | | 34,435 | | 20,339 | | 20,730 | |
Total Expenses | | | 8,022,553 | | 3,924,518 | | 1,244,273 | |
Investment Income—Net | | | (1,581,841) | | 2,452,152 | | (279,976) | |
Realized and Unrealized Gain (Loss)
on Investments—Note 4 ($): | | | | | | |
Net realized gain (loss) on investments
and foreign currency transactions | 120,213,134 | | 62,550,290 | | 60,319,135 | |
Net change in unrealized appreciation (depreciation)
on investments and foreign currency transactions | | | 85,252,643 | | 63,159,391 | | (26,400,946) | |
Net Realized and Unrealized Gain (Loss) on Investments | | | 205,465,777 | | 125,709,681 | | 33,918,189 | |
Net Increase in Net Assets Resulting from Operations | | 203,883,936 | | 128,161,833 | | 33,638,213 | |
† Net of foreign taxes withheld at source ($) | | | 21,647 | | - | | 4,465 | |
| | | | | | | | | | |
See notes to financial statements. | | | | | | | | | |
93
STATEMENTS OF OPERATIONS (continued)
| | | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | BNY Mellon International Fund | | BNY Mellon Emerging Markets Fund | | BNY Mellon International Equity Income Fund | | BNY Mellon Asset Allocation Fund | |
Investment Income ($): | | | | | | | | | | |
Income: | | | | | | | | | | |
Dividends: | | | | | | | | | | |
Unaffiliated issuers | | | 17,479,283 | † | 30,905,222 | † | 4,128,664 | † | 1,983,369 | |
Affiliated issuers | | | 2,210 | | 6,817 | | 187 | | 3,897,726 | |
Income from securities lending—Note 1(c) | | | 15,926 | | 89,793 | | 5,667 | | 2,452 | |
Interest | | | - | | - | | - | | 1,473,201 | |
Total Income | | | 17,497,419 | | 31,001,832 | | 4,134,518 | | 7,356,748 | |
Expenses: | | | | | | | | | | |
Investment advisory fee—Note 3(a) | | | 5,145,866 | | 11,273,071 | | 845,606 | | 1,540,338 | |
Administration fee—Note 3(a) | | | 747,137 | | 1,209,239 | | 122,835 | | 232,910 | |
Custodian fees—Note 3(b) | | | 96,905 | | 759,521 | | 91,008 | | 11,044 | |
Professional fees | | | 57,596 | | 99,465 | | 43,252 | | 55,209 | |
Trustees’ fees and expenses—Note 3(c) | | | 52,372 | | 89,322 | | 8,054 | | 44,397 | |
Shareholder servicing costs—Note 3(b) | | | 43,126 | | 70,428 | | 2,356 | | 17,153 | |
Registration fees | | | 36,455 | | 38,562 | | 31,886 | | 36,748 | |
Loan commitment fees—Note 2 | | | 21,436 | | 37,186 | | 4,174 | | 18,831 | |
Chief Compliance Officer fees—Note 3(b) | | | 14,319 | | 14,319 | | 14,319 | | 17,182 | |
Prospectus and shareholders’ reports | | | 11,947 | | 11,745 | | 8,841 | | 9,297 | |
Interest expense—Note 2 | | | - | | 1,105 | | 723 | | 92 | |
Miscellaneous | | | 33,292 | | 54,849 | | 24,723 | | 41,291 | |
Total Expenses | | | 6,260,451 | | 13,658,812 | | 1,197,777 | | 2,024,492 | |
Less—reduction in expenses due to undertakings—Note 3(a) | | | - | | - | | - | | (386,893) | |
Net Expenses | | | 6,260,451 | | 13,658,812 | | 1,197,777 | | 1,637,599 | |
Investment Income—Net | | | 11,236,968 | | 17,343,020 | | 2,936,741 | | 5,719,149 | |
Realized and Unrealized Gain (Loss)
on Investments—Note 4 ($): | | | | | | | | |
Net realized gain (loss) on investments
and foreign currency transactions: | | | | | | | | |
Unaffiliated issuers | | | | 41,294,340 | | 53,127,075 | | 2,297,091 | | 2,542,451 | |
Affiliated issuers | | | | - | | - | | - | | 7,575,386 | |
Net realized gain (loss) on forward foreign
currency exchange contracts | 56,269 | | (575,540) | | (14,027) | | - | |
Capital gain distributions from affiliated issuers | | | - | | - | | - | | 11,320,911 | |
Net Realized Gain (Loss) | | | 41,350,609 | | 52,551,535 | | 2,283,064 | | 21,438,748 | |
Net change in unrealized appreciation (depreciation)
on investments and foreign currency transactions: | | | | | | | | | | |
Unaffiliated issuers | | | | 70,159,133 | | 134,443,173 | | 18,646,756 | | 29,927,319 | |
Affiliated issuers | | | | - | | - | | - | | 49,049,334 | |
Net change in unrealized appreciation (depreciation) on
forward foreign currency exchange contracts | | | (2,757) | | - | | (581) | | - | |
Net Change in Unrealized Appreciation (Depreciation) | | | 70,156,376 | | 134,443,173 | | 18,646,175 | | 78,976,653 | |
Net Realized and Unrealized Gain (Loss) on Investments | | | 111,506,985 | | 186,994,708 | | 20,929,239 | | 100,415,401 | |
Net Increase in Net Assets Resulting from Operations | | 122,743,953 | | 204,337,728 | | 23,865,980 | | 106,134,550 | |
† Net of foreign taxes withheld at source ($) | | | 1,594,809 | | 3,613,455 | | 535,788 | | - | |
| | | | | | | | | | | | |
See notes to financial statements. | | | | | | | | | | | |
94
STATEMENTS OF CHANGES IN NET ASSETS
| | | | | | | | | | | | | | | | |
| | | | BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | | BNY Mellon Income Stock Fund | |
| | | | Year Ended August 31, | Year Ended August 31, |
| | | | 2021 | | | | 2020 | | 2021 | | | | 2020 | |
Operations ($): | | | | | | | | | | | | | | |
Investment income—net | | | 2,394,087 | | | | 3,110,543 | | 11,639,730 | | | | 20,439,331 | |
Net realized gain (loss) on investments | | 30,638,374 | | | | 17,983,274 | | 99,886,340 | | | | (3,817,239) | |
Net change in unrealized appreciation
(depreciation) on investments | | 91,012,551 | | | | 34,288,088 | | 97,168,823 | | | | (84,583,833) | |
Net Increase (Decrease) in Net Assets
Resulting from Operations | 124,045,012 | | | | 55,381,905 | | 208,694,893 | | | | (67,961,741) | |
Distributions ($): | | | | | | | | | | | | | | |
Distributions to shareholders: | | | | | | | | | | | | | | |
Class M | | | (18,784,646) | | | | (25,066,895) | | (11,182,363) | | | | (92,386,578) | |
Investor Shares | | | (478,281) | | | | (536,318) | | (242,609) | | | | (2,260,796) | |
Class A | | | - | | | | - | | (23,244) | | | | (169,410) | |
Class C | | | - | | | | - | | (7,581) | | | | (109,082) | |
Class I | | | - | | | | - | | (158,176) | | | | (1,178,059) | |
Class Y | | | - | | | | - | | (13,604) | | | | (42,612) | |
Total Distributions | | | (19,262,927) | | | | (25,603,213) | | (11,627,577) | | | | (96,146,537) | |
Beneficial Interest Transactions ($): | | | | | | | | | | | | | | |
Net proceeds from shares sold: | | | | | | | | | | | | | | |
Class M | | | 90,930,191 | | | | 14,942,451 | | 45,175,308 | | | | 118,631,143 | |
Investor Shares | | | 8,383,526 | | | | 3,304,426 | | 6,993,635 | | | | 14,029,547 | |
Class A | | | - | | | | - | | 477,023 | | | | 1,111,392 | |
Class C | | | - | | | | - | | 14,800 | | | | 172,646 | |
Class I | | | - | | | | - | | 1,421,773 | | | | 5,800,368 | |
Class Y | | | - | | | | - | | - | | | | 204,618 | |
Distributions reinvested: | | | | | | | | | | | | | | |
Class M | | | 14,193,078 | | | | 19,493,223 | | 1,838,037 | | | | 39,424,812 | |
Investor Shares | | | 408,800 | | | | 406,721 | | 213,844 | | | | 1,813,523 | |
Class A | | | - | | | | - | | 22,247 | | | | 157,267 | |
Class C | | | - | | | | - | | 7,581 | | | | 108,143 | |
Class I | | | - | | | | - | | 143,571 | | | | 1,130,747 | |
Class Y | | | - | | | | - | | 13,604 | | | | 41,596 | |
Cost of shares redeemed: | | | | | | | | | | | | | | |
Class M | | | (48,836,837) | | | | (46,713,435) | | (259,521,947) | | | | (353,700,300) | |
Investor Shares | | | (2,715,932) | | | | (5,277,199) | | (7,931,616) | | | | (23,021,726) | |
Class A | | | - | | | | - | | (405,742) | | | | (1,336,257) | |
Class C | | | - | | | | - | | (383,703) | | | | (508,855) | |
Class I | | | - | | | | - | | (3,680,540) | | | | (6,799,920) | |
Class Y | | | - | | | | - | | - | | | | (8,314) | |
Increase (Decrease) in Net Assets
from Beneficial Interest Transactions | 62,362,826 | | | | (13,843,813) | | (215,602,125) | | | | (202,749,570) | |
Total Increase (Decrease) in Net Assets | 167,144,911 | | | | 15,934,879 | | (18,534,809) | | | | (366,857,848) | |
Net Assets ($): | | | | | | | | | | | | | | |
Beginning of Period | | | 331,805,461 | | | | 315,870,582 | | 600,918,224 | | | | 967,776,072 | |
End of Period | | | 498,950,372 | | | | 331,805,461 | | 582,383,415 | | | | 600,918,224 | |
95
STATEMENTS OF CHANGES IN NET ASSETS (continued)
| | | | | | | | | | | | | | | | |
| | | | BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | | BNY Mellon Income Stock Fund | |
| | | | Year Ended August 31, | Year Ended August 31, |
| | | | 2021 | | | | 2020 | | 2021 | | | | 2020 | |
Capital Share Transactions (Shares): | | | | | | | | | | | | | | |
Class Ma | | | | | | | | | | | | | | |
Shares sold | | | 4,901,102 | | | | 1,015,384 | | 5,190,045 | | | | 17,059,609 | |
Shares issued for distributions reinvested | | | 783,715 | | | | 1,207,011 | | 209,423 | | | | 4,615,288 | |
Shares redeemed | | | (2,523,331) | | | | (3,174,302) | | (30,690,046) | | | | (49,777,618) | |
Net Increase (Decrease) in Shares Outstanding | 3,161,486 | | | | (951,907) | | (25,290,578) | | | | (28,102,721) | |
Investor Sharesa | | | | | | | | | | | | | | |
Shares sold | | | 449,104 | | | | 214,235 | | 774,298 | | | | 1,784,044 | |
Shares issued for distributions reinvested | | | 21,920 | | | | 24,442 | | 23,754 | | | | 211,688 | |
Shares redeemed | | | (140,668) | | | | (359,696) | | (914,572) | | | | (3,057,817) | |
Net Increase (Decrease) in Shares Outstanding | 330,356 | | | | (121,019) | | (116,520) | | | | (1,062,085) | |
Class A | | | | | | | | | | | | | | |
Shares sold | | | - | | | | - | | 49,986 | | | | 140,201 | |
Shares issued for distributions reinvested | | | - | | | | - | | 2,481 | | | | 18,667 | |
Shares redeemed | | | - | | | | - | | (49,223) | | | | (169,281) | |
Net Increase (Decrease) in Shares Outstanding | - | | | | - | | 3,244 | | | | (10,413) | |
Class C | | | | | | | | | | | | | | |
Shares sold | | | - | | | | - | | 1,444 | | | | 22,331 | |
Shares issued for distributions reinvested | | | - | | | | - | | 875 | | | | 12,789 | |
Shares redeemed | | | - | | | | - | | (43,529) | | | | (66,332) | |
Net Increase (Decrease) in Shares Outstanding | - | | | | - | | (41,210) | | | | (31,212) | |
Class I | | | | | | | | | | | | | | |
Shares sold | | | - | | | | - | | 169,364 | | | | 749,187 | |
Shares issued for distributions reinvested | | | - | | | | - | | 16,228 | | | | 135,393 | |
Shares redeemed | | | - | | | | - | | (437,177) | | | | (973,930) | |
Net Increase (Decrease) in Shares Outstanding | - | | | | - | | (251,585) | | | | (89,350) | |
Class Y | | | | | | | | | | | | | | |
Shares sold | | | - | | | | - | | - | | | | 26,033 | |
Shares issued for distributions reinvested | | | | | | | - | | 1,520 | | | | 5,056 | |
Shares redeemed | | | - | | | | - | | - | | | | (1,188) | |
Net Increase (Decrease) in Shares Outstanding | - | | | | - | | 1,520 | | | | 29,901 | |
| | | | | | | | | | | | | | | |
a | During the period ended August 31, 2021, 411,468 Class M shares representing $7,371,522 were exchanged for 400,281 Investor shares for BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund and 764,169 Class M shares representing $6,784,989 were exchanged for 753,116 Investor shares for BNY Mellon Income Stock Fund. During the period ended August 31, 2020, 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 and 1,782,284 Class M shares representing $13,833,313 were exchanged for 1,757,900 Investor shares for BNY Mellon Income Stock Fund. |
See notes to financial statements. | | | | | | | | | | | | | | |
96
| | | | | | | | | | | | | | | | |
| | | | BNY Mellon Mid Cap Multi-Strategy Fund | | BNY Mellon Small Cap Multi-Strategy Fund | |
| | | | Year Ended August 31, | Year Ended August 31, |
| | | | 2021 | | | | 2020 | | 2021 | | | | 2020 | |
Operations ($): | | | | | | | | | | | | | | |
Investment income (loss)—net | | | 4,654,164 | | | | 12,464,424 | | (1,581,841) | | | | 47,397 | |
Net realized gain (loss) on investments | | 369,022,852 | | | | 163,515,990 | | 120,213,134 | | | | 355,959 | |
Net change in unrealized appreciation
(depreciation) on investments | | 517,138,703 | | | | 129,285,435 | | 85,252,643 | | | | 61,578,612 | |
Net Increase (Decrease) in Net Assets
Resulting from Operations | 890,815,719 | | | | 305,265,849 | | 203,883,936 | | | | 61,981,968 | |
Distributions ($): | | | | | | | | | | | | | | |
Distributions to shareholders: | | | | | | | | | | | | | | |
Class M | | | (194,781,339) | | | | (89,944,052) | | (4,157,707) | | | | (13,776,400) | |
Investor Shares | | | (9,957,724) | | | | (4,138,672) | | (174,271) | | | | (639,055) | |
Total Distributions | | | (204,739,063) | | | | (94,082,724) | | (4,331,978) | | | | (14,415,455) | |
Beneficial Interest Transactions ($): | | | | | | | | | | | | | | |
Net proceeds from shares sold: | | | | | | | | | | | | | | |
Class M | | | 154,767,926 | | | | 229,929,631 | | 341,289,130 | | | | 108,083,316 | |
Investor Shares | | | 73,332,789 | | | | 57,436,264 | | 14,455,218 | | | | 8,524,697 | |
Distributions reinvested: | | | | | | | | | | | | | | |
Class M | | | 83,909,671 | | | | 39,503,024 | | 2,178,234 | | | | 7,178,553 | |
Investor Shares | | | 8,254,672 | | | | 3,150,656 | | 149,887 | | | | 509,328 | |
Cost of shares redeemed: | | | | | | | | | | | | | | |
Class M | | | (491,690,686) | | | | (652,809,974) | | (68,397,030) | | | | (99,767,260) | |
Investor Shares | | | (48,627,853) | | | | (76,919,170) | | (8,477,538) | | | | (9,263,571) | |
Increase (Decrease) in Net Assets
from Beneficial Interest Transactions | (220,053,481) | | | | (399,709,569) | | 281,197,901 | | | | 15,265,063 | |
Total Increase (Decrease) in Net Assets | 466,023,175 | | | | (188,526,444) | | 480,749,859 | | | | 62,831,576 | |
Net Assets ($): | | | | | | | | | | | | | | |
Beginning of Period | | | 2,540,792,151 | | | | 2,729,318,595 | | 487,004,882 | | | | 424,173,306 | |
End of Period | | | 3,006,815,326 | | | | 2,540,792,151 | | 967,754,741 | | | | 487,004,882 | |
Capital Share Transactions (Shares): | | | | | | | | | | | | | | |
Class Ma | | | | | | | | | | | | | | |
Shares sold | | | 7,186,605 | | | | 14,519,419 | | 14,424,758 | | | | 6,611,771 | |
Shares issued for distributions reinvested | | | 4,091,159 | | | | 2,175,285 | | 92,968 | | | | 401,036 | |
Shares redeemed | | | (22,815,486) | | | | (40,063,607) | | (2,902,153) | | | | (6,495,271) | |
Net Increase (Decrease) in Shares Outstanding | (11,537,722) | | | | (23,368,903) | | 11,615,573 | | | | 517,536 | |
Investor Sharesa | | | | | | | | | | | | | | |
Shares sold | | | 3,409,989 | | | | 3,370,177 | | 625,164 | | | | 533,811 | |
Shares issued for distributions reinvested | | | 410,476 | | | | 176,606 | | 6,816 | | | | 30,245 | |
Shares redeemed | | | (2,238,766) | | | | (4,815,067) | | (359,827) | | | | (600,636) | |
Net Increase (Decrease) in Shares Outstanding | 1,581,699 | | | | (1,268,284) | | 272,153 | | | | (36,580) | |
| | | | | | | | | | | | | | | |
a | During the period ended August 31, 2021, 3,218,686 Class M shares representing $70,369,969 were exchanged for 3,285,764 Investor shares for BNY Mellon Mid Cap Multi-Strategy Fund and 548,483 Class M shares representing $13,388,301 were exchanged for 584,956 Investor shares for BNY Mellon Small Cap Multi-Strategy Fund. During the period ended August 31, 2020, 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 and 482,590 Class M shares representing $8,204,595 were exchanged for 513,121 Investor shares for BNY Mellon Small Cap Multi-Strategy Fund. |
See notes to financial statements. | | | | | | | | | | | | | | |
97
STATEMENTS OF CHANGES IN NET ASSETS (continued)
| | | | | | | | | | | | | | | | |
| | | | BNY Mellon Focused Equity Opportunities Fund | | BNY Mellon Small/Mid Cap Multi-Strategy Fund | |
| | | | Year Ended August 31, | Year Ended August 31, |
| | | | 2021 | | | | 2020 | | 2021 | | | | 2020 | |
Operations ($): | | | | | | | | | | | | | | |
Investment income (loss)—net | | | 2,452,152 | | | | 3,733,240 | | (279,976) | | | | 189,212 | |
Net realized gain (loss) on investments | | 62,550,290 | | | | 29,983,231 | | 60,319,135 | | | | 11,167,418 | |
Net change in unrealized appreciation
(depreciation) on investments | | 63,159,391 | | | | 54,629,240 | | (26,400,946) | | | | 18,582,890 | |
Net Increase (Decrease) in Net Assets
Resulting from Operations | 128,161,833 | | | | 88,345,711 | | 33,638,213 | | | | 29,939,520 | |
Distributions ($): | | | | | | | | | | | | | | |
Distributions to shareholders: | | | | | | | | | | | | | | |
Class M | | | (32,861,249) | | | | (29,330,383) | | (12,227,533) | | | | (8,540,650) | |
Investor Shares | | | (611,494) | | | | (627,280) | | (252,505) | | | | (85,469) | |
Total Distributions | | | (33,472,743) | | | | (29,957,663) | | (12,480,038) | | | | (8,626,119) | |
Beneficial Interest Transactions ($): | | | | | | | | | | | | | | |
Net proceeds from shares sold: | | | | | | | | | | | | | | |
Class M | | | 39,838,377 | | | | 72,612,450 | | 1,911,747 | | | | 6,725,267 | |
Investor Shares | | | 5,690,530 | | | | 7,942,523 | | 2,535,558 | | | | 853,852 | |
Distributions reinvested: | | | | | | | | | | | | | | |
Class M | | | 16,515,745 | | | | 15,364,174 | | 8,903,709 | | | | 6,623,416 | |
Investor Shares | | | 399,681 | | | | 404,132 | | 195,964 | | | | 43,349 | |
Cost of shares redeemed: | | | | | | | | | | | | | | |
Class M | | | (113,680,498) | | | | (128,346,839) | | (127,861,713) | | | | (62,966,878) | |
Investor Shares | | | (4,027,028) | | | | (8,219,199) | | (2,601,352) | | | | (971,307) | |
Increase (Decrease) in Net Assets
from Beneficial Interest Transactions | (55,263,193) | | | | (40,242,759) | | (116,916,087) | | | | (49,692,301) | |
Total Increase (Decrease) in Net Assets | 39,425,897 | | | | 18,145,289 | | (95,757,912) | | | | (28,378,900) | |
Net Assets ($): | | | | | | | | | | | | | | |
Beginning of Period | | | 455,894,903 | | | | 437,749,614 | | 196,685,395 | | | | 225,064,295 | |
End of Period | | | 495,320,800 | | | | 455,894,903 | | 100,927,483 | | | | 196,685,395 | |
Capital Share Transactions (Shares): | | | | | | | | | | | | | | |
Class Ma | | | | | | | | | | | | | | |
Shares sold | | | 2,136,615 | | | | 5,175,728 | | 119,637 | | | | 552,989 | |
Shares issued for distributions reinvested | | | 955,219 | | | | 984,252 | | 593,976 | | | | 505,218 | |
Shares redeemed | | | (6,146,462) | | | | (8,761,182) | | (8,164,067) | | | | (5,136,456) | |
Net Increase (Decrease) in Shares Outstanding | (3,054,628) | | | | (2,601,202) | | (7,450,454) | | | | (4,078,249) | |
Investor Sharesa | | | | | | | | | | | | | | |
Shares sold | | | 311,460 | | | | 534,023 | | 166,334 | | | | 66,209 | |
Shares issued for distributions reinvested | | | 23,442 | | | | 26,225 | | 13,468 | | | | 3,389 | |
Shares redeemed | | | (225,096) | | | | (573,513) | | (169,766) | | | | (82,453) | |
Net Increase (Decrease) in Shares Outstanding | 109,806 | | | | (13,265) | | 10,036 | | | | (12,855) | |
| | | | | | | | | | | | | | | |
a | During the period ended August 31, 2021, 299,356 Class M shares representing $5,553,976 were exchanged for 303,890 Investor shares for BNY Mellon Focused Equity Opportunities Fund and 149,436 Class M shares representing $2,341,966 were exchanged for 153,817 Investor shares for BNY Mellon Small/Mid Cap Multi-Strategy Fund. During the period ended August 31, 2020, 535,870 Class M shares representing $8,074,791 were exchanged for 543,226 Investor shares for BNY Mellon Focused Equity Opportunities Fund and 62,744 Class M shares representing $833,036 were exchanged for 64,309 Investor shares for BNY Mellon Small/Mid Cap Multi-Strategy Fund . |
See notes to financial statements. | | | | | | | | | | | | | | |
98
| | | | | | | | | | | | | | | | |
| | | | BNY Mellon International Fund | | BNY Mellon Emerging Markets Fund | |
| | | | Year Ended August 31, | Year Ended August 31, |
| | | | 2021 | | | | 2020 | | 2021 | | | | 2020 | |
Operations ($): | | | | | | | | | | | | | | |
Investment income—net | | | 11,236,968 | | | | 12,785,117 | | 17,343,020 | | | | 5,665,977 | |
Net realized gain (loss) on investments | | 41,350,609 | | | | (11,129,131) | | 52,551,535 | | | | (34,881,708) | |
Net change in unrealized appreciation
(depreciation) on investments | | 70,156,376 | | | | 3,925,998 | | 134,443,173 | | | | 116,763,338 | |
Net Increase (Decrease) in Net Assets
Resulting from Operations | 122,743,953 | | | | 5,581,984 | | 204,337,728 | | | | 87,547,607 | |
Distributions ($): | | | | | | | | | | | | | | |
Distributions to shareholders: | | | | | | | | | | | | | | |
Class M | | | (12,773,086) | | | | (23,745,005) | | (10,234,104) | | | | (10,330,776) | |
Investor Shares | | �� | (299,493) | | | | (428,099) | | (249,808) | | | | (215,016) | |
Total Distributions | | | (13,072,579) | | | | (24,173,104) | | (10,483,912) | | | | (10,545,792) | |
Beneficial Interest Transactions ($): | | | | | | | | | | | | | | |
Net proceeds from shares sold: | | | | | | | | | | | | | | |
Class M | | | 61,975,120 | | | | 57,189,472 | | 242,420,663 | | | | 91,858,079 | |
Investor Shares | | | 12,871,567 | | | | 19,257,695 | | 20,110,178 | | | | 20,766,013 | |
Distributions reinvested: | | | | | | | | | | | | | | |
Class M | | | 2,226,618 | | | | 4,299,413 | | 2,017,327 | | | | 2,088,194 | |
Investor Shares | | | 238,826 | | | | 310,711 | | 200,582 | | | | 166,806 | |
Cost of shares redeemed: | | | | | | | | | | | | | | |
Class M | | | (119,816,814) | | | | (387,175,758) | | (131,940,013) | | | | (226,417,720) | |
Investor Shares | | | (11,193,745) | | | | (21,769,296) | | (12,958,610) | | | | (22,270,231) | |
Increase (Decrease) in Net Assets
from Beneficial Interest Transactions | (53,698,428) | | | | (327,887,763) | | 119,850,127 | | | | (133,808,859) | |
Total Increase (Decrease) in Net Assets | 55,972,946 | | | | (346,478,883) | | 313,703,943 | | | | (56,807,044) | |
Net Assets ($): | | | | | | | | | | | | | | |
Beginning of Period | | | 567,355,928 | | | | 913,834,811 | | 783,326,898 | | | | 840,133,942 | |
End of Period | | | 623,328,874 | | | | 567,355,928 | | 1,097,030,841 | | | | 783,326,898 | |
Capital Share Transactions (Shares): | | | | | | | | | | | | | | |
Class Ma | | | | | | | | | | | | | | |
Shares sold | | | 4,391,112 | | | | 4,790,842 | | 17,778,021 | | | | 9,169,250 | |
Shares issued for distributions reinvested | | | 161,349 | | | | 323,507 | | 159,852 | | | | 184,960 | |
Shares redeemed | | | (8,525,620) | | | | (34,737,275) | | (9,988,027) | | | | (22,917,374) | |
Net Increase (Decrease) in Shares Outstanding | (3,973,159) | | | | (29,622,926) | | 7,949,846 | | | | (13,563,164) | |
Investor Sharesa | | | | | | | | | | | | | | |
Shares sold | | | 833,122 | | | | 1,464,292 | | 1,479,539 | | | | 1,933,524 | |
Shares issued for distributions reinvested | | | 16,159 | | | | 21,866 | | 15,465 | | | | 14,367 | |
Shares redeemed | | | (730,196) | | | | (1,702,501) | | (961,400) | | | | (2,166,184) | |
Net Increase (Decrease) in Shares Outstanding | 119,085 | | | | (216,343) | | 533,604 | | | | (218,293) | |
| | | | | | | | | | | | | | | |
a | During the period ended August 31, 2021, 881,995 Class M shares representing $12,729,641 were exchanged for 824,993 Investor shares for BNY Mellon International Fund and 1,297,529 Class M shares representing $17,090,072 were exchanged for 1,263,855 Investor shares for BNY Mellon Emerging Markets Fund. During the period ended August 31, 2020, 1,545,741 Class M shares representing $19,079,264 were exchanged for 1,447,839 Investor shares for BNY Mellon International Fund and 1,773,014 Class M shares representing $18,495,965 were exchanged for 1,726,829 Investor shares for BNY Mellon Emerging Markets Fund. |
See notes to financial statements. | | | | | | | | | | | | | | |
99
STATEMENTS OF CHANGES IN NET ASSETS (continued)
| | | | | | | | | | | | | | | | |
| | | | BNY Mellon International Equity Income Fund | | BNY Mellon Asset Allocation Fund | |
| | | | Year Ended August 31, | Year Ended August 31, |
| | | | 2021 | | | | 2020 | | 2021 | | | | 2020 | |
Operations ($): | | | | | | | | | | | | | | |
Investment income—net | | | 2,936,741 | | | | 6,623,040 | | 5,719,149 | | | | 7,937,426 | |
Net realized gain (loss) on investments | | 2,283,064 | | | | (45,463,666) | | 21,438,748 | | | | 11,460,373 | |
Net change in unrealized appreciation
(depreciation) on investments | | 18,646,175 | | | | 15,497,296 | | 78,976,653 | | | | 34,418,249 | |
Net Increase (Decrease) in Net Assets
Resulting from Operations | 23,865,980 | | | | (23,343,330) | | 106,134,550 | | | | 53,816,048 | |
Distributions ($): | | | | | | | | | | | | | | |
Distributions to shareholders: | | | | | | | | | | | | | | |
Class M | | | (3,874,486) | | | | (9,649,821) | | (17,946,163) | | | | (33,096,232) | |
Investor Shares | | | (32,564) | | | | (59,099) | | (213,750) | | | | (450,050) | |
Total Distributions | | | (3,907,050) | | | | (9,708,920) | | (18,159,913) | | | | (33,546,282) | |
Beneficial Interest Transactions ($): | | | | | | | | | | | | | | |
Net proceeds from shares sold: | | | | | | | | | | | | | | |
Class M | | | 2,215,399 | | | | 22,537,087 | | 28,903,160 | | | | 27,167,623 | |
Investor Shares | | | 1,952,585 | | | | 3,778,324 | | 3,631,696 | | | | 1,973,930 | |
Distributions reinvested: | | | | | | | | | | | | | | |
Class M | | | 1,090,285 | | | | 2,497,381 | | 8,583,726 | | | | 19,452,763 | |
Investor Shares | | | 27,290 | | | | 39,436 | | 200,277 | | | | 379,968 | |
Cost of shares redeemed: | | | | | | | | | | | | | | |
Class M | | | (44,789,177) | | | | (163,020,117) | | (50,275,624) | | | | (57,485,644) | |
Investor Shares | | | (1,721,931) | | | | (4,970,540) | | (3,641,138) | | | | (3,308,383) | |
Increase (Decrease) in Net Assets
from Beneficial Interest Transactions | (41,225,549) | | | | (139,138,429) | | (12,597,903) | | | | (11,819,743) | |
Total Increase (Decrease) in Net Assets | (21,266,619) | | | | (172,190,679) | | 75,376,734 | | | | 8,450,023 | |
Net Assets ($): | | | | | | | | | | | | | | |
Beginning of Period | | | 112,188,234 | | | | 284,378,913 | | 469,626,862 | | | | 461,176,839 | |
End of Period | | | 90,921,615 | | | | 112,188,234 | | 545,003,596 | | | | 469,626,862 | |
Capital Share Transactions (Shares): | | | | | | | | | | | | | | |
Class Ma | | | | | | | | | | | | | | |
Shares sold | | | 180,647 | | | | 1,964,538 | | 2,049,894 | | | | 2,257,037 | |
Shares issued for distributions reinvested | | | 88,607 | | | | 203,325 | | 632,150 | | | | 1,583,452 | |
Shares redeemed | | | (3,641,777) | | | | (15,418,621) | | (3,622,566) | | | | (4,886,059) | |
Net Increase (Decrease) in Shares Outstanding | (3,372,523) | | | | (13,250,758) | | (940,522) | | | | (1,045,570) | |
Investor Sharesa | | | | | | | | | | | | | | |
Shares sold | | | 145,241 | | | | 302,962 | | 250,941 | | | | 165,383 | |
Shares issued for distributions reinvested | | | 2,151 | | | | 3,184 | | 14,535 | | | | 30,744 | |
Shares redeemed | | | (131,987) | | | | (412,436) | | (256,534) | | | | (273,046) | |
Net Increase (Decrease) in Shares Outstanding | 15,405 | | | | (106,290) | | 8,942 | | | | (76,919) | |
| | | | | | | | | | | | | | | |
a | During the period ended August 31, 2021, 134,903 Class M shares representing $1,783,081 were exchanged for 133,092 Investor shares for BNY Mellon International Equity Income Fund and 202,247 Class M shares representing $2,907,268 were exchanged for 200,376 Investor shares for BNY Mellon Asset Allocation Fund. During the period ended August 31, 2020, 308,163 Class M shares representing $3,793,990 were exchanged for 304,398 Investor shares for BNY Mellon International Equity Income Fund and 163,334 Class M shares representing $1,931,073 were exchanged for 161,941 Investor shares for BNY Mellon Asset Allocation Fund. |
See notes to financial statements. | | | | | | | | | | | | | | |
100
FINANCIAL HIGHLIGHTS
The following tables describe the performance for each share class of each fund for the fiscal periods indicated. All information (except portfolio turnover rate) reflects financial results for a single fund share. Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. These figures have been derived from the funds’ financial statements.
| | | | | | | |
| | | Class M |
| | | Year Ended August 31, |
BNY Mellon Tax-Sensitive Large Cap
Multi-Strategy Fund | | 2021 | 2020 | 2019 | 2018 | 2017 |
Per Share Data ($): | | | | | | |
Net asset value, beginning of period | | 17.61 | 15.86 | 18.12 | 16.50 | 14.98 |
Investment Operations: | | | | | | |
Investment income—net a | | .11 | .16 | .15 | .14 | .16 |
Net realized and unrealized
gain (loss) on investments | | 5.48 | 2.91 | (.35) | 3.21 | 2.31 |
Total from Investment Operations | | 5.59 | 3.07 | (.20) | 3.35 | 2.47 |
Distributions: | | | | | | |
Dividends from investment income—net | | (.15) | (.17) | (.23) | (.23) | (.23) |
Dividends from net realized gain on investments | | (.72) | (1.15) | (1.83) | (1.50) | (.72) |
Total Distributions | | (.87) | (1.32) | (2.06) | (1.73) | (.95) |
Net asset value, end of period | | 22.33 | 17.61 | 15.86 | 18.12 | 16.50 |
Total Return (%) | | 32.91 | 20.12 | .69 | 21.44 | 17.13 |
Ratios/Supplemental Data (%): | | | | | | |
Ratio of total expenses to average net assets b | | .56 | .64 | .64 | .66 | .65 |
Ratio of net investment income
to average net assets b | | .57 | 1.01 | .96 | .80 | 1.05 |
Portfolio Turnover Rate | | 12.57 | 15.09 | 25.75 | 15.03 | 24.05 |
Net Assets, end of period ($ x 1,000) | | 484,341 | 326,268 | 308,921 | 349,960 | 336,659 |
a Based on average shares outstanding.
b Amount does not include the expenses of the underlying funds.
See notes to financial statements.
101
FINANCIAL HIGHLIGHTS (continued)
| | | | | | | |
| | | Investor Shares |
| | | Year Ended August 31, |
BNY Mellon Tax-Sensitive Large Cap
Multi-Strategy Fund | | 2021 | 2020 | 2019 | 2018 | 2017 |
Per Share Data ($): | | | | | | |
Net asset value, beginning of period | | 18.10 | 16.28 | 18.53 | 16.84 | 15.28 |
Investment Operations: | | | | | | |
Investment income—net a | | .07 | .12 | .11 | .10 | .13 |
Net realized and unrealized
gain (loss) on investments | | 5.63 | 2.99 | (.34) | 3.28 | 2.35 |
Total from Investment Operations | | 5.70 | 3.11 | (.23) | 3.38 | 2.48 |
Distributions: | | | | | | |
Dividends from investment income—net | | (.12) | (.14) | (.19) | (.19) | (.20) |
Dividends from net realized gain on investments | | (.72) | (1.15) | (1.83) | (1.50) | (.72) |
Total Distributions | | (.84) | (1.29) | (2.02) | (1.69) | (.92) |
Net asset value, end of period | | 22.96 | 18.10 | 16.28 | 18.53 | 16.84 |
Total Return (%) | | 32.59 | 19.76 | .45 | 21.15 | 16.87 |
Ratios/Supplemental Data (%): | | | | | | |
Ratio of total expenses to average net assets b | | .81 | .89 | .89 | .91 | .90 |
Ratio of net investment income
to average net assets b | | .32 | .77 | .71 | .56 | .81 |
Portfolio Turnover Rate | | 12.57 | 15.09 | 25.75 | 15.03 | 24.05 |
Net Assets, end of period ($ x 1,000) | | 14,609 | 5,538 | 6,949 | 6,598 | 6,511 |
a Based on average shares outstanding.
b Amount does not include the expenses of the underlying funds.
See notes to financial statements.
102
| | | | | | | |
| | | Class M |
| | | Year Ended August 31, |
BNY Mellon Income Stock Fund | | 2021 | 2020 | 2019 | 2018 | 2017 |
Per Share Data ($): | | | | | | |
Net asset value, beginning of period | | 7.34 | 8.70 | 9.78 | 9.29 | 8.72 |
Investment Operations: | | | | | | |
Investment income—net a | | .18 | .20 | .22 | .21 | .21 |
Net realized and unrealized
gain (loss) on investments | | 3.02 | (.66) | (.33) | 1.16 | .83 |
Total From Investment Operations | | 3.20 | (.46) | (.11) | 1.37 | 1.04 |
Distributions: | | | | | | |
Dividends from investment income—net | | (.18) | (.19) | (.21) | (.19) | (.19) |
Dividends from net realized gain on investments | | - | (.71) | (.76) | (.69) | (.28) |
Total Distributions | | (.18) | (.90) | (.97) | (.88) | (.47) |
Net asset value, end of period | | 10.36 | 7.34 | 8.70 | 9.78 | 9.29 |
Total Return (%) | | 44.06 | (6.38) | (.36) | 15.31 | 12.33 |
Ratios/Supplemental Data (%): | | | | | | |
Ratio of total expenses to average net assets | | .83 | .81 | .80 | .80 | .81 |
Ratio of net expenses to average net assets | | .83 | .81 | .80 | .80 | .81 |
Ratio of net investment income
to average net assets | | 2.02 | 2.53 | 2.47 | 2.17 | 2.28 |
Portfolio Turnover Rate | | 69.79 | 78.02 | 59.45 | 67.57 | 52.66 |
Net Assets, end of period ($ x 1,000) | | 554,602 | 578,269 | 930,683 | 1,185,755 | 1,185,723 |
a Based on average shares outstanding.
See notes to financial statements.
103
FINANCIAL HIGHLIGHTS (continued)
| | | | | | | |
| | | Investor Shares |
| | | Year Ended August 31, |
BNY Mellon Income Stock Fund | | 2021 | 2020 | 2019 | 2018 | 2017 |
Per Share Data ($): | | | | | | |
Net asset value, beginning of period | | 7.44 | 8.82 | 9.90 | 9.39 | 8.81 |
Investment Operations: | | | | | | |
Investment income—net a | | .16 | .19 | .20 | .18 | .19 |
Net realized and unrealized
gain (loss) on investments | | 3.08 | (.69) | (.33) | 1.18 | .84 |
Total from Investment Operations | | 3.24 | (.50) | (.13) | 1.36 | 1.03 |
Distributions: | | | | | | |
Dividends from investment income—net | | (.16) | (.17) | (.19) | (.16) | (.17) |
Dividends from net realized gain on investments | | - | (.71) | (.76) | (.69) | (.28) |
Total Distributions | | (.16) | (.88) | (.95) | (.85) | (.45) |
Net asset value, end of period | | 10.52 | 7.44 | 8.82 | 9.90 | 9.39 |
Total Return (%) | | 43.91 | (6.77) | (.60) | 15.08 | 12.02 |
Ratios/Supplemental Data (%): | | | | | | |
Ratio of total expenses to average net assets | | 1.08 | 1.06 | 1.05 | 1.05 | 1.06 |
Ratio of net expenses to average net assets | | 1.08 | 1.06 | 1.05 | 1.05 | 1.06 |
Ratio of net investment income
to average net assets | | 1.77 | 2.26 | 2.24 | 1.92 | 2.03 |
Portfolio Turnover Rate | | 69.79 | 78.02 | 59.45 | 67.57 | 52.66 |
Net Assets, end of period ($ x 1,000) | | 16,125 | 12,282 | 23,913 | 31,625 | 28,204 |
a Based on average shares outstanding.
See notes to financial statements.
104
| | | | | | | |
| | | Class A |
| | | Year Ended August 31, |
BNY Mellon Income Stock Fund | | 2021 | 2020 | 2019 | 2018 | 2017 |
Per Share Data ($): | | | | | | |
Net asset value, beginning of period | | 7.34 | 8.71 | 9.79 | 9.30 | 8.72 |
Investment Operations: | | | | | | |
Investment income—net a | | .15 | .17 | .19 | .18 | .17 |
Net realized and unrealized gain (loss) on investments | | 3.03 | (.66) | (.33) | 1.16 | .86 |
Total from Investment Operations | | 3.18 | (.49) | (.14) | 1.34 | 1.03 |
Distributions: | | | | | | |
Dividends from investment income—net | | (.15) | (.17) | (.18) | (.16) | (.17) |
Dividends from net realized gain on investments | | - | (.71) | (.76) | (.69) | (.28) |
Total Distributions | | (.15) | (.88) | (.94) | (.85) | (.45) |
Net asset value, end of period | | 10.37 | 7.34 | 8.71 | 9.79 | 9.30 |
Total Return (%) b | | 43.74 | (6.81) | (.64) | 15.01 | 12.18 |
Ratios/Supplemental Data (%): | | | | | | |
Ratio of total expenses to average net assets | | 1.20 | 1.21 | 1.10 | 1.10 | 1.11 |
Ratio of net expenses to average net assets | | 1.15 | 1.15 | 1.10 | 1.10 | 1.10 |
Ratio of net investment income
to average net assets | | 1.68 | 2.18 | 2.20 | 1.89 | 2.01 |
Portfolio Turnover Rate | | 69.79 | 78.02 | 59.45 | 67.57 | 52.66 |
Net Assets, end of period ($ x 1,000) | | 1,718 | 1,193 | 1,506 | 4,608 | 5,112 |
a Based on average shares outstanding.
b Exclusive of sales charge.
See notes to financial statements.
105
FINANCIAL HIGHLIGHTS (continued)
| | | | | | | |
| | | Class C |
| | | Year Ended August 31, |
BNY Mellon Income Stock Fund | | 2021 | 2020 | 2019 | 2018 | 2017 |
Per Share Data ($): | | | | | | |
Net asset value, beginning of period | | 7.32 | 8.68 | 9.76 | 9.28 | 8.72 |
Investment Operations: | | | | | | |
Investment income—net a | | .09 | .11 | .12 | .10 | .12 |
Net realized and unrealized gain (loss) on investments | | 3.01 | (.65) | (.33) | 1.16 | .83 |
Total from Investment Operations | | 3.10 | (.54) | (.21) | 1.26 | .95 |
Distributions: | | | | | | |
Dividends from investment income—net | | (.09) | (.11) | (.11) | (.09) | (.11) |
Dividends from net realized gain on investments | | - | (.71) | (.76) | (.69) | (.28) |
Total Distributions | | (.09) | (.82) | (.87) | (.78) | (.39) |
Net asset value, end of period | | 10.33 | 7.32 | 8.68 | 9.76 | 9.28 |
Total Return (%) b | | 42.59 | (7.44) | (1.43) | 14.07 | 11.22 |
Ratios/Supplemental Data (%): | | | | | | |
Ratio of total expenses to average net assets | | 1.93 | 1.91 | 1.88 | 1.88 | 1.85 |
Ratio of net expenses to average net assets | | 1.90 | 1.90 | 1.88 | 1.88 | 1.81 |
Ratio of net investment income
to average net assets | | .96 | 1.43 | 1.36 | 1.08 | 1.30 |
Portfolio Turnover Rate | | 69.79 | 78.02 | 59.45 | 67.57 | 52.66 |
Net Assets, end of period ($ x 1,000) | | 629 | 747 | 1,158 | 826 | 1,143 |
a Based on average shares outstanding.
b Exclusive of sales charge.
See notes to financial statements.
106
| | | | | | | |
| | | Class I |
| | | Year Ended August 31, |
BNY Mellon Income Stock Fund | | 2021 | 2020 | 2019 | 2018 | 2017 |
Per Share Data ($): | | | | | | |
Net asset value, beginning of period | | 7.34 | 8.71 | 9.78 | 9.30 | 8.72 |
Investment Operations: | | | | | | |
Investment income—net a | | .17 | .20 | .22 | .20 | .21 |
Net realized and unrealized gain (loss) on investments | | 3.03 | (.67) | (.33) | 1.16 | .84 |
Total from Investment Operations | | 3.20 | (.47) | (.11) | 1.36 | 1.05 |
Distributions: | | | | | | |
Dividends from investment income—net | | (.18) | (.19) | (.20) | (.19) | (.19) |
Dividends from net realized gain on investments | | - | (.71) | (.76) | (.69) | (.28) |
Total Distributions | | (.18) | (.90) | (.96) | (.88) | (.47) |
Net asset value, end of period | | 10.36 | 7.34 | 8.71 | 9.78 | 9.30 |
Total Return (%) | | 43.96 | (6.54) | (.28) | 15.18 | 12.44 |
Ratios/Supplemental Data (%): | | | | | | |
Ratio of total expenses to average net assets | | .89 | .87 | .84 | .83 | .85 |
Ratio of net expenses to average net assets | | .89 | .87 | .84 | .83 | .85 |
Ratio of net investment income
to average net assets | | 1.96 | 2.51 | 2.41 | 2.13 | 2.30 |
Portfolio Turnover Rate | | 69.79 | 78.02 | 59.45 | 67.57 | 52.66 |
Net Assets, end of period ($ x 1,000) | | 8,530 | 7,887 | 10,135 | 12,491 | 6,068 |
a Based on average shares outstanding.
See notes to financial statements.
107
FINANCIAL HIGHLIGHTS (continued)
| | | | | | | |
| | | Class Y |
| | | Year Ended August 31, |
BNY Mellon Income Stock Fund | | 2021 | 2020 | 2019 | 2018 | 2017 |
Per Share Data ($): | | | | | | |
Net asset value, beginning of period | | 7.33 | 8.70 | 9.78 | 9.29 | 8.72 |
Investment Operations: | | | | | | |
Investment income—net a | | .18 | .20 | .22 | .20 | .21 |
Net realized and unrealized gain (loss) on investments | | 3.02 | (.67) | (.33) | 1.17 | .83 |
Total from Investment Operations | | 3.20 | (.47) | (.11) | 1.37 | 1.04 |
Distributions: | | | | | | |
Dividends from investment income—net | | (.18) | (.19) | (.21) | (.19) | (.19) |
Dividends from net realized gain on investments | | - | (.71) | (.76) | (.69) | (.28) |
Total Distributions | | (.18) | (.90) | (.97) | (.88) | (.47) |
Net asset value, end of period | | 10.35 | 7.33 | 8.70 | 9.78 | 9.29 |
Total Return (%) | | 44.11 | (6.51) | (.36) | 15.31 | 12.33 |
Ratios/Supplemental Data (%): | | | | | | |
Ratio of total expenses to average net assets | | .83 | .83 | .82 | .80 | .81 |
Ratio of net expenses to average net assets | | .83 | .83 | .82 | .80 | .81 |
Ratio of net investment income
to average net assets | | 2.01 | 2.63 | 2.43 | 2.17 | 2.27 |
Portfolio Turnover Rate | | 69.79 | 78.02 | 59.45 | 67.57 | 52.66 |
Net Assets, end of period ($ x 1,000) | | 779 | 541 | 382 | 12 | 11 |
a Based on average shares outstanding.
See notes to financial statements.
108
| | | | | | | |
| | | Class M |
| | | Year Ended August 31, |
BNY Mellon Mid Cap Multi-Strategy Fund | | 2021 | 2020 | 2019 | 2018 | 2017 |
Per Share Data ($): | | | | | | |
Net asset value, beginning of period | | 19.28 | 17.45 | 19.24 | 16.72 | 15.03 |
Investment Operations: | | | | | | |
Investment income—net a | | .04 | .09 | .08 | .05 | .07 |
Net realized and unrealized
gain (loss) on investments | | 6.99 | 2.36 | (.63) | 3.28 | 1.88 |
Total from Investment Operations | | 7.03 | 2.45 | (.55) | 3.33 | 1.95 |
Distributions: | | | | | | |
Dividends from investment income—net | | (.08) | (.04) | (.05) | (.04) | (.10) |
Dividends from net realized gain on investments | | (1.54) | (.58) | (1.19) | (.77) | (.16) |
Total Distributions | | (1.62) | (.62) | (1.24) | (.81) | (.26) |
Net asset value, end of period | | 24.69 | 19.28 | 17.45 | 19.24 | 16.72 |
Total Return (%) | | 38.15 | 14.24 | (1.54) | 20.48 | 13.12 |
Ratios/Supplemental Data (%): | | | | | | |
Ratio of total expenses to average net assets | | .90 | .90 | .89 | .89 | .90 |
Ratio of net investment income
to average net assets | | .18 | .50 | .45 | .30 | .45 |
Portfolio Turnover Rate | | 31.74 | 41.86 | 44.44 | 50.53 | 62.81 |
Net Assets, end of period ($ x 1,000) | | 2,831,948 | 2,433,885 | 2,610,739 | 3,358,399 | 2,788,133 |
a Based on average shares outstanding.
See notes to financial statements.
109
FINANCIAL HIGHLIGHTS (continued)
| | | | | | | |
| | | Investor Shares |
| | | Year Ended August 31, |
BNY Mellon Mid Cap Multi-Strategy Fund | | 2021 | 2020 | 2019 | 2018 | 2017 |
Per Share Data ($): | | | | | | |
Net asset value, beginning of period | | 18.90 | 17.13 | 18.90 | 16.45 | 14.79 |
Investment Operations: | | | | | | |
Investment income (loss)—net a | | (.02) | .04 | .04 | .01 | .03 |
Net realized and unrealized
gain (loss) on investments | | 6.86 | 2.31 | (.60) | 3.22 | 1.86 |
Total from Investment Operations | | 6.84 | 2.35 | (.56) | 3.23 | 1.89 |
Distributions: | | | | | | |
Dividends from investment income—net | | (.04) | - | (.02) | (.01) | (.07) |
Dividends from net realized gain on investments | | (1.54) | (.58) | (1.19) | (.77) | (.16) |
Total Distributions | | (1.58) | (.58) | (1.21) | (.78) | (.23) |
Net asset value, end of period | | 24.16 | 18.90 | 17.13 | 18.90 | 16.45 |
Total Return (%) | | 37.83 | 13.93 | (1.70) | 20.13 | 12.89 |
Ratios/Supplemental Data (%): | | | | | | |
Ratio of total expenses to average net assets | | 1.15 | 1.15 | 1.14 | 1.14 | 1.15 |
Ratio of net investment income (loss)
to average net assets | | (.08) | .26 | .21 | .05 | .20 |
Portfolio Turnover Rate | | 31.74 | 41.86 | 44.44 | 50.53 | 62.81 |
Net Assets, end of period ($ x 1,000) | | 174,867 | 106,907 | 118,579 | 123,713 | 88,697 |
a Based on average shares outstanding.
See notes to financial statements.
110
| | | | | | | |
| | | Class M |
| | | Year Ended August 31, |
BNY Mellon Small Cap Multi-Strategy Fund | | 2021 | 2020 | 2019 | 2018 | 2017 |
Per Share Data ($): | | | | | | |
Net asset value, beginning of period | | 19.28 | 17.12 | 23.16 | 19.48 | 16.71 |
Investment Operations: | | | | | | |
Investment income (loss)—net a | | (.05) | .00b | .02 | (.03) | .01 |
Net realized and unrealized
gain (loss) on investments | | 6.99 | 2.77 | (3.16) | 5.41 | 2.86 |
Total from Investment Operations | | 6.94 | 2.77 | (3.14) | 5.38 | 2.87 |
Distributions: | | | | | | |
Dividends from investment income—net | | - | (.03) | - | - | - |
Dividends from net realized gain on investments | | (.15) | (.58) | (2.90) | (1.70) | (.10) |
Total Distributions | | (.15) | (.61) | (2.90) | (1.70) | (.10) |
Net asset value, end of period | | 26.07 | 19.28 | 17.12 | 23.16 | 19.48 |
Total Return (%) | | 36.05 | 16.42 | (11.94) | 28.97 | 17.19 |
Ratios/Supplemental Data (%): | | | | | | |
Ratio of total expenses to average net assets | | 1.01 | 1.03 | 1.02 | 1.01 | 1.03 |
Ratio of net investment income (loss)
to average net assets | | (.19) | .02 | .10 | (.15) | .05 |
Portfolio Turnover Rate | | 55.94 | 74.33 | 71.58 | 63.00 | 75.82 |
Net Assets, end of period ($ x 1,000) | | 933,506 | 466,531 | 405,350 | 625,344 | 507,703 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
See notes to financial statements.
111
FINANCIAL HIGHLIGHTS (continued)
| | | | | | | |
| | | Investor Shares |
| | | Year Ended August 31, |
BNY Mellon Small Cap Multi-Strategy Fund | | 2021 | 2020 | 2019 | 2018 | 2017 |
Per Share Data ($): | | | | | | |
Net asset value, beginning of period | | 18.11 | 16.12 | 22.08 | 18.69 | 16.07 |
Investment Operations: | | | | | | |
Investment (loss)—net a | | (.10) | (.04) | (.02) | (.08) | (.04) |
Net realized and unrealized
gain (loss) on investments | | 6.55 | 2.61 | (3.04) | 5.17 | 2.76 |
Total from Investment Operations | | 6.45 | 2.57 | (3.06) | 5.09 | 2.72 |
Distributions: | | | | | | |
Dividends from net realized gain on investments | | (.15) | (.58) | (2.90) | (1.70) | (.10) |
Net asset value, end of period | | 24.41 | 18.11 | 16.12 | 22.08 | 18.69 |
Total Return (%) | | 35.68 | 16.20 | (12.20) | 28.62 | 16.94 |
Ratios/Supplemental Data (%): | | | | | | |
Ratio of total expenses to average net assets | | 1.26 | 1.28 | 1.27 | 1.26 | 1.28 |
Ratio of net investment (loss)
to average net assets | | (.44) | (.22) | (.13) | (.40) | (.20) |
Portfolio Turnover Rate | | 55.94 | 74.33 | 71.58 | 63.00 | 75.82 |
Net Assets, end of period ($ x 1,000) | | 34,249 | 20,474 | 18,823 | 25,022 | 19,641 |
a Based on average shares outstanding.
See notes to financial statements.
112
| | | | | | | | |
| | | | Class M |
| | | | Year Ended August 31, |
BNY Mellon Focused Equity Opportunities Fund | | | 2021 | 2020 | 2019 | 2018 | 2017 |
Per Share Data ($): | | | | | | | |
Net asset value, beginning of period | | | 17.88 | 15.57 | 18.63 | 16.96 | 14.63 |
Investment Operations: | | | | | | | |
Investment income—net a | | | .10 | .14 | .10 | .09 | .11 |
Net realized and unrealized
gain (loss) on investments | | | 5.38 | 3.29 | (.53) | 3.51 | 3.56 |
Total from Investment Operations | | | 5.48 | 3.43 | (.43) | 3.60 | 3.67 |
Distributions: | | | | | | | |
Dividends from investment income—net | | | (.15) | (.13) | (.12) | (.07) | (.19) |
Dividends from net realized gain on investments | | | (1.24) | (.99) | (2.51) | (1.86) | (1.15) |
Total Distributions | | | (1.39) | (1.12) | (2.63) | (1.93) | (1.34) |
Net asset value, end of period | | | 21.97 | 17.88 | 15.57 | 18.63 | 16.96 |
Total Return (%) | | | 32.72 | 23.11 | (.59) | 22.62 | 27.04 |
Ratios/Supplemental Data (%): | | | | | | | |
Ratio of total expenses to average net assets | | | .87 | .87 | .86 | .86 | .87 |
Ratio of net investment income
to average net assets | | | .55 | .90 | .66 | .53 | .72 |
Portfolio Turnover Rate | | | 29.38 | 43.62 | 78.12 | 45.29 | 62.39 |
Net Assets, end of period ($ x 1,000) | | | 483,169 | 447,927 | 430,597 | 577,906 | 485,040 |
a Based on average shares outstanding.
See notes to financial statements.
113
FINANCIAL HIGHLIGHTS (continued)
| | | | | | | | |
| | | | Investor Shares |
| | | | Year Ended August 31, |
BNY Mellon Focused Equity Opportunities Fund | | | 2021 | 2020 | 2019 | 2018 | 2017 |
Per Share Data ($): | | | | | | | |
Net asset value, beginning of period | | | 17.62 | 15.37 | 18.43 | 16.81 | 14.51 |
Investment Operations: | | | | | | | |
Investment income—net a | | | .05 | .10 | .07 | .05 | .07 |
Net realized and unrealized
gain (loss) on investments | | | 5.29 | 3.24 | (.53) | 3.46 | 3.53 |
Total from Investment Operations | | | 5.34 | 3.34 | (.46) | 3.51 | 3.60 |
Distributions: | | | | | | | |
Dividends from investment income—net | | | (.10) | (.10) | (.09) | (.03) | (.15) |
Dividends from net realized gain on investments | | | (1.24) | (.99) | (2.51) | (1.86) | (1.15) |
Total Distributions | | | (1.34) | (1.09) | (2.60) | (1.89) | (1.30) |
Net asset value, end of period | | | 21.62 | 17.62 | 15.37 | 18.43 | 16.81 |
Total Return (%) | | | 32.36 | 22.77 | (.81) | 22.24 | 26.75 |
Ratios/Supplemental Data (%): | | | | | | | |
Ratio of total expenses to average net assets | | | 1.12 | 1.12 | 1.11 | 1.11 | 1.12 |
Ratio of net investment income
to average net assets | | | .28 | .67 | .42 | .32 | .49 |
Portfolio Turnover Rate | | | 29.38 | 43.62 | 78.12 | 45.29 | 62.39 |
Net Assets, end of period ($ x 1,000) | | | 12,152 | 7,968 | 7,153 | 11,658 | 5,947 |
a Based on average shares outstanding.
See notes to financial statements.
114
| | | | | | | | | |
| | | | Class M |
| | | | Year Ended August 31, |
BNY Mellon Small/Mid Cap Multi-Strategy Fund | | | 2021 | 2020 | 2019 | 2018 | 2017 | |
Per Share Data ($): | | | | | | | | |
Net asset value, beginning of period | | | 14.67 | 12.86 | 16.86 | 14.49 | 12.44 | |
Investment Operations: | | | | | | | | |
Investment income (loss)—net a | | | (.03) | .01 | .01 | (.01) | .01 | |
Net realized and unrealized
gain (loss) on investments | | | 4.22 | 2.32 | (1.74) | 3.86 | 2.09 | |
Total from Investment Operations | | | 4.19 | 2.33 | (1.73) | 3.85 | 2.10 | |
Distributions: | | | | | | | | |
Dividends from investment income—net | | | - | (.01) | - | (.00)b | (.01) | |
Dividends from net realized gain on investments | | | (1.93) | (.51) | (2.27) | (1.48) | (.04) | |
Total Distributions | | | (1.93) | (.52) | (2.27) | (1.48) | (.05) | |
Net asset value, end of period | | | 16.93 | 14.67 | 12.86 | 16.86 | 14.49 | |
Total Return (%) | | | 30.28 | 18.61 | (9.13) | 28.25 | 16.94 | |
Ratios/Supplemental Data (%): | | | | | | | | |
Ratio of total expenses to average net assets | | | .99 | .95 | .94 | .93 | .94 | |
Ratio of net investment income (loss)
to average net assets | | | (.22) | .10 | .08 | (.05) | .10 | |
Portfolio Turnover Rate | | | 53.56 | 57.41 | 68.52 | 61.78 | 79.45 | |
Net Assets, end of period ($ x 1,000) | | | 98,281 | 194,521 | 223,000 | 370,701 | 327,604 |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
See notes to financial statements.
115
FINANCIAL HIGHLIGHTS (continued)
| | | | | | | | |
| | | | Investor Shares |
| | | | Year Ended August 31, |
BNY Mellon Small/Mid Cap Multi-Strategy Fund | | | 2021 | 2020 | 2019 | 2018 | 2017 |
Per Share Data ($): | | | | | | | |
Net asset value, beginning of period | | | 14.30 | 12.57 | 16.57 | 14.30 | 12.31 |
Investment Operations: | | | | | | | |
Investment (loss)—net a | | | (.07) | (.02) | (.02) | (.05) | (.02) |
Net realized and unrealized
gain (loss) on investments | | | 4.10 | 2.26 | (1.71) | 3.80 | 2.05 |
Total from Investment Operations | | | 4.03 | 2.24 | (1.73) | 3.75 | 2.03 |
Distributions: | | | | | | | |
Dividends from net realized gain on investments | | | (1.93) | (.51) | (2.27) | (1.48) | (.04) |
Net asset value, end of period | | | 16.40 | 14.30 | 12.57 | 16.57 | 14.30 |
Total Return (%) | | | 29.91 | 18.32 | (9.31) | 27.87 | 16.55 |
Ratios/Supplemental Data (%): | | | | | | | |
Ratio of total expenses to average net assets | | | 1.24 | 1.20 | 1.19 | 1.18 | 1.19 |
Ratio of net investment (loss)
to average net assets | | | (.44) | (.16) | (.17) | (.30) | (.17) |
Portfolio Turnover Rate | | | 53.56 | 57.41 | 68.52 | 61.78 | 79.45 |
Net Assets, end of period ($ x 1,000) | | | 2,647 | 2,164 | 2,064 | 4,258 | 3,227 |
a Based on average shares outstanding.
See notes to financial statements.
116
| | | | | | | |
| | | Class M |
| | | Year Ended August 31, |
BNY Mellon International Fund | | 2021 | 2020 | 2019 | 2018 | 2017 |
Per Share Data ($): | | | | | | |
Net asset value, beginning of period | | 12.78 | 12.31 | 13.45 | 13.17 | 11.22 |
Investment Operations: | | | | | | |
Investment income—net a | | .27 | .21 | .31 | .23 | .19 |
Net realized and unrealized
gain (loss) on investments | | 2.64 | .60 | (1.20) | .26 | 1.98 |
Total from Investment Operations | | 2.91 | .81 | (.89) | .49 | 2.17 |
Distributions: | | | | | | |
Dividends from investment income—net | | (.31) | (.34) | (.25) | (.21) | (.22) |
Net asset value, end of period | | 15.38 | 12.78 | 12.31 | 13.45 | 13.17 |
Total Return (%) | | 23.04 | 6.47 | (6.50) | 3.68 | 19.80 |
Ratios/Supplemental Data (%): | | | | | | |
Ratio of total expenses to average net assets | | 1.03 | 1.03 | 1.02 | 1.02 | 1.04 |
Ratio of net investment income
to average net assets | | 1.86 | 1.67 | 2.47 | 1.68 | 1.64 |
Portfolio Turnover Rate | | 56.01 | 66.41 | 59.03 | 54.87 | 81.88 |
Net Assets, end of period ($ x 1,000) | | 603,937 | 552,883 | 897,080 | 1,124,632 | 1,076,444 |
a Based on average shares outstanding.
See notes to financial statements.
117
FINANCIAL HIGHLIGHTS (continued)
| | | | | | | |
| | | Investor Shares |
| | | Year Ended August 31, |
BNY Mellon International Fund | | 2021 | 2020 | 2019 | 2018 | 2017 |
Per Share Data ($): | | | | | | |
Net asset value, beginning of period | | 13.65 | 13.12 | 14.32 | 14.02 | 11.92 |
Investment Operations: | | | | | | |
Investment income—net a | | .25 | .20 | .29 | .22 | .20 |
Net realized and unrealized
gain (loss) on investments | | 2.81 | .64 | (1.27) | .26 | 2.10 |
Total from Investment Operations | | 3.06 | .84 | (.98) | .48 | 2.30 |
Distributions: | | | | | | |
Dividends from investment income—net | | (.27) | (.31) | (.22) | (.18) | (.20) |
Net asset value, end of period | | 16.44 | 13.65 | 13.12 | 14.32 | 14.02 |
Total Return (%) | | 22.66 | 6.28 | (6.74) | 3.41 | 19.59 |
Ratios/Supplemental Data (%): | | | | | | |
Ratio of total expenses to average net assets | | 1.28 | 1.28 | 1.27 | 1.27 | 1.29 |
Ratio of net investment income
to average net assets | | 1.62 | 1.53 | 2.20 | 1.44 | 1.53 |
Portfolio Turnover Rate | | 56.01 | 66.41 | 59.03 | 54.87 | 81.88 |
Net Assets, end of period ($ x 1,000) | | 19,392 | 14,473 | 16,755 | 19,963 | 18,145 |
a Based on average shares outstanding.
See notes to financial statements.
118
| | | | | | | |
| | | Class M |
| | | Year Ended August 31, |
BNY Mellon Emerging Markets Fund | | 2021 | 2020 | 2019 | 2018 | 2017 |
Per Share Data ($): | | | | | | |
Net asset value, beginning of period | | 11.35 | 10.14 | 10.72 | 11.23 | 8.96 |
Investment Operations: | | | | | | |
Investment income—net a | | .24 | .07 | .14 | .11 | .08 |
Net realized and unrealized
gain (loss) on investments | | 2.71 | 1.27 | (.64) | (.53) | 2.26 |
Total from Investment Operations | | 2.95 | 1.34 | (.50) | (.42) | 2.34 |
Distributions: | | | | | | |
Dividends from investment income—net | | (.15) | (.13) | (.08) | (.09) | (.07) |
Net asset value, end of period | | 14.15 | 11.35 | 10.14 | 10.72 | 11.23 |
Total Return (%) | | 26.19 | 13.24 | (4.68) | (3.76) | 26.36 |
Ratios/Supplemental Data (%): | | | | | | |
Ratio of total expenses to average net assets | | 1.39 | 1.39 | 1.39 | 1.39 | 1.40 |
Ratio of net investment income
to average net assets | | 1.78 | .71 | 1.37 | .96 | .84 |
Portfolio Turnover Rate | | 63.29 | 34.44 | 90.09 | 80.86 | 91.81 |
Net Assets, end of period ($ x 1,000) | | 1,063,203 | 762,408 | 819,164 | 922,117 | 904,774 |
a Based on average shares outstanding.
See notes to financial statements.
119
FINANCIAL HIGHLIGHTS (continued)
| | | | | | | |
| | | Investor Shares |
| | | Year Ended August 31, |
BNY Mellon Emerging Markets Fund | | 2021 | 2020 | 2019 | 2018 | 2017 |
Per Share Data ($): | | | | | | |
Net asset value, beginning of period | | 11.64 | 10.41 | 11.01 | 11.53 | 9.20 |
Investment Operations: | | | | | | |
Investment income—net a | | .21 | .04 | .12 | .09 | .07 |
Net realized and unrealized
gain (loss) on investments | | 2.80 | 1.30 | (.67) | (.54) | 2.31 |
Total from Investment Operations | | 3.01 | 1.34 | (.55) | (.45) | 2.38 |
Distributions: | | | | | | |
Dividends from investment income—net | | (.13) | (.11) | (.05) | (.07) | (.05) |
Net asset value, end of period | | 14.52 | 11.64 | 10.41 | 11.01 | 11.53 |
Total Return (%) | | 25.97 | 12.85 | (4.99) | (3.93) | 26.05 |
Ratios/Supplemental Data (%): | | | | | | |
Ratio of total expenses to average net assets | | 1.64 | 1.64 | 1.64 | 1.64 | 1.65 |
Ratio of net investment income
to average net assets | | 1.53 | .36 | 1.10 | .74 | .69 |
Portfolio Turnover Rate | | 63.29 | 34.44 | 90.09 | 80.86 | 91.81 |
Net Assets, end of period ($ x 1,000) | | 33,827 | 20,919 | 20,970 | 20,257 | 17,970 |
a Based on average shares outstanding.
See notes to financial statements.
120
| | | | | | | |
| | | Class M |
| | | Year Ended August 31, |
BNY Mellon International Equity Income Fund | | 2021 | 2020 | 2019 | 2018 | 2017 |
Per Share Data ($): | | | | | | |
Net asset value, beginning of period | | 11.27 | 12.20 | 13.86 | 14.20 | 12.35 |
Investment Operations: | | | | | | |
Investment income—net a | | .37 | .37 | .59 | .57 | .42 |
Net realized and unrealized
gain (loss) on investments | | 2.62 | (.82) | (1.69) | (.32) | 1.84 |
Total from Investment Operations | | 2.99 | (.45) | (1.10) | .25 | 2.26 |
Distributions: | | | | | | |
Dividends from investment income—net | | (.47) | (.48) | (.56) | (.59) | (.41) |
Net asset value, end of period | | 13.79 | 11.27 | 12.20 | 13.86 | 14.20 |
Total Return (%) | | 27.02 | (3.94) | (7.98) | 1.63 | 18.72 |
Ratios/Supplemental Data (%): | | | | | | |
Ratio of total expenses to average net assets | | 1.20 | 1.14 | 1.07 | 1.08 | 1.09 |
Ratio of net investment income
to average net assets | | 2.95 | 3.05 | 4.53 | 3.92 | 3.27 |
Portfolio Turnover Rate | | 44.35 | 55.03 | 45.49 | 54.20 | 46.42 |
Net Assets, end of period ($ x 1,000) | | 89,568 | 111,258 | 282,061 | 360,816 | 367,829 |
a Based on average shares outstanding.
See notes to financial statements.
121
FINANCIAL HIGHLIGHTS (continued)
| | | | | | | |
| | | Investor Shares |
| | | Year Ended August 31, |
BNY Mellon International Equity Income Fund | | 2021 | 2020 | 2019 | 2018 | 2017 |
Per Share Data ($): | | | | | | |
Net asset value, beginning of period | | 11.42 | 12.35 | 14.00 | 14.36 | 12.47 |
Investment Operations: | | | | | | |
Investment income—net a | | .36 | .36 | .53 | .54 | .62 |
Net realized and unrealized
gain (loss) on investments | | 2.63 | (.85) | (1.67) | (.34) | 1.57 |
Total from Investment Operations | | 2.99 | (.49) | (1.14) | .20 | 2.19 |
Distributions: | | | | | | |
Dividends from investment income—net | | (.44) | (.44) | (.51) | (.56) | (.30) |
Net asset value, end of period | | 13.97 | 11.42 | 12.35 | 14.00 | 14.36 |
Total Return (%) | | 26.62 | (4.15) | (8.21) | 1.27 | 17.87 |
Ratios/Supplemental Data (%): | | | | | | |
Ratio of total expenses to average net assets | | 1.45 | 1.39 | 1.32 | 1.33 | 1.37 |
Ratio of net investment income
to average net assets | | 2.80 | 2.97 | 4.09 | 3.78 | 4.13 |
Portfolio Turnover Rate | | 44.35 | 55.03 | 45.49 | 54.20 | 46.42 |
Net Assets, end of period ($ x 1,000) | | 1,354 | 930 | 2,318 | 1,627 | 2,135 |
a Based on average shares outstanding.
See notes to financial statements.
122
| | | | | | | | |
| | | | Class M |
| | | | Year Ended August 31, |
BNY Mellon Asset Allocation Fund | | | 2021 | 2020 | 2019 | 2018 | 2017 |
Per Share Data ($): | | | | | | | |
Net asset value, beginning of period | | | 12.88 | 12.27 | 13.16 | 12.30 | 11.30 |
Investment Operations: | | | | | | | |
Investment income—net a | | | .16 | .21 | .19 | .17 | .18 |
Net realized and unrealized
gain (loss) on investments | | | 2.81 | 1.31 | (.33) | 1.26 | 1.12 |
Total from Investment Operations | | | 2.97 | 1.52 | (.14) | 1.43 | 1.30 |
Distributions: | | | | | | | |
Dividends from investment income—net | | | (.21) | (.23) | (.26) | (.21) | (.20) |
Dividends from net realized gain on investments | | | (.30) | (.68) | (.49) | (.36) | (.10) |
Total Distributions | | | (.51) | (.91) | (.75) | (.57) | (.30) |
Net asset value, end of period | | | 15.34 | 12.88 | 12.27 | 13.16 | 12.30 |
Total Return (%) | | | 23.59 | 12.78 | (.44) | 11.86 | 11.73 |
Ratios/Supplemental Data (%): | | | | | | | |
Ratio of total expenses to average net assets b | | | .40 | .39 | .39 | .38 | .38 |
Ratio of net expenses to average net assets b | | | .32 | .31 | .31 | .29 | .30 |
Ratio of net investment income
to average net assets b | | | 1.14 | 1.76 | 1.55 | 1.33 | 1.51 |
Portfolio Turnover Rate | | | 17.71 | 35.71 | 28.14 | 20.66 | 27.34 |
Net Assets, end of period ($ x 1,000) | | | 537,189 | 463,184 | 454,093 | 489,598 | 460,142 |
a Based on average shares outstanding.
b Amount does not include the expenses of the underlying funds.
See notes to financial statements.
123
FINANCIAL HIGHLIGHTS (continued)
| | | | | | | | |
| | | | Investor Shares |
| | | | Year Ended August 31, |
BNY Mellon Asset Allocation Fund | | | 2021 | 2020 | 2019 | 2018 | 2017 |
Per Share Data ($): | | | | | | | |
Net asset value, beginning of period | | | 13.00 | 12.37 | 13.25 | 12.39 | 11.38 |
Investment Operations: | | | | | | | |
Investment income—net a | | | .12 | .18 | .13 | .14 | .15 |
Net realized and unrealized
gain (loss) on investments | | | 2.83 | 1.32 | (.29) | 1.26 | 1.14 |
Total from Investment Operations | | | 2.95 | 1.50 | (.16) | 1.40 | 1.29 |
Distributions: | | | | | | | |
Dividends from investment income—net | | | (.17) | (.19) | (.23) | (.18) | (.18) |
Dividends from net realized gain on investments | | | (.30) | (.68) | (.49) | (.36) | (.10) |
Total Distributions | | | (.47) | (.87) | (.72) | (.54) | (.28) |
Net asset value, end of period | | | 15.48 | 13.00 | 12.37 | 13.25 | 12.39 |
Total Return (%) | | | 23.29 | 12.51 | (.63) | 11.50 | 11.49 |
Ratios/Supplemental Data (%): | | | | | | | |
Ratio of total expenses to average net assets b | | | .65 | .64 | .64 | .63 | .63 |
Ratio of net expenses to average net assets b | | | .57 | .56 | .56 | .54 | .55 |
Ratio of net investment income
to average net assets b | | | .86 | 1.52 | 1.09 | 1.06 | 1.22 |
Portfolio Turnover Rate | | | 17.71 | 35.71 | 28.14 | 20.66 | 27.34 |
Net Assets, end of period ($ x 1,000) | | | 7,815 | 6,443 | 7,083 | 6,959 | 6,745 |
a Based on average shares outstanding.
b Amount does not include the expenses of the underlying funds.
See notes to financial statements.
124
NOTES TO FINANCIAL STATEMENTS
NOTE 1—Significant Accounting Policies:
BNY Mellon Funds Trust (the “Trust”), a Massachusetts business trust that is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company, operates as a series company currently consisting of twenty-two series, including the following diversified funds: 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 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.
Effective September 1, 2021 (the “Effective Date”), the Adviser has engaged its affiliate, Newton Investment Management North America, LLC (“Newton US”) to serve as a sub-investment adviser of (i) BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund responsible for the portions of the fund’s assets allocated to the Dynamic Large Cap Value Strategy and the U.S. Large Cap Growth Strategy; (ii) BNY Mellon Income Stock Fund; (iii) BNY Mellon Mid Cap Multi-Strategy Fund responsible for the portions of the fund’s assets allocated to the Opportunistic Mid Cap Value Strategy and the Mid Cap Growth Strategy; (iv) BNY Mellon Small Cap Multi-Strategy Fund responsible for the portions of the fund’s assets allocated to the Opportunistic Small Cap Strategy, the Small Cap Value Strategy and the Small Cap Growth Strategy; (v) BNY Mellon Small/Mid Cap Multi-Strategy Fund responsible for the portions of the fund’s assets allocated to the Opportunistic Small/Mid Cap Strategy, the Small/Mid Cap Value Strategy and the Small/Mid Cap Growth Strategy; (vi) BNY Mellon International Fund; (vii) BNY Mellon Emerging Markets Fund; and (viii) BNY Mellon International Equity Income Fund. Newton US, subject to the Adviser’s supervision and approval, provides investment advisory assistance and research and the day-to-day management of the respective fund’s assets or the portion of the respective fund’s assets allocated to the strategies described above. As of the Effective Date, the portfolio managers responsible for managing each relevant fund’s investments who were employees of Mellon Investments Corporation (“Mellon”), an affiliate of the Adviser, and managed the relevant funds in their capacity as employees of the Adviser pursuant to in a dual employment arrangement with the Adviser, have become employees of Newton US and are no longer employees of Mellon.
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 and Class C shares are sold primarily to retail investors through financial intermediaries and bear Distribution and/or Shareholder Services Plan fees. 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 automatically convert to Class A shares eight years after the date of purchase, without the imposition of a sales charge. Class I
125
NOTES TO FINANCIAL STATEMENTS (continued)
shares are sold primarily to bank trust departments and other financial service providers (including The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of the Adviser, and its affiliates), acting on behalf of customers having a qualified trust or an investment account or relationship at such institution, and bear no Distribution or Shareholder Services Plan fees. Class Y shares are sold at net asset value per share generally to institutional investors, and bear no Distribution or Shareholder Services Plan fees. Class I and Class Y shares are offered without a front-end sales charge or CDSC. 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 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 enter 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 a Service are valued at the mean between the quoted bid prices (as obtained by a 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
126
open short positions, asked prices are used for valuation purposes. Bid price is used when no asked price is available. Registered investment companies that are not traded on an exchange are valued at their net asset value. All of the preceding securities are generally categorized within Level 1 of the fair value hierarchy.
Securities not listed on an exchange or the national securities market, or securities for which there were no transactions, are valued at the average of the most recent bid and asked prices. U.S Treasury Bills are valued at the mean price between quoted prices and asked prices by the Service. These securities are generally categorized within Level 2 of the fair value hierarchy.
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 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.
Table 1 summarizes the inputs used as of August 31, 2021 in valuing each fund’s investments:
(b) Foreign currency transactions: Each relevant 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 funds’ 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 August 31, 2021, if any, are disclosed in the funds’ Statements of Assets and Liabilities.
127
NOTES TO FINANCIAL STATEMENTS (continued)
| | | | | | | | | | | | | | | | | | |
Table 1—Fair Value Measurements | | | | | | |
| | | Investments in Securities† |
| | | Level 1—Unadjusted
Quoted Prices | | Level 2—Other Significant
Observable Inputs | | Level 3-Significant Unobservable Inputs | | |
| | Assets ($) | Liabilities ($) | | Assets ($) | Liabilities ($) | | Assets ($) | Liabilities ($) | | Total |
BNY Mellon Tax-Sensitive
Large Cap Multi-Strategy Fund | | | | | | | | | | | |
Equity Securities—
Common Stocks | | 258,544,357 | - | | - | - | | - | - | | 258,544,357 |
Investment Companies | | 240,505,752 | - | | - | - | | - | - | | 240,505,752 |
BNY Mellon Income Stock Fund | | | | | | | | | | | | |
Equity Securities—
Common Stocks | | 553,030,323 | - | | - | | - | | - | - | | 553,030,323 |
Equity Securities—
Preferred Stocks | | 8,956,643 | - | | - | | - | | - | - | | 8,956,643 |
Investment Companies | | 31,895,764 | - | | - | | - | | - | - | | 31,895,764 |
BNY Mellon Mid Cap
Multi-Strategy Fund | | | | | | | | | | | | |
Equity Securities—
Common Stocks | | 2,935,847,646 | - | | 2,192,432 | †† | - | | - | - | | 2,938,040,078 |
Exchange-Traded Funds | | 28,224,091 | - | | - | | - | | - | - | | 28,224,091 |
Investment Companies | | 41,572,222 | - | | - | | - | | - | - | | 41,572,222 |
BNY Mellon Small Cap
Multi-Strategy Fund | | | | | | | | | | | | |
Equity Securities—
Common Stocks | | 920,819,189 | - | | 4,381,168 | †† | - | | - | - | | 935,200,357 |
Investment Companies | | 60,756,521 | - | | - | | - | | - | - | | 60,756,521 |
BNY Mellon Focused Equity
Opportunities Fund | | | | | | | | | | | | |
Equity Securities—
Common Stocks | | 494,911,773 | - | | - | | - | | - | - | | 494,911,773 |
Investment Companies | | 2,622,603 | - | | - | | - | | - | - | | 2,622,603 |
BNY Mellon Small/Mid Cap
Multi-Strategy Fund | | | | | | | | | | | | |
Equity Securities—
Common Stocks | | 97,745,026 | - | | 327,888 | †† | - | | - | - | | 98,072,914 |
Exchange-Traded Funds | | 355,388 | - | | - | | - | | - | - | | 355,388 |
Investment Companies | | 4,001,344 | - | | - | | - | | - | - | | 4,001,344 |
BNY Mellon International Fund | | | | | | | | | | | | |
Equity Securities—
Common Stocks | | 598,730,814 | - | | - | | - | | - | - | | 598,730,814 |
Equity Securities—
Preferred Stocks | | 9,268,050 | - | | - | | - | | - | - | | 9,268,050 |
Exchange-Traded Funds | | 3,209,714 | - | | - | | - | | - | - | | 3,209,714 |
Investment Companies | | 4,404,310 | - | | - | | - | | - | - | | 4,404,310 |
Forward Foreign Currency
Exchange Contracts | | - | - | | - | | (2,757) | ††† | - | - | | (2,757) |
128
| | | | | | | | | | | | | | | | | | | |
Table 1—Fair Value Measurements (continued) | | | | | | |
| | | Investments in Securities† |
| | | Level 1—Unadjusted
Quoted Prices | | Level 2—Other
Significant
Observable Inputs | | Level 3-Significant
Unobservable Inputs | | |
| | Assets ($) | Liabilities ($) | | Assets ($) | Liabilities ($) | | Assets ($) | Liabilities ($) | | Total |
BNY Mellon Emerging Markets Fund | | | | | | | | | | |
Equity Securities—
Common Stocks | | 1,071,302,039 | - | | - | | - | | - | - | | 1,071,302,039 |
Equity Securities—
Preferred Stocks | | 7,170,464 | - | | - | | - | | - | - | | 7,170,464 |
Investment Companies | | 10,846,873 | - | | - | | - | | - | - | | 10,846,873 |
BNY Mellon International
Equity Income Fund | | | | | | | | | | | | |
Equity Securities—
Common Stocks | | 88,157,526 | - | | - | | - | | - | - | | 88,157,526 |
Equity Securities—
Preferred Stocks | | 335,720 | - | | - | | - | | - | - | | 335,720 |
Exchange-Traded Funds | | 834,624 | - | | - | | - | | - | - | | 834,624 |
Investment Companies | | 223,898 | - | | - | | - | | - | - | | 223,898 |
Warrants | | - | - | | 0 | †† | - | | - | - | | 0 |
BNY Mellon Asset
Allocation Fund | | | | | | | | | | | | |
Commercial Mortgage-Backed | | - | - | | 1,091,131 | | - | | - | - | | 1,091,131 |
Corporate Bonds | | - | - | | 26,722,463 | | - | | - | - | | 26,722,463 |
Equity Securities—
Common Stocks | | 143,559,119 | - | | - | | - | | - | - | | 143,559,119 |
Equity Securities—
Preferred Stocks | | 400,500 | - | | - | | - | | - | - | | 400,500 |
Investment Companies | | 338,879,453 | - | | - | | - | | - | - | | 338,879,453 |
Municipal Securities | | - | - | | 3,892,458 | | - | | - | - | | 3,892,458 |
U.S. Government Agencies
Mortgage-Backed | | - | - | | 16,536,464 | | - | | - | - | | 16,536,464 |
U.S. Treasury Securities | | - | - | | 14,214,833 | | - | | - | - | | 14,214,833 |
† 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
129
NOTES TO FINANCIAL STATEMENTS (continued)
market value of the unreturned securities and is subrogated to the funds’ rights against the borrower and the collateral. Additionally, the contractual maturity of security lending transactions are on an overnight and continuous basis. Table 2 summarizes the amount The Bank of New York Mellon earned from each fund from lending portfolio securities, pursuant to the securities lending agreement during the period ended August 31, 2021.
| | |
Table 2—Securities Lending Agreement | |
| | |
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | $ 600 |
BNY Mellon Income Stock Fund | 5,246 |
BNY Mellon Mid Cap Multi-Strategy Fund | 41,450 |
BNY Mellon Small Cap Multi-Strategy Fund | 122,524 |
BNY Mellon Focused Equity Opportunities Fund | 1,283 |
BNY Mellon Small/Mid Cap Multi-Strategy Fund | 8,263 |
BNY Mellon International Fund | 2,193 |
BNY Mellon Emerging Markets Fund | 12,263 |
BNY Mellon International Equity Income Fund | 853 |
BNY Mellon Asset Allocation Fund | 341 |
(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 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-Strategy Fund, BNY Mellon International Fund and BNY Mellon Emerging Markets Fund normally declare and pay
130
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 August 31, 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 August 31, 2021, the funds did not incur any interest or penalties.
Each tax year in the four-year period ended August 31, 2021 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 fund’s components of accumulated earnings on a tax basis at August 31, 2021.
| | | | | |
Table 3—Components of Accumulated Earnings |
| | Undistributed
Ordinary Income($) | Accumulated
Capital (Losses) ($) | Undistributed
Capital Gains ($) | Unrealized
Appreciation
(Depreciation) ($) |
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | 3,792,842 | - | 27,190,117 | 241,745,319 |
BNY Mellon Income Stock Fund | 600,314 | - | 73,955,061 | 141,073,594 |
BNY Mellon Mid Cap Multi-Strategy Fund | 50,270,296 | - | 252,282,622 | 1,525,131,715 |
BNY Mellon Small Cap Multi-Strategy Fund | 36,895,850 | - | 68,407,036 | 203,172,167 |
BNY Mellon Focused Equity Opportunities Fund | 7,806,708 | - | 46,143,920 | 222,718,826 |
BNY Mellon Small/Mid Cap Multi-Strategy Fund | 9,087,303 | - | 12,603,760 | 33,126,555 |
BNY Mellon International Fund | 11,295,425 | (44,037,630) | - | 62,385,977 |
BNY Mellon Emerging Markets Fund | 19,387,373 | (412,047,396) | - | 378,430,380 |
BNY Mellon International Equity Income Fund | 1,099,515 | (76,378,786) | - | 17,772,763 |
BNY Mellon Asset Allocation Fund | 1,164,955 | - | 17,706,317 | 171,990,025 |
† These losses were deferred for tax purposes to the first day of the following fiscal year.
Table 4 summarizes each relevant fund’s accumulated capital loss carryover available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to August 31, 2021.
Table 5 summarizes each fund’s tax character of distributions paid to shareholders during the fiscal periods ended August 31, 2021 and August 31, 2020.
During the period ended August 31, 2021, as a result of permanent book to tax differences, where indicated each identified fund increased (decreased) total distributable earnings (loss) and increased (decreased) paid-in capital as summarized in Table 6. These permanent book to tax differences are primarily due to the tax treatment for treating a portion of the proceeds from redemptions as a distribution for tax purposes for 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 and BNY Mellon Small/Mid Cap Multi-Strategy Fund. Net assets and net asset value per share were not affected by these reclassifications.
(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”), and in January 2021, the FASB issued Accounting Standards Update 2021-01, Reference Rate Reform (Topic 848): Scope (“ASU 2021-01”), 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
131
NOTES TO FINANCIAL STATEMENTS (continued)
interbank offered rates as of the end of 2021. The temporary relief provided by ASU 2020-04 and ASU 2021-01 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 and ASU 2021-01 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.
| | | | | | | |
Table 4—Capital Loss Carryover | | | | | |
| | | Short-Term
Losses ($)† | Long-Term
Losses ($)† | |
| | | Total ($) |
| | |
BNY Mellon International Fund | | | 29,214,316 | 14,823,314 | 44,037,630 |
BNY Mellon Emerging Markets Fund | | | 265,940,409 | 146,106,987 | 412,047,396 |
BNY Mellon International Equity Income Fund | | | 35,832,581 | 40,546,205 | 76,378,786 |
† These capital losses can be carried forward for an unlimited period.
| | | | | | |
Table 5— Tax Character of Distributions Paid |
| | 2021 | | 2020 |
| Ordinary Income ($) | Long-Term
Capital Gains ($) | | Ordinary Income ($) | Long-Term
Capital Gains ($) |
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | 3,402,600 | 15,860,327 | | 3,436,575 | 22,166,638 |
BNY Mellon Income Stock Fund | 11,627,577 | - | | 24,319,994 | 71,826,543 |
BNY Mellon Mid Cap Multi-Strategy Fund | 13,631,523 | 191,107,540 | | 5,249,653 | 88,833,071 |
BNY Mellon Small Cap Multi-Strategy Fund | - | 4,331,978 | | 603,688 | 13,811,767 |
BNY Mellon Focused Equity Opportunities Fund | 5,151,064 | 28,321,679 | | 4,356,243 | 25,601,420 |
BNY Mellon Small/Mid Cap Multi-Strategy Fund | 1,199,929 | 11,280,109 | | 152,991 | 8,473,128 |
BNY Mellon International Fund | 13,072,579 | - | | 24,173,104 | - |
BNY Mellon Emerging Markets Fund | 10,483,912 | - | | 10,545,792 | - |
BNY Mellon International Equity Income Fund | 3,907,050 | - | | 9,708,920 | - |
BNY Mellon Asset Allocation Fund | 7,448,909 | 10,711,004 | | 8,605,175 | 24,941,107 |
| | | | | | |
Table 6—Return of Capital Statement of Position |
| | | Total Distributable
Earnings (Loss) ($) | Paid-in
Capital ($) | |
BNY Mellon Income Stock Fund | | | (5,115,579) | 5,115,579 | |
BNY Mellon Mid Cap Multi-Strategy Fund | | | (22,063,788) | 22,063,788 | |
BNY Mellon Small Cap Multi-Strategy Fund | | | (4,283,692) | 4,283,692 | |
BNY Mellon Focused Equity Opportunities Fund | | | (4,540,735) | 4,540,735 | |
BNY Mellon Small/Mid Cap Multi-Strategy Fund | | | (32,758,490) | 32,758,490 | |
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
132
commitment fees for Tranche A of the Citibank Credit Facility and the BNYM Credit Facility. Interest is charged to the funds based on rates determined pursuant to the terms of the respective Facility at the time of borrowing. During the period ended August 31, 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 and BNY Mellon International Fund, did not borrow under the Facilities.
The average amount of borrowings outstanding under the Facilities during the period ended August 31, 2021 for BNY Mellon Income Stock Fund was approximately $102,740, with a related weighted average annualized interest rate of 1.26%.
The average amount of borrowings outstanding under the Facilities during the period ended August 31, 2021 for BNY Mellon Focused Equity Opportunities Fund was approximately $200,822, with a related weighted average annualized interest rate of 1.13%.
The average amount of borrowings outstanding under the Facilities during the period ended August 31, 2021 for BNY Mellon Emerging Markets Fund was approximately $91,781, with a related weighted average annualized interest rate of 1.20%.
The average amount of borrowings outstanding under the Facilities during the period ended August 31, 2021 for BNY Mellon International Equity Fund was approximately $65,753, with a related weighted average annualized interest rate of 1.10%.
The average amount of borrowings outstanding under the Facilities during the period ended August 31, 2021 for BNY Mellon Asset Allocation Fund was approximately $7,671, with a related weighted average annualized interest rate of 1.20%.
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: .70% (direct investment in securities) and .15% (other underlying funds, which may consist of affiliated funds and unaffiliated open-end funds, closed-end 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 securities), .40% (debt securities) and .15% (money market instruments and other underlying funds, which may consist of affiliated funds and unaffiliated open-end funds, closed-end 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 December 31, 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 December 31, 2021, the Adviser may terminate this expense limitation agreement at any time. The reduction in expenses, pursuant to the undertaking, amounted to $882 during the period ended August 31, 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 $386,893 during the period ended August 31, 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%
133
NOTES TO FINANCIAL STATEMENTS (continued)
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.
Effective as of the Effective Date, pursuant to a sub-investment advisory agreement between the Adviser and Newton US, the Adviser pays Newton US a monthly fee at an annual rate set forth below in Table 7 of the respective fund’s average daily net assets or the portion of the respective fund’s average daily net assets allocated to the strategies sub-advised by Newton US.
| | |
Table 7—Annual Fee (as a percentage of average daily net assets allocated to the strategies sub-advised by Newton US) | |
| | |
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | .15 |
BNY Mellon Income Stock Fund | .195 |
BNY Mellon Mid Cap Multi-Strategy Fund | .40 |
BNY Mellon Small Cap Multi-Strategy Fund | .55 |
BNY Mellon Small/Mid Cap Multi-Strategy Fund | .50 |
BNY Mellon International Fund | .255 |
BNY Mellon Emerging Markets Fund | .345 |
BNY Mellon International Equity Income Fund | .25 |
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 is ultimate parent company, BNY Mellon, without obtaining shareholder approval. The Order also allows the funds to disclose the sub-investment advisory fee paid by the Adviser to any unaffiliated sub-investment adviser in the aggregate with other unaffiliated sub-investment advisers in documents filed with the SEC and provided to shareholders. In addition, pursuant to the Order, it is not necessary to disclose the sub-investment advisory fee payable by the Adviser separately to a sub-investment adviser that is a wholly-owned subsidiary of BNY Mellon in documents filed with the SEC and provided to shareholders; such fees are to be aggregated with fees payable to the Adviser. The Adviser has ultimate responsibility (subject to oversight by the Board) to supervise any sub-investment adviser and recommend the hiring, termination, and replacement of any sub-investment adviser to the Board.
During the period ended August 31, 2021, the Distributor retained $76 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. The Distributor may pay one or more Service Agents in respect of advertising, marketing and other distribution services, and determines the amounts, if any, to be paid to Service Agents and the basis on which such payments are made. During the period ended August 31, 2021, Class C shares were charged $5,237 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 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 8 summarizes the amounts Investor, Class A and Class C shares were charged during the period ended August 31, 2021, pursuant to the Shareholder Services
134
Plan, which is included in Shareholder servicing costs in the Statements of Operations.
| | |
Table 8—Shareholder Services Plan Fees | |
| | |
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | $ 27,988 |
BNY Mellon Income Stock Fund | |
Investor Shares | 34,732 |
Class A | 3,394 |
Class C | 1,746 |
BNY Mellon Mid Cap Multi-Strategy Fund | 361,122 |
BNY Mellon Small Cap Multi-Strategy Fund | 70,552 |
BNY Mellon Focused Equity Opportunities Fund | 23,566 |
BNY Mellon Small/Mid Cap Multi-Strategy Fund | 5,546 |
BNY Mellon International Fund | 42,938 |
BNY Mellon Emerging Markets Fund | 69,658 |
BNY Mellon International Equity Income Fund | 2,310 |
BNY Mellon Asset Allocation Fund | 17,047 |
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 9 summarizes the amount each fund was charged during the period ended August 31, 2021, which is included in Shareholder servicing costs in the Statements of Operations.
| | |
Table 9—Transfer Agency Agreement Fees | |
| | |
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | $ 46 |
BNY Mellon Income Stock Fund | 2,803 |
BNY Mellon Mid Cap Multi-Strategy Fund | 1,032 |
BNY Mellon Small Cap Multi-Strategy Fund | 420 |
BNY Mellon Focused Equity Opportunities Fund | 68 |
BNY Mellon Small/Mid Cap Multi-Strategy Fund | 49 |
BNY Mellon International Fund | 133 |
BNY Mellon Emerging Markets Fund | 139 |
BNY Mellon International Equity Income Fund | 36 |
BNY Mellon Asset Allocation Fund | 53 |
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 10 summarizes the amount each fund was charged during the period ended August 31, 2021 pursuant to the custody agreement.
| | |
Table 10—Custody Agreement Fees | |
| | |
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | $ 4,103 |
BNY Mellon Income Stock Fund | 14,594 |
BNY Mellon Mid Cap Multi-Strategy Fund | 72,653 |
BNY Mellon Small Cap Multi-Strategy Fund | 53,660 |
BNY Mellon Focused Equity Opportunities Fund | 11,399 |
BNY Mellon Small/Mid Cap Multi-Strategy Fund | 23,454 |
BNY Mellon International Fund | 96,905 |
BNY Mellon Emerging Markets Fund | 759,521 |
BNY Mellon International Equity Income Fund | 91,008 |
BNY Mellon Asset Allocation Fund | 11,044 |
| | |
Table 11 summarizes the amount each fund was charged for services performed by the Chief Compliance Officer and his staff, during the period ended August 31, 2021.
| | |
Table 11—Chief Compliance Officer Fees | |
| | |
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | $ 20,046 |
BNY Mellon Income Stock Fund | 14,319 |
BNY Mellon Mid Cap Multi-Strategy Fund | 22,910 |
BNY Mellon Small Cap Multi-Strategy Fund | 14,319 |
BNY Mellon Focused Equity Opportunities Fund | 14,319 |
BNY Mellon Small/Mid Cap Multi-Strategy Fund | 14,319 |
BNY Mellon International Fund | 14,319 |
BNY Mellon Emerging Markets Fund | 14,319 |
BNY Mellon International Equity Income Fund | 14,319 |
BNY Mellon Asset Allocation Fund | 17,182 |
135
NOTES TO FINANCIAL STATEMENTS (continued)
Table 12 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 13 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 August 31, 2021.
| | | | | | | | | |
Table 12—Due to BNY Mellon Investment Adviser, Inc. and Affiliates |
| Investment
Advisory
Fees ($) | Administration
Fees ($) | Distribution
Plan
Fees ($) | Shareholder
Services
Plan
Fees ($) | Custodian
Fees ($) | Chief Compliance
Officer
Fees ($) | Transfer Agency
Fees ($) | Less Expense Reimbursement ($) |
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | 184,440 | 27,196 | - | 2,956 | 1,440 | 8,800 | 6 | - |
BNY Mellon Income Stock Fund | 319,757 | 60,486 | 425 | 3,886 | 6,800 | 6,286 | 355 | (38) |
BNY Mellon Mid Cap Multi-Strategy Fund | 1,898,046 | 311,169 | - | 36,202 | 22,000 | 10,057 | 166 | - |
BNY Mellon Small Cap Multi-Strategy Fund | 683,311 | 98,844 | - | 7,090 | 12,000 | 6,286 | 51 | - |
BNY Mellon Focused Equity Opportunities Fund | 290,562 | 51,038 | - | 2,467 | 3,600 | 6,286 | 12 | - |
BNY Mellon Small/Mid Cap Multi-Strategy Fund | 64,119 | 10,512 | - | 535 | 6,800 | 6,286 | 8 | - |
BNY Mellon International Fund | 451,239 | 65,274 | - | 3,950 | 32,000 | 6,286 | 25 | - |
BNY Mellon Emerging Markets Fund | 1,058,381 | 113,160 | - | 6,956 | 270,000 | 6,286 | 16 | - |
BNY Mellon International Equity Income Fund | 66,124 | 9,565 | - | 216 | 27,288 | 6,286 | 6 | - |
BNY Mellon Asset Allocation Fund | 158,207 | 21,325 | - | 1,554 | 3,000 | 7,543 | 15 | - |
| | | | | | | | | |
Table 13—Purchases and Sales | | | |
| | Purchases ($) | | Sales ($) | |
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | | 109,437,008 | | 52,605,457 | |
BNY Mellon Income Stock Fund | | 387,165,483 | | 611,386,489 | |
BNY Mellon Mid Cap Multi-Strategy Fund | | 867,496,365 | | 1,301,931,090 | |
BNY Mellon Small Cap Multi-Strategy Fund | | 665,046,358 | | 417,164,576 | |
BNY Mellon Focused Equity Opportunities Fund | | 131,422,643 | | 217,233,052 | |
BNY Mellon Small/Mid Cap Multi-Strategy Fund | | 65,822,585 | | 194,763,886 | |
BNY Mellon International Fund | | 328,920,059 | | 385,036,407 | |
BNY Mellon Emerging Markets Fund | | 722,840,494 | | 601,200,877 | |
BNY Mellon International Equity Income Fund | | 42,774,349 | | 83,991,372 | |
BNY Mellon Asset Allocation Fund | | 87,809,589 | | 96,049,759 | |
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.
136
Each type of derivative instrument that was held by each relevant fund during the period ended August 31, 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) 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. At August 31, 2021, there were no purchase or written options outstanding for BNY Mellon Income Stock Fund.
Forward Foreign Currency Exchange Contracts: BNY Mellon International Fund, BNY Mellon Emerging Markets Fund and BNY Mellon International Equity Income Fund enter into forward contracts in order to hedge their exposure to changes in foreign currency exchange rates on its foreign portfolio holdings, to settle foreign currency transactions or as a part of their investment strategies. When executing forward contracts, each fund is obligated to buy or sell a foreign currency at a specified rate on a certain date in the future. With respect to sales of forward contracts, each fund incurs a loss if the value of the contract increases between the date the forward contract is opened and the date the forward contract is closed. Each fund realizes a gain if the value of the contract decreases between those dates. With respect to purchases of forward contracts, each fund incurs a loss if the value of the contract decreases between the date the forward contract is opened and the date the forward contract is closed. Each fund realizes a gain if the value of the contract increases between those dates. Any realized or unrealized gains or losses which occurred during the period are reflected in the Statements of Operations. Each fund is exposed to foreign currency risk as a result of changes in value of underlying financial instruments. Each fund is also exposed to credit risk associated with counterparty non-performance on these forward contracts, which is generally limited to the unrealized gain on each open contract. This risk may be mitigated by Master Agreements, if any, between each fund and the counterparty and the posting of collateral, if any, by the counterparty to each fund to cover the funds’ exposure to the counterparty. At August 31, 2021, there were no forward contracts outstanding for BNY Mellon Emerging Markets Fund and BNY Mellon International Equity Income Fund. Forward contracts open at August 31, 2021 for BNY Mellon International Fund are set forth in the Statement of Forward Foreign Currency Exchange Contracts.
The provisions of ASC Topic 210 “Disclosures about Offsetting Assets and Liabilities” require disclosure on the offsetting of financial assets and liabilities. These disclosures are required for certain investments, including derivative financial instruments subject to Master Agreements which are eligible for offsetting in the Statement of Assets and Liabilities and require each relevant fund to disclose both gross and net information with respect to such investments. For financial reporting purposes, each relevant fund does not offset derivative assets and derivative liabilities that are subject to Master Agreements in the Statement of Assets and Liabilities.
Table 14 summarizes each relevant fund’s derivatives assets and liabilities (by type) on a gross basis, and net of amounts available for offsetting under Master Agreements and net of related collateral received or pledged, if any, as of August 31, 2021.
137
NOTES TO FINANCIAL STATEMENTS
Table 14—Derivative of Assets and Liabilities subject to Master Netting Agreements
| | | | | | |
BNY Mellon International Fund | | | |
| | | | | |
Derivative Financial Instruments: | | Assets ($) | | Liabilities ($) | |
Forward contracts | | - | | (2,757) | |
Total gross amount of derivative | | | | | |
assets and liabilities in the | | | | | |
Statement of Assets and Liabilities | | - | | (2,757) | |
Derivatives not subject to | | | | | |
Master Agreements | | - | | - | |
Total gross amount of assets | | | | | |
and liabilities subject to | | | | | |
Master Agreements | | - | | (2,757) | |
| | | | | | | |
| | | | | | |
| | | Financial | | | |
| | | Instruments | | | |
| | | and Derivatives | | | |
| Gross Amount of | | Available | Collateral | | Net Amount of |
Counterparty | Liabilities ($) | 1 | for Offset ($) | Pledged ($) | | Liabilities ($) |
J.P. Morgan Securities | (2,757) | | - | - | | (2,757) |
| | | | | | |
1 Absent a default event or early termination, OTC derivative assets and liabilities are presented at gross amounts and are not offset in the Statement of Assets and Liabilities. |
Table 15 summarizes each relevant fund’s average market value of derivatives outstanding during the period ended August 31, 2021.
| | |
Table 15—Average Market Value of Derivatives |
Average Market Value ($) |
BNY Mellon Income Stock Fund
Equity options contracts | 47,460 |
BNY Mellon International Fund
Forward contracts | 3,628,798 |
BNY Mellon Emerging Markets Fund
Forward contracts | 860,720 |
BNY Mellon International Equity Income Fund
Forward contracts | 178,955 |
Table 16 summarizes the cost of investments inclusive of derivative contracts for federal income tax purposes, gross appreciation, gross depreciation and accumulated net unrealized appreciation (depreciation) on investments inclusive of derivative contracts for each fund at August 31, 2021.
| | | | | | | | | |
Table 16—Accumulated Net Unrealized Appreciation (Depreciation) | | | |
| | Cost of
Investments ($) | Gross
Appreciation ($) | Gross
Depreciation ($) | Net ($) |
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund | | 257,304,790 | 242,522,106 | 776,787 | 241,745,319 |
BNY Mellon Income Stock Fund | | 452,809,136 | 153,546,920 | 12,473,326 | 141,073,594 |
BNY Mellon Mid Cap Multi-Strategy Fund | | 1,482,704,676 | 1,565,940,712 | 40,808,997 | 1,525,131,715 |
BNY Mellon Small Cap Multi-Strategy Fund | | 782,784,711 | 245,029,942 | 41,857,775 | 203,172,167 |
BNY Mellon Focused Equity Opportunities Fund | | 274,815,550 | 227,476,546 | 4,757,720 | 222,718,826 |
BNY Mellon Small/Mid Cap Multi-Strategy Fund | | 69,303,091 | 36,240,372 | 3,113,817 | 33,126,555 |
BNY Mellon International Fund | | 553,288,830 | 96,478,548 | 34,157,247 | 62,321,301 |
BNY Mellon Emerging Markets Fund | | 710,062,385 | 419,293,095 | 40,036,104 | 379,256,991 |
BNY Mellon International Equity Income Fund | | 71,805,138 | 22,309,951 | 4,563,321 | 17,746,630 |
BNY Mellon Asset Allocation Fund | | 373,306,396 | 173,807,516 | 1,817,491 | 171,990,025 |
138
REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
To the Shareholders of the Funds and Board of Trustees of
BNY Mellon Funds Trust:
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund, BNY Mellon Income Stock Fund, BNY Mellon Mid Cap Multi-Strategy Fund, BNY Mellon Small Cap Multi-Strategy Fund, BNY Mellon Focused Equity Opportunities Fund, BNY Mellon Small/Mid Cap Multi-Strategy Fund, BNY Mellon International Fund, BNY Mellon Emerging Markets Fund, BNY Mellon International Equity Income Fund and BNY Mellon Asset Allocation Fund, (collectively, the “Funds”), each a series of BNY Mellon Funds Trust, including the statements of investments, statement of forward foreign currency exchange contracts (with respect to BNY Mellon International Fund), as of August 31, 2021, the statements of investments in affiliated issuers as of and for the year then ended, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of August 31, 2021, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of August 31, 2021, by correspondence with the custodian and brokers or by other appropriate auditing procedures when replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more BNY Mellon Investment Adviser, Inc. investment companies since 1994.
New York, New York
October 22, 2021
139
IMPORTANT TAX INFORMATION (Unaudited)
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund
For federal tax purposes the fund reports the maximum amount allowable but not less than 100% of ordinary income dividends paid during the fiscal year ended August 31, 2021 as eligible for the corporate dividends received deduction provided under Section 243 of the Internal Revenue Code in accordance with Section 854(b)(1)(A) of the Internal Revenue Code. Also, the fund reports the maximum amount allowable but not less than $3,090,602 as ordinary income dividends paid during the fiscal year ended August 31, 2021 as qualified dividend income in accordance with Section 854(b)(1)(B) of the Internal Revenue Code. Shareholders will receive notification in early 2022 of the percentage applicable to the preparation of their 2021 income tax returns. Also, the fund reports the maximum amount allowable but not less than $.7176 per share as a capital gain dividend paid on December 21, 2020 in accordance with Section 852(b)(3)(C) of the Internal Revenue Code. Also, the fund reports the maximum amount allowable but not less than $.0046 as a short-term capital gain dividend paid on December 21, 2020 in accordance with Sections 871(k)(2) and 881(e) of the Internal Revenue Code.
BNY Mellon Income Stock Fund
For federal tax purposes the fund reports the maximum amount allowable but not less than 99.40% of ordinary income dividends paid during the fiscal year ended August 31, 2021 as eligible for the corporate dividends received deduction provided under Section 243 of the Internal Revenue Code in accordance with Section 854(b)(1)(A) of the Internal Revenue Code. Also, the fund reports the maximum amount allowable but not less than $11,600,344 as ordinary income dividends paid during the fiscal year ended August 31, 2021 as qualified dividend income in accordance with Section 854(b)(1)(B) of the Internal Revenue Code. Shareholders will receive notification in early 2022 of the percentage applicable to the preparation of their 2021 income tax returns.
BNY Mellon Mid Cap Multi-Strategy Fund
For federal tax purposes the fund reports the maximum amount allowable but not less than 66.26% of ordinary income dividends paid during the fiscal year ended August 31, 2021 as eligible for the corporate dividends received deduction provided under Section 243 of the Internal Revenue Code in accordance with Section 854(b)(1)(A) of the Internal Revenue Code. Also, the fund reports the maximum amount allowable but not less than $9,236,328 as ordinary income dividends paid during the fiscal year ended August 31, 2021 as qualified dividend income in accordance with Section 854(b)(1)(B) of the Internal Revenue Code. Shareholders will receive notification in early 2022 of the percentage applicable to the preparation of their 2021 income tax returns. Also, the fund reports the maximum amount allowable but not less than $1.5061 per share as a capital gain dividend paid on December 16, 2020 in accordance with Section 852(b)(3)(C) of the Internal Revenue Code. Also, the fund reports the maximum amount allowable but not less than $.0302 as a short-term capital gain dividend paid on December 16, 2020 in accordance with Sections 871(k)(2) and 881(e) of the Internal Revenue Code.
BNY Mellon Small Cap Multi-Strategy Fund
The fund reports the maximum amount allowable but not less than $.1451 per share as a long-term capital gain dividend paid on December 17, 2020 in accordance with Section 852(b)(3)(C) of the Internal Revenue Code.
BNY Mellon Focused Equity Opportunities Fund
For federal tax purposes the fund reports the maximum amount allowable but not less than 75.74% of ordinary income dividends paid during the fiscal year ended August 31, 2021 as eligible for the corporate dividends received deduction provided under Section 243 of the Internal Revenue Code in accordance with Section 854(b)(1)(A) of the Internal Revenue Code. Also, the fund reports the maximum amount allowable but not less than $3,954,461 as ordinary income dividends paid during the fiscal year ended August 31, 2021 as qualified dividend income in accordance with Section 854(b)(1)(B) of the Internal Revenue Code. Shareholders will receive notification in early 2022 of the percentage applicable to the preparation of their 2021 income tax returns. Also, the fund reports the maximum amount allowable but not less than $1.1721 per share as a capital gain dividend paid on December 10, 2020 in accordance with Section 852(b)(3)(C) of the Internal Revenue Code. Also, the fund reports the maximum amount allowable but not less than $.0683 as a short-term capital gain dividend paid on December 10, 2020 in accordance with Sections 871(k)(2) and 881(e) of the Internal Revenue Code.
BNY Mellon Small / Mid Cap Multi-Strategy Fund
For federal tax purposes the fund reports the maximum amount allowable but not less than 5.63% of ordinary income dividends paid during the fiscal year ended August 31, 2021 as eligible for the corporate dividends received deduction provided under Section 243 of the Internal Revenue Code in accordance with Section 854(b)(1)(A) of the Internal Revenue Code. Also, the fund reports the maximum amount allowable but not less than $73,194 as ordinary income dividends paid during the fiscal year ended August 31, 2021 as qualified
140
dividend income in accordance with Section 854(b)(1)(B) of the Internal Revenue Code. Shareholders will receive notification in early 2022 of the percentage applicable to the preparation of their 2021 income tax returns. Also, the fund reports the maximum amount allowable but not less than $1.7457 per share as a capital gain dividend paid on December 10, 2010 in accordance with Section 852(b)(3)(C) of the Internal Revenue Code. Also, the fund reports the maximum amount allowable but not less than $.1857 as a short-term capital gain dividend paid on December 10, 2020 in accordance with Sections 871(k)(2) and 881(e) of the Internal Revenue Code.
BNY Mellon International Fund
For federal tax purposes, the fund elects to provide each shareholder with their portion of the fund’s income sourced from foreign countries and taxes paid from foreign countries. The fund reports the maximum amount allowable but not less than $19,222,763 as income sourced from foreign countries for the fiscal year ended August 31, 2021 in accordance with Section 853(c)(2) of the Internal Revenue Code and also the fund reports the maximum amount allowable but not less than $1,594,809 as taxes paid from foreign countries for the fiscal year ended August 31, 2021 in accordance with Section 853(a) of the Internal Revenue Code. Where required by federal tax rules, shareholders will receive notification of their proportionate share of foreign sourced income and foreign taxes paid for the 2021 calendar year with Form 1099-DIV which will be mailed in early 2022. Also the fund reports the maximum amount allowable, but not less than $14,667,388 as ordinary income dividends paid during the fiscal year ended August 31, 2021 as qualified dividend income in accordance with Section 854(b)(1)(B) of the Internal Revenue Code.
BNY Mellon Emerging Markets Fund
For federal tax purposes, the fund elects to provide each shareholder with their portion of the fund’s income sourced from foreign countries and taxes paid from foreign countries. The fund reports the maximum amount allowable but not less than $34,319,997 as income sourced from foreign countries for the fiscal year ended August 31, 2021 in accordance with Section 853(c)(2) of the Internal Revenue Code and also the fund reports the maximum amount allowable but not less than $3,258,314 as taxes paid from foreign countries for the fiscal year ended August 31, 2021 in accordance with Section 853(a) of the Internal Revenue Code. Where required by federal tax rules, shareholders will receive notification of their proportionate share of foreign sourced income and foreign taxes paid for the 2021 calendar year with Form 1099-DIV which will be mailed in early 2022. Also the fund reports the maximum amount allowable, but not less than $11,935,024 as ordinary income dividends paid during the fiscal year ended August 31, 2021 as qualified dividend income in accordance with Section 854(b)(1)(B) of the Internal Revenue Code.
BNY Mellon International Equity Income Fund
For federal tax purposes, the fund elects to provide each shareholder with their portion of the fund’s income sourced from foreign countries and taxes paid from foreign countries. The fund reports the maximum amount allowable but not less than $4,772,589 as income sourced from foreign countries for the fiscal year ended August 31, 2021 in accordance with Section 853(c)(2) of the Internal Revenue Code and also the fund reports the maximum amount allowable but not less than $507,429 as taxes paid from foreign countries for the fiscal year ended August 31, 2021 in accordance with Section 853(a) of the Internal Revenue Code. Where required by federal tax rules, shareholders will receive notification of their proportionate share of foreign sourced income and foreign taxes paid for the 2021 calendar year with Form 1099-DIV which will be mailed in early 2022. Also the fund reports the maximum amount allowable, but not less than $4,414,479 as ordinary income dividends paid during the fiscal year ended August 31, 2021 as qualified dividend income in accordance with Section 854(b)(1)(B) of the Internal Revenue Code.
BNY Mellon Asset Allocation Fund
For federal tax purposes the fund reports the maximum amount allowable but not less than 22.14% of ordinary income dividends paid during the fiscal year ended August 31, 2021 as eligible for the corporate dividends received deduction provided under Section 243 of the Internal Revenue Code in accordance with Section 854(b)(1)(A) of the Internal Revenue Code. Also, the fund reports the maximum amount allowable but not less than $1,709,496 as ordinary income dividends paid during the fiscal year ended August 31, 2021 as qualified dividend income in accordance with Section 854(b)(1)(B) of the Internal Revenue Code. Shareholders will receive notification in early 2022 of the percentage applicable to the preparation of their 2021 income tax returns. Also, the fund reports the maximum amount allowable but not less than $.3018 per share as a capital gain dividend paid on December 31, 2020 in accordance with Section 852(b)(3)(C) of the Internal Revenue Code. Also, the fund reports the maximum amount allowable but not less than $.0005 as a short-term capital gain dividend paid on December 31, 2020 in accordance with Sections 871(k)(2) and 881(e) of the Internal Revenue Code.
141
INFORMATION ABOUT THE RENEWAL AND APPROVAL OF EACH FUND’S INVESTMENT ADVISORY AGREEMENT, ADMINISTRATION AGREEMENT AND EACH RELEVANT FUND’S SUB-ADVISORY AGREEMENTS (Unaudited)
At a meeting of the Trust’s Board of Trustees held on March 15-16, 2021, the Board considered the renewal of (i) the funds’ Investment Advisory Agreement and Administration Agreement, pursuant to which the Adviser provides the funds with investment advisory services and The Bank of New York Mellon provides the funds with administrative services (together, the “Agreement”); (ii) the Sub-Investment Advisory Agreement with respect to BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund, pursuant to which Walter Scott & Partners Limited (“Walter Scott”) provides day-to-day management of the portion of the fund’s investments allocated to the U.S. Large Cap Equity Strategy; (iii) the Sub-Investment Advisory Agreement with respect to BNY Mellon Mid Cap Multi-Strategy Fund, pursuant to which Boston Partners Global Investors, Inc. (“Boston Partners”) provides day-to-day management of the fund’s investments allocated to the Boston Partners Mid Cap Value Strategy; and (iv) the Sub-Investment Advisory Agreement with respect to the BNY Mellon Mid Cap Multi-Strategy Fund, pursuant to which Geneva Capital Management LLC (“GCM”) provides day-to-day management of the portion of the fund’s investments allocated to the Geneva Mid Cap Growth Strategy (Walter Scott, Boston Partners and GCM, collectively, the “Subadvisers,” and BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund and BNY Mellon Mid Cap Multi-Strategy Fund, together, the “Subadvised Funds”). For the Subadvised Funds, each fund’s Agreement and the applicable Sub-Investment Advisory Agreement(s) are referred to collectively as the “Agreements.” The Bank of New York Mellon has entered into a Sub-Administration Agreement with the Adviser pursuant to which The Bank of New York Mellon pays the Adviser for performing certain of the administrative services referenced above. The Board members, none of whom are “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the Trust, were assisted in their review by independent legal counsel and met with counsel in executive session separate from representatives of the Adviser and the Subadvisers. In considering the renewal of the Agreements, the Board considered several factors that it believed to be relevant, including those discussed below. The Board did not identify any one factor as dispositive, and each Board member may have attributed different weights to the factors considered.
Analysis of Nature, Extent, and Quality of Services Provided to the Funds. The Board considered information provided to it at the meeting and in previous presentations from representatives of the Adviser regarding the nature, extent, and quality of the services provided to the funds in the Trust, including the funds. The Adviser provided the number of open accounts in each fund, each fund’s asset size and the allocation of fund assets among distribution channels. The Adviser also had previously provided information regarding the distribution channel(s) of the funds and the need to be able to provide ongoing shareholder services to each distribution channel, as applicable to each fund.
The Board also considered research support available to, and portfolio management capabilities of, each fund’s portfolio management personnel and that the Adviser also provides oversight of day-to-day fund operations, including fund accounting and administration and assistance in meeting legal and regulatory requirements. The Board also considered the Adviser’s extensive administrative, accounting and compliance infrastructures, as well as, for the Subadvised Funds, the Adviser’s supervisory activities over the Subadviser(s). The Board also considered portfolio management’s brokerage policies and practices (including policies and practices regarding soft dollars) and the standards applied in seeking best execution.
Comparative Analysis of the Funds’ Performance and Management Fees and Expense Ratios. For each fund, the Board reviewed reports prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data based on classifications provided by Thomson Reuters Lipper, which included information comparing (1) the performance of the fund’s Class M shares with the performance of a group of funds selected by Broadridge as comparable to the fund (the “Performance Group”)1 and with a broader group of funds (the “Performance Universe”), all for various periods ended December 31, 2020, and (2) the fund’s actual and contractual management fees and total expenses with those of the same group of funds in the Performance Group (the “Expense Group”) and with a broader group of funds (the “Expense Universe”). At the Adviser’s request, the Board also reviewed reports prepared by Broadridge with respect to BNY Mellon Asset Allocation Fund, a “fund of funds,” which included information comparing (1) the performance of the fund’s Class M shares with the performance of a group of institutional mixed-asset target allocation growth funds of funds selected by Broadridge as comparable to the fund (the “Funds of Funds Performance Group”), all for various periods ended December 31, 2020, and (2) the fund’s actual and contractual management fees and total expenses with those of the same group of funds in the Funds of Funds Performance Group (the “Funds of Funds Expense Group”) and with a broader group of funds consisting of the funds in the Funds of Funds Expense Group and the fund’s Expense Universe (the “Funds of Funds Expense Universe”). The information for each comparison was derived in part from fund financial statements available to Broadridge as of the date of its analysis. The Adviser previously had furnished the
142
Board with a description of the methodology Broadridge used to select the Performance Group and Performance Universe and the Expense Group and Expense Universe, and representatives of the Adviser informed the Board of the methodology Broadridge used to select the funds in the Funds of Funds Performance Group and the Fund of Funds Expense Group and the funds in the Funds of Funds Expense Universe.
Performance Comparisons. Representatives of the Adviser stated that the usefulness of performance comparisons may be affected by a number of factors, including different investment limitations and policies that may be applicable to each fund and comparison funds and the end date selected.
Management Fee and Expense Ratio Comparisons. For each fund, the Board reviewed and considered the contractual management fee rate payable by the fund to the Adviser in light of the nature, extent and quality of the management services provided by the Adviser and, for the Subadvised Funds, the sub-advisory services provided by the Subadviser, or by each Subadviser, as applicable. In addition, the Board reviewed and considered the actual management fee rate paid by the fund over the fund’s last fiscal year. The Board also reviewed the range of actual and contractual management fees and total expenses as a percentage of average net assets of the Expense Group and Expense Universe funds and discussed the results of the comparisons.
For the Subadvised Funds, the Board considered the fee payable to the Subadviser, or to each Subadviser, as applicable, in relation to the fee payable to the Adviser by the fund and the respective services provided by the Subadviser, or by each Subadviser, as applicable, and the Adviser. The Board also took into consideration that each Subadviser’s fee is paid by the Adviser, out of its fee from the relevant fund, and not the fund.
For each of 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 Emerging Markets Fund, BNY Mellon Asset Allocation Fund and BNY Mellon Large Cap Stock Fund, representatives of the Adviser reviewed with the Board the management or investment advisory fees paid by the one or more funds advised or administered by the Adviser in the same Lipper category as the fund (the “Similar Fund(s)”) and explained the nature of the Similar Fund(s). They discussed differences in fees paid and the relationship of the fees paid in light of any differences in the services provided and other relevant factors. For each fund, the Board considered the relevance of the fee information provided for the Similar Fund(s) to evaluate the appropriateness of the fund’s management fee. For each fund, representatives of the Adviser noted that there were no separate accounts and/or other types of client portfolios advised by the Adviser (or, for the Subadvised Funds, the Subadviser(s)) that are considered to have similar investment strategies and policies as the fund.
For each of BNY Mellon Income Stock Fund, BNY Mellon Focused Equity Opportunities Fund and BNY Mellon International Fund, representatives of the Adviser reviewed with the Board the management or investment advisory fees (1) paid by funds advised or administered by the Adviser that are in the same Lipper category as the fund and (2) paid to the Adviser or its affiliates for advising the one or more separate accounts and/or other types of client portfolios that are considered to have similar investment strategies and policies as the fund (the “Similar Clients”) and explained the nature of the Similar Clients. They discussed differences in fees paid and the relationship of the fees paid in light of any differences in the services provided and other relevant factors. For each fund, the Board considered the relevance of the fee information provided for the Similar Clients to evaluate the appropriateness of the fund’s management fee.
For BNY Mellon International Equity Income Fund, representatives of the Adviser noted that there were no other funds advised or administered by the Adviser that are in the same Lipper category as the fund or separate accounts and/or other types of client portfolios advised by the Adviser that are considered to have similar investment strategies and policies as the fund.
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund
The Board discussed with representatives of the Adviser the results of the performance comparisons and considered that the fund’s total return performance was at the Performance Group medians and above the Performance Universe medians for all periods, except the ten-year period where it was below the Performance Group median. The Board also reviewed performance attribution information relating to each fund strategy and the managers responsible for the strategy compared to the strategy’s benchmark index for the one-year period ended December 31, 2020, which showed that four out of the fund’s six strategies performed better than the respective benchmark index. The Adviser also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index.
The Board considered that the fund’s contractual management fee was higher than the Expense Group median, the fund’s actual management fee was approximately equal to the Expense Group median and higher than the Expense
143
INFORMATION ABOUT THE RENEWAL AND APPROVAL OF EACH FUND’S INVESTMENT ADVISORY AGREEMENT, ADMINISTRATION AGREEMENT AND EACH RELEVANT FUND’S SUB-ADVISORY AGREEMENTS (Unaudited) (continued)
Universe median actual management fee and the fund’s total expenses were at the Expense Group median and lower than the Expense Universe median total expenses.
BNY Mellon Income Stock Fund
The Board discussed with representatives of the Adviser the results of the comparisons and considered that the fund’s total return performance was below the Performance Group and Performance Universe medians for all periods, except the ten-year period where the performance was above the Performance Group and Performance Universe medians. The Board considered the relative proximity of the fund’s performance to the Performance Group and/or Performance Universe medians in certain periods when performance was below median. They also considered that performance generally should be considered over longer periods of time, although it is possible that long-term performance can be adversely affected by even one period of significant underperformance so that a single investment decision or theme has the ability to affect disproportionately long-term performance. It was noted that the fund’s performance relative to the performance of the funds in the Performance Group and the Performance Universe had been negatively impacted (compared to the prior year’s performance comparisons) by the fund’s relative performance in the most recent one-year period. The Adviser also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index, and it was noted that the fund’s returns were above the returns of the index in five of the ten calendar years shown (including the two most recent calendar years).
The Board considered that the fund’s contractual management fee was slightly higher than the Expense Group median contractual management fee, the fund’s actual management fee was higher than the Expense Group median and the Expense Universe median actual management fee and the fund’s total expenses were lower than the Expense Group median and slightly higher than the Expense Universe median total expenses.
BNY Mellon Mid Cap Multi-Strategy Fund
The Board discussed with representatives of the Adviser the results of the performance comparisons and considered that the fund’s total return performance was below the Performance Group and Performance Universe medians for all periods. The Board also reviewed performance attribution information relating to each fund strategy and the managers responsible for the strategy compared to the strategy’s benchmark index for the one-year period ended December 31, 2020, which showed that three out of the fund’s five strategies performed better than the respective benchmark index. The Adviser also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index, and it was noted that the fund’s returns were above the returns of the index in five of the ten calendar years shown (including the four most recent calendar years). The Board discussed with management the reasons for the fund’s underperformance versus the Performance Group and Universe during the periods under review and noted that the Performance Group and Universe were comprised of mid-cap growth funds whereas the fund allocates its assets among multiple investment strategies including mid-cap growth, value and core investment strategies. Management confirmed that the fund continued to apply consistent investment strategies and performed in a manner management expected under current market conditions.
The Board considered that the fund’s contractual management fee was higher than the Expense Group median, the fund’s actual management fee was slightly higher than the Expense Group median and higher than the Expense Universe median management fee and the fund’s total expenses were slightly higher than the Expense Group median and lower than the Expense Universe median total expenses.
BNY Mellon Small Cap Multi-Strategy Fund
The Board discussed with representatives of the Adviser the results of the performance comparisons and considered that the fund’s total return performance was above the Performance Group and Performance Universe medians for all periods (ranking first in the Performance Group and in the first quartile of the Performance Universe in each period). The Board also reviewed performance attribution information relating to each fund strategy and the managers responsible for the strategy compared to the strategy’s benchmark index for the one-year period ended December 31, 2020, which showed that two out of the fund’s three strategies performed better than the respective benchmark index. The Adviser also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index.
The Board considered that the fund’s contractual management fee was higher than the Expense Group median contractual management fee, the fund’s actual management fee was higher than the Expense Group median and the Expense Universe median actual management fee and the fund’s actual total expenses were lower than the Expense Group median and slightly higher than Expense Universe median total expenses.
144
BNY Mellon Focused Equity Opportunities Fund
The Board discussed with representatives of the Adviser the results of the performance comparisons and considered that the fund’s total return performance was below the Performance Group median for all periods and above the Performance Universe median for all periods. The Board considered the relative proximity of the fund’s performance to the Performance Group median in certain periods and that the fund’s performance ranked in the third quartile of the Performance Group in each period. The Adviser also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index, and it was noted that the fund’s returns were above the returns of the index in four of the ten calendar years shown (including the most recent calendar year).
The Board considered that the fund’s contractual management fee was higher than the Expense Group median contractual management fee, the fund’s actual management fee was higher than the Expense Group median and the Expense Universe median actual management fee and the fund’s total expenses were slightly higher than the Expense Group median and higher than the Expense Universe median total expenses.
BNY Mellon Small/Mid Cap Multi-Strategy Fund
The Board discussed with representatives of the Adviser the results of the performance comparisons and considered that the fund’s total return performance was below the Performance Group and Performance Universe medians for all periods. The Board considered the relative proximity of the fund’s performance to the Performance Group and/or Performance Universe medians in certain periods. The Board also reviewed performance attribution information relating to each fund strategy and the managers responsible for the strategy compared to the strategy’s benchmark index for the one-year period ended December 31, 2020, which showed that two out of the fund’s three strategies performed better than the respective benchmark index. It was noted that the fund’s performance relative to the performance of the funds in the Performance Group had been negatively impacted (compared to the prior year’s performance comparisons) by the fund’s relative performance in the most recent one-year period. The Adviser also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index, and it was noted that the fund’s returns were above the returns of the index in four of the ten calendar years shown (including the two most recent calendar years). The Board discussed with management the reasons for the fund’s underperformance versus the Performance Group and Universe during certain periods under review and noted that the Performance Group and Universe were comprised of small-cap growth funds whereas the fund allocates its assets among multiple investment strategies including small-cap and mid-cap growth, value and core investment strategies. Management confirmed that the fund continued to apply consistent investment strategies and performed in a manner management expected under current market conditions.
The Board considered that the fund’s contractual management fee was higher than the Expense Group median contractual management fee, the fund’s actual management fee was higher than the Expense Group median and the Expense Universe median actual management fee and the fund’s total expenses were lower than the Expense Group median and the Expense Universe median total expenses.
BNY Mellon International Fund
The Board discussed with representatives of the Adviser the results of the performance comparisons and considered that the fund’s total return performance was below the Performance Group median for all periods and at or above the Performance Universe median for the two-, four- and ten-year periods and below the Performance Universe median for all other periods. The Board considered the relative proximity of the fund’s performance to the Performance Group and/or Performance Universe medians in certain periods when performance was below median. The Board also considered that performance generally should be considered over longer periods of time, although it is possible that long-term performance can be adversely affected by even one period of significant underperformance so that a single investment decision or theme has the ability to affect disproportionately long-term performance. It was noted that the fund’s performance relative to the performance of the funds in the Performance Group had been negatively impacted (compared to the prior year’s performance comparisons) by the fund’s relative performance in the most recent one-year period. The Adviser also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index, and it was noted that the fund’s returns were above the returns of the index in five of the ten calendar years shown.
The Board considered that the fund’s contractual management fee was higher than the Expense Group median contractual management fee, the fund’s actual management fee was higher than the Expense Group and the Expense Universe median actual management fee and the fund’s total expenses were higher than the Expense Group and the Expense Universe median total expenses.
145
INFORMATION ABOUT THE RENEWAL AND APPROVAL OF EACH FUND’S INVESTMENT ADVISORY AGREEMENT, ADMINISTRATION AGREEMENT AND EACH RELEVANT FUND’S SUB-ADVISORY AGREEMENTS (Unaudited) (continued)
BNY Mellon Emerging Markets Fund
The Board discussed with representatives of the Adviser the results of the performance comparisons and considered that the fund’s total return performance was below the Performance Group and Performance Universe medians for all periods, except the four- and five-year periods when it was above the Performance Group median. The Board considered the relative proximity of the fund’s performance to the Performance Group and/or Performance Universe medians in certain periods when performance was below median. It was noted that the fund’s performance relative to the performance of the funds in the Performance Universe had been negatively impacted (compared to the prior year’s performance comparisons) by the fund’s relative performance in the most recent one-year period. The Adviser also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index.
The Board considered that the fund’s contractual management fee was higher than the Expense Group median contractual management fee, the fund’s actual management fee was higher than the Expense Group median and the Expense Universe median actual management fee and the fund’s total expenses were higher than the Expense Group median and the Expense Universe median total expenses.
BNY Mellon International Equity Income Fund
The Board discussed with representatives of the Adviser the results of the performance comparisons and considered that the fund’s total return performance was below the Performance Group and Performance Universe medians for all periods except the five-year period when performance was above the Performance Group median. It was noted that there were only three or four other funds in the Performance Group in each period. The Adviser also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index. The Board discussed with management the reasons for the fund’s underperformance versus the Performance Group and Universe during certain periods under review and noted that the portfolio managers are very experienced and that the Adviser was committed to providing the resources necessary to assist the Fund’s portfolio managers.
The Board considered that the fund’s contractual management fee was higher than the Expense Group median contractual management fee, the fund’s actual management fee was higher than the Expense Group and the Expense Universe median actual management fee and the fund’s total expenses were higher than the Expense Group and the Expense Universe median total expenses.
BNY Mellon Asset Allocation Fund
The Board discussed with representatives of the Adviser the results of the performance comparisons and considered that the fund’s total return performance was below the Performance Group median for all periods, except the one-year period when the performance was at the Performance Group median, and above the Performance Universe medians for all periods, except the five- and ten-year periods when it was at and below the Performance Group median, respectively. They also considered that the fund’s total return performance was above the Funds of Funds Performance Group median for all periods. The Board also reviewed performance attribution information relating to each fund strategy and the managers or underlying funds responsible for the strategy compared to the strategy’s benchmark index for the one-year period ended December 31, 2020, which showed that fourteen out of the fund’s twenty-two managers/underlying funds in the strategies performed better than the respective benchmark index. The Adviser also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index, and it was noted that the fund’s returns were above the returns of the index in seven of the ten calendar years shown.
The Board considered that the fund invests a portion of its assets in underlying mutual funds (“Acquired Funds”) and that the fund’s pro rata share of the expenses of the Acquired Funds was included in the fund’s total expenses used to determine its rankings in the Expense Group, Expense Universe, Funds of Funds Expense Group and Funds of Funds Expense Universe (even though not all other funds in the Expense Group, Expense Universe and Funds of Funds Expense Universe invest in underlying funds). The Board considered that the fund’s contractual management fee was lower than the Expense Group median and higher than the Funds of Funds Expense Group median contractual management fee; the fund’s actual management fee was lower than the Expense Group median and the Expense Universe median actual management fee (lowest in the Expense Group) and higher than the Funds of Funds Expense Group median and the Funds of Funds Expense Universe median actual management fee; and the fund’s total expenses were slightly higher than the Expense Group median and higher than the Expense Universe median total expenses and lower than the Funds of Funds Expense Group median and the Funds of Funds Expense Universe median total expenses (all including Acquired Fund expenses).
Representatives of the Adviser stated that the Adviser has contractually agreed, until December 31, 2021, to waive receipt of its fees and/or assume the expenses of the fund so that the total annual operating expenses of neither share class
146
of the fund (including indirect fees and expenses of the underlying funds, but excluding fund shareholder services fees, taxes, interest, brokerage commissions, commitment fees on borrowings and extraordinary expenses) exceed 0.87% of the fund’s average daily net assets.
BNY Mellon Large Cap Stock Fund
The Board discussed with representatives of the Adviser the results of the performance comparisons and considered that the fund’s total return performance was below the Performance Group and Performance Universe medians for all periods, except the one- and ten-year periods where the performance was above the Performance Group median. The Board considered the relative proximity of the fund’s performance to the Performance Group and/or Performance Universe medians in certain periods when performance was below median. The Board also considered that performance generally should be considered over longer periods of time, although it is possible that long-term performance can be adversely affected by even one period of significant underperformance so that a single investment decision or theme has the ability to affect disproportionately long-term performance. The Adviser also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index.
The Board considered that the fund’s contractual management fee was higher than the Expense Group median contractual management fee, the fund’s actual management fee was higher than the Expense Group median and the Expense Universe median actual management fee and the fund’s total expenses were slightly higher than the Expense Group median and higher than the Expense Universe median total expenses.
Analysis of Profitability and Economies of Scale. Representatives of the Adviser reviewed the expenses allocated and profit received by the Adviser and its affiliates and the resulting profitability percentage for managing each fund and the aggregate profitability percentage to the Adviser and its affiliates for managing the funds in the BNY Mellon fund complex, and the method used to determine the expenses and profit. For each fund, the Board concluded that the profitability results were not excessive, given the services rendered and service levels provided by the Adviser and its affiliates. The Board also considered the expense limitation arrangement for BNY Mellon Asset Allocation Fund and the effect such arrangement had on the profitability of the Adviser and its affiliates. The Board also had been provided with information prepared by an independent consulting firm regarding the Adviser’s approach to allocating costs to, and determining the profitability of, individual funds and the entire BNY Mellon fund complex. The consulting firm also had analyzed where any economies of scale might emerge in connection with the management of a fund.
For each fund, the Board considered, on the advice of its counsel, the profitability analysis (1) as part of its evaluation of whether the fees under the Agreement (or, for the Subadvised Funds, the Agreements), considered in relation to the mix of services provided pursuant to the Agreement (or, for the Subadvised Funds, the Agreements), including the nature, extent and quality of such services, supported the renewal of the Agreement(s) and (2) in light of the relevant circumstances for the fund and the extent to which economies of scale would be realized if the fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders. For the Subadvised Funds, since the Adviser, and not the relevant fund, pays each Subadviser pursuant to its Sub-Investment Advisory Agreement, the Board did not consider a Subadviser’s profitability to be relevant to its deliberations. Representatives of the Adviser stated that a discussion of economies of scale is predicated on a fund having achieved a substantial size with increasing assets and that, if a fund’s assets had been stable or decreasing, the possibility that the Adviser may have realized any economies of scale would be less. Representatives of the Adviser also stated that, as a result of shared and allocated costs among funds in the BNY Mellon fund complex, the extent of economies of scale could depend substantially on the level of assets in the complex as a whole, so that increases and decreases in complex-wide assets can affect potential economies of scale in a manner that is disproportionate to, or even in the opposite direction from, changes in a fund’s asset level. The Board also considered potential benefits to the Adviser from acting as investment adviser and, for the Subadvised Funds, potential benefits to the Subadvisers from acting as sub-investment advisers, and took into consideration the soft dollar arrangements in effect for trading the funds’ investments.
At the conclusion of these discussions, the Board agreed that it had been furnished with sufficient information to make an informed business decision with respect to the renewal of the Agreements. Based on the discussions and considerations as described above, the Board concluded and determined as follows with respect to each fund.
· The Board concluded that the nature, extent and quality of the services provided to the fund pursuant to the Agreement(s) are adequate and appropriate.
· With respect to BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund and BNY Mellon Small
147
INFORMATION ABOUT THE RENEWAL AND APPROVAL OF EACH FUND’S INVESTMENT ADVISORY AGREEMENT, ADMINISTRATION AGREEMENT AND EACH RELEVANT FUND’S SUB-ADVISORY AGREEMENTS (Unaudited) (continued)
Cap Multi-Strategy Fund, the Board was satisfied with the fund’s performance.
· With respect to BNY Mellon Focused Equity Opportunities Fund, BNY Mellon Asset Allocation Fund and BNY Mellon Emerging Markets Fund and BNY Mellon Large Cap Stock Fund, the Board generally was satisfied with the fund’s overall performance.
· With respect to BNY Mellon Income Stock Fund, BNY Mellon International Fund and BNY Mellon International Equity Income Fund, the Board determined the fund’s overall performance was satisfactory in light of the totality of the information presented.
· With respect to BNY Mellon Mid-Cap Multi-Strategy Fund and BNY Mellon Small/Mid Cap Multi-Strategy Fund, while the Board noted the fund’s relative performance, the Board was satisfied with management’s explanation for the relative underperformance and expressed confidence in the funds’ strategies and portfolio managers.
· The Board concluded that the fees paid pursuant to the Agreement (or, for the Subadvised Funds, pursuant to the Agreements) continued to be appropriate under the circumstances and in light of the factors and the totality of the services provided as discussed above.
· For BNY Mellon Asset Allocation Fund, the Board determined that the fees charged under the Agreement were for services in addition to, and not duplicative of, services provided under the advisory contracts of the underlying funds in which the fund invested.
· The Board determined that the economies of scale which may accrue to the Adviser and its affiliates in connection with the management of the fund had been adequately considered in connection with the fee rates charged to the fund pursuant to the Agreement and that, to the extent in the future it were determined that material economies of scale had not been shared with the fund, the Board would seek to have those economies of scale shared with the fund.
In evaluating the Agreement(s) with respect to each fund, the Board considered these conclusions and determinations and also relied on its previous knowledge, gained through meetings and other interactions with the Adviser and its affiliates (and, for the Subadvised Funds, the Subadviser(s)), of the Adviser (and, for the Subadvised Funds, the Subadviser(s)) and the services provided to the fund pursuant to the Agreement(s). The Board also relied on information received on a routine and regular basis throughout the year relating to the operations of the fund and the investment management and other services provided under the Agreement(s), including information on the investment performance of the fund in comparison to similar mutual funds and benchmark performance indices; general market outlook as applicable to the fund; and compliance reports. In addition, the Board’s consideration of the contractual fee arrangements for the fund had the benefit of a number of years of reviews of the Agreement(s) for the fund, or, with respect to the Agreement, for the other funds in the Trust, during which lengthy discussions took place between the Board and representatives of the Adviser. Certain aspects of the arrangements may receive greater scrutiny in some years than in others, and the Board’s conclusions may be based, in part, on its consideration of the fund’s arrangements, or the arrangements for the other funds in the Trust, in prior years. The Board determined to renew the Agreement(s) for each fund.
1 For each fund, the Performance Universe and the Expense Universe (each as defined herein) were each comprised of the same group of funds, except that the Performance Universe consisted of all retail and institutional funds in the stated strategy while the Expense Universe consisted of all institutional funds in the stated strategy and excluded outliers. The Performance and Expense Groups and the Performance and Expense Universes for BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund, BNY Mellon Mid Cap Multi-Strategy Fund, BNY Mellon Small Cap Multi-Strategy Fund and BNY Mellon Small/Mid Cap Multi-Strategy Fund consisted of large-cap core funds, mid-cap growth funds, small-cap core funds and small-cap growth funds, respectively. The Performance and Expense Groups and the Performance and Expense Universes for BNY Mellon Income Stock Fund consisted of equity income funds. The Performance and Expense Groups and the Performance and Expense Universes for BNY Mellon Focused Equity Opportunities Fund consisted of large-cap core funds, large-cap growth funds and large-cap value funds. The Performance and Expense Groups and the Performance and Expense Universes for BNY Mellon Asset Allocation Fund, BNY Mellon International Fund, BNY Mellon Emerging Markets Fund, BNY Mellon Large Cap Core Fund and BNY Mellon International Equity Income Fund consisted of mixed-asset target allocation growth funds, international multi-cap core funds, emerging markets funds, large-cap core funds and international equity income funds, respectively.
*******************************************************
At a meeting of the Trust’s Board of Trustees held on June 8, 2021 (the “Meeting”), the Board discussed with representatives of the Adviser plans to realign Mellon Investments Corporation’s (“Mellon”) equities and multi-asset capabilities with Newton Investment Management North America, LLC (“Newton US”) (the “Firm Realignment”), with such realignment scheduled to occur, subject to regulatory requirements, in the third quarter of 2021 (the “Effective Date”). The Adviser noted that, as a result of the Firm Realignment, the portfolio managers who are currently responsible for managing all or a portion of the
148
investments of 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 Multi-Strategy Fund, BNY Mellon International Fund, BNY Mellon Emerging Markets Fund, BNY Mellon International Equity Income Fund and BNY Mellon large Cap Stock Fund as employees of Mellon in a dual employment arrangement with the Adviser will become employees of Newton US as of the Effective Date. Consequently, the Adviser proposed to engage Newton US to serve as the funds’ sub-investment adviser, pursuant to a sub-investment advisory agreement between the Adviser and Newton US (the “New Sub-Advisory Agreement”), to be effective on the Effective Date. In addition, the Adviser proposed amending the funds’ current investment advisory agreement (the “Current Investment Advisory Agreement”) to reflect the engagement of Newton US as sub-investment adviser to each fund (as proposed to be amended, the “Amended Investment Advisory Agreement”), to be effective on the Effective Date.
At the Meeting, the Adviser recommended the approval of the New Sub-Advisory Agreement, pursuant to which Newton US would serve as sub-investment adviser to each fund, and the Amended Investment Advisory Agreement. The recommendation for the approval, for each fund, of the New Sub-Advisory Agreement and the Amended Investment Advisory Agreement was based on the following considerations, among others: (i) approval of the New Sub-Advisory Agreement would permit the fund’s current portfolio managers to continue to be responsible for the day-to-day management of all or a portion1 of the fund’s portfolio after the Effective Date as employees of Newton US; (ii) there will be no material changes to the fund’s investment objective, strategies or policies, no reduction in the nature or level of services provided to the fund, and no increases in the management fee payable by the fund as a result of the proposed changes to the investment advisory arrangements; and (iii) the Adviser (and not the fund) will pay Newton US for its sub-investment advisory services. The Board also considered the fact that the Adviser stated that it believes there are no material changes to the information the Board had previously considered at a Board meeting on March 15-16, 2021 (the “15(c) Meeting”), at which the Board re-approved, for each fund, the Current Investment Advisory Agreement for the ensuing year, other than the information about the Firm Realignment and Newton US.
At the Meeting, the Board members, none of whom are “interested persons” (as defined in the Investment Company Act of 1940, as amended (the “1940 Act”)) of the Trust (the “Independent Trustees”), considered and approved, for each fund, the New Sub-Advisory Agreement and the Amended Investment Advisory Agreement. In determining whether to approve the New Sub-Advisory Agreement and the Amended Investment Advisory Agreement, the Board considered the materials prepared by the Adviser received in advance of the Meeting and other information presented at the Meeting, which included: (i) a form of the New Sub-Advisory Agreement and a form of the Amended Investment Advisory Agreement; (ii) information regarding the Firm Realignment and how it is expected to enhance investment capabilities; (iii) information regarding Newton US; and (iv) an opinion of counsel that the proposed changes to the investment advisory arrangements would not result in an “assignment” of the Current Investment Advisory Agreement under the 1940 Act and the Investment Advisers Act of 1940, as amended, and, therefore, do not require the approval of fund shareholders. The Board also considered the substance of discussions with representatives of the Adviser at the Meeting and the 15(c) Meeting.
Nature, Extent and Quality of Services to be Provided. In examining the nature, extent and quality of the services that were expected to be provided to each fund by Newton US under the New Sub-Advisory Agreement, the Board considered: (i) Newton US’s organization, qualification and background, as well as the qualifications of its relevant personnel; (ii) the expertise of the personnel providing portfolio management services to the fund, which would remain the same after the Effective Date; and (iii) the investment strategy for the fund, which would remain the same after the Effective Date. The Board also considered the review process undertaken by the Adviser and the Adviser’s favorable assessment of the nature and quality of the sub-investment advisory services expected to be provided to the fund by Newton US after the Effective Date. Based on its consideration and review of the foregoing information, the Board concluded that the nature, extent and quality of the sub-investment advisory services to be provided to each fund by Newton US under the New Sub-Advisory Agreement, as well as Newton US’s ability to render such services based on its resources and the experience of the investment team, which will include the fund’s current portfolio managers employed by Mellon, were adequate and appropriate for the fund in light of the fund’s investment objective, and supported a decision to approve the New Sub-Advisory Agreement. The Board also considered, as it related to the Amended Investment Advisory Agreement, that the nature, extent and quality of the services that are provided to each fund by the Adviser are expected to remain the same, including the Adviser’s extensive administrative, accounting and compliance infrastructures, as well as the Adviser’s
149
INFORMATION ABOUT THE RENEWAL AND APPROVAL OF EACH FUND’S INVESTMENT ADVISORY AGREEMENT, ADMINISTRATION AGREEMENT AND EACH RELEVANT FUND’S SUB-ADVISORY AGREEMENTS (Unaudited) (continued)
supervisory activities over the fund’s portfolio management personnel.
Investment Performance. The Board had considered each fund’s investment performance and that of the investment team managing the fund’s portfolio at the 15(c) Meeting (including comparative data provided by Broadridge Financial Solutions, Inc.). The Board considered each fund’s performance and that the same investment professionals would continue to manage the fund’s assets after the Effective Date, as factors in evaluating the services to be provided by Newton US under the New Sub-Advisory Agreement after the Effective Date, and determined that these factors, when viewed together with the other factors considered by the Board, supported a decision to approve the New Sub-Advisory Agreement and the Amended Investment Advisory Agreement with respect to the fund.
Costs of Services to be Provided and Profitability. The Board considered the proposed fee payable under the New Sub-Advisory Agreement by each fund, noting that the proposed fee would be paid by the Adviser and, thus, would not impact the fees paid by the fund or the Adviser’s profitability. The Board considered the fee payable to Newton US by each fund in relation to the fee paid to the Adviser by the fund and the respective services provided by Newton US and the Adviser. The Board recognized that, because Newton US’s fee would be paid by the Adviser, and not the funds, an analysis of profitability was more appropriate in the context of the Board’s consideration of each fund’s Current Investment Advisory Agreement, and that the Board had received and considered a profitability analysis of the Adviser and its affiliates, including Newton US, at the 15(c) Meeting. The Board concluded that the proposed fee payable to Newton US by the Adviser with respect to each fund was appropriate and the Adviser’s profitability was not excessive in light of the nature, extent and quality of the services to be provided to the fund by the Adviser under the Amended Investment Advisory Agreement and Newton US under the New Sub-Advisory Agreement.
Economies of Scale to be Realized. For each fund, the Board recognized that, because the fee payable to Newton US would be paid by the Adviser, and not the fund, an analysis of economies of scale was more appropriate in the context of the Board’s consideration of the Current Investment Advisory Agreement for the fund, which had been done at the 15(c) Meeting. At the 15(c) Meeting, the Board determined that the economies of scale which may accrue to the Adviser and its affiliates in connection with the management of a fund had been adequately considered by the Adviser in connection with the fee rate charged to the fund pursuant to the Current Investment Advisory Agreement and that, to the extent in the future it were determined that material economies of scale had not been shared with the fund, the Board would seek to have those economies of scale shared with the fund.
The Board also considered whether there were any ancillary benefits that would accrue to Newton US as a result of its relationship with the funds, and such ancillary benefits, if any, were determined to be reasonable.
In considering the materials and information described above, the Independent Trustees received assistance from, and met separately with, their independent legal counsel, and were provided with a written description of their statutory responsibilities and the legal standards that are applicable to the approval of investment advisory and sub-investment advisory agreements.
After full consideration of the factors discussed above, with no single factor identified as being of paramount importance, the Board members, all of whom are Independent Trustees, with the assistance of independent legal counsel, approved the New Sub-Advisory Agreement and Amended Investment Advisory Agreement for each fund effective as of the Effective Date.
1 BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund and BNY Mellon Mid Cap Multi-Strategy Fund already had one or two sub-investment advisers managing portions of their portfolios, in addition to management of a portion of each of their portfolios by employees of Mellon in a dual employment arrangement with the Adviser, and the arrangements with the other sub-investment advisers would remain in place after the Firm Realignment.
150
LIQUIDITY RISK MANAGEMENT PROGRAM (Unaudited)
Effective June 1, 2019, each fund adopted a liquidity risk management program (the “Liquidity Risk Management Program”) pursuant to the requirements of Rule 22e-4 under the Investment Company Act of 1940, as amended. Rule 22e-4 requires registered open-end funds, including mutual funds and exchange-traded funds but not money market funds, to establish liquidity risk management programs in order to effectively manage fund liquidity and shareholder redemptions. The rule is designed to mitigate the risk that a fund could not meet redemption requests without significantly diluting the interests of remaining investors.
The rule requires each fund to assess, manage and review their liquidity risk at least annually considering applicable factors such as investment strategy and liquidity during normal and foreseeable stressed conditions, including whether the strategy is appropriate for an open-end fund and whether the fund has a relatively concentrated portfolio or large positions in particular issuers. Each fund must also assess its use of borrowings and derivatives, short-term and long-term cash flow projections in normal and stressed conditions, holdings of cash and cash equivalents, and borrowing arrangements and other funding sources.
The rule also requires each fund to classify its investments as highly liquid, moderately liquid, less liquid or illiquid based on the number of days each fund expects it would take to liquidate the investment, and to review these classifications at least monthly or more often under certain conditions. The periods range from three or fewer business days for a highly liquid investment to greater than seven calendar days for settlement of a less liquid investment. Illiquid investments are those funds do not expect to be able to sell or dispose of within seven calendar days without significantly changing the market value. Each fund is prohibited from acquiring an investment if, after the acquisition, its holdings of illiquid assets will exceed 15% of its net assets. In addition, if a fund permits redemptions in-kind, the rule requires the fund to establish redemption in-kind policies and procedures governing how and when it will engage in such redemptions.
Pursuant to the rule’s requirements, the Liquidity Risk Management Program has been reviewed and approved by the Board. Furthermore, the Board has received a written report prepared by the Program’s Administrator that addresses the operation of the Program, assesses its adequacy and effectiveness and describes any material changes made to the Program.
Assessment of Program
In the opinion of the Program Administrator, the Program approved by the Board continues to be adequate for each fund and the Program has been implemented effectively. The Program Administrator has monitored the funds’ liquidity risk and the liquidity classification of the securities held by each fund and has determined that the Program is operating effectively.
During the period from January 1, 2020 to December 31, 2020, there were no material changes to the Program and no material liquidity events that impacted each fund. During the period, the fund held sufficient highly liquid assets to meet fund redemptions.
Under normal expected foreseeable fund redemption forecasts and foreseeable stressed fund redemption forecasts, the Program Administrator believes that the fund maintains sufficient highly liquid assets to meet expected fund redemptions.
151
BOARD MEMBERS INFORMATION (Unaudited)
INDEPENDENT BOARD MEMBERS
Patrick J. O’Connor (78)
Board Member, Chairman of the Board (2000)
Principal Occupation During Past 5 Years:
Attorney, Cozen O’Connor, P.C. (1973-Present), Vice Chairman (1980-2002) and President and Chief Executive Officer (2002-2007)
No. of Portfolios for which Board Member Serves: 22
———————
John R. Alchin (73)
Board Member (2008)
Principal Occupation During Past 5 Years:
· Retired
· The Barnes Foundation, an art museum, Trustee (2017 - Present)
· Metropolitan AIDS Neighborhood Nutrition Alliance, Advisory Board Member (2004 – Present)
· Philadelphia Art Museum, Board Member (2008 - Present)
· Xplornet Communications, Inc., a rural wireless tele-communications provider, Director (2015 –2020)
Other Public Company Board Memberships During Past 5 Years:
· Polo Ralph Lauren Corporation, a retail clothing and home furnishing company, Director (2007-Present), and Chair of Audit Committee (2018-Present)
No. of Portfolios for which Board Member Serves: 22
———————
Ronald R. Davenport (85)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Sheridan Broadcasting Corporation, Chairman (1972-Present)
No. of Portfolios for which Board Member Serves: 22
———————
Jack Diederich (84)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Retired
Other Public Company Board Memberships During Past 5 Years:
· Continental Mills, Inc., a dry baking products company, Director (1997 - 2020)
No. of Portfolios for which Board Member Serves: 22
———————
Kim D. Kelly (65)
Board Member (2008)
Principal Occupation During Past 5 Years:
· Consultant (2005-Present)
Other Public Company Board Memberships During Past 5 Years:
· MCG Capital Corporation, a business development company, Director (2004-2015)
· HITV, broadcasting, President (2015 – 2019)
No. of Portfolios for which Board Member Serves: 22
———————
Kevin C. Phelan (77)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Mortgage Banker, Colliers International (1978-Present) and Co-Chairman (2010-Present)
· A.D. Makepeace Co., cranberry grower and real estate development company, Director (2019-Present)
Other Public Company Board Memberships During Past 5 Years:
· Industrial Logistics Properties Trust, a real estate company, Trustee (2020 - Present)
No. of Portfolios for which Board Member Serves: 22
———————
Patrick J. Purcell (73)
Board Member (2000)
Principal Occupation During Past 5 Years:
· jobfind.com, an employment search site on the world wide web, President and Founder (1996 -– Present)
· The Boston Herald, President and Publisher (1994-2018)
· Herald Media, President and Chief Executive Officer, (2001 -– 2018)
No. of Portfolios for which Board Member Serves: 22
———————
Thomas F. Ryan, Jr. (80)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Retired
· Boston College. Trustee Associate (2013 – Present)
· NYISO Independent System Operator, a non-profit organization responsible for managing the state of New York’s electric grid, Director (1998-2021)
Other Public Company Board Memberships During Past 5 Years:
· RepliGen Corporation, a biopharmaceutical company, Director (2002-Present)
No. of Portfolios for which Board Member Serves: 22
———————
152
Maureen M. Young (76)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Retired
No. of Portfolios for which Board Member Serves: 22
———————
Once elected all Board Members serve for an indefinite term. The address of the Board Members and Officers is c/o BNY Mellon Investment Adviser, Inc. 240 Greenwich Street, New York, New York 10286. Additional information about the Board Members is available in the fund’s Statement of Additional Information which can be obtained from the Adviser free of charge by calling this toll free number: 1-800-373-9387. For individual account holders for Private Wealth Management clients, please contact your account officer or call 1-866-804-5023.
153
OFFICERS OF THE TRUST (Unaudited)
PATRICK T. CROWE, President since July 2015.
National Director of Investment Advisory, Analytics and Solutions for BNY Mellon Wealth Management since July 2014; from July 2007 to July 2014, Managing Director for BNY Mellon Wealth Management's Tri-State region, comprising New York, New Jersey and Southern Connecticut. He is 57 years old and has served in various capacities with BNY Mellon since 1993.
JAMES WINDELS, Treasurer since November 2001.
Vice President of the Adviser since September 2020, Director- BNY Mellon Fund Administration, and an officer of 57 investment companies (comprised of 128 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 62 years old and has been an employee of the Adviser since April 1985.
PETER M. SULLIVAN, Chief Legal Officer since July 2021 and Vice President and Assistant Secretary since March 2019.
Chief Legal Officer of the Adviser since July 2021, Associate General Counsel of BNY Mellon since July 2021; Senior Managing Counsel of BNY Mellon from December 2020 to July 2021; Managing Counsel of BNY Mellon from March 2009 to December 2020, and an officer of 57 investment companies (comprised of 128 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 53 years old and has been an employee of BNY Mellon since April 2004.
JAMES BITETTO, Vice President since August 2005 and Secretary since February 2018.
Senior Managing Counsel of BNY Mellon since December 2019; Managing Counsel of BNY Mellon from April 2014 to December 2019; Secretary of the Adviser, and an officer of 57 investment companies (comprised of 128 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 55 years old and has been an employee of the Adviser since December 1996.
DEIRDRE CUNNANE, Vice President and Assistant Secretary since February 2019.
Counsel of BNY Mellon since August 2018; Senior Regulatory Specialist at BNY Mellon Investment Management Services from February 2016 to August 2018. She is an officer of 57 investment companies (comprised of 128 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 31 years old and has been an employee of the Adviser since August 2018.
SARAH S. KELLEHER, Vice President and Assistant Secretary since April 2014.
Managing Counsel of BNY Mellon since December 2017, Senior Counsel of BNY Mellon from March 2013 to December 2017. She is an officer of 57 investment companies (comprised of 128 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 45 years old and has been an employee of the Adviser since March 2013.
JEFF PRUSNOFSKY, Vice President and Assistant Secretary since August 2015.
Senior Managing Counsel of BNY Mellon, and an officer of 57 investment companies (comprised of 128 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 56 years old and has been an employee of the Adviser since October 1990.
AMANDA QUINN, Vice President and Assistant Secretary since March 2020.
Counsel of BNY Mellon since June 2019; Regulatory Administration Manager at BNY Mellon Investment Management Services from September 2018 to May 2019; Senior Regulatory Specialist at BNY Mellon Investment Management Services from April 2015 to August 2018. She is an officer of 62 investment companies (comprised of 128 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 36 years old and has been an employee of the Adviser since June 2019.
NATALYA ZELENSKY, Vice President and Assistant Secretary since March 2017.
Chief Compliance Officer (since August 2021) and Vice President and Assistant Secretary (since February 2020) of BNY Mellon ETF Investment Adviser, LLC; Chief Compliance Officer (since August 2021) and Vice President (since February 2020) of BNY Mellon ETF Trust; Managing Counsel (December 2019 to August 2021) and Counsel (May 2016 to December 2019) of BNY Mellon; Assistant Secretary of the Adviser from April 2018 to August 2021. She is an officer of 57 investment companies (comprised of 128 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 36 years old and has been an employee of BNY Mellon since May 2016.
GAVIN C. REILLY, Assistant Treasurer since December 2005.
Tax Manager - BNY Mellon Fund Administration, and an officer of 57 investment companies (comprised of 128 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 53 years old and has been an employee of the Adviser since April 1991.
ROBERT SALVIOLO, Assistant Treasurer since July 2007.
Senior Accounting Manager – BNY Mellon Fund Administration, and an officer of 57 investment companies (comprised of 128 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 54 years old and has been an employee of the Adviser since June 1989.
ROBERT SVAGNA, Assistant Treasurer since December 2002.
Senior Accounting Manager – BNY Mellon Fund Administration, and an officer of 57 investment companies (comprised of 128 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 54 years old and has been an employee of the Adviser since November 1990.
JOSEPH W. CONNOLLY, Chief Compliance Officer since October 2004.
Chief Compliance Officer of the BNY Mellon Family of Funds and BNY Mellon Funds Trust (56 investment companies, comprised of 119 portfolios). He also served as Chief Compliance Officer of the Adviser from 2004 to June 2021. He is 64 years old.
CARIDAD M. CAROSELLA, Anti-Money Laundering Compliance Officer since January 2016.
Anti-Money Laundering Compliance Officer of the BNY Mellon Family of Funds and BNY Mellon Funds Trust since January 2016. She is an officer of 50 investment companies (comprised of 121 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 53 years old and has been an employee of the Distributor since 1997.
154
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
Newton Investment Management
North America LLC
BNY Mellon Center
201 Washington Place
Boston, MA 02108
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 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 | MFTAR0821-EQ |
The BNY Mellon Funds
BNY Mellon National Intermediate Municipal Bond Fund
BNY Mellon National Short-Term Municipal Bond Fund
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund
BNY Mellon Massachusetts Intermediate Municipal Bond Fund
BNY Mellon New York Intermediate Tax-Exempt Bond Fund
BNY Mellon Municipal Opportunities Fund
| | |
ANNUAL REPORT
August 31, 2021 |
| |
Contents
THE FUNDS
FOR MORE INFORMATION
Back Cover
| |
| |
Save time. Save paper. View your next shareholder report online as soon as it’s available. Log into www.im.bnymellon.com and sign up for eCommunications. It’s simple and only takes a few minutes. |
| |
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 August 31, 2021, as provided by John F. Flahive and Mary Collette O’Brien, Portfolio Managers
Market and Fund Performance Overview
For the 12-month period ended August 31, 2021, BNY Mellon National Intermediate Municipal Bond Fund’s Class M shares produced a total return of 3.34%, and Investor shares produced a total return of 3.16%.1 In comparison, the fund’s benchmark, the S&P Municipal Bond Investment Grade Intermediate Index (the “Index”), produced a total return of 2.47% and the fund’s former benchmark, the S&P Municipal Bond Intermediate Index, produced a total return of 2.75% for the same period.2,3,4
Intermediate municipal bonds produced positive total returns over the reporting period supported by improving investor sentiment and investors’ desire for tax-free income. The fund outperformed the Index due to allocation and issue selection decisions in several investment areas.
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.
Economic Reopening Bolsters the Municipal Market
Risk assets rallied in the first half of the reporting 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. Investors’ concerns that municipalities and other governmental entities would suffer severe financial hardship as a result of the pandemic eased due to continued governmental support and hope of economic reopening in the face of vaccine rollouts. As a result, demand for municipal bonds increased, boosting prices and pushing rates across the municipal yield curve lower.
These positive trends continued during the second half of the reporting period, further bolstered by widespread distribution of COVID-19 vaccines and signs of increasingly robust economic activity as the economy reopened. Longer maturity municipals continued to outperform their short-maturity counterparts during this time period. Most major municipal sectors saw improving financial fundamentals. The lower credit-quality side of the market significantly outperformed the higher-rated end.
Strategic Positioning Broadly Boosts Performance
Nearly all the fund’s strategic positions added value compared to the Index. From a duration perspective, while the fund remained close to neutral on average, underweight exposure to the middle of the curve and overweight exposure to long duration holdings—including out-of-benchmark longs—added to relative returns. The fund held some out-of-benchmark exposure at the short end of the curve as well, which detracted. In terms of credit-rating posture, a combination of allocation and security selection enhanced returns. The fund held an underweight exposure to underperforming AAA rated issues. In the AA rated basket, allocation was neutral while issue-specific factors drove strong returns. Overweight exposure to lower investment grade securities (A and BBB rated in particular) also proved to be materially beneficial. Regarding sectors, returns benefited from selection and allocation among tax-supported, dedicated-tax fund, higher education, health care, transportation and utilities holdings. Exposure in the housing sector and a modest allocation to a Treasury hedge, early in the reporting period, were the only slight sector detractor from relative performance.
Seeking Yield Advantage
Our outlook for municipal bonds is positive considering the growing health of the economy. At the same time, we recognize the challenges posed by the spread of the Delta variant of the COVID-19 virus. We also note that municipal bond valuations appear rich and opportunities for yield are muted in the prevailing environment of historically low interest rates and tight credit spreads. Nonetheless, we believe that demand for tax-advantaged investments is likely to remain strong, particularly with proposals for increased federal wealth taxes potentially on the table. The fund maintains a close-to-neutral duration position relative to the Index, and has recently trimmed its out-of-benchmark exposure at the short and long ends of the curve, bringing its posture even more closely in line with the Index. From a credit-rating perspective, the fund slightly favors BBB and A rated securities to maintain an appropriate yield advantage relative to the Index.
September 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: FactSet — The S&P Municipal Bond Investment Grade Intermediate Index consists of bonds in the S&P Municipal Bond Index that are rated at least BBB- by Standard & Poor’s, Baa3 by Moody’s or BBB- by Fitch Ratings. All bonds must also have a minimum maturity of three 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.
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. Municipal income may be subject to state and local taxes. Capital gains, if any, are taxable.
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.
2
For the period from September 1, 2020 through August 31, 2021, as provided by John F. Flahive, Portfolio Manager
Market and Fund Performance Overview
For the 12-month period ended August 31, 2021, BNY Mellon National Short-Term Municipal Bond Fund’s Class M shares produced a total return of 1.03%, and Investor shares produced a total return of 0.78%.1 In comparison, the fund’s benchmark index, the S&P Municipal Bond Investment Grade Short Index2 (the “Index”), produced a total return of 0.80% and the fund’s former benchmark, the S&P Municipal Bond Short Index, produced a total return of 0.87% for the same period. footnote.3,4
Municipal bonds delivered positive total returns over the reporting period despite rising rates, with demand supported by improving investor sentiment and investors’ desire for tax-free income. The fund produced mixed results compared to the Index, primarily due 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.
Economic Reopening Bolsters the Municipal Market
Risk assets rallied in the first half of the reporting 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. Investors’ concerns that municipalities and other governmental entities would suffer severe financial hardship as a result of the pandemic eased due to continued governmental support and hope of economic reopening in the face of vaccine rollouts. As a result, demand for municipal bonds increased, boosting prices and pushing rates across the municipal yield curve lower.
These positive trends continued during the second half of the reporting period, further bolstered by widespread distribution of COVID-19 vaccines and signs of increasingly robust economic activity as the economy reopened. Short-maturity municipals generally outperformed their longer counterparts. Most major municipal sectors saw improving financial fundamentals. The lower credit-quality side of the market significantly outperformed the higher-rated end.
Fund Participates in Market Gains
The fund’s return versus the Index was helped during the reporting period by a variety of issue selection and allocation decisions. From a credit-rating perspective, overweight exposure to A, BBB and other rated debt, which performed well during the period, enhanced relative performance. Underweights to underperforming AAA and AA rated credits bolstered returns as well. Among sectors, a significant overweight to pollution control revenue bonds proved beneficial. Performance in several other sectors was relatively strong as well, including housing, transportation, utilities, industrial development and other revenue. Among state allocations, the fund’s holdings in California, New York and Texas bonds added value. Conversely, a few strategies constrained fund performance, a small allocation to cash and higher education and toll road sectors as their durations were concentrated in shorter underperforming maturities.
Seeking to Maintain a Yield Advantage
Our outlook for municipal bonds is positive, reflecting the growing health of the economy. At the same time, we recognize the challenges posed by the spread of the Delta variant of the COVID-19 virus. We also note that opportunities for yield are muted in the prevailing environment of historically low interest rates. Nonetheless, we believe that demand for tax-advantaged investments is likely to remain strong despite rich valuations, particularly with proposals for increased federal wealth taxes on the table. The fund continues to maintain an overweight to securities with lower credit ratings to maintain an appropriate yield advantage relative to the Index.
September 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. The fund’s return reflects the absorption of certain fund expenses by BNY Mellon Investment Adviser, Inc. pursuant to an agreement in effect through March 31, 2022, at which time it may be extended, modified or terminated. Had these expenses not been absorbed, returns would have been lower.
2 Source: FactSet — 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.
4 Source: Lipper Inc. — The S&P Municipal Bond Short Index consists of bonds in the S&P Municipal Bond Index with a minimum maturity of six months and a maximum maturity of up to, but not including, four years as measured from the rebalancing date. Investors cannot invest directly in any index.
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. Municipal bonds may be subject to state and local taxes. Capital gains, if any, are taxable.
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 August 31, 2021, as provided by Gregory J. Conant and Mary Collette O’Brien, Portfolio Managers
Market and Fund Performance Overview
For the 12-month period ended August 31, 2021, BNY Mellon Pennsylvania Intermediate Municipal Bond Fund’s Class M shares produced a total return of 2.91%, and Investor shares produced a total return of 2.65%.1 In comparison, the fund’s benchmark index, the S&P Municipal Bond Investment Grade Intermediate Index (the “Index”), produced a total return of 2.47%2 and the fund’s former benchmark, the S&P Municipal Bond Intermediate Index, produced a total return of 2.75% for the same period.3,4
Intermediate municipal bonds produced positive total returns over the reporting period supported by improving economic fundamentals and investors’ desire for tax-free income. The fund outperformed the Index due to allocation and issue selection decisions in several investment areas.
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. These municipal bonds include those issued by the Commonwealth of Pennsylvania as well as those issued by territories and possessions of the United States and the District of Columbia and their political subdivisions, agencies and instrumentalities, or multistate agencies and authorities, and certain other specified securities. 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.
Economic Reopening Bolsters the Municipal Market
Risk assets rallied in the first half of the reporting 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. Investors’ concerns that municipalities and other governmental entities would suffer severe financial hardship as a result of the pandemic eased due to continued governmental support and hope of economic reopening in the face of vaccine rollouts. As a result, demand for municipal bonds increased, boosting prices and pushing rates across the municipal yield curve lower.
These positive trends continued during the second half of the reporting period, further bolstered by widespread distribution of COVID-19 vaccines and signs of increasingly robust economic activity as the economy reopened. Longer-maturity municipals generally outperformed their shorter counterparts. Most major municipal sectors saw improving financial fundamentals. The lower credit-quality side of the market significantly outperformed the higher-rated end.
Strategic Positioning Broadly Boosts Performance
Nearly all the fund’s strategic positions added value compared to the Index. From a duration perspective, while the fund remained close to neutral on average, underweight exposure to the middle of the curve and overweight exposure to long duration holdings—including out-of-benchmark longs—added to relative returns. The fund held some out-of-benchmark exposure at the short end of the curve as well, which detracted. In terms of credit-rating posture, a combination of allocation and security selection enhanced returns. The fund held significantly underweight exposure to underperforming AAA rated issues. In the AA rated basket, allocation was neutral while issue-specific factors drove strong returns. Overweight exposure to A, BBB and other rated groups also proved materially beneficial. Regarding sectors, returns benefited from selection and allocation among tax-supported, dedicated-tax fund, higher education, health care, transportation and utilities holdings. Exposure in the housing sector and a modest interest rate hedge were a couple of slight detractors from relative performance.
Seeking Yield Advantage
Our outlook for municipal bonds is positive considering the growing health of the economy. At the same time, we recognize the challenges posed by the spread of the Delta variant of the COVID-19 virus. We also note that municipal bond valuations appear rich and opportunities for yield are muted in the prevailing environment of historically low interest rates. Nonetheless, we believe that demand for tax-advantaged investments is likely to remain strong, particularly with proposals for increased federal wealth taxes potentially on the table. The fund maintains a close-to-neutral duration position relative to the Index, and has recently trimmed its out-of-benchmark exposure at the short and long ends of the curve, bringing its posture even more closely in line with the Index. From a credit-rating perspective, the fund slightly favors BBB and A rated securities to maintain an appropriate yield advantage relative to the Index.
September 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. The fund’s return reflects the absorption of certain fund expenses by BNY Mellon Investment Adviser, Inc. pursuant to an agreement in effect through March 31, 2022, at which time it may be extended, modified or terminated. Had these expenses not been absorbed, returns would have been lower.
2 Source: FactSet — The S&P Municipal Bond Investment Grade Intermediate Index consists of bonds in the S&P Municipal Bond Index that are rated at least BBB- by Standard & Poor’s, Baa3 by Moody’s or BBB- by Fitch Ratings. All bonds must also have a minimum maturity of three years and a maximum maturity of up to, but not including, 15 years as measured from the rebalancing date. Unlike a mutual fund, the index is not subject to charges, fees and other expenses 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.
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. Municipal income may be subject to state and local taxes. Capital gains, if any, are fully taxable.
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.
4
For the period of September 1, 2020 through August 31, 2021, as provided by Mary Collette O’Brien and Stephen J. O’Brien, Portfolio Managers
Market and Fund Performance Overview
For the 12-month period ended August 31, 2021, BNY Mellon Massachusetts Intermediate Municipal Bond Fund’s Class M shares produced a total return of 2.89%, and Investor shares produced a total return of 2.56%.1 In comparison, the fund’s benchmark index, the S&P Municipal Bond Investment Grade Intermediate Index (the “Index”), produced a total return of 2.47% and the fund’s former benchmark, the S&P Municipal Bond Intermediate Index, produced a total return of 2.75% for the same period.2,3,4
Intermediate municipal bonds produced positive total returns over the reporting period supported by improving economic fundamentals and investors’ desire for tax-free income. The fund outperformed the Index due to allocation and issue selection decisions in several investment areas.
The Fund’s Investment Approach
The fund seeks as high a level of income exempt from federal and Massachusetts state income taxes as is consistent with the preservation of capital. To pursue its goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in municipal bonds that provide income exempt from federal and Massachusetts state personal income taxes. The fund’s investments in municipal and taxable bonds must be rated investment grade 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.
Economic Reopening Bolsters the Municipal Market
Risk assets rallied in the first half of the reporting 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. Investors’ concerns that municipalities and other governmental entities would suffer severe financial hardship as a result of the pandemic eased during the six months, due to continued governmental support and hope of economic reopening in the face of vaccine rollouts. As a result, demand for municipal bonds increased, boosting prices and pushing rates across the municipal yield curve lower.
These positive trends continued during the second half of the reporting period, further bolstered by widespread distribution of COVID-19 vaccines and signs of increasingly robust economic activity as the economy reopened. Longer maturity municipals continued to outperform their short-maturity counterparts during this time period. Most major municipal sectors saw improving financial fundamentals. The lower credit-quality side of the market significantly outperformed the higher-rated end.
Strategic Positioning Boosts Performance Across the Board
Nearly all elements of the fund’s strategic positioning added value compared to the Index. From a structural perspective, the fund’s duration remained close to neutral on average. With successively longer maturity segments seeing better returns within the overall market during the period, the slightly longer-than-index average maturity of the fund was additive. Holdings in maturities longer than those represented in the benchmark added to relative returns along with underweight exposure to the middle of the curve. These combined effects easily outweighed a slight detraction stemming from some out-of-benchmark exposure at the very front end of the curve. A combination of allocation effects and security selection enhanced returns with respect to credit quality. In an environment where lower investment grade credit quality had significantly better returns than high grades, the fund’s overweight in BBB securities and collective underweight to bonds rated AA or higher combined for a strongly positive allocation effect. And this was supplemented by security-specific effects in the more highly rated groupings resulting in positive contributions to relative returns across the credit quality spectrum. Overweight allocations to the higher education and health care sectors were additive as associated credits saw recovering fundamentals and outperformed the broader market during the period.
Seeking Yield Advantage
Our outlook for municipal bonds is positive considering the growing health of the economy. At the same time, we recognize the challenges posed by the spread of the Delta variant of the COVID-19 virus. We also note that municipal bond valuations appear rich and opportunities for yield are muted in the prevailing environment of historically low interest rates and tight credit spreads. Nonetheless, we believe that demand for tax-advantaged investments is likely to remain strong, particularly with proposals for increased federal wealth taxes potentially on the table. The fund maintains a close-to-neutral duration position relative to the Index and has recently trimmed its out-of-benchmark exposure at the short and long ends of the curve, bringing its posture even more closely in line with the Index. From a credit-rating perspective, the fund slightly favors BBB and A rated securities to maintain an appropriate yield advantage relative to the Index.
September 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: FactSet — The S&P Municipal Bond Investment Grade Intermediate Index consists of bonds in the S&P Municipal Bond Index that are rated at least BBB- by Standard & Poor’s, Baa3 by Moody’s or BBB- by Fitch Ratings. All bonds must also have a minimum maturity of three 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.
4 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.
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.
5
DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)
For the period from September 1, 2020 through August 31, 2021, as provided by John F. Flahive and Gregory J. Conant, Portfolio Managers
Market and Fund Performance Overview
For the 12-month period ended August 31, 2021, BNY Mellon New York Intermediate Tax-Exempt Bond Fund’s Class M shares produced a total return of 4.07%, and Investor shares produced a total return of 3.81%.1 In comparison, the fund’s benchmark index, the S&P Municipal Bond Investment Grade Intermediate Index (the “Index”), produced a total return of 2.47%,2 and the fund’s former benchmark, the S&P Municipal Bond Intermediate Index, produced a total return of 2.75% for the same period.3,4
Intermediate municipal bonds produced positive total returns over the reporting period supported by improving economic fundamentals and investors’ desire for tax-free income. The fund outperformed the Index due to allocation and issue-selection decisions in several investment areas.
The Fund’s Investment Approach
The fund seeks as high a level of income exempt from federal, New York State and New York City income taxes as is consistent with the preservation of capital. This objective may be changed without shareholder approval. To pursue its goal, the fund normally invests at least 80% of its net assets in municipal bonds that provide income exempt from federal, New York State and New York City personal income taxes. These municipal bonds include those issued by New York State and New York City, as well as those issued by U.S. territories and possessions of the United States and the District of Columbia and their political subdivisions, agencies and instrumentalities, or multistate agencies and authorities, and certain other specified securities. Generally, the fund’s average effective portfolio maturity will be between three and ten years.
Economic Reopening Bolsters the Municipal Market
Risk assets rallied in the first half of the reporting 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. Investors’ concerns that municipalities and other governmental entities would suffer severe financial hardship as a result of the pandemic eased during the six months, due to continued governmental support and hope of economic reopening in the face of vaccine rollouts. As a result, demand for municipal bonds increased, boosting prices and pushing rates across the municipal yield curve lower.
These positive trends continued during the second half of the reporting period, further bolstered by widespread distribution of COVID-19 vaccines and signs of increasingly robust economic activity as the economy widely reopened. Short-maturity municipals generally outperformed their longer counterparts. Most major municipal sectors saw improving financial fundamentals. The lower credit-quality side of the market significantly outperformed the higher-rated end.
Strategic Positioning Boosts Performance Across the Board
Nearly all the fund’s strategic positions added values compared to the Index. From a duration perspective, while the fund remained close to neutral on average, underweight exposure to the middle of the curve and overweight exposure to long duration holdings—including out-of-benchmark longer maturities—added to relative returns. The fund held some out-of-benchmark exposure at the short end of the curve as well, which detracted. In terms of credit-rating posture, a combination of allocation and security selection enhanced returns. The fund was underweight to AAA rated issues, which underperformed lower rated segments. In the AA rated basket, allocation was approximately neutral, while issue-specific factors drove strong returns. Overweight exposure to A and BBB rated bonds also proved materially beneficial. Regarding sectors, returns benefited from selection and allocation among dedicated tax, general obligation, higher education, health care, and pollution control revenue/industrial development revenue (PCR/IDR) holdings. Exposure in the housing sector, where the fund held overweight short-end exposure, was a slight sector detractor from relative performance.
Seeking Yield Advantage
Our outlook for municipal bonds is positive considering the growing health of the economy. At the same time, we recognize the challenges posed by the spread of the Delta variant of the COVID-19 virus. We also note that municipal bond valuations appear rich, and opportunities for yield are muted in the prevailing environment of historically low interest rates and tight spreads. Nonetheless, we believe that demand for tax-advantaged investments is likely to remain strong, particularly with proposals for increased federal wealth taxes potentially on the table. The fund maintains a close-to-neutral duration position relative to the Index, and has recently trimmed its out-of-benchmark exposure at the short and long ends of the curve, bringing its posture even more closely in line with the Index. From a credit-rating perspective, the fund slightly favors BBB and A rated securities to maintain an appropriate yield advantage relative to the Index.
September 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: FactSet — The S&P Municipal Bond Investment Grade Intermediate Index consists of bonds in the S&P Municipal Bond Index that are rated at least BBB- by Standard & Poor’s, Baa3 by Moody’s or BBB- by Fitch Ratings. All bonds must also have a minimum maturity of three 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.
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. Municipal income may be subject to state and local taxes. Capital gains, if any, are taxable.
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.
6
For the period from September 1, 2020 through August 31, 2021, as provided by John F. Flahive, Portfolio Manager
Market and Fund Performance Overview
For the 12-month period ended August 31, 2021, BNY Mellon Municipal Opportunities Fund’s Class M shares produced a total return of 7.05%, and Investor shares produced a total return of 6.78%.1 In comparison, the fund’s benchmark, the Bloomberg U.S. Municipal Bond Index (the “Index”), produced a total return of 3.40% for the same period.2
Municipal bonds produced positive total returns over the reporting period supported by improving economic fundamentals and investors’ desire for tax-free income. The fund outperformed the Index due to overweight exposure to lower credit-quality bonds, as well as effective allocation and issue selection decisions in several other investment areas.
The Fund’s Investment Approach
The fund seeks to maximize total return consisting of high current income exempt from federal income tax and capital appreciation. This objective may be changed without shareholder approval. To pursue its goal, the fund normally invests at least 80% of its net assets in U.S. dollar-denominated, fixed-income securities that provide income exempt from federal income tax (municipal bonds). While the fund typically invests in a diversified portfolio of municipal bonds, it may invest up to 20% of its assets in taxable fixed-income securities, including taxable municipal bonds and non-U.S. dollar-denominated, foreign-debt securities, such as Brady bonds and sovereign-debt obligations.
We seek to deliver value-added, excess returns (“alpha”) by applying an investment approach designed to identify and exploit relative value opportunities within the municipal bond market. Although the fund seeks to be diversified by geography and sector, it may at times invest a significant portion of its assets in a particular state or region or in a particular sector due to market conditions.
Economic Reopening Bolsters the Municipal Market
Risk assets rallied in the first half of the reporting 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. Investors’ concerns that municipalities and other governmental entities would suffer severe financial hardship as a result of the pandemic eased due to continued governmental support and hope of economic reopening in the face of vaccine rollouts. As a result, demand for municipal bonds increased, boosting prices and pushing rates across the municipal yield curve lower.
These positive trends continued during the second half of the reporting period, further bolstered by widespread distribution of COVID-19 vaccines and signs of increasingly robust economic activity as the economy reopened. Longer maturity municipals continued to outperform their short-maturity counterparts during this time period. Most major municipal sectors saw improving financial fundamentals. The lower credit-quality side of the market significantly outperformed the higher-rated end.
Strategic Positioning Boosts Performance Across the Board
Virtually all the fund’s strategic positions added value compared to the Index. Every aspect of the maturity profile proved accretive to relative returns, with the fund generally positioned significantly longer than the Index. Hedging activities, using futures to insulate performance against the risk of rising interest rates, further bolstered returns. In terms of credit-rating posture, the fund held significantly underweight exposure to AAA rated issues and a more modest underweight to AA rated securities. While all these credit-quality-related positions contributed positively, the strongest effect was among BBB and below-investment-grade holdings. Regarding sectors, positions in health care and charter school bonds produced the greatest alpha. From a geographical perspective, security selection and allocation decisions were most effective in California, Texas, Massachusetts, New York and New Jersey, along with a strong-performing, out-of-benchmark position in Puerto Rico bonds.
Seeking Yield Advantage
Our outlook for municipal bonds remains positive considering the growing health of the economy. At the same time, we recognize the challenges posed by the spread of the Delta variant of the COVID-19 virus. We also note that municipal bond valuations appear rich, and opportunities for yield are muted in the prevailing environment of historically low interest rates. Nonetheless, we believe that demand for tax-advantaged investments is likely to remain strong, particularly with proposals for increased federal wealth taxes potentially on the table. The fund remains significantly overweight to relatively high-yielding, lower credit-quality issues, and continues to use hedging to provide insulation against interest-rate risk. We also continue to favor longer maturities as we seek to take advantage of dislocations in the marketplace to increase the fund’s alpha.
September 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 U.S. Municipal Bond Index covers the USD-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. Municipal income may be subject to state and local taxes. Capital gains, if any, are fully taxable.
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
FUND PERFORMANCE (Unaudited)
Comparison of change in value of a $10,000 investment in Class M shares and Investor shares of BNY Mellon National Intermediate Municipal Bond Fund with a hypothetical investment of $10,000 in the S&P Municipal Bond Intermediate Index (the “Index”)
| | | | |
Average Annual Total Returns as of 8/31/2021 | | | |
| | 1 Year | 5 Years | 10 Years |
Class M shares | 3.34% | 2.90% | 3.33% |
Investor shares | 3.16% | 2.64% | 3.07% |
S&P Municipal Bond Intermediate Index | 2.75% | 3.07% | 3.68% |
† Source: Lipper Inc.
Past performance is not predictive of future performance.
The above graph compares a hypothetical $10,000 investment made in each of the Class M shares and Investor shares of BNY Mellon National Intermediate Municipal Bond Fund on 8/31/11 to a hypothetical investment of $10,000 made in the Index on that date. All dividends and capital gain distributions are reinvested.
Effective 7/1/2013, the fund changed its benchmark from the S&P Municipal Bond Intermediate Index to the S&P Municipal Bond Investment Grade Intermediate Index because the new benchmark index is more reflective of the credit quality of the fund’s portfolio holdings. The S&P Municipal Bond Investment Grade Intermediate Index was launched on 3/19/13. Accordingly, the fund will continue to report the performance of the S&P Municipal Bond Intermediate Index until the S&P Municipal Bond Investment Grade Intermediate Index has been calculated for a 10-year period. Performance information for the fund versus the S&P Municipal Bond Investment Grade Intermediate Index is included in the graph and table on the next page.
The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M shares and Investor shares. The 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, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to www.im.bnymellon.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
8
Comparison of change in value of a $10,000 investment in Class M shares and Investor shares of BNY Mellon National Intermediate Municipal Bond Fund with a hypothetical investment of $10,000 in the S&P Municipal Bond Investment Grade Intermediate Index (the “Index”)
| | | | | |
Average Annual Total Returns as of 8/31/2021 | | | | |
| | Inception Date | 1 Year | 5 Years | From Inception |
Class M shares | 7/1/13 | 3.34% | 2.90% | 3.33% |
Investor shares | 7/1/13 | 3.16% | 2.64% | 3.07% |
S&P Municipal Bond Investment Grade Intermediate Index | 7/1/13 | 2.47% | 2.98% | 3.70%††† |
†† Source: FactSet
Past performance is not predictive of future performance.
The above graph compares a hypothetical $10,000 investment made in each of the Class M shares and Investor shares of BNY Mellon National Intermediate Municipal Bond Fund on 7/1/13 to a hypothetical investment of $10,000 made in the Index on that date. All dividends and capital gain distributions are reinvested.
The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M shares and Investor shares. The Index consists of bonds in the S&P Municipal Bond Index that are rated at least BBB- by Standard & Poor’s, Baa3 by Moody’s or BBB- by Fitch Ratings. All bonds must also have a minimum maturity of 3 years and a maximum maturity of up to, but not including, 15 years as measured from the rebalancing date. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
††† For comparative purposes, the value of the Index on 6/30/13 is used as the beginning value on 7/1/13.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to www.im.bnymellon.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
9
FUND PERFORMANCE (Unaudited) (continued)
Comparison of change in value of a $10,000 investment in Class M shares and Investor shares of BNY Mellon National Short-Term Municipal Bond Fund with a hypothetical investment of $10,000 in the S&P Municipal Bond Short Index (the “Index”)
| | | | |
Average Annual Total Returns as of 8/31/2021 | | | |
| | 1 Year | 5 Years | 10 Years |
Class M shares | 1.03% | 1.33% | 1.04% |
Investor shares | 0.78% | 1.07% | 0.80% |
S&P Municipal Bond Short Index | 0.87% | 1.59% | 1.39% |
† Source: Lipper Inc.
Past performance is not predictive of future performance.
The above graph compares a hypothetical $10,000 investment made in each of the Class M shares and Investor shares of BNY Mellon National Short-Term Municipal Bond Fund on 8/31/11 to a hypothetical investment of $10,000 made in the Index on that date. All dividends and capital gain distributions are reinvested.
Effective 7/1/2013, the fund changed its benchmark from the S&P Municipal Bond Short Index to the S&P Municipal Bond Investment Grade Short Index because the new benchmark index is more reflective of the credit quality of the fund’s portfolio holdings. The S&P Municipal Bond Investment Grade Short Index was launched on 3/19/13. Accordingly, the fund will continue to report the performance of the S&P Municipal Bond Short Index until the S&P Municipal Bond Investment Grade Short Index has been calculated for a 10-year period. Performance information for the fund versus the S&P Municipal Bond Investment Grade Short Index is included in the graph and table on the next page.
The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M shares and Investor shares. The Index consists of bonds in the S&P Municipal Bond Index with a minimum maturity of six months and a maximum maturity of up to, but not including, four years as measured from the rebalancing date. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to www.im.bnymellon.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
10
Comparison of change in value of a $10,000 investment in Fund Class M shares and Investor shares of BNY Mellon National Short-Term Municipal Bond with a hypothetical investment of $10,000 in the S&P Municipal Bond Investment Grade Short Index (the “Index”)
| | | | | |
Average Annual Total Returns as of 8/31/2021 | | | | |
| | Inception Date | 1 Year | 5 Years | From Inception |
Class M shares | 7/1/13 | 1.03% | 1.33% | 1.17% |
Investor shares | 7/1/13 | 0.78% | 1.07% | 0.91% |
S&P Municipal Bond Investment Grade Short Index | 7/1/13 | 0.80% | 1.56% | 1.45%††† |
†† Source: FactSet
Past performance is not predictive of future performance.
The above graph compares a hypothetical $10,000 investment made in each of the Class M shares and Investor shares of BNY Mellon National Short-Term Municipal Bond Fund on 7/1/13 to a hypothetical investment of $10,000 made in the Index on that date. All dividends and capital gain distributions are reinvested.
The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M shares and Investor shares. The Index consists of bonds in the S&P Municipal Bond Index that are rated at least BBB- by Standard & Poor’s, Baa3 by Moody’s or BBB- by Fitch Ratings. For the avoidance of doubt, the lowest rating is used in determining if a bond is eligible for the index. S&P Dow Jones Indices looks at the long term rating, either insured or uninsured, and the underlying rating for index inclusion. Bonds that are pre-refunded or escrowed to maturity are included in this index. All bonds must also have a minimum maturity of six months and a maximum maturity of up to, but not including, four years as measured from the rebalancing date. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
††† For comparative purposes, the value of the Index on 6/30/13 is used as the beginning value on 7/1/13.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to www.im.bnymellon.com for the fund’s most recent month-end returns.
The fund's performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
11
FUND PERFORMANCE (Unaudited) (continued)
Comparison of change in value of a $10,000 investment in Class M shares and Investor shares of BNY Mellon Pennsylvania Intermediate Municipal Bond Fund with a hypothetical investment of $10,000 in the S&P Municipal Bond Intermediate Index (the “Index”)
| | | | |
Average Annual Total Returns as of 8/31/2021 | | | |
| | 1 Year | 5 Years | 10 Years |
Class M shares | 2.91% | 2.85% | 2.97% |
Investor shares | 2.65% | 2.58% | 2.73% |
S&P Municipal Bond Intermediate Index | 2.75% | 3.07% | 3.68% |
† Source: Lipper Inc.
Past performance is not predictive of future performance.
The above graph compares a hypothetical $10,000 investment made in each of the Class M and Investor shares of BNY Mellon Pennsylvania Intermediate Municipal Bond Fund on 8/31/11 to a hypothetical investment of $10,000 made in the Index on that date. All dividends and capital gain distributions are reinvested.
Effective 7/1/2013, the fund changed its benchmark from the S&P Municipal Bond Intermediate Index to the S&P Municipal Bond Investment Grade Intermediate Index because the new benchmark index is more reflective of the credit quality of the fund’s portfolio holdings. The S&P Municipal Bond Investment Grade Intermediate Index was launched on 3/19/13. Accordingly, the fund will continue to report the performance of the S&P Municipal Bond Intermediate Index until the S&P Municipal Bond Investment Grade Intermediate Index has been calculated for a 10-year period. Performance information for the fund versus the S&P Municipal Bond Investment Grade Intermediate Index is included in the graph and table on the next page.
Unlike the Index, the fund invests primarily in Pennsylvania investment-grade municipal bonds. The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares. The Index consists of bonds in the S&P Municipal Bond Index with a minimum maturity of three years and a maximum maturity of up to, but not including, 15 years as measured from the rebalancing date. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to www.im.bnymellon.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
12
Comparison of change in value of a $10,000 investment in Class M shares and Investor shares of BNY Mellon Pennsylvania Intermediate Municipal Bond Fund with a hypothetical investment of $10,000 in the S&P Municipal Bond Investment Grade Intermediate Index (the “Index”)
| | | | | |
Average Annual Total Returns as of 8/31/2021 | | | | |
| | Inception Date | 1 Year | 5 Years | From Inception |
Class M shares | 7/1/13 | 2.91% | 2.85% | 3.12% |
Investor shares | 7/1/13 | 2.65% | 2.58% | 2.85% |
S&P Municipal Bond Investment Grade Intermediate Index | 7/1/13 | 2.47% | 2.98% | 3.70%††† |
†† Source: FactSet
Past performance is not predictive of future performance.
The above graph compares a hypothetical $10,000 investment made in each of the Class M and Investor shares of BNY Mellon Pennsylvania Intermediate Municipal Bond Fund on 7/1/13 to a hypothetical investment of $10,000 made in the Index on that date. All dividends and capital gain distributions are reinvested.
Unlike the Index, the fund invests primarily in Pennsylvania investment-grade municipal bonds. The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares. The Index consists of bonds in the S&P Municipal Bond Index that are rated at least BBB- by Standard & Poor’s, Baa3 by Moody’s or BBB- by Fitch Ratings. All bonds must also have a minimum maturity of 3 years and a maximum maturity of up to, but not including, 15 years as measured from the rebalancing date. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
††† For comparative purposes, the value of the Index on 6/30/13 is used as the beginning value on 7/1/13.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to www.im.bnymellon.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
13
FUND PERFORMANCE (Unaudited) (continued)
Comparison of change in value of a $10,000 investment in Class M shares and Investor shares of BNY Mellon Massachusetts Intermediate Municipal Bond Fund with a hypothetical investment of $10,000 in the S&P Municipal Bond Intermediate Index (the “Index”)
| | | | |
Average Annual Total Returns as of 8/31/2021 | | | |
| | 1 Year | 5 Years | 10 Years |
Class M shares | 2.89% | 2.59% | 2.91% |
Investor shares | 2.56% | 2.34% | 2.64% |
S&P Municipal Bond Intermediate Index | 2.75% | 3.07% | 3.68% |
† Source: Lipper Inc.
Past performance is not predictive of future performance.
The above graph compares a hypothetical $10,000 investment made in each of the Class M shares and Investor shares of BNY Mellon Massachusetts Intermediate Municipal Bond Fund on 8/31/11 to a hypothetical investment of $10,000 made in the Index on that date. All dividends and capital gain distributions are reinvested.
Effective 7/1/2013, the fund changed its benchmark from the S&P Municipal Bond Intermediate Index to the S&P Municipal Bond Investment Grade Intermediate Index because the new benchmark index is more reflective of the credit quality of the fund’s portfolio holdings. The S&P Municipal Bond Investment Grade Intermediate Index was first calculated on 3/19/13. Accordingly, the fund will continue to report the performance of the S&P Municipal Bond Intermediate Index until the S&P Municipal Bond Investment Grade Intermediate Index has been calculated for a 10-year period. Performance information for the fund versus the S&P Municipal Bond Investment Grade Intermediate Index is included in the graph and table on the next page.
Unlike the Index, the fund invests primarily in Massachusetts investment-grade municipal bonds. The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M shares and Investor shares. The 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, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to www.im.bnymellon.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
14
Comparison of change in value of a $10,000 investment in Class M shares and Investor shares of BNY Mellon Massachusetts Intermediate Municipal Bond Fund with a hypothetical investment of $10,000 in the S&P Municipal Bond Investment Grade Intermediate Index (the “Index”)
| | | | | |
Average Annual Total Returns as of 8/31/2021 | | | | |
| | Inception Date | 1 Year | 5 Years | From Inception |
Class M shares | 7/1/13 | 2.89% | 2.59% | 2.98% |
Investor shares | 7/1/13 | 2.56% | 2.34% | 2.72% |
S&P Municipal Bond Investment Grade Intermediate Index | 7/1/13 | 2.47% | 2.98% | 3.70%††† |
†† Source: FactSet
Past performance is not predictive of future performance.
The above graph compares a hypothetical $10,000 investment made in each of the Class M shares and Investor shares of BNY Mellon Massachusetts Intermediate Municipal Bond Fund on 7/1/13 to a hypothetical investment of $10,000 made in the Index on that date. All dividends and capital gain distributions are reinvested.
Unlike the Index, the fund invests primarily in Massachusetts investment-grade municipal bonds. The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M shares and Investor shares. The Index consists of bonds in the S&P Municipal Bond Index that are rated at least BBB- by Standard & Poor’s, Baa3 by Moody’s or BBB- by Fitch Ratings. All bonds must also have a minimum maturity of 3 years and a maximum maturity of up to, but not including, 15 years as measured from the rebalancing date. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
††† For comparative purposes, the value of the Index on 6/30/13 is used as the beginning value on 7/1/13.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to www.im.bnymellon.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
15
FUND PERFORMANCE (Unaudited) (continued)
Comparison of change in value of a $10,000 investment in Class M shares and Investor shares of BNY Mellon New York Intermediate Tax-Exempt Bond Fund with a hypothetical investment of $10,000 in the S&P Municipal Bond Intermediate Index (the “Index”)
| | | | | |
Average Annual Total Returns as of 8/31/2021 | | | | |
| | 1 Year | | 5 Years | 10 Years |
Class M shares | 4.07% | | 2.68% | 3.17% |
Investor shares | 3.81% | | 2.44% | 2.91% |
S&P Municipal Bond Intermediate Index | 2.75% | | 3.07% | 3.68% |
† Source: Lipper Inc.
Past performance is not predictive of future performance.
The above graph compares a $10,000 investment made in each of the Class M shares and Investor shares of BNY Mellon New York Intermediate Tax-Exempt Bond Fund on 8/31/11 to a hypothetical investment of $10,000 made in the Index on that date. All dividends and capital gain distributions are reinvested.
Effective 7/1/2013, the fund changed its benchmark from the S&P Municipal Bond Intermediate Index to the S&P Municipal Bond Investment Grade Intermediate Index because the new benchmark index is more reflective of the credit quality of the fund’s portfolio holdings. The S&P Municipal Bond Investment Grade Intermediate Index was launched on 3/19/13. Accordingly, the fund will continue to report the performance of the S&P Municipal Bond Intermediate Index until the S&P Municipal Bond Investment Grade Intermediate Index has been calculated for a 10-year period. Performance information for the fund versus the S&P Municipal Bond Investment Grade Intermediate Index is included in the graph and table on the next page.
As of the close of business on September 12, 2008, substantially all of the assets of another investment company advised by an affiliate of the fund’s investment adviser, BNY Hamilton New York Intermediate Tax-Exempt Fund (the “predecessor fund”), a series of BNY Hamilton Funds, Inc., were transferred to BNY Mellon New York Intermediate Tax-Exempt Bond Fund in a tax-free reorganization and the fund commenced operations. The performance figures for the fund’s Class M shares represent the performance of the predecessor fund’s Institutional shares prior to the commencement of operations for BNY Mellon New York Intermediate Tax-Exempt Bond Fund and the performance of BNY Mellon New York Intermediate Tax-Exempt Bond Fund’s Class M shares thereafter. The performance figures for Investor shares represent the performance of the predecessor fund’s Class A shares prior to the commencement of operations for BNY Mellon New York Intermediate Tax-Exempt Bond Fund and the performance of BNY Mellon New York Intermediate Tax-Exempt Bond Fund’s Investor shares thereafter. Investor shares are subject to a Shareholder Services Plan.
Unlike the Index, the fund invests primarily in New York investment-grade municipal bonds. The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M shares and Investor shares. The Index consists of bonds in the S&P Municipal Bond Index with a minimum maturity of three years and a maximum maturity of up to, but not including, 15 years as measured from the rebalancing date. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to www.im.bnymellon.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
16
Comparison of change in value of a $10,000 investment in Class M shares and Investor shares of BNY Mellon New York Intermediate Tax-Exempt Bond Fund with a hypothetical investment of $10,000 in the S&P Municipal Bond Investment Grade Intermediate Index (the “Index”)
| | | | | |
Average Annual Total Returns as of 8/31/2021 | | | | |
| | Inception Date | 1 Year | 5 Years | From Inception |
Class M shares | 7/1/13 | 4.07% | 2.68% | 3.23% |
Investor shares | 7/1/13 | 3.81% | 2.44% | 2.97% |
S&P Municipal Bond Investment Grade Intermediate Index | 7/1/13 | 2.47% | 2.98% | 3.70%††† |
†† Source: FactSet
Past performance is not predictive of future performance.
The above graph compares a $10,000 investment made in each of the Class M shares and Investor shares of BNY Mellon New York Intermediate Tax-Exempt Bond Fund on 7/1/13 to a hypothetical investment of $10,000 made in the Index on that date. All dividends and capital gain distributions are reinvested.
Unlike the Index, the fund invests primarily in New York investment-grade municipal bonds. The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M shares and Investor shares. The Index consists of bonds in the S&P Municipal Bond Index that are rated at least BBB- by Standard & Poor’s, Baa3 by Moody’s or BBB- by Fitch Ratings. All bonds must also have a minimum maturity of 3 years and a maximum maturity of up to, but not including, 15 years as measured from the rebalancing date. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
††† For comparative purposes, the value of the Index on 6/30/13 is used as the beginning value on 7/1/13.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to www.im.bnymellon.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
17
FUND PERFORMANCE (Unaudited) (continued)
Comparison of change in value of a $10,000 investment in Class M shares and Investor shares of BNY Mellon Municipal Opportunities Fund with a hypothetical investment of $10,000 in the Bloomberg U.S. Municipal Bond Index (the “Index”)
| | | | | |
Average Annual Total Returns as of 8/31/2021 | | | | |
| | | 1 Year | 5 Year | 10 Years |
Class M shares | | 7.05% | 4.16% | 5.19% |
Investor shares | | 6.78% | 3.92% | 4.94% |
Bloomberg U.S. Municipal Bond Index | | 3.40% | 3.30% | 4.05% |
† Source: Lipper Inc.
Past performance is not predictive of future performance.
The above graph compares a hypothetical $10,000 investment made in each of the Class M and Investor shares of BNY Mellon Municipal Opportunities Fund on 8/31/11 to a hypothetical investment of $10,000 made in the Index on that date. All dividends and capital gain distributions are reinvested.
The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares. The Index covers the U.S. dollar-denominated long-term tax-exempt bond market. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.
The performance data quoted represents past performance, which is no guarantee of future results. Share price and investment return fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. Current performance may be lower or higher than the performance quoted. Go to www.im.bnymellon.com for the fund’s most recent month-end returns.
The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
18
UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited)
As a mutual fund investor, you pay ongoing expenses, such as management fees and other expenses. Using the information below, you can estimate how these expenses affect your investment and compare them with the expenses of other funds. You also may pay one-time transaction expenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial adviser.
Review your fund’s expenses
The table below shows the expenses you would have paid on a $1,000 investment in each class of each fund from March 1, 2021 to August 31, 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 August 31, 2021 | | | | | | | | | |
| | | | | | | | | Class M | | | | | | Investor Shares | | |
BNY Mellon National Intermediate
Municipal Bond Fund | | | | | | | | | | | | | | | |
Expenses paid per $1,000† | | | | | | $ | 2.55 | | | | | $ | 3.83 | | |
Ending value (after expenses) | | | | | | $ | 1,024.10 | | | | | $ | 1,023.50 | | |
Annualized expense ratio (%) | | | | | | | .50 | | | | | | .75 | | |
BNY Mellon National Short-Term
Municipal Bond Fund | | | | | | | | | | | | | | | |
Expenses paid per $1,000† | | | | | | $ | 2.33 | | | | | $ | 3.59 | | |
Ending value (after expenses) | | | | | | $ | 1,006.40 | | | | | $ | 1,005.10 | | |
Annualized expense ratio (%) | | | | | | | .46 | | | | | | .71 | | |
BNY Mellon Pennsylvania
Intermediate Municipal Bond Fund | | | | | | | | | | | | | | | |
Expenses paid per $1,000† | | | | | | $ | 3.11 | | | | | $ | 4.38 | | |
Ending value (after expenses) | | | | | | $ | 1,022.60 | | | | | $ | 1,021.30 | | |
Annualized expense ratio (%) | | | | | | | .61 | | | | | | .86 | | |
BNY Mellon Massachusetts
Intermediate Municipal Bond Fund | | | | | | | | | | | | | | | |
Expenses paid per $1,000† | | | | | | $ | 2.70 | | | | | $ | 3.97 | | |
Ending value (after expenses) | | | | | | $ | 1,020.90 | | | | | $ | 1,018.90 | | |
Annualized expense ratio (%) | | | | | | | .53 | | | | | | .78 | | |
BNY Mellon New York
Intermediate Tax-Exempt Bond Fund | | | | | | | | | | | | | | | |
Expenses paid per $1,000† | | | | | | $ | 3.01 | | | | | $ | 4.29 | | |
Ending value (after expenses) | | | | | | $ | 1,026.60 | | | | | $ | 1,025.30 | | |
Annualized expense ratio (%) | | | | | | | .59 | | | | | | .84 | | |
BNY Mellon Municipal
Opportunities Fund | | | | | | | | | | | | | | | |
Expenses paid per $1,000† | | | | | | $ | 3.34 | | | | | $ | 4.62 | | |
Ending value (after expenses) | | | | | | $ | 1,037.20 | | | | | $ | 1,035.90 | | |
Annualized expense ratio (%) | | | | | | | .65 | | | | | | .90 | | |
† Expenses are equal to each fund’s annualized expense ratios as shown above, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
19
UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited) (continued)
COMPARING YOUR FUND’S EXPENSES
WITH THOSE OF OTHER FUNDS (Unaudited)
Using the SEC’s method to compare expenses
The Securities and Exchange Commission (“SEC”) has established guidelines to help investors assess fund expenses. Per these guidelines, the table below shows your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return. You can use this information to compare the ongoing expenses (but not transaction expenses or total cost) of investing in the fund with those of other funds. All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.
| | | | | | | | | | | | | | | | | | |
Expenses and Value of a $1,000 Investment | | | | | | | | |
Assuming a hypothetical 5% annualized return for the six months ended August 31, 2021 | | | |
| | | | | | | | | Class M | | | | | | Investor Shares | | |
BNY Mellon National Intermediate
Municipal Bond Fund | | | | | | | | | | | | | | | |
Expenses paid per $1,000† | | | | | | $ | 2.55 | | | | | $ | 3.82 | | |
Ending value (after expenses) | | | | | | $ | 1,022.68 | | | | | $ | 1,021.42 | | |
Annualized expense ratio (%) | | | | | | | .50 | | | | | | .75 | | |
BNY Mellon National Short-Term
Municipal Bond Fund | | | | | | | | | | | | | | | |
Expenses paid per $1,000† | | | | | | $ | 2.35 | | | | | $ | 3.62 | | |
Ending value (after expenses) | | | | | | $ | 1,022.89 | | | | | $ | 1,021.63 | | |
Annualized expense ratio (%) | | | | | | | .46 | | | | | | .71 | | |
BNY Mellon Pennsylvania
Intermediate Municipal Bond Fund | | | | | | | | | | | | | | | |
Expenses paid per $1,000† | | | | | | $ | 3.11 | | | | | $ | 4.38 | | |
Ending value (after expenses) | | | | | | $ | 1,022.13 | | | | | $ | 1,020.87 | | |
Annualized expense ratio (%) | | | | | | | .61 | | | | | | .86 | | |
BNY Mellon Massachusetts
Intermediate Municipal Bond Fund | | | | | | | | | | | | | | | |
Expenses paid per $1,000† | | | | | | $ | 2.70 | | | | | $ | 3.97 | | |
Ending value (after expenses) | | | | | | $ | 1,022.53 | | | | | $ | 1,021.27 | | |
Annualized expense ratio (%) | | | | | | | .53 | | | | | | .78 | | |
BNY Mellon New York
Intermediate Tax-Exempt Bond Fund | | | | | | | | | | | | | | | |
Expenses paid per $1,000† | | | | | | $ | 3.01 | | | | | $ | 4.28 | | |
Ending value (after expenses) | | | | | | $ | 1,022.23 | | | | | $ | 1,020.97 | | |
Annualized expense ratio (%) | | | | | | | .59 | | | | | | .84 | | |
BNY Mellon Municipal
Opportunities Fund | | | | | | | | | | | | | | | |
Expenses paid per $1,000† | | | | | | $ | 3.31 | | | | | $ | 4.58 | | |
Ending value (after expenses) | | | | | | $ | 1,021.93 | | | | | $ | 1,020.67 | | |
Annualized expense ratio (%) | | | | | | | .65 | | | | | | .90 | | |
† Expenses are equal to each fund’s annualized expense ratios as shown above, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
20
STATEMENT OF INVESTMENTS
August 31, 2021
| | | | | | | | | | |
| |
BNY Mellon National Intermediate Municipal Bond Fund |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 105.2% | | | | | |
Alabama - .5% | | | | | |
Alabama Public School & College Authority, Revenue Bonds, Refunding, Ser. A | | 4.00 | | 11/1/2036 | | 7,500,000 | | 9,223,754 | |
Auburn University, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 6/1/2030 | | 5,000,000 | | 5,803,569 | |
| | 15,027,323 | |
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 | | 2,238,548 | |
Arizona Industrial Development Authority, Revenue Bonds (Equitable School Revolving Fund Obligated Group) Ser. A | | 5.00 | | 11/1/2034 | | 1,000,000 | | 1,288,746 | |
Arizona Industrial Development Authority, Revenue Bonds (Equitable School Revolving Fund Obligated Group) Ser. A | | 5.00 | | 11/1/2035 | | 850,000 | | 1,092,406 | |
Arizona Industrial Development Authority, Revenue Bonds (Equitable School Revolving Fund Obligated Group) Ser. A | | 5.00 | | 11/1/2033 | | 900,000 | | 1,164,500 | |
Arizona Industrial Development Authority, Revenue Bonds (Great Lakes Senior Living Community) Ser. A | | 5.00 | | 1/1/2027 | | 525,000 | | 553,818 | |
Arizona Industrial Development Authority, Revenue Bonds (Great Lakes Senior Living Community) Ser. A | | 5.00 | | 1/1/2026 | | 600,000 | | 630,917 | |
Arizona Industrial Development Authority, Revenue Bonds (Great Lakes Senior Living Community) Ser. A | | 5.00 | | 1/1/2025 | | 650,000 | | 679,329 | |
Arizona Industrial Development Authority, Revenue Bonds (Great Lakes Senior Living Community) Ser. A | | 5.00 | | 1/1/2029 | | 675,000 | | 708,730 | |
Arizona Industrial Development Authority, Revenue Bonds (Great Lakes Senior Living Community) Ser. A | | 5.00 | | 1/1/2028 | | 1,000,000 | | 1,055,385 | |
Arizona Industrial Development Authority, Revenue Bonds (Greathearts Arizona Project) Ser. A | | 3.00 | | 7/1/2034 | | 770,000 | | 853,036 | |
Arizona Industrial Development Authority, Revenue Bonds (Greathearts Arizona Project) Ser. A | | 3.00 | | 7/1/2035 | | 795,000 | | 876,405 | |
Arizona Industrial Development Authority, Revenue Bonds (Greathearts Arizona Project) Ser. A | | 3.00 | | 7/1/2036 | | 820,000 | | 899,149 | |
Maricopa County Industrial Development Authority, Revenue Bonds, Refunding (Banner Health Obligated Group) | | 5.00 | | 1/1/2034 | | 10,000,000 | | 12,155,179 | |
Maricopa County Industrial Development Authority, Revenue Bonds, Refunding (Banner Health Obligated Group) | | 5.00 | | 1/1/2027 | | 5,000,000 | | 6,157,421 | |
Maricopa County Special Health Care District, GO, Ser. C | | 5.00 | | 7/1/2035 | | 6,000,000 | | 7,475,035 | |
Maricopa County Special Health Care District, GO, Ser. C | | 5.00 | | 7/1/2029 | | 5,000,000 | | 6,358,122 | |
Mesa Utility System, Revenue Bonds, Refunding, Ser. B | | 4.00 | | 7/1/2033 | | 5,000,000 | | 5,473,098 | |
Phoenix Civic Improvement Corp., Revenue Bonds, Refunding, Ser. B | | 4.00 | | 7/1/2028 | | 10,000,000 | | 11,003,727 | |
Salt River Project Agricultural Improvement & Power District, Revenue Bonds, Refunding (Salt River Project) | | 5.00 | | 1/1/2027 | | 2,750,000 | | 3,399,618 | |
Salt River Project Agricultural Improvement & Power District, Revenue Bonds, Refunding (Salt River Project) | | 5.00 | | 1/1/2026 | | 3,700,000 | | 4,434,898 | |
Salt River Project Agricultural Improvement & Power District, Revenue Bonds, Refunding (Salt River Project) | | 5.00 | | 1/1/2025 | | 4,500,000 | | 5,206,958 | |
| | 73,705,025 | |
California - 13.5% | | | | | |
Alameda Corridor Transportation Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. B | | 5.00 | | 10/1/2035 | | 2,050,000 | | 2,475,440 | |
Alameda Corridor Transportation Authority, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 10/1/2036 | | 1,500,000 | | 1,779,476 | |
Anaheim Housing & Public Improvement Authority, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 10/1/2036 | | 1,750,000 | | 1,873,860 | |
Anaheim Housing & Public Improvement Authority, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 10/1/2035 | | 2,485,000 | | 2,662,109 | |
Bay Area Toll Authority, Revenue Bonds, Refunding | | 4.00 | | 4/1/2035 | | 10,000,000 | | 11,665,947 | |
Bay Area Toll Authority, Revenue Bonds, Refunding, Ser. A | | 2.63 | | 4/1/2026 | | 10,000,000 | a | 10,847,615 | |
California, GO | | 1.70 | | 2/1/2028 | | 10,000,000 | | 10,228,604 | |
21
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | |
| |
BNY Mellon National Intermediate Municipal Bond Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 105.2% (continued) | | | | | |
California - 13.5% (continued) | | | | | |
California, GO | | 5.25 | | 10/1/2039 | | 5,000,000 | | 6,023,419 | |
California, GO | | 5.25 | | 9/1/2029 | | 10,000,000 | | 11,020,308 | |
California, GO, Refunding | | 4.00 | | 9/1/2031 | | 10,000,000 | | 11,639,021 | |
California, GO, Refunding | | 5.00 | | 10/1/2029 | | 5,000,000 | | 5,999,697 | |
California, GO, Refunding | | 5.00 | | 10/1/2025 | | 5,000,000 | | 5,951,737 | |
California, GO, Refunding | | 5.00 | | 4/1/2031 | | 9,900,000 | | 12,880,949 | |
California, GO, Refunding | | 5.00 | | 12/1/2023 | | 12,500,000 | | 13,866,194 | |
California, GO, Refunding | | 5.00 | | 9/1/2030 | | 6,000,000 | | 8,110,369 | |
California, GO, Refunding | | 5.00 | | 9/1/2032 | | 6,500,000 | | 8,935,211 | |
California, GO, Refunding | | 5.00 | | 12/1/2023 | | 2,500,000 | | 2,773,239 | |
California, GO, Ser. A | | 2.38 | | 10/1/2026 | | 14,725,000 | | 15,695,294 | |
California County Tobacco Securitization Agency, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 6/1/2030 | | 350,000 | | 466,689 | |
California County Tobacco Securitization Agency, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 6/1/2031 | | 350,000 | | 464,224 | |
California County Tobacco Securitization Agency, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 6/1/2032 | | 300,000 | | 396,443 | |
California County Tobacco Securitization Agency, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 6/1/2026 | | 400,000 | | 483,725 | |
California County Tobacco Securitization Agency, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 6/1/2033 | | 250,000 | | 329,279 | |
California County Tobacco Securitization Agency, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 6/1/2027 | | 600,000 | | 746,853 | |
California Health Facilities Financing Authority, Revenue Bonds (City of Hope Obligated Group) | | 5.00 | | 11/15/2049 | | 5,375,000 | | 6,401,645 | |
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 | | 1,271,887 | |
California Health Facilities Financing Authority, Revenue Bonds, Refunding (Adventist Health System Obligated Group) Ser. A | | 4.00 | | 3/1/2033 | | 6,990,000 | | 7,368,841 | |
California Health Facilities Financing Authority, Revenue Bonds, Refunding (Children's Hospital of Orange County Obligated Group) | | 3.00 | | 11/1/2036 | | 1,250,000 | | 1,403,832 | |
California Infrastructure & Economic Development Bank, Revenue Bonds, Ser. A | | 4.00 | | 10/1/2026 | | 8,275,000 | b | 9,771,719 | |
California Municipal Finance Authority, Revenue Bonds, (Concordia University Irvine) | | 4.00 | | 1/1/2034 | | 250,000 | | 302,406 | |
California Municipal Finance Authority, Revenue Bonds, (Concordia University Irvine) | | 4.00 | | 1/1/2036 | | 385,000 | | 462,281 | |
California Municipal Finance Authority, Revenue Bonds, (Concordia University Irvine) | | 4.00 | | 1/1/2035 | | 315,000 | | 379,563 | |
California Municipal Finance Authority, Revenue Bonds, (Concordia University Irvine) | | 4.00 | | 1/1/2033 | | 235,000 | | 285,763 | |
California Municipal Finance Authority, Revenue Bonds, (Concordia University Irvine) | | 4.00 | | 1/1/2031 | | 315,000 | | 387,982 | |
California Municipal Finance Authority, Revenue Bonds, (Concordia University Irvine) | | 4.00 | | 1/1/2032 | | 225,000 | | 275,012 | |
California Public Finance Authority, Revenue Bonds, Refunding (O'Connor Woods Housing) | | 4.00 | | 1/1/2031 | | 500,000 | | 591,928 | |
California Public Finance Authority, Revenue Bonds, Refunding (O'Connor Woods Housing) | | 4.00 | | 1/1/2029 | | 425,000 | | 492,309 | |
California Public Finance Authority, Revenue Bonds, Refunding (O'Connor Woods Housing) | | 4.00 | | 1/1/2028 | | 470,000 | | 535,404 | |
California Public Finance Authority, Revenue Bonds, Refunding (O'Connor Woods Housing) | | 4.00 | | 1/1/2027 | | 435,000 | | 487,266 | |
California Public Works Board, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 8/1/2027 | | 2,500,000 | | 3,048,350 | |
22
| | | | | | | | | | |
| |
BNY Mellon National Intermediate Municipal Bond Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 105.2% (continued) | | | | | |
California - 13.5% (continued) | | | | | |
California Public Works Board, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 8/1/2026 | | 2,500,000 | | 2,964,409 | |
California Public Works Board, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 8/1/2028 | | 1,055,000 | | 1,317,952 | |
California Public Works Board, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 8/1/2031 | | 2,000,000 | | 2,656,093 | |
California Public Works Board, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 8/1/2029 | | 2,000,000 | | 2,566,954 | |
California Public Works Board, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 8/1/2025 | | 2,280,000 | | 2,619,854 | |
California Public Works Board, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 2/1/2026 | | 3,020,000 | | 3,606,727 | |
California Public Works Board, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 2/1/2025 | | 4,310,000 | | 4,975,861 | |
California Public Works Board, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 2/1/2027 | | 5,500,000 | | 6,774,780 | |
California Public Works Board, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 2/1/2029 | | 4,000,000 | | 5,157,307 | |
California Public Works Board, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 2/1/2028 | | 4,610,000 | | 5,819,748 | |
Evergreen School District, GO | | 4.00 | | 8/1/2041 | | 5,000,000 | | 5,489,270 | |
Fairfield-Suisun Unified School District, GO, Refunding | | 4.00 | | 8/1/2028 | | 1,750,000 | | 2,049,594 | |
Fairfield-Suisun Unified School District, GO, Refunding | | 4.00 | | 8/1/2027 | | 1,185,000 | | 1,363,493 | |
Fairfield-Suisun Unified School District, GO, Refunding | | 4.00 | | 8/1/2026 | | 1,000,000 | | 1,128,174 | |
Golden State Tobacco Securitization Corp., Revenue Bonds, Refunding, Ser. A | | 5.00 | | 6/1/2029 | | 9,080,000 | | 9,847,689 | |
Golden State Tobacco Securitization Corp., Revenue Bonds, Refunding, Ser. A1 | | 5.00 | | 6/1/2032 | | 12,215,000 | | 15,206,025 | |
Golden State Tobacco Securitization Corp., Revenue Bonds, Refunding, Ser. A1 | | 5.00 | | 6/1/2033 | | 1,000,000 | | 1,241,255 | |
Golden State Tobacco Securitization Corp., Revenue Bonds, Refunding, Ser. A1 | | 5.00 | | 6/1/2029 | | 3,500,000 | | 4,282,541 | |
Golden State Tobacco Securitization Corp., Revenue Bonds, Refunding, Ser. A1 | | 5.00 | | 6/1/2030 | | 6,775,000 | | 8,488,586 | |
Long Beach Unified School District, GO, Ser. A | | 4.00 | | 8/1/2038 | | 10,300,000 | | 11,868,286 | |
Los Angeles Community College District, GO, Refunding | | 1.81 | | 8/1/2030 | | 10,000,000 | | 10,179,140 | |
Los Angeles Department of Airports, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 5/15/2025 | | 1,240,000 | | 1,447,405 | |
Los Angeles Department of Airports, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 5/15/2026 | | 1,500,000 | | 1,807,452 | |
Los Angeles Department of Airports, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 5/15/2024 | | 1,080,000 | | 1,216,374 | |
Los Angeles Department of Airports, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 5/15/2023 | | 825,000 | | 892,091 | |
Los Angeles Department of Airports, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 5/15/2026 | | 9,060,000 | | 10,921,692 | |
New Haven Unified School District, GO (Insured; Assured Guaranty Corp.) | | 0.00 | | 8/1/2033 | | 4,000,000 | c | 3,194,599 | |
Newport Mesa Unified School District, GO, Refunding | | 5.00 | | 8/1/2024 | | 1,000,000 | | 1,141,039 | |
Patterson Public Financing Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. B | | 4.00 | | 6/1/2034 | | 400,000 | | 479,855 | |
Patterson Public Financing Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. B | | 4.00 | | 6/1/2035 | | 420,000 | | 502,847 | |
Patterson Public Financing Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. B | | 4.00 | | 6/1/2026 | | 295,000 | | 342,761 | |
23
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | |
| |
BNY Mellon National Intermediate Municipal Bond Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 105.2% (continued) | | | | | |
California - 13.5% (continued) | | | | | |
Patterson Public Financing Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. B | | 4.00 | | 6/1/2033 | | 385,000 | | 463,936 | |
Riverside County Transportation Commission, Revenue Bonds, Refunding, Ser. A | | 5.25 | | 6/1/2023 | | 5,000,000 | b | 5,448,473 | |
Sacramento County Water Financing Authority, Revenue Bonds (Insured; National Public Finance Guarantee Corp.) Ser. B, 3 Month LIBOR x.67 +.55% | | 0.64 | | 6/1/2034 | | 8,000,000 | d | 7,985,234 | |
San Francisco City & County, COP, Refunding (Moscone Convention Center Expansion Project) Ser. B | | 4.00 | | 4/1/2037 | | 7,000,000 | | 7,838,125 | |
San Francisco City & County Airport Commission, Revenue Bonds, Refunding, Ser. D | | 5.00 | | 5/1/2024 | | 4,375,000 | | 4,919,825 | |
San Francisco City & County Airport Commission, Revenue Bonds, Refunding, Ser. G | | 5.00 | | 5/1/2027 | | 5,045,000 | | 6,236,160 | |
San Francisco Community College District, GO, Refunding | | 5.00 | | 6/15/2029 | | 5,000,000 | | 5,832,520 | |
Southern California Public Power Authority, Revenue Bonds (Apex Power Project) Ser. A | | 5.00 | | 7/1/2033 | | 3,380,000 | | 3,805,660 | |
Southern California Tobacco Securitization Authority, Revenue Bonds, Refunding (San Diego County Tobacco Asset Securitization Corp.) | | 5.00 | | 6/1/2037 | | 1,000,000 | | 1,288,871 | |
Southern California Tobacco Securitization Authority, Revenue Bonds, Refunding (San Diego County Tobacco Asset Securitization Corp.) | | 5.00 | | 6/1/2034 | | 500,000 | | 648,306 | |
University of California, Revenue Bonds, Refunding (Limited Project) Ser. I | | 5.00 | | 5/15/2030 | | 11,000,000 | | 12,875,322 | |
University of California, Revenue Bonds, Refunding, Ser. S | | 5.00 | | 5/15/2030 | | 3,000,000 | | 3,935,000 | |
University of California, Revenue Bonds, Refunding, Ser. S | | 5.00 | | 5/15/2031 | | 2,000,000 | | 2,677,515 | |
University of California, Revenue Bonds, Refunding, Ser. S | | 5.00 | | 5/15/2026 | | 2,000,000 | | 2,366,320 | |
University of California, Revenue Bonds, Refunding, Ser. S | | 5.00 | | 5/15/2029 | | 3,000,000 | | 3,852,195 | |
| | 382,505,205 | |
Colorado - 1.7% | | | | | |
Colorado Energy Public Authority, Revenue Bonds | | 6.13 | | 11/15/2023 | | 3,500,000 | | 3,755,800 | |
Colorado Health Facilities Authority, Revenue Bonds, Refunding (Children's Hospital Colorado Obligated Group) (LOC; TD Bank NA) | | 0.01 | | 12/1/2052 | | 850,000 | e | 850,000 | |
Colorado Housing & Finance Authority, Revenue Bonds (Insured; Government National Mortgage Association) Ser. F | | 4.25 | | 11/1/2049 | | 4,265,000 | | 4,762,300 | |
Colorado Housing & Finance Authority, Revenue Bonds, Ser. B | | 3.75 | | 5/1/2050 | | 4,530,000 | | 4,987,996 | |
Denver City & County Airport System, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 12/1/2027 | | 10,000,000 | | 12,534,298 | |
Denver City & County Airport System, Revenue Bonds, Ser. A | | 5.00 | | 11/15/2033 | | 5,000,000 | | 5,477,732 | |
E-470 Public Highway Authority, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 9/1/2040 | | 1,450,000 | | 1,631,624 | |
Regional Transportation District, COP, Refunding | | 5.00 | | 6/1/2031 | | 1,710,000 | | 2,194,452 | |
Regional Transportation District, COP, Refunding | | 5.00 | | 6/1/2030 | | 3,000,000 | | 3,868,780 | |
Regional Transportation District, Revenue Bonds, Refunding (Denver Transit Partners) Ser. A | | 5.00 | | 1/15/2032 | | 1,300,000 | | 1,711,382 | |
Regional Transportation District, Revenue Bonds, Refunding (Denver Transit Partners) Ser. A | | 5.00 | | 7/15/2032 | | 1,905,000 | | 2,501,628 | |
Regional Transportation District, Revenue Bonds, Refunding (Denver Transit Partners) Ser. A | | 5.00 | | 1/15/2029 | | 1,400,000 | | 1,782,015 | |
Regional Transportation District, Revenue Bonds, Refunding (Denver Transit Partners) Ser. A | | 5.00 | | 1/15/2030 | | 1,000,000 | | 1,297,942 | |
| | 47,355,949 | |
Connecticut - 2.0% | | | | | |
Connecticut, GO, Refunding, Ser. A | | 4.50 | | 3/15/2033 | | 3,700,000 | | 4,176,538 | |
Connecticut, GO, Ser. 2021 A | | 3.00 | | 1/15/2035 | | 8,000,000 | | 8,989,639 | |
Connecticut, GO, Ser. B | | 4.00 | | 6/15/2030 | | 3,000,000 | | 3,375,740 | |
Connecticut, Revenue Bonds, Ser. A | | 5.00 | | 9/1/2028 | | 1,070,000 | | 1,302,015 | |
24
| | | | | | | | | | |
| |
BNY Mellon National Intermediate Municipal Bond Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 105.2% (continued) | | | | | |
Connecticut - 2.0% (continued) | | | | | |
Connecticut, Revenue Bonds, Ser. A | | 5.00 | | 9/1/2030 | | 7,055,000 | | 8,534,433 | |
Connecticut, Special Tax Bonds, Ser. A | | 5.00 | | 5/1/2028 | | 5,000,000 | | 6,390,456 | |
Connecticut, Special Tax Bonds, Ser. A | | 5.00 | | 5/1/2027 | | 3,400,000 | | 4,239,125 | |
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (Fairfield University) Ser. R | | 3.25 | | 7/1/2035 | | 1,785,000 | | 1,943,579 | |
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (The Stamford Hospital Obligated Group) | | 4.00 | | 7/1/2035 | | 4,000,000 | | 4,690,562 | |
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (The Stamford Hospital Obligated Group) | | 5.00 | | 7/1/2034 | | 6,215,000 | | 7,967,725 | |
Connecticut Housing Finance Authority, Revenue Bonds, Refunding (Insured; GNMA, FNMA, FHLMC) Ser. D1 | | 4.00 | | 11/15/2047 | | 1,280,000 | | 1,380,927 | |
Windsor, GO, Refunding | | 2.00 | | 6/15/2030 | | 1,420,000 | | 1,487,711 | |
Windsor, GO, Refunding | | 2.00 | | 6/15/2029 | | 1,420,000 | | 1,501,495 | |
Windsor, GO, Refunding | | 2.00 | | 6/15/2028 | | 1,420,000 | | 1,515,865 | |
| | 57,495,810 | |
Delaware - .3% | | | | | |
Delaware River & Bay Authority, Revenue Bonds, Refunding, Ser. C | | 5.00 | | 1/1/2024 | | 1,000,000 | | 1,108,258 | |
Delaware River & Bay Authority, Revenue Bonds, Refunding, Ser. C | | 5.00 | | 1/1/2023 | | 1,500,000 | | 1,593,750 | |
University of Delaware, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 5/1/2023 | | 5,440,000 | b | 5,879,229 | |
| | 8,581,237 | |
District of Columbia - 1.8% | | | | | |
District of Columbia, Revenue Bonds, Refunding (Friendship Public Charter School) | | 5.00 | | 6/1/2036 | | 3,200,000 | | 3,667,324 | |
District of Columbia, Revenue Bonds, Refunding (KIPP DC Obligated Group) Ser. A | | 5.00 | | 7/1/2042 | | 5,955,000 | | 7,051,908 | |
District of Columbia, Revenue Bonds, Refunding (KIPP DC Obligated Group) Ser. A | | 5.00 | | 7/1/2037 | | 4,925,000 | | 5,890,495 | |
District of Columbia, Revenue Bonds, Refunding (KIPP DC Project) Ser. B | | 5.00 | | 7/1/2037 | | 1,010,000 | | 1,208,000 | |
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding | | 5.00 | | 10/1/2027 | | 15,910,000 | | 19,869,277 | |
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding | | 5.00 | | 10/1/2028 | | 5,505,000 | | 6,853,184 | |
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding, Ser. B | | 4.00 | | 10/1/2036 | | 1,250,000 | | 1,479,887 | |
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding, Ser. B | | 4.00 | | 10/1/2037 | | 1,650,000 | | 1,947,915 | |
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding, Ser. B | | 4.00 | | 10/1/2038 | | 1,000,000 | | 1,177,817 | |
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding, Ser. C | | 5.00 | | 10/1/2024 | | 3,070,000 | | 3,081,757 | |
| | 52,227,564 | |
Florida - 5.3% | | | | | |
Alachua County Health Facilities Authority, Revenue Bonds, Refunding (Shands Teaching Hospital & Clinics Obligated Group) | | 5.00 | | 12/1/2026 | | 5,000,000 | a | 5,947,739 | |
Florida Board of Governors, Revenue Bonds, Refunding | | 5.00 | | 7/1/2030 | | 1,660,000 | | 2,213,187 | |
Florida Board of Governors, Revenue Bonds, Refunding | | 5.00 | | 7/1/2027 | | 815,000 | | 1,015,528 | |
Florida Department of Transportation Turnpike System, Revenue Bonds, Refunding, Ser. C | | 4.50 | | 7/1/2040 | | 8,710,000 | | 9,306,796 | |
Florida Development Finance Corp., Revenue Bonds (Mater Academy Project) Ser. A | | 5.00 | | 6/15/2035 | | 1,000,000 | f | 1,179,008 | |
Florida Municipal Power Agency, Revenue Bonds, Refunding (St. Lucie Project) Ser. B | | 5.00 | | 10/1/2030 | | 1,100,000 | | 1,321,499 | |
Florida Municipal Power Agency, Revenue Bonds, Refunding (St. Lucie Project) Ser. B | | 5.00 | | 10/1/2029 | | 1,300,000 | | 1,568,938 | |
25
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | |
| |
BNY Mellon National Intermediate Municipal Bond Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 105.2% (continued) | | | | | |
Florida - 5.3% (continued) | | | | | |
Florida Municipal Power Agency, Revenue Bonds, Refunding (St. Lucie Project) Ser. B | | 5.00 | | 10/1/2028 | | 1,100,000 | | 1,337,199 | |
Florida Municipal Power Agency, Revenue Bonds, Refunding (St. Lucie Project) Ser. B | | 5.00 | | 10/1/2027 | | 1,650,000 | | 1,962,576 | |
Florida Municipal Power Agency, Revenue Bonds, Ser. A | | 3.00 | | 10/1/2033 | | 3,610,000 | | 3,984,257 | |
Jacksonville, Revenue Bonds, Refunding | | 5.00 | | 10/1/2021 | | 2,500,000 | | 2,509,949 | |
Miami-Dade County Water & Sewer System, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 10/1/2032 | | 5,000,000 | | 5,898,170 | |
Miami-Dade County Water & Sewer System, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 10/1/2034 | | 10,110,000 | | 11,885,780 | |
Miami-Dade County Water & Sewer System, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 10/1/2031 | | 3,000,000 | | 3,544,235 | |
Miami-Dade County Water & Sewer System, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 10/1/2033 | | 5,150,000 | | 6,063,695 | |
Orange County Convention Center, Revenue Bonds, Refunding | | 4.00 | | 10/1/2031 | | 5,000,000 | | 5,766,977 | |
Orange County Health Facilities Authority, Revenue Bonds, Refunding (Orlando Health Obligated Group) | | 5.00 | | 10/1/2025 | | 3,000,000 | | 3,556,269 | |
Orange County Health Facilities Authority, Revenue Bonds, Refunding (Orlando Health Obligated Group) | | 5.00 | | 10/1/2026 | | 3,000,000 | | 3,671,171 | |
Orange County School Board, COP, Refunding, Ser. A | | 5.00 | | 8/1/2032 | | 10,000,000 | | 13,962,805 | |
Orange County School Board, COP, Refunding, Ser. C | | 5.00 | | 8/1/2025 | | 10,000,000 | b | 11,814,517 | |
Palm Beach County School District, COP, Refunding, Ser. C | | 5.00 | | 8/1/2031 | | 10,000,000 | | 11,288,415 | |
Palm Beach County School District, COP, Refunding, Ser. D | | 5.00 | | 8/1/2031 | | 2,855,000 | | 3,343,369 | |
Palm Beach County School District, COP, Refunding, Ser. D | | 5.00 | | 8/1/2030 | | 7,840,000 | | 9,197,733 | |
State Board of Administration Finance Corp., Revenue Bonds, Ser. A | | 2.15 | | 7/1/2030 | | 9,513,000 | | 9,767,633 | |
Tampa Sports Authority, Revenue Bonds, Refunding | | 5.00 | | 1/1/2024 | | 90,000 | | 98,091 | |
The Miami-Dade County School Board, COP, Refunding, Ser. A | | 5.00 | | 5/1/2032 | | 5,475,000 | | 6,323,743 | |
The Miami-Dade County School Board, COP, Refunding, Ser. A | | 5.00 | | 5/1/2026 | | 10,095,000 | | 11,755,681 | |
| | 150,284,960 | |
Georgia - 1.1% | | | | | |
DeKalb County Water & Sewerage, Revenue Bonds, Ser. A | | 5.25 | | 10/1/2036 | | 3,500,000 | | 3,514,257 | |
Main Street Natural Gas, Revenue Bonds, Ser. A | | 5.00 | | 5/15/2028 | | 2,510,000 | | 3,162,382 | |
Main Street Natural Gas, Revenue Bonds, Ser. A | | 5.00 | | 5/15/2029 | | 4,940,000 | | 6,351,587 | |
Main Street Natural Gas, Revenue Bonds, Ser. A | | 5.00 | | 5/15/2026 | | 3,000,000 | | 3,599,451 | |
Main Street Natural Gas, Revenue Bonds, Ser. A | | 5.00 | | 5/15/2027 | | 2,500,000 | | 3,077,702 | |
Main Street Natural Gas, Revenue Bonds, Ser. A | | 6.38 | | 7/15/2038 | | 1,335,000 | g | 6,675 | |
Main Street Natural Gas, Revenue Bonds, Ser. C | | 4.00 | | 12/1/2028 | | 10,000,000 | a | 11,969,255 | |
| | 31,681,309 | |
Hawaii - .7% | | | | | |
Hawaii, GO, Ser. EO | | 4.00 | | 8/1/2031 | | 10,000,000 | | 11,021,847 | |
Honolulu City & County, GO, Refunding, Ser. A | | 5.00 | | 11/1/2028 | | 2,000,000 | | 2,453,382 | |
Honolulu City & County, GO, Refunding, Ser. A | | 5.00 | | 11/1/2029 | | 1,600,000 | | 1,997,996 | |
Honolulu City & County, GO, Refunding, Ser. A | | 5.00 | | 11/1/2026 | | 1,500,000 | | 1,750,478 | |
Honolulu City & County, GO, Refunding, Ser. A | | 5.00 | | 11/1/2027 | | 2,000,000 | | 2,396,326 | |
| | 19,620,029 | |
Idaho - .2% | | | | | |
Idaho Health Facilities Authority, Revenue Bonds, Refunding (Trinity Health Obligated Group) Ser. D | | 5.00 | | 6/1/2022 | | 5,000,000 | b | 5,181,021 | |
Illinois - 7.4% | | | | | |
Chicago II, GO, Refunding, Ser. 2005D | | 5.50 | | 1/1/2037 | | 3,500,000 | | 3,987,396 | |
Chicago II, GO, Refunding, Ser. 2007F | | 5.50 | | 1/1/2035 | | 3,750,000 | | 4,275,297 | |
Chicago II, GO, Refunding, Ser. A | | 5.00 | | 1/1/2026 | | 3,000,000 | | 3,535,822 | |
Chicago II, GO, Refunding, Ser. A | | 5.00 | | 1/1/2029 | | 8,000,000 | | 10,134,766 | |
Chicago II, GO, Ser. 2002B | | 5.25 | | 1/1/2022 | | 1,000,000 | | 1,016,195 | |
Chicago II, GO, Ser. A | | 5.00 | | 1/1/2026 | | 3,000,000 | | 3,421,616 | |
Chicago II, GO, Ser. A | | 5.00 | | 1/1/2024 | | 4,500,000 | | 4,964,364 | |
26
| | | | | | | | | | |
| |
BNY Mellon National Intermediate Municipal Bond Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 105.2% (continued) | | | | | |
Illinois - 7.4% (continued) | | | | | |
Chicago Il, GO, Refunding, Ser. A | | 5.75 | | 1/1/2034 | | 3,585,000 | | 4,420,233 | |
Chicago Il Wastewater Transmission, Revenue Bonds, Refunding, Ser. C | | 5.00 | | 1/1/2024 | | 3,000,000 | | 3,318,102 | |
Chicago Il Wastewater Transmission, Revenue Bonds, Refunding, Ser. C | | 5.00 | | 1/1/2025 | | 2,110,000 | | 2,423,257 | |
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 1/1/2025 | | 4,450,000 | | 5,141,066 | |
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 1/1/2033 | | 1,000,000 | | 1,147,031 | |
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 1/1/2037 | | 3,000,000 | | 3,762,197 | |
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 1/1/2022 | | 4,615,000 | | 4,689,869 | |
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 1/1/2024 | | 5,000,000 | | 5,558,638 | |
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 1/1/2025 | | 7,055,000 | | 7,502,786 | |
Chicago Park District, GO, Refunding, Ser. F2 | | 5.00 | | 1/1/2030 | | 1,700,000 | | 2,211,190 | |
Chicago Park District, GO, Refunding, Ser. F2 | | 5.00 | | 1/1/2026 | | 975,000 | | 1,152,507 | |
Chicago Park District, GO, Refunding, Ser. F2 | | 5.00 | | 1/1/2028 | | 1,550,000 | | 1,932,758 | |
Cook County ll, Revenue Bonds, Refunding | | 5.00 | | 11/15/2033 | | 6,050,000 | | 7,485,652 | |
Cook County School District No. 100, GO, Refunding (Insured; Build America Mutual) Ser. C | | 5.00 | | 12/1/2024 | | 1,720,000 | | 1,950,473 | |
Cook Kane Lake & McHenry Counties Community College District No. 512, GO | | 4.00 | | 12/15/2031 | | 10,000,000 | | 12,061,621 | |
DuPage & Cook Counties Township High School District No. 86 , GO | | 4.00 | | 1/15/2035 | | 5,205,000 | | 6,035,585 | |
DuPage & Cook Counties Township High School District No. 86 , GO | | 4.00 | | 1/15/2033 | | 2,000,000 | | 2,330,239 | |
Illinois, GO, Refunding | | 5.00 | | 2/1/2026 | | 5,000,000 | | 5,913,099 | |
Illinois, GO, Refunding | | 5.00 | | 8/1/2023 | | 10,030,000 | | 10,916,042 | |
Illinois, GO, Refunding | | 5.00 | | 8/1/2025 | | 3,485,000 | | 3,634,036 | |
Illinois, GO, Refunding, Ser. A | | 5.00 | | 10/1/2025 | | 4,000,000 | | 4,688,949 | |
Illinois, GO, Refunding, Ser. A | | 5.00 | | 10/1/2022 | | 2,000,000 | | 2,102,558 | |
Illinois, GO, Refunding, Ser. A | | 5.00 | | 10/1/2023 | | 1,200,000 | | 1,314,978 | |
Illinois, GO, Refunding, Ser. A | | 5.00 | | 10/1/2024 | | 2,000,000 | | 2,274,042 | |
Illinois, GO, Ser. A | | 5.00 | | 3/1/2030 | | 5,750,000 | | 7,387,256 | |
Illinois, GO, Ser. A | | 5.00 | | 3/1/2031 | | 2,525,000 | | 3,295,236 | |
Illinois, GO, Ser. A | | 5.00 | | 3/1/2029 | | 5,000,000 | | 6,301,184 | |
Illinois, Revenue Bonds (Insured; National Public Finance Guarantee Corp.) | | 6.00 | | 6/15/2025 | | 3,225,000 | | 3,894,547 | |
Illinois, Revenue Bonds (Insured; National Public Finance Guarantee Corp.) | | 6.00 | | 6/15/2026 | | 4,290,000 | | 5,374,989 | |
Illinois, Revenue Bonds (Insured; National Public Finance Guarantee Corp.) | | 6.00 | | 6/15/2024 | | 5,030,000 | | 5,823,021 | |
Illinois Finance Authority, Revenue Bonds, Refunding (OSF Healthcare System Obligated Group) Ser. B2 | | 5.00 | | 11/15/2026 | | 3,000,000 | a | 3,593,291 | |
Illinois Toll Highway Authority, Revenue Bonds, Refunding | | 5.00 | | 1/1/2031 | | 10,160,000 | | 13,288,023 | |
Illinois Toll Highway Authority, Revenue Bonds, Refunding | | 5.00 | | 1/1/2028 | | 5,000,000 | | 6,333,020 | |
Kane Cook & DuPage Counties Community College District No. 509, GO, Refunding | | 3.00 | | 12/15/2032 | | 5,000,000 | | 5,489,972 | |
Kendall County Forest Preserve District, GO, Refunding (Insured; Build America Mutual) | | 4.00 | | 1/1/2027 | | 2,270,000 | | 2,512,748 | |
Schaumburg ll, GO, Ser. A | | 4.00 | | 12/1/2028 | | 1,220,000 | | 1,479,374 | |
Will Grundy Counties Community College District No. 525, GO, Refunding (Joliet Junior College) | | 3.00 | | 1/1/2029 | | 9,305,000 | | 10,163,832 | |
| | 210,238,857 | |
27
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | |
| |
BNY Mellon National Intermediate Municipal Bond Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 105.2% (continued) | | | | | |
Indiana - .9% | | | | | |
Hamilton Southeastern Consolidated School Building Corp., Revenue Bonds, Refunding | | 4.00 | | 7/15/2033 | | 1,200,000 | | 1,440,201 | |
Indiana Finance Authority, Revenue Bonds (Goshen Health Obligated Group) Ser. A | | 5.00 | | 11/1/2028 | | 775,000 | | 958,751 | |
Indiana Finance Authority, Revenue Bonds (Goshen Health Obligated Group) Ser. A | | 5.00 | | 11/1/2027 | | 740,000 | | 914,069 | |
Indiana Finance Authority, Revenue Bonds (Goshen Health Obligated Group) Ser. B | | 2.10 | | 11/1/2026 | | 2,700,000 | a | 2,848,774 | |
Indiana Finance Authority, Revenue Bonds, Refunding (Duke Energy Indiana Project) (LOC; Sumitomo Mitsui Banking) Ser. A4 | | 0.02 | | 12/1/2039 | | 3,400,000 | e | 3,400,000 | |
Indiana Municipal Power Agency, Revenue Bonds, Refunding (LOC; U.S. Bank NA) Ser. B | | 0.01 | | 1/1/2042 | | 1,800,000 | e | 1,800,000 | |
Whiting, Revenue Bonds, Refunding (BP Products North America) | | 5.00 | | 6/5/2026 | | 12,500,000 | a | 15,148,179 | |
| | 26,509,974 | |
Iowa - .5% | | | | | |
Iowa Finance Authority, Revenue Bonds, Refunding (Unity Point Health) (LOC; JP Morgan Chase Bank NA) Ser. F | | 0.01 | | 7/1/2041 | | 1,060,000 | e | 1,060,000 | |
PEFA, Revenue Bonds (PEFA Gas Project) | | 5.00 | | 9/1/2026 | | 10,000,000 | a | 12,026,690 | |
| | 13,086,690 | |
Kansas - .2% | | | | | |
Kansas Department of Transportation, Revenue Bonds, Ser. A | | 5.00 | | 9/1/2028 | | 6,000,000 | | 6,819,871 | |
Kentucky - 3.2% | | | | | |
Kentucky Bond Development Corp., Revenue Bonds (Insured; Build America Mutual) | | 5.00 | | 9/1/2029 | | 2,395,000 | | 3,127,247 | |
Kentucky Bond Development Corp., Revenue Bonds (Insured; Build America Mutual) | | 5.00 | | 9/1/2028 | | 2,275,000 | | 2,924,253 | |
Kentucky Property & Building Commission, Revenue Bonds (Project No. 112) (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 5.00 | | 2/1/2028 | | 5,150,000 | | 6,128,461 | |
Kentucky Property & Building Commission, Revenue Bonds (Project No. 112) Ser. A | | 5.00 | | 2/1/2031 | | 3,000,000 | | 3,553,378 | |
Kentucky Property & Building Commission, Revenue Bonds (Project No. 115) | | 5.00 | | 4/1/2028 | | 4,905,000 | | 6,015,537 | |
Kentucky Property & Building Commission, Revenue Bonds (Project No. 122) Ser. A | | 5.00 | | 11/1/2033 | | 1,000,000 | | 1,255,597 | |
Kentucky Property & Building Commission, Revenue Bonds, Refunding (Project No. 112) Ser. B | | 5.00 | | 11/1/2026 | | 5,000,000 | | 6,110,781 | |
Kentucky Property & Building Commission, Revenue Bonds, Refunding (Project No. 112) Ser. B | | 5.00 | | 11/1/2025 | | 7,475,000 | | 8,851,727 | |
Kentucky Public Energy Authority, Revenue Bonds, Ser. A | | 4.00 | | 6/1/2026 | | 10,000,000 | a | 11,489,953 | |
Kentucky Public Energy Authority, Revenue Bonds, Ser. A1 | | 4.00 | | 6/1/2025 | | 8,000,000 | a | 8,997,412 | |
Kentucky Public Energy Authority, Revenue Bonds, Ser. C1 | | 4.00 | | 6/1/2025 | | 16,500,000 | a | 18,540,938 | |
Kentucky Turnpike Authority, Revenue Bonds (Revitalization Projects) Ser. A | | 5.00 | | 7/1/2031 | | 675,000 | | 731,312 | |
Kentucky Turnpike Authority, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 7/1/2027 | | 5,000,000 | | 6,017,427 | |
Louisville & Jefferson County Metropolitan Sewer District, Revenue Bonds, Refunding, Ser. A | | 4.00 | | 5/15/2032 | | 5,430,000 | | 6,402,063 | |
| | 90,146,086 | |
Louisiana - .7% | | | | | |
East Baton Rouge Sewerage Commission, Revenue Bonds, Refunding, Ser. A | | 1.30 | | 2/1/2041 | | 5,000,000 | a | 5,126,418 | |
Louisiana, GO, Refunding, Ser. C | | 5.00 | | 8/1/2026 | | 5,000,000 | | 5,681,200 | |
Louisiana, GO, Ser. B | | 4.00 | | 5/1/2034 | | 5,035,000 | | 5,627,097 | |
Louisiana, GO, Ser. B | | 4.00 | | 5/1/2033 | | 1,770,000 | | 1,986,755 | |
| | 18,421,470 | |
28
| | | | | | | | | | |
| |
BNY Mellon National Intermediate Municipal Bond Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 105.2% (continued) | | | | | |
Maine - ..3% | | | | | |
Maine Governmental Facilities Authority, Revenue Bonds, Ser. A | | 4.00 | | 10/1/2035 | | 5,255,000 | | 6,298,632 | |
Maine Governmental Facilities Authority, Revenue Bonds, Ser. A | | 4.00 | | 10/1/2034 | | 1,880,000 | | 2,218,426 | |
| | 8,517,058 | |
Maryland - 2.3% | | | | | |
Anne Arundel County, GO | | 5.00 | | 10/1/2025 | | 7,205,000 | | 8,573,220 | |
Anne Arundel County, GO, Refunding | | 5.00 | | 4/1/2030 | | 4,640,000 | | 4,986,412 | |
Howard County Housing Commission, Revenue Bonds, Refunding, Ser. A | | 1.20 | | 6/1/2027 | | 2,000,000 | | 2,004,619 | |
Maryland, GO | | 4.00 | | 6/1/2027 | | 18,700,000 | | 20,620,396 | |
Maryland Community Development Administration, Revenue Bonds, Refunding, Ser. B | | 4.00 | | 9/1/2049 | | 4,285,000 | | 4,758,339 | |
Montgomery County, GO, Refunding, Ser. A | | 5.00 | | 11/1/2024 | | 10,000,000 | b | 11,516,521 | |
Montgomery County, GO, Refunding, Ser. B | | 4.00 | | 12/1/2030 | | 12,000,000 | | 12,953,149 | |
| | 65,412,656 | |
Massachusetts - 1.3% | | | | | |
Massachusetts, GO, Refunding, Ser. A, 3 Month LIBOR x.67 +.55% | | 0.63 | | 11/1/2025 | | 5,000,000 | d | 5,024,231 | |
Massachusetts Bay Transportation Authority, Revenue Bonds, Refunding | | 5.00 | | 7/1/2029 | | 5,000,000 | | 6,581,079 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Emerson College) | | 5.00 | | 1/1/2035 | | 2,000,000 | | 2,228,362 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Emmanuel College) Ser. A | | 5.00 | | 10/1/2033 | | 5,000,000 | | 5,948,996 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk University) | | 5.00 | | 7/1/2031 | | 620,000 | | 783,931 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk University) | | 5.00 | | 7/1/2032 | | 770,000 | | 970,564 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk University) | | 5.00 | | 7/1/2033 | | 800,000 | | 1,004,630 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk University) | | 5.00 | | 7/1/2030 | | 700,000 | | 892,208 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk University) | | 5.00 | | 7/1/2035 | | 1,000,000 | | 1,194,341 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk University) | | 5.00 | | 7/1/2036 | | 1,010,000 | | 1,203,655 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk University) | | 5.00 | | 7/1/2034 | | 1,000,000 | | 1,195,413 | |
The Massachusetts Clean Water Trust, Revenue Bonds, Refunding, Ser. A | | 5.75 | | 8/1/2029 | | 380,000 | | 381,720 | |
University of Massachusetts Building Authority, Revenue Bonds, Ser. 1 | | 4.00 | | 11/1/2022 | | 10,000,000 | b | 10,452,327 | |
| | 37,861,457 | |
Michigan - 1.9% | | | | | |
Byron Center Public Schools, GO, Refunding | | 5.00 | | 5/1/2030 | | 1,480,000 | | 1,935,738 | |
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 | | 1,119,621 | |
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 | | 1,119,921 | |
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 | | 1,512,703 | |
Michigan Building Authority, Revenue Bonds, Refunding, Ser. IA | | 5.00 | | 10/15/2033 | | 5,000,000 | | 5,478,174 | |
Michigan Building Authority, Revenue Bonds, Refunding, Ser. IA | | 5.00 | | 10/15/2029 | | 10,000,000 | | 10,956,349 | |
29
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | |
| |
BNY Mellon National Intermediate Municipal Bond Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 105.2% (continued) | | | | | |
Michigan - 1.9% (continued) | | | | | |
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 | | 2,837,574 | |
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 | | 3,409,661 | |
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 | | 2,131,038 | |
Michigan Finance Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. D2 | | 5.00 | | 7/1/2026 | | 2,500,000 | | 2,841,385 | |
Michigan Finance Authority, Revenue Bonds, Refunding (McLaren Health Care Obligated Group) Ser. D2 | | 1.20 | | 4/13/2028 | | 5,000,000 | a | 5,056,475 | |
Michigan Finance Authority, Revenue Bonds, Refunding (Trinity Health Credit Obligated Group) | | 4.00 | | 12/1/2035 | | 2,500,000 | | 3,019,901 | |
Michigan Finance Authority, Revenue Bonds, Refunding (Trinity Health Credit Obligated Group) | | 4.00 | | 12/1/2036 | | 3,000,000 | | 3,611,234 | |
Michigan Finance Authority, Revenue Bonds, Refunding (Trinity Health Obligated Group) | | 5.00 | | 6/1/2022 | | 5,000,000 | b | 5,182,948 | |
Western Michigan University, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. C | | 5.00 | | 11/15/2033 | | 925,000 | | 1,232,100 | |
Western Michigan University, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. C | | 5.00 | | 11/15/2031 | | 850,000 | | 1,140,446 | |
Western Michigan University, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. C | | 5.00 | | 11/15/2029 | | 600,000 | | 787,826 | |
| | 53,373,094 | |
Minnesota - .0% | | | | | |
Minnesota Housing Finance Agency, Revenue Bonds, Refunding (Insured; GNMA, FNMA, FHLMC) Ser. B | | 4.00 | | 7/1/2047 | | 940,000 | | 1,013,990 | |
Mississippi - .2% | | | | | |
The University of Southern Mississippi, Revenue Bonds, Refunding (Facilities Refinancing Project) | | 5.00 | | 9/1/2025 | | 250,000 | | 294,326 | |
West Rankin Utility Authority, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) | | 5.00 | | 1/1/2025 | | 1,650,000 | b | 1,905,014 | |
West Rankin Utility Authority, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) | | 5.00 | | 1/1/2025 | | 1,000,000 | b | 1,154,554 | |
West Rankin Utility Authority, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) | | 5.00 | | 1/1/2025 | | 1,105,000 | b | 1,275,782 | |
| | 4,629,676 | |
Missouri - 2.0% | | | | | |
Cape Girardeau County Industrial Development Authority, Revenue Bonds, Refunding (St. Francis Healthcare System Obligated Group) | | 5.00 | | 6/1/2030 | | 2,000,000 | | 2,535,348 | |
Cape Girardeau County Industrial Development Authority, Revenue Bonds, Refunding (St. Francis Healthcare System Obligated Group) | | 5.00 | | 6/1/2031 | | 2,100,000 | | 2,706,074 | |
Cape Girardeau County Industrial Development Authority, Revenue Bonds, Refunding (St. Francis Healthcare System Obligated Group) | | 5.00 | | 6/1/2032 | | 2,200,000 | | 2,884,011 | |
Cape Girardeau County Industrial Development Authority, Revenue Bonds, Refunding (St. Francis Healthcare System Obligated Group) | | 5.00 | | 6/1/2029 | | 1,700,000 | | 2,118,513 | |
Cape Girardeau County Industrial Development Authority, Revenue Bonds, Refunding (St. Francis Healthcare System Obligated Group) | | 5.00 | | 6/1/2026 | | 1,000,000 | | 1,168,946 | |
Cape Girardeau County Industrial Development Authority, Revenue Bonds, Refunding (St. Francis Healthcare System Obligated Group) | | 5.00 | | 6/1/2027 | | 1,400,000 | | 1,676,945 | |
Cape Girardeau County Industrial Development Authority, Revenue Bonds, Refunding (St. Francis Healthcare System Obligated Group) | | 5.00 | | 6/1/2028 | | 1,655,000 | | 2,025,713 | |
30
| | | | | | | | | | |
| |
BNY Mellon National Intermediate Municipal Bond Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 105.2% (continued) | | | | | |
Missouri - 2.0% (continued) | | | | | |
Kansas City Industrial Development Authority, Revenue Bonds (Kansas City International Airport) | | 4.00 | | 3/1/2035 | | 2,000,000 | | 2,413,866 | |
Kansas City Industrial Development Authority, Revenue Bonds (Kansas City International Airport) | | 4.00 | | 3/1/2034 | | 3,500,000 | | 4,235,092 | |
Ladue School District, GO | | 2.00 | | 3/1/2032 | | 6,000,000 | | 6,224,707 | |
Missouri Health & Educational Facilities Authority, Revenue Bonds, Refunding (Mercy Health) Ser. A | | 5.00 | | 6/1/2028 | | 6,000,000 | | 7,652,619 | |
Missouri Highways & Transportation Commission, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 5/1/2023 | | 14,625,000 | | 15,815,725 | |
The Missouri Health & Educational Facilities Authority, Revenue Bonds (The Washington University) Ser. B | | 0.01 | | 3/1/2040 | | 1,000,000 | e | 1,000,000 | |
The Missouri Health & Educational Facilities Authority, Revenue Bonds (The Washington University) Ser. B | | 0.01 | | 2/15/2033 | | 1,800,000 | e | 1,800,000 | |
The St. Louis Missouri Industrial Development Authority, Revenue Bonds (Mid-America Transplant Services Project) (LOC; BMO Harris Bank NA) | | 0.03 | | 1/1/2039 | | 1,600,000 | e | 1,600,000 | |
| | 55,857,559 | |
Montana - .1% | | | | | |
Montana Board of Housing, Revenue Bonds, Ser. A2 | | 3.50 | | 6/1/2044 | | 2,230,000 | | 2,365,206 | |
Nebraska - .3% | | | | | |
Central Plains Energy Project, Revenue Bonds, Refunding | | 4.00 | | 8/1/2025 | | 5,000,000 | a | 5,656,683 | |
Saline County Hospital Authority No. 1, Revenue Bonds, Refunding (Bryan Medical Center Obligated Group) (LOC; U.S. Bank NA) Ser. C | | 0.01 | | 6/1/2031 | | 2,810,000 | e | 2,810,000 | |
| | 8,466,683 | |
Nevada - 2.5% | | | | | |
Clark County, GO, Ser. B | | 4.00 | | 11/1/2033 | | 2,750,000 | | 3,382,106 | |
Clark County Department of Aviation, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 7/1/2040 | | 1,145,000 | | 1,334,798 | |
Clark County School District, GO (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 5.00 | | 6/15/2029 | | 5,280,000 | | 6,518,824 | |
Clark County School District, GO (Insured; Assured Guaranty Municipal Corp.) Ser. B | | 5.00 | | 6/15/2028 | | 5,000,000 | | 6,386,816 | |
Clark County School District, GO (Insured; Assured Guaranty Municipal Corp.) Ser. B | | 5.00 | | 6/15/2033 | | 5,000,000 | | 6,355,381 | |
Clark County School District, GO (Insured; Build America Mutual) Ser. B | | 5.00 | | 6/15/2028 | | 10,005,000 | | 12,780,020 | |
Clark County School District, GO, Refunding (Insured; Build America Mutual) Ser. C | | 5.00 | | 6/15/2027 | | 5,000,000 | | 5,946,565 | |
Clark County School District, GO, Refunding, Ser. A | | 5.00 | | 6/15/2024 | | 5,000,000 | | 5,657,463 | |
Las Vegas Valley Water District, GO, Refunding, Ser. C | | 5.00 | | 6/1/2029 | | 10,000,000 | | 13,120,232 | |
Nevada, GO, Refunding, Ser. A | | 5.00 | | 5/1/2031 | | 5,200,000 | | 6,866,622 | |
Nevada Housing Division, Revenue Bonds (Insured; GNMA, FNMA, FHLMC) Ser. A | | 4.00 | | 4/1/2049 | | 2,770,000 | | 3,062,402 | |
| | 71,411,229 | |
New Jersey - 6.7% | | | | | |
Hudson County, GO, Refunding | | 3.00 | | 11/15/2032 | | 11,700,000 | | 13,120,229 | |
Morris County, GO | | 2.00 | | 2/1/2031 | | 4,315,000 | | 4,517,195 | |
New Jersey, GO | | 5.00 | | 6/1/2027 | | 2,000,000 | | 2,484,014 | |
New Jersey, GO (COVID-19 Emergency Bonds) Ser. A | | 5.00 | | 6/1/2027 | | 2,000,000 | | 2,484,014 | |
New Jersey, GO (COVID-19 Emergency Bonds) Ser. A | | 5.00 | | 6/1/2028 | | 13,840,000 | | 17,631,176 | |
New Jersey Economic Development Authority, Revenue Bonds, Refunding | | 5.00 | | 6/15/2023 | | 5,000,000 | | 5,174,023 | |
New Jersey Economic Development Authority, Revenue Bonds, Refunding | | 5.00 | | 6/15/2024 | | 5,000,000 | | 5,173,037 | |
New Jersey Economic Development Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. NN | | 5.00 | | 3/1/2025 | | 13,000,000 | | 13,941,828 | |
31
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | |
| |
BNY Mellon National Intermediate Municipal Bond Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 105.2% (continued) | | | | | |
New Jersey - 6.7% (continued) | | | | | |
New Jersey Economic Development Authority, Revenue Bonds, Refunding (Insured; National Public Finance Guarantee Corp.) Ser. N1 | | 5.50 | | 9/1/2023 | | 10,000,000 | | 11,063,776 | |
New Jersey Economic Development Authority, Revenue Bonds, Ser. QQQ | | 4.00 | | 6/15/2034 | | 1,000,000 | | 1,200,250 | |
New Jersey Economic Development Authority, Revenue Bonds, Ser. QQQ | | 5.00 | | 6/15/2033 | | 2,185,000 | | 2,855,130 | |
New Jersey Economic Development Authority, Revenue Bonds, Ser. QQQ | | 5.00 | | 6/15/2029 | | 1,000,000 | | 1,283,763 | |
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 | | 1,904,472 | |
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Refunding (Trinitas Regional Medical Center Obligated Group) | | 5.00 | | 7/1/2026 | | 1,000,000 | | 1,195,433 | |
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Refunding (Trinitas Regional Medical Center Obligated Group) | | 5.00 | | 7/1/2025 | | 1,060,000 | | 1,230,021 | |
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Refunding (Trinitas Regional Medical Center Obligated Group) | | 5.00 | | 7/1/2024 | | 1,000,000 | | 1,122,021 | |
New Jersey Transportation Trust Fund Authority, Revenue Bonds | | 5.00 | | 6/15/2031 | | 1,725,000 | | 2,173,030 | |
New Jersey Transportation Trust Fund Authority, Revenue Bonds (Insured; National Public Finance Guarantee Corp.) Ser. A | | 5.75 | | 6/15/2025 | | 4,245,000 | | 5,097,888 | |
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding | | 5.00 | | 12/15/2028 | | 5,000,000 | | 6,383,661 | |
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding | | 5.00 | | 12/15/2027 | | 2,250,000 | | 2,817,938 | |
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 | | 10,150,859 | |
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 12/15/2027 | | 10,000,000 | | 12,524,170 | |
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding, Ser. AA | | 5.00 | | 6/15/2034 | | 2,500,000 | | 3,218,154 | |
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding, Ser. AA | | 5.00 | | 6/15/2035 | | 2,000,000 | | 2,559,619 | |
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding, Ser. AA | | 5.00 | | 6/15/2036 | | 2,500,000 | | 3,182,597 | |
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Ser. AA | | 5.00 | | 6/15/2035 | | 2,000,000 | | 2,600,487 | |
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Ser. AA | | 5.00 | | 6/15/2036 | | 2,000,000 | | 2,591,861 | |
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Ser. AA | | 5.00 | | 6/15/2037 | | 1,500,000 | | 1,937,773 | |
Ocean City, GO, Refunding | | 3.00 | | 9/15/2031 | | 5,000,000 | | 5,507,504 | |
Perth Amboy, GO, Refunding (Insured; Build America Mutual) Ser. B | | 5.00 | | 3/15/2028 | | 1,500,000 | | 1,861,329 | |
Perth Amboy, GO, Refunding (Insured; Build America Mutual) Ser. B | | 5.00 | | 3/15/2030 | | 1,725,000 | | 2,229,766 | |
Perth Amboy, GO, Refunding (Insured; Build America Mutual) Ser. B | | 5.00 | | 3/15/2023 | | 500,000 | | 528,285 | |
Perth Amboy, GO, Refunding (Insured; Build America Mutual) Ser. B | | 5.00 | | 3/15/2025 | | 1,225,000 | | 1,398,081 | |
Sussex County, GO, Refunding | | 2.00 | | 6/15/2030 | | 1,945,000 | | 2,042,751 | |
Sussex County, GO, Refunding | | 2.00 | | 6/15/2029 | | 1,945,000 | | 2,067,380 | |
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | | 5.00 | | 6/1/2034 | | 8,000,000 | | 9,936,428 | |
32
| | | | | | | | | | |
| |
BNY Mellon National Intermediate Municipal Bond Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 105.2% (continued) | | | | | |
New Jersey - 6.7% (continued) | | | | | |
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | | 5.00 | | 6/1/2033 | | 12,000,000 | | 14,945,562 | |
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | | 5.00 | | 6/1/2032 | | 6,000,000 | | 7,494,525 | |
| | 189,630,030 | |
New York - 18.3% | | | | | |
Hudson Yards Infrastructure Corp., Revenue Bonds, Refunding, Ser. A | | 5.00 | | 2/15/2033 | | 5,000,000 | | 6,072,063 | |
Hudson Yards Infrastructure Corp., Revenue Bonds, Refunding, Ser. A | | 5.00 | | 2/15/2029 | | 6,400,000 | | 7,869,716 | |
Metropolitan Transportation Authority, Revenue Bonds (Green Bond) Ser. A | | 5.00 | | 11/15/2035 | | 10,000,000 | | 12,206,926 | |
Metropolitan Transportation Authority, Revenue Bonds, Refunding (Green Bond) (Insured; Assured Guaranty Municipal Corp.) Ser. C | | 5.00 | | 11/15/2038 | | 8,445,000 | | 10,757,605 | |
Metropolitan Transportation Authority, Revenue Bonds, Refunding (Green Bond) Ser. A2 | | 5.00 | | 5/15/2024 | | 10,000,000 | a | 11,212,723 | |
Metropolitan Transportation Authority, Revenue Bonds, Refunding (Green Bond) Ser. B | | 5.00 | | 11/15/2027 | | 2,365,000 | | 2,944,010 | |
Metropolitan Transportation Authority, Revenue Bonds, Refunding (Green Bond) Ser. B2 | | 5.25 | | 11/15/2033 | | 10,285,000 | | 12,923,024 | |
Metropolitan Transportation Authority, Revenue Bonds, Refunding (Green Bond) Ser. C1 | | 5.00 | | 11/15/2034 | | 2,500,000 | | 3,077,441 | |
Metropolitan Transportation Authority, Revenue Bonds, Refunding (Green Bond) Ser. C1 | | 5.00 | | 11/15/2026 | | 10,185,000 | | 12,396,612 | |
Metropolitan Transportation Authority, Revenue Bonds, Refunding, Ser. C1 | | 5.25 | | 11/15/2031 | | 7,400,000 | | 8,729,278 | |
Metropolitan Transportation Authority, Revenue Bonds, Refunding, Ser. D | | 5.00 | | 11/15/2037 | | 1,580,000 | | 1,945,582 | |
Metropolitan Transportation Authority, Revenue Bonds, Refunding, Ser. D | | 5.00 | | 11/15/2031 | | 10,000,000 | | 11,970,616 | |
Metropolitan Transportation Authority Hudson Rail Yards Trust, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 11/15/2051 | | 5,000,000 | | 5,047,058 | |
Nassau County, GO, Refunding (Insured; Build America Mutual) Ser. C | | 5.00 | | 10/1/2028 | | 10,000,000 | | 12,543,360 | |
New York City, GO (LOC; Mizuho Bank) Ser. A3 | | 0.01 | | 10/1/2040 | | 1,500,000 | e | 1,500,000 | |
New York City, GO (LOC; Mizuho Bank) Ser. G6 | | 0.01 | | 4/1/2042 | | 4,900,000 | e | 4,900,000 | |
New York City, GO (LOC; TD Bank NA) Ser. E5 | | 0.01 | | 3/1/2048 | | 2,100,000 | e | 2,100,000 | |
New York City, GO, Refunding, Ser. A | | 5.00 | | 8/1/2024 | | 5,000,000 | | 5,698,901 | |
New York City, GO, Refunding, Ser. D | | 1.22 | | 8/1/2026 | | 10,000,000 | | 10,092,922 | |
New York City, GO, Refunding, Ser. D | | 1.40 | | 8/1/2027 | | 5,000,000 | | 5,024,632 | |
New York City, GO, Refunding, Ser. G | | 5.00 | | 8/1/2023 | | 5,000,000 | | 5,466,313 | |
New York City, GO, Ser. A2 | | 0.01 | | 10/1/2038 | | 3,205,000 | e | 3,205,000 | |
New York City, GO, Ser. D1 | | 4.00 | | 3/1/2042 | | 1,500,000 | | 1,763,096 | |
New York City, GO, Ser. F1 | | 3.00 | | 3/1/2035 | | 3,000,000 | | 3,316,405 | |
New York City Housing Development Corp., Revenue Bonds | | 2.15 | | 11/1/2028 | | 1,290,000 | | 1,355,917 | |
New York City Housing Development Corp., Revenue Bonds, Ser. A1 | | 3.38 | | 11/15/2029 | | 3,000,000 | | 3,148,562 | |
New York City Housing Development Corp., Revenue Bonds, Ser. B2 | | 5.25 | | 7/1/2032 | | 10,000,000 | | 10,811,317 | |
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 | | 2,587,408 | |
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 | | 1,707,440 | |
New York City Transitional Finance Authority, Revenue Bonds | | 4.00 | | 5/1/2036 | | 5,000,000 | | 6,081,806 | |
New York City Transitional Finance Authority, Revenue Bonds | | 5.25 | | 8/1/2037 | | 10,000,000 | | 12,795,195 | |
33
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | |
| |
BNY Mellon National Intermediate Municipal Bond Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 105.2% (continued) | | | | | |
New York - 18.3% (continued) | | | | | |
New York City Transitional Finance Authority, Revenue Bonds (Insured; State Aid Withholding) Ser. S3 | | 5.25 | | 7/15/2036 | | 10,000,000 | | 12,808,610 | |
New York City Transitional Finance Authority, Revenue Bonds (Liquidity Agreement; Mizuho Bank) Ser. D3 | | 0.01 | | 2/1/2044 | | 8,600,000 | e | 8,600,000 | |
New York City Transitional Finance Authority, Revenue Bonds, Refunding | | 5.00 | | 11/1/2029 | | 14,000,000 | | 18,522,839 | |
New York City Transitional Finance Authority, Revenue Bonds, Refunding | | 5.00 | | 11/1/2031 | | 5,000,000 | | 6,784,369 | |
New York City Transitional Finance Authority, Revenue Bonds, Ser. A2 | | 5.00 | | 8/1/2035 | | 5,295,000 | | 6,539,955 | |
New York City Transitional Finance Authority, Revenue Bonds, Ser. B4 | | 0.01 | | 8/1/2042 | | 4,600,000 | e | 4,600,000 | |
New York City Transitional Finance Authority, Revenue Bonds, Ser. B5 | | 0.01 | | 8/1/2042 | | 500,000 | e | 500,000 | |
New York City Water & Sewer System, Revenue Bonds (LOC; Citibank NA) Ser. F2 | | 0.01 | | 6/15/2035 | | 1,200,000 | e | 1,200,000 | |
New York City Water & Sewer System, Revenue Bonds, Refunding | | 0.01 | | 6/15/2045 | | 7,460,000 | e | 7,460,000 | |
New York City Water & Sewer System, Revenue Bonds, Refunding, Ser. DD | | 4.50 | | 6/15/2039 | | 1,000,000 | | 1,103,614 | |
New York Liberty Development Corp., Revenue Bonds, Refunding (Class 1-3 World Trade Center Project) | | 5.00 | | 11/15/2044 | | 15,400,000 | f | 17,028,022 | |
New York Liberty Development Corp., Revenue Bonds, Refunding (Class 2-3 World Trade Center Project) | | 5.15 | | 11/15/2034 | | 3,500,000 | f | 3,944,829 | |
New York Liberty Development Corp., Revenue Bonds, Refunding (Green Bond) Ser. A | | 1.45 | | 11/15/2029 | | 5,000,000 | | 4,994,950 | |
New York State, GO, Refunding, Ser. B | | 2.05 | | 3/15/2032 | | 5,500,000 | | 5,639,673 | |
New York State Bridge Authority, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 1/1/2032 | | 1,000,000 | | 1,324,613 | |
New York State Bridge Authority, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 1/1/2030 | | 1,400,000 | | 1,833,076 | |
New York State Dormitory Authority, Revenue Bonds (Insured; State Aid Withholding) Ser. A | | 5.00 | | 10/1/2030 | | 5,000,000 | | 6,232,712 | |
New York State Dormitory Authority, Revenue Bonds, Refunding (State University of New York) Ser. A | | 5.00 | | 7/1/2032 | | 10,000,000 | | 11,660,968 | |
New York State Dormitory Authority, Revenue Bonds, Refunding, Ser. A | | 4.00 | | 3/15/2034 | | 7,500,000 | | 9,167,707 | |
New York State Dormitory Authority, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 3/15/2031 | | 10,000,000 | | 13,619,536 | |
New York State Dormitory Authority, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 3/15/2033 | | 7,000,000 | | 8,523,505 | |
New York State Dormitory Authority, Revenue Bonds, Refunding, Ser. C | | 5.00 | | 3/15/2031 | | 5,165,000 | | 5,777,141 | |
New York State Dormitory Authority, Revenue Bonds, Ser. A | | 5.00 | | 3/15/2033 | | 5,685,000 | | 6,934,940 | |
New York State Dormitory Authority, Revenue Bonds, Ser. A | | 5.00 | | 3/15/2029 | | 6,225,000 | | 7,684,011 | |
New York State Dormitory Authority, Revenue Bonds, Ser. B | | 5.00 | | 2/15/2033 | | 15,000,000 | | 17,283,423 | |
New York State Mortgage Agency, Revenue Bonds, Refunding, Ser. 189 | | 3.25 | | 4/1/2025 | | 1,000,000 | | 1,046,483 | |
New York State Mortgage Agency, Revenue Bonds, Refunding, Ser. 220 | | 2.40 | | 10/1/2034 | | 10,545,000 | | 10,819,488 | |
New York State Mortgage Agency, Revenue Bonds, Ser. 223 | | 2.65 | | 10/1/2034 | | 7,020,000 | | 7,406,482 | |
New York State Thruway Authority, Revenue Bonds, Refunding, Ser. K | | 5.00 | | 1/1/2032 | | 3,000,000 | | 3,434,660 | |
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 | | 5,745,700 | |
New York State Urban Development Corp., Revenue Bonds, Refunding (State of New York Personal Income Tax) | | 4.00 | | 3/15/2037 | | 5,500,000 | | 6,607,364 | |
New York Transportation Development Corp., Revenue Bonds (Delta Air Lines) | | 5.00 | | 1/1/2024 | | 20,000,000 | | 22,102,310 | |
34
| | | | | | | | | | |
| |
BNY Mellon National Intermediate Municipal Bond Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 105.2% (continued) | | | | | |
New York - 18.3% (continued) | | | | | |
New York Transportation Development Corp., Revenue Bonds (LaGuardia Airport Terminal B Redevelopment Project) Ser. A | | 5.00 | | 7/1/2046 | | 2,500,000 | | 2,798,102 | |
New York Transportation Development Corp., Revenue Bonds (LaGuardia Airport Terminal B Redevelopment Project) Ser. A | | 5.00 | | 7/1/2041 | | 2,000,000 | | 2,239,963 | |
Port Authority of New York & New Jersey, Revenue Bonds, Refunding, Ser. 194th | | 5.00 | | 10/15/2034 | | 10,000,000 | | 11,802,171 | |
Port Authority of New York & New Jersey, Revenue Bonds, Refunding, Ser. 207 | | 5.00 | | 9/15/2024 | | 10,000,000 | | 11,403,979 | |
Port Authority of New York & New Jersey, Revenue Bonds, Refunding, Ser. 226 | | 5.00 | | 10/15/2025 | | 6,000,000 | | 7,092,066 | |
St. Lawrence County Industrial Development Agency, Revenue Bonds, Refunding (Clarkson University) | | 5.00 | | 9/1/2032 | | 195,000 | | 249,473 | |
St. Lawrence County Industrial Development Agency, Revenue Bonds, Refunding (Clarkson University) | | 5.00 | | 9/1/2033 | | 200,000 | | 254,925 | |
St. Lawrence County Industrial Development Agency, Revenue Bonds, Refunding (Clarkson University) | | 5.00 | | 9/1/2031 | | 225,000 | | 288,628 | |
St. Lawrence County Industrial Development Agency, Revenue Bonds, Refunding (Clarkson University) | | 5.00 | | 9/1/2029 | | 75,000 | | 93,011 | |
St. Lawrence County Industrial Development Agency, Revenue Bonds, Refunding (Clarkson University) | | 5.00 | | 9/1/2030 | | 175,000 | | 220,485 | |
Suffolk County, GO (Insured; Build America Mutual) Ser. A | | 4.00 | | 4/1/2032 | | 4,780,000 | | 5,535,112 | |
Suffolk County, GO, Refunding (Insured; Build America Mutual) Ser. D | | 4.00 | | 10/15/2028 | | 4,810,000 | | 5,761,653 | |
Triborough Bridge & Tunnel Authority, Revenue Bonds, Refunding (LOC; State Street Bank & Trust Co.) Ser. B3 | | 0.02 | | 1/1/2032 | | 200,000 | e | 200,000 | |
Triborough Bridge & Tunnel Authority, Revenue Bonds, Refunding, Ser. A | | 0.00 | | 11/15/2029 | | 10,000,000 | c | 8,851,311 | |
Troy Capital Resource Corp., Revenue Bonds, Refunding (Rensselaer Polytechnic Institute) | | 5.00 | | 9/1/2031 | | 1,625,000 | | 2,130,692 | |
Troy Capital Resource Corp., Revenue Bonds, Refunding (Rensselaer Polytechnic Institute) | | 5.00 | | 9/1/2030 | | 1,400,000 | | 1,841,538 | |
TSASC, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 6/1/2023 | | 5,000,000 | | 5,411,029 | |
Utility Debt Securitization Authority, Revenue Bonds, Refunding, Ser. TE | | 5.00 | | 12/15/2026 | | 2,500,000 | | 2,775,377 | |
Webster Central School District, GO, Refunding (Insured; State Aid Withholding) | | 2.00 | | 6/15/2030 | | 1,180,000 | | 1,235,981 | |
| | 518,367,404 | |
North Carolina - .5% | | | | | |
North Carolina Turnpike Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) | | 5.00 | | 1/1/2033 | | 3,400,000 | | 4,315,147 | |
North Carolina Turnpike Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) | | 5.00 | | 1/1/2032 | | 3,780,000 | | 4,810,940 | |
The Charlotte-Mecklenburg Hospital Authority, Revenue Bonds (Atrium Health Obligated Group) | | 5.00 | | 12/1/2031 | | 4,000,000 | a | 5,484,548 | |
| | 14,610,635 | |
Ohio - .7% | | | | | |
Allen County Hospital Facilities, Revenue Bonds (LOC; Bank of Montreal) Ser. C | | 0.01 | | 6/1/2034 | | 1,000,000 | e | 1,000,000 | |
Montgomery County, Revenue Bonds, Refunding (Kettering Health Network Obligated Group) | | 4.00 | | 8/1/2037 | | 695,000 | | 846,451 | |
Montgomery County, Revenue Bonds, Refunding (Kettering Health Network Obligated Group) | | 5.00 | | 8/1/2036 | | 500,000 | | 661,453 | |
Montgomery County, Revenue Bonds, Refunding (Kettering Health Network Obligated Group) | | 5.00 | | 8/1/2035 | | 550,000 | | 729,902 | |
Ohio, Revenue Bonds, Refunding (Cleveland Clinic Health System Obligated Group) Ser. B | | 5.00 | | 1/1/2028 | | 1,500,000 | | 1,879,656 | |
Ohio, Revenue Bonds, Refunding (Cleveland Clinic Health System Obligated Group) Ser. B | | 5.00 | | 1/1/2029 | | 1,715,000 | | 2,203,109 | |
35
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | |
| |
BNY Mellon National Intermediate Municipal Bond Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 105.2% (continued) | | | | | |
Ohio - ..7% (continued) | | | | | |
Ohio, Revenue Bonds, Refunding (Cleveland Clinic Health System Obligated Group) Ser. B | | 5.00 | | 1/1/2027 | | 2,000,000 | | 2,445,863 | |
Ohio Air Quality Development Authority, Revenue Bonds (Ohio Valley Electric) | | 2.60 | | 10/1/2029 | | 2,500,000 | a | 2,646,033 | |
Ohio Housing Finance Agency, Revenue Bonds (Insured; GNMA, FNMA, FHLMC) Ser. A | | 4.50 | | 3/1/2047 | | 1,255,000 | | 1,381,568 | |
Ohio Housing Finance Agency, Revenue Bonds, Refunding (Insured; GNMA, FNMA, FHLMC) Ser. D | | 4.00 | | 3/1/2047 | | 2,690,000 | | 2,906,065 | |
Warrensville Heights City School District, GO, Refunding (Insured; Build America Mutual) | | 5.00 | | 12/1/2044 | | 600,000 | | 678,951 | |
Warrensville Heights City School District, GO, Refunding (Insured; Build America Mutual) | | 5.00 | | 12/1/2024 | | 1,440,000 | b | 1,661,575 | |
| | 19,040,626 | |
Oklahoma - .2% | | | | | |
Oklahoma, GO | | 2.00 | | 3/1/2029 | | 6,140,000 | | 6,635,775 | |
Oregon - 1.6% | | | | | |
Multnomah & Clackamas Counties School District No. 10, GO (Insured; School Board Guaranty) Ser. B | | 5.00 | | 6/15/2030 | | 10,000,000 | | 12,462,455 | |
Oregon Housing & Community Services Department, Revenue Bonds, Ser. A | | 4.00 | | 1/1/2047 | | 2,215,000 | | 2,360,660 | |
Portland Sewer System, Revenue Bonds, Ser. A | | 4.50 | | 5/1/2037 | | 13,635,000 | | 15,859,548 | |
Portland Sewer System, Revenue Bonds, Ser. A | | 4.50 | | 5/1/2033 | | 11,435,000 | | 13,394,035 | |
Salem Hospital Facility Authority, Revenue Bonds, Refunding (Salem Health Project) Ser. A | | 5.00 | | 5/15/2038 | | 2,095,000 | | 2,645,398 | |
| | 46,722,096 | |
Pennsylvania - 8.5% | | | | | |
Allegheny County Hospital Development Authority, Revenue Bonds, Refunding (UPMC Obligated Group) Ser. B | | 5.00 | | 10/15/2030 | | 1,300,000 | | 1,730,027 | |
Allegheny County Hospital Development Authority, Revenue Bonds, Refunding (UPMC Obligated Group) Ser. B | | 5.00 | | 10/15/2029 | | 1,465,000 | | 1,915,034 | |
Allegheny County Hospital Development Authority, Revenue Bonds, Refunding (UPMC Obligated Group) Ser. B | | 5.00 | | 10/15/2028 | | 1,715,000 | | 2,197,168 | |
Chartiers Valley School District, GO (Insured; State Aid Withholding) Ser. B | | 5.00 | | 4/15/2025 | | 1,250,000 | b | 1,460,837 | |
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 | | 2,435,144 | |
Commonwealth Financing Authority, Revenue Bonds | | 5.00 | | 6/1/2033 | | 3,250,000 | | 4,012,874 | |
Commonwealth Financing Authority, Revenue Bonds | | 5.00 | | 6/1/2031 | | 3,500,000 | | 4,350,550 | |
Commonwealth Financing Authority, Revenue Bonds | | 5.00 | | 6/1/2030 | | 4,000,000 | | 4,993,626 | |
Delaware Valley Regional Finance Authority, Revenue Bonds, Ser. A | | 2.00 | | 10/1/2029 | | 1,000,000 | | 1,060,664 | |
Geisinger Authority, Revenue Bonds, Refunding (Geisinger Health System Obligated Group) | | 5.00 | | 2/15/2027 | | 5,010,000 | a | 6,074,544 | |
Manheim Township School District, GO (Insured; State Aid Withholding) Ser. A | | 4.00 | | 2/1/2035 | | 1,420,000 | | 1,691,722 | |
Montgomery County Higher Education & Health Authority, Revenue Bonds, Refunding (Thomas Jefferson University Project) | | 4.00 | | 9/1/2034 | | 1,155,000 | | 1,358,923 | |
Pennsylvania, GO | | 5.00 | | 3/15/2031 | | 5,000,000 | | 5,810,168 | |
Pennsylvania, GO | | 5.00 | | 9/15/2029 | | 7,000,000 | | 8,527,392 | |
Pennsylvania, GO, Refunding | | 4.00 | | 1/1/2030 | | 5,000,000 | | 5,797,415 | |
Pennsylvania Economic Development Financing Authority, Revenue Bonds, Refunding (UPMC Obligated Group) | | 4.00 | | 3/15/2032 | | 3,305,000 | | 3,786,604 | |
Pennsylvania Economic Development Financing Authority, Revenue Bonds, Refunding, Ser. A | | 4.00 | | 11/15/2036 | | 3,750,000 | | 4,344,704 | |
Pennsylvania Economic Development Financing Authority, Revenue Bonds, Refunding, Ser. A | | 4.00 | | 11/15/2035 | | 6,000,000 | | 6,963,272 | |
36
| | | | | | | | | | |
| |
BNY Mellon National Intermediate Municipal Bond Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 105.2% (continued) | | | | | |
Pennsylvania - 8.5% (continued) | | | | | |
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds (The University of Pennsylvania Health System Obligated Group) | | 4.00 | | 8/15/2044 | | 2,500,000 | | 2,933,033 | |
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 | | 2,373,303 | |
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Refunding (The University of Pennsylvania Health System Obligated Group) Ser. B | | 5.00 | | 8/15/2026 | | 1,200,000 | | 1,405,104 | |
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Refunding (The University of Pennsylvania Health System Obligated Group) Ser. B | | 5.00 | | 8/15/2028 | | 350,000 | | 430,379 | |
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Refunding (The University of Pennsylvania Health System Obligated Group) Ser. B | | 5.00 | | 8/15/2025 | | 1,000,000 | | 1,135,906 | |
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Refunding (The University of Pennsylvania Health System Obligated Group) Ser. B | | 5.00 | | 8/15/2027 | | 350,000 | | 420,652 | |
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 | | 5,704,625 | |
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Refunding, Ser. AV1 | | 4.00 | | 6/15/2031 | | 2,505,000 | | 2,955,865 | |
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Refunding, Ser. AV1 | | 4.00 | | 6/15/2032 | | 1,355,000 | | 1,594,311 | |
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Ser. AT1 | | 5.00 | | 6/15/2029 | | 5,000,000 | | 6,000,434 | |
Pennsylvania Housing Finance Agency, Revenue Bonds, Refunding, Ser. 122 | | 3.65 | | 10/1/2032 | | 8,710,000 | | 9,285,691 | |
Pennsylvania Housing Finance Agency, Revenue Bonds, Refunding, Ser. 122 | | 4.00 | | 10/1/2046 | | 1,295,000 | | 1,386,204 | |
Pennsylvania Housing Finance Agency, Revenue Bonds, Ser. 118B | | 3.80 | | 10/1/2035 | | 3,000,000 | | 3,188,574 | |
Pennsylvania Housing Finance Agency, Revenue Bonds, Ser. 128B | | 3.85 | | 4/1/2038 | | 5,225,000 | | 5,743,972 | |
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding | | 5.00 | | 12/1/2038 | | 10,000,000 | | 12,286,354 | |
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. B2 | | 5.00 | | 6/1/2033 | | 10,000,000 | | 12,248,316 | |
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding (LOC; TD Bank NA) | | 0.02 | | 12/1/2038 | | 200,000 | e | 200,000 | |
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding, Ser. 3 | | 5.00 | | 12/1/2035 | | 7,085,000 | | 8,768,416 | |
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding, Ser. 3 | | 5.00 | | 12/1/2031 | | 5,000,000 | | 6,238,706 | |
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding, Ser. B | | 4.00 | | 12/1/2038 | | 4,515,000 | | 5,472,990 | |
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding, Ser. B | | 4.00 | | 12/1/2039 | | 2,840,000 | | 3,429,417 | |
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 6/1/2029 | | 7,925,000 | | 9,483,556 | |
Pennsylvania Turnpike Commission, Revenue Bonds, Ser. B | | 5.00 | | 12/1/2021 | | 3,740,000 | | 3,785,089 | |
Philadelphia, GO, Refunding, Ser. A | | 5.00 | | 8/1/2026 | | 3,400,000 | | 4,139,819 | |
Philadelphia, GO, Refunding, Ser. A | | 5.00 | | 8/1/2025 | | 3,455,000 | | 4,072,480 | |
Philadelphia, GO, Refunding, Ser. A | | 5.00 | | 1/15/2024 | | 3,600,000 | b | 4,008,259 | |
Philadelphia Airport, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 7/1/2025 | | 1,125,000 | | 1,316,148 | |
Philadelphia Industrial Development Authority, Revenue Bonds, Refunding (Children's Hospital of Philadelphia Project) | | 4.00 | | 7/1/2036 | | 8,400,000 | | 9,793,782 | |
37
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | |
| |
BNY Mellon National Intermediate Municipal Bond Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 105.2% (continued) | | | | | |
Pennsylvania - 8.5% (continued) | | | | | |
Philadelphia Industrial Development Authority, Revenue Bonds, Refunding (St. Joseph's University) | | 5.00 | | 11/1/2025 | | 850,000 | | 1,001,547 | |
Philadelphia Industrial Development Authority, Revenue Bonds, Refunding (St. Joseph's University) | | 5.00 | | 11/1/2028 | | 1,000,000 | | 1,273,708 | |
Philadelphia Industrial Development Authority, Revenue Bonds, Refunding (St. Joseph's University) | | 5.00 | | 11/1/2029 | | 1,000,000 | | 1,300,202 | |
Pittsburgh Water & Sewer Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 5.00 | | 9/1/2026 | | 10,000,000 | | 12,162,860 | |
State Public School Building Authority, Revenue Bonds (The Philadelphia School District Project) (Insured; State Aid Withholding) | | 5.00 | | 4/1/2022 | | 1,000,000 | | 1,027,807 | |
State Public School Building Authority, Revenue Bonds (The Philadelphia School District Project) (Insured; State Aid Withholding) | | 5.00 | | 4/1/2022 | | 2,750,000 | b | 2,826,710 | |
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 | | 5,778,585 | |
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 | | 6,084,883 | |
The Philadelphia School District, GO (Insured; State Aid Withholding) Ser. A | | 5.00 | | 9/1/2024 | | 600,000 | | 682,482 | |
The Philadelphia School District, GO (Insured; State Aid Withholding) Ser. A | | 5.00 | | 9/1/2025 | | 500,000 | | 589,086 | |
The Philadelphia School District, GO (Insured; State Aid Withholding) Ser. A | | 5.00 | | 9/1/2027 | | 500,000 | | 623,428 | |
The Philadelphia School District, GO (Insured; State Aid Withholding) Ser. A | | 5.00 | | 9/1/2026 | | 500,000 | | 606,768 | |
The Philadelphia School District, GO, Refunding (Insured; State Aid Withholding) Ser. 2020 | | 5.00 | | 9/1/2023 | | 5,000,000 | | 5,465,184 | |
West Mifflin School District, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) | | 5.00 | | 4/1/2028 | | 1,000,000 | | 1,213,644 | |
West Mifflin School District, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) | | 5.00 | | 4/1/2027 | | 1,140,000 | | 1,388,010 | |
| | 240,336,957 | |
Rhode Island - .8% | | | | | |
Rhode Island, GO, Refunding, Ser. B | | 5.00 | | 8/1/2029 | | 5,290,000 | | 6,605,016 | |
Rhode Island Health & Educational Building Corp., Revenue Bonds (Providence College) | | 5.00 | | 11/1/2047 | | 2,045,000 | | 2,416,331 | |
Rhode Island Health & Educational Building Corp., Revenue Bonds, Refunding (Providence College) | | 5.00 | | 11/1/2040 | | 3,175,000 | | 3,667,076 | |
Rhode Island Health & Educational Building Corp., Revenue Bonds, Refunding (Providence College) Ser. B | | 5.00 | | 11/1/2036 | | 500,000 | | 667,295 | |
Rhode Island Health & Educational Building Corp., Revenue Bonds, Refunding (Providence College) Ser. B | | 5.00 | | 11/1/2030 | | 380,000 | | 506,175 | |
Rhode Island Health & Educational Building Corp., Revenue Bonds, Refunding (Providence College) Ser. B | | 5.00 | | 11/1/2035 | | 450,000 | | 602,168 | |
Rhode Island Health & Educational Building Corp., Revenue Bonds, Refunding (Providence College) Ser. B | | 5.00 | | 11/1/2032 | | 405,000 | | 547,166 | |
Rhode Island Health & Educational Building Corp., Revenue Bonds, Refunding (Providence College) Ser. B | | 5.00 | | 11/1/2031 | | 400,000 | | 542,857 | |
Rhode Island Health & Educational Building Corp., Revenue Bonds, Refunding (Providence College) Ser. B | | 5.00 | | 11/1/2034 | | 460,000 | | 616,902 | |
Rhode Island Health & Educational Building Corp., Revenue Bonds, Refunding (Providence College) Ser. B | | 5.00 | | 11/1/2033 | | 435,000 | | 585,433 | |
Rhode Island Housing & Mortgage Finance Corp., Revenue Bonds (Insured; Government National Mortgage Association) Ser. 70 | | 4.00 | | 10/1/2049 | | 4,625,000 | | 5,098,327 | |
| | 21,854,746 | |
38
| | | | | | | | | | |
| |
BNY Mellon National Intermediate Municipal Bond Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 105.2% (continued) | | | | | |
South Carolina - .2% | | | | | |
Patriots Energy Group Financing Agency, Revenue Bonds, Ser. A | | 4.00 | | 2/1/2024 | | 5,000,000 | a | 5,414,874 | |
South Dakota - .2% | | | | | |
Educational Enhancement Funding Corp., Revenue Bonds, Refunding, Ser. B | | 5.00 | | 6/1/2027 | | 500,000 | | 534,126 | |
Educational Enhancement Funding Corp., Revenue Bonds, Refunding, Ser. B | | 5.00 | | 6/1/2025 | | 1,800,000 | | 1,931,692 | |
South Dakota Building Authority, Revenue Bonds, Refunding, Ser. A | | 4.00 | | 6/1/2032 | | 2,660,000 | | 3,078,333 | |
South Dakota Building Authority, Revenue Bonds, Refunding, Ser. A | | 4.00 | | 6/1/2031 | | 1,250,000 | | 1,450,217 | |
| | 6,994,368 | |
Tennessee - 1.8% | | | | | |
Clarksville Public Building Authority, Revenue Bonds (LOC; Bank of America NA) | | 0.02 | | 11/1/2035 | | 5,400,000 | e | 5,400,000 | |
Clarksville Public Building Authority, Revenue Bonds (LOC; Bank of America NA) | | 0.02 | | 1/1/2033 | | 1,675,000 | e | 1,675,000 | |
Clarksville Public Building Authority, Revenue Bonds (LOC; Bank of America NA) | | 0.02 | | 7/1/2031 | | 500,000 | e | 500,000 | |
Montgomery County Public Building Authority, Revenue Bonds (LOC; Bank of America NA) | | 0.02 | | 2/1/2036 | | 1,100,000 | e | 1,100,000 | |
Montgomery County Public Building Authority, Revenue Bonds (LOC; Bank of America NA) | | 0.02 | | 7/1/2034 | | 600,000 | e | 600,000 | |
Montgomery County Public Building Authority, Revenue Bonds (LOC; Bank of America NA) | | 0.02 | | 4/1/2032 | | 300,000 | e | 300,000 | |
Nashville & Davidson County Metropolitan Government, GO, Refunding | | 2.50 | | 1/1/2029 | | 5,000,000 | | 5,393,115 | |
Nashville & Davidson County Metropolitan Government, GO, Refunding | | 5.00 | | 1/1/2030 | | 5,000,000 | | 6,033,547 | |
Nashville & Davidson County Metropolitan Government, GO, Refunding, Ser. C | | 3.00 | | 1/1/2034 | | 10,000,000 | | 11,522,126 | |
Tennessee Energy Acquisition Corp., Revenue Bonds, Ser. A | | 4.00 | | 5/1/2023 | | 5,750,000 | a | 6,074,106 | |
Tennessee Housing Development Agency, Revenue Bonds, Ser. 1B | | 3.50 | | 1/1/2047 | | 1,200,000 | | 1,278,535 | |
Tennessee Housing Development Agency, Revenue Bonds, Ser. 2B | | 4.00 | | 1/1/2042 | | 1,050,000 | | 1,141,878 | |
The Metropolitan Nashville Airport Authority, Revenue Bonds, Ser. B | | 5.00 | | 7/1/2025 | | 1,200,000 | | 1,403,891 | |
The Metropolitan Nashville Airport Authority, Revenue Bonds, Ser. B | | 5.00 | | 7/1/2026 | | 1,900,000 | | 2,294,350 | |
The Metropolitan Nashville Airport Authority, Revenue Bonds, Ser. B | | 5.00 | | 7/1/2027 | | 1,800,000 | | 2,232,417 | |
The Metropolitan Nashville Airport Authority, Revenue Bonds, Ser. B | | 5.00 | | 7/1/2028 | | 2,870,000 | | 3,641,622 | |
| | 50,590,587 | |
Texas - 7.9% | | | | | |
Arlington, Special Tax Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) | | 5.00 | | 2/15/2034 | | 4,180,000 | | 4,799,265 | |
Bexar County, Revenue Bonds, Refunding (Tax Exempt Venue Project) | | 5.00 | | 8/15/2027 | | 1,110,000 | | 1,334,409 | |
Central Texas Regional Mobility Authority, BAN, Ser. F | | 5.00 | | 1/1/2025 | | 3,500,000 | | 3,948,503 | |
Central Texas Regional Mobility Authority, Revenue Bonds, Ser. C | | 5.00 | | 1/1/2027 | | 5,000,000 | | 5,917,097 | |
Clifton Higher Education Finance Corp., Revenue Bonds (IDEA Public Schools) | | 5.00 | | 8/15/2023 | | 575,000 | | 614,784 | |
Dallas, GO, Refunding | | 5.00 | | 2/15/2028 | | 5,000,000 | | 6,159,161 | |
Dallas, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 4.00 | | 2/15/2032 | | 8,125,000 | | 9,839,269 | |
Danbury Higher Education Authority, Revenue Bonds, Ser. A | | 4.00 | | 8/15/2049 | | 1,500,000 | | 1,517,617 | |
39
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | |
| |
BNY Mellon National Intermediate Municipal Bond Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 105.2% (continued) | | | | | |
Texas - 7.9% (continued) | | | | | |
Danbury Higher Education Authority, Revenue Bonds, Ser. A | | 4.75 | | 8/15/2034 | | 1,000,000 | | 1,024,439 | |
Grand Parkway Transportation Corp., BAN | | 5.00 | | 2/1/2023 | | 12,500,000 | | 13,322,210 | |
Harris County Cultural Education Facilities Finance Corp., Revenue Bonds (Memorial Hermann Health System Obligated Group) | | 5.00 | | 12/1/2026 | | 4,655,000 | a | 5,684,164 | |
Hays Consolidated Independent School District, GO (Insured; Permanent School Fund Guarantee Program) | | 3.00 | | 2/15/2037 | | 1,000,000 | | 1,102,789 | |
Hays Consolidated Independent School District, GO (Insured; Permanent School Fund Guarantee Program) | | 3.00 | | 2/15/2036 | | 1,000,000 | | 1,106,512 | |
Houston, GO, Refunding, Ser. A | | 3.00 | | 3/1/2037 | | 2,305,000 | | 2,560,759 | |
Houston, GO, Refunding, Ser. A | | 3.00 | | 3/1/2036 | | 1,500,000 | | 1,673,446 | |
Houston, GO, Refunding, Ser. A | | 5.00 | | 3/1/2029 | | 5,000,000 | | 6,137,916 | |
Houston Airport System, Revenue Bonds, Refunding, Ser. A | | 4.00 | | 7/1/2036 | | 2,000,000 | | 2,388,732 | |
Houston Airport System, Revenue Bonds, Refunding, Ser. A | | 4.00 | | 7/1/2035 | | 1,145,000 | | 1,371,950 | |
Houston Airport System, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 7/1/2033 | | 1,225,000 | | 1,593,375 | |
Houston Independent School District, GO, Refunding (Insured; Permanent School Fund Guarantee Program) | | 4.00 | | 2/15/2028 | | 5,000,000 | | 5,435,008 | |
Houston Texas Combined Utility System, Revenue Bonds, Refunding, Ser. B | | 4.50 | | 11/15/2038 | | 16,540,000 | | 19,580,978 | |
Houston Texas Combined Utility System, Revenue Bonds, Refunding, Ser. B | | 5.25 | | 11/15/2033 | | 5,000,000 | | 6,187,135 | |
Houston Texas Hotel Occupancy, Revenue Bonds, Refunding | | 5.00 | | 9/1/2026 | | 1,750,000 | | 2,116,018 | |
Houston Texas Hotel Occupancy, Revenue Bonds, Refunding | | 5.00 | | 9/1/2027 | | 1,720,000 | | 2,125,274 | |
Houston Texas Hotel Occupancy, Revenue Bonds, Refunding | | 5.00 | | 9/1/2028 | | 1,350,000 | | 1,702,784 | |
North Texas Tollway Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. B | | 4.00 | | 1/1/2034 | | 5,015,000 | | 5,730,884 | |
North Texas Tollway Authority, Revenue Bonds, Refunding, Ser. A | | 4.00 | | 1/1/2035 | | 10,000,000 | | 11,917,624 | |
North Texas Tollway Authority, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 1/1/2030 | | 8,650,000 | | 10,206,775 | |
North Texas Tollway Authority, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 1/1/2030 | | 3,000,000 | | 3,441,093 | |
North Texas Tollway Authority, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 1/1/2031 | | 11,415,000 | | 13,089,275 | |
North Texas Tollway Authority, Revenue Bonds, Refunding, Ser. B | | 4.00 | | 1/1/2032 | | 2,000,000 | | 2,476,027 | |
North Texas Tollway Authority, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 1/1/2040 | | 5,000,000 | | 5,308,347 | |
North Texas Tollway Authority, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 1/1/2030 | | 1,750,000 | | 2,058,409 | |
North Texas Tollway Authority, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 1/1/2031 | | 1,875,000 | | 2,197,380 | |
Pearland Independent School District, GO, Refunding (Insured; Permanent School Fund Guarantee Program) | | 5.00 | | 2/15/2031 | | 5,000,000 | | 5,980,526 | |
Southwest Higher Education Authority, Revenue Bonds, Refunding (Southern Methodist University) | | 5.00 | | 10/1/2029 | | 5,000,000 | | 6,043,545 | |
Southwest Higher Education Authority, Revenue Bonds, Refunding (Southern Methodist University) | | 5.00 | | 10/1/2028 | | 4,500,000 | | 5,434,690 | |
Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds, Refunding (Methodist Hospitals of Dallas Obligated Group) (LOC; TD Bank NA) Ser. A | | 0.01 | | 10/1/2041 | | 600,000 | e | 600,000 | |
Texas, GO, Refunding | | 5.00 | | 10/1/2024 | | 4,000,000 | | 4,503,049 | |
Texas, GO, Refunding, Ser. A | | 5.00 | | 10/1/2027 | | 8,470,000 | | 10,105,079 | |
Texas, GO, Ser. A | | 0.03 | | 6/1/2043 | | 600,000 | e | 600,000 | |
Texas Municipal Gas Acquisition & Supply Corp. III, Revenue Bonds, Refunding | | 5.00 | | 12/15/2031 | | 1,490,000 | | 1,994,919 | |
Texas Municipal Gas Acquisition & Supply Corp. III, Revenue Bonds, Refunding | | 5.00 | | 12/15/2027 | | 1,785,000 | | 2,228,357 | |
40
| | | | | | | | | | |
| |
BNY Mellon National Intermediate Municipal Bond Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 105.2% (continued) | | | | | |
Texas - 7.9% (continued) | | | | | |
Texas Municipal Gas Acquisition & Supply Corp. III, Revenue Bonds, Refunding | | 5.00 | | 12/15/2028 | | 1,250,000 | | 1,594,341 | |
Texas Municipal Gas Acquisition & Supply Corp. III, Revenue Bonds, Refunding | | 5.00 | | 12/15/2029 | | 1,400,000 | | 1,815,592 | |
Texas Municipal Gas Acquisition & Supply Corp. III, Revenue Bonds, Refunding | | 5.00 | | 12/15/2026 | | 1,150,000 | | 1,401,656 | |
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds, Refunding (LBJ Infrastructure Group) | | 4.00 | | 12/31/2035 | | 1,250,000 | | 1,499,178 | |
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds, Refunding (LBJ Infrastructure Group) | | 4.00 | | 6/30/2035 | | 1,330,000 | | 1,597,260 | |
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds, Refunding (LBJ Infrastructure Group) | | 4.00 | | 12/31/2033 | | 1,215,000 | | 1,467,350 | |
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds, Refunding (LBJ Infrastructure Group) | | 4.00 | | 6/30/2033 | | 2,750,000 | | 3,327,251 | |
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds, Refunding (LBJ Infrastructure Group) | | 4.00 | | 12/31/2034 | | 1,500,000 | | 1,804,564 | |
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds, Refunding (LBJ Infrastructure Group) | | 4.00 | | 6/30/2034 | | 1,500,000 | | 1,806,794 | |
University of Houston, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 2/15/2033 | | 5,000,000 | | 5,910,769 | |
| | 225,384,328 | |
U.S. Related - .3% | | | | | |
Antonio B Won Pat International Airport Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. B | | 5.50 | | 10/1/2023 | | 1,000,000 | b | 1,108,875 | |
Guam, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 12/1/2029 | | 2,000,000 | | 2,377,760 | |
Guam, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 12/1/2028 | | 2,000,000 | | 2,390,239 | |
Puerto Rico Electric Power Authority, Revenue Bonds, Refunding, Ser. ZZ | | 5.25 | | 7/1/2028 | | 2,500,000 | g | 2,293,750 | |
| | 8,170,624 | |
Utah - .4% | | | | | |
Salt Lake City, Revenue Bonds, Ser. A | | 5.00 | | 7/1/2031 | | 2,400,000 | | 2,916,578 | |
Salt Lake City, Revenue Bonds, Ser. A | | 5.00 | | 7/1/2030 | | 2,000,000 | | 2,432,963 | |
Salt Lake City, Revenue Bonds, Ser. A | | 5.00 | | 7/1/2029 | | 2,500,000 | | 3,058,316 | |
Vineyard Redevelopment Agency, Tax Allocation Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) | | 5.00 | | 5/1/2030 | | 215,000 | | 280,956 | |
Vineyard Redevelopment Agency, Tax Allocation Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) | | 5.00 | | 5/1/2031 | | 235,000 | | 311,723 | |
Vineyard Redevelopment Agency, Tax Allocation Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) | | 5.00 | | 5/1/2029 | | 200,000 | | 257,119 | |
Vineyard Redevelopment Agency, Tax Allocation Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) | | 5.00 | | 5/1/2027 | | 315,000 | | 387,800 | |
Vineyard Redevelopment Agency, Tax Allocation Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) | | 5.00 | | 5/1/2028 | | 225,000 | | 283,563 | |
| | 9,929,018 | |
Vermont - .5% | | | | | |
University of Vermont & State Agricultural College, Revenue Bonds, Refunding | | 5.00 | | 10/1/2040 | | 740,000 | | 857,904 | |
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 | | 11,946,899 | |
| | 12,804,803 | |
Virginia - .5% | | | | | |
Loudoun County, GO (Insured; State Aid Withholding) Ser. A | | 3.00 | | 12/1/2032 | | 4,690,000 | | 5,402,230 | |
Virginia Small Business Financing Authority, Revenue Bonds (95 Express Lanes) | | 5.00 | | 7/1/2034 | | 9,500,000 | | 9,649,837 | |
| | 15,052,067 | |
Washington - 2.4% | | | | | |
Energy Northwest, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 7/1/2029 | | 5,745,000 | | 7,175,502 | |
41
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | |
| |
BNY Mellon National Intermediate Municipal Bond Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 105.2% (continued) | | | | | |
Washington - 2.4% (continued) | | | | | |
King County School District No. 411, GO, Refunding (Insured; School Board Guaranty) | | 4.50 | | 12/1/2027 | | 6,650,000 | | 7,000,950 | |
Port of Seattle, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 3/1/2028 | | 1,750,000 | | 1,984,393 | |
Port of Seattle, Revenue Bonds, Ser. A | | 5.00 | | 4/1/2029 | | 1,000,000 | | 1,137,657 | |
Port of Seattle, Revenue Bonds, Ser. A | | 5.00 | | 4/1/2030 | | 2,840,000 | | 3,226,265 | |
Washington, GO, Refunding, Ser. B | | 5.00 | | 7/1/2032 | | 5,000,000 | | 5,959,817 | |
Washington, GO, Refunding, Ser. R-2021A | | 5.00 | | 6/1/2028 | | 1,250,000 | | 1,607,561 | |
Washington, GO, Refunding, Ser. R-2021A | | 5.00 | | 6/1/2030 | | 1,300,000 | | 1,748,487 | |
Washington, GO, Refunding, Ser. R-2021A | | 5.00 | | 6/1/2029 | | 1,000,000 | | 1,317,290 | |
Washington, Revenue Bonds, Ser. C | | 5.00 | | 9/1/2022 | | 5,000,000 | | 5,245,249 | |
Washington, Revenue Bonds, Ser. C | | 5.00 | | 9/1/2023 | | 5,000,000 | | 5,483,115 | |
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Providence St. Joseph Health Obligated Group) Ser. B | | 5.00 | | 10/1/2032 | | 2,500,000 | | 3,164,788 | |
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Providence St. Joseph Health Obligated Group) Ser. B | | 5.00 | | 10/1/2021 | | 5,550,000 | a | 5,571,765 | |
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Seattle Cancer Care Alliance Obligated Group) | | 3.00 | | 12/1/2034 | | 435,000 | f | 483,129 | |
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Seattle Cancer Care Alliance Obligated Group) | | 3.00 | | 12/1/2035 | | 445,000 | f | 493,131 | |
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Seattle Cancer Care Alliance Obligated Group) | | 5.00 | | 12/1/2028 | | 350,000 | f | 451,124 | |
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Seattle Cancer Care Alliance Obligated Group) | | 5.00 | | 12/1/2030 | | 265,000 | f | 356,080 | |
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Seattle Cancer Care Alliance Obligated Group) | | 5.00 | | 12/1/2029 | | 250,000 | f | 329,258 | |
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Seattle Cancer Care Alliance Obligated Group) | | 5.00 | | 3/1/2038 | | 4,500,000 | | 5,119,130 | |
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Virginia Manson Medical Center Obligated Group) | | 5.00 | | 8/15/2027 | | 2,175,000 | | 2,643,794 | |
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Virginia Manson Medical Center Obligated Group) | | 5.00 | | 8/15/2025 | | 1,700,000 | | 1,963,732 | |
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Virginia Manson Medical Center Obligated Group) | | 5.00 | | 8/15/2026 | | 2,000,000 | | 2,374,426 | |
Washington Higher Education Facilities Authority, Revenue Bonds (Seattle University Project) | | 5.00 | | 5/1/2029 | | 500,000 | | 635,223 | |
Washington Higher Education Facilities Authority, Revenue Bonds (Seattle University Project) | | 5.00 | | 5/1/2027 | | 500,000 | | 609,979 | |
Washington Higher Education Facilities Authority, Revenue Bonds (Seattle University Project) | | 5.00 | | 5/1/2031 | | 790,000 | | 1,016,093 | |
Washington Higher Education Facilities Authority, Revenue Bonds (Seattle University Project) | | 5.00 | | 5/1/2032 | | 500,000 | | 640,770 | |
| | 67,738,708 | |
42
| | | | | | | | | | |
| |
BNY Mellon National Intermediate Municipal Bond Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 105.2% (continued) | | | | | |
Wisconsin - .2% | | | | | |
WPPI Energy, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 7/1/2033 | | 2,000,000 | | 2,256,098 | |
WPPI Energy, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 7/1/2031 | | 1,000,000 | | 1,130,168 | |
WPPI Energy, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 7/1/2030 | | 1,000,000 | | 1,130,471 | |
| | 4,516,737 | |
Total Investments (cost $2,804,754,912) | | 105.2% | 2,981,591,371 | |
Liabilities, Less Cash and Receivables | | (5.2%) | (146,242,985) | |
Net Assets | | 100.0% | 2,835,348,386 | |
a These securities have a put feature; the date shown represents the put date and the bond holder can take a specific action to retain the bond after the put date.
b These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
c Security issued with a zero coupon. Income is recognized through the accretion of discount.
d Variable rate security—interest rate resets periodically and rate shown is the interest rate in effect at period end. Security description also includes the reference rate and spread if published and available.
e The Variable Rate shall be determined by the Remarketing Agent in its sole discretion based on prevailing market conditions and may, but need not, be established by reference to one or more financial indices.
f Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2021, these securities were valued at $24,264,581 or .86% of net assets.
g Non-income producing—security in default.
| | |
Portfolio Summary (Unaudited) † | Value (%) |
General Obligation | 22.7 |
General | 21.6 |
Transportation | 14.1 |
Education | 9.0 |
Medical | 8.0 |
Water | 5.5 |
School District | 4.8 |
Airport | 4.7 |
Tobacco Settlement | 3.4 |
Prerefunded | 2.8 |
Single Family Housing | 2.7 |
Development | 2.6 |
Power | 1.5 |
Multifamily Housing | .6 |
Utilities | .4 |
Facilities | .3 |
Nursing Homes | .2 |
Special Tax | .2 |
Pollution | .1 |
| | 105.2 |
† Based on net assets.
See notes to financial statements.
43
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | |
| |
BNY Mellon National Short-Term Municipal Bond Fund |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 105.7% | | | | | |
Alabama - 1.7% | | | | | |
Black Belt Energy Gas District, Revenue Bonds (Project No. 4) Ser. A1 | | 4.00 | | 12/1/2025 | | 5,000,000 | a | 5,695,121 | |
Black Belt Energy Gas District, Revenue Bonds, Ser. A | | 4.00 | | 7/1/2022 | | 9,125,000 | a | 9,373,235 | |
| | 15,068,356 | |
Arizona - 3.0% | | | | | |
Arizona Industrial Development Authority, Revenue Bonds (Equitable School Revolving Fund Obligated Group) Ser. A | | 4.00 | | 11/1/2024 | | 870,000 | | 960,221 | |
Arizona Industrial Development Authority, Revenue Bonds (Equitable School Revolving Fund Obligated Group) Ser. A | | 4.00 | | 11/1/2023 | | 800,000 | | 858,694 | |
Arizona Industrial Development Authority, Revenue Bonds (Equitable School Revolving Fund Obligated Group) Ser. A | | 4.00 | | 11/1/2022 | | 500,000 | | 522,111 | |
Chandler Industrial Development Authority, Revenue Bonds (Intel Corp.) | | 5.00 | | 6/3/2024 | | 7,000,000 | a | 7,866,610 | |
Maricopa County Industrial Development Authority, Revenue Bonds, Refunding (Honorhealth Obligated Group) Ser. A | | 5.00 | | 9/1/2021 | | 725,000 | | 725,000 | |
Salt River Project Agricultural Improvement & Power District, Revenue Bonds, Refunding | | 5.00 | | 1/1/2024 | | 6,000,000 | | 6,676,330 | |
Salt River Project Agricultural Improvement & Power District, Revenue Bonds, Refunding | | 5.00 | | 1/1/2023 | | 6,000,000 | | 6,390,824 | |
The Yavapai County Industrial Development Authority, Revenue Bonds (Waste Management Project) Ser. A2 | | 2.20 | | 6/3/2024 | | 3,350,000 | a | 3,520,573 | |
| | 27,520,363 | |
Arkansas - .3% | | | | | |
Arkansas Development Finance Authority, Revenue Bonds (Arkansas Division of Emergency Management Project) | | 4.00 | | 6/1/2029 | | 1,000,000 | | 1,195,780 | |
Arkansas Development Finance Authority, Revenue Bonds (Arkansas Division of Emergency Management Project) | | 5.00 | | 6/1/2027 | | 1,000,000 | | 1,245,199 | |
| | 2,440,979 | |
California - 6.5% | | | | | |
Bay Area Toll Authority, Revenue Bonds, Refunding, Ser. B | | 2.25 | | 4/1/2022 | | 7,500,000 | a | 7,512,748 | |
California, GO, Refunding | | 5.00 | | 12/1/2025 | | 3,500,000 | | 4,190,045 | |
California, GO, Refunding | | 5.00 | | 9/1/2024 | | 5,000,000 | | 5,719,632 | |
California County Tobacco Securitization Agency, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 6/1/2025 | | 400,000 | | 468,139 | |
California County Tobacco Securitization Agency, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 6/1/2024 | | 380,000 | | 428,589 | |
California Health Facilities Financing Authority, Revenue Bonds, Ser. D | | 5.00 | | 11/1/2022 | | 1,100,000 | a | 1,161,958 | |
California Infrastructure & Economic Development Bank, Revenue Bonds (Equitable School Revolving Fund Obligated Group) Ser. B | | 4.00 | | 11/1/2025 | | 1,025,000 | | 1,166,618 | |
California Infrastructure & Economic Development Bank, Revenue Bonds, Refunding (The J. Paul Getty Trust) Ser. A, 1 Month LIBOR x.7 +.33% | | 0.40 | | 4/1/2022 | | 5,000,000 | a,b | 5,001,101 | |
California Pollution Control Financing Authority, Revenue Bonds, Refunding (American Water Capital Project) | | 0.60 | | 9/1/2023 | | 1,000,000 | a | 1,000,935 | |
California Public Finance Authority, Revenue Bonds (Green Bond) (ENSO Village Project) | | 2.13 | | 11/15/2027 | | 3,000,000 | c | 3,039,998 | |
California Public Finance Authority, Revenue Bonds (Green Bond) (ENSO Village Project) | | 2.38 | | 11/15/2028 | | 1,000,000 | c | 1,015,661 | |
California Public Finance Authority, Revenue Bonds, Refunding (O'Connor Woods Housing) | | 4.00 | | 1/1/2024 | | 310,000 | | 322,375 | |
California Public Finance Authority, Revenue Bonds, Refunding (O'Connor Woods Housing) | | 4.00 | | 1/1/2025 | | 440,000 | | 470,712 | |
California Public Finance Authority, Revenue Bonds, Refunding (O'Connor Woods Housing) | | 4.00 | | 1/1/2026 | | 440,000 | | 482,113 | |
44
| | | | | | | | | | |
| |
BNY Mellon National Short-Term Municipal Bond Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 105.7% (continued) | | | | | |
California - 6.5% (continued) | | | | | |
California Public Works Board, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 8/1/2023 | | 5,000,000 | | 5,319,410 | |
California Public Works Board, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 8/1/2024 | | 1,520,000 | | 1,685,386 | |
California Public Works Board, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 2/1/2023 | | 2,460,000 | | 2,613,467 | |
California Public Works Board, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 2/1/2024 | | 4,350,000 | | 4,827,486 | |
Fairfield-Suisun Unified School District, GO, Refunding | | 4.00 | | 8/1/2024 | | 1,720,000 | | 1,846,751 | |
Fairfield-Suisun Unified School District, GO, Refunding | | 4.00 | | 8/1/2023 | | 1,175,000 | | 1,223,781 | |
Patterson Public Financing Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. B | | 4.00 | | 6/1/2023 | | 260,000 | | 276,260 | |
Patterson Public Financing Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. B | | 4.00 | | 6/1/2022 | | 250,000 | | 256,829 | |
University of California, Revenue Bonds, Refunding, Ser. S | | 5.00 | | 5/15/2024 | | 4,825,000 | | 5,326,789 | |
University of California, Revenue Bonds, Refunding, Ser. S | | 5.00 | | 5/15/2023 | | 3,000,000 | | 3,183,868 | |
Western Placer Unified School District, BAN | | 2.00 | | 6/1/2025 | | 1,000,000 | | 1,030,215 | |
| | 59,570,866 | |
Colorado - 3.1% | | | | | |
Colorado Housing & Finance Authority, Revenue Bonds (Multi-Family Project) Ser. B2 | | 1.35 | | 2/1/2022 | | 5,000,000 | | 5,002,704 | |
Colorado Housing & Finance Authority, Revenue Bonds, Refunding (Insured; Government National Mortgage Association Collateral) Ser. K | | 3.88 | | 5/1/2050 | | 2,800,000 | | 3,108,269 | |
Colorado Housing & Finance Authority, Revenue Bonds, Refunding (Insured; Government National Mortgage Association) Ser. B | | 3.00 | | 5/1/2051 | | 2,735,000 | | 2,984,823 | |
Colorado Housing & Finance Authority, Revenue Bonds, Ser. B | | 3.75 | | 5/1/2050 | | 2,025,000 | | 2,229,733 | |
Denver City & County Airport System, Revenue Bonds, Refunding, Ser. D | | 5.00 | | 11/15/2022 | | 6,500,000 | a | 6,869,275 | |
University of Colorado, Revenue Bonds, Refunding (Green Bond) Ser. C | | 2.00 | | 10/15/2024 | | 7,500,000 | a | 7,877,292 | |
| | 28,072,096 | |
Connecticut - 2.9% | | | | | |
Connecticut, GO, Ser. C | | 4.00 | | 6/1/2023 | | 400,000 | | 427,195 | |
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (The Stamford Hospital Obligated Group) | | 5.00 | | 7/1/2026 | | 200,000 | | 232,932 | |
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (The Stamford Hospital Obligated Group) | | 5.00 | | 7/1/2023 | | 165,000 | | 173,868 | |
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (The Stamford Hospital Obligated Group) | | 5.00 | | 7/1/2024 | | 340,000 | | 372,237 | |
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (The Stamford Hospital Obligated Group) Ser. L1 | | 4.00 | | 7/1/2022 | | 500,000 | | 515,218 | |
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (The Stamford Hospital Obligated Group) Ser. L1 | | 4.00 | | 7/1/2025 | | 600,000 | | 678,484 | |
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (The Stamford Hospital Obligated Group) Ser. L1 | | 4.00 | | 7/1/2023 | | 550,000 | | 586,523 | |
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (The Stamford Hospital Obligated Group) Ser. L1 | | 4.00 | | 7/1/2024 | | 650,000 | | 715,356 | |
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (Yale University) Ser. A2 | | 5.00 | | 7/1/2022 | | 11,960,000 | a | 12,448,767 | |
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (Yale University) Ser. C2 | | 5.00 | | 2/1/2023 | | 5,000,000 | a | 5,344,382 | |
45
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | |
| |
BNY Mellon National Short-Term Municipal Bond Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 105.7% (continued) | | | | | |
Connecticut - 2.9% (continued) | | | | | |
Connecticut Housing Finance Authority, Revenue Bonds, Refunding, Ser. A1 | | 4.00 | | 11/15/2045 | | 3,695,000 | | 4,063,844 | |
Connecticut Housing Finance Authority, Revenue Bonds, Refunding, Ser. E-E3 | | 1.63 | | 11/15/2022 | | 790,000 | a | 790,851 | |
| | 26,349,657 | |
District of Columbia - 2.4% | | | | | |
District of Columbia Water & Sewer Authority, Revenue Bonds, Ser. C | | 1.75 | | 10/1/2024 | | 21,000,000 | a | 21,886,336 | |
Florida - 3.3% | | | | | |
Alachua County Health Facilities Authority, Revenue Bonds, Refunding (Shands Teaching Hospital & Clinics Obligated Group) | | 4.00 | | 12/1/2023 | | 1,100,000 | | 1,190,880 | |
Alachua County Health Facilities Authority, Revenue Bonds, Refunding (Shands Teaching Hospital & Clinics Obligated Group) | | 5.00 | | 12/1/2024 | | 1,900,000 | | 2,182,995 | |
Broward County Airport System, Revenue Bonds, Ser. A | | 5.00 | | 10/1/2024 | | 1,250,000 | | 1,428,690 | |
Broward County Airport System, Revenue Bonds, Ser. A | | 5.00 | | 10/1/2023 | | 1,250,000 | | 1,374,018 | |
Broward County Airport System, Revenue Bonds, Ser. A | | 5.00 | | 10/1/2022 | | 1,250,000 | | 1,315,551 | |
Florida Housing Finance Corp., Revenue Bonds (Parrish Oaks) Ser. A | | 1.25 | | 2/1/2022 | | 1,500,000 | a | 1,507,054 | |
Florida Municipal Power Agency, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 10/1/2026 | | 1,600,000 | | 1,858,042 | |
JEA Electric System, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 10/1/2023 | | 800,000 | | 879,686 | |
Lake County School Board, COP, Refunding, Ser. B | | 5.00 | | 6/1/2022 | | 1,620,000 | d | 1,678,651 | |
Orange County Health Facilities Authority, Revenue Bonds, Refunding (Orlando Health Obligated Group) | | 5.00 | | 10/1/2021 | | 3,890,000 | | 3,904,966 | |
Palm Beach County Airport System, Revenue Bonds, Refunding | | 5.00 | | 10/1/2022 | | 710,000 | | 746,755 | |
Palm Beach County School District, COP, Refunding, Ser. A | | 5.00 | | 8/1/2022 | | 1,875,000 | | 1,958,760 | |
State Board of Administration Finance Corp., Revenue Bonds, Ser. A | | 1.26 | | 7/1/2025 | | 10,000,000 | | 10,121,849 | |
| | 30,147,897 | |
Georgia - 3.0% | | | | | |
Atlanta Department of Aviation, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 7/1/2024 | | 1,400,000 | | 1,586,485 | |
Atlanta Department of Aviation, Revenue Bonds, Refunding, Ser. C | | 5.00 | | 1/1/2024 | | 1,000,000 | | 1,110,487 | |
Atlanta Department of Aviation, Revenue Bonds, Refunding, Ser. C | | 5.00 | | 1/1/2023 | | 1,500,000 | | 1,595,831 | |
Fayette County Hospital Authority, Revenue Bonds, Refunding (Piedmont Healthcare Obligated Group) | | 5.00 | | 7/1/2024 | | 2,000,000 | a | 2,214,043 | |
Georgia Housing & Finance Authority, Revenue Bonds, Refunding, Ser. A2 | | 3.75 | | 12/1/2023 | | 1,765,000 | | 1,873,474 | |
Main Street Natural Gas, Revenue Bonds, Ser. A | | 5.00 | | 5/15/2022 | | 1,000,000 | | 1,033,071 | |
Main Street Natural Gas, Revenue Bonds, Ser. B | | 4.00 | | 12/2/2024 | | 2,600,000 | a | 2,886,185 | |
Main Street Natural Gas, Revenue Bonds, Ser. C | | 4.00 | | 12/1/2024 | | 700,000 | | 780,728 | |
Main Street Natural Gas, Revenue Bonds, Ser. C | | 4.00 | | 12/1/2025 | | 1,000,000 | | 1,142,967 | |
The Burke County Development Authority, Revenue Bonds (Georgia Power Company Plant Vogtle Project) | | 2.25 | | 5/25/2023 | | 8,000,000 | a | 8,262,893 | |
The Burke County Development Authority, Revenue Bonds (Georgia Power Company Plant Vogtle Project) | | 2.25 | | 5/25/2023 | | 5,000,000 | a | 5,164,308 | |
| | 27,650,472 | |
Hawaii - 1.7% | | | | | |
Honolulu City & County, GO (Honolulu Rail Transit Project) Ser. E | | 5.00 | | 9/1/2023 | | 5,000,000 | a | 5,402,390 | |
Honolulu City & County, GO (Honolulu Rail Transit Project) Ser. E | | 5.00 | | 9/1/2023 | | 5,000,000 | a | 5,407,888 | |
Honolulu City & County, GO, Refunding, Ser. A | | 5.00 | | 11/1/2025 | | 1,380,000 | | 1,564,968 | |
Honolulu City & County, GO, Refunding, Ser. A | | 5.00 | | 11/1/2024 | | 1,500,000 | | 1,643,510 | |
46
| | | | | | | | | | |
| |
BNY Mellon National Short-Term Municipal Bond Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 105.7% (continued) | | | | | |
Hawaii - 1.7% (continued) | | | | | |
Honolulu City & County, GO, Refunding, Ser. A | | 5.00 | | 11/1/2023 | | 1,250,000 | | 1,317,559 | |
| | 15,336,315 | |
Illinois - 7.2% | | | | | |
Chicago II, GO, Refunding, Ser. A | | 3.00 | | 1/1/2023 | | 730,000 | | 754,411 | |
Chicago II, GO, Refunding, Ser. A | | 3.00 | | 1/1/2024 | | 850,000 | | 896,612 | |
Chicago II, GO, Refunding, Ser. A | | 3.00 | | 1/1/2022 | | 710,000 | | 716,226 | |
Chicago II, GO, Refunding, Ser. A | | 5.00 | | 1/1/2025 | | 5,000,000 | | 5,715,295 | |
Chicago II, GO, Refunding, Ser. A | | 5.00 | | 1/1/2024 | | 500,000 | | 551,596 | |
Chicago II, GO, Refunding, Ser. A | | 5.00 | | 1/1/2023 | | 500,000 | | 529,966 | |
Chicago O'Hare International Airport, Revenue Bonds, Refunding (Passenger Facility Charge) Ser. B | | 5.00 | | 1/1/2025 | | 3,440,000 | | 3,495,431 | |
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 1/1/2022 | | 3,000,000 | d | 3,047,653 | |
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. C | | 5.00 | | 1/1/2026 | | 1,000,000 | | 1,060,425 | |
Illinois, GO | | 5.00 | | 6/1/2024 | | 5,000,000 | | 5,617,889 | |
Illinois, GO, Ser. A | | 5.00 | | 3/1/2024 | | 2,000,000 | | 2,227,843 | |
Illinois, GO, Ser. D | | 5.00 | | 11/1/2021 | | 5,000,000 | | 5,039,545 | |
Illinois Finance Authority, Revenue Bonds (Northwestern Memorial Healthcare Obligated Group) Ser. B | | 5.00 | | 12/15/2022 | | 10,680,000 | a | 11,339,758 | |
Illinois Finance Authority, Revenue Bonds, Refunding (Advocate Health Care Network Obligated Group) | | 5.00 | | 8/1/2024 | | 10,000,000 | d | 11,384,464 | |
Illinois Finance Authority, Revenue Bonds, Refunding (OSF Healthcare System Obligated Group) Ser. B1 | | 5.00 | | 11/15/2024 | | 2,750,000 | a | 3,091,686 | |
Illinois Finance Authority, Revenue Bonds, Refunding (The University of Chicago) Ser. A | | 5.00 | | 10/1/2023 | | 1,400,000 | | 1,539,826 | |
Illinois Finance Authority, Revenue Bonds, Refunding (The University of Chicago) Ser. A | | 5.00 | | 10/1/2025 | | 3,500,000 | | 4,156,804 | |
Illinois Housing Development Authority, Revenue Bonds (Century Woods) (Insured; Government National Mortgage Association Collateral) | | 1.90 | | 10/1/2021 | | 5,000,000 | a | 5,007,008 | |
| | 66,172,438 | |
Indiana - 1.1% | | | | | |
Indiana Finance Authority, Revenue Bonds, Refunding (Duke Energy Indiana Project) (LOC; Sumitomo Mitsui Banking) Ser. A4 | | 0.02 | | 12/1/2039 | | 500,000 | e | 500,000 | |
Indiana Finance Authority, Revenue Bonds, Refunding, Ser. B | | 0.95 | | 4/1/2026 | | 3,300,000 | a | 3,277,772 | |
Whiting, Revenue Bonds (BP Products North America) | | 5.00 | | 11/1/2022 | | 6,000,000 | a | 6,339,710 | |
| | 10,117,482 | |
Iowa - .5% | | | | | |
Iowa Finance Authority, Revenue Bonds (Green Bond) (LOC; Citibank NA) | | 1.50 | | 4/1/2024 | | 3,000,000 | a | 3,028,129 | |
Iowa Higher Education Loan Authority, Revenue Bonds (Des Moines University Project) | | 5.00 | | 10/1/2023 | | 515,000 | | 564,058 | |
Iowa Higher Education Loan Authority, Revenue Bonds (Des Moines University Project) | | 5.00 | | 10/1/2025 | | 570,000 | | 670,118 | |
Iowa Higher Education Loan Authority, Revenue Bonds (Des Moines University Project) | | 5.00 | | 10/1/2024 | | 540,000 | | 614,157 | |
| | 4,876,462 | |
Kansas - .1% | | | | | |
Lenexa, GO, Ser. B | | 1.63 | | 9/1/2021 | | 1,000,000 | | 1,000,000 | |
Kentucky - .7% | | | | | |
Kentucky Property & Building Commission, Revenue Bonds (Project No. 122) Ser. A | | 5.00 | | 11/1/2023 | | 1,250,000 | | 1,377,109 | |
Kentucky Public Energy Authority, Revenue Bonds, Ser. A | | 4.00 | | 6/1/2026 | | 1,000,000 | a | 1,148,995 | |
Kentucky Public Energy Authority, Revenue Bonds, Ser. B | | 4.00 | | 1/1/2025 | | 1,500,000 | a | 1,660,393 | |
47
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | |
| |
BNY Mellon National Short-Term Municipal Bond Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 105.7% (continued) | | | | | |
Kentucky - .7% (continued) | | | | | |
Owen County, Revenue Bonds, Refunding (Kentucky-American Water Obligated Group) Ser. 2020 | | 0.70 | | 9/1/2023 | | 2,500,000 | a | 2,503,821 | |
| | 6,690,318 | |
Louisiana - .8% | | | | | |
Louisiana Gasoline & Fuels, Revenue Bonds, Refunding, Ser. A | | 0.60 | | 5/1/2023 | | 4,000,000 | a | 4,004,361 | |
Metropolitan Council of Baton Rouge & Parish of East Baton Rouge, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) | | 5.00 | | 8/1/2023 | | 1,100,000 | | 1,197,038 | |
Metropolitan Council of Baton Rouge & Parish of East Baton Rouge, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) | | 5.00 | | 8/1/2025 | | 1,100,000 | | 1,297,063 | |
Metropolitan Council of Baton Rouge & Parish of East Baton Rouge, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) | | 5.00 | | 8/1/2024 | | 1,000,000 | | 1,134,451 | |
| | 7,632,913 | |
Maine - .9% | | | | | |
Maine Housing Authority, Revenue Bonds, Refunding, Ser. E1 | | 3.60 | | 11/15/2026 | | 1,470,000 | | 1,586,435 | |
Maine Housing Authority, Revenue Bonds, Ser. C | | 4.00 | | 11/15/2050 | | 2,665,000 | | 2,943,135 | |
Maine Housing Authority, Revenue Bonds, Ser. F | | 4.25 | | 11/15/2048 | | 3,115,000 | | 3,432,629 | |
| | 7,962,199 | |
Maryland - 1.3% | | | | | |
Harford County, GO, Refunding, Ser. B | | 5.00 | | 7/1/2023 | | 6,125,000 | | 6,675,277 | |
Maryland, GO, Refunding, Ser. B | | 5.00 | | 8/1/2022 | | 5,000,000 | | 5,225,251 | |
| | 11,900,528 | |
Massachusetts - 3.0% | | | | | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Partners Healthcare) Ser. S5, 1 Month MUNIPSA +.42% | | 0.44 | | 1/27/2022 | | 5,500,000 | a,b | 5,500,447 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk University) | | 5.00 | | 7/1/2022 | | 550,000 | | 571,392 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Wellforce Obligated Group) (Insured; Assured Guaranty Municipal Corp.) Ser. C | | 5.00 | | 10/1/2024 | | 720,000 | | 819,351 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Wellforce Obligated Group) (Insured; Assured Guaranty Municipal Corp.) Ser. C | | 5.00 | | 10/1/2022 | | 275,000 | | 289,021 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Wellforce Obligated Group) (Insured; Assured Guaranty Municipal Corp.) Ser. C | | 5.00 | | 10/1/2021 | | 250,000 | | 250,954 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Wellforce Obligated Group) (Insured; Assured Guaranty Municipal Corp.) Ser. C | | 5.00 | | 10/1/2023 | | 300,000 | | 328,446 | |
Massachusetts Educational Financing Authority, Revenue Bonds, Refunding | | 5.00 | | 7/1/2022 | | 3,000,000 | | 3,119,254 | |
Massachusetts Educational Financing Authority, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 7/1/2022 | | 2,000,000 | | 2,079,503 | |
Massachusetts Health & Educational Facilities Authority, Revenue Bonds (University of Massachusetts) Ser. A | | 1.85 | | 4/1/2022 | | 5,000,000 | a | 5,048,875 | |
Massachusetts Port Authority, Revenue Bonds, Refunding (Bosfuel Project) Ser. A | | 5.00 | | 7/1/2023 | | 350,000 | | 380,363 | |
Massachusetts Port Authority, Revenue Bonds, Refunding (Bosfuel Project) Ser. A | | 5.00 | | 7/1/2022 | | 500,000 | | 519,833 | |
Massachusetts Port Authority, Revenue Bonds, Refunding (Bosfuel Project) Ser. A | | 5.00 | | 7/1/2024 | | 500,000 | | 565,994 | |
Massachusetts Transportation Trust Fund Metropolitan Highway System, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 1/1/2023 | | 5,000,000 | a | 5,318,047 | |
The Massachusetts Clean Water Trust, Revenue Bonds, Refunding | | 5.99 | | 8/1/2023 | | 2,600,000 | f | 2,720,634 | |
| | 27,512,114 | |
48
| | | | | | | | | | |
| |
BNY Mellon National Short-Term Municipal Bond Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 105.7% (continued) | | | | | |
Michigan - 1.1% | | | | | |
Michigan Housing Development Authority, Revenue Bonds, Ser. A1 | | 1.50 | | 10/1/2022 | | 1,000,000 | | 1,001,308 | |
Michigan Strategic Fund, Revenue Bonds (Consumers Energy Co.) | | 1.80 | | 10/1/2024 | | 6,650,000 | a | 6,859,858 | |
Michigan Strategic Fund, Revenue Bonds, Refunding, Ser. CC | | 1.45 | | 9/1/2021 | | 1,000,000 | a | 1,000,000 | |
Western Michigan University, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. C | | 5.00 | | 11/15/2026 | | 450,000 | | 550,831 | |
Western Michigan University, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. C | | 5.00 | | 11/15/2024 | | 570,000 | | 654,425 | |
Western Michigan University, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. C | | 5.00 | | 11/15/2023 | | 225,000 | | 248,539 | |
| | 10,314,961 | |
Minnesota - 1.6% | | | | | |
Minneapolis-St. Paul Metropolitan Airports Commission, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 1/1/2023 | | 6,340,000 | | 6,744,164 | |
Minnesota Housing Finance Agency, Revenue Bonds (Insured; GNMA, FNMA, FHLMC) Ser. B | | 3.50 | | 7/1/2050 | | 1,380,000 | | 1,520,656 | |
Rochester, Revenue Bonds, Refunding (Mayo Clinic) Ser. C | | 4.50 | | 11/15/2021 | | 5,110,000 | a | 5,154,826 | |
Rochester Independent School District No. 535, COP, Ser. B | | 5.00 | | 2/1/2022 | | 1,560,000 | | 1,591,468 | |
| | 15,011,114 | |
Missouri - 1.6% | | | | | |
Cape Girardeau County Industrial Development Authority, Revenue Bonds, Refunding (St. Francis Healthcare System Obligated Group) | | 5.00 | | 6/1/2025 | | 650,000 | | 737,580 | |
Cape Girardeau County Industrial Development Authority, Revenue Bonds, Refunding (St. Francis Healthcare System Obligated Group) | | 5.00 | | 6/1/2024 | | 1,000,000 | | 1,096,815 | |
Cape Girardeau County Industrial Development Authority, Revenue Bonds, Refunding (St. Francis Healthcare System Obligated Group) | | 5.00 | | 6/1/2023 | | 700,000 | | 738,986 | |
Kansas City Industrial Development Authority, Revenue Bonds (Kansas City International Airport) | | 5.00 | | 3/1/2025 | | 1,250,000 | | 1,453,388 | |
Kansas City Industrial Development Authority, Revenue Bonds (Kansas City International Airport) | | 5.00 | | 3/1/2025 | | 1,740,000 | | 2,012,572 | |
Missouri Board of Public Buildings, Revenue Bonds, Refunding, Ser. A | | 4.00 | | 10/1/2026 | | 2,000,000 | | 2,081,303 | |
Missouri Development Finance Board, Revenue Bonds, Refunding (The Nelson Gallery Foundation) Ser. A | | 3.00 | | 12/1/2022 | | 3,540,000 | | 3,659,472 | |
Missouri Housing Development Commission, Revenue Bonds (Insured; GNMA, FNMA, FHLMC) Ser. A | | 3.50 | | 11/1/2050 | | 2,305,000 | | 2,538,024 | |
| | 14,318,140 | |
Nebraska - 1.1% | | | | | |
Nebraska Investment Finance Authority, Revenue Bonds (Insured; GNMA, FNMA, FHLMC) Ser. A | | 3.00 | | 9/1/2045 | | 5,000,000 | | 5,481,409 | |
Nebraska Investment Finance Authority, Revenue Bonds, Refunding (Insured; GNMA, FNMA, FHLMC) Ser. E | | 3.75 | | 9/1/2049 | | 3,990,000 | | 4,311,684 | |
| | 9,793,093 | |
Nevada - 1.9% | | | | | |
Clark County School District, GO (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 3.00 | | 6/15/2024 | | 1,175,000 | | 1,266,016 | |
Clark County School District, GO, Refunding, Ser. A | | 5.00 | | 6/15/2022 | | 8,220,000 | | 8,537,317 | |
Washoe County, Revenue Bonds, Refunding (Sierra Pacific Power Co.) | | 2.05 | | 4/15/2022 | | 7,500,000 | a | 7,580,454 | |
| | 17,383,787 | |
New Hampshire - .7% | | | | | |
New Hampshire Business Finance Authority, Revenue Bonds, Refunding (Waste Management) Ser. A3 | | 2.15 | | 7/1/2024 | | 4,000,000 | a | 4,186,052 | |
49
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | |
| |
BNY Mellon National Short-Term Municipal Bond Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 105.7% (continued) | | | | | |
New Hampshire - .7% (continued) | | | | | |
New Hampshire Business Finance Authority, Revenue Bonds, Refunding (Waste Management) Ser. A4 | | 2.15 | | 7/1/2024 | | 2,000,000 | a | 2,093,026 | |
| | 6,279,078 | |
New Jersey - 7.5% | | | | | |
New Jersey, GO (COVID-19 Emergency Bond) Ser. A | | 4.00 | | 6/1/2023 | | 5,000,000 | | 5,329,012 | |
New Jersey, GO (COVID-19 Emergency Bond) Ser. A | | 5.00 | | 6/1/2024 | | 6,000,000 | | 6,771,352 | |
New Jersey Economic Development Authority, Revenue Bonds, Refunding | | 5.00 | | 6/15/2023 | | 1,500,000 | | 1,552,207 | |
New Jersey Economic Development Authority, Revenue Bonds, Refunding (American Water Co.) Ser. B | | 1.20 | | 6/1/2023 | | 2,500,000 | a | 2,528,028 | |
New Jersey Economic Development Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. N1 | | 5.50 | | 9/1/2025 | | 1,250,000 | | 1,500,886 | |
New Jersey Economic Development Authority, Revenue Bonds, Refunding (New Jersey-American Water Co.) Ser. E | | 0.85 | | 12/1/2025 | | 3,100,000 | | 3,093,251 | |
New Jersey Economic Development Authority, Revenue Bonds, Refunding, Ser. GGG | | 5.25 | | 9/1/2024 | | 10,000,000 | c | 11,456,394 | |
New Jersey Economic Development Authority, Revenue Bonds, Ser. QQQ | | 5.00 | | 6/15/2023 | | 220,000 | | 238,587 | |
New Jersey Economic Development Authority, Revenue Bonds, Ser. QQQ | | 5.00 | | 6/15/2022 | | 200,000 | | 207,493 | |
New Jersey Economic Development Authority, Revenue Bonds, Ser. QQQ | | 5.00 | | 6/15/2024 | | 300,000 | | 338,753 | |
New Jersey Economic Development Authority, Revenue Bonds, Ser. QQQ | | 5.00 | | 6/15/2025 | | 400,000 | | 468,030 | |
New Jersey Housing & Mortgage Finance Agency, Revenue Bonds, Ser. H | | 3.00 | | 10/1/2052 | | 5,000,000 | | 5,563,652 | |
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding | | 5.00 | | 12/15/2024 | | 1,750,000 | | 2,013,692 | |
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 6/15/2022 | | 10,000,000 | | 10,376,294 | |
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding, Ser. A | | 5.25 | | 12/15/2021 | | 10,000,000 | | 10,143,714 | |
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding, Ser. AA | | 5.00 | | 6/15/2025 | | 5,125,000 | | 5,792,491 | |
The Bergen County Improvement Authority, Revenue Bonds, Refunding (Insured; County Guaranteed) Ser. A | | 3.00 | | 8/15/2022 | | 1,000,000 | | 1,026,356 | |
| | 68,400,192 | |
New Mexico - .8% | | | | | |
New Mexico Municipal Energy Acquisition Authority, Revenue Bonds, Refunding, Ser. A | | 4.00 | | 11/1/2021 | | 1,210,000 | | 1,217,548 | |
New Mexico Municipal Energy Acquisition Authority, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 5/1/2025 | | 5,500,000 | a | 6,383,398 | |
| | 7,600,946 | |
New York - 13.2% | | | | | |
Albany County Airport Authority, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 12/15/2023 | | 1,225,000 | | 1,353,094 | |
Albany County Airport Authority, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 12/15/2022 | | 875,000 | | 927,062 | |
Albany County Airport Authority, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 12/15/2021 | | 840,000 | | 851,177 | |
Long Island Power Authority, Revenue Bonds, Ser. B | | 1.65 | | 9/1/2024 | | 7,000,000 | a | 7,223,810 | |
Metropolitan Transportation Authority, BAN, Ser. A | | 5.00 | | 3/1/2022 | | 10,000,000 | | 10,240,250 | |
Metropolitan Transportation Authority, BAN, Ser. A1 | | 5.00 | | 2/1/2023 | | 10,000,000 | | 10,667,561 | |
Metropolitan Transportation Authority, BAN, Ser. D1 | | 5.00 | | 9/1/2022 | | 5,000,000 | | 5,234,805 | |
Metropolitan Transportation Authority, Revenue Bonds, Refunding (Green Bond) Ser. A2 | | 5.00 | | 5/15/2024 | | 2,200,000 | a | 2,466,799 | |
New York City, GO (LOC; TD Bank NA) Ser. D4 | | 0.01 | | 8/1/2040 | | 4,800,000 | e | 4,800,000 | |
New York City, GO, Refunding, Ser. D | | 1.22 | | 8/1/2026 | | 3,920,000 | | 3,956,425 | |
50
| | | | | | | | | | |
| |
BNY Mellon National Short-Term Municipal Bond Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 105.7% (continued) | | | | | |
New York - 13.2% (continued) | | | | | |
New York City, GO, Ser. D3 | | 5.00 | | 2/1/2024 | | 5,000,000 | a | 5,429,907 | |
New York City Housing Development Corp., Revenue Bonds (Sustainable Development Bond) (LOC; Federal Housing Administration) Ser. D2 | | 0.70 | | 11/1/2024 | | 2,000,000 | a | 2,008,331 | |
New York City Housing Development Corp., Revenue Bonds (Sustainable Development Bond) (LOC; Federal Housing Administration) Ser. F2 | | 0.60 | | 7/1/2025 | | 2,000,000 | a | 2,007,483 | |
New York City Housing Development Corp., Revenue Bonds, Ser. B2 | | 5.00 | | 7/1/2023 | | 4,100,000 | | 4,443,058 | |
New York City Industrial Development Agency, Revenue Bonds (Yankee Stadium Project) (Insured; National Public Finance Guarantee Corp.) | | 6.24 | | 3/1/2023 | | 2,000,000 | f | 2,049,530 | |
New York City Water & Sewer System, Revenue Bonds (LOC; Citibank NA) Ser. F2 | | 0.01 | | 6/15/2035 | | 400,000 | e | 400,000 | |
New York City Water & Sewer System, Revenue Bonds, Refunding, Ser. AA5 | | 0.01 | | 6/15/2048 | | 100,000 | e | 100,000 | |
New York State Dormitory Authority, Revenue Bonds, Refunding (Rochester Institute of Technology) Ser. 2020A | | 5.00 | | 7/1/2023 | | 1,000,000 | | 1,087,523 | |
New York State Housing Finance Agency, Revenue Bonds (Green Bond) Ser. I | | 2.55 | | 11/1/2022 | | 1,390,000 | | 1,427,390 | |
New York State Housing Finance Agency, Revenue Bonds (Green Bond) Ser. I | | 2.65 | | 5/1/2023 | | 2,000,000 | | 2,078,920 | |
New York State Housing Finance Agency, Revenue Bonds (Insured; SONYMA) Ser. M2 | | 0.75 | | 11/1/2025 | | 5,000,000 | | 5,007,216 | |
New York State Housing Finance Agency, Revenue Bonds (Insured; SONYMA, FNMA, FHLMC) Ser. N | | 1.50 | | 11/1/2023 | | 1,000,000 | | 1,000,673 | |
New York State Housing Finance Agency, Revenue Bonds (Insured; SONYMA, FNMA, FHLMC) Ser. O | | 1.45 | | 5/1/2023 | | 1,500,000 | | 1,500,987 | |
New York State Housing Finance Agency, Revenue Bonds, Ser. E | | 0.85 | | 11/1/2024 | | 1,250,000 | | 1,252,389 | |
New York State Housing Finance Agency, Revenue Bonds, Ser. E | | 0.95 | | 5/1/2025 | | 1,000,000 | | 1,005,025 | |
New York State Housing Finance Agency, Revenue Bonds, Ser. J | | 2.50 | | 5/1/2022 | | 375,000 | | 375,460 | |
New York State Housing Finance Agency, Revenue Bonds, Ser. P | | 1.60 | | 11/1/2024 | | 5,000,000 | | 5,022,383 | |
New York State Mortgage Agency, Revenue Bonds, Refunding, Ser. 186 | | 3.95 | | 4/1/2025 | | 4,880,000 | | 5,156,244 | |
New York State Mortgage Agency, Revenue Bonds, Refunding, Ser. 191 | | 3.00 | | 10/1/2024 | | 1,000,000 | | 1,053,921 | |
New York Transportation Development Corp., Revenue Bonds, Refunding (JFK International Air Terminal) Ser. A | | 5.00 | | 12/1/2024 | | 1,000,000 | | 1,140,225 | |
New York Transportation Development Corp., Revenue Bonds, Refunding (JFK International Air Terminal) Ser. A | | 5.00 | | 12/1/2023 | | 1,300,000 | | 1,430,314 | |
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 | | 1,564,101 | |
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 | | 1,788,488 | |
Port Authority of New York & New Jersey, Revenue Bonds, Refunding, Ser. 226 | | 5.00 | | 10/15/2024 | | 3,750,000 | | 4,289,715 | |
Port Authority of New York & New Jersey, Revenue Bonds, Refunding, Ser. 226 | | 5.00 | | 10/15/2023 | | 2,710,000 | | 2,979,479 | |
Triborough Bridge & Tunnel Authority, Revenue Bonds, Refunding (LOC; State Street Bank & Trust Co.) Ser. B3 | | 0.02 | | 1/1/2032 | | 2,200,000 | e | 2,200,000 | |
Triborough Bridge & Tunnel Authority, Revenue Bonds, Refunding, Ser. A2 | | 2.00 | | 5/15/2024 | | 14,375,000 | a | 15,050,176 | |
| | 120,569,921 | |
51
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | |
| |
BNY Mellon National Short-Term Municipal Bond Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 105.7% (continued) | | | | | |
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 | | 1,274,324 | |
Ohio - 1.7% | | | | | |
Allen County Hospital Facilities, Revenue Bonds (Mercy Health) Ser. B | | 5.00 | | 5/5/2022 | | 3,000,000 | a | 3,094,259 | |
American Municipal Power, Revenue Bonds, Refunding, A2 | | 1.00 | | 8/15/2024 | | 2,000,000 | a | 2,028,374 | |
Cincinnati School District, GO, Refunding (Insured; National Public Finance Guarantee Corp.) | | 5.25 | | 12/1/2025 | | 1,000,000 | | 1,204,403 | |
Miami University, Revenue Bonds, Refunding | | 5.00 | | 9/1/2022 | | 1,590,000 | | 1,590,000 | |
Ohio Higher Educational Facility Commission, Revenue Bonds, Refunding (Cleveland Clinic Health System Obligated Group) | | 5.00 | | 1/1/2022 | | 5,000,000 | d | 5,080,268 | |
Ohio Housing Finance Agency, Revenue Bonds (Insured; GNMA, FNMA, FHLMC) Ser. B | | 3.25 | | 3/1/2050 | | 1,995,000 | | 2,193,422 | |
| | 15,190,726 | |
Oklahoma - 2.6% | | | | | |
The University of Oklahoma, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 7/1/2023 | | 1,860,000 | | 2,026,385 | |
The University of Oklahoma, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 7/1/2024 | | 1,955,000 | | 2,210,071 | |
The University of Oklahoma, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 7/1/2025 | | 1,815,000 | | 2,125,649 | |
Tulsa, GO | | 5.00 | | 3/1/2023 | | 5,000,000 | | 5,367,580 | |
Tulsa County Independent School District No. 1, GO, Ser. B | | 2.00 | | 8/1/2024 | | 5,000,000 | | 5,251,256 | |
Tulsa County Independent School District No. 1, GO, Ser. B | | 2.00 | | 8/1/2025 | | 6,150,000 | | 6,530,798 | |
| | 23,511,739 | |
Oregon - 1.2% | | | | | |
Gilliam County, Revenue Bonds (Waste Management) Ser. A | | 2.40 | | 5/2/2022 | | 2,375,000 | a | 2,410,271 | |
Gilliam County, Revenue Bonds (Waste Management) Ser. A | | 2.40 | | 5/2/2022 | | 2,500,000 | a | 2,504,650 | |
Oregon Housing & Community Services Department, Revenue Bonds, Ser. C | | 3.00 | | 1/1/2052 | | 2,285,000 | | 2,496,078 | |
Oregon Housing & Community Services Department, Revenue Bonds, Ser. D | | 4.75 | | 1/1/2050 | | 3,395,000 | | 3,781,027 | |
| | 11,192,026 | |
Pennsylvania - 4.6% | | | | | |
Allegheny County Hospital Development Authority, Revenue Bonds, Refunding (UPMC Obligated Group) Ser. A | | 5.00 | | 7/15/2022 | | 1,500,000 | | 1,564,028 | |
Allegheny County Hospital Development Authority, Revenue Bonds, Refunding (UPMC Obligated Group) Ser. B | | 5.00 | | 10/15/2024 | | 705,000 | | 807,652 | |
Allegheny County Hospital Development Authority, Revenue Bonds, Refunding (UPMC Obligated Group) Ser. B | | 5.00 | | 10/15/2023 | | 950,000 | | 1,044,893 | |
Commonwealth Financing Authority, Revenue Bonds | | 5.00 | | 6/1/2022 | | 3,000,000 | | 3,107,549 | |
Delaware Valley Regional Finance Authority, Revenue Bonds, Refunding (LOC; TD Bank NA) | | 0.02 | | 11/1/2055 | | 1,800,000 | e | 1,800,000 | |
Geisinger Authority, Revenue Bonds, Refunding (Geisinger Health System Obligated Group) | | 5.00 | | 4/1/2022 | | 1,000,000 | | 1,028,343 | |
Montgomery County Higher Education & Health Authority, Revenue Bonds, Refunding (AICUP Financing Program Gwynedd Mercy University Project) | | 4.00 | | 5/1/2022 | | 965,000 | a | 979,651 | |
Montgomery County Higher Education & Health Authority, Revenue Bonds, Refunding (Gwynedd Mercy University Project) | | 1.13 | | 5/1/2023 | | 1,250,000 | a | 1,248,295 | |
Montgomery County Higher Education & Health Authority, Revenue Bonds, Refunding (Thomas Jefferson University Project) | | 5.00 | | 9/1/2023 | | 500,000 | | 545,152 | |
Montgomery County Higher Education & Health Authority, Revenue Bonds, Refunding (Thomas Jefferson University Project) | | 5.00 | | 9/1/2022 | | 600,000 | | 627,944 | |
Pennsylvania Economic Development Financing Authority, Revenue Bonds | | 0.74 | | 6/15/2024 | | 4,000,000 | | 3,995,506 | |
Pennsylvania Economic Development Financing Authority, Revenue Bonds (Waste Management Project) | | 1.75 | | 8/1/2024 | | 5,000,000 | a | 5,186,790 | |
52
| | | | | | | | | | |
| |
BNY Mellon National Short-Term Municipal Bond Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 105.7% (continued) | | | | | |
Pennsylvania - 4.6% (continued) | | | | | |
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds (Shippensburg University of Pennsylvania) | | 6.00 | | 10/1/2021 | | 2,000,000 | d | 2,009,401 | |
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Refunding (The University of Pennsylvania Health System Obligated Group) Ser. B | | 5.00 | | 8/15/2024 | | 1,000,000 | | 1,097,346 | |
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Refunding (The University of Pennsylvania Health System Obligated Group) Ser. B | | 5.00 | | 8/15/2023 | | 1,000,000 | | 1,055,479 | |
Philadelphia Authority for Industrial Development, Revenue Bonds, Refunding (St. Joseph's University) | | 4.00 | | 11/1/2024 | | 500,000 | | 554,177 | |
Philadelphia Authority for Industrial Development, Revenue Bonds, Refunding (St. Joseph's University) | | 4.00 | | 11/1/2022 | | 225,000 | | 234,223 | |
Philadelphia Authority for Industrial Development, Revenue Bonds, Refunding (St. Joseph's University) | | 4.00 | | 11/1/2021 | | 200,000 | | 201,157 | |
Pittsburgh Water & Sewer Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. C, 1 Month MUNIPSA +.65% | | 0.67 | | 12/1/2023 | | 3,000,000 | a,b | 3,025,601 | |
The Philadelphia School District, GO (Insured; State Aid Withholding) Ser. A | | 5.00 | | 9/1/2023 | | 1,100,000 | | 1,202,341 | |
The Philadelphia School District, GO, Refunding (Insured; State Aid Withholding) Ser. 2020 | | 5.00 | | 9/1/2021 | | 5,000,000 | | 5,000,000 | |
The Philadelphia School District, GO, Refunding (Insured; State Aid Withholding) Ser. F | | 5.00 | | 9/1/2023 | | 5,000,000 | | 5,465,184 | |
| | 41,780,712 | |
Rhode Island - 1.3% | | | | | |
Rhode Island Housing & Mortgage Finance Corp., Revenue Bonds | | 3.00 | | 10/1/2050 | | 1,995,000 | | 2,174,652 | |
Rhode Island Housing & Mortgage Finance Corp., Revenue Bonds | | 3.50 | | 10/1/2050 | | 2,585,000 | | 2,851,449 | |
Rhode Island Housing & Mortgage Finance Corp., Revenue Bonds | | 0.45 | | 10/1/2023 | | 3,250,000 | a | 3,252,300 | |
Rhode Island Housing & Mortgage Finance Corp., Revenue Bonds, Refunding, Ser. 75A | | 3.00 | | 10/1/2051 | | 3,000,000 | | 3,306,488 | |
| | 11,584,889 | |
South Carolina - 1.2% | | | | | |
Patriots Energy Group Financing Agency, Revenue Bonds, Ser. A | | 4.00 | | 2/1/2024 | | 5,000,000 | a | 5,414,873 | |
Renewable Water Resources, Revenue Bonds, Refunding | | 5.00 | | 1/1/2022 | | 1,865,000 | d | 1,895,256 | |
South Carolina Housing Finance & Development Authority, Revenue Bonds, Ser. B | | 3.25 | | 1/1/2052 | | 3,220,000 | | 3,542,785 | |
| | 10,852,914 | |
Tennessee - .5% | | | | | |
Clarksville Public Building Authority, Revenue Bonds (LOC; Bank of America NA) | | 0.02 | | 11/1/2035 | | 4,000,000 | e | 4,000,000 | |
Clarksville Public Building Authority, Revenue Bonds (LOC; Bank of America NA) | | 0.02 | | 7/1/2034 | | 600,000 | e | 600,000 | |
| | 4,600,000 | |
Texas - 12.1% | | | | | |
Alvin Independent School District, GO (Insured; Permanent School Fund Guarantee Program) Ser. B | | 1.25 | | 8/15/2022 | | 1,000,000 | a | 1,009,814 | |
Amarillo Drainage Utility , Revenue Bonds (Drainage Utility System) | | 5.00 | | 8/15/2025 | | 375,000 | | 441,801 | |
Amarillo Drainage Utility , Revenue Bonds (Drainage Utility System) | | 5.00 | | 8/15/2024 | | 370,000 | | 421,201 | |
Austin Affordable Public Facility Corp., Revenue Bonds (Bridge at Turtle Creek) | | 0.42 | | 12/1/2023 | | 3,350,000 | a | 3,356,672 | |
Austin Airport System, Revenue Bonds, Refunding | | 5.00 | | 11/15/2021 | | 2,500,000 | | 2,524,256 | |
Austin Airport System, Revenue Bonds, Ser. B | | 5.00 | | 11/15/2024 | | 600,000 | | 688,247 | |
Central Texas Regional Mobility Authority, BAN | | 4.00 | | 1/1/2022 | | 4,000,000 | | 4,013,533 | |
53
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | |
| |
BNY Mellon National Short-Term Municipal Bond Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 105.7% (continued) | | | | | |
Texas - 12.1% (continued) | | | | | |
Clifton Higher Education Finance Corp., Revenue Bonds (IDEA Public Schools) (Insured; Permanent School Fund) Ser. T | | 0.75 | | 8/15/2050 | | 2,000,000 | a,c | 2,003,277 | |
Dallas Fort Worth International Airport, Revenue Bonds, Refunding | | 5.00 | | 11/1/2025 | | 2,500,000 | | 2,979,822 | |
Dallas Fort Worth International Airport, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 11/1/2023 | | 1,000,000 | | 1,104,212 | |
Dallas Housing Finance Corp., Revenue Bonds | | 1.25 | | 7/1/2023 | | 2,000,000 | a | 2,036,866 | |
Deer Park Independent School District, GO (Insured; Permanent School Fund Guarantee Program) | | 0.28 | | 10/1/2021 | | 1,000,000 | a | 1,000,090 | |
Denton Independent School District, GO (Insured; Permanent School Fund Guarantee Program) | | 2.00 | | 8/1/2023 | | 5,000,000 | a | 5,167,936 | |
Fort Bend Independent School District, GO, Refunding (Insured; Permanent School Fund Guarantee Program) Ser. A | | 1.95 | | 8/1/2022 | | 830,000 | a | 842,810 | |
Fort Bend Independent School District, GO, Refunding, Ser. B | | 0.72 | | 8/1/2026 | | 2,000,000 | a | 2,014,480 | |
Georgetown Independent School District, GO (Insured; Permanent School Fund Guarantee Program) | | 2.75 | | 8/1/2022 | | 5,000,000 | a | 5,120,628 | |
Georgetown Independent School District, GO (Insured; Permanent School Fund Guarantee Program) Ser. B | | 2.00 | | 8/1/2023 | | 5,000,000 | a | 5,164,040 | |
Grand Parkway Transportation Corp., Revenue Bonds, Refunding | | 1.59 | | 10/1/2022 | | 2,625,000 | | 2,660,130 | |
Harris County-Houston Sports Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 5.00 | | 11/15/2022 | | 1,310,000 | | 1,372,382 | |
Houston Independent School District, GO (Insured; Permanent School Fund Guarantee Program) Ser. A2 | | 2.25 | | 6/1/2022 | | 3,500,000 | a | 3,552,059 | |
Hutto Independent School District, GO (Insured; Permanent School Fund Guarantee Program) Ser. 2015 | | 2.00 | | 8/1/2025 | | 2,000,000 | a | 2,115,023 | |
Matagorda County Navigation District No. 1, Revenue Bonds, Refunding | | 0.90 | | 9/1/2023 | | 3,750,000 | a | 3,776,606 | |
North Texas Tollway Authority, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 1/1/2025 | | 2,500,000 | | 2,888,239 | |
North Texas Tollway Authority, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 1/1/2023 | | 2,500,000 | | 2,660,065 | |
Pasadena Independent School District, GO (Insured; Permanent School Fund Guarantee Program) Ser. B | | 1.50 | | 8/15/2024 | | 4,000,000 | a | 4,131,417 | |
Pflugerville Independent School District, GO (Insured; Permanent School Fund Guarantee Program) Ser. A | | 2.25 | | 8/15/2022 | | 3,450,000 | a | 3,520,345 | |
Pflugerville Independent School District, GO (Insured; Permanent School Fund Guarantee Program) Ser. B | | 2.50 | | 8/15/2023 | | 9,725,000 | a | 10,139,047 | |
San Antonio Airport System, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 7/1/2023 | | 1,230,000 | | 1,336,467 | |
San Antonio Airport System, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 7/1/2023 | | 1,000,000 | | 1,086,559 | |
San Antonio Electric & Gas Systems, Revenue Bonds, Refunding | | 1.75 | | 12/1/2025 | | 2,500,000 | a | 2,639,567 | |
San Antonio Electric & Gas Systems, Revenue Bonds, Refunding, Ser. 2019 | | 2.75 | | 12/1/2022 | | 2,250,000 | a | 2,320,369 | |
San Antonio Electric & Gas Systems, Revenue Bonds, Refunding, Ser. B | | 2.00 | | 12/1/2021 | | 5,000,000 | a | 5,007,655 | |
Sherman Independent School District, GO (Insured; Permanent School Fund Guarantee Program) Ser. B | | 2.00 | | 8/1/2023 | | 4,400,000 | a | 4,535,797 | |
Sherman Independent School District, GO (Insured; Permanent School Fund Guarantee Program) Ser. B | | 2.00 | | 8/1/2023 | | 600,000 | a,d | 620,035 | |
Texas Department of Housing & Community Affairs, Revenue Bonds (FishPond Living at Corpus Christi) | | 0.50 | | 6/1/2023 | | 2,000,000 | a | 2,007,114 | |
Texas Municipal Gas Acquisition & Supply Corp. III, Revenue Bonds, Refunding | | 5.00 | | 12/15/2025 | | 875,000 | | 1,037,784 | |
Texas Municipal Gas Acquisition & Supply Corp. III, Revenue Bonds, Refunding | | 5.00 | | 12/15/2024 | | 625,000 | | 717,550 | |
Texas Municipal Gas Acquisition & Supply Corp. III, Revenue Bonds, Refunding | | 5.00 | | 12/15/2022 | | 500,000 | | 530,151 | |
54
| | | | | | | | | | |
| |
BNY Mellon National Short-Term Municipal Bond Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 105.7% (continued) | | | | | |
Texas - 12.1% (continued) | | | | | |
Texas Municipal Gas Acquisition & Supply Corp. III, Revenue Bonds, Refunding | | 5.00 | | 12/15/2023 | | 750,000 | | 829,152 | |
Travis County, GO, Refunding | | 5.00 | | 3/1/2023 | | 1,100,000 | | 1,126,755 | |
University of Houston, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 2/15/2022 | | 10,000,000 | | 10,223,892 | |
| | 110,723,845 | |
U.S. Related - .7% | | | | | |
Antonio B. Won International Airport Authority, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 10/1/2023 | | 825,000 | | 904,454 | |
Antonio B. Won International Airport Authority, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 10/1/2022 | | 1,000,000 | | 1,049,993 | |
Puerto Rico Highways & Transportation Authority, TRAN, Ser. K | | 5.00 | | 12/31/2049 | | 2,885,000 | g | 1,532,656 | |
Puerto Rico Housing Finance Authority, Revenue Bonds, Refunding (Puerto Rico Public Housing Project) | | 5.00 | | 12/1/2023 | | 2,500,000 | | 2,755,350 | |
| | 6,242,453 | |
Utah - .4% | | | | | |
Utah County, Revenue Bonds (IHC Health Services Obligated Group) Ser. B | | 5.00 | | 8/1/2024 | | 3,000,000 | a | 3,406,925 | |
Virginia - 1.7% | | | | | |
Charles City County Economic Development Authority, Revenue Bonds (Waste Management) | | 2.40 | | 5/2/2022 | | 1,750,000 | a | 1,775,989 | |
Gloucester County Economic Development Authority, Revenue Bonds (Waste Management) Ser. A | | 2.40 | | 5/2/2022 | | 1,500,000 | a | 1,522,276 | |
Sussex County Industrial Development Authority, Revenue Bonds (Waste Management) Ser. A | | 2.40 | | 5/2/2022 | | 1,750,000 | a | 1,775,989 | |
Virginia Port Authority Commonwealth Port Fund, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 7/1/2025 | | 1,090,000 | | 1,273,843 | |
Virginia Port Authority Commonwealth Port Fund, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 7/1/2024 | | 1,250,000 | | 1,411,574 | |
Westmoreland County Industrial Development Authority, BAN | | 2.00 | | 6/1/2022 | | 7,500,000 | | 7,533,976 | |
| | 15,293,647 | |
Washington - 2.7% | | | | | |
Everett Housing Authority, Revenue Bonds (Baker Heights Legacy) | | 0.30 | | 9/1/2023 | | 1,000,000 | a | 999,943 | |
Port of Seattle, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 9/1/2025 | | 3,000,000 | | 3,000,000 | |
Seattle Housing Authority, Revenue Bonds (LAM BOW Apartments Project) | | 1.25 | | 6/1/2024 | | 1,500,000 | | 1,516,422 | |
University of Washington, Revenue Bonds, Refunding, Ser. C | | 5.00 | | 4/1/2023 | | 1,480,000 | | 1,594,293 | |
University of Washington, Revenue Bonds, Refunding, Ser. C | | 5.00 | | 4/1/2022 | | 1,500,000 | | 1,542,873 | |
University of Washington, Revenue Bonds, Ser. A | | 5.00 | | 5/1/2022 | | 7,575,000 | a | 7,636,439 | |
Vancouver Housing Authority, Revenue Bonds (Anthem Park & Columbia Housing Project) | | 2.00 | | 6/1/2023 | | 5,000,000 | | 5,051,933 | |
Washington, GO, Refunding, Ser. R-2021A | | 5.00 | | 6/1/2022 | | 1,110,000 | | 1,150,906 | |
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Seattle Cancer Care Alliance Obligated Group) | | 5.00 | | 12/1/2024 | | 200,000 | c | 230,069 | |
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Seattle Cancer Care Alliance Obligated Group) | | 5.00 | | 12/1/2025 | | 275,000 | c | 327,421 | |
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Seattle Cancer Care Alliance Obligated Group) | | 5.00 | | 12/1/2022 | | 250,000 | c | 264,949 | |
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Seattle Cancer Care Alliance Obligated Group) | | 5.00 | | 12/1/2023 | | 250,000 | c | 276,308 | |
Whatcom County School District No. 502, GO (Insured; School Board Guaranty) | | 3.00 | | 12/1/2023 | | 1,015,000 | | 1,079,214 | |
| | 24,670,770 | |
West Virginia - .3% | | | | | |
West Virginia Hospital Finance Authority, Revenue Bonds, Refunding (LOC; TD Bank NA) Ser. C | | 0.02 | | 6/1/2034 | | 2,300,000 | e | 2,300,000 | |
55
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | |
| |
BNY Mellon National Short-Term Municipal Bond Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 105.7% (continued) | | | | | |
Wisconsin - 1.6% | | | | | |
Howard, NAN | | 4.00 | | 12/1/2022 | | 5,000,000 | | 5,047,465 | |
Wisconsin Health & Educational Facilities Authority, Revenue Bonds, Refunding, Ser. B5 | | 5.00 | | 12/3/2024 | | 5,000,000 | a | 5,765,178 | |
Wisconsin Housing & Economic Development Authority, Revenue Bonds, Refunding, Ser. B | | 0.40 | | 11/1/2023 | | 2,000,000 | a | 2,002,023 | |
Wisconsin Housing & Economic Development Authority, Revenue Bonds, Refunding, Ser. B | | 0.50 | | 11/1/2024 | | 2,000,000 | a | 2,002,614 | |
| | 14,817,280 | |
Total Long-Term Municipal Investments
(cost $953,819,076) | | 965,021,273 | |
| | | | | | | | | |
Short-Term Municipal Investments - 1.5% | | | | | |
California - .4% | | | | | |
California Public Finance Authority, Revenue Bonds, Refunding (O'Connor Woods Housing) | | 4.00 | | 1/1/2023 | | 200,000 | | 201,579 | |
California Public Works Board, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 8/1/2022 | | 3,355,000 | | 3,412,225 | |
| | 3,613,804 | |
Missouri - .1% | | | | | |
Cape Girardeau County Industrial Development Authority, Revenue Bonds, Refunding (St. Francis Healthcare System Obligated Group) | | 5.00 | | 6/1/2022 | | 1,000,000 | | 1,011,031 | |
New York - .9% | | | | | |
East Ramapo Central School District, GO (Insured; State Aid Withholding) | | 1.25 | | 5/5/2022 | | 1,250,000 | | 1,257,209 | |
East Ramapo Central School District, GO (Insured; State Aid Withholding) | | 1.25 | | 5/5/2022 | | 1,600,000 | | 1,609,227 | |
East Ramapo Central School District, RAN (Insured; State Aid Withholding) Ser. B | | 1.00 | | 5/5/2022 | | 5,500,000 | | 5,522,422 | |
| | 8,388,858 | |
Washington - .1% | | | | | |
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Seattle Cancer Care Alliance Obligated Group) | | 5.00 | | 12/1/2021 | | 200,000 | c | 202,381 | |
Total Short-Term Municipal Investments
(cost $13,212,000) | | 13,216,074 | |
Total Investments (cost $967,031,076) | | 107.2% | 978,237,347 | |
Liabilities, Less Cash and Receivables | | (7.2%) | (65,476,186) | |
Net Assets | | 100.0% | 912,761,161 | |
a These securities have a put feature; the date shown represents the put date and the bond holder can take a specific action to retain the bond after the put date.
b Variable rate security—interest rate resets periodically and rate shown is the interest rate in effect at period end. Security description also includes the reference rate and spread if published and available.
c Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2021, these securities were valued at $18,816,458 or 2.06% of net assets.
d These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
e The Variable Rate shall be determined by the Remarketing Agent in its sole discretion based on prevailing market conditions and may, but need not, be established by reference to one or more financial indices.
f Principal amount for accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
g Non-income producing—security in default.
56
| | |
Portfolio Summary (Unaudited) † | Value (%) |
General | 16.9 |
Education | 12.3 |
General Obligation | 10.6 |
School District | 10.4 |
Medical | 8.0 |
Single Family Housing | 6.9 |
Multifamily Housing | 6.9 |
Transportation | 6.4 |
Development | 5.7 |
Airport | 5.1 |
Power | 4.8 |
Water | 4.2 |
Prerefunded | 2.8 |
Utilities | 1.9 |
Pollution | 1.3 |
Facilities | .7 |
Nursing Homes | .6 |
Student Loan | .6 |
Housing | .6 |
Tobacco Settlement | .4 |
Special Tax | .1 |
| | 107.2 |
† Based on net assets.
See notes to financial statements.
57
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | |
| |
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 104.0% | | | | | |
California - 2.4% | | | | | |
California Public Works Board, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 8/1/2030 | | 650,000 | | 848,634 | |
California Public Works Board, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 2/1/2028 | | 1,800,000 | | 2,272,353 | |
University of California, Revenue Bonds, Refunding, Ser. S | | 5.00 | | 5/15/2028 | | 500,000 | | 625,229 | |
University of California, Revenue Bonds, Refunding, Ser. S | | 5.00 | | 5/15/2027 | | 700,000 | | 852,814 | |
| | 4,599,030 | |
Illinois - 2.7% | | | | | |
Chicago II, GO, Refunding, Ser. A | | 5.00 | | 1/1/2029 | | 500,000 | | 633,423 | |
Chicago II, GO, Refunding, Ser. A | | 5.00 | | 1/1/2026 | | 500,000 | | 589,304 | |
Chicago II, GO, Ser. 2002B | | 5.25 | | 1/1/2022 | | 1,285,000 | | 1,305,810 | |
Chicago II, GO, Ser. A | | 5.00 | | 1/1/2024 | | 500,000 | | 551,596 | |
Illinois, GO | | 5.25 | | 2/1/2029 | | 2,000,000 | | 2,220,488 | |
| | 5,300,621 | |
Indiana - .1% | | | | | |
Indiana Finance Authority, Revenue Bonds, Refunding (Duke Energy Indiana Project) (LOC; Sumitomo Mitsui Banking) Ser. A5 | | 0.02 | | 10/1/2040 | | 100,000 | a | 100,000 | |
Kentucky - 1.7% | | | | | |
Kentucky Public Energy Authority, Revenue Bonds, Ser. B | | 4.00 | | 1/1/2025 | | 1,000,000 | b | 1,106,928 | |
Kentucky Public Energy Authority, Revenue Bonds, Ser. C1 | | 4.00 | | 6/1/2025 | | 2,000,000 | b | 2,247,386 | |
| | 3,354,314 | |
Nebraska - 1.2% | | | | | |
Central Plains Energy Project, Revenue Bonds, Refunding | | 4.00 | | 8/1/2025 | | 2,000,000 | b | 2,262,673 | |
New Jersey - 2.0% | | | | | |
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding | | 5.00 | | 12/15/2026 | | 725,000 | | 887,661 | |
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | | 5.00 | | 6/1/2031 | | 625,000 | | 782,888 | |
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | | 5.00 | | 6/1/2029 | | 875,000 | | 1,108,020 | |
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | | 5.00 | | 6/1/2028 | | 875,000 | | 1,115,031 | |
| | 3,893,600 | |
New York - 6.5% | | | | | |
Metropolitan Transportation Authority, Revenue Bonds, Refunding (Green Bond) Ser. A2 | | 5.00 | | 5/15/2024 | | 1,625,000 | b | 1,822,067 | |
Metropolitan Transportation Authority, Revenue Bonds, Refunding, Ser. C1 | | 5.25 | | 11/15/2031 | | 1,000,000 | | 1,179,632 | |
New York City, GO, Refunding, Ser. F2 | | 3.24 | | 8/1/2027 | | 1,175,000 | | 1,303,699 | |
New York City Housing Development Corp., Revenue Bonds, Ser. B2 | | 5.25 | | 7/1/2032 | | 1,350,000 | | 1,459,528 | |
New York Liberty Development Corp., Revenue Bonds, Refunding (Bank of America Tower) | | 2.63 | | 9/15/2069 | | 1,675,000 | | 1,737,138 | |
New York Liberty Development Corp., Revenue Bonds, Refunding (Class 1-3 World Trade Center Project) | | 5.00 | | 11/15/2044 | | 2,250,000 | c | 2,487,860 | |
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 | | 1,205,071 | |
New York Transportation Development Corp., Revenue Bonds (Delta Air Lines) | | 5.00 | | 1/1/2024 | | 1,350,000 | | 1,491,906 | |
| | 12,686,901 | |
Ohio - .7% | | | | | |
Allen County Hospital Facilities, Revenue Bonds (Catholic Healthcare) (LOC; Bank of Montreal) Ser. C | | 0.01 | | 6/1/2034 | | 1,400,000 | a | 1,400,000 | |
58
| | | | | | | | | | |
| |
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 104.0% (continued) | | | | | |
Pennsylvania - 85.8% | | | | | |
Allegheny County Higher Education Building Authority, Revenue Bonds, Refunding (Duquesne University) | | 5.00 | | 3/1/2026 | | 1,000,000 | | 1,197,326 | |
Allegheny County Hospital Development Authority, Revenue Bonds, Refunding (Allegheny Health Network Obligated Group) Ser. A | | 5.00 | | 4/1/2030 | | 1,000,000 | | 1,250,267 | |
Allegheny County Hospital Development Authority, Revenue Bonds, Refunding (UPMC Obligated Group) Ser. A | | 5.00 | | 7/15/2034 | | 690,000 | | 881,561 | |
Allegheny County Hospital Development Authority, Revenue Bonds, Refunding (UPMC Obligated Group) Ser. B | | 5.00 | | 10/15/2031 | | 1,190,000 | | 1,613,512 | |
Allegheny County Port Authority, Revenue Bonds, Refunding | | 5.00 | | 3/1/2029 | | 2,000,000 | | 2,547,543 | |
Boyertown Area School District, GO (Insured; State Aid Withholding) | | 5.00 | | 4/1/2024 | | 1,060,000 | d | 1,190,893 | |
Bucks County Industrial Development Authority, Revenue Bonds, Refunding (George School Project) | | 3.00 | | 9/15/2038 | | 850,000 | | 939,881 | |
Bucks County Industrial Development Authority, Revenue Bonds, Refunding (George School Project) | | 3.00 | | 9/15/2036 | | 800,000 | | 891,843 | |
Bucks County Industrial Development Authority, Revenue Bonds, Refunding (George School Project) | | 3.00 | | 9/15/2035 | | 775,000 | | 869,030 | |
Capital Region Water, Revenue Bonds, Refunding | | 5.00 | | 7/15/2026 | | 750,000 | | 904,708 | |
Chartiers Valley School District, GO (Insured; State Aid Withholding) Ser. B | | 5.00 | | 4/15/2025 | | 1,500,000 | d | 1,753,005 | |
Chester County, GO | | 4.00 | | 7/15/2036 | | 500,000 | | 599,319 | |
Chester County, GO | | 4.00 | | 7/15/2034 | | 500,000 | | 602,758 | |
Chester County Health & Education Facilities Authority, Revenue Bonds (Main Line Health System Obligated Group) Ser. A | | 4.00 | | 9/1/2038 | | 600,000 | | 722,384 | |
Chester County Health & Education Facilities Authority, Revenue Bonds (Main Line Health System Obligated Group) Ser. A | | 4.00 | | 9/1/2037 | | 910,000 | | 1,100,115 | |
Chester County Health & Education Facilities Authority, Revenue Bonds (Main Line Health System Obligated Group) Ser. A | | 4.00 | | 9/1/2039 | | 970,000 | | 1,162,951 | |
Chester County Industrial Development Authority, Revenue Bonds (Longwood Gardens Project) | | 5.00 | | 12/1/2033 | | 740,000 | | 958,752 | |
Chester County Industrial Development Authority, Revenue Bonds (Longwood Gardens Project) | | 5.00 | | 12/1/2034 | | 375,000 | | 484,231 | |
Commonwealth Financing Authority, Revenue Bonds | | 5.00 | | 6/1/2032 | | 2,500,000 | | 3,098,743 | |
Cumberland County Municipal Authority, Revenue Bonds (Penn State Health Obligated Group) | | 5.00 | | 11/1/2034 | | 1,000,000 | | 1,285,719 | |
Cumberland County Municipal Authority, Revenue Bonds (Penn State Health Obligated Group) | | 5.00 | | 11/1/2032 | | 1,000,000 | | 1,301,753 | |
Dallastown Area School District, GO, Refunding (Insured; State Aid Withholding) | | 5.00 | | 4/15/2031 | | 1,400,000 | | 1,627,242 | |
Dauphin County General Authority, Revenue Bonds, Refunding (Pinnacle Health Systems Project) Ser. A | | 5.00 | | 6/1/2029 | | 1,000,000 | | 1,206,003 | |
Delaware Valley Regional Finance Authority, Revenue Bonds, Ser. A | | 2.00 | | 10/1/2029 | | 1,000,000 | | 1,060,664 | |
Derry Township Industrial & Commercial Development Authority, Revenue Bonds, Refunding | | 4.00 | | 11/15/2027 | | 745,000 | | 874,003 | |
Derry Township Industrial & Commercial Development Authority, Revenue Bonds, Refunding | | 4.00 | | 11/15/2028 | | 425,000 | | 506,794 | |
Derry Township Industrial & Commercial Development Authority, Revenue Bonds, Refunding | | 4.00 | | 11/15/2029 | | 355,000 | | 426,857 | |
Downingtown Area School District, GO (Insured; State Aid Withholding) Ser. C | | 5.00 | | 8/1/2030 | | 1,455,000 | | 1,779,524 | |
Easton Area School District, GO (Insured; State Aid Withholding) Ser. A | | 5.00 | | 4/1/2029 | | 1,090,000 | | 1,311,222 | |
Erie County, GO, Refunding (Insured; National Public Finance Guarantee Corp.) Ser. A | | 5.50 | | 9/1/2022 | | 1,640,000 | | 1,725,726 | |
59
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | |
| |
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 104.0% (continued) | | | | | |
Pennsylvania - 85.8% (continued) | | | | | |
Erie Water Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 2.07 | | 12/1/2026 | | 275,000 | | 286,453 | |
Erie Water Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 2.16 | | 12/1/2027 | | 650,000 | | 677,875 | |
Franklin County, GO, Refunding | | 4.00 | | 11/1/2032 | | 1,205,000 | | 1,401,564 | |
Garnet Valley School District, GO, Refunding (Insured; State Aid Withholding) | | 4.00 | | 4/1/2027 | | 1,000,000 | | 1,127,269 | |
Geisinger Authority, Revenue Bonds, Refunding (Geisinger Health System Obligated Group) | | 5.00 | | 4/1/2035 | | 1,100,000 | | 1,427,404 | |
Lancaster County Solid Waste Management Authority, Revenue Bonds (Insured; County Guaranty) Ser. B | | 5.00 | | 12/15/2033 | | 1,895,000 | | 2,097,747 | |
Latrobe Industrial Development Authority, Revenue Bonds, Refunding (Seton Hill University) | | 5.00 | | 3/1/2027 | | 145,000 | | 170,473 | |
Latrobe Industrial Development Authority, Revenue Bonds, Refunding (Seton Hill University) | | 5.00 | | 3/1/2026 | | 150,000 | | 172,950 | |
Latrobe Industrial Development Authority, Revenue Bonds, Refunding (Seton Hill University) | | 5.00 | | 3/1/2030 | | 135,000 | | 164,332 | |
Latrobe Industrial Development Authority, Revenue Bonds, Refunding (Seton Hill University) | | 5.00 | | 3/1/2029 | | 150,000 | | 181,017 | |
Latrobe Industrial Development Authority, Revenue Bonds, Refunding (Seton Hill University) | | 5.00 | | 3/1/2031 | | 175,000 | | 215,622 | |
Latrobe Industrial Development Authority, Revenue Bonds, Refunding (Seton Hill University) | | 5.00 | | 3/1/2028 | | 110,000 | | 131,279 | |
Latrobe Industrial Development Authority, Revenue Bonds, Refunding (Seton Hill University) | | 5.00 | | 3/1/2024 | | 80,000 | | 87,514 | |
Latrobe Industrial Development Authority, Revenue Bonds, Refunding (Seton Hill University) | | 5.00 | | 3/1/2025 | | 115,000 | | 129,426 | |
Lebanon School District, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) | | 4.00 | | 6/15/2031 | | 1,500,000 | | 1,738,885 | |
Lower Merion Township, GO, Ser. B | | 4.00 | | 7/15/2030 | | 440,000 | | 485,479 | |
Lower Merion Township, GO, Ser. B | | 4.00 | | 7/15/2033 | | 495,000 | | 544,220 | |
Lower Merion Township, GO, Ser. B | | 4.00 | | 7/15/2034 | | 515,000 | | 565,744 | |
Lower Merion Township, GO, Ser. B | | 4.00 | | 7/15/2031 | | 460,000 | | 506,850 | |
Manheim Township School District, GO (Insured; State Aid Withholding) Ser. A | | 4.00 | | 2/1/2036 | | 1,125,000 | | 1,335,707 | |
Montgomery County Higher Education & Health Authority, Revenue Bonds, Refunding (The Hill School Project) | | 5.00 | | 8/15/2037 | | 500,000 | | 583,284 | |
Montgomery County Higher Education & Health Authority, Revenue Bonds, Refunding (Thomas Jefferson University Obligated Group) Ser. 2018A | | 5.00 | | 9/1/2030 | | 1,600,000 | | 2,023,068 | |
Montgomery County Higher Education & Health Authority, Revenue Bonds, Refunding (Thomas Jefferson University Project) | | 4.00 | | 9/1/2034 | | 1,000,000 | | 1,176,557 | |
Mount Lebanon Hospital Authority, Revenue Bonds (St. Clair Memorial Hospital Project) | | 5.00 | | 7/1/2036 | | 1,105,000 | | 1,356,158 | |
Mount Lebanon Hospital Authority, Revenue Bonds (St. Clair Memorial Hospital Project) | | 5.00 | | 7/1/2035 | | 1,000,000 | | 1,231,841 | |
Northampton County General Purpose Authority, Revenue Bonds, Refunding (Lafayette College) Ser. A | | 5.00 | | 11/1/2023 | | 2,000,000 | d | 2,209,474 | |
Northampton County General Purpose Authority, Revenue Bonds, Refunding (Lehigh University) Ser. A | | 4.00 | | 11/15/2035 | | 1,030,000 | | 1,174,604 | |
Pennsbury School District, GO (Insured; St Aid Withholding) Ser. A | | 5.00 | | 8/1/2035 | | 630,000 | | 775,269 | |
Pennsbury School District, GO (Insured; St Aid Withholding) Ser. A | | 5.00 | | 8/1/2040 | | 810,000 | | 985,474 | |
Pennsylvania, GO (Insured; Assured Guaranty Municipal Corp.) Ser. 2nd | | 3.00 | | 9/15/2033 | | 530,000 | | 574,272 | |
Pennsylvania, GO, Refunding, Ser. 1st | | 3.00 | | 5/15/2034 | | 1,000,000 | | 1,131,841 | |
Pennsylvania, GO, Ser. 1st | | 5.00 | | 3/15/2028 | | 2,200,000 | | 2,569,167 | |
60
| | | | | | | | | | |
| |
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 104.0% (continued) | | | | | |
Pennsylvania - 85.8% (continued) | | | | | |
Pennsylvania Economic Development Financing Authority, Revenue Bonds (State System of Higher Education) | | 1.97 | | 6/15/2028 | | 1,000,000 | | 1,022,857 | |
Pennsylvania Economic Development Financing Authority, Revenue Bonds, Refunding (Amtrak Project) Ser. A | | 5.00 | | 11/1/2026 | | 1,000,000 | | 1,051,740 | |
Pennsylvania Economic Development Financing Authority, Revenue Bonds, Refunding (UPMC Obligated Group) | | 4.00 | | 3/15/2032 | | 1,690,000 | | 1,936,266 | |
Pennsylvania Economic Development Financing Authority, Revenue Bonds, Refunding (UPMC Obligated Group) Ser. A | | 4.00 | | 10/15/2037 | | 1,375,000 | | 1,676,685 | |
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds (Insured; Build American Mutual) Ser. AT1 | | 5.00 | | 6/15/2027 | | 1,000,000 | | 1,204,542 | |
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds (Temple University) Ser. 1st | | 5.00 | | 4/1/2022 | | 1,000,000 | d | 1,028,491 | |
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds (The Trustees of the University of Pennsylvania) Ser. A | | 5.00 | | 8/15/2032 | | 1,000,000 | | 1,221,744 | |
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds (The University of Pennsylvania Health System Obligated Group) | | 5.00 | | 8/15/2033 | | 1,000,000 | | 1,294,613 | |
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 | | 1,157,046 | |
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Refunding (Drexel University) | | 5.00 | | 5/1/2028 | | 1,855,000 | | 2,326,640 | |
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 | | 1,444,833 | |
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Refunding (State System of Higher Education) Ser. AQ | | 5.00 | | 6/15/2025 | | 1,000,000 | | 1,172,258 | |
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Refunding (The University of Pennsylvania Health System Obligated Group) | | 5.00 | | 8/15/2035 | | 1,200,000 | | 1,391,733 | |
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Refunding (University of Pennsylvania) | | 5.00 | | 8/15/2029 | | 375,000 | | 470,417 | |
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Refunding (University of Pennsylvania) | | 5.00 | | 8/15/2032 | | 400,000 | | 528,794 | |
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Refunding (University of Pennsylvania) | | 5.00 | | 8/15/2030 | | 375,000 | | 478,607 | |
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Refunding (University of Pennsylvania) | | 5.00 | | 8/15/2031 | | 400,000 | | 519,679 | |
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Refunding (University of Sciences) | | 5.00 | | 11/1/2025 | | 1,000,000 | | 1,176,150 | |
Pennsylvania Housing Finance Agency, Revenue Bonds, Refunding, Ser. 122 | | 3.65 | | 10/1/2032 | | 2,000,000 | | 2,132,191 | |
Pennsylvania Housing Finance Agency, Revenue Bonds, Ser. 114C | | 3.65 | | 10/1/2037 | | 1,000,000 | | 1,002,327 | |
Pennsylvania Housing Finance Agency, Revenue Bonds, Ser. 2019-131A | | 3.50 | | 4/1/2049 | | 1,720,000 | | 1,845,697 | |
Pennsylvania Turnpike Commission, Revenue Bonds (Motor License Fund) Ser. A | | 5.00 | | 12/1/2022 | | 2,415,000 | d | 2,560,573 | |
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding | | 5.00 | | 12/1/2038 | | 1,230,000 | | 1,511,222 | |
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 5.25 | | 7/15/2025 | | 2,500,000 | | 2,979,007 | |
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding (LOC; TD Bank NA) | | 0.02 | | 12/1/2038 | | 300,000 | a | 300,000 | |
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding (Motor License Fund) | | 5.00 | | 12/1/2040 | | 1,260,000 | | 1,529,160 | |
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding (Motor License Fund) | | 5.00 | | 12/1/2034 | | 1,000,000 | | 1,236,748 | |
61
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | |
| |
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 104.0% (continued) | | | | | |
Pennsylvania - 85.8% (continued) | | | | | |
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 12/1/2030 | | 1,325,000 | | 1,620,037 | |
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 12/1/2032 | | 1,000,000 | | 1,367,051 | |
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding, Ser. A1 | | 5.25 | | 12/1/2035 | | 2,280,000 | | 2,703,966 | |
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding, Ser. B | | 4.00 | | 12/1/2037 | | 1,500,000 | | 1,828,180 | |
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding, Ser. B2 | | 5.00 | | 6/1/2032 | | 1,000,000 | | 1,219,544 | |
Philadelphia, GO, Refunding | | 5.00 | | 8/1/2029 | | 1,000,000 | | 1,241,379 | |
Philadelphia, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) | | 5.00 | | 8/1/2030 | | 1,275,000 | | 1,577,118 | |
Philadelphia, GO, Refunding, Ser. A | | 5.00 | | 8/1/2029 | | 1,000,000 | | 1,241,379 | |
Philadelphia, GO, Ser. B | | 5.00 | | 2/1/2028 | | 1,085,000 | | 1,364,812 | |
Philadelphia Airport, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 7/1/2031 | | 1,520,000 | | 1,856,759 | |
Philadelphia Airport, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 7/1/2027 | | 1,000,000 | | 1,237,658 | |
Philadelphia Airport, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 7/1/2025 | | 2,000,000 | | 2,339,818 | |
Philadelphia Authority for Industrial Development, Revenue Bonds (Green Bond) (Philadelphia Museum) Ser. A | | 5.00 | | 2/15/2034 | | 1,250,000 | | 1,551,004 | |
Philadelphia Authority for Industrial Development, Revenue Bonds, Refunding (St. Joseph's University) | | 5.00 | | 11/1/2026 | | 850,000 | | 1,031,115 | |
Philadelphia Authority for Industrial Development, Revenue Bonds, Refunding (St. Joseph's University) | | 5.00 | | 11/1/2027 | | 850,000 | | 1,057,986 | |
Philadelphia Authority for Industrial Development, Revenue Bonds, Refunding, Ser. 2016 | | 5.00 | | 4/1/2031 | | 2,000,000 | | 2,303,994 | |
Philadelphia Authority for Industrial Development, Revenue Bonds, Refunding, Ser. 2016 | | 5.00 | | 4/1/2025 | | 1,500,000 | | 1,742,893 | |
Philadelphia Industrial Development Authority, Revenue Bonds, Refunding (Children's Hospital of Philadelphia Project) | | 4.00 | | 7/1/2036 | | 1,000,000 | | 1,165,926 | |
Philadelphia Water & Wastewater, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 7/1/2031 | | 2,000,000 | | 2,339,818 | |
Pittsburgh, GO, Refunding, Ser. A | | 3.00 | | 9/1/2032 | | 500,000 | | 548,813 | |
Pittsburgh, GO, Refunding, Ser. A | | 3.00 | | 9/1/2033 | | 325,000 | | 355,685 | |
Pittsburgh, GO, Refunding, Ser. A | | 4.00 | | 9/1/2030 | | 500,000 | | 603,827 | |
Pittsburgh & Allegheny County Sports & Exhibition Authority, Revenue Bonds | | 5.00 | | 12/15/2023 | | 855,000 | | 944,819 | |
Pittsburgh & Allegheny County Sports & Exhibition Authority, Revenue Bonds | | 5.00 | | 12/15/2024 | | 940,000 | | 1,079,195 | |
Pittsburgh & Allegheny County Sports & Exhibition Authority, Revenue Bonds | | 5.00 | | 12/15/2032 | | 1,000,000 | | 1,244,675 | |
Pittsburgh Water & Sewer Authority, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. B | | 5.00 | | 9/1/2023 | | 2,580,000 | d | 2,826,719 | |
Pittsburgh Water & Sewer Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 5.00 | | 9/1/2026 | | 1,000,000 | | 1,216,286 | |
Selinsgrove Area School District, GO, Refunding (Insured; State Aid Withholding) Ser. B | | 3.00 | | 3/1/2026 | | 1,095,000 | | 1,190,122 | |
Seneca Valley School District, GO (Insured; State Aid Withholding) | | 4.00 | | 7/15/2032 | | 1,000,000 | | 1,209,587 | |
Southcentral Pennsylvania General Authority, Revenue Bonds, Refunding (Wellspan Health Obligated Group) Ser. A | | 5.00 | | 6/1/2027 | | 2,085,000 | | 2,353,045 | |
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 | | 2,240,122 | |
Susquehanna Township School District, GO, Refunding (Insured; State Aid Withholding) | | 4.00 | | 11/15/2027 | | 1,975,000 | | 2,174,086 | |
62
| | | | | | | | | | |
| |
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 104.0% (continued) | | | | | |
Pennsylvania - 85.8% (continued) | | | | | |
Susquehanna Township School District, GO, Refunding (Insured; State Aid Withholding) Ser. R | | 3.00 | | 5/15/2031 | | 1,730,000 | | 1,922,632 | |
The Canonsburg-Houston Joint Authority, Revenue Bonds, Ser. A | | 5.00 | | 12/1/2023 | | 1,260,000 | | 1,380,347 | |
The Canonsburg-Houston Joint Authority, Revenue Bonds, Ser. A | | 5.00 | | 12/1/2028 | | 1,605,000 | | 1,899,784 | |
The Canonsburg-Houston Joint Authority, Revenue Bonds, Ser. A | | 5.00 | | 12/1/2024 | | 1,220,000 | | 1,380,534 | |
The Pennsylvania University, Revenue Bonds, Ser. A | | 5.00 | | 9/1/2033 | | 1,010,000 | | 1,217,949 | |
The Philadelphia School District, GO (Insured; State Aid Withholding) Ser. A | | 5.00 | | 9/1/2028 | | 500,000 | | 638,783 | |
Tredyffrin Easttown School District, GO (Insured; State Aid Withholding) | | 5.00 | | 2/15/2036 | | 1,365,000 | | 1,665,571 | |
Tredyffrin Easttown School District, GO (Insured; State Aid Withholding) | | 5.00 | | 2/15/2034 | | 240,000 | | 293,805 | |
Upper Merion Area School District, GO (Insured; State Aid Withholding) | | 5.00 | | 1/15/2036 | | 250,000 | | 295,270 | |
Upper Merion Area School District, GO (Insured; State Aid Withholding) | | 5.00 | | 1/15/2037 | | 275,000 | | 324,148 | |
Upper Merion Area School District, GO (Insured; State Aid Withholding) | | 5.00 | | 1/15/2034 | | 350,000 | | 415,036 | |
Upper Merion Area School District, GO (Insured; State Aid Withholding) | | 5.00 | | 1/15/2035 | | 420,000 | | 497,047 | |
Upper Moreland Township School District, GO (Insured; State Aid Withholding) | | 4.00 | | 10/1/2033 | | 780,000 | | 821,926 | |
Upper St. Clair Township School District, GO (Insured; State Aid Withholding) | | 5.00 | | 10/1/2041 | | 1,000,000 | | 1,133,706 | |
West Chester Area School District, GO, Refunding (Insured; State Aid Withholding) | | 2.00 | | 3/15/2031 | | 820,000 | | 866,347 | |
West Mifflin School District, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) | | 5.00 | | 4/1/2026 | | 1,000,000 | | 1,183,507 | |
Whitemarsh Township, GO, Refunding | | 4.00 | | 11/15/2039 | | 1,000,000 | | 1,069,830 | |
Whitemarsh Township, GO, Refunding | | 4.00 | | 11/15/2035 | | 605,000 | | 649,592 | |
| | 167,746,400 | |
U.S. Related - .9% | | | | | |
Guam, Revenue Bonds, Ser. A | | 5.00 | | 1/1/2024 | | 1,500,000 | | 1,523,319 | |
Puerto Rico Infrastructure Financing Authority, Revenue Bonds, Ser. B | | 5.00 | | 7/1/2021 | | 800,000 | e | 320,000 | |
| | 1,843,319 | |
Total Investments (cost $190,926,265) | | 104.0% | 203,186,858 | |
Liabilities, Less Cash and Receivables | | (4.0%) | (7,783,097) | |
Net Assets | | 100.0% | 195,403,761 | |
a The Variable Rate shall be determined by the Remarketing Agent in its sole discretion based on prevailing market conditions and may, but need not, be established by reference to one or more financial indices.
b These securities have a put feature; the date shown represents the put date and the bond holder can take a specific action to retain the bond after the put date.
c Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2021, these securities were valued at $2,487,860 or 1.27% of net assets.
d These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
e Non-income producing—security in default.
63
STATEMENT OF INVESTMENTS (continued)
| | |
Portfolio Summary (Unaudited) † | Value (%) |
Medical | 16.4 |
Education | 14.1 |
General Obligation | 13.8 |
School District | 13.0 |
Transportation | 10.4 |
General | 9.3 |
Prerefunded | 5.9 |
Water | 5.2 |
Development | 3.9 |
Tobacco Settlement | 3.1 |
Airport | 2.8 |
Single Family Housing | 2.6 |
Facilities | 1.7 |
Pollution | 1.1 |
Multifamily Housing | .7 |
| | 104.0 |
† Based on net assets.
See notes to financial statements.
64
| | | | | | | | | | |
| |
BNY Mellon Massachusetts Intermediate Municipal Bond Fund |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 102.4% | | | | | |
California - 2.3% | | | | | |
California Public Works Board, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 8/1/2030 | | 1,140,000 | | 1,488,373 | |
California Public Works Board, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 2/1/2028 | | 3,000,000 | | 3,787,255 | |
University of California, Revenue Bonds, Refunding, Ser. S | | 5.00 | | 5/15/2028 | | 1,000,000 | | 1,250,457 | |
University of California, Revenue Bonds, Refunding, Ser. S | | 5.00 | | 5/15/2027 | | 1,200,000 | | 1,461,968 | |
| | 7,988,053 | |
Colorado - .1% | | | | | |
Colorado Educational & Cultural Facilities Authority, Revenue Bonds (LOC; JPMorgan Chase Bank NA) Ser. D6 | | 0.01 | | 9/1/2038 | | 500,000 | a | 500,000 | |
District of Columbia - .3% | | | | | |
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding (Dulles Metrorail) Ser. B | | 4.00 | | 10/1/2035 | | 1,000,000 | | 1,186,836 | |
Illinois - 2.2% | | | | | |
Chicago II, GO, Refunding, Ser. A | | 5.00 | | 1/1/2029 | | 1,000,000 | | 1,266,846 | |
Chicago II, GO, Refunding, Ser. A | | 5.00 | | 1/1/2026 | | 1,000,000 | | 1,178,607 | |
Chicago II, GO, Ser. A | | 5.00 | | 1/1/2023 | | 1,970,000 | | 2,088,067 | |
Illinois, GO, Ser. D | | 5.00 | | 11/1/2026 | | 2,500,000 | | 3,015,679 | |
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 | | 100,000 | a | 100,000 | |
| | 7,649,199 | |
Indiana - .0% | | | | | |
Indiana Finance Authority, Revenue Bonds, Refunding (Duke Energy Indiana Project) (LOC; Sumitomo Mitsui Banking) Ser. A5 | | 0.02 | | 10/1/2040 | | 100,000 | a | 100,000 | |
Kentucky - 1.7% | | | | | |
Kentucky Public Energy Authority, Revenue Bonds, Ser. B | | 4.00 | | 1/1/2025 | | 2,500,000 | b | 2,767,321 | |
Kentucky Public Energy Authority, Revenue Bonds, Ser. C1 | | 4.00 | | 6/1/2025 | | 3,000,000 | b | 3,371,080 | |
| | 6,138,401 | |
Massachusetts - 83.9% | | | | | |
Belmont, GO | | 4.00 | | 6/1/2031 | | 1,260,000 | | 1,544,804 | |
Berkshire Wind Power Cooperative Corp., Revenue Bonds, Refunding (Green Bond) (Berkshire Wind Project) Ser. 2 | | 5.00 | | 7/1/2030 | | 1,000,000 | | 1,222,800 | |
Berkshire Wind Power Cooperative Corp., Revenue Bonds, Refunding (Green Bond) (Berkshire Wind Project) Ser. 2 | | 5.00 | | 7/1/2028 | | 1,000,000 | | 1,230,550 | |
Berkshire Wind Power Cooperative Corp., Revenue Bonds, Refunding (Green Bond) (Berkshire Wind Project) Ser. 2 | | 5.00 | | 7/1/2026 | | 475,000 | | 571,076 | |
Boston, GO, Ser. A | | 3.00 | | 11/1/2034 | | 2,035,000 | | 2,342,485 | |
Boston Housing Authority, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 10/1/2026 | | 565,000 | | 686,970 | |
Boston Housing Authority, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 4/1/2026 | | 615,000 | | 736,421 | |
Braintree, GO, Refunding | | 4.00 | | 10/15/2030 | | 1,395,000 | | 1,723,544 | |
Brookline, GO, Refunding | | 4.00 | | 2/15/2029 | | 2,000,000 | | 2,475,151 | |
Collegiate Charter School of Lowell, Revenue Bonds | | 4.00 | | 6/15/2024 | | 315,000 | | 328,437 | |
Collegiate Charter School of Lowell, Revenue Bonds | | 5.00 | | 6/15/2039 | | 1,330,000 | | 1,480,966 | |
Collegiate Charter School of Lowell, Revenue Bonds | | 5.00 | | 6/15/2029 | | 485,000 | | 552,268 | |
Dedham, GO | | 4.00 | | 6/15/2029 | | 495,000 | | 558,952 | |
Falmouth, GO, Refunding | | 4.00 | | 10/15/2029 | | 980,000 | | 1,228,324 | |
Falmouth, GO, Refunding | | 5.00 | | 10/15/2027 | | 945,000 | | 1,198,119 | |
Framingham, GO, Refunding | | 5.00 | | 12/1/2028 | | 420,000 | | 530,012 | |
Framingham, GO, Refunding | | 5.00 | | 12/1/2029 | | 365,000 | | 458,545 | |
Gloucester, GO, Refunding | | 3.00 | | 9/15/2033 | | 725,000 | | 823,934 | |
Gloucester, GO, Refunding | | 3.00 | | 9/15/2032 | | 925,000 | | 1,059,321 | |
Groton, GO | | 3.00 | | 8/15/2033 | | 390,000 | | 444,112 | |
Groton, GO | | 4.00 | | 8/15/2031 | | 240,000 | | 295,164 | |
65
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | |
| |
BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 102.4% (continued) | | | | | |
Massachusetts - 83.9% (continued) | | | | | |
Hingham, GO | | 3.00 | | 2/15/2036 | | 375,000 | | 418,628 | |
Hingham, GO | | 3.00 | | 2/15/2035 | | 860,000 | | 963,775 | |
Hingham, GO | | 3.00 | | 2/15/2034 | | 1,240,000 | | 1,395,415 | |
Hingham, GO | | 4.00 | | 2/15/2030 | | 345,000 | | 421,860 | |
Hingham, GO | | 4.00 | | 2/15/2031 | | 315,000 | | 383,113 | |
Hingham, GO | | 4.00 | | 2/15/2032 | | 425,000 | | 515,186 | |
Manchester Essex Regional School District, GO (School Project Loan-Chapter 70B) | | 4.00 | | 2/1/2034 | | 845,000 | | 1,003,891 | |
Manchester Essex Regional School District, GO (School Project Loan-Chapter 70B) | | 4.00 | | 2/1/2033 | | 590,000 | | 700,781 | |
Mansfield, GO | | 4.00 | | 5/15/2030 | | 845,000 | | 951,149 | |
Mansfield, GO | | 4.00 | | 5/15/2029 | | 815,000 | | 917,346 | |
Massachusetts, GO, Refunding, Ser. A, 3 Month LIBOR x.67 +.55% | | 0.63 | | 11/1/2025 | | 2,500,000 | c | 2,512,115 | |
Massachusetts, GO, Refunding, Ser. B | | 5.00 | | 7/1/2027 | | 345,000 | | 433,254 | |
Massachusetts, GO, Refunding, Ser. B | | 5.00 | | 7/1/2027 | | 1,000,000 | | 1,255,809 | |
Massachusetts, GO, Refunding, Ser. D | | 4.00 | | 11/1/2034 | | 2,215,000 | | 2,756,073 | |
Massachusetts, GO, Refunding, Ser. D | | 4.00 | | 11/1/2035 | | 2,000,000 | | 2,481,450 | |
Massachusetts, GO, Ser. A | | 5.00 | | 3/1/2031 | | 2,250,000 | | 2,514,143 | |
Massachusetts Bay Transportation Authority, Revenue Bonds, Refunding | | 5.00 | | 7/1/2031 | | 2,000,000 | | 2,674,516 | |
Massachusetts Bay Transportation Authority, Revenue Bonds, Refunding, Ser. A1 | | 4.00 | | 7/1/2036 | | 4,000,000 | | 4,961,175 | |
Massachusetts Clean Energy Cooperative Corp., Revenue Bonds | | 5.00 | | 7/1/2028 | | 1,250,000 | | 1,349,290 | |
Massachusetts Clean Energy Cooperative Corp., Revenue Bonds | | 5.00 | | 7/1/2032 | | 870,000 | | 938,141 | |
Massachusetts College Building Authority, Revenue Bonds (Green Bond) Ser. A | | 3.00 | | 5/1/2033 | | 535,000 | | 602,998 | |
Massachusetts College Building Authority, Revenue Bonds (Green Bond) Ser. A | | 3.00 | | 5/1/2032 | | 520,000 | | 588,140 | |
Massachusetts Development Finance Agency, Revenue Bonds (Baystate Medical Center Obligated Group) Ser. N | | 5.00 | | 7/1/2024 | | 350,000 | | 394,183 | |
Massachusetts Development Finance Agency, Revenue Bonds (Dana-Farber Cancer Institute Obligated Group) Ser. N | | 5.00 | | 12/1/2033 | | 2,500,000 | | 3,030,964 | |
Massachusetts Development Finance Agency, Revenue Bonds (Emerson College) | | 5.00 | | 1/1/2032 | | 340,000 | | 415,401 | |
Massachusetts Development Finance Agency, Revenue Bonds (Emerson College) | | 5.00 | | 1/1/2031 | | 325,000 | | 398,091 | |
Massachusetts Development Finance Agency, Revenue Bonds (Emerson College) | | 5.00 | | 1/1/2026 | | 170,000 | | 201,830 | |
Massachusetts Development Finance Agency, Revenue Bonds (Emerson College) | | 5.00 | | 1/1/2027 | | 280,000 | | 341,851 | |
Massachusetts Development Finance Agency, Revenue Bonds (Emerson College) Ser. A | | 5.00 | | 1/1/2023 | | 400,000 | | 425,000 | |
Massachusetts Development Finance Agency, Revenue Bonds (Emerson College) Ser. A | | 5.00 | | 1/1/2022 | | 565,000 | | 573,818 | |
Massachusetts Development Finance Agency, Revenue Bonds (President & Trustees of Williams College) Ser. S | | 5.00 | | 7/1/2030 | | 1,000,000 | | 1,241,342 | |
Massachusetts Development Finance Agency, Revenue Bonds (Trustees of Boston University) Ser. DD1 | | 5.00 | | 4/1/2024 | | 1,075,000 | b | 1,176,930 | |
Massachusetts Development Finance Agency, Revenue Bonds (Wentworth Institute of Technology) | | 5.00 | | 10/1/2024 | | 550,000 | | 625,711 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Babson College) Ser. A | | 5.00 | | 10/1/2025 | | 545,000 | | 643,627 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Bentley University) Ser. A | | 4.00 | | 7/1/2036 | | 825,000 | | 1,002,107 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Bentley University) Ser. A | | 4.00 | | 7/1/2035 | | 1,000,000 | | 1,219,982 | |
66
| | | | | | | | | | |
| |
BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 102.4% (continued) | | | | | |
Massachusetts - 83.9% (continued) | | | | | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Boston Medical Center Corp. Obligated Group) Ser. E | | 5.00 | | 7/1/2025 | | 500,000 | | 581,229 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Boston Medical Center Corp. Obligated Group) Ser. E | | 5.00 | | 7/1/2026 | | 500,000 | | 599,028 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Boston Medical Center Corp. Obligated Group) Ser. E | | 5.00 | | 7/1/2023 | | 2,060,000 | | 2,239,105 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Caregroup) Ser. H1 | | 5.00 | | 7/1/2025 | | 800,000 | | 938,258 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (College of Holy Cross) | | 5.00 | | 9/1/2026 | | 705,000 | | 861,374 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Emerson College) | | 5.00 | | 1/1/2035 | | 1,000,000 | | 1,114,181 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Emerson College) | | 5.00 | | 1/1/2025 | | 1,000,000 | | 1,148,463 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Emerson College) Ser. A | | 5.00 | | 1/1/2035 | | 1,000,000 | | 1,212,375 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Emerson College) Ser. A | | 5.00 | | 1/1/2033 | | 1,250,000 | | 1,522,600 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Emmanuel College) Ser. A | | 5.00 | | 10/1/2030 | | 1,000,000 | | 1,196,929 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Emmanuel College) Ser. A | | 5.00 | | 10/1/2043 | | 1,000,000 | | 1,170,826 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Fisher College) | | 5.00 | | 4/1/2033 | | 390,000 | | 460,957 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Fisher College) | | 5.00 | | 4/1/2031 | | 350,000 | | 416,902 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Fisher College) | | 5.00 | | 4/1/2032 | | 370,000 | | 439,168 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Fisher College) | | 5.00 | | 4/1/2035 | | 840,000 | | 987,974 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Foxborough Regional Charter School) | | 4.00 | | 7/1/2022 | | 655,000 | | 667,924 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Foxborough Regional Charter School) | | 5.00 | | 7/1/2037 | | 1,600,000 | | 1,827,080 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Harvard University) Ser. A | | 5.00 | | 7/15/2027 | | 3,200,000 | | 3,903,475 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (International Charter School) | | 5.00 | | 4/15/2040 | | 1,730,000 | | 1,909,998 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (International Charter School) | | 5.00 | | 4/15/2033 | | 3,410,000 | | 3,799,187 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (MCPHS University) Ser. H | | 5.00 | | 7/1/2037 | | 465,000 | | 537,608 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Olin College) Ser. E | | 5.00 | | 11/1/2038 | | 4,500,000 | | 4,928,986 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Park School Corp.) | | 5.00 | | 9/1/2021 | | 300,000 | | 300,000 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Partners Healthcare System) | | 4.00 | | 7/1/2032 | | 2,000,000 | | 2,279,541 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Partners Healthcare System) | | 4.00 | | 7/1/2036 | | 2,480,000 | | 2,892,544 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Partners Healthcare System) | | 5.00 | | 7/1/2032 | | 1,910,000 | | 2,229,618 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (President & Trustees of Williams College) Ser. P | | 5.00 | | 7/1/2024 | | 3,250,000 | | 3,536,958 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Simmons College) Ser. J | | 5.25 | | 10/1/2024 | | 465,000 | | 513,711 | |
67
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | |
| |
BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 102.4% (continued) | | | | | |
Massachusetts - 83.9% (continued) | | | | | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Simmons College) Ser. K1 | | 5.00 | | 10/1/2025 | | 700,000 | | 823,262 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Simmons College) Ser. K1 | | 5.00 | | 10/1/2029 | | 1,000,000 | | 1,164,788 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (South Shore Hospital Obligated Group) Ser. I | | 5.00 | | 7/1/2024 | | 530,000 | | 595,628 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (South Shore Hospital Obligated Group) Ser. I | | 5.00 | | 7/1/2025 | | 500,000 | | 581,435 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (South Shore Hospital Obligated Group) Ser. I | | 5.00 | | 7/1/2028 | | 750,000 | | 891,959 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Sterling & Francine Clark Art Institute) | | 5.00 | | 7/1/2031 | | 2,050,000 | | 2,497,218 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Sterling & Francine Clark Art Institute) | | 5.00 | | 7/1/2028 | | 1,000,000 | | 1,218,828 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk University) | | 5.00 | | 7/1/2028 | | 1,300,000 | | 1,595,571 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk University) | | 5.00 | | 7/1/2023 | | 1,250,000 | | 1,356,273 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk University) | | 5.00 | | 7/1/2025 | | 1,340,000 | | 1,562,676 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk University) | | 5.00 | | 7/1/2029 | | 1,000,000 | | 1,219,529 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Suffolk University) | | 5.00 | | 7/1/2033 | | 1,000,000 | | 1,199,489 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (The Broad Institute) | | 5.00 | | 4/1/2036 | | 2,000,000 | | 2,452,545 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Trustees of Boston University) (LOC; TD Bank NA) Ser. U-6C | | 0.01 | | 10/1/2042 | | 100,000 | a | 100,000 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Trustees of Boston University) (LOC; TD Bank NA) Ser. U-6E-R | | 0.01 | | 10/1/2042 | | 500,000 | a | 500,000 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Trustees of Boston University) Ser. BB2 | | 4.00 | | 10/1/2032 | | 1,000,000 | | 1,156,968 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Umass Memorial Health Care Obligated Group) Ser. I | | 5.00 | | 7/1/2025 | | 2,375,000 | | 2,778,534 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Umass Memorial Health Care Obligated Group) Ser. I | | 5.00 | | 7/1/2036 | | 1,340,000 | | 1,586,718 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Umass Memorial Health Care Obligated Group) Ser. K | | 5.00 | | 7/1/2024 | | 815,000 | | 920,099 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Wellforce Obligated Group) (Insured; Assured Guaranty Municipal Corp.) Ser. C | | 5.00 | | 10/1/2026 | | 325,000 | | 394,253 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Wellforce Obligated Group) (Insured; Assured Guaranty Municipal Corp.) Ser. C | | 5.00 | | 10/1/2027 | | 475,000 | | 591,609 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Western New England University) | | 5.00 | | 9/1/2035 | | 1,000,000 | | 1,136,986 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Western New England University) | | 5.00 | | 9/1/2040 | | 1,500,000 | | 1,694,552 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Western New England University) | | 5.00 | | 9/1/2032 | | 500,000 | | 613,828 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Western New England University) | | 5.00 | | 9/1/2026 | | 1,205,000 | | 1,448,493 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Western New England University) | | 5.00 | | 9/1/2033 | | 500,000 | | 612,115 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Western New England University) | | 5.00 | | 9/1/2024 | | 1,090,000 | | 1,233,551 | |
68
| | | | | | | | | | |
| |
BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 102.4% (continued) | | | | | |
Massachusetts - 83.9% (continued) | | | | | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (WGBH Educational Foundation) | | 3.00 | | 1/1/2025 | | 190,000 | | 205,279 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (WGBH Educational Foundation) | | 4.00 | | 1/1/2026 | | 130,000 | | 149,334 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (WGBH Educational Foundation) | | 5.00 | | 1/1/2028 | | 140,000 | | 168,405 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (WGBH Educational Foundation) | | 5.00 | | 1/1/2027 | | 310,000 | | 374,958 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (WGBH Educational Foundation) | | 5.00 | | 1/1/2030 | | 410,000 | | 493,667 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (WGBH Educational Foundation) | | 5.00 | | 1/1/2029 | | 200,000 | | 241,986 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (WGBH Educational Foundation) | | 5.00 | | 1/1/2031 | | 415,000 | | 498,542 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Woods Hole Oceanographic Institution) | | 5.00 | | 6/1/2025 | | 450,000 | | 527,729 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Woods Hole Oceanographic Institution) | | 5.00 | | 6/1/2026 | | 850,000 | | 1,029,177 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 7/1/2030 | | 2,075,000 | | 2,613,386 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 7/1/2029 | | 1,050,000 | | 1,331,538 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 7/1/2031 | | 1,350,000 | | 1,692,792 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. A2 | | 5.00 | | 7/1/2037 | | 2,460,000 | | 3,163,359 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. G | | 5.00 | | 7/1/2036 | | 450,000 | | 592,111 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. G | | 5.00 | | 7/1/2035 | | 400,000 | | 528,130 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. G | | 5.00 | | 7/1/2032 | | 515,000 | | 686,575 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. I | | 5.00 | | 7/1/2029 | | 2,000,000 | | 2,393,868 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. I | | 5.00 | | 7/1/2026 | | 1,000,000 | | 1,211,802 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. O | | 5.00 | | 12/1/2025 | | 1,140,000 | | 1,350,961 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. O | | 5.00 | | 12/1/2033 | | 160,000 | | 203,124 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. O | | 5.00 | | 12/1/2034 | | 200,000 | | 253,191 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. O | | 5.00 | | 12/1/2035 | | 200,000 | | 252,706 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. O | | 5.00 | | 12/1/2026 | | 1,000,000 | | 1,219,856 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. O | | 5.00 | | 12/1/2031 | | 250,000 | | 319,391 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. O | | 5.00 | | 12/1/2032 | | 250,000 | | 318,406 | |
Massachusetts Educational Financing Authority, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 7/1/2024 | | 3,000,000 | | 3,380,521 | |
Massachusetts Educational Financing Authority, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 7/1/2023 | | 2,300,000 | | 2,494,657 | |
Massachusetts Federal Highway, GAN, Ser. A | | 5.00 | | 6/15/2027 | | 2,000,000 | | 2,253,912 | |
Massachusetts Federal Highway, GAN, Ser. A | | 5.00 | | 6/15/2025 | | 2,500,000 | | 2,827,989 | |
Massachusetts Federal Highway, GAN, Ser. A | | 5.00 | | 6/15/2027 | | 2,000,000 | | 2,422,760 | |
Massachusetts Federal Highway, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 6/15/2027 | | 2,500,000 | | 3,028,450 | |
69
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | |
| |
BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 102.4% (continued) | | | | | |
Massachusetts - 83.9% (continued) | | | | | |
Massachusetts Health & Educational Facilities Authority, Revenue Bonds (Massachusetts Institute of Technology) Ser. K | | 5.50 | | 7/1/2022 | | 1,800,000 | | 1,881,031 | |
Massachusetts Health & Educational Facilities Authority, Revenue Bonds, Refunding (LOC; TD Bank NA) Ser. F3 | | 0.02 | | 7/1/2040 | | 5,600,000 | a | 5,600,000 | |
Massachusetts Health & Educational Facilities Authority, Revenue Bonds, Refunding (Massachusetts Institute of Technology) Ser. L | | 5.00 | | 7/1/2023 | | 3,335,000 | | 3,633,330 | |
Massachusetts Health & Educational Facilities Authority, Revenue Bonds, Refunding (Trustees of Tufts University) Ser. M | | 5.25 | | 2/15/2026 | | 3,130,000 | | 3,798,211 | |
Massachusetts Health & Educational Facilities Authority, Revenue Bonds, Refunding, Ser. R | | 0.01 | | 11/1/2049 | | 500,000 | a | 500,000 | |
Massachusetts Housing Finance Agency, Revenue Bonds, Refunding (Insured; GNMA, FNMA, FHLMC) Ser. 195 | | 4.00 | | 12/1/2048 | | 840,000 | | 914,752 | |
Massachusetts Housing Finance Agency, Revenue Bonds, Refunding (Insured; GNMA, FNMA, FHLMC) Ser. 220 | | 3.00 | | 12/1/2050 | | 1,980,000 | | 2,163,788 | |
Massachusetts Housing Finance Agency, Revenue Bonds, Refunding, Ser. 183 | | 3.50 | | 12/1/2046 | | 520,000 | | 547,870 | |
Massachusetts Housing Finance Agency, Revenue Bonds, Refunding, Ser. 207 | | 4.00 | | 6/1/2049 | | 2,185,000 | | 2,410,033 | |
Massachusetts Housing Finance Agency, Revenue Bonds, Refunding, Ser. 211 | | 3.50 | | 12/1/2049 | | 860,000 | | 939,457 | |
Massachusetts Housing Finance Agency, Revenue Bonds, Refunding, Ser. 221 | | 3.00 | | 12/1/2050 | | 1,500,000 | | 1,649,396 | |
Massachusetts Housing Finance Agency, Revenue Bonds, Ser. A1 | | 2.55 | | 12/1/2040 | | 1,500,000 | | 1,561,066 | |
Massachusetts Housing Finance Agency, Revenue Bonds, Ser. A3 | | 0.88 | | 12/1/2023 | | 1,500,000 | | 1,506,007 | |
Massachusetts Housing Finance Agency, Revenue Bonds, Ser. F | | 2.95 | | 12/1/2032 | | 1,000,000 | | 1,050,771 | |
Massachusetts Port Authority, Revenue Bonds, Refunding (Bosfuel Project) Ser. A | | 5.00 | | 7/1/2035 | | 500,000 | | 634,087 | |
Massachusetts Port Authority, Revenue Bonds, Refunding (Bosfuel Project) Ser. A | | 5.00 | | 7/1/2032 | | 865,000 | | 1,105,752 | |
Massachusetts Port Authority, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 7/1/2027 | | 2,000,000 | | 2,475,316 | |
Massachusetts Port Authority, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 7/1/2028 | | 1,330,000 | | 1,499,265 | |
Massachusetts Port Authority, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 7/1/2028 | | 2,000,000 | | 2,528,643 | |
Massachusetts Port Authority, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 7/1/2022 | | 1,500,000 | d | 1,561,003 | |
Massachusetts Port Authority, Revenue Bonds, Refunding, Ser. C | | 5.00 | | 7/1/2033 | | 2,000,000 | | 2,254,909 | |
Massachusetts Port Authority, Revenue Bonds, Refunding, Ser. C | | 5.00 | | 7/1/2030 | | 1,635,000 | | 2,092,343 | |
Massachusetts Port Authority, Revenue Bonds, Refunding, Ser. C | | 5.00 | | 7/1/2032 | | 750,000 | | 845,494 | |
Massachusetts Port Authority, Revenue Bonds, Ser. B | | 5.00 | | 7/1/2029 | | 200,000 | | 232,101 | |
Massachusetts Port Authority, Revenue Bonds, Ser. B | | 5.00 | | 7/1/2028 | | 200,000 | | 232,213 | |
Massachusetts Port Authority, Revenue Bonds, Ser. B | | 5.00 | | 7/1/2024 | | 315,000 | | 356,289 | |
Massachusetts School Building Authority, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 8/15/2022 | | 140,000 | d | 146,393 | |
Massachusetts School Building Authority, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 8/15/2022 | | 1,860,000 | d | 1,946,772 | |
Massachusetts School Building Authority, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 8/15/2022 | | 1,700,000 | d | 1,779,308 | |
Massachusetts Transportation Fund, Revenue Bonds, Ser. A | | 5.00 | | 6/1/2036 | | 1,000,000 | | 1,126,794 | |
Massachusetts Transportation Trust Fund Metropolitan Highway System, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 1/1/2023 | | 3,000,000 | b | 3,190,829 | |
70
| | | | | | | | | | |
| |
BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 102.4% (continued) | | | | | |
Massachusetts - 83.9% (continued) | | | | | |
Massachusetts Water Resources Authority, Revenue Bonds, Refunding (Green Bond) Ser. C | | 5.00 | | 8/1/2028 | | 1,925,000 | | 2,338,851 | |
Massachusetts Water Resources Authority, Revenue Bonds, Refunding (Green Bond) Ser. C | | 5.00 | | 8/1/2033 | | 2,500,000 | | 3,021,573 | |
Massachusetts Water Resources Authority, Revenue Bonds, Refunding (Green Bond) Ser. C | | 5.00 | | 8/1/2029 | | 2,590,000 | | 3,140,797 | |
Massachusetts Water Resources Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. B | | 5.25 | | 8/1/2028 | | 2,000,000 | | 2,621,252 | |
Medway, GO | | 3.00 | | 9/1/2030 | | 650,000 | | 730,810 | |
Medway, GO | | 3.00 | | 9/1/2032 | | 700,000 | | 782,431 | |
Medway, GO | | 3.00 | | 9/1/2031 | | 500,000 | | 560,226 | |
Minuteman Regional Vocational Technical School District, GO | | 5.00 | | 10/15/2026 | | 915,000 | | 1,124,622 | |
Minuteman Regional Vocational Technical School District, GO | | 5.00 | | 10/15/2028 | | 1,055,000 | | 1,282,007 | |
Minuteman Regional Vocational Technical School District, GO | | 5.00 | | 10/15/2027 | | 525,000 | | 641,473 | |
Mount Greylock Regional School District, GO, Refunding | | 4.00 | | 6/15/2029 | | 745,000 | | 816,674 | |
Mount Greylock Regional School District, GO, Refunding | | 4.00 | | 6/15/2030 | | 315,000 | | 345,227 | |
Mount Greylock Regional School District, GO, Refunding | | 4.00 | | 6/15/2027 | | 640,000 | | 701,856 | |
Mount Greylock Regional School District, GO, Refunding | | 4.00 | | 6/15/2028 | | 420,000 | | 460,331 | |
Natick, GO | | 4.00 | | 7/15/2033 | | 3,000,000 | | 3,539,139 | |
Natick, GO | | 5.00 | | 7/15/2029 | | 2,000,000 | | 2,492,832 | |
Plainville, GO | | 4.00 | | 10/15/2030 | | 1,210,000 | | 1,434,757 | |
Randolph, GO, Refunding | | 5.00 | | 9/15/2031 | | 595,000 | | 742,681 | |
Scituate, GO, Refunding | | 4.00 | | 10/1/2030 | | 1,645,000 | | 2,038,210 | |
Scituate, GO, Refunding | | 4.00 | | 10/1/2031 | | 1,180,000 | | 1,453,729 | |
Sharon, GO | | 3.00 | | 2/15/2033 | | 2,000,000 | | 2,256,661 | |
Shrewsbury, GO | | 3.00 | | 1/15/2034 | | 2,160,000 | | 2,465,546 | |
Somerville, GO, Refunding | | 3.00 | | 6/1/2034 | | 1,045,000 | | 1,186,397 | |
Somerville, GO, Refunding | | 3.00 | | 6/1/2035 | | 1,125,000 | | 1,273,330 | |
Somerville, GO, Refunding | | 5.00 | | 6/1/2029 | | 560,000 | | 736,698 | |
The Massachusetts Clean Water Trust, Revenue Bonds (Green Bond) Ser. 20 | | 5.00 | | 2/1/2033 | | 2,300,000 | | 2,654,721 | |
The Massachusetts Clean Water Trust, Revenue Bonds (Green Bond) Ser. 20 | | 5.00 | | 2/1/2035 | | 990,000 | | 1,141,131 | |
The Massachusetts Clean Water Trust, Revenue Bonds (Green Bond) Ser. 21 | | 5.00 | | 8/1/2035 | | 2,250,000 | | 2,839,898 | |
The Massachusetts Clean Water Trust, Revenue Bonds, Refunding | | 4.00 | | 8/1/2032 | | 1,210,000 | | 1,510,628 | |
The Massachusetts Clean Water Trust, Revenue Bonds, Refunding | | 5.99 | | 8/1/2023 | | 2,500,000 | e | 2,615,994 | |
The Massachusetts Clean Water Trust, Revenue Bonds, Refunding, Ser. A | | 5.75 | | 8/1/2029 | | 155,000 | | 155,701 | |
University of Massachusetts Building Authority, Revenue Bonds, Refunding (University of Massachusetts) Ser. 3 | | 5.00 | | 11/1/2034 | | 2,200,000 | | 2,754,671 | |
University of Massachusetts Building Authority, Revenue Bonds, Refunding, Ser. 2020-1 | | 5.00 | | 11/1/2030 | | 1,000,000 | | 1,349,576 | |
University of Massachusetts Building Authority, Revenue Bonds, Ser. 1 | | 4.00 | | 11/1/2022 | | 2,500,000 | d | 2,613,082 | |
Waltham, GO | | 3.00 | | 10/15/2032 | | 2,160,000 | | 2,481,634 | |
Winchester, GO | | 5.00 | | 6/15/2029 | | 300,000 | | 396,058 | |
Worcester, GO, Refunding | | 4.00 | | 1/15/2028 | | 800,000 | | 942,413 | |
Worcester, GO, Refunding | | 4.00 | | 1/15/2031 | | 2,235,000 | | 2,607,407 | |
Worcester, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) | | 2.00 | | 2/15/2033 | | 2,000,000 | | 2,049,591 | |
Worcester, GO, Refunding, Ser. A | | 5.00 | | 1/15/2029 | | 1,690,000 | | 2,011,790 | |
| | 296,768,136 | |
71
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | |
| |
BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 102.4% (continued) | | | | | |
Missouri - .2% | | | | | |
The St. Louis Missouri Industrial Development Authority, Revenue Bonds (Mid-America Transplant Services Project) (LOC; BMO Harris Bank NA) | | 0.03 | | 1/1/2039 | | 500,000 | a | 500,000 | |
Nebraska - 1.0% | | | | | |
Central Plains Energy Project, Revenue Bonds, Refunding | | 4.00 | | 8/1/2025 | | 3,000,000 | b | 3,394,010 | |
New Jersey - 3.1% | | | | | |
New Jersey Economic Development Authority, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. UU | | 5.00 | | 6/15/2025 | | 2,000,000 | | 2,262,199 | |
New Jersey Economic Development Authority, Revenue Bonds, Refunding, Ser. GGG | | 5.25 | | 9/1/2024 | | 2,400,000 | f | 2,749,535 | |
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding | | 5.00 | | 12/15/2026 | | 1,150,000 | | 1,408,014 | |
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | | 5.00 | | 6/1/2031 | | 875,000 | | 1,096,043 | |
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | | 5.00 | | 6/1/2029 | | 1,375,000 | | 1,741,175 | |
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | | 5.00 | | 6/1/2028 | | 1,375,000 | | 1,752,191 | |
| | 11,009,157 | |
New York - 5.7% | | | | | |
Metropolitan Transportation Authority, Revenue Bonds, Refunding (Green Bond) Ser. A2 | | 5.00 | | 5/15/2024 | | 2,500,000 | b | 2,803,181 | |
Metropolitan Transportation Authority, Revenue Bonds, Refunding, Ser. C1 | | 5.25 | | 11/15/2031 | | 2,000,000 | | 2,359,264 | |
New York City, GO (LOC; Mizuho Bank) Ser. A3 | | 0.01 | | 10/1/2040 | | 200,000 | a | 200,000 | |
New York City, GO, Refunding, Ser. A1 | | 5.00 | | 8/1/2029 | | 1,000,000 | | 1,307,929 | |
New York City, GO, Refunding, Ser. F2 | | 3.24 | | 8/1/2027 | | 2,000,000 | | 2,219,061 | |
New York City Transitional Finance Authority, Revenue Bonds | | 5.00 | | 5/1/2033 | | 2,400,000 | | 3,202,775 | |
New York Liberty Development Corp., Revenue Bonds, Refunding (Bank of America Tower) | | 2.63 | | 9/15/2069 | | 2,675,000 | | 2,774,236 | |
New York Liberty Development Corp., Revenue Bonds, Refunding (Class 1-3 World Trade Center Project) | | 5.00 | | 11/15/2044 | | 2,250,000 | f | 2,487,860 | |
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 | | 1,506,339 | |
Triborough Bridge & Tunnel Authority, Revenue Bonds, Refunding (LOC; State Street Bank & Trust Co.) Ser. B3 | | 0.02 | | 1/1/2032 | | 1,100,000 | a | 1,100,000 | |
| | 19,960,645 | |
Tennessee - .5% | | | | | |
Clarksville Public Building Authority, Revenue Bonds (LOC; Bank of America NA) | | 0.02 | | 11/1/2035 | | 1,200,000 | a | 1,200,000 | |
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 | | 300,000 | a | 300,000 | |
| | 1,700,000 | |
Texas - .9% | | | | | |
Arlington Higher Education Finance Corp., Revenue Bonds (Great Hearts America) (Insured; Permanent School Fund) Ser. A | | 4.00 | | 8/15/2035 | | 500,000 | | 594,264 | |
Arlington Higher Education Finance Corp., Revenue Bonds (Great Hearts America) (Insured; Permanent School Fund) Ser. A | | 4.00 | | 8/15/2031 | | 510,000 | | 618,105 | |
Arlington Higher Education Finance Corp., Revenue Bonds (Riverwalk Education Foundation) (Insured; Permanent School Fund) | | 4.00 | | 8/15/2034 | | 1,100,000 | | 1,308,717 | |
Arlington Higher Education Finance Corp., Revenue Bonds (Riverwalk Education Foundation) (Insured; Permanent School Fund) | | 5.00 | | 8/15/2032 | | 620,000 | | 794,840 | |
| | 3,315,926 | |
72
| | | | | | | | | | |
| |
BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 102.4% (continued) | | | | | |
U.S. Related - .5% | | | | | |
Guam, Revenue Bonds, Ser. A | | 5.00 | | 1/1/2025 | | 1,500,000 | | 1,523,319 | |
Puerto Rico Infrastructure Financing Authority, Revenue Bonds, Ser. B | | 5.00 | | 9/22/2021 | | 650,000 | g | 260,000 | |
| | 1,783,319 | |
Total Investments (cost $342,042,903) | | 102.4% | 361,993,682 | |
Liabilities, Less Cash and Receivables | | (2.4%) | (8,378,070) | |
Net Assets | | 100.0% | 353,615,612 | |
a The Variable Rate shall be determined by the Remarketing Agent in its sole discretion based on prevailing market conditions and may, but need not, be established by reference to one or more financial indices.
b These securities have a put feature; the date shown represents the put date and the bond holder can take a specific action to retain the bond after the put date.
c Variable rate security—interest rate resets periodically and rate shown is the interest rate in effect at period end. Security description also includes the reference rate and spread if published and available.
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 Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2021, these securities were valued at $5,237,395 or 1.48% of net assets.
g Non-income producing—security in default.
| | |
Portfolio Summary (Unaudited) † | Value (%) |
Education | 23.5 |
General Obligation | 18.3 |
Medical | 14.0 |
General | 12.5 |
Transportation | 6.3 |
Water | 6.2 |
School District | 5.2 |
Airport | 2.5 |
Single Family Housing | 2.4 |
Development | 2.3 |
Prerefunded | 2.3 |
Student Loan | 1.7 |
Multifamily Housing | 1.6 |
Power | 1.5 |
Tobacco Settlement | 1.3 |
Facilities | .5 |
Housing | .3 |
| | 102.4 |
† Based on net assets.
See notes to financial statements.
73
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | |
| |
BNY Mellon New York Intermediate Tax-Exempt Bond Fund |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 105.5% | | | | | |
California - 2.4% | | | | | |
California Public Works Board, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 8/1/2030 | | 550,000 | | 718,075 | |
California Public Works Board, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 2/1/2028 | | 1,500,000 | | 1,893,627 | |
University of California, Revenue Bonds, Refunding, Ser. S | | 5.00 | | 5/15/2028 | | 500,000 | | 625,229 | |
University of California, Revenue Bonds, Refunding, Ser. S | | 5.00 | | 5/15/2027 | | 600,000 | | 730,984 | |
| | 3,967,915 | |
Illinois - 2.4% | | | | | |
Chicago II, GO, Refunding, Ser. A | | 5.00 | | 1/1/2029 | | 500,000 | | 633,423 | |
Chicago II, GO, Refunding, Ser. A | | 5.00 | | 1/1/2026 | | 500,000 | | 589,304 | |
Chicago II, GO, Ser. 2002B | | 5.25 | | 1/1/2022 | | 1,150,000 | | 1,168,624 | |
Illinois, GO, Ser. D | | 5.00 | | 11/1/2026 | | 1,250,000 | | 1,507,840 | |
| | 3,899,191 | |
Kentucky - 1.0% | | | | | |
Kentucky Public Energy Authority, Revenue Bonds, Ser. C1 | | 4.00 | | 6/1/2025 | | 1,500,000 | a | 1,685,540 | |
Nebraska - 1.1% | | | | | |
Central Plains Energy Project, Revenue Bonds, Refunding | | 4.00 | | 8/1/2025 | | 1,500,000 | a | 1,697,005 | |
New Jersey - 2.0% | | | | | |
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding | | 5.00 | | 12/15/2026 | | 625,000 | | 765,225 | |
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | | 5.00 | | 6/1/2031 | | 500,000 | | 626,310 | |
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | | 5.00 | | 6/1/2029 | | 750,000 | | 949,732 | |
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | | 5.00 | | 6/1/2028 | | 750,000 | | 955,741 | |
| | 3,297,008 | |
New York - 96.0% | | | | | |
Albany County Airport Authority, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 12/15/2025 | | 420,000 | | 501,088 | |
Albany County Airport Authority, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 12/15/2024 | | 405,000 | | 467,128 | |
Albany County Airport Authority, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 12/15/2023 | | 385,000 | | 427,221 | |
Berne-Knox-Westerlo Central School District, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) | | 2.00 | | 7/1/2031 | | 1,160,000 | | 1,195,744 | |
Brookhaven, GO, Refunding, Ser. C | | 2.00 | | 1/15/2030 | | 1,000,000 | | 1,057,483 | |
Build NYC Resource Corp., Revenue Bonds, Refunding (YMCA of Greater New York Project) | | 5.00 | | 8/1/2024 | | 710,000 | | 806,294 | |
Build NYC Resource Corp., Revenue Bonds, Refunding (YMCA of Greater New York Project) | | 5.00 | | 8/1/2025 | | 200,000 | b | 235,520 | |
Build NYC Resource Corp., Revenue Bonds, Refunding (YMCA of Greater New York Project) | | 5.00 | | 8/1/2025 | | 300,000 | b | 353,281 | |
Build NYC Resource Corp., Revenue Bonds, Refunding (YMCA of Greater New York Project) | | 5.00 | | 8/1/2025 | | 350,000 | b | 412,161 | |
Colonie, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 2.00 | | 3/1/2030 | | 1,025,000 | | 1,060,840 | |
Dutchess County Local Development Corp., Revenue Bonds (Health Quest Systems Obligated Group) Ser. B | | 5.00 | | 7/1/2026 | | 1,000,000 | | 1,205,435 | |
Dutchess County Local Development Corp., Revenue Bonds (Marist College Project) Ser. A | | 5.00 | | 7/1/2040 | | 1,000,000 | | 1,154,236 | |
Dutchess County Local Development Corp., Revenue Bonds, Refunding (The Culinary Institute of America Project) | | 5.00 | | 7/1/2033 | | 920,000 | | 1,106,944 | |
Dutchess County Local Development Corp., Revenue Bonds, Refunding (The Culinary Institute of America Project) | | 5.00 | | 7/1/2028 | | 1,000,000 | | 1,233,824 | |
74
| | | | | | | | | | |
| |
BNY Mellon New York Intermediate Tax-Exempt Bond Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 105.5% (continued) | | | | | |
New York - 96.0% (continued) | | | | | |
Dutchess County Local Development Corp., Revenue Bonds, Refunding (The Culinary Institute of America Project) | | 5.00 | | 7/1/2026 | | 525,000 | | 622,947 | |
East Ramapo Central School District, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) | | 5.00 | | 12/15/2024 | | 1,240,000 | | 1,418,365 | |
Haverstraw-Stony Point Central School District, GO, Refunding (Insured; State Aid Withholding) | | 3.00 | | 10/15/2030 | | 1,000,000 | | 1,106,776 | |
Huntington, GO, Ser. A | | 2.00 | | 6/15/2031 | | 1,635,000 | | 1,692,339 | |
Island Trees Union Free School District, GO, Refunding (Insured; State Aid Withholding) | | 2.00 | | 5/15/2032 | | 1,545,000 | | 1,606,007 | |
Johnstown School District, BAM, Refunding (Insured; Build America Mutual) | | 3.00 | | 6/15/2028 | | 1,100,000 | | 1,229,716 | |
Metropolitan Transportation Authority, Revenue Bonds (Green Bond) Ser. A | | 5.00 | | 11/15/2035 | | 1,570,000 | | 1,916,487 | |
Metropolitan Transportation Authority, Revenue Bonds, Refunding (Green Bond) Ser. A2 | | 5.00 | | 5/15/2024 | | 2,300,000 | a | 2,578,926 | |
Metropolitan Transportation Authority, Revenue Bonds, Refunding (Green Bond) Ser. B2 | | 4.00 | | 11/15/2033 | | 1,000,000 | | 1,162,062 | |
Metropolitan Transportation Authority, Revenue Bonds, Refunding (Green Bond) Ser. B2 | | 5.25 | | 11/15/2033 | | 750,000 | | 942,369 | |
Metropolitan Transportation Authority, Revenue Bonds, Refunding (Green Bond) Ser. C1 | | 5.00 | | 11/15/2025 | | 1,000,000 | | 1,185,086 | |
Metropolitan Transportation Authority, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 11/15/2035 | | 1,215,000 | | 1,446,839 | |
Metropolitan Transportation Authority, Revenue Bonds, Refunding, Ser. C1 | | 5.25 | | 11/15/2030 | | 1,000,000 | | 1,180,791 | |
Metropolitan Transportation Authority, Revenue Bonds, Ser. B | | 5.00 | | 11/15/2038 | | 1,010,000 | | 1,076,203 | |
Monroe County Industrial Development Corp., Revenue Bonds (The Rochester General Hospital) | | 5.00 | | 12/1/2032 | | 1,000,000 | | 1,182,867 | |
Monroe County Industrial Development Corp., Revenue Bonds (The Rochester General Hospital) | | 5.00 | | 12/1/2028 | | 1,095,000 | | 1,314,219 | |
Monroe County Industrial Development Corp., Revenue Bonds, Refunding (University of Rochester Project) Ser. C | | 4.00 | | 7/1/2035 | | 1,000,000 | | 1,163,606 | |
Nassau County, GO, Ser. A | | 5.00 | | 1/15/2031 | | 500,000 | | 605,132 | |
Nassau County, GO, Ser. B | | 5.00 | | 4/1/2024 | | 1,500,000 | b | 1,685,641 | |
Nassau County Interim Finance Authority, Revenue Bonds, Refunding, Ser. B | | 1.13 | | 11/15/2027 | | 1,400,000 | | 1,401,900 | |
New York City, GO (LOC; Mizuho Bank) Ser. G6 | | 0.01 | | 4/1/2042 | | 2,100,000 | c | 2,100,000 | |
New York City, GO, Refunding, Ser. F2 | | 3.24 | | 8/1/2027 | | 1,000,000 | | 1,109,531 | |
New York City, GO, Ser. A2 | | 0.01 | | 10/1/2038 | | 200,000 | c | 200,000 | |
New York City, GO, Ser. B5 | | 0.01 | | 10/1/2046 | | 1,000,000 | c | 1,000,000 | |
New York City, GO, Ser. D4 | | 0.01 | | 12/1/2047 | | 1,000,000 | c | 1,000,000 | |
New York City, GO, Ser. E1 | | 5.25 | | 3/1/2031 | | 1,065,000 | | 1,356,792 | |
New York City, GO, Ser. F1 | | 3.00 | | 3/1/2035 | | 1,000,000 | | 1,105,468 | |
New York City Health & Hospitals Corp., Revenue Bonds, Refunding, Ser. A | | 5.00 | | 2/15/2029 | | 1,000,000 | | 1,296,552 | |
New York City Housing Development Corp., Revenue Bonds | | 2.40 | | 11/1/2030 | | 910,000 | | 949,217 | |
New York City Housing Development Corp., Revenue Bonds, Refunding, Ser. A | | 4.00 | | 7/1/2024 | | 1,150,000 | | 1,222,101 | |
New York City Housing Development Corp., Revenue Bonds, Ser. A1 | | 3.38 | | 11/15/2029 | | 1,000,000 | | 1,049,521 | |
New York City Housing Development Corp., Revenue Bonds, Ser. B2 | | 5.00 | | 7/1/2025 | | 1,500,000 | | 1,622,919 | |
New York City Housing Development Corp., Revenue Bonds, Ser. B2 | | 5.25 | | 7/1/2032 | | 1,500,000 | | 1,621,698 | |
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 | | 1,731,964 | |
75
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | |
| |
BNY Mellon New York Intermediate Tax-Exempt Bond Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 105.5% (continued) | | | | | |
New York - 96.0% (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 | | 2,111,803 | |
New York City Transitional Finance Authority, Revenue Bonds | | 5.25 | | 8/1/2037 | | 1,000,000 | | 1,279,519 | |
New York City Transitional Finance Authority, Revenue Bonds (Insured; State Aid Withholding) Ser. S3 | | 5.25 | | 7/15/2036 | | 1,000,000 | | 1,280,861 | |
New York City Transitional Finance Authority, Revenue Bonds, Refunding | | 5.00 | | 11/1/2031 | | 1,000,000 | | 1,356,874 | |
New York City Transitional Finance Authority, Revenue Bonds, Ser. C2 | | 2.98 | | 11/1/2027 | | 1,050,000 | | 1,160,128 | |
New York City Water & Sewer System, Revenue Bonds, Refunding, Ser. DD | | 3.00 | | 6/15/2038 | | 500,000 | | 554,975 | |
New York City Water & Sewer System, Revenue Bonds, Refunding, Ser. DD | | 4.50 | | 6/15/2039 | | 1,040,000 | | 1,147,758 | |
New York City Water & Sewer System, Revenue Bonds, Refunding, Ser. FF2 | | 5.00 | | 6/15/2035 | | 1,000,000 | | 1,294,165 | |
New York Liberty Development Corp., Revenue Bonds, Refunding (Bank of America Tower) | | 2.63 | | 9/15/2069 | | 1,500,000 | | 1,555,646 | |
New York Liberty Development Corp., Revenue Bonds, Refunding (Class 1-3 World Trade Center Project) | | 5.00 | | 11/15/2044 | | 2,000,000 | d | 2,211,431 | |
New York Liberty Development Corp., Revenue Bonds, Refunding (Class 2-3 World Trade Center Project) | | 5.15 | | 11/15/2034 | | 1,500,000 | d | 1,690,641 | |
New York Liberty Development Corp., Revenue Bonds, Refunding (Green Bonds) Ser. A | | 1.90 | | 11/15/2031 | | 2,000,000 | | 2,025,402 | |
New York State, GO, Refunding, Ser. B | | 2.05 | | 3/15/2032 | | 1,115,000 | | 1,143,316 | |
New York State Bridge Authority, Revenue Bonds, Refunding, Ser. B | | 4.00 | | 1/1/2036 | | 1,220,000 | | 1,475,360 | |
New York State Bridge Authority, Revenue Bonds, Refunding, Ser. B | | 4.00 | | 1/1/2034 | | 1,000,000 | | 1,223,034 | |
New York State Dormitory Authority, Revenue Bonds (Insured; State Aid Withholding) Ser. A | | 5.00 | | 10/1/2030 | | 1,045,000 | | 1,302,637 | |
New York State Dormitory Authority, Revenue Bonds (Maimonides Medical Center) | | 4.00 | | 2/1/2038 | | 275,000 | | 320,519 | |
New York State Dormitory Authority, Revenue Bonds (Maimonides Medical Center) | | 4.00 | | 2/1/2037 | | 225,000 | | 262,425 | |
New York State Dormitory Authority, Revenue Bonds (Maimonides Medical Center) | | 4.00 | | 2/1/2040 | | 250,000 | | 290,236 | |
New York State Dormitory Authority, Revenue Bonds (Maimonides Medical Center) | | 4.00 | | 2/1/2039 | | 250,000 | | 291,155 | |
New York State Dormitory Authority, Revenue Bonds (New York University) Ser. A | | 5.00 | | 7/1/2023 | | 2,400,000 | b | 2,613,627 | |
New York State Dormitory Authority, Revenue Bonds (Special Needs Facilities) Ser. A1 | | 4.00 | | 7/1/2027 | | 990,000 | | 1,162,244 | |
New York State Dormitory Authority, Revenue Bonds, Refunding (Catholic Health System Obligated Group) | | 5.00 | | 7/1/2032 | | 640,000 | | 812,120 | |
New York State Dormitory Authority, Revenue Bonds, Refunding (Catholic Health System Obligated Group) | | 5.00 | | 7/1/2034 | | 550,000 | | 693,650 | |
New York State Dormitory Authority, Revenue Bonds, Refunding (Fordham University) | | 4.00 | | 7/1/2034 | | 1,000,000 | | 1,157,931 | |
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 | | 1,089,068 | |
New York State Dormitory Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 4.00 | | 10/1/2034 | | 1,125,000 | | 1,360,367 | |
New York State Dormitory Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 5.00 | | 10/1/2028 | | 1,000,000 | | 1,140,632 | |
New York State Dormitory Authority, Revenue Bonds, Refunding (New York University) Ser. A | | 4.00 | | 7/1/2037 | | 350,000 | | 429,401 | |
76
| | | | | | | | | | |
| |
BNY Mellon New York Intermediate Tax-Exempt Bond Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 105.5% (continued) | | | | | |
New York - 96.0% (continued) | | | | | |
New York State Dormitory Authority, Revenue Bonds, Refunding (New York University) Ser. A | | 5.00 | | 7/1/2031 | | 400,000 | | 552,601 | |
New York State Dormitory Authority, Revenue Bonds, Refunding (NYU Hospitals Center Obligated Group) | | 5.00 | | 7/1/2030 | | 1,155,000 | | 1,376,517 | |
New York State Dormitory Authority, Revenue Bonds, Refunding (Rochester Institute of Technology) Ser. A | | 5.00 | | 7/1/2027 | | 1,000,000 | | 1,250,591 | |
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 | | 1,205,071 | |
New York State Dormitory Authority, Revenue Bonds, Refunding (State University of New York) Ser. A | | 5.00 | | 7/1/2026 | | 640,000 | | 768,775 | |
New York State Dormitory Authority, Revenue Bonds, Refunding (The New School) Ser. A | | 5.00 | | 7/1/2032 | | 1,530,000 | | 1,768,377 | |
New York State Dormitory Authority, Revenue Bonds, Refunding, Ser. A | | 5.25 | | 3/15/2037 | | 775,000 | | 993,506 | |
New York State Dormitory Authority, Revenue Bonds, Ser. 2015B-B | | 5.00 | | 3/15/2035 | | 1,100,000 | | 1,295,224 | |
New York State Dormitory Authority, Revenue Bonds, Ser. A | | 5.00 | | 3/15/2030 | | 1,275,000 | | 1,558,881 | |
New York State Dormitory Authority, Revenue Bonds, Ser. A | | 5.00 | | 3/15/2029 | | 1,000,000 | | 1,234,379 | |
New York State Dormitory Authority, Revenue Bonds, Ser. B1 | | 4.00 | | 7/1/2026 | | 1,200,000 | | 1,384,633 | |
New York State Environmental Facilities Corp., Revenue Bonds, Refunding (Green Bond) (State Revolving Fund) Ser. D | | 3.00 | | 9/15/2030 | | 1,050,000 | | 1,121,242 | |
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 | | 1,047,910 | |
New York State Housing Finance Agency, Revenue Bonds (Insured; State of New York Mortgage Agency) Ser. L1 | | 1.50 | | 11/1/2029 | | 520,000 | | 524,855 | |
New York State Mortgage Agency, Revenue Bonds, Refunding, Ser. 203 | | 3.10 | | 10/1/2032 | | 1,500,000 | | 1,591,632 | |
New York State Mortgage Agency, Revenue Bonds, Ser. 223 | | 2.65 | | 10/1/2034 | | 1,000,000 | | 1,055,054 | |
New York State Mortgage Agency, Revenue Bonds, Ser. 226 | | 1.70 | | 4/1/2027 | | 1,270,000 | | 1,302,419 | |
New York State Thruway Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. K | | 5.00 | | 1/1/2031 | | 2,000,000 | | 2,301,949 | |
New York State Urban Development Corp., Revenue Bonds (State of New York Personal Income Tax) Ser. A | | 5.00 | | 3/15/2035 | | 1,000,000 | | 1,316,616 | |
New York State Urban Development Corp., Revenue Bonds, Refunding (State of New York Personal Income Tax) | | 4.00 | | 3/15/2039 | | 1,500,000 | | 1,791,221 | |
New York Transportation Development Corp., Revenue Bonds (Delta Air Lines) | | 5.00 | | 1/1/2024 | | 1,575,000 | | 1,740,557 | |
New York Transportation Development Corp., Revenue Bonds (Empire State Thruway Partners) | | 4.00 | | 10/31/2034 | | 500,000 | | 601,762 | |
Niagara Frontier Transportation Authority, Revenue Bonds, Refunding | | 5.00 | | 4/1/2026 | | 925,000 | | 1,105,312 | |
Niagara Frontier Transportation Authority, Revenue Bonds, Refunding | | 5.00 | | 4/1/2025 | | 1,330,000 | | 1,539,190 | |
Niagara Frontier Transportation Authority, Revenue Bonds, Refunding | | 5.00 | | 4/1/2024 | | 1,050,000 | | 1,173,364 | |
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 | | 1,092,225 | |
Oneida County Local Development Corp., Revenue Bonds, Refunding (Utica College Project) | | 5.00 | | 7/1/2027 | | 1,005,000 | | 1,185,428 | |
Oneida County Local Development Corp., Revenue Bonds, Refunding (Utica College Project) | | 5.00 | | 7/1/2029 | | 1,105,000 | | 1,343,074 | |
Port Authority of New York & New Jersey, Revenue Bonds, Refunding, Ser. 222 | | 4.00 | | 7/15/2036 | | 1,000,000 | | 1,208,928 | |
Sales Tax Asset Receivable Corp., Revenue Bonds, Refunding, Ser. A | | 5.00 | | 10/15/2024 | | 1,060,000 | b | 1,218,859 | |
South Glens Falls Central School District, GO, Refunding (Insured; State Aid Withholding) Ser. A | | 2.00 | | 7/15/2030 | | 1,000,000 | | 1,055,684 | |
77
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | |
| |
BNY Mellon New York Intermediate Tax-Exempt Bond Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 105.5% (continued) | | | | | |
New York - 96.0% (continued) | | | | | |
St. Lawrence County Industrial Development Agency, Revenue Bonds, Refunding (Clarkson University Project) | | 5.00 | | 9/1/2029 | | 1,000,000 | | 1,204,482 | |
St. Lawrence County Industrial Development Agency, Revenue Bonds, Refunding (Clarkson University) | | 5.00 | | 9/1/2039 | | 200,000 | | 250,764 | |
St. Lawrence County Industrial Development Agency, Revenue Bonds, Refunding (Clarkson University) | | 5.00 | | 9/1/2038 | | 200,000 | | 251,455 | |
St. Lawrence County Industrial Development Agency, Revenue Bonds, Refunding (Clarkson University) | | 5.00 | | 9/1/2041 | | 225,000 | | 280,426 | |
St. Lawrence County Industrial Development Agency, Revenue Bonds, Refunding (Clarkson University) | | 5.00 | | 9/1/2040 | | 225,000 | | 281,228 | |
St. Lawrence County Industrial Development Agency, Revenue Bonds, Refunding (Clarkson University) | | 5.00 | | 9/1/2035 | | 225,000 | | 285,197 | |
St. Lawrence County Industrial Development Agency, Revenue Bonds, Refunding (Clarkson University) | | 5.00 | | 9/1/2034 | | 200,000 | | 253,992 | |
St. Lawrence County Industrial Development Agency, Revenue Bonds, Refunding (Clarkson University) | | 5.00 | | 9/1/2037 | | 250,000 | | 315,150 | |
St. Lawrence County Industrial Development Agency, Revenue Bonds, Refunding (Clarkson University) | | 5.00 | | 9/1/2036 | | 225,000 | | 284,552 | |
Suffolk County, GO (Insured; Build America Mutual) Ser. A | | 4.00 | | 4/1/2033 | | 1,785,000 | | 2,060,174 | |
Suffolk County Water Authority, Revenue Bonds, Refunding, Ser. A | | 4.00 | | 6/1/2030 | | 1,145,000 | | 1,321,037 | |
The New York City Cultural Resources Trust, Revenue Bonds (Wildlife Conservation Society) Ser. A | | 5.00 | | 8/1/2023 | | 1,480,000 | b | 1,617,728 | |
The New York City Cultural Resources Trust, Revenue Bonds, Refunding (Lincoln Center Performing Arts) Ser. A | | 5.00 | | 12/1/2026 | | 1,760,000 | | 2,151,012 | |
Triborough Bridge & Tunnel Authority, Revenue Bonds, Refunding, Ser. A2 | | 2.00 | | 5/15/2028 | | 1,500,000 | a | 1,605,171 | |
Triborough Bridge & Tunnel Authority, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 11/15/2036 | | 1,525,000 | | 1,874,859 | |
Troy Capital Resource Corp., Revenue Bonds, Refunding (Rensselaer Polytechnic Institute) | | 5.00 | | 9/1/2028 | | 1,270,000 | | 1,605,784 | |
TSASC, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 6/1/2024 | | 500,000 | | 563,170 | |
TSASC, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 6/1/2022 | | 1,750,000 | | 1,812,344 | |
Washingtonville Central School District, GO, Refunding (Insured; State Aid Withholding) | | 3.00 | | 6/15/2031 | | 1,000,000 | | 1,096,358 | |
Webster Central School District, GO, Refunding (Insured; State Aid Withholding) | | 2.00 | | 6/15/2031 | | 1,105,000 | | 1,144,014 | |
Westchester County, GO, Ser. A | | 2.00 | | 10/15/2032 | | 1,000,000 | | 1,050,268 | |
Westchester County Local Development Corp., Revenue Bonds (Purchase Housing Corporation II Project) | | 5.00 | | 6/1/2037 | | 1,000,000 | | 1,153,859 | |
Westchester County Local Development Corp., Revenue Bonds, Refunding (Sarah Lawrence College) Ser. A | | 5.00 | | 6/1/2026 | | 1,210,000 | | 1,413,561 | |
Westchester County Local Development Corp., Revenue Bonds, Refunding (Sarah Lawrence College) Ser. A | | 5.00 | | 6/1/2025 | | 1,105,000 | | 1,258,154 | |
Westchester County Local Development Corp., Revenue Bonds, Refunding (Westchester Medical Center Obligated Group) | | 5.00 | | 11/1/2028 | | 1,000,000 | | 1,166,864 | |
Yonkers, GO (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 5.00 | | 11/15/2026 | | 1,000,000 | | 1,221,198 | |
Yonkers Economic Development Corp., Revenue Bonds (Charter School of Educational Excellence Project) Ser. A | | 4.00 | | 10/15/2029 | | 200,000 | | 223,800 | |
Yonkers Economic Development Corp., Revenue Bonds (Charter School of Educational Excellence Project) Ser. A | | 5.00 | | 10/15/2049 | | 640,000 | | 747,679 | |
Yonkers Economic Development Corp., Revenue Bonds (Charter School of Educational Excellence Project) Ser. A | | 5.00 | | 10/15/2039 | | 320,000 | | 380,001 | |
| | 157,118,282 | |
78
| | | | | | | | | | |
| |
BNY Mellon New York Intermediate Tax-Exempt Bond Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 105.5% (continued) | | | | | |
U.S. Related - .6% | | | | | |
Guam, Revenue Bonds, Ser. A | | 5.00 | | 1/1/2024 | | 1,000,000 | | 1,015,546 | |
Total Investments (cost $163,910,495) | | 105.5% | 172,680,487 | |
Liabilities, Less Cash and Receivables | | (5.5%) | (9,049,368) | |
Net Assets | | 100.0% | 163,631,119 | |
a These securities have a put feature; the date shown represents the put date and the bond holder can take a specific action to retain the bond after the put date.
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.
d Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2021, these securities were valued at $3,902,072 or 2.38% of net assets.
| | |
Portfolio Summary (Unaudited) † | Value (%) |
General | 20.5 |
Education | 16.6 |
General Obligation | 13.2 |
Transportation | 9.5 |
Medical | 9.1 |
Development | 7.6 |
School District | 6.0 |
Prerefunded | 5.0 |
Multifamily Housing | 4.9 |
Water | 3.3 |
Airport | 3.2 |
Tobacco Settlement | 3.0 |
Single Family Housing | 2.4 |
Housing | 1.2 |
| | 105.5 |
† Based on net assets.
See notes to financial statements.
79
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | |
| |
BNY Mellon Municipal Opportunities Fund |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Bonds and Notes - 1.1% | | | | | |
Commercial & Professional Services - .5% | | | | | |
Novant Health, Unscd. Bonds | | 2.64 | | 11/1/2036 | | 5,000,000 | | 5,183,978 | |
University of Southern California, Sr. Unscd. Bonds, Ser. 21A | | 2.95 | | 10/1/2051 | | 8,000,000 | | 8,570,079 | |
| | 13,754,057 | |
Health Care - .6% | | | | | |
AHS Hospital, Sr. Unscd. Bonds, Ser. 2021 | | 2.78 | | 7/1/2051 | | 5,000,000 | | 5,099,892 | |
Kaiser Foundation Hospitals, Unscd. Bonds, Ser. 2021 | | 2.81 | | 6/1/2041 | | 10,000,000 | | 10,337,995 | |
| | 15,437,887 | |
Total Bonds and Notes
(cost $28,000,000) | | 29,191,944 | |
| | | | | | | | | |
Long-Term Municipal Investments - 102.9% | | | | | |
Alabama - 1.8% | | | | | |
Alabama Public School & College Authority, Revenue Bonds, Refunding, Ser. A | | 4.00 | | 11/1/2040 | | 5,000,000 | | 6,049,876 | |
Alabama Public School & College Authority, Revenue Bonds, Refunding, Ser. A | | 4.00 | | 11/1/2038 | | 10,000,000 | | 12,179,544 | |
Alabama Public School & College Authority, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 11/1/2039 | | 10,000,000 | | 13,090,227 | |
Auburn University, Revenue Bonds, Ser. A | | 5.00 | | 6/1/2048 | | 5,000,000 | | 6,105,238 | |
Auburn University, Revenue Bonds, Ser. A | | 5.00 | | 6/1/2043 | | 3,500,000 | | 4,296,956 | |
Southeast Energy Authority, Revenue Bonds (Project No. 2) Ser. B | | 4.00 | | 12/1/2031 | | 5,000,000 | a | 6,182,843 | |
| | 47,904,684 | |
Arizona - 2.6% | | | | | |
Arizona Health Facilities Authority, Revenue Bonds, Refunding (Phoenix Children's Hospital Obligated Group) Ser. A | | 5.00 | | 2/1/2042 | | 6,000,000 | | 6,118,064 | |
Arizona Industrial Development Authority, Revenue Bonds (Academies of Math & Science Projects) | | 5.00 | | 7/1/2049 | | 1,000,000 | b | 1,166,700 | |
Arizona Industrial Development Authority, Revenue Bonds (Academies of Math & Science Projects) Ser. B | | 5.50 | | 7/1/2038 | | 1,165,000 | b | 1,357,338 | |
Arizona Industrial Development Authority, Revenue Bonds (Academies of Math & Science Projects) Ser. B | | 5.63 | | 7/1/2048 | | 2,000,000 | b | 2,316,520 | |
Arizona Industrial Development Authority, Revenue Bonds (Academies of Math & Science Projects) Ser. B | | 5.75 | | 7/1/2053 | | 3,260,000 | b | 3,787,329 | |
Arizona Industrial Development Authority, Revenue Bonds (Doral Academy of Nevada) Ser. A | | 5.00 | | 7/15/2049 | | 1,675,000 | b | 1,906,156 | |
Arizona Industrial Development Authority, Revenue Bonds (Doral Academy of Nevada) Ser. A | | 5.00 | | 7/15/2039 | | 1,325,000 | b | 1,527,415 | |
Arizona Industrial Development Authority, Revenue Bonds (Equitable School Revolving Fund Obligated Group) Ser. A | | 4.00 | | 11/1/2049 | | 2,000,000 | | 2,238,548 | |
Arizona Industrial Development Authority, Revenue Bonds (Equitable School Revolving Fund Obligated Group) Ser. A | | 5.00 | | 11/1/2044 | | 1,625,000 | | 1,950,576 | |
Arizona Industrial Development Authority, Revenue Bonds (Great Lakes Senior Living Communities) Ser. A | | 5.00 | | 1/1/2043 | | 1,750,000 | | 1,842,504 | |
Arizona Industrial Development Authority, Revenue Bonds (Great Lakes Senior Living Communities) Ser. B | | 5.00 | | 1/1/2049 | | 1,400,000 | | 1,384,698 | |
Arizona Industrial Development Authority, Revenue Bonds (Great Lakes Senior Living Communities) Ser. B | | 5.00 | | 1/1/2043 | | 1,650,000 | | 1,654,306 | |
Arizona Industrial Development Authority, Revenue Bonds (JEROME Facility Project) Ser. B | | 4.00 | | 7/1/2061 | | 3,700,000 | | 3,998,172 | |
Arizona Industrial Development Authority, Revenue Bonds (JEROME Facility Project) Ser. B | | 4.00 | | 7/1/2051 | | 1,750,000 | | 1,912,011 | |
Arizona Industrial Development Authority, Revenue Bonds (JEROME Facility Project) Ser. B | | 4.00 | | 7/1/2041 | | 720,000 | | 793,287 | |
Arizona Industrial Development Authority, Revenue Bonds (Lone Mountain Campus Project) Ser. A | | 5.00 | | 12/15/2049 | | 700,000 | b | 801,189 | |
80
| | | | | | | | | | |
| |
BNY Mellon Municipal Opportunities Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 102.9% (continued) | | | | | |
Arizona - 2.6% (continued) | | | | | |
Arizona Industrial Development Authority, Revenue Bonds (Lone Mountain Campus Project) Ser. A | | 5.00 | | 12/15/2039 | | 400,000 | b | 464,385 | |
Arizona Industrial Development Authority, Revenue Bonds (MACOMBS Facility Project) Ser. A | | 4.00 | | 7/1/2051 | | 2,000,000 | | 2,308,911 | |
Arizona Industrial Development Authority, Revenue Bonds (MACOMBS Facility Project) Ser. A | | 4.00 | | 7/1/2041 | | 950,000 | | 1,115,027 | |
Arizona Industrial Development Authority, Revenue Bonds (NCCU Properties) (Insured; Build America Mutual) Ser. A | | 4.00 | | 6/1/2044 | | 2,000,000 | | 2,277,174 | |
Arizona Industrial Development Authority, Revenue Bonds (Phoenix Children's Hospital Obligated Group) | | 3.00 | | 2/1/2045 | | 1,600,000 | | 1,705,555 | |
Arizona Industrial Development Authority, Revenue Bonds (Somerset Academy of Las Vegas) | | 4.00 | | 12/15/2041 | | 500,000 | b | 554,223 | |
Maricopa County Special Health Care District, GO, Ser. C | | 5.00 | | 7/1/2036 | | 7,500,000 | | 9,320,309 | |
Pinal County Industrial Development Authority, Revenue Bonds (Green Bond) (WOF SW GGP 1) | | 7.25 | | 10/1/2033 | | 2,000,000 | b | 2,224,825 | |
Salt River Project Agricultural Improvement & Power District, Revenue Bonds, Refunding (Salt River Project Agricultural Project) | | 5.00 | | 1/1/2029 | | 6,250,000 | | 8,143,291 | |
Salt River Project Agricultural Improvement & Power District, Revenue Bonds, Refunding (Salt River Project Agricultural Project) | | 5.00 | | 1/1/2028 | | 4,500,000 | | 5,715,690 | |
| | 68,584,203 | |
Arkansas - .5% | | | | | |
Arkansas Development Finance Authority, Revenue Bonds | | 4.00 | | 6/1/2045 | | 4,500,000 | | 5,168,726 | |
Arkansas Development Finance Authority, Revenue Bonds | | 4.00 | | 6/1/2039 | | 1,085,000 | | 1,266,197 | |
University of Arkansas, Revenue Bonds (Fayetteville Campus) | | 5.00 | | 11/1/2042 | | 5,990,000 | | 7,427,705 | |
| | 13,862,628 | |
California - 21.1% | | | | | |
Alameda Corridor Transportation Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. B | | 4.00 | | 10/1/2037 | | 1,000,000 | | 1,131,890 | |
Alameda Corridor Transportation Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. B | | 4.00 | | 10/1/2035 | | 1,500,000 | | 1,703,801 | |
Alameda Corridor Transportation Authority, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 10/1/2036 | | 2,500,000 | | 2,965,793 | |
Anaheim Public Financing Authority, Revenue Bonds, Refunding (Anaheim Convention Center Expansion Project) Ser. A | | 5.00 | | 5/1/2046 | | 6,450,000 | | 7,098,597 | |
Bay Area Toll Authority, Revenue Bonds, Refunding | | 4.00 | | 4/1/2042 | | 5,000,000 | | 5,757,025 | |
California, GO | | 5.00 | | 4/1/2033 | | 1,205,000 | | 1,562,068 | |
California, GO | | 5.00 | | 4/1/2049 | | 2,500,000 | | 3,161,244 | |
California, GO, Refunding | | 4.00 | | 10/1/2039 | | 5,000,000 | | 6,076,929 | |
California, GO, Refunding | | 5.00 | | 9/1/2031 | | 5,500,000 | | 7,587,867 | |
California, GO, Refunding | | 5.00 | | 12/1/2030 | | 1,700,000 | | 2,311,037 | |
California, GO, Refunding | | 5.00 | | 12/1/2031 | | 1,200,000 | | 1,664,802 | |
California, GO, Refunding | | 5.00 | | 9/1/2041 | | 10,000,000 | | 13,324,994 | |
California, GO, Refunding | | 5.00 | | 4/1/2035 | | 9,000,000 | | 10,049,994 | |
California, GO, Refunding | | 5.00 | | 9/1/2034 | | 7,000,000 | | 8,487,074 | |
California, GO, Refunding (Construction Bonds) | | 4.00 | | 10/1/2044 | | 5,000,000 | | 6,008,772 | |
California Community College Financing Authority, Revenue Bonds (Orange Coast Properties) | | 5.25 | | 5/1/2048 | | 2,000,000 | | 2,351,720 | |
California Community College Financing Authority, Revenue Bonds (Orange Coast Properties) | | 5.25 | | 5/1/2043 | | 1,250,000 | | 1,479,124 | |
California Community Housing Agency, Revenue Bonds (Arbors Apartments) Ser. A | | 5.00 | | 8/1/2050 | | 4,000,000 | b | 4,648,733 | |
California Community Housing Agency, Revenue Bonds (Aster Apartments) Ser. A1 | | 4.00 | | 2/1/2056 | | 5,000,000 | b | 5,664,076 | |
81
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | |
| |
BNY Mellon Municipal Opportunities Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 102.9% (continued) | | | | | |
California - 21.1% (continued) | | | | | |
California Community Housing Agency, Revenue Bonds (Creekwood Apartments) Ser. A | | 4.00 | | 2/1/2056 | | 5,000,000 | b | 5,462,770 | |
California Community Housing Agency, Revenue Bonds (Fountains at Emerald Park) | | 3.00 | | 8/1/2056 | | 5,000,000 | b | 5,182,598 | |
California Community Housing Agency, Revenue Bonds (Fountains at Emerald Park) | | 4.00 | | 8/1/2046 | | 2,500,000 | b | 2,774,093 | |
California Community Housing Agency, Revenue Bonds (Serenity at Larkspur Apartments) Ser. A | | 5.00 | | 2/1/2050 | | 5,000,000 | b | 5,774,590 | |
California Community Housing Agency, Revenue Bonds (Stoneridge Apartments) Ser. A | | 4.00 | | 2/1/2056 | | 3,250,000 | b | 3,573,543 | |
California Community Housing Agency, Revenue Bonds (Verdant At Green Valley Project) | | 5.00 | | 8/1/2049 | | 5,000,000 | b | 5,749,063 | |
California Community Housing Agency, Revenue Bonds, (Annadel Apartments) Ser. A | | 5.00 | | 4/1/2049 | | 3,500,000 | b | 3,980,574 | |
California County Tobacco Securitization Agency, Revenue Bonds, Refunding, Ser. A | | 4.00 | | 6/1/2049 | | 1,750,000 | | 2,074,423 | |
California Educational Facilities Authority, Revenue Bonds (Green Bond) (Loyola Marymount University) | | 5.00 | | 10/1/2048 | | 3,000,000 | | 3,647,044 | |
California Educational Facilities Authority, Revenue Bonds, Refunding (Loma Linda University) Ser. A | | 5.00 | | 4/1/2047 | | 2,500,000 | | 2,949,439 | |
California Educational Facilities Authority, Revenue Bonds, Refunding (Loma Linda University) Ser. A | | 5.00 | | 4/1/2042 | | 2,000,000 | | 2,373,628 | |
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 | | 1,192,459 | |
California Health Facilities Financing Authority, Revenue Bonds, Refunding (Lucile Salter Packard Children's Hospital at Stanford Obligated Group) | | 4.00 | | 5/15/2051 | | 5,000,000 | | 5,750,077 | |
California Health Facilities Financing Authority, Revenue Bonds, Refunding (Lucile Salter Packard Children's Hospital at Stanford Obligated Group) | | 4.00 | | 5/15/2046 | | 5,000,000 | | 5,791,241 | |
California Health Facilities Financing Authority, Revenue Bonds, Refunding (Providence St. Joseph Health Obligated Group) Ser. A | | 5.00 | | 7/1/2037 | | 2,270,000 | | 2,466,488 | |
California Health Facilities Financing Authority, Revenue Bonds, Refunding, Ser. A2 | | 4.00 | | 11/1/2044 | | 12,000,000 | | 13,947,476 | |
California Infrastructure & Economic Development Bank, Revenue Bonds (WFCS Portfolio Project) Ser. A-1 | | 5.00 | | 1/1/2056 | | 1,200,000 | b | 1,427,351 | |
California Infrastructure & Economic Development Bank, Revenue Bonds, Refunding (The J. David Gladstone Institutes Project) Ser. A | | 5.25 | | 10/1/2021 | | 900,000 | c | 903,628 | |
California Municipal Finance Authority, Revenue Bonds | | 5.00 | | 5/15/2049 | | 2,000,000 | | 2,436,570 | |
California Municipal Finance Authority, Revenue Bonds (Bowles Hall Foundation) Ser. A | | 5.00 | | 6/1/2050 | | 2,750,000 | | 3,110,126 | |
California Municipal Finance Authority, Revenue Bonds (Bowles Hall Foundation) Ser. A | | 5.00 | | 6/1/2035 | | 600,000 | | 685,662 | |
California Municipal Finance Authority, Revenue Bonds (CHF-Davis I) | | 5.00 | | 5/15/2043 | | 5,000,000 | | 6,213,595 | |
California Municipal Finance Authority, Revenue Bonds (CHF-Davis I) | | 5.00 | | 5/15/2048 | | 6,000,000 | | 7,410,083 | |
California Municipal Finance Authority, Revenue Bonds (CHF-Davis I) | | 5.00 | | 5/15/2040 | | 5,000,000 | | 6,248,510 | |
California Municipal Finance Authority, Revenue Bonds (CHF-Riverside I) | | 5.00 | | 5/15/2037 | | 2,605,000 | | 3,249,356 | |
California Municipal Finance Authority, Revenue Bonds (CHF-Riverside I) | | 5.00 | | 5/15/2034 | | 2,250,000 | | 2,822,361 | |
California Municipal Finance Authority, Revenue Bonds (CHF-Riverside I) | | 5.00 | | 5/15/2043 | | 2,000,000 | | 2,462,364 | |
California Municipal Finance Authority, Revenue Bonds (CHF-Riverside I) | | 5.00 | | 5/15/2039 | | 3,265,000 | | 4,054,929 | |
82
| | | | | | | | | | |
| |
BNY Mellon Municipal Opportunities Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 102.9% (continued) | | | | | |
California - 21.1% (continued) | | | | | |
California Municipal Finance Authority, Revenue Bonds (CHF-Riverside I) | | 5.00 | | 5/15/2052 | | 7,500,000 | | 9,148,162 | |
California Municipal Finance Authority, Revenue Bonds (Claremont Colleges Project) Ser. A | | 5.00 | | 7/1/2052 | | 2,075,000 | b | 2,364,176 | |
California Municipal Finance Authority, Revenue Bonds (Claremont Colleges Project) Ser. A | | 5.00 | | 7/1/2040 | | 1,515,000 | b | 1,753,604 | |
California Municipal Finance Authority, Revenue Bonds (Emerson College) | | 6.00 | | 1/1/2022 | | 6,000,000 | c | 6,116,141 | |
California Municipal Finance Authority, Revenue Bonds (Green Bond) (Insured; Build America Mutual) | | 4.00 | | 5/15/2046 | | 1,000,000 | | 1,182,800 | |
California Municipal Finance Authority, Revenue Bonds (John Adams Academy - Lincoln) Ser. A | | 5.00 | | 10/1/2057 | | 1,650,000 | b | 1,794,820 | |
California Municipal Finance Authority, Revenue Bonds (John Adams Academy - Lincoln) Ser. A | | 5.00 | | 10/1/2049 | | 1,515,000 | b | 1,654,932 | |
California Municipal Finance Authority, Revenue Bonds (LAX Integrated Express Solutions Project) | | 5.00 | | 12/31/2047 | | 2,250,000 | | 2,725,444 | |
California Municipal Finance Authority, Revenue Bonds (Northbay Healthcare Group Obligated Group) Ser. A | | 5.25 | | 11/1/2047 | | 700,000 | | 814,517 | |
California Municipal Finance Authority, Revenue Bonds (Northbay Healthcare Group Obligated Group) Ser. A | | 5.25 | | 11/1/2041 | | 1,200,000 | | 1,409,721 | |
California Municipal Finance Authority, Revenue Bonds (Palmdale Aerospace Academy Project) Ser. A | | 5.00 | | 7/1/2038 | | 1,100,000 | b | 1,305,820 | |
California Municipal Finance Authority, Revenue Bonds (Southwestern Law School) | | 6.50 | | 11/1/2031 | | 300,000 | | 302,690 | |
California Municipal Finance Authority, Revenue Bonds (United Airlines Project) | | 4.00 | | 7/15/2029 | | 3,000,000 | | 3,503,775 | |
California Municipal Finance Authority, Revenue Bonds, Refunding (Community Medical Center) Ser. A | | 5.00 | | 2/1/2042 | | 1,000,000 | | 1,197,567 | |
California Municipal Finance Authority, Revenue Bonds, Refunding (William Jessup University) | | 5.00 | | 8/1/2039 | | 1,500,000 | | 1,698,613 | |
California Pollution Control Financing Authority, Revenue Bonds (Rialto Bioenergy Facility Project) | | 7.50 | | 12/1/2040 | | 5,000,000 | b | 5,505,831 | |
California Pollution Control Financing Authority, Revenue Bonds (Waste Management Project) Ser. A | | 2.50 | | 5/1/2024 | | 2,870,000 | a | 3,034,249 | |
California Public Finance Authority, Revenue Bonds (ENSO Village Project) Ser. 85 | | 3.13 | | 5/15/2029 | | 1,000,000 | b | 1,019,114 | |
California Public Finance Authority, Revenue Bonds (Green Bond) (ENSO Village Project) | | 5.00 | | 11/15/2046 | | 500,000 | b | 584,038 | |
California Public Finance Authority, Revenue Bonds (Green Bond) (ENSO Village Project) | | 5.00 | | 11/15/2036 | | 500,000 | b | 598,259 | |
California Public Finance Authority, Revenue Bonds (Green Bond) (ENSO Village Project) | | 5.00 | | 11/15/2051 | | 250,000 | b | 290,820 | |
California Public Finance Authority, Revenue Bonds (Green Bond) (ENSO Village Project) | | 5.00 | | 11/15/2056 | | 500,000 | b | 579,651 | |
California Public Works Board, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 2/1/2031 | | 3,500,000 | | 4,687,047 | |
California Public Works Board, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 2/1/2030 | | 3,500,000 | | 4,593,958 | |
California Public Works Board, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 2/1/2032 | | 3,500,000 | | 4,785,256 | |
California Public Works Board, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 8/1/2035 | | 2,415,000 | | 3,154,484 | |
California Public Works Board, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 8/1/2036 | | 2,500,000 | | 3,255,267 | |
California Public Works Board, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 8/1/2034 | | 1,920,000 | | 2,512,914 | |
California Public Works Board, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 8/1/2032 | | 2,035,000 | | 2,684,680 | |
California Public Works Board, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 8/1/2033 | | 2,295,000 | | 3,014,492 | |
83
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | |
| |
BNY Mellon Municipal Opportunities Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 102.9% (continued) | | | | | |
California - 21.1% (continued) | | | | | |
California School Finance Authority, Revenue Bonds (Green Dot Public Schools California Project) Ser. A | | 5.00 | | 8/1/2038 | | 1,000,000 | b | 1,202,016 | |
California School Finance Authority, Revenue Bonds (Green Dot Public Schools California Project) Ser. A | | 5.00 | | 8/1/2048 | | 2,750,000 | b | 3,249,429 | |
California School Finance Authority, Revenue Bonds (KIPP LA Project) Ser. A | | 5.00 | | 7/1/2047 | | 870,000 | b | 1,016,716 | |
California School Finance Authority, Revenue Bonds (KIPP LA Project) Ser. A | | 5.00 | | 7/1/2037 | | 590,000 | b | 700,578 | |
California School Finance Authority, Revenue Bonds (Summit Public Schools Obligated Group) | | 5.00 | | 6/1/2047 | | 1,500,000 | b | 1,735,386 | |
California Statewide Communities Development Authority, Revenue Bonds (Loma Linda University Medical Center Obligated Group) | | 5.00 | | 12/1/2033 | | 1,000,000 | b | 1,189,737 | |
California Statewide Communities Development Authority, Revenue Bonds (Loma Linda University Medical Center Obligated Group) | | 5.25 | | 12/1/2038 | | 1,500,000 | b | 1,790,429 | |
California Statewide Communities Development Authority, Revenue Bonds (Loma Linda University Medical Center Obligated Group) Ser. A | | 5.00 | | 12/1/2036 | | 6,500,000 | b | 7,382,586 | |
California Statewide Communities Development Authority, Revenue Bonds (Loma Linda University Medical Center Obligated Group) Ser. A | | 5.00 | | 12/1/2041 | | 2,500,000 | b | 2,816,160 | |
California Statewide Communities Development Authority, Revenue Bonds, Refunding (CHF-Irvine) | | 5.00 | | 5/15/2040 | | 2,000,000 | | 2,349,473 | |
California Statewide Communities Development Authority, Revenue Bonds, Refunding (Front Porch Communities & Services Obligated Group) | | 4.00 | | 4/1/2042 | | 1,600,000 | | 1,819,067 | |
California Statewide Communities Development Authority, Revenue Bonds, Refunding (Front Porch Communities & Services Obligated Group) | | 5.00 | | 4/1/2047 | | 1,500,000 | | 1,788,207 | |
California Statewide Communities Development Authority, Revenue Bonds, Refunding (Irvine Campus) | | 5.38 | | 5/15/2038 | | 1,900,000 | | 1,907,300 | |
California Statewide Communities Development Authority, Revenue Bonds, Refunding (Loma Linda University Medical Center Obligated Group) | | 5.25 | | 12/1/2044 | | 3,000,000 | | 3,398,550 | |
California University, Revenue Bonds, Refunding, Ser. A | | 4.00 | | 11/1/2045 | | 500,000 | | 564,063 | |
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 | | 4,367,940 | |
Chino Valley Unified School District, GO, Ser. B | | 4.00 | | 8/1/2045 | | 2,610,000 | | 3,104,809 | |
Cloverdale Unified School District, GO, Refunding, Ser. B | | 4.00 | | 8/1/2049 | | 5,000,000 | | 5,746,573 | |
CMFA Special Finance Agency VIII, Revenue Bonds, Ser. A2 | | 4.00 | | 8/1/2047 | | 3,500,000 | b | 3,763,818 | |
CSCDA Community Improvement Authority, Revenue Bonds | | 2.65 | | 12/1/2046 | | 2,500,000 | b | 2,545,018 | |
CSCDA Community Improvement Authority, Revenue Bonds | | 3.00 | | 12/1/2056 | | 2,500,000 | b | 2,555,419 | |
CSCDA Community Improvement Authority, Revenue Bonds | | 4.00 | | 12/1/2056 | | 2,500,000 | b | 2,730,593 | |
CSCDA Community Improvement Authority, Revenue Bonds, Ser. A2 | | 4.00 | | 9/1/2056 | | 5,000,000 | b | 5,520,044 | |
CSCDA Community Improvement Authority, Revenue Bonds, Ser. B | | 4.00 | | 2/1/2057 | | 1,000,000 | b | 1,077,710 | |
Desert Sands Unified School District, GO | | 5.00 | | 8/1/2040 | | 7,680,000 | | 9,472,121 | |
Foothill Eastern Transportation Corridor Agency, Revenue Bonds, Refunding, Ser. B1 | | 3.95 | | 1/15/2053 | | 5,000,000 | | 5,528,452 | |
Foothill-Eastern Transportation Corridor Agency, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. B | | 2.96 | | 1/15/2046 | | 2,000,000 | | 2,015,713 | |
Foothill-Eastern Transportation Corridor Agency, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. D | | 3.06 | | 1/15/2043 | | 1,000,000 | | 1,016,040 | |
Foothill-Eastern Transportation Corridor Agency, Revenue Bonds, Refunding, Ser. A | | 4.09 | | 1/15/2049 | | 7,500,000 | | 8,019,531 | |
84
| | | | | | | | | | |
| |
BNY Mellon Municipal Opportunities Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 102.9% (continued) | | | | | |
California - 21.1% (continued) | | | | | |
Fowler Unified School District, GO (Insured; Build America Mutual) Ser. B | | 3.38 | | 8/1/2045 | | 1,200,000 | | 1,320,806 | |
Fowler Unified School District, GO (Insured; Build America Mutual) Ser. B | | 5.00 | | 8/1/2050 | | 3,000,000 | | 3,806,425 | |
Galt Redevelopment Agency, Tax Allocation Bonds | | 7.38 | | 9/1/2033 | | 2,000,000 | | 2,000,000 | |
Golden State Tobacco Securitization Corp., Revenue Bonds, Refunding, Ser. A1 | | 5.00 | | 6/1/2047 | | 5,000,000 | | 5,166,651 | |
Golden State Tobacco Securitization Corp., Revenue Bonds, Refunding, Ser. A1 | | 5.00 | | 6/1/2032 | | 5,000,000 | | 6,224,324 | |
Golden State Tobacco Securitization Corp., Revenue Bonds, Refunding, Ser. A2 | | 5.00 | | 6/1/2047 | | 5,000,000 | | 5,166,643 | |
Grant Joint Union High School District, GO (Insured; Assured Guaranty Municipal Corp.) | | 0.00 | | 2/1/2033 | | 4,380,000 | d | 3,540,472 | |
Grant Joint Union High School District, GO (Insured; Assured Guaranty Municipal Corp.) | | 0.00 | | 8/1/2029 | | 2,080,000 | d | 1,847,803 | |
Irvine, Special Assessment Bonds (LOC; Sumitomo Mitsui Banking) Ser. A | | 0.01 | | 9/2/2032 | | 3,600,000 | e | 3,600,000 | |
Irvine, Special Assessment Bonds, Refunding | | 4.00 | | 9/2/2029 | | 1,000,000 | | 1,031,084 | |
Long Beach Marina System, Revenue Bonds | | 5.00 | | 5/15/2045 | | 2,000,000 | | 2,201,101 | |
Long Beach Marina System, Revenue Bonds | | 5.00 | | 5/15/2040 | | 2,500,000 | | 2,767,753 | |
Los Angeles Airports Department, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 5/15/2048 | | 5,000,000 | | 6,465,882 | |
Los Angeles County Public Works Financing Authority, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 12/1/2039 | | 1,000,000 | | 1,143,704 | |
Los Angeles County Public Works Financing Authority, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 12/1/2034 | | 1,000,000 | | 1,147,195 | |
Los Angeles Unified School District, GO, Ser. RYQ | | 4.00 | | 7/1/2044 | | 7,500,000 | | 8,925,404 | |
New Haven Unified School District, GO (Insured; Assured Guaranty Corp.) | | 0.00 | | 8/1/2032 | | 2,500,000 | d | 2,051,434 | |
Norman Y. Mineta San Jose International Airport, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 3/1/2047 | | 8,500,000 | | 10,139,591 | |
Northern California Energy Authority, Revenue Bonds, Ser. A | | 4.00 | | 7/1/2024 | | 10,000,000 | a | 10,968,752 | |
Northern California Gas Authority No. 1, Revenue Bonds, Ser. B, 3 Month LIBOR x .67 +.72% | | 0.82 | | 7/1/2027 | | 545,000 | f | 549,092 | |
Oroville, Revenue Bonds (Oroville Hospital) | | 5.25 | | 4/1/2039 | | 1,750,000 | | 1,987,770 | |
Palomar Health, Revenue Bonds, Refunding | | 5.00 | | 11/1/2039 | | 1,000,000 | | 1,170,793 | |
Riverside County Transportation Commission, Revenue Bonds, Refunding, Ser. A | | 5.25 | | 6/1/2023 | | 2,000,000 | c | 2,179,389 | |
Riverside County Transportation Commission, Revenue Bonds, Ser. A | | 5.75 | | 6/1/2048 | | 5,000,000 | | 5,392,266 | |
Riverside County Transportation Commission, Revenue Bonds, Ser. A | | 5.75 | | 6/1/2044 | | 2,000,000 | | 2,157,000 | |
San Diego Unified School District, GO, Ser. A | | 0.00 | | 7/1/2025 | | 2,385,000 | d | 2,332,671 | |
San Diego Unified School District, GO, Ser. A | | 0.00 | | 7/1/2025 | | 1,615,000 | d | 1,585,612 | |
San Diego Unified School District, GO, Ser. F | | 4.00 | | 7/1/2035 | | 2,205,000 | | 2,475,483 | |
San Francisco Airport City & County, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 5/1/2044 | | 6,500,000 | | 8,037,476 | |
San Francisco City & County Redevelopment Agency, Special Tax Bonds, Ser. C | | 0.00 | | 8/1/2038 | | 2,000,000 | d | 786,318 | |
San Francisco City & County Redevelopment Agency, Special Tax Bonds, Ser. C | | 0.00 | | 8/1/2043 | | 7,835,000 | d | 2,278,076 | |
San Joaquin Hills Transportation Corridor Agency, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 1/15/2050 | | 5,000,000 | | 5,593,411 | |
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 | d | 2,674,122 | |
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 | d | 4,611,832 | |
85
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | |
| |
BNY Mellon Municipal Opportunities Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 102.9% (continued) | | | | | |
California - 21.1% (continued) | | | | | |
The Morongo Band of Mission Indians, Revenue Bonds, Ser. A | | 5.00 | | 10/1/2042 | | 1,000,000 | b | 1,197,859 | |
Tobacco Securitization Authority of Northern California, Revenue Bonds, Refunding (San Diego County Tobacco Asset Securitization) | | 5.00 | | 6/1/2039 | | 2,000,000 | | 2,564,295 | |
Tobacco Securitization Authority of Northern California, Revenue Bonds, Refunding (San Diego County Tobacco Asset Securitization) | | 5.00 | | 6/1/2048 | | 4,000,000 | | 5,036,198 | |
Tobacco Securitization Authority of Northern California, Revenue Bonds, Refunding, Ser. A | | 4.00 | | 6/1/2040 | | 500,000 | | 609,978 | |
Tobacco Securitization Authority of Northern California, Revenue Bonds, Refunding, Ser. A | | 4.00 | | 6/1/2037 | | 500,000 | | 614,774 | |
Tobacco Securitization Authority of Northern California, Revenue Bonds, Refunding, Ser. A | | 4.00 | | 6/1/2038 | | 800,000 | | 980,037 | |
Tobacco Securitization Authority of Northern California, Revenue Bonds, Refunding, Ser. A | | 4.00 | | 6/1/2039 | | 1,000,000 | | 1,222,054 | |
Transbay Joint Powers Authority, Tax Allocation Bonds (Green Bond) Ser. A | | 5.00 | | 10/1/2045 | | 1,000,000 | | 1,259,794 | |
Transbay Joint Powers Authority, Tax Allocation Bonds (Green Bond) Ser. A | | 5.00 | | 10/1/2049 | | 1,000,000 | | 1,255,029 | |
Transbay Joint Powers Authority, Tax Allocation Bonds (Green Bond) Ser. A | | 5.00 | | 10/1/2039 | | 900,000 | | 1,149,752 | |
Transbay Joint Powers Authority, Tax Allocation Bonds (Green Bond) Ser. A | | 5.00 | | 10/1/2040 | | 1,000,000 | | 1,274,812 | |
University of California, Revenue Bonds, Refunding (Limited Project) Ser. G | | 5.00 | | 5/15/2037 | | 7,325,000 | | 7,578,674 | |
University of California, Revenue Bonds, Refunding, Ser. AZ | | 5.00 | | 5/15/2043 | | 5,000,000 | | 6,225,345 | |
University of California, Revenue Bonds, Refunding, Ser. BH | | 4.00 | | 5/15/2051 | | 15,000,000 | | 17,954,433 | |
University of California, Revenue Bonds, Refunding, Ser. S | | 5.00 | | 5/15/2034 | | 3,000,000 | | 4,061,118 | |
University of California, Revenue Bonds, Refunding, Ser. S | | 5.00 | | 5/15/2035 | | 2,000,000 | | 2,700,532 | |
University of California, Revenue Bonds, Refunding, Ser. S | | 5.00 | | 5/15/2033 | | 5,000,000 | | 6,800,550 | |
University of California, Revenue Bonds, Ser. AV | | 5.00 | | 5/15/2042 | | 2,525,000 | | 3,097,962 | |
| | 563,305,432 | |
Colorado - 1.4% | | | | | |
Colorado Board Governors University System, Revenue Bonds, Refunding, Ser. C | | 5.00 | | 3/1/2043 | | 2,995,000 | | 3,646,704 | |
Colorado Board Governors University System, Revenue Bonds, Refunding, Ser. C | | 5.00 | | 3/1/2028 | | 2,005,000 | c | 2,542,930 | |
Colorado Educational & Cultural Facilities Authority, Revenue Bonds (LOC; Northern Trust Company) Ser. F2 | | 0.01 | | 7/1/2041 | | 1,245,000 | e | 1,245,000 | |
Colorado Health Facilities Authority, Revenue Bonds, Refunding (Evangelical Lutheran Good Samaritan Society Project) Ser. R | | 5.00 | | 6/1/2027 | | 2,500,000 | c | 3,099,725 | |
Denver City & County, Revenue Bonds, Ser. A | | 4.00 | | 8/1/2051 | | 10,000,000 | | 11,888,896 | |
Denver City & County Airport System, Revenue Bonds, Refunding, Ser. A | | 4.00 | | 12/1/2048 | | 1,250,000 | | 1,416,229 | |
Denver City & County Airport System, Revenue Bonds, Refunding, Ser. A | | 5.25 | | 12/1/2048 | | 3,500,000 | | 4,352,380 | |
Denver Urban Renewal Authority, Tax Allocation Bonds, Ser. A | | 5.25 | | 12/1/2039 | | 2,000,000 | b | 2,192,047 | |
Denver Urban Renewal Authority, Tax Allocation Bonds, Ser. A | | 5.25 | | 12/1/2039 | | 2,500,000 | b | 2,741,112 | |
E-470 Public Highway Authority, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 9/1/2040 | | 1,725,000 | | 1,941,070 | |
Regional Transportation District, Revenue Bonds, Refunding (Denver Transit Partners) Ser. A | | 3.00 | | 7/15/2037 | | 1,000,000 | | 1,075,452 | |
Regional Transportation District, Revenue Bonds, Refunding (Denver Transit Partners) Ser. A | | 4.00 | | 7/15/2033 | | 1,000,000 | | 1,264,164 | |
Regional Transportation District, Revenue Bonds, Refunding (Denver Transit Partners) Ser. A | | 4.00 | | 7/15/2035 | | 1,000,000 | | 1,208,378 | |
| | 38,614,087 | |
86
| | | | | | | | | | |
| |
BNY Mellon Municipal Opportunities Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 102.9% (continued) | | | | | |
Connecticut - 1.9% | | | | | |
Connecticut, GO, Ser. 2021 A | | 3.00 | | 1/15/2040 | | 5,000,000 | | 5,490,323 | |
Connecticut, GO, Ser. 2021 A | | 3.00 | | 1/15/2038 | | 5,000,000 | | 5,519,144 | |
Connecticut, GO, Ser. 2021 A | | 3.00 | | 1/15/2037 | | 5,000,000 | | 5,552,424 | |
Connecticut, Revenue Bonds, Ser. A | | 4.00 | | 5/1/2039 | | 2,695,000 | | 3,267,757 | |
Connecticut, Revenue Bonds, Ser. A | | 4.00 | | 5/1/2040 | | 3,000,000 | | 3,628,875 | |
Connecticut, Revenue Bonds, Ser. A | | 5.00 | | 5/1/2041 | | 2,000,000 | | 2,616,900 | |
Connecticut, Special Tax Bonds, Ser. A | | 4.00 | | 5/1/2036 | | 1,725,000 | | 2,086,922 | |
Connecticut, Special Tax Bonds, Ser. A | | 4.00 | | 5/1/2039 | | 1,500,000 | | 1,800,125 | |
Connecticut, Special Tax Bonds, Ser. A | | 5.00 | | 5/1/2037 | | 3,500,000 | | 4,548,420 | |
Connecticut, Special Tax Bonds, Ser. A | | 5.00 | | 5/1/2034 | | 2,000,000 | | 2,621,561 | |
Connecticut, Special Tax Bonds, Ser. A | | 5.00 | | 5/1/2038 | | 2,000,000 | | 2,592,835 | |
Connecticut Health & Educational Facilities Authority, Revenue Bonds, Refunding (The Stamford Hospital Obligated Group) | | 4.00 | | 7/1/2041 | | 5,000,000 | | 5,766,152 | |
The Metropolitan District, GO, Ser. A | | 4.00 | | 7/15/2037 | | 1,125,000 | | 1,341,468 | |
The Metropolitan District, GO, Ser. A | | 4.00 | | 7/15/2039 | | 500,000 | | 593,445 | |
The Metropolitan District, GO, Ser. A | | 4.00 | | 7/15/2035 | | 500,000 | | 599,572 | |
The Metropolitan District, GO, Ser. A | | 4.00 | | 7/15/2036 | | 1,200,000 | | 1,434,881 | |
| | 49,460,804 | |
Delaware - .1% | | | | | |
Kent County, Revenue Bonds (CHF-Dover University Project) Ser. A | | 5.00 | | 7/1/2048 | | 1,000,000 | | 1,131,736 | |
Kent County, Revenue Bonds (CHF-Dover University Project) Ser. A | | 5.00 | | 7/1/2040 | | 750,000 | | 858,183 | |
University of Delaware, Revenue Bonds, Ser. B | | 0.01 | | 11/1/2034 | | 750,000 | e | 750,000 | |
| | 2,739,919 | |
District of Columbia - 2.8% | | | | | |
District of Columbia, Revenue Bonds (District of Columbia International School Obligated Group) | | 5.00 | | 7/1/2049 | | 1,275,000 | | 1,532,352 | |
District of Columbia, Revenue Bonds (Friendship Public Charter School) | | 5.00 | | 12/1/2022 | | 3,500,000 | c | 3,708,702 | |
District of Columbia, Revenue Bonds (KIPP DC Project) | | 4.00 | | 7/1/2039 | | 1,275,000 | | 1,465,367 | |
District of Columbia, Revenue Bonds (KIPP DC Project) | | 4.00 | | 7/1/2049 | | 1,375,000 | | 1,549,840 | |
District of Columbia, Revenue Bonds (KIPP DC Project) | | 4.00 | | 7/1/2044 | | 1,240,000 | | 1,407,794 | |
District of Columbia, Revenue Bonds, Refunding (KIPP Charter School) | | 6.00 | | 7/1/2023 | | 1,700,000 | c | 1,879,404 | |
District of Columbia, Revenue Bonds, Refunding (KIPP Charter School) | | 6.00 | | 7/1/2023 | | 1,100,000 | c | 1,216,085 | |
District of Columbia, Revenue Bonds, Refunding (KIPP Charter School) | | 6.00 | | 7/1/2023 | | 1,450,000 | c | 1,603,021 | |
District of Columbia, Revenue Bonds, Refunding (KIPP DC Project) Ser. A | | 5.00 | | 7/1/2048 | | 5,000,000 | | 5,868,792 | |
District of Columbia, Revenue Bonds, Refunding (KIPP DC Project) Ser. B | | 5.00 | | 7/1/2042 | | 4,000,000 | | 4,736,798 | |
District of Columbia, Revenue Bonds, Ser. A | | 5.00 | | 3/1/2026 | | 10,000,000 | | 12,057,342 | |
District of Columbia, Revenue Bonds, Ser. C | | 4.00 | | 5/1/2039 | | 4,000,000 | | 4,832,784 | |
District of Columbia, Revenue Bonds, Ser. C | | 4.00 | | 5/1/2038 | | 2,605,000 | | 3,155,489 | |
District of Columbia, Revenue Bonds, Ser. C | | 4.00 | | 5/1/2045 | | 5,000,000 | | 5,954,245 | |
District of Columbia, Revenue Bonds, Ser. C | | 4.00 | | 5/1/2040 | | 3,000,000 | | 3,616,681 | |
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 | d | 4,712,551 | |
Metropolitan Washington Airports Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. B | | 4.00 | | 10/1/2053 | | 5,000,000 | | 5,778,813 | |
Washington Metropolitan Area Transit Authority, Revenue Bonds (Green Bond) Ser. A | | 3.00 | | 7/15/2043 | | 4,250,000 | | 4,694,854 | |
87
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | |
| |
BNY Mellon Municipal Opportunities Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 102.9% (continued) | | | | | |
District of Columbia - 2.8% (continued) | | | | | |
Washington Metropolitan Area Transit Authority, Revenue Bonds (Green Bond) Ser. A | | 4.00 | | 7/15/2046 | | 3,000,000 | | 3,595,729 | |
| | 73,366,643 | |
Florida - 4.0% | | | | | |
Capital Trust Agency, Revenue Bonds (Franklin Academy Project) | | 5.00 | | 12/15/2035 | | 1,085,000 | b | 1,209,415 | |
Capital Trust Agency, Revenue Bonds (Franklin Academy Project) | | 5.00 | | 12/15/2040 | | 1,220,000 | b | 1,348,080 | |
Capital Trust Agency, Revenue Bonds (H-Bay Ministries Inc-Superior Residences Project) Ser. A1 | | 5.00 | | 7/1/2048 | | 750,000 | g | 420,000 | |
Capital Trust Agency, Revenue Bonds (H-Bay Ministries Inc-Superior Residences Project) Ser. B | | 5.00 | | 7/1/2053 | | 250,000 | g | 80,000 | |
Collier County Health Facilities Authority, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 5/1/2045 | | 2,500,000 | | 2,782,466 | |
Florida Development Finance Corp., Revenue Bonds (Green Bond) Ser. B | | 7.38 | | 1/1/2049 | | 5,000,000 | b | 5,497,606 | |
Florida Development Finance Corp., Revenue Bonds (Mater Academy Project) Ser. A | | 5.00 | | 6/15/2040 | | 1,650,000 | b | 1,926,530 | |
Florida Development Finance Corp., Revenue Bonds (Mater Academy Project) Ser. A | | 5.00 | | 6/15/2050 | | 6,500,000 | b | 7,497,895 | |
Florida Development Finance Corp., Revenue Bonds, Refunding (Glenridge on Palmer Ranch Obligated Group) | | 5.00 | | 6/1/2051 | | 1,250,000 | | 1,446,514 | |
Florida Higher Educational Facilities Financial Authority, Revenue Bonds, Refunding (Rollins College Project) Ser. A | | 3.00 | | 12/1/2048 | | 7,500,000 | | 7,949,059 | |
Florida Higher Educational Facilities Financial Authority, Revenue Bonds, Refunding (Rollins College Project) Ser. A | | 4.00 | | 12/1/2050 | | 10,000,000 | | 11,586,948 | |
Florida Higher Educational Facilities Financial Authority, Revenue Bonds, Refunding (The University of Tampa Project) Ser. A | | 5.25 | | 4/1/2022 | | 1,100,000 | c | 1,132,607 | |
Hillsborough County Industrial Development Authority, Revenue Bonds (Tampa General Hospital Project) Ser. A | | 4.00 | | 8/1/2045 | | 2,220,000 | | 2,609,868 | |
Hillsborough County Industrial Development Authority, Revenue Bonds, Refunding (BayCare Health System Obligated Group) (LOC; TD Bank NA) Ser. D | | 0.01 | | 11/15/2042 | | 900,000 | e | 900,000 | |
Hillsborough County Industrial Development Authority, Revenue Bonds, Refunding (BayCare Obligated Group) (LOC; TD Bank NA) Ser. B | | 0.01 | | 11/1/2038 | | 600,000 | e | 600,000 | |
Jacksonville, Revenue Bonds, Refunding | | 5.00 | | 10/1/2030 | | 750,000 | | 788,910 | |
Miami Beach Redevelopment Agency, Tax Allocation Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) | | 5.00 | | 2/1/2040 | | 7,545,000 | | 8,316,784 | |
Miami-Dade County Aviation, Revenue Bonds, Refunding, Ser. A | | 4.00 | | 10/1/2041 | | 1,250,000 | | 1,481,649 | |
Miami-Dade County Aviation, Revenue Bonds, Refunding, Ser. A | | 4.00 | | 10/1/2040 | | 1,625,000 | | 1,931,502 | |
Miami-Dade County Aviation, Revenue Bonds, Refunding, Ser. A | | 4.00 | | 10/1/2039 | | 1,500,000 | | 1,786,972 | |
Miami-Dade County Expressway Authority, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 7/1/2040 | | 1,050,000 | | 1,053,520 | |
Miami-Dade County Health Facilities Authority, Revenue Bonds, Refunding (Nicklaus Children's Hospital Obligated Group) | | 5.00 | | 8/1/2042 | | 2,000,000 | | 2,411,318 | |
Miami-Dade County Seaport Department, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A1 | | 4.00 | | 10/1/2045 | | 2,500,000 | | 2,906,250 | |
Miami-Dade County Seaport Department, Revenue Bonds, Ser. A | | 5.50 | | 10/1/2023 | | 14,145,000 | c | 15,700,718 | |
Miami-Dade County Water & Sewer System, Revenue Bonds | | 4.00 | | 10/1/2046 | | 1,250,000 | | 1,491,565 | |
Miami-Dade County Water & Sewer System, Revenue Bonds | | 4.00 | | 10/1/2048 | | 1,500,000 | | 1,786,573 | |
Miami-Dade County Water & Sewer System, Revenue Bonds | | 4.00 | | 10/1/2051 | | 1,000,000 | | 1,189,847 | |
88
| | | | | | | | | | |
| |
BNY Mellon Municipal Opportunities Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 102.9% (continued) | | | | | |
Florida - 4.0% (continued) | | | | | |
Orange County Health Facilities Authority, Revenue Bonds (Orlando Health Obligated Group) Ser. B | | 5.00 | | 4/1/2022 | | 5,000,000 | c | 5,140,963 | |
Palm Beach County Health Facilities Authority, Revenue Bonds, Refunding (Baptist Health South Florida Obligated Group) | | 4.00 | | 8/15/2049 | | 6,500,000 | | 7,486,741 | |
Tampa, Revenue Bonds (H. Lee Moffitt Cancer Center & Research Institute Obligated Group) Ser. B | | 4.00 | | 7/1/2045 | | 3,700,000 | | 4,293,305 | |
Tampa, Revenue Bonds, Ser. A | | 0.00 | | 9/1/2049 | | 1,800,000 | d | 656,718 | |
Tampa, Revenue Bonds, Ser. A | | 0.00 | | 9/1/2041 | | 1,000,000 | d | 522,226 | |
Tampa, Revenue Bonds, Ser. A | | 0.00 | | 9/1/2042 | | 1,000,000 | d | 497,890 | |
Tampa, Revenue Bonds, Ser. A | | 0.00 | | 9/1/2045 | | 1,850,000 | d | 805,837 | |
| | 107,236,276 | |
Georgia - 1.3% | | | | | |
Atlanta Water & Wastewater, Revenue Bonds, Refunding | | 2.26 | | 11/1/2035 | | 5,000,000 | | 5,104,605 | |
Fulton County Development Authority, Revenue Bonds, Refunding (Robert W. Woodruff Arts Center) | | 5.00 | | 3/15/2044 | | 6,000,000 | | 7,218,287 | |
George L Smith II Congress Center Authority, Revenue Bonds | | 4.00 | | 1/1/2054 | | 5,000,000 | | 5,705,291 | |
George L Smith II Congress Center Authority, Revenue Bonds | | 5.00 | | 1/1/2054 | | 3,000,000 | b | 3,549,239 | |
Georgia Municipal Electric Authority, Revenue Bonds (Plant Vogtle Units 3&4 Project) | | 4.00 | | 1/1/2049 | | 2,155,000 | | 2,424,233 | |
Georgia Municipal Electric Authority, Revenue Bonds (Plant Vogtle Units 3&4 Project) | | 4.00 | | 1/1/2049 | | 2,000,000 | | 2,263,501 | |
Georgia Municipal Electric Authority, Revenue Bonds (Plant Vogtle Units 3&4 Project) | | 5.00 | | 1/1/2056 | | 1,000,000 | | 1,211,911 | |
Georgia Municipal Electric Authority, Revenue Bonds, Refunding (Plant Vogtle Units 3&4 Project) (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 4.00 | | 1/1/2046 | | 1,200,000 | | 1,384,764 | |
Georgia Municipal Electric Authority, Revenue Bonds, Refunding (Plant Vogtle Units 3&4 Project) Ser. A | | 4.00 | | 1/1/2051 | | 1,000,000 | | 1,151,057 | |
Georgia Municipal Electric Authority, Revenue Bonds, Refunding (Plant Vogtle Units 3&4 Project) Ser. A | | 5.00 | | 1/1/2056 | | 1,200,000 | | 1,483,208 | |
Main Street Natural Gas, Revenue Bonds, Ser. A | | 5.00 | | 5/15/2043 | | 1,500,000 | | 1,833,444 | |
The Atlanta Development Authority, Revenue Bonds, Ser. A1 | | 5.25 | | 7/1/2044 | | 1,500,000 | | 1,736,187 | |
| | 35,065,727 | |
Hawaii - .4% | | | | | |
Hawaii Department of Budget & Finance, Revenue Bonds, Refunding (Kahala Senior Living Community Obligated Group) | | 5.13 | | 11/15/2032 | | 2,050,000 | | 2,147,190 | |
Hawaii Department of Budget & Finance, Revenue Bonds, Refunding (Kahala Senior Living Community Obligated Group) | | 5.25 | | 11/15/2037 | | 1,000,000 | | 1,046,376 | |
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 | | 8,079,704 | |
| | 11,273,270 | |
Idaho - .2% | | | | | |
Idaho Health Facilities Authority, Revenue Bonds, Refunding (Trinity Health Obligated Group) Ser. D | | 5.00 | | 6/1/2022 | | 3,900,000 | c | 4,041,196 | |
Illinois - 8.3% | | | | | |
Chicago Board of Education, GO, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 5.00 | | 12/1/2026 | | 1,170,000 | | 1,421,174 | |
Chicago Board of Education, GO, Refunding, Ser. A | | 4.00 | | 12/1/2027 | | 750,000 | | 883,429 | |
Chicago Board of Education, GO, Refunding, Ser. A | | 7.00 | | 12/1/2044 | | 2,500,000 | | 3,058,555 | |
Chicago Board of Education, GO, Refunding, Ser. B | | 5.00 | | 12/1/2033 | | 600,000 | | 760,725 | |
Chicago Board of Education, GO, Refunding, Ser. B | | 6.75 | | 12/1/2030 | | 7,500,000 | b | 10,060,013 | |
Chicago Board of Education, GO, Refunding, Ser. B | | 7.00 | | 12/1/2042 | | 10,000,000 | b | 13,240,824 | |
Chicago Board of Education, GO, Ser. A | | 5.00 | | 12/1/2041 | | 1,000,000 | | 1,266,071 | |
Chicago Board of Education, GO, Ser. A | | 5.00 | | 12/1/2038 | | 2,000,000 | | 2,549,780 | |
Chicago Board of Education, GO, Ser. A | | 7.00 | | 12/1/2046 | | 5,000,000 | b | 6,582,892 | |
89
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | |
| |
BNY Mellon Municipal Opportunities Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 102.9% (continued) | | | | | |
Illinois - 8.3% (continued) | | | | | |
Chicago Board of Education, GO, Ser. B | | 6.50 | | 12/1/2046 | | 4,500,000 | | 5,606,408 | |
Chicago Board of Education, Revenue Bonds | | 5.00 | | 4/1/2046 | | 1,600,000 | | 1,886,364 | |
Chicago Board of Education, Revenue Bonds | | 5.00 | | 4/1/2042 | | 1,700,000 | | 2,014,084 | |
Chicago Board of Education, Revenue Bonds | | 6.00 | | 4/1/2046 | | 1,500,000 | | 1,849,935 | |
Chicago II, GO, Refunding, Ser. 2005D | | 5.50 | | 1/1/2040 | | 5,000,000 | | 5,689,384 | |
Chicago II, GO, Refunding, Ser. 2007E | | 5.50 | | 1/1/2042 | | 1,750,000 | | 1,987,347 | |
Chicago II, GO, Refunding, Ser. 2007F | | 5.50 | | 1/1/2042 | | 1,250,000 | | 1,419,533 | |
Chicago II, GO, Refunding, Ser. A | | 5.00 | | 1/1/2035 | | 5,000,000 | | 5,417,640 | |
Chicago II, GO, Refunding, Ser. A | | 5.00 | | 1/1/2032 | | 600,000 | | 763,314 | |
Chicago II, GO, Refunding, Ser. A | | 5.00 | | 1/1/2031 | | 1,300,000 | | 1,660,465 | |
Chicago II, GO, Ser. A | | 5.50 | | 1/1/2049 | | 4,000,000 | | 4,959,934 | |
Chicago II, GO, Ser. B | | 7.75 | | 1/1/2042 | | 1,272,000 | | 1,456,507 | |
Chicago Midway International Airport, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 1/1/2046 | | 5,000,000 | | 5,853,539 | |
Chicago O'Hare International Airport, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) | | 5.50 | | 1/1/2043 | | 4,000,000 | | 4,265,426 | |
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 1/1/2039 | | 3,710,000 | | 4,597,792 | |
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 1/1/2038 | | 3,250,000 | | 4,028,852 | |
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 1/1/2036 | | 3,130,000 | | 3,898,110 | |
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 1/1/2037 | | 3,000,000 | | 3,726,700 | |
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 1/1/2041 | | 6,800,000 | | 7,978,105 | |
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 1/1/2033 | | 10,425,000 | | 11,957,797 | |
Chicago O'Hare International Airport, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 1/1/2031 | | 15,000,000 | | 17,210,832 | |
Illinois, GO | | 5.50 | | 5/1/2039 | | 2,500,000 | | 3,222,015 | |
Illinois, GO | | 5.50 | | 5/1/2030 | | 2,500,000 | | 3,322,047 | |
Illinois, GO | | 5.50 | | 7/1/2038 | | 10,000,000 | | 10,749,932 | |
Illinois, GO | | 5.50 | | 7/1/2033 | | 2,500,000 | | 2,694,398 | |
Illinois, GO, Refunding, Ser. B | | 5.00 | | 10/1/2025 | | 15,000,000 | | 17,583,558 | |
Illinois, GO, Ser. A | | 5.00 | | 3/1/2046 | | 2,500,000 | | 3,119,580 | |
Illinois, GO, Ser. A | | 5.00 | | 5/1/2042 | | 2,500,000 | | 2,973,546 | |
Illinois, GO, Ser. D | | 5.00 | | 11/1/2028 | | 5,000,000 | | 6,108,878 | |
Illinois Finance Authority, Revenue Bonds, Refunding (Franciscan Communities Obligated Group) Ser. A | | 5.00 | | 5/15/2037 | | 3,000,000 | | 3,475,684 | |
Illinois Finance Authority, Revenue Bonds, Refunding, Ser. A | | 5.25 | | 5/15/2047 | | 3,715,000 | | 3,896,846 | |
Illinois Finance Authority, Revenue Bonds, Refunding, Ser. A | | 5.50 | | 7/1/2028 | | 1,560,000 | | 1,669,040 | |
Illinois Finance Authority, Revenue Bonds, Refunding, Ser. A | | 6.00 | | 7/1/2043 | | 5,000,000 | | 5,379,586 | |
Illinois Finance Authority, Revenue Bonds, Refunding, Ser. A | | 5.25 | | 5/15/2023 | | 535,000 | c | 580,038 | |
Metropolitan Pier & Exposition Authority, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 0.00 | | 12/15/2040 | | 10,000,000 | d | 6,403,271 | |
Metropolitan Pier & Exposition Authority, Revenue Bonds, Refunding (McCormick Place Expansion Project) | | 4.00 | | 12/15/2042 | | 3,000,000 | | 3,460,464 | |
Metropolitan Pier & Exposition Authority, Revenue Bonds, Refunding (McCormick Place Expansion Project) | | 4.00 | | 12/15/2047 | | 2,000,000 | | 2,282,546 | |
Metropolitan Pier & Exposition Authority, Revenue Bonds, Refunding (McCormick Place Expansion Project) | | 4.00 | | 6/15/2052 | | 2,000,000 | | 2,274,573 | |
Metropolitan Pier & Exposition Authority, Revenue Bonds, Refunding (McCormick Place Expansion Project) | | 4.00 | | 6/15/2050 | | 2,000,000 | | 2,277,474 | |
Metropolitan Pier & Exposition Authority, Revenue Bonds, Refunding (McCormick Place Expansion Project) | | 5.00 | | 6/15/2050 | | 2,000,000 | | 2,453,968 | |
| | 221,978,975 | |
90
| | | | | | | | | | |
| |
BNY Mellon Municipal Opportunities Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 102.9% (continued) | | | | | |
Indiana - .4% | | | | | |
Indiana Finance Authority, Revenue Bonds (Butler University Project) | | 4.00 | | 2/1/2044 | | 2,595,000 | | 2,988,389 | |
Indiana Finance Authority, Revenue Bonds (United States Steel) Ser. A | | 6.75 | | 5/1/2039 | | 1,000,000 | | 1,340,277 | |
Indiana Finance Authority, Revenue Bonds, Refunding (Stadium Project) Ser. A | | 5.25 | | 2/1/2035 | | 5,000,000 | | 5,888,317 | |
| | 10,216,983 | |
Iowa - .0% | | | | | |
Iowa Tobacco Settlement Authority, Revenue Bonds, Refunding, Ser. A2 | | 4.00 | | 6/1/2040 | | 1,000,000 | | 1,198,819 | |
Kentucky - 1.1% | | | | | |
Kentucky Economic Development Finance Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 5.00 | | 12/1/2047 | | 3,500,000 | | 3,689,337 | |
Kentucky Property & Building Commission, Revenue Bonds, Refunding (Project No. 112) Ser. B | | 5.00 | | 11/1/2027 | | 10,000,000 | | 12,194,688 | |
Kentucky Public Energy Authority, Revenue Bonds, Ser. C1 | | 4.00 | | 6/1/2025 | | 10,000,000 | a | 11,236,932 | |
Kentucky Public Transportation Infrastructure Authority, Revenue Bonds (Downtown Crossing Project) Ser. A | | 5.75 | | 7/1/2049 | | 3,000,000 | | 3,286,616 | |
| | 30,407,573 | |
Louisiana - .9% | | | | | |
Jefferson Parish Economic Development & Port District, Revenue Bonds (Kenner Discovery Health Sciences Foundation) Ser. A | | 5.50 | | 6/15/2038 | | 3,200,000 | b | 3,681,384 | |
Jefferson Parish Economic Development & Port District, Revenue Bonds (Kenner Discovery Health Sciences Foundation) Ser. A | | 5.63 | | 6/15/2048 | | 4,350,000 | b | 4,954,513 | |
Louisiana Public Facilities Authority, Revenue Bonds (Louisiana Children's Medical Center Obligated Group) | | 4.00 | | 6/1/2050 | | 2,750,000 | | 3,176,790 | |
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 | | 4,268,941 | |
Louisiana Public Facilities Authority, Revenue Bonds, Refunding (Tulane University) | | 4.00 | | 4/1/2050 | | 2,000,000 | | 2,310,110 | |
New Orleans Water System, Revenue Bonds, Refunding | | 5.00 | | 12/1/2024 | | 500,000 | c | 576,056 | |
St. James Parish, Revenue Bonds (NuStar Logistics Project) Ser. 2 | | 6.35 | | 7/1/2040 | | 4,115,000 | b | 5,540,845 | |
| | 24,508,639 | |
Maine - .3% | | | | | |
Maine Finance Authority, Revenue Bonds (Coastal Resources of Maine Project) | | 5.25 | | 6/15/2034 | | 1,000,000 | g | 550,000 | |
Maine Finance Authority, Revenue Bonds (Coastal Resources of Maine Project) | | 5.38 | | 12/15/2033 | | 4,400,000 | b,g | 2,420,000 | |
Maine Health & Higher Educational Facilities Authority, Revenue Bonds, Refunding (Bowdoin College) | | 5.00 | | 7/1/2038 | | 5,000,000 | | 6,072,689 | |
| | 9,042,689 | |
Maryland - .0% | | | | | |
Maryland Economic Development Corp., Revenue Bonds (Seagirt Marine Terminal Project) | | 5.00 | | 6/1/2049 | | 750,000 | | 899,310 | |
Maryland Economic Development Corp., Revenue Bonds (Seagirt Marine Terminal Project) | | 5.00 | | 6/1/2044 | | 200,000 | | 241,336 | |
| | 1,140,646 | |
Massachusetts - 3.1% | | | | | |
Commonwealth of Massachusetts, GO, Refunding, Ser. D | | 4.00 | | 11/1/2040 | | 2,500,000 | | 3,041,623 | |
Commonwealth of Massachusetts, GO, Refunding, Ser. D | | 4.00 | | 11/1/2041 | | 2,250,000 | | 2,725,493 | |
Commonwealth of Massachusetts, GO, Refunding, Ser. E | | 1.77 | | 11/1/2032 | | 90,000 | | 90,948 | |
Lowell Collegiate Charter School, Revenue Bonds | | 5.00 | | 6/15/2049 | | 755,000 | | 831,376 | |
Lowell Collegiate Charter School, Revenue Bonds | | 5.00 | | 6/15/2054 | | 770,000 | | 846,441 | |
91
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | |
| |
BNY Mellon Municipal Opportunities Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 102.9% (continued) | | | | | |
Massachusetts - 3.1% (continued) | | | | | |
Massachusetts Development Finance Agency, Revenue Bonds (Bentley University) | | 5.00 | | 7/1/2040 | | 5,500,000 | | 6,499,278 | |
Massachusetts Development Finance Agency, Revenue Bonds (Dana-Farber Cancer Institute Obligated Group) Ser. N | | 5.00 | | 12/1/2041 | | 3,000,000 | | 3,604,688 | |
Massachusetts Development Finance Agency, Revenue Bonds (Emerson College) Ser. A | | 5.25 | | 1/1/2042 | | 5,500,000 | | 6,473,123 | |
Massachusetts Development Finance Agency, Revenue Bonds (Linden Ponds Obligated Group) | | 5.13 | | 11/15/2046 | | 1,500,000 | b | 1,677,984 | |
Massachusetts Development Finance Agency, Revenue Bonds (Wentworth Institute of Technology) | | 5.00 | | 10/1/2046 | | 2,015,000 | | 2,336,753 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Berklee College of Music) | | 5.00 | | 10/1/2039 | | 5,000,000 | | 5,934,891 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Cape Cod Healthcare Obligated Group) | | 5.25 | | 11/15/2023 | | 4,370,000 | c | 4,854,795 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Emerson College) Ser. A | | 5.00 | | 1/1/2040 | | 1,000,000 | | 1,198,917 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (International Charter School) | | 5.00 | | 4/15/2040 | | 1,500,000 | | 1,656,068 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (NewBridge Charles Obligated Group) | | 5.00 | | 10/1/2057 | | 2,000,000 | b | 2,180,970 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (NewBridge Charles Obligated Group) | | 5.00 | | 10/1/2047 | | 3,000,000 | b | 3,274,929 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (NewBridge Charles Obligated Group) | | 5.00 | | 10/1/2037 | | 1,000,000 | b | 1,094,080 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Simmons College) Ser. K1 | | 5.00 | | 10/1/2036 | | 2,115,000 | | 2,429,744 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding (Wellforce Obligated Group) (Insured; Assured Guaranty Municipal Corp.) Ser. C | | 4.00 | | 10/1/2045 | | 500,000 | | 584,965 | |
Massachusetts Development Finance Agency, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 7/1/2044 | | 1,375,000 | | 1,665,840 | |
Massachusetts Health & Educational Facilities Authority, Revenue Bonds, Refunding (LOC; TD Bank NA) Ser. F3 | | 0.02 | | 7/1/2040 | | 4,190,000 | e | 4,190,000 | |
Massachusetts School Building Authority, Revenue Bonds, Refunding, Ser. A | | 5.25 | | 2/15/2048 | | 9,500,000 | | 11,937,141 | |
Massachusetts School Building Authority, Revenue Bonds, Ser. B | | 5.25 | | 2/15/2048 | | 10,000,000 | | 12,565,412 | |
The Massachusetts Clean Water Trust, Revenue Bonds, Refunding, Ser. A | | 5.75 | | 8/1/2029 | | 50,000 | | 50,226 | |
| | 81,745,685 | |
Michigan - 2.0% | | | | | |
Detroit, GO | | 5.00 | | 4/1/2034 | | 1,000,000 | | 1,187,717 | |
Detroit, GO | | 5.00 | | 4/1/2033 | | 1,150,000 | | 1,369,473 | |
Detroit, GO | | 5.00 | | 4/1/2035 | | 1,660,000 | | 1,967,903 | |
Detroit, GO | | 5.00 | | 4/1/2038 | | 1,235,000 | | 1,453,935 | |
Detroit, GO | | 5.00 | | 4/1/2036 | | 1,200,000 | | 1,418,664 | |
Detroit, GO | | 5.00 | | 4/1/2029 | | 1,000,000 | | 1,209,195 | |
Detroit, GO | | 5.00 | | 4/1/2028 | | 900,000 | | 1,095,503 | |
Detroit, GO | | 5.00 | | 4/1/2030 | | 700,000 | | 841,137 | |
Detroit, GO | | 5.00 | | 4/1/2032 | | 850,000 | | 1,013,670 | |
Detroit, GO | | 5.00 | | 4/1/2031 | | 1,000,000 | | 1,196,059 | |
Detroit, GO, Ser. A | | 5.00 | | 4/1/2050 | | 2,000,000 | | 2,451,810 | |
Detroit, GO, Ser. A | | 5.00 | | 4/1/2046 | | 1,250,000 | | 1,538,055 | |
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 | | 11,172,275 | |
Grand Traverse County Hospital Finance Authority, Revenue Bonds, Refunding (Munson Healthcare Obligated Group) (LOC; PNC Bank NA) Ser. C | | 0.01 | | 7/1/2041 | | 1,800,000 | e | 1,800,000 | |
92
| | | | | | | | | | |
| |
BNY Mellon Municipal Opportunities Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 102.9% (continued) | | | | | |
Michigan - 2.0% (continued) | | | | | |
Michigan Building Authority, Revenue Bonds, Refunding, Ser. IA | | 5.38 | | 10/15/2021 | | 3,000,000 | c | 3,018,929 | |
Michigan Building Authority, Revenue Bonds, Refunding, Ser. II | | 2.71 | | 10/15/2040 | | 5,000,000 | | 5,015,811 | |
Michigan Finance Authority, Revenue Bonds, Refunding (Beaumont Health Obligated Group) | | 5.00 | | 8/1/2032 | | 2,000,000 | | 2,264,531 | |
Michigan Finance Authority, Revenue Bonds, Refunding, Ser. A | | 4.00 | | 12/1/2049 | | 4,000,000 | | 4,674,405 | |
Michigan Finance Authority, Revenue Bonds, Refunding, Ser. A | | 4.00 | | 6/1/2038 | | 1,500,000 | | 1,829,665 | |
Michigan Finance Authority, Revenue Bonds, Refunding, Ser. A | | 4.00 | | 6/1/2040 | | 2,100,000 | | 2,541,684 | |
Western Michigan University, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. C | | 5.00 | | 11/15/2037 | | 900,000 | | 1,183,607 | |
Western Michigan University, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. C | | 5.00 | | 11/15/2039 | | 850,000 | | 1,110,031 | |
Western Michigan University, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. C | | 5.00 | | 11/15/2035 | | 1,050,000 | | 1,390,966 | |
Western Michigan University, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. C | | 5.00 | | 11/15/2036 | | 325,000 | | 428,801 | |
| | 53,173,826 | |
Minnesota - .4% | | | | | |
Forest Lake, Revenue Bonds, Refunding (North Lakes Academy Project) | | 5.00 | | 7/1/2056 | | 4,000,000 | | 4,456,492 | |
Minneapolis, Revenue Bonds, Refunding (Fairview Health Services Obligated Group) (LOC; Wells Fargo Bank NA) Ser. C | | 0.02 | | 11/15/2048 | | 100,000 | e | 100,000 | |
Western Minnesota Municipal Power Agency, Revenue Bonds (Red Rock Hydroelectric Project) Ser. A | | 5.00 | | 1/1/2049 | | 5,390,000 | | 6,597,967 | |
| | 11,154,459 | |
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 | | 1,837,844 | |
Missouri - .1% | | | | | |
The Missouri Health & Educational Facilities Authority, Revenue Bonds (The Washington University) Ser. B | | 0.01 | | 2/15/2033 | | 3,100,000 | e | 3,100,000 | |
Nebraska - .9% | | | | | |
Central Plains Energy Project, Revenue Bonds, Refunding | | 4.00 | | 8/1/2025 | | 10,000,000 | a | 11,313,367 | |
Omaha Public Power District, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 2/1/2042 | | 10,000,000 | | 12,302,154 | |
Saline County Hospital Authority No. 1, Revenue Bonds, Refunding (Bryan Medical Center Obligated Group) (LOC; U.S. Bank NA) Ser. C | | 0.01 | | 6/1/2031 | | 300,000 | e | 300,000 | |
| | 23,915,521 | |
Nevada - .5% | | | | | |
Clark County School District, GO (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 4.00 | | 6/15/2040 | | 750,000 | | 892,590 | |
Clark County School District, GO (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 4.00 | | 6/15/2038 | | 1,700,000 | | 2,032,966 | |
Clark County School District, GO (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 4.00 | | 6/15/2037 | | 850,000 | | 1,019,026 | |
Henderson, GO, Ser. A1 | | 4.00 | | 6/1/2045 | | 3,000,000 | | 3,577,666 | |
Nevada Department of Business & Industry, Revenue Bonds (Green Bond) (Fulcrum Sierra Biofuels Project) | | 6.25 | | 12/15/2037 | | 5,000,000 | b | 5,277,971 | |
Nevada Department of Business & Industry, Revenue Bonds (Green Bond) (Fulcrum Sierra Biofuels Project) Ser. B | | 5.13 | | 12/15/2037 | | 1,471,653 | b | 1,459,508 | |
| | 14,259,727 | |
New Jersey - 4.9% | | | | | |
New Jersey, GO (COVID-19 Emergency Bonds) Ser. A | | 4.00 | | 6/1/2030 | | 3,250,000 | | 4,024,343 | |
New Jersey, GO (COVID-19 Emergency Bonds) Ser. A | | 4.00 | | 6/1/2031 | | 2,500,000 | | 3,125,176 | |
New Jersey, GO (COVID-19 Emergency Bonds) Ser. A | | 5.00 | | 6/1/2029 | | 5,000,000 | | 6,512,155 | |
New Jersey Economic Development Authority, Revenue Bonds (Beloved Community Charter School Project) Ser. A | | 5.00 | | 6/15/2054 | | 725,000 | b | 790,518 | |
93
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | |
| |
BNY Mellon Municipal Opportunities Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 102.9% (continued) | | | | | |
New Jersey - 4.9% (continued) | | | | | |
New Jersey Economic Development Authority, Revenue Bonds (Beloved Community Charter School Project) Ser. A | | 5.00 | | 6/15/2049 | | 1,105,000 | b | 1,208,137 | |
New Jersey Economic Development Authority, Revenue Bonds (The Goethals Bridge Replacement Project) | | 5.13 | | 1/1/2034 | | 5,325,000 | | 5,909,364 | |
New Jersey Economic Development Authority, Revenue Bonds (The Goethals Bridge Replacement Project) | | 5.38 | | 1/1/2043 | | 5,500,000 | | 6,127,251 | |
New Jersey Economic Development Authority, Revenue Bonds, Refunding | | 5.00 | | 6/15/2026 | | 2,500,000 | | 2,585,800 | |
New Jersey Economic Development Authority, Revenue Bonds, Refunding (School Facilities Construction) (Insured; Assured Guaranty Municipal Corp.) Ser. PP | | 5.00 | | 6/15/2029 | | 13,000,000 | | 14,642,762 | |
New Jersey Economic Development Authority, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 7/1/2033 | | 2,500,000 | | 2,990,878 | |
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 | | 1,504,983 | |
New Jersey Transportation Trust Fund Authority, Revenue Bonds | | 5.00 | | 6/15/2030 | | 1,500,000 | | 1,783,892 | |
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding | | 4.00 | | 12/15/2039 | | 1,500,000 | | 1,744,964 | |
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding, Ser. A | | 4.00 | | 6/15/2042 | | 3,000,000 | | 3,441,059 | |
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding, Ser. A | | 4.00 | | 6/15/2041 | | 3,000,000 | | 3,452,705 | |
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 6/15/2030 | | 3,000,000 | | 3,567,783 | |
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 6/15/2029 | | 15,000,000 | | 17,884,305 | |
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 6/15/2031 | | 2,000,000 | | 2,371,141 | |
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Ser. AA | | 4.00 | | 6/15/2045 | | 5,000,000 | | 5,812,272 | |
New Jersey Transportation Trust Fund Authority, Revenue Bonds, Ser. AA | | 4.00 | | 6/15/2050 | | 5,000,000 | | 5,783,084 | |
New Jersey Turnpike Authority, Revenue Bonds, Refunding, Ser. B | | 2.78 | | 1/1/2040 | | 2,000,000 | | 2,032,936 | |
New Jersey Turnpike Authority, Revenue Bonds, Ser. A | | 4.00 | | 1/1/2051 | | 5,000,000 | | 5,884,250 | |
New Jersey Turnpike Authority, Revenue Bonds, Ser. A | | 4.00 | | 1/1/2042 | | 4,000,000 | | 4,776,224 | |
South Jersey Port Corp., Revenue Bonds, Ser. B | | 5.00 | | 1/1/2048 | | 1,500,000 | | 1,781,544 | |
South Jersey Port Corp., Revenue Bonds, Ser. B | | 5.00 | | 1/1/2042 | | 1,250,000 | | 1,494,685 | |
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | | 5.00 | | 6/1/2046 | | 3,000,000 | | 3,605,182 | |
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | | 5.00 | | 6/1/2033 | | 7,000,000 | | 8,718,244 | |
Tobacco Settlement Financing Corp., Revenue Bonds, Refunding, Ser. A | | 5.25 | | 6/1/2046 | | 5,000,000 | | 6,123,274 | |
| | 129,678,911 | |
New York - 14.9% | | | | | |
Build New York City Resource Corp., Revenue Bonds (Hellenic Classical Charter Schools) Ser. A | | 5.00 | | 12/1/2041 | | 1,200,000 | b | 1,400,860 | |
Build New York City Resource Corp., Revenue Bonds (Hellenic Classical Charter Schools) Ser. A | | 5.00 | | 12/1/2051 | | 1,450,000 | b | 1,669,572 | |
Build New York City Resource Corp., Revenue Bonds (Metropolitan Lighthouse Charter School Project) Ser. A | | 5.00 | | 6/1/2032 | | 500,000 | b | 570,013 | |
Build New York City Resource Corp., Revenue Bonds (Metropolitan Lighthouse Charter School Project) Ser. A | | 5.00 | | 6/1/2037 | | 700,000 | b | 791,425 | |
Build New York City Resource Corp., Revenue Bonds (Metropolitan Lighthouse Charter School Project) Ser. A | | 5.00 | | 6/1/2047 | | 1,000,000 | b | 1,118,192 | |
Build New York City Resource Corp., Revenue Bonds (NY Preparatory Charter School Project) Ser. A | | 4.00 | | 6/15/2056 | | 450,000 | | 492,700 | |
94
| | | | | | | | | | |
| |
BNY Mellon Municipal Opportunities Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 102.9% (continued) | | | | | |
New York - 14.9% (continued) | | | | | |
Build New York City Resource Corp., Revenue Bonds (NY Preparatory Charter School Project) Ser. A | | 4.00 | | 6/15/2051 | | 690,000 | | 758,563 | |
Build New York City Resource Corp., Revenue Bonds (NY Preparatory Charter School Project) Ser. A | | 4.00 | | 6/15/2041 | | 525,000 | | 586,687 | |
Build New York City Resource Corp., Revenue Bonds (Shefa School Project) Ser. A | | 2.50 | | 6/15/2031 | | 250,000 | b | 251,511 | |
Build New York City Resource Corp., Revenue Bonds (Shefa School Project) Ser. A | | 5.00 | | 6/15/2051 | | 1,250,000 | b | 1,485,101 | |
Hudson Yards Infrastructure Corp., Revenue Bonds | | 5.75 | | 2/15/2047 | | 1,645,000 | | 1,652,431 | |
Metropolitan Transportation Authority, Revenue Bonds, Refunding (Green Bond) | | 4.00 | | 11/15/2045 | | 1,630,000 | | 1,879,210 | |
Metropolitan Transportation Authority, Revenue Bonds, Refunding (Green Bond) Ser. C1 | | 4.75 | | 11/15/2045 | | 10,000,000 | | 12,106,297 | |
Metropolitan Transportation Authority, Revenue Bonds, Refunding (Green Bond) Ser. C1 | | 5.00 | | 11/15/2050 | | 6,000,000 | | 7,339,793 | |
Metropolitan Transportation Authority, Revenue Bonds, Refunding (Green Bond) Ser. C2 | | 5.18 | | 11/15/2049 | | 10,000,000 | | 13,835,869 | |
Metropolitan Transportation Authority Hudson Rail Yards Trust, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 11/15/2056 | | 5,000,000 | | 5,371,435 | |
New York City, GO (LOC; Mizuho Bank) Ser. A3 | | 0.01 | | 10/1/2040 | | 10,100,000 | e | 10,100,000 | |
New York City, GO (LOC; TD Bank NA) Ser. D4 | | 0.01 | | 8/1/2040 | | 1,600,000 | e | 1,600,000 | |
New York City, GO (LOC; U.S. Bank NA) Ser. L4 | | 0.01 | | 4/1/2038 | | 5,225,000 | e | 5,225,000 | |
New York City, GO, Refunding (LOC; TD Bank NA) Ser. I4 | | 0.01 | | 4/1/2036 | | 4,000,000 | e | 4,000,000 | |
New York City, GO, Refunding Ser. D | | 1.82 | | 8/1/2030 | | 5,000,000 | | 5,017,846 | |
New York City, GO, Refunding, Ser. E | | 5.00 | | 8/1/2034 | | 1,250,000 | | 1,584,760 | |
New York City, GO, Refunding, Ser. F1 | | 5.00 | | 8/1/2034 | | 2,220,000 | | 2,814,533 | |
New York City, GO, Ser. A2 | | 0.01 | | 10/1/2038 | | 4,700,000 | e | 4,700,000 | |
New York City, GO, Ser. AA1 | | 4.00 | | 8/1/2038 | | 5,000,000 | | 5,941,282 | |
New York City, GO, Ser. AA1 | | 5.00 | | 8/1/2035 | | 2,500,000 | | 3,207,003 | |
New York City, GO, Ser. B1 | | 5.00 | | 12/1/2035 | | 2,000,000 | | 2,436,255 | |
New York City, GO, Ser. B1 | | 5.00 | | 10/1/2043 | | 4,000,000 | | 5,049,294 | |
New York City, GO, Ser. F1 | | 3.00 | | 3/1/2041 | | 7,800,000 | | 8,436,139 | |
New York City, GO, Ser. F1 | | 4.00 | | 3/1/2047 | | 3,000,000 | | 3,514,467 | |
New York City Industrial Development Agency, Revenue Bonds (LOC; Bank of America NA) Ser. B | | 0.01 | | 5/1/2033 | | 500,000 | e | 500,000 | |
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 | | 2,503,942 | |
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 | | 2,483,332 | |
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 | | 5,000,000 | | 5,346,437 | |
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 | | 1,911,537 | |
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 | | 2,761,774 | |
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 | | 5,860,581 | |
New York City Transitional Finance Authority, Revenue Bonds | | 4.00 | | 5/1/2042 | | 5,000,000 | | 5,935,659 | |
New York City Transitional Finance Authority, Revenue Bonds | | 4.00 | | 8/1/2038 | | 1,250,000 | | 1,469,647 | |
New York City Transitional Finance Authority, Revenue Bonds | | 4.00 | | 5/1/2041 | | 5,000,000 | | 5,953,010 | |
New York City Transitional Finance Authority, Revenue Bonds | | 4.00 | | 5/1/2045 | | 3,500,000 | | 4,122,211 | |
New York City Transitional Finance Authority, Revenue Bonds | | 4.00 | | 5/1/2039 | | 5,000,000 | | 5,983,378 | |
New York City Transitional Finance Authority, Revenue Bonds | | 5.25 | | 8/1/2037 | | 10,000,000 | | 12,795,195 | |
95
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | |
| |
BNY Mellon Municipal Opportunities Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 102.9% (continued) | | | | | |
New York - 14.9% (continued) | | | | | |
New York City Transitional Finance Authority, Revenue Bonds (Insured; State Aid Withholding) Ser. S3 | | 5.25 | | 7/15/2035 | | 10,000,000 | | 12,832,572 | |
New York City Transitional Finance Authority, Revenue Bonds (Liquidity Agreement; Mizuho Bank) Ser. D3 | | 0.01 | | 2/1/2044 | | 11,000,000 | e | 11,000,000 | |
New York City Transitional Finance Authority, Revenue Bonds (LOC; Sumitomo Mitsui Banking) Ser. C5 | | 0.02 | | 11/1/2041 | | 1,000,000 | e | 1,000,000 | |
New York City Transitional Finance Authority, Revenue Bonds (SPA; JPMorgan Chase Bank NA) Ser. A4 | | 0.01 | | 8/1/2045 | | 1,500,000 | e | 1,500,000 | |
New York City Transitional Finance Authority, Revenue Bonds, Refunding (Insured; State Aid Withholding) Ser. S2A | | 4.00 | | 7/15/2037 | | 2,500,000 | | 2,940,718 | |
New York City Transitional Finance Authority, Revenue Bonds, Refunding (Insured; State Aid Withholding) Ser. S2A | | 5.00 | | 7/15/2033 | | 3,250,000 | | 4,112,384 | |
New York City Transitional Finance Authority, Revenue Bonds, Ser. A1 | | 4.00 | | 8/1/2041 | | 5,000,000 | | 5,832,070 | |
New York City Water & Sewer System, Revenue Bonds (LOC; Citibank NA) Ser. F2 | | 0.01 | | 6/15/2035 | | 5,400,000 | e | 5,400,000 | |
New York City Water & Sewer System, Revenue Bonds, Refunding Ser. DD-3B | | 0.01 | | 6/15/2043 | | 500,000 | e | 500,000 | |
New York City Water & Sewer System, Revenue Bonds, Refunding, Ser. AA5 | | 0.01 | | 6/15/2048 | | 1,900,000 | e | 1,900,000 | |
New York Counties Tobacco Trust VI, Revenue Bonds, Refunding, Ser. A2B | | 5.00 | | 6/1/2051 | | 4,585,000 | | 4,918,424 | |
New York Liberty Development Corp., Revenue Bonds, Refunding (4 World Trade Center Project) | | 5.75 | | 11/15/2051 | | 5,000,000 | | 5,057,360 | |
New York Liberty Development Corp., Revenue Bonds, Refunding (7 World Trade Center Project) | | 5.00 | | 3/15/2044 | | 2,000,000 | | 2,047,962 | |
New York Liberty Development Corp., Revenue Bonds, Refunding (Bank of America Tower) | | 2.80 | | 9/15/2069 | | 4,000,000 | | 4,160,762 | |
New York Liberty Development Corp., Revenue Bonds, Refunding (Class 1-3 World Trade Center Project) | | 5.00 | | 11/15/2044 | | 5,000,000 | b | 5,528,579 | |
New York Liberty Development Corp., Revenue Bonds, Refunding (Green Bonds) Ser. A | | 3.00 | | 11/15/2051 | | 5,000,000 | | 5,172,886 | |
New York State Dormitory Authority, Revenue Bonds (Columbia University) Ser. A | | 5.00 | | 10/1/2048 | | 2,000,000 | | 3,139,046 | |
New York State Dormitory Authority, Revenue Bonds (Maimonides Medical Center) | | 4.00 | | 8/1/2043 | | 750,000 | | 864,649 | |
New York State Dormitory Authority, Revenue Bonds (New York University) Ser. A | | 5.00 | | 7/1/2042 | | 5,500,000 | | 7,025,478 | |
New York State Dormitory Authority, Revenue Bonds (Northern Westchester Hospital Association) (LOC; TD Bank NA) | | 0.02 | | 11/1/2034 | | 400,000 | e | 400,000 | |
New York State Dormitory Authority, Revenue Bonds, Refunding (Pace University) Ser. A | | 5.00 | | 5/1/2038 | | 500,000 | | 530,591 | |
New York State Dormitory Authority, Revenue Bonds, Refunding, Ser. D | | 5.00 | | 2/15/2028 | | 14,510,000 | | 18,504,189 | |
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 | | 11,707,500 | |
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 | | 2,934,247 | |
New York State Urban Development Corp., Revenue Bonds, Refunding (State of New York Personal Income Tax) | | 3.00 | | 3/15/2040 | | 5,000,000 | | 5,400,776 | |
New York Transportation Development Corp., Revenue Bonds (Delta Air Lines) | | 4.38 | | 10/1/2045 | | 5,000,000 | | 5,940,774 | |
New York Transportation Development Corp., Revenue Bonds (Delta Air Lines) | | 5.00 | | 10/1/2035 | | 8,000,000 | | 10,184,172 | |
New York Transportation Development Corp., Revenue Bonds (Delta Air Lines) | | 5.00 | | 10/1/2040 | | 5,000,000 | | 6,282,343 | |
New York Transportation Development Corp., Revenue Bonds (Delta Air Lines) | | 5.00 | | 1/1/2036 | | 2,500,000 | | 3,025,942 | |
96
| | | | | | | | | | |
| |
BNY Mellon Municipal Opportunities Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 102.9% (continued) | | | | | |
New York - 14.9% (continued) | | | | | |
New York Transportation Development Corp., Revenue Bonds (Delta Air Lines) | | 5.00 | | 1/1/2034 | | 4,000,000 | | 4,850,482 | |
New York Transportation Development Corp., Revenue Bonds, Refunding (American Airlines) | | 2.25 | | 8/1/2026 | | 1,000,000 | | 1,033,471 | |
New York Transportation Development Corp., Revenue Bonds, Refunding (American Airlines) | | 3.00 | | 8/1/2031 | | 1,000,000 | | 1,086,689 | |
New York Transportation Development Corp., Revenue Bonds, Refunding (JFK International Air Terminal) Ser. A | | 4.00 | | 12/1/2039 | | 2,000,000 | | 2,322,265 | |
New York Transportation Development Corp., Revenue Bonds, Refunding (JFK International Air Terminal) Ser. A | | 5.00 | | 12/1/2035 | | 400,000 | | 514,115 | |
New York Transportation Development Corp., Revenue Bonds, Refunding (JFK International Air Terminal) Ser. A | | 5.00 | | 12/1/2037 | | 700,000 | | 897,005 | |
New York Transportation Development Corp., Revenue Bonds, Refunding (JFK International Airport) Ser. A | | 5.25 | | 8/1/2031 | | 1,645,000 | | 1,982,545 | |
New York Transportation Development Corp., Revenue Bonds, Refunding (JFK International Airport) Ser. A | | 5.38 | | 8/1/2036 | | 1,000,000 | | 1,278,037 | |
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 | | 4,542,978 | |
Oneida County Local Development Corp., Revenue Bonds, Refunding (Utica College Project) | | 4.00 | | 7/1/2039 | | 750,000 | | 807,092 | |
Port Authority of New York & New Jersey, Revenue Bonds, Refunding, Ser. 222 | | 4.00 | | 7/15/2039 | | 2,250,000 | | 2,697,786 | |
Port Authority of New York & New Jersey, Revenue Bonds, Refunding, Ser. 222 | | 4.00 | | 7/15/2040 | | 1,620,000 | | 1,938,089 | |
Port Authority of New York & New Jersey, Revenue Bonds, Refunding, Ser. 222 | | 4.00 | | 7/15/2037 | | 3,000,000 | | 3,615,626 | |
Port Authority of New York & New Jersey, Revenue Bonds, Refunding, Ser. 222 | | 4.00 | | 7/15/2038 | | 2,500,000 | | 3,005,437 | |
Port Authority of New York & New Jersey, Revenue Bonds, Refunding, Ser. 226 | | 5.00 | | 10/15/2030 | | 1,675,000 | | 2,229,073 | |
Port Authority of New York & New Jersey, Revenue Bonds, Refunding, Ser. 226 | | 5.00 | | 10/15/2028 | | 3,250,000 | | 4,153,429 | |
Port Authority of New York & New Jersey, Revenue Bonds, Refunding, Ser. 226 | | 5.00 | | 10/15/2027 | | 3,500,000 | | 4,377,650 | |
Triborough Bridge & Tunnel Authority, Revenue Bonds (LOC; Bank of America NA) Ser. B1 | | 0.01 | | 1/1/2033 | | 500,000 | e | 500,000 | |
Triborough Bridge & Tunnel Authority, Revenue Bonds, Refunding (LOC; Citibank NA) Ser. F | | 0.01 | | 11/1/2032 | | 330,000 | e | 330,000 | |
Triborough Bridge & Tunnel Authority, Revenue Bonds, Refunding, Ser. A | | 0.00 | | 11/15/2031 | | 5,000,000 | d | 4,194,411 | |
Triborough Bridge & Tunnel Authority, Revenue Bonds, Refunding, Ser. A1 | | 4.00 | | 5/15/2046 | | 4,000,000 | | 4,742,867 | |
Triborough Bridge & Tunnel Authority, Revenue Bonds, Refunding, Ser. A1 | | 5.00 | | 5/15/2051 | | 5,000,000 | | 6,433,668 | |
Triborough Bridge & Tunnel Authority, Revenue Bonds, Refunding, Ser. B | | 0.00 | | 11/15/2028 | | 4,715,000 | d | 4,325,161 | |
Triborough Bridge & Tunnel Authority, Revenue Bonds, Refunding, Ser. B | | 0.00 | | 11/15/2027 | | 2,000,000 | d | 1,873,772 | |
Triborough Bridge & Tunnel Authority, Revenue Bonds, Ser. A | | 4.00 | | 11/15/2054 | | 1,750,000 | | 2,057,221 | |
Triborough Bridge & Tunnel Authority, Revenue Bonds, Ser. A | | 5.00 | | 11/15/2051 | | 4,000,000 | | 5,155,176 | |
Triborough Bridge & Tunnel Authority, Revenue Bonds, Ser. A | | 5.00 | | 11/15/2049 | | 3,500,000 | | 4,503,587 | |
| | 397,853,997 | |
North Carolina - .9% | | | | | |
North Carolina, Revenue Bonds, Ser. B | | 4.00 | | 5/1/2035 | | 3,250,000 | | 4,002,186 | |
North Carolina Turnpike Authority, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) | | 5.00 | | 1/1/2049 | | 1,500,000 | | 1,889,384 | |
North Carolina Turnpike Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) | | 5.00 | | 1/1/2038 | | 5,000,000 | | 6,261,210 | |
97
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | |
| |
BNY Mellon Municipal Opportunities Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 102.9% (continued) | | | | | |
North Carolina - .9% (continued) | | | | | |
North Carolina Turnpike Authority, Revenue Bonds, Refunding (Monroe Expressway System) | | 5.00 | | 7/1/2038 | | 755,000 | | 1,013,551 | |
North Carolina Turnpike Authority, Revenue Bonds, Refunding (Monroe Expressway System) | | 5.00 | | 7/1/2037 | | 750,000 | | 1,009,550 | |
North Carolina Turnpike Authority, Revenue Bonds, Refunding (Monroe Expressway System) | | 5.00 | | 7/1/2040 | | 750,000 | | 1,001,637 | |
North Carolina Turnpike Authority, Revenue Bonds, Refunding (Monroe Expressway System) | | 5.00 | | 7/1/2039 | | 750,000 | | 1,004,017 | |
North Carolina Turnpike Authority, Revenue Bonds, Refunding (Monroe Expressway System) | | 5.00 | | 7/1/2034 | | 1,000,000 | | 1,358,196 | |
North Carolina Turnpike Authority, Revenue Bonds, Refunding (Monroe Expressway System) | | 5.00 | | 7/1/2035 | | 750,000 | | 1,016,374 | |
North Carolina Turnpike Authority, Revenue Bonds, Refunding (Monroe Expressway System) | | 5.00 | | 7/1/2036 | | 750,000 | | 1,012,875 | |
North Carolina Turnpike Authority, Revenue Bonds, Refunding (Monroe Expressway System) | | 5.00 | | 7/1/2041 | | 1,000,000 | | 1,331,637 | |
The Charlotte-Mecklenburg Hospital Authority, Revenue Bonds, Refunding (Atrium Health Obligated Group) (LOC; Royal Bank of Canada) Ser. E | | 0.01 | | 1/15/2042 | | 3,800,000 | e | 3,800,000 | |
| | 24,700,617 | |
Ohio - 2.3% | | | | | |
Buckeye Tobacco Settlement Financing Authority, Revenue Bonds, Refunding, Ser. B2 | | 5.00 | | 6/1/2055 | | 16,500,000 | | 19,200,943 | |
Cleveland-Cuyahoga County Port Authority, Revenue Bonds, Refunding (Playhouse Square Foundation Project) | | 5.25 | | 12/1/2038 | | 2,420,000 | | 2,890,402 | |
Cleveland-Cuyahoga County Port Authority, Revenue Bonds, Refunding (Playhouse Square Foundation Project) | | 5.50 | | 12/1/2053 | | 1,500,000 | | 1,781,220 | |
Cleveland-Cuyahoga County Port Authority, Revenue Bonds, Refunding (Playhouse Square Foundation Project) | | 5.50 | | 12/1/2043 | | 1,580,000 | | 1,892,351 | |
Franklin County, Revenue Bonds, Ser. A | | 4.00 | | 12/1/2049 | | 2,500,000 | | 2,921,503 | |
Hamilton County Sewer System, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 12/1/2032 | | 9,350,000 | | 12,247,091 | |
Montgomery County, Revenue Bonds, Refunding (Kettering Health Network Obligated Group) | | 3.00 | | 8/1/2040 | | 1,600,000 | | 1,750,349 | |
Montgomery County, Revenue Bonds, Refunding (Kettering Health Network Obligated Group) | | 4.00 | | 8/1/2051 | | 1,000,000 | | 1,185,869 | |
Montgomery County, Revenue Bonds, Refunding (Kettering Health Network Obligated Group) | | 4.00 | | 8/1/2041 | | 500,000 | | 602,513 | |
Ohio, Revenue Bonds (Portsmouth Bypass Project) (Insured; Assured Guaranty Municipal Corp.) | | 5.00 | | 12/31/2039 | | 2,000,000 | | 2,271,031 | |
Ohio, Revenue Bonds (Portsmouth Bypass Project) (Insured; Assured Guaranty Municipal Corp.) | | 5.00 | | 12/31/2035 | | 3,000,000 | | 3,425,852 | |
Ohio Air Quality Development Authority, Revenue Bonds (Pratt Paper Project) | | 4.25 | | 1/15/2038 | | 2,500,000 | b | 2,902,916 | |
Ohio Turnpike & Infrastructure Commission, Revenue Bonds | | 5.70 | | 2/15/2034 | | 3,000,000 | h | 3,786,780 | |
Southern Ohio Port Authority, Revenue Bonds (PureCycle Project) Ser. A | | 7.00 | | 12/1/2042 | | 4,000,000 | b | 4,658,558 | |
| | 61,517,378 | |
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 | | 1,597,498 | |
Benton & Linn Counties Consolidated School District No. 509J & 509A, GO (Insured; School Board Guaranty) Ser. A | | 5.00 | | 6/15/2022 | | 1,745,000 | | 1,812,504 | |
Oregon, GO, Refunding | | 0.01 | | 6/1/2041 | | 2,550,000 | e | 2,550,000 | |
Oregon, GO, Refunding, Ser. M | | 0.01 | | 12/1/2044 | | 1,600,000 | e | 1,600,000 | |
Oregon Business Development Commission, Revenue Bonds, Refunding (RED Rock Biofuels) Ser. 248A | | 6.50 | | 4/1/2031 | | 2,000,000 | b,g | 430,000 | |
Oregon Business Development Commission, Revenue Bonds, Refunding (RED Rock Biofuels) Ser. 248D | | 6.50 | | 4/1/2031 | | 2,000,000 | b,g | 430,000 | |
98
| | | | | | | | | | |
| |
BNY Mellon Municipal Opportunities Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 102.9% (continued) | | | | | |
Oregon - 1.0% (continued) | | | | | |
Oregon Business Development Commission, Revenue Bonds, Refunding (RED Rock Biofuels) Ser. 248F | | 11.50 | | 4/1/2031 | | 1,000,000 | g | 215,000 | |
Salem-Keizer School District No. 24J, GO (Insured; School Board Guaranty) Ser. B | | 5.00 | | 6/15/2032 | | 2,700,000 | h | 3,588,911 | |
Salem-Keizer School District No. 24J, GO (Insured; School Board Guaranty) Ser. B | | 5.00 | | 6/15/2031 | | 2,500,000 | h | 3,337,245 | |
Salem-Keizer School District No. 24J, GO (Insured; School Board Guaranty) Ser. B | | 5.00 | | 6/15/2033 | | 2,200,000 | h | 2,914,422 | |
Salem-Keizer School District No. 24J, GO (Insured; School Board Guaranty) Ser. B | | 5.00 | | 6/15/2035 | | 2,425,000 | h | 3,185,403 | |
Salem-Keizer School District No. 24J, GO (Insured; School Board Guaranty) Ser. B | | 5.00 | | 6/15/2034 | | 3,000,000 | h | 3,948,977 | |
Warm Springs Reservation Confederated Tribe, Revenue Bonds, Refunding (Green Bond) Ser. B | | 5.00 | | 11/1/2039 | | 700,000 | b | 849,305 | |
Warm Springs Reservation Confederated Tribe, Revenue Bonds, Refunding (Green Bond) Ser. B | | 5.00 | | 11/1/2036 | | 700,000 | b | 855,308 | |
| | 27,314,573 | |
Pennsylvania - 2.0% | | | | | |
Allegheny County Industrial Development Authority, Revenue Bonds, Refunding (United States Steel Corp.) | | 4.88 | | 11/1/2024 | | 2,000,000 | | 2,174,102 | |
Allegheny County Industrial Development Authority, Revenue Bonds, Refunding (United States Steel Corp.) | | 5.13 | | 5/1/2030 | | 1,750,000 | | 2,135,494 | |
Commonwealth Financing Authority, Revenue Bonds | | 5.00 | | 6/1/2035 | | 3,500,000 | | 4,299,973 | |
Commonwealth Financing Authority, Revenue Bonds | | 5.00 | | 6/1/2034 | | 4,000,000 | | 4,922,705 | |
Delaware Valley Regional Finance Authority, Revenue Bonds, Refunding (LOC; TD Bank NA) | | 0.02 | | 11/1/2055 | | 1,100,000 | e | 1,100,000 | |
Geisinger Authority, Revenue Bonds, Refunding (Geisinger Health System Obligated Group) | | 4.00 | | 4/1/2050 | | 4,070,000 | | 4,690,684 | |
Geisinger Authority, Revenue Bonds, Refunding (Geisinger Health System Obligated Group) | | 4.00 | | 4/1/2039 | | 1,500,000 | | 1,760,539 | |
Geisinger Authority, Revenue Bonds, Refunding (Geisinger Health System Obligated Group) | | 5.00 | | 4/1/2050 | | 3,000,000 | | 3,767,567 | |
Latrobe Industrial Development Authority, Revenue Bonds, Refunding (Seton Hill University) | | 4.00 | | 3/1/2051 | | 700,000 | | 761,072 | |
Latrobe Industrial Development Authority, Revenue Bonds, Refunding (Seton Hill University) | | 4.00 | | 3/1/2046 | | 685,000 | | 746,848 | |
Montgomery County Higher Education & Health Authority, Revenue Bonds, Refunding (Thomas Jefferson University Project) | | 4.00 | | 9/1/2044 | | 1,750,000 | | 2,012,303 | |
Pennsylvania Economic Development Financing Authority, Revenue Bonds, Refunding (Tapestry Moon Senior Housing Project) | | 6.50 | | 12/1/2038 | | 3,000,000 | b,g | 1,770,000 | |
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding, Ser. A | | 3.00 | | 12/1/2051 | | 8,000,000 | | 8,545,890 | |
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding, Ser. A | | 4.00 | | 12/1/2051 | | 8,000,000 | | 9,475,282 | |
Pennsylvania Turnpike Commission, Revenue Bonds, Refunding, Ser. B | | 4.00 | | 12/1/2051 | | 5,000,000 | | 5,861,369 | |
| | 54,023,828 | |
Rhode Island - .4% | | | | | |
Rhode Island Health & Educational Building Corp., Revenue Bonds | | 5.25 | | 8/15/2043 | | 1,000,000 | | 1,250,043 | |
Rhode Island Health & Educational Building Corp., Revenue Bonds, Refunding (Providence College) | | 5.00 | | 11/1/2045 | | 7,000,000 | | 8,071,280 | |
| | 9,321,323 | |
South Carolina - .1% | | | | | |
South Carolina Public Service Authority, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 12/1/2036 | | 2,000,000 | | 2,376,332 | |
99
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | |
| |
BNY Mellon Municipal Opportunities Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 102.9% (continued) | | | | | |
Tennessee - .4% | | | | | |
Clarksville Public Building Authority, Revenue Bonds (LOC; Bank of America NA) | | 0.02 | | 11/1/2035 | | 2,300,000 | e | 2,300,000 | |
New Memphis Arena Public Building Authority, Revenue Bonds | | 4.00 | | 4/1/2031 | | 750,000 | h | 800,009 | |
New Memphis Arena Public Building Authority, Revenue Bonds (Memphis Project) | | 0.00 | | 4/1/2032 | | 775,000 | d | 648,665 | |
Tennessee Energy Acquisition Corp., Revenue Bonds, Ser. A | | 5.00 | | 11/1/2031 | | 5,000,000 | a | 6,681,230 | |
| | 10,429,904 | |
Texas - 9.3% | | | | | |
Arlington Higher Education Finance Corp., Revenue Bonds, Refunding (Uplift Education) Ser. A | | 5.00 | | 12/1/2046 | | 1,100,000 | | 1,268,595 | |
Arlington Higher Education Finance Corp., Revenue Bonds, Refunding (Uplift Education) Ser. A | | 5.00 | | 12/1/2036 | | 1,315,000 | | 1,541,462 | |
Arlington Higher Education Finance Corp., Revenue Bonds, Refunding, Ser. A | | 4.00 | | 8/15/2046 | | 860,000 | | 941,529 | |
Arlington Higher Education Finance Corp., Revenue Bonds, Refunding, Ser. A | | 4.00 | | 8/15/2041 | | 610,000 | | 672,199 | |
Arlington Higher Education Finance Corp., Revenue Bonds, Refunding, Ser. A | | 4.00 | | 8/15/2036 | | 330,000 | | 366,201 | |
Arlington Higher Education Finance Corp., Revenue Bonds, Ser. A | | 5.00 | | 8/15/2053 | | 925,000 | | 1,016,685 | |
Arlington Higher Education Finance Corp., Revenue Bonds, Ser. A | | 5.00 | | 8/15/2048 | | 1,900,000 | | 2,093,744 | |
Arlington Higher Education Finance Corp., Revenue Bonds, Ser. A | | 5.00 | | 8/15/2038 | | 1,000,000 | | 1,118,681 | |
Austin Airport System, Revenue Bonds, Ser. A | | 5.00 | | 11/15/2046 | | 13,120,000 | | 15,784,828 | |
Bexar County Health Facilities Development Corp., Revenue Bonds, Refunding (Army Retirement Residence Foundation Project) | | 5.00 | | 7/15/2041 | | 1,750,000 | | 1,952,762 | |
Central Texas Regional Mobility Authority, Revenue Bonds, Refunding | | 5.00 | | 1/1/2046 | | 1,500,000 | | 1,747,732 | |
Central Texas Regional Mobility Authority, Revenue Bonds, Ser. A | | 5.00 | | 1/1/2040 | | 7,300,000 | | 8,413,994 | |
Central Texas Regional Mobility Authority, Revenue Bonds, Ser. B | | 4.00 | | 1/1/2051 | | 4,255,000 | | 4,979,758 | |
Central Texas Regional Mobility Authority, Revenue Bonds, Ser. E | | 5.00 | | 1/1/2045 | | 1,250,000 | | 1,565,932 | |
Central Texas Turnpike System, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 8/15/2022 | | 6,000,000 | c | 6,279,910 | |
Central Texas Turnpike System, Revenue Bonds, Refunding, Ser. B | | 5.00 | | 8/15/2037 | | 16,235,000 | | 18,230,958 | |
Clifton Higher Education Finance Corp., Revenue Bonds (IDEA Public Schools) | | 5.00 | | 8/15/2032 | | 2,745,000 | | 2,847,458 | |
Clifton Higher Education Finance Corp., Revenue Bonds (IDEA Public Schools) | | 6.00 | | 8/15/2033 | | 1,500,000 | | 1,647,808 | |
Clifton Higher Education Finance Corp., Revenue Bonds (IDEA Public Schools) | | 6.00 | | 8/15/2043 | | 2,770,000 | | 3,023,278 | |
Clifton Higher Education Finance Corp., Revenue Bonds (Uplift Education) Ser. A | | 5.00 | | 12/1/2045 | | 3,855,000 | | 4,285,318 | |
Clifton Higher Education Finance Corp., Revenue Bonds, Ser. D | | 6.13 | | 8/15/2048 | | 18,000,000 | | 20,949,799 | |
Dallas Fort Worth International Airport, Revenue Bonds, Refunding | | 4.00 | | 11/1/2034 | | 6,500,000 | | 8,024,281 | |
Dallas Fort Worth International Airport, Revenue Bonds, Refunding | | 4.00 | | 11/1/2035 | | 5,000,000 | | 6,159,777 | |
Dallas Fort Worth International Airport, Revenue Bonds, Refunding | | 4.00 | | 11/1/2045 | | 2,000,000 | | 2,383,373 | |
Dallas Fort Worth International Airport, Revenue Bonds, Ser. H | | 5.00 | | 11/1/2021 | | 7,500,000 | c | 7,559,065 | |
Danbury Higher Education Authority, Revenue Bonds, Ser. A | | 4.00 | | 8/15/2049 | | 5,000,000 | | 5,058,723 | |
Danbury Higher Education Authority, Revenue Bonds, Ser. A | | 5.13 | | 8/15/2049 | | 2,240,000 | | 2,295,173 | |
100
| | | | | | | | | | |
| |
BNY Mellon Municipal Opportunities Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 102.9% (continued) | | | | | |
Texas - 9.3% (continued) | | | | | |
Grand Parkway Transportation Corp., Revenue Bonds, Refunding | | 4.00 | | 10/1/2049 | | 5,000,000 | | 5,809,839 | |
Grand Parkway Transportation Corp., Revenue Bonds, Ser. A | | 5.00 | | 10/1/2043 | | 5,000,000 | | 6,189,615 | |
Grand Parkway Transportation Corp., Revenue Bonds, Ser. A | | 5.50 | | 10/1/2023 | | 4,500,000 | c | 4,999,919 | |
Grand Parkway Transportation Corp., Revenue Bonds, Ser. B | | 5.20 | | 10/1/2031 | | 2,000,000 | h | 2,335,474 | |
Grand Parkway Transportation Corp., Revenue Bonds, Ser. B | | 5.40 | | 10/1/2033 | | 2,500,000 | h | 2,925,739 | |
Grand Parkway Transportation Corp., Revenue Bonds, Ser. B | | 5.45 | | 10/1/2034 | | 2,235,000 | h | 2,613,350 | |
Houston Airport System, Revenue Bonds (United Airlines) Ser. A | | 4.00 | | 7/15/2041 | | 1,000,000 | | 1,090,104 | |
Houston Airport System, Revenue Bonds (United Airlines) Ser. A | | 4.00 | | 7/1/2041 | | 1,250,000 | | 1,362,125 | |
Houston Airport System, Revenue Bonds, Refunding (United Airlines) | | 5.00 | | 7/15/2027 | | 1,000,000 | | 1,193,214 | |
Houston Airport System, Revenue Bonds, Refunding (United Airlines) Ser. A | | 5.00 | | 7/1/2027 | | 1,000,000 | | 1,192,303 | |
Houston Airport System, Revenue Bonds, Refunding (United Airlines) Ser. C | | 5.00 | | 7/15/2027 | | 1,000,000 | | 1,193,198 | |
Mission Economic Development Corp., Revenue Bonds, Refunding (Natgasoline Project) | | 4.63 | | 10/1/2031 | | 3,250,000 | b | 3,422,390 | |
Newark Higher Education Finance Corp., Revenue Bonds (A+ Charter Schools) Ser. A | | 5.50 | | 8/15/2035 | | 750,000 | b | 851,161 | |
Newark Higher Education Finance Corp., Revenue Bonds (A+ Charter Schools) Ser. A | | 5.75 | | 8/15/2045 | | 1,000,000 | b | 1,130,482 | |
North Texas Tollway Authority, Revenue Bonds, Refunding | | 5.00 | | 1/1/2036 | | 2,800,000 | | 3,431,814 | |
North Texas Tollway Authority, Revenue Bonds, Refunding, Ser. A | | 4.00 | | 1/2/2038 | | 5,000,000 | | 5,909,827 | |
North Texas Tollway Authority, Revenue Bonds, Refunding, Ser. B | | 3.00 | | 1/1/2046 | | 5,000,000 | | 5,307,314 | |
North Texas Tollway Authority, Revenue Bonds, Refunding, Ser. B | | 4.00 | | 1/1/2041 | | 2,000,000 | | 2,383,796 | |
Port Beaumont Navigation District, Revenue Bonds | | 2.75 | | 1/1/2036 | | 1,000,000 | b | 1,004,486 | |
Port Beaumont Navigation District, Revenue Bonds | | 2.88 | | 1/1/2041 | | 1,000,000 | b | 1,003,794 | |
Port Beaumont Navigation District, Revenue Bonds, Refunding, Ser. A | | 3.63 | | 1/1/2035 | | 1,500,000 | b | 1,551,777 | |
Port Beaumont Navigation District, Revenue Bonds, Refunding, Ser. A | | 4.00 | | 1/1/2050 | | 1,500,000 | b | 1,552,539 | |
Pottsboro Higher Education Finance Corp., Revenue Bonds, Ser. A | | 5.00 | | 8/15/2046 | | 1,000,000 | | 1,093,806 | |
San Antonio Independent School District, GO, Refunding (Insured; Permanent School Fund Guarantee Program) Ser. B | | 5.00 | | 8/1/2044 | | 7,140,000 | | 8,226,395 | |
Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds, Refunding (Baylor Scott & White Health Care Project) (LOC; TD Bank NA) | | 0.01 | | 11/15/2050 | | 3,200,000 | e | 3,200,000 | |
Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds, Refunding (Methodist Hospitals of Dallas Obligated Group) (LOC; TD Bank NA) Ser. B | | 0.02 | | 10/1/2041 | | 900,000 | e | 900,000 | |
Texas Municipal Gas Acquisition & Supply Corp. III, Revenue Bonds, Refunding | | 5.00 | | 12/15/2032 | | 1,500,000 | | 2,036,272 | |
Texas Municipal Gas Acquisition & Supply Corp. III, Revenue Bonds, Refunding | | 5.00 | | 12/15/2031 | | 1,700,000 | | 2,276,082 | |
Texas Municipal Gas Acquisition & Supply Corp. III, Revenue Bonds, Refunding | | 5.00 | | 12/15/2030 | | 2,000,000 | | 2,637,897 | |
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds (Blueridge Transportation Group) | | 5.00 | | 12/31/2045 | | 1,000,000 | | 1,126,535 | |
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds (NTE Mobility Partners Segments 3) | | 6.75 | | 6/30/2043 | | 5,000,000 | | 5,624,534 | |
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds (NTE Mobility Partners Segments 3) | | 7.00 | | 12/31/2038 | | 10,000,000 | | 11,305,158 | |
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds, Refunding (LBJ Infrastructure Group) | | 4.00 | | 6/30/2039 | | 1,500,000 | | 1,775,793 | |
101
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | |
| |
BNY Mellon Municipal Opportunities Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 102.9% (continued) | | | | | |
Texas - 9.3% (continued) | | | | | |
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds, Refunding (LBJ Infrastructure Group) | | 4.00 | | 12/31/2039 | | 1,600,000 | | 1,894,180 | |
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds, Refunding (LBJ Infrastructure Group) | | 4.00 | | 6/30/2040 | | 1,500,000 | | 1,770,276 | |
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds, Refunding (LBJ Infrastructure Group) | | 4.00 | | 6/30/2037 | | 1,250,000 | | 1,490,157 | |
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds, Refunding (LBJ Infrastructure Group) | | 4.00 | | 6/30/2036 | | 3,100,000 | | 3,707,472 | |
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds, Refunding (LBJ Infrastructure Group) | | 4.00 | | 12/31/2037 | | 1,250,000 | | 1,490,157 | |
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds, Refunding (LBJ Infrastructure Group) | | 4.00 | | 12/31/2038 | | 2,000,000 | | 2,376,109 | |
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds, Refunding (LBJ Infrastructure Group) | | 4.00 | | 6/30/2038 | | 2,000,000 | | 2,376,109 | |
Texas Transportation Commission, Revenue Bonds | | 5.00 | | 8/1/2057 | | 2,000,000 | | 2,339,302 | |
| | 248,309,517 | |
U.S. Related - 4.3% | | | | | |
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 | | 2,198,931 | |
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 | | 2,202,408 | |
Antonio B. Won Pat International Airport Authority, Revenue Bonds, Refunding, Ser. C | | 6.25 | | 10/1/2034 | | 1,000,000 | | 1,088,357 | |
Antonio B. Won Pat International Airport Authority, Revenue Bonds, Refunding, Ser. C | | 6.38 | | 10/1/2043 | | 1,000,000 | | 1,084,738 | |
Guam, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 12/1/2046 | | 1,500,000 | | 1,729,093 | |
Guam, Revenue Bonds, Refunding, Ser. F | | 4.00 | | 1/1/2036 | | 1,750,000 | | 2,052,109 | |
Guam, Revenue Bonds, Refunding, Ser. F | | 4.00 | | 1/1/2042 | | 2,250,000 | | 2,570,962 | |
Guam Government Waterworks Authority, Revenue Bonds, Ser. A | | 5.00 | | 1/1/2050 | | 2,000,000 | | 2,452,131 | |
Puerto Rico, GO, Refunding Ser. A | | 8.00 | | 7/1/2035 | | 10,000,000 | g | 8,512,500 | |
Puerto Rico, GO, Refunding, Ser. A | | 5.00 | | 7/1/2041 | | 2,500,000 | g | 2,146,875 | |
Puerto Rico, GO, Ser. A | | 5.00 | | 7/1/2027 | | 2,555,000 | g | 2,404,894 | |
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 7/1/2047 | | 7,500,000 | b | 9,101,032 | |
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 7/1/2030 | | 15,000,000 | b | 18,990,580 | |
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds, Refunding, Ser. A | | 5.00 | | 7/1/2035 | | 5,000,000 | b | 6,203,479 | |
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds, Ser. A | | 5.25 | | 7/1/2042 | | 2,000,000 | | 2,083,769 | |
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds, Ser. A | | 5.75 | | 7/1/2037 | | 2,500,000 | | 2,615,079 | |
Puerto Rico Electric Power Authority, Revenue Bonds, Refunding, Ser. DDD | | 5.00 | | 7/1/2022 | | 2,000,000 | g | 1,860,000 | |
Puerto Rico Electric Power Authority, Revenue Bonds, Ser. A | | 6.75 | | 7/1/2036 | | 10,000,000 | g | 9,587,500 | |
Puerto Rico GDB Debt Recovery Authority, Revenue Bonds | | 7.50 | | 8/20/2040 | | 4,470,964 | | 4,202,706 | |
Puerto Rico Highway & Transportation Authority, Revenue Bonds, Refunding, Ser. M | | 5.00 | | 7/1/2032 | | 220,000 | g | 117,425 | |
Puerto Rico Highway & Transportation Authority, Revenue Bonds, Refunding, Ser. M | | 5.00 | | 7/1/2025 | | 110,000 | g | 58,713 | |
Puerto Rico Highway & Transportation Authority, Revenue Bonds, Ser. G | | 5.00 | | 7/1/2042 | | 120,000 | g | 64,050 | |
Puerto Rico Highway & Transportation Authority, Revenue Bonds, Ser. K | | 5.00 | | 7/1/2030 | | 120,000 | g | 64,050 | |
Puerto Rico Infrastructure Financing Authority, Revenue Bonds, Ser. B | | 5.00 | | 7/1/2021 | | 500,000 | g | 200,000 | |
102
| | | | | | | | | | |
| |
BNY Mellon Municipal Opportunities Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 102.9% (continued) | | | | | |
U.S. Related - 4.3% (continued) | | | | | |
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1 | | 0.00 | | 7/1/2031 | | 498,000 | d | 403,826 | |
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1 | | 0.00 | | 7/1/2029 | | 387,000 | d | 340,354 | |
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1 | | 0.00 | | 7/1/2033 | | 561,000 | d | 422,958 | |
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1 | | 0.00 | | 7/1/2051 | | 4,348,000 | d | 1,056,629 | |
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1 | | 0.00 | | 7/1/2046 | | 5,338,000 | d | 1,783,632 | |
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1 | | 0.00 | | 7/1/2027 | | 397,000 | d | 366,483 | |
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1 | | 0.00 | | 7/1/2024 | | 185,000 | d | 178,717 | |
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1 | | 4.50 | | 7/1/2034 | | 4,311,000 | | 4,772,921 | |
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1 | | 4.55 | | 7/1/2040 | | 208,000 | | 239,350 | |
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1 | | 4.75 | | 7/1/2053 | | 1,526,000 | | 1,746,357 | |
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A1 | | 5.00 | | 7/1/2058 | | 8,783,000 | | 10,169,476 | |
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A2 | | 4.33 | | 7/1/2040 | | 2,112,000 | | 2,400,887 | |
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A2 | | 4.54 | | 7/1/2053 | | 63,000 | | 71,254 | |
Puerto Rico Sales Tax Financing Corp., Revenue Bonds, Ser. A2 | | 4.78 | | 7/1/2058 | | 847,000 | | 969,299 | |
Virgin Islands Public Finance Authority, Revenue Bonds, Ser. A | | 5.00 | | 10/1/2029 | | 2,250,000 | | 2,245,824 | |
Virgin Islands Public Finance Authority, Revenue Bonds, Ser. A | | 5.00 | | 10/1/2034 | | 1,500,000 | | 1,480,917 | |
Virgin Islands Public Finance Authority, Revenue Bonds, Ser. A | | 6.75 | | 10/1/2037 | | 1,250,000 | | 1,260,938 | |
| | 113,501,203 | |
Utah - .7% | | | | | |
Mida Mountain Village Public Infrastructure District, Special Assessment Bonds (Mountain Village Assignment Area #2) | | 4.00 | | 8/1/2050 | | 2,000,000 | b | 2,114,855 | |
Military Installation Development Authority, Revenue Bonds, Ser. A1 | | 4.00 | | 6/1/2052 | | 2,000,000 | | 2,076,305 | |
Military Installation Development Authority, Revenue Bonds, Ser. A1 | | 4.00 | | 6/1/2041 | | 1,500,000 | | 1,575,430 | |
Military Installation Development Authority, Revenue Bonds, Ser. A1 | | 4.00 | | 6/1/2036 | | 1,000,000 | | 1,064,044 | |
Salt Lake City, Revenue Bonds, Ser. A | | 4.00 | | 7/1/2041 | | 3,000,000 | | 3,553,412 | |
Utah Charter School Finance Authority, Revenue Bonds, Refunding (Summit Academy) Ser. A | | 5.00 | | 4/15/2044 | | 625,000 | | 747,354 | |
Utah Charter School Finance Authority, Revenue Bonds, Refunding (Summit Academy) Ser. A | | 5.00 | | 4/15/2049 | | 1,150,000 | | 1,367,486 | |
Utah County, Revenue Bonds (IHC Health Services Inc Obligated Group) Ser. A | | 4.00 | | 5/15/2043 | | 2,750,000 | | 3,260,708 | |
Utah County, Revenue Bonds (IHC Health Services Inc Obligated Group) Ser. A | | 5.00 | | 5/15/2050 | | 3,000,000 | | 3,805,329 | |
| | 19,564,923 | |
Virginia - 2.7% | | | | | |
Arlington County Industrial Development Authority, Revenue Bonds, Refunding (Virginia Hospital Center) | | 4.00 | | 7/1/2045 | | 5,000,000 | | 5,890,298 | |
Chesapeake Expressway, Revenue Bonds, Refunding, Ser. B | | 4.88 | | 7/15/2040 | | 2,000,000 | h | 2,201,180 | |
Richmond Public Utility, Revenue Bonds, Ser. A | | 4.00 | | 1/15/2050 | | 3,000,000 | | 3,550,927 | |
Roanoke County Economic Development Authority, Revenue Bonds, Refunding (Richfield Living Obligated Group) Ser. A | | 5.25 | | 9/1/2049 | | 10,000,000 | | 10,071,374 | |
University of Virginia, Revenue Bonds, Refunding, Ser. A1 | | 4.00 | | 4/1/2045 | | 3,950,000 | | 4,352,692 | |
Virginia Small Business Financing Authority, Revenue Bonds (95 Express Lanes Project) | | 5.00 | | 1/1/2040 | | 7,510,000 | | 7,626,426 | |
Virginia Small Business Financing Authority, Revenue Bonds (95 Express Lanes Project) | | 5.00 | | 1/1/2040 | | 12,395,000 | | 12,587,275 | |
Virginia Small Business Financing Authority, Revenue Bonds (Elizabeth River Crossing Opco Project) | | 5.25 | | 1/1/2032 | | 4,000,000 | | 4,157,595 | |
Virginia Small Business Financing Authority, Revenue Bonds (Elizabeth River Crossing Opco Project) | | 6.00 | | 1/1/2037 | | 1,665,000 | | 1,742,511 | |
Virginia Small Business Financing Authority, Revenue Bonds (Transform 66 P3 Project) | | 5.00 | | 12/31/2049 | | 4,500,000 | | 5,421,974 | |
Virginia Small Business Financing Authority, Revenue Bonds (Transform 66 P3 Project) | | 5.00 | | 12/31/2056 | | 4,000,000 | | 4,795,014 | |
103
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | |
| |
BNY Mellon Municipal Opportunities Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 102.9% (continued) | | | | | |
Virginia - 2.7% (continued) | | | | | |
Virginia Small Business Financing Authority, Revenue Bonds, Refunding (National Senior Campuses Inc Obligated Group) Ser. A | | 4.00 | | 1/1/2051 | | 2,750,000 | | 3,119,682 | |
Virginia Small Business Financing Authority, Revenue Bonds, Refunding (National Senior Campuses Inc Obligated Group) Ser. A | | 4.00 | | 1/1/2045 | | 3,000,000 | | 3,425,090 | |
Virginia Small Business Financing Authority, Revenue Bonds, Refunding (National Senior Campuses Inc Obligated Group) Ser. A | | 4.00 | | 1/1/2040 | | 3,000,000 | | 3,456,618 | |
| | 72,398,656 | |
Washington - .7% | | | | | |
Washington, GO, Refunding, Ser. R-2021A | | 5.00 | | 6/1/2035 | | 1,250,000 | | 1,640,436 | |
Washington, GO, Refunding, Ser. R-2021A | | 5.00 | | 6/1/2034 | | 1,250,000 | | 1,643,978 | |
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Fred Hutchinson Cancer Research Center) Ser. C, 1 Month MUNIPSA +1.05% | | 1.07 | | 7/3/2023 | | 7,965,000 | a,f | 8,016,758 | |
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Seattle Cancer Care Alliance Obligated Group) | | 4.00 | | 12/1/2040 | | 1,000,000 | b | 1,195,569 | |
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Seattle Cancer Care Alliance Obligated Group) | | 4.00 | | 12/1/2045 | | 1,200,000 | b | 1,405,106 | |
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Seattle Cancer Care Alliance Obligated Group) | | 4.00 | | 12/1/2048 | | 1,000,000 | b | 1,165,490 | |
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Seattle Cancer Care Alliance Obligated Group) | | 4.00 | | 9/1/2050 | | 1,000,000 | | 1,148,635 | |
Washington Health Care Facilities Authority, Revenue Bonds, Refunding (Seattle Cancer Care Alliance Obligated Group) | | 5.00 | | 9/1/2050 | | 1,500,000 | | 1,913,893 | |
| | 18,129,865 | |
West Virginia - .8% | | | | | |
West Virginia, GO, Ser. B | | 5.00 | | 6/1/2041 | | 10,000,000 | | 12,491,990 | |
West Virginia Economic Development Authority, Revenue Bonds (Arch Resources) | | 5.00 | | 7/1/2025 | | 1,000,000 | a | 1,096,847 | |
West Virginia Hospital Finance Authority, Revenue Bonds, Refunding (Charleston Area Medical Center Obligated Group) | | 5.00 | | 9/1/2038 | | 1,500,000 | | 1,852,111 | |
West Virginia Hospital Finance Authority, Revenue Bonds, Refunding (Charleston Area Medical Center Obligated Group) | | 5.00 | | 9/1/2039 | | 1,450,000 | | 1,786,194 | |
West Virginia Hospital Finance Authority, Revenue Bonds, Refunding (LOC; TD Bank NA) Ser. C | | 0.02 | | 6/1/2034 | | 5,260,000 | e | 5,260,000 | |
| | 22,487,142 | |
Wisconsin - 1.3% | | | | | |
Public Finance Authority, Revenue Bonds (Maryland Proton Treatment Center) Ser. A1 | | 6.38 | | 1/1/2048 | | 2,500,000 | b | 2,008,040 | |
Public Finance Authority, Revenue Bonds (Nevada State College) | | 5.00 | | 5/1/2055 | | 5,000,000 | b | 4,491,864 | |
Public Finance Authority, Revenue Bonds (Piedmont Community Charter School) | | 5.00 | | 6/15/2049 | | 3,440,000 | | 4,020,656 | |
Public Finance Authority, Revenue Bonds (Piedmont Community Charter School) | | 5.00 | | 6/15/2053 | | 1,000,000 | | 1,165,811 | |
Public Finance Authority, Revenue Bonds (Sky Harbour Capital Obligated Group) | | 4.25 | | 7/1/2054 | | 2,500,000 | | 2,562,278 | |
Public Finance Authority, Revenue Bonds, Refunding (Friends Homes Obligated Group) | | 5.00 | | 9/1/2039 | | 2,230,000 | b | 2,595,540 | |
Public Finance Authority, Revenue Bonds, Refunding (Renown Regional Medical Center) | | 4.00 | | 6/1/2045 | | 6,515,000 | | 7,601,836 | |
Wisconsin Center District, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 0.00 | | 12/15/2046 | | 3,990,000 | d | 1,662,092 | |
Wisconsin Center District, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. A | | 0.00 | | 12/15/2044 | | 8,735,000 | d | 3,952,401 | |
104
| | | | | | | | | | |
| |
BNY Mellon Municipal Opportunities Fund (continued) |
Description | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Long-Term Municipal Investments - 102.9% (continued) | | | | | |
Wisconsin - 1.3% (continued) | | | | | |
Wisconsin Health & Educational Facilities Authority, Revenue Bonds, Refunding (Marshfield Clinic Health System Obligated Group) Ser. C | | 5.00 | | 2/15/2047 | | 4,500,000 | | 5,332,603 | |
| | 35,393,121 | |
Total Long-Term Municipal Investments
(cost $2,533,074,661) | | 2,750,137,545 | |
Total Investments (cost $2,561,074,661) | | 104.0% | 2,779,329,489 | |
Liabilities, Less Cash and Receivables | | (4.0%) | (107,266,915) | |
Net Assets | | 100.0% | 2,672,062,574 | |
a These securities have a put feature; the date shown represents the put date and the bond holder can take a specific action to retain the bond after the put date.
b Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2021, these securities were valued at $292,174,050 or 10.93% of net assets.
c These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
d Security issued with a zero coupon. Income is recognized through the accretion of discount.
e The Variable Rate shall be determined by the Remarketing Agent in its sole discretion based on prevailing market conditions and may, but need not, be established by reference to one or more financial indices.
f Variable rate security—interest rate resets periodically and rate shown is the interest rate in effect at period end. Security description also includes the reference rate and spread if published and available.
g Non-income producing—security in default.
h Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity.
| | |
Portfolio Summary (Unaudited) † | Value (%) |
General | 18.2 |
Education | 15.5 |
Transportation | 14.3 |
General Obligation | 11.7 |
Medical | 9.1 |
Development | 6.9 |
Airport | 5.7 |
School District | 4.7 |
Prerefunded | 2.9 |
Water | 2.7 |
Housing | 2.6 |
Tobacco Settlement | 2.5 |
Multifamily Housing | 2.3 |
Nursing Homes | 2.2 |
Power | 2.1 |
Special Tax | .3 |
Utilities | .1 |
Pollution | .1 |
Facilities | .1 |
| | 104.0 |
† Based on net assets.
See notes to financial statements.
105
STATEMENTS OF FUTURES
August 31, 2021
| | | | | | | | | | | | |
BNY Mellon National Intermediate Municipal Bond Fund | |
Description | Number of
Contracts | Expiration | Notional
Value($) | Market
Value ($) | Unrealized
(Depreciation) ($) | |
Futures Short | | |
U.S. Treasury 10 Year Notes | 300 | 12/21/2021 | 39,993,723 | 40,035,939 | (42,216) | |
Ultra 10 Year U.S. Treasury Notes | 175 | 12/21/2021 | 25,895,831 | 25,902,735 | (6,904) | |
Gross Unrealized Depreciation | | (49,120) | |
See notes to financial statements.
| | | | | | | | | | | | |
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | |
Description | Number of
Contracts | Expiration | Notional
Value($) | Market
Value ($) | Unrealized
(Depreciation) ($) | |
Futures Short | | |
U.S. Treasury 10 Year Notes | 25 | 12/21/2021 | 3,332,810 | 3,336,328 | (3,518) | |
Gross Unrealized Depreciation | | (3,518) | |
See notes to financial statements.
| | | | | | | | | | | | |
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | |
Description | Number of
Contracts | Expiration | Notional
Value($) | Market
Value ($) | Unrealized
(Depreciation) ($) | |
Futures Short | | |
U.S. Treasury 10 Year Notes | 17 | 12/21/2021 | 2,266,311 | 2,268,703 | (2,392) | |
Gross Unrealized Depreciation | | (2,392) | |
See notes to financial statements.
| | | | | | | | | | | | |
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | |
Description | Number of
Contracts | Expiration | Notional
Value($) | Market
Value ($) | Unrealized
(Depreciation) ($) | |
Futures Short | | |
U.S. Treasury 10 Year Notes | 28 | 12/21/2021 | 3,732,748 | 3,736,688 | (3,940) | |
Ultra 10 Year U.S. Treasury Notes | 8 | 12/21/2021 | 1,183,809 | 1,184,125 | (316) | |
Gross Unrealized Depreciation | | (4,256) | |
See notes to financial statements.
| | | | | | | | | | | | |
BNY Mellon Municipal Opportunities Fund | |
Description | Number of
Contracts | Expiration | Notional
Value($) | Market
Value ($) | Unrealized
Appreciation (Depreciation) ($) | |
Futures Short | | |
U.S. Treasury 10 Year Notes | 50 | 12/21/2021 | 6,665,621 | 6,672,657 | (7,036) | |
U.S. Treasury Long Bond | 100 | 12/21/2021 | 16,325,590 | 16,296,875 | 28,715 | |
U.S. Treasury Ultra Long Bond | 625 | 12/21/2021 | 123,499,781 | 123,300,781 | 199,000 | |
Ultra 10 Year U.S. Treasury Notes | 625 | 12/21/2021 | 92,485,113 | 92,509,769 | (24,656) | |
Gross Unrealized Appreciation | | 227,715 | |
Gross Unrealized Depreciation | | (31,692) | |
See notes to financial statements.
106
| | | | |
| |
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 | BSBY | Bloomberg Short-Term Bank Yield Index |
CIFG | CDC Ixis Financial Guaranty | COP | Certificate of Participation |
CP | Commercial Paper | DRIVERS | Derivative Inverse Tax-Exempt Receipts |
EFFR | Effective Federal Funds Rate | FGIC | Financial Guaranty Insurance Company |
FHA | Federal Housing Administration | FHLB | Federal Home Loan Bank |
FHLMC | Federal Home Loan Mortgage Corporation | FNMA | Federal National Mortgage Association |
GAN | Grant Anticipation Notes | GIC | Guaranteed Investment Contract |
GNMA | Government National Mortgage Association | GO | General Obligation |
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.
107
STATEMENTS OF ASSETS AND LIABILITIES
August 31, 2021
| | | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | 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 ($): | | | | | | | | | | | | |
Investments in securities—See Statements
of Investments† | | | | 2,981,591,371 | | 978,237,347 | | 203,186,858 | | 361,993,682 | | |
Interest receivable | | | | 29,182,678 | | 7,799,017 | | 2,067,115 | | 3,017,808 | | |
Receivable for shares of Beneficial
Interest subscribed | | | | 10,221,661 | | 1,746,664 | | 188,648 | | 1,112,560 | | |
Receivable for investment securities sold | | | | 8,385,473 | | 14,265,078 | | - | | - | | |
Cash collateral held by broker—Note 4 | | | | 886,250 | | - | | 38,125 | | 25,925 | | |
Receivable for futures
variation margin—Note 4 | | | | 69,919 | | - | | 1,953 | | 1,328 | | |
Prepaid expenses | | | | 34,804 | | 29,109 | | 22,958 | | 22,731 | | |
| | | | 3,030,372,156 | | 1,002,077,215 | | 205,505,657 | | 366,174,034 | | |
Liabilities ($): | | | | | | | | | | | | |
Due to BNY Mellon Investment Adviser, Inc.
and affiliates—Note 3(b) | | | | 1,178,029 | | 334,454 | | 105,611 | | 154,129 | | |
Cash overdraft due to Custodian | | | | 3,932,601 | | 682,049 | | 253,911 | | 460,623 | | |
Payable for investment securities purchased | | | | 187,633,797 | | 87,325,395 | | 9,572,959 | | 11,835,737 | | |
Payable for shares of Beneficial
Interest redeemed | | | | 2,099,463 | | 858,017 | | 103,245 | | 32,171 | | |
Trustees’ fees and expenses payable | | | | 36,760 | | 25,995 | | 4,969 | | 8,305 | | |
Other accrued expenses | | | | 143,120 | | 90,144 | | 61,201 | | 67,457 | | |
| | | | 195,023,770 | | 89,316,054 | | 10,101,896 | | 12,558,422 | | |
Net Assets ($) | | | | 2,835,348,386 | | 912,761,161 | | 195,403,761 | | 353,615,612 | | |
Composition of Net Assets ($): | | | | | | | | | | | | |
Paid-in capital | | | | 2,644,877,903 | | 901,680,808 | | 182,209,598 | | 333,503,898 | | |
Total distributable earnings (loss) | | | | 190,470,483 | | 11,080,353 | | 13,194,163 | | 20,111,714 | | |
Net Assets ($) | | | | 2,835,348,386 | | 912,761,161 | | 195,403,761 | | 353,615,612 | | |
† Investments at cost ($) | | | | 2,804,754,912 | | 967,031,076 | | 190,926,265 | | 342,042,903 | | |
Net Asset Value Per Share | | | | | | | | | | | | |
Class M | | | | | | | | | | | | |
Net Assets ($) | | | | 2,740,368,037 | | 894,026,759 | | 186,186,169 | | 341,935,216 | | |
Shares Outstanding | | | | 192,519,959 | | 69,080,838 | | 14,674,272 | | 25,810,940 | | |
Net Asset Value Per Share ($) | | | | 14.23 | | 12.94 | | 12.69 | | 13.25 | | |
Investor Shares | | | | | | | | | | | | |
Net Assets ($) | | | | 94,980,349 | | 18,734,402 | | 9,217,592 | | 11,680,396 | | |
Shares Outstanding | | | | 6,680,813 | | 1,448,543 | | 727,434 | | 881,927 | | |
Net Asset Value Per Share ($) | | | | 14.22 | | 12.93 | | 12.67 | | 13.24 | | |
| | | | | | | | | | | | |
See notes to financial statements. | | | | | | | | | | | | |
108
| | | | | | | | | |
| | | | | | | | |
| | | | BNY Mellon New York
Intermediate Tax-Exempt
Bond Fund | | BNY Mellon Municipal Opportunities Fund | | |
Assets ($): | | | | | | | | |
Investments in securities—See Statements
of Investments† | | | | 172,680,487 | | 2,779,329,489 | | |
Interest receivable | | | | 1,586,765 | | 23,925,161 | | |
Receivable for shares of Beneficial
Interest subscribed | | | | 320,057 | | 5,649,368 | | |
Cash collateral held by broker—Note 4 | | | | 62,300 | | 6,020,000 | | |
Receivable for futures
variation margin—Note 4 | | | | 4,312 | | 883,981 | | |
Receivable for investment securities sold | | | | - | | 11,768,158 | | |
Prepaid expenses | | | | 18,784 | | 37,134 | | |
| | | | 174,672,705 | | 2,827,613,291 | | |
Liabilities ($): | | | | | | | | |
Due to BNY Mellon Investment Adviser, Inc.
and affiliates—Note 3(b) | | | | 79,685 | | 1,453,325 | | |
Cash overdraft due to Custodian | | | | 143,891 | | 4,193,033 | | |
Payable for investment securities purchased | | | | 10,752,063 | | 149,027,842 | | |
Trustees’ fees and expenses payable | | | | 3,731 | | 54,802 | | |
Payable for shares of Beneficial
Interest redeemed | | | | 3,537 | | 660,962 | | |
Other accrued expenses | | | | 58,679 | | 160,753 | | |
| | | | 11,041,586 | | 155,550,717 | | |
Net Assets ($) | | | | 163,631,119 | | 2,672,062,574 | | |
Composition of Net Assets ($): | | | | | | | | |
Paid-in capital | | | | 153,390,773 | | 2,450,949,166 | | |
Total distributable earnings (loss) | | | | 10,240,346 | | 221,113,408 | | |
Net Assets ($) | | | | 163,631,119 | | 2,672,062,574 | | |
† Investments at cost ($) | | | | 163,910,495 | | 2,561,074,661 | | |
Net Asset Value Per Share | | | | | | | | |
Class M | | | | | | | | |
Net Assets ($) | | | | 152,246,081 | | 2,568,933,036 | | |
Shares Outstanding | | | | 13,214,860 | | 182,160,901 | | |
Net Asset Value Per Share ($) | | | | 11.52 | | 14.10 | | |
Investor Shares | | | | | | | | |
Net Assets ($) | | | | 11,385,038 | | 103,129,538 | | |
Shares Outstanding | | | | 987,617 | | 7,309,468 | | |
Net Asset Value Per Share ($) | | | | 11.53 | | 14.11 | | |
| | | | | | | | |
See notes to financial statements. | | | | | | | | |
109
STATEMENTS OF OPERATIONS
Year Ended August 31, 2021
| | | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | 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 ($): | | | | | | | | | | |
Interest Income | | | 67,480,052 | | 15,784,644 | | 5,142,252 | | 8,132,458 | |
Expenses: | | | | | | | | | | |
Investment advisory fee—Note 3(a) | | | 9,650,168 | | 3,484,255 | | 992,455 | | 1,183,204 | |
Administration fee—Note 3(a) | | | 3,403,322 | | 1,229,252 | | 245,026 | | 417,269 | |
Trustees’ fees and expenses—Note 3(c) | | | 232,694 | | 91,650 | | 17,902 | | 30,547 | |
Shareholder servicing costs—Note 3(b) | | | 197,637 | | 39,907 | | 23,123 | | 26,333 | |
Loan commitment fees—Note 2 | | | 116,224 | | 44,476 | | 8,510 | | 14,099 | |
Professional fees | | | 96,974 | | 59,442 | | 41,517 | | 49,577 | |
Registration fees | | | 68,847 | | 42,377 | | 32,525 | | 32,978 | |
Custodian fees—Note 3(b) | | | 61,952 | | 30,337 | | 9,547 | | 12,048 | |
Chief Compliance Officer fees—Note 3(b) | | | 14,319 | | 14,319 | | 14,319 | | 14,319 | |
Prospectus and shareholders’ reports | | | 11,639 | | 11,651 | | 10,257 | | 11,102 | |
Miscellaneous | | | 133,869 | | 74,724 | | 39,910 | | 50,469 | |
Total Expenses | | | 13,987,645 | | 5,122,390 | | 1,435,091 | | 1,841,945 | |
Less—reduction in expenses due to undertakings—Note 3(a) | | | - | | (262,618) | | (97,822) | | - | |
Net Expenses | | | 13,987,645 | | 4,859,772 | | 1,337,269 | | 1,841,945 | |
Investment Income—Net | | | 53,492,407 | | 10,924,872 | | 3,804,983 | | 6,290,513 | |
Realized and Unrealized Gain (Loss)
on Investments—Note 4 ($): | | | | | | | | |
Net realized gain (loss) on investments | 16,386,845 | | 2,720,227 | | 957,839 | | 410,855 | |
Net realized gain (loss) on futures | | | (991,466) | | - | | (43,898) | | (29,851) | |
Net Realized Gain (Loss) | | | 15,395,379 | | 2,720,227 | | 913,941 | | 381,004 | |
Net change in unrealized appreciation (depreciation)
on investments | | | 21,757,720 | | (3,117,075) | | 927,166 | | 2,846,795 | |
Net change in unrealized appreciation (depreciation)
on futures | | | (49,120) | | - | | (3,518) | | (2,392) | |
Net Change in Unrealized Appreciation (Depreciation) | | | 21,708,600 | | (3,117,075) | | 923,648 | | 2,844,403 | |
Net Realized and Unrealized Gain (Loss) on Investments | | | 37,103,979 | | (396,848) | | 1,837,589 | | 3,225,407 | |
Net Increase in Net Assets Resulting from Operations | | 90,596,386 | | 10,528,024 | | 5,642,572 | | 9,515,920 | |
| | | | | | | | | | | | |
See notes to financial statements. | | | | | | | | | | | |
110
| | | | | | | | | |
| | | | | | | | |
| | | | | BNY Mellon New York
Intermediate Tax-Exempt
Bond Fund | | BNY Mellon Municipal
Opportunities Fund | |
Investment Income ($): | | | | | | |
Income: | | | | | | |
Interest | | | 3,987,655 | | 81,029,938 | |
Cash dividends from unaffiliated issuers | | | - | | 3,216 | |
Total Income | | | 3,987,655 | | 81,033,154 | |
Expenses: | | | | | | |
Investment advisory fee—Note 3(a) | | | 826,021 | | 12,432,129 | |
Administration fee—Note 3(a) | | | 203,932 | | 3,068,466 | |
Professional fees | | | 45,128 | | 90,084 | |
Registration fees | | | 31,603 | | 101,001 | |
Shareholder servicing costs—Note 3(b) | | | 27,696 | | 194,071 | |
Trustees’ fees and expenses—Note 3(c) | | | 15,244 | | 221,159 | |
Chief Compliance Officer fees—Note 3(b) | | | 14,319 | | 14,319 | |
Prospectus and shareholders’ reports | | | 11,386 | | 14,188 | |
Custodian fees—Note 3(b) | | | 8,119 | | 62,376 | |
Loan commitment fees—Note 2 | | | 6,864 | | 101,337 | |
Miscellaneous | | | 33,071 | | 145,401 | |
Total Expenses | | | 1,223,383 | | 16,444,531 | |
Less—reduction in expenses due to undertakings—Note 3(a) | | | (214,659) | | - | |
Net Expenses | | | 1,008,724 | | 16,444,531 | |
Investment Income—Net | | | 2,978,931 | | 64,588,623 | |
Realized and Unrealized Gain (Loss)
on Investments—Note 4 ($): | | | | |
Net realized gain (loss) on investments | 1,856,904 | | 14,394,618 | |
Net realized gain (loss) on futures | | | (85,258) | | 6,358,127 | |
Net Realized Gain (Loss) | | | 1,771,646 | | 20,752,745 | |
Net change in unrealized appreciation (depreciation)
on investments | | | 1,769,951 | | 81,937,858 | |
Net change in unrealized appreciation (depreciation) on futures | | | (4,256) | | (191,469) | |
Net Change in Unrealized Appreciation (Depreciation) | | | 1,765,695 | | 81,746,389 | |
Net Realized and Unrealized Gain (Loss) on Investments | | | 3,537,341 | | 102,499,134 | |
Net Increase in Net Assets Resulting from Operations | | 6,516,272 | | 167,087,757 | |
| | | | | | | | |
See notes to financial statements. | | | | | | | |
111
STATEMENTS OF CHANGES IN NET ASSETS
| | | | | | | | | | | | | | | | |
| | | | BNY Mellon National
Intermediate Municipal Bond Fund | | BNY Mellon National
Short-Term Municipal Bond Fund | |
| | | | Year Ended August 31, | Year Ended August 31, |
| | | | 2021 | | | | 2020 | | 2021 | | | | 2020 | |
Operations ($): | | | | | | | | | | | | | | |
Investment income—net | | | 53,492,407 | | | | 55,749,161 | | 10,924,872 | | | | 14,605,823 | |
Net realized gain (loss) on investments | | 15,395,379 | | | | 5,826,617 | | 2,720,227 | | | | (109,368) | |
Net change in unrealized appreciation
(depreciation) on investments | | 21,708,600 | | | | (80,504) | | (3,117,075) | | | | 2,123,814 | |
Net Increase (Decrease) in Net Assets
Resulting from Operations | 90,596,386 | | | | 61,495,274 | | 10,528,024 | | | | 16,620,269 | |
Distributions ($): | | | | | | | | | | | | | | |
Distributions to shareholders: | | | | | | | | | | | | | | |
Class M | | | (61,356,523) | | | | (54,343,427) | | (10,757,625) | | | | (14,240,637) | |
Investor Shares | | | (1,590,505) | | | | (1,176,041) | | (135,076) | | | | (161,043) | |
Total Distributions | | | (62,947,028) | | | | (55,519,468) | | (10,892,701) | | | | (14,401,680) | |
Beneficial Interest Transactions ($): | | | | | | | | | | | | | | |
Net proceeds from shares sold: | | | | | | | | | | | | | | |
Class M | | | 544,770,811 | | | | 593,798,573 | | 278,287,755 | | | | 317,647,923 | |
Investor Shares | | | 73,572,140 | | | | 61,288,554 | | 20,515,295 | | | | 21,706,222 | |
Distributions reinvested: | | | | | | | | | | | | | | |
Class M | | | 9,802,822 | | | | 6,946,978 | | 1,558,087 | | | | 2,364,760 | |
Investor Shares | | | 1,267,171 | | | | 939,762 | | 117,542 | | | | 131,518 | |
Cost of shares redeemed: | | | | | | | | | | | | | | |
Class M | | | (426,063,826) | | | | (520,202,802) | | (429,297,186) | | | | (407,844,215) | |
Investor Shares | | | (44,604,545) | | | | (49,889,531) | | (15,861,368) | | | | (22,513,065) | |
Increase (Decrease) in Net Assets
from Beneficial Interest Transactions | 158,744,573 | | | | 92,881,534 | | (144,679,875) | | | | (88,506,857) | |
Total Increase (Decrease) in Net Assets | 186,393,931 | | | | 98,857,340 | | (145,044,552) | | | | (86,288,268) | |
Net Assets ($): | | | | | | | | | | | | | | |
Beginning of Period | | | 2,648,954,455 | | | | 2,550,097,115 | | 1,057,805,713 | | | | 1,144,093,981 | |
End of Period | | | 2,835,348,386 | | | | 2,648,954,455 | | 912,761,161 | | | | 1,057,805,713 | |
Capital Share Transactions (Shares): | | | | | | | | | | | | | | |
Class Ma | | | | | | | | | | | | | | |
Shares sold | | | 38,475,024 | | | | 42,676,595 | | 21,492,507 | | | | 24,690,689 | |
Shares issued for distributions reinvested | | | 691,859 | | | | 499,405 | | 120,327 | | | | 183,815 | |
Shares redeemed | | | (30,095,486) | | | | (37,734,967) | | (33,141,047) | | | | (31,785,268) | |
Net Increase (Decrease) in Shares Outstanding | 9,071,397 | | | | 5,441,033 | | (11,528,213) | | | | (6,910,764) | |
Investor Sharesa | | | | | | | | | | | | | | |
Shares sold | | | 5,200,896 | | | | 4,432,411 | | 1,585,385 | | | | 1,688,381 | |
Shares issued for distributions reinvested | | | 89,548 | | | | 67,624 | | 9,083 | | | | 10,233 | |
Shares redeemed | | | (3,151,307) | | | | (3,608,651) | | (1,225,052) | | | | (1,752,210) | |
Net Increase (Decrease) in Shares Outstanding | 2,139,137 | | | | 891,384 | | 369,416 | | | | (53,596) | |
| | | | | | | | | | | | | | | |
a | During the period ended August 31, 2021, 5,031,030 Class M shares representing $71,253,580 were exchanged for 5,037,123 Investor shares for BNY Mellon National Intermediate Municipal Bond Fund and 1,477,553 Class M shares representing $19,132,457 were exchanged for 1,478,514 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 $21,592,194 were exchanged for 1,679,735 Investor shares for BNY Mellon National Short-Term Municipal Bond Fund. |
See notes to financial statements. | | | | | | | | | | | | | | |
112
| | | | | | | | | | | | | | | | |
| | | | BNY Mellon Pennsylvania
Intermediate Municipal Bond Fund | | BNY Mellon Massachusetts
Intermediate Municipal Bond Fund | |
| | | | Year Ended August 31, | Year Ended August 31, |
| | | | 2021 | | | | 2020 | | 2021 | | | | 2020 | |
Operations ($): | | | | | | | | | | | | | | |
Investment income—net | | | 3,804,983 | | | | 4,091,110 | | 6,290,513 | | | | 6,615,075 | |
Net realized gain (loss) on investments | | 913,941 | | | | 1,509,988 | | 381,004 | | | | (148,475) | |
Net change in unrealized appreciation
(depreciation) on investments | | 923,648 | | | | (787,605) | | 2,844,403 | | | | (452,399) | |
Net Increase (Decrease) in Net Assets
Resulting from Operations | 5,642,572 | | | | 4,813,493 | | 9,515,920 | | | | 6,014,201 | |
Distributions ($): | | | | | | | | | | | | | | |
Distributions to shareholders: | | | | | | | | | | | | | | |
Class M | | | (4,824,864) | | | | (4,275,227) | | (6,095,786) | | | | (6,470,141) | |
Investor Shares | | | (212,120) | | | | (171,460) | | (167,310) | | | | (152,559) | |
Total Distributions | | | (5,036,984) | | | | (4,446,687) | | (6,263,096) | | | | (6,622,700) | |
Beneficial Interest Transactions ($): | | | | | | | | | | | | | | |
Net proceeds from shares sold: | | | | | | | | | | | | | | |
Class M | | | 30,418,656 | | | | 24,928,156 | | 56,685,575 | | | | 52,136,749 | |
Investor Shares | | | 1,666,168 | | | | 7,910,815 | | 5,551,289 | | | | 6,355,651 | |
Distributions reinvested: | | | | | | | | | | | | | | |
Class M | | | 662,644 | | | | 308,830 | | 756,338 | | | | 893,098 | |
Investor Shares | | | 167,993 | | | | 135,275 | | 136,452 | | | | 115,344 | |
Cost of shares redeemed: | | | | | | | | | | | | | | |
Class M | | | (29,334,430) | | | | (33,367,972) | | (31,020,928) | | | | (56,496,839) | |
Investor Shares | | | (1,898,486) | | | | (6,930,612) | | (2,354,941) | | | | (5,588,211) | |
Increase (Decrease) in Net Assets
from Beneficial Interest Transactions | 1,682,545 | | | | (7,015,508) | | 29,753,785 | | | | (2,584,208) | |
Total Increase (Decrease) in Net Assets | 2,288,133 | | | | (6,648,702) | | 33,006,609 | | | | (3,192,707) | |
Net Assets ($): | | | | | | | | | | | | | | |
Beginning of Period | | | 193,115,628 | | | | 199,764,330 | | 320,609,003 | | | | 323,801,710 | |
End of Period | | | 195,403,761 | | | | 193,115,628 | | 353,615,612 | | | | 320,609,003 | |
Capital Share Transactions (Shares): | | | | | | | | | | | | | | |
Class Ma | | | | | | | | | | | | | | |
Shares sold | | | 2,404,963 | | | | 1,985,576 | | 4,293,054 | | | | 4,012,995 | |
Shares issued for distributions reinvested | | | 52,349 | | | | 24,730 | | 57,311 | | | | 68,785 | |
Shares redeemed | | | (2,318,903) | | | | (2,676,204) | | (2,350,322) | | | | (4,391,336) | |
Net Increase (Decrease) in Shares Outstanding | 138,409 | | | | (665,898) | | 2,000,043 | | | | (309,556) | |
Investor Sharesa | | | | | | | | | | | | | | |
Shares sold | | | 131,546 | | | | 631,315 | | 420,939 | | | | 490,773 | |
Shares issued for distributions reinvested | | | 13,293 | | | | 10,821 | | 10,340 | | | | 8,870 | |
Shares redeemed | | | (150,010) | | | | (549,728) | | (178,669) | | | | (437,604) | |
Net Increase (Decrease) in Shares Outstanding | (5,171) | | | | 92,408 | | 252,610 | | | | 62,039 | |
| | | | | | | | | | | | | | | |
a | During the period ended August 31, 2021, 108,560 Class M shares representing $1,377,595 were exchanged for 108,721 Investor shares for BNY Mellon Pennsylvania Intermediate Municipal Bond Fund and 444,147 Class M shares representing $5,865,619 were exchanged for 444,366 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 $6,138,777 were exchanged for 474,222 Investor shares for BNY Mellon Massachusetts Intermediate Municipal Bond Fund. |
See notes to financial statements. | | | | | | | | | | | | | | |
113
STATEMENTS OF CHANGES IN NET ASSETS (continued)
| | | | | | | | | | | | | | | | | | | | |
| | | | BNY Mellon New York Intermediate
Tax-Exempt Bond Fund | | BNY Mellon Municipal
Opportunities Fund | | |
| | | | Year Ended August 31, | Year Ended August 31, | |
| | | | 2021 | | | | 2020 | | 2021 | | | | 2020 | |
Operations ($): | | | | | | | | | | | | | | |
Investment income—net | | | 2,978,931 | | | | 3,359,944 | | 64,588,623 | | | | 59,894,703 | |
Net realized gain (loss) on investments | | 1,771,646 | | | | 987,898 | | 20,752,745 | | | | 6,957,290 | |
Net change in unrealized appreciation
(depreciation) on investments | | 1,765,695 | | | | (2,363,235) | | 81,746,389 | | | | (20,606,930) | |
Net Increase (Decrease) in Net Assets
Resulting from Operations | 6,516,272 | | | | 1,984,607 | | 167,087,757 | | | | 46,245,063 | |
Distributions ($): | | | | | | | | | | | | | | |
Distributions to shareholders: | | | | | | | | | | | | | | |
Class M | | | (3,868,766) | | | | (4,115,366) | | (62,715,700) | | | | (58,327,439) | |
Investor Shares | | | (240,477) | | | | (272,804) | | (1,816,499) | | | | (1,673,386) | |
Total Distributions | | | (4,109,243) | | | | (4,388,170) | | (64,532,199) | | | | (60,000,825) | |
Beneficial Interest Transactions ($): | | | | | | | | | | | | | | |
Net proceeds from shares sold: | | | | | | | | | | | | | | |
Class M | | | 20,363,842 | | | | 21,402,720 | | 608,196,308 | | | | 571,583,571 | |
Investor Shares | | | 2,561,074 | | | | 647,951 | | 73,190,503 | | | | 50,804,622 | |
Distributions reinvested: | | | | | | | | | | | | | | |
Class M | | | 807,107 | | | | 813,133 | | 15,673,056 | | | | 16,700,188 | |
Investor Shares | | | 224,304 | | | | 248,227 | | 1,590,066 | | | | 1,458,998 | |
Cost of shares redeemed: | | | | | | | | | | | | | | |
Class M | | | (21,667,418) | | | | (18,047,195) | | (341,660,326) | | | | (307,516,025) | |
Investor Shares | | | (2,064,252) | | | | (1,270,389) | | (29,869,689) | | | | (58,938,257) | |
Increase (Decrease) in Net Assets
from Beneficial Interest Transactions | 224,657 | | | | 3,794,447 | | 327,119,918 | | | | 274,093,097 | |
Total Increase (Decrease) in Net Assets | 2,631,686 | | | | 1,390,884 | | 429,675,476 | | | | 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 | | | 163,631,119 | | | | 160,999,433 | | 2,672,062,574 | | | | 2,242,387,098 | |
Capital Share Transactions (Shares): | | | | | | | | | | | | | | |
Class Ma | | | | | | | | | | | | | | |
Shares sold | | | 1,782,978 | | | | 1,891,409 | | 43,938,972 | | | | 43,651,354 | |
Shares issued for distributions reinvested | | | 70,718 | | | | 71,778 | | 1,129,850 | | | | 1,244,694 | |
Shares redeemed | | | (1,892,268) | | | | (1,595,204) | | (24,688,319) | | | | (23,200,225) | |
Net Increase (Decrease) in Shares Outstanding | (38,572) | | | | 367,983 | | 20,380,503 | | | | 21,695,823 | |
Investor Sharesa | | | | | | | | | | | | | | |
Shares sold | | | 223,015 | | | | 57,683 | | 5,269,841 | | | | 3,791,135 | |
Shares issued for distributions reinvested | | | 19,634 | | | | 21,920 | | 114,306 | | | | 108,506 | |
Shares redeemed | | | (179,959) | | | | (112,597) | | (2,157,144) | | | | (4,454,828) | |
Net Increase (Decrease) in Shares Outstanding | 62,690 | | | | (32,994) | | 3,227,003 | | | | (555,187) | |
| | | | | | | | | | | | | | | |
a | During the period ended August 31, 2021, 219,587 Class M shares representing $2,521,027 were exchanged for 219,528 Investor shares for BNY Mellon New York Intermediate Tax-Exempt Bond Fund and 3,747,468 Class M shares representing $51,879,722 were exchanged for 3,745,686 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 $40,913,771 were exchanged for 3,047,777 Investor shares for BNY Mellon Municipal Opportunities Fund. | |
See notes to financial statements. | | | | | | | | | | | | | | |
114
FINANCIAL HIGHLIGHTS
The following tables describe the performance for each share class of each fund for the fiscal periods indicated. All information (except portfolio turnover rate) reflects financial results for a single fund share. Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. These figures have been derived from the funds’ financial statements.
| | | | | | | | | | | | | | | | |
| | | | | Class M Shares |
| | | | | | | |
| | | | | | | Year Ended August 31, |
BNY Mellon National Intermediate Municipal Bond Fund | | | 2021 | | 2020 | | 2019 | | 2018 | | 2017 | |
Per Share Data ($): | | | | | | | | | | | | |
Net asset value, beginning of period | | | 14.09 | | 14.04 | | 13.29 | | 13.64 | | 14.00 | |
Investment Operations: | | | | | | | | | | | | |
Investment income—neta | | | .28 | | .30 | | .33 | | .34 | | .34 | |
Net realized and unrealized gain (loss) on investments | | | .19 | | .05 | | .75 | | (.35) | | (.27) | |
Total from Investment Operations | | | .47 | | .35 | | 1.08 | | (.01) | | .07 | |
Distributions: | | | | | | | | | | | | |
Dividends from investment income—net | | | (.28) | | (.30) | | (.33) | | (.34) | | (.34) | |
Dividends from net realized gain on investments | | | (.05) | | - | | - | | (.00) | b | (.09) | |
Total Distributions | | | (.33) | | (.30) | | (.33) | | (.34) | | (.43) | |
Net asset value, end of period | | | 14.23 | | 14.09 | | 14.04 | | 13.29 | | 13.64 | |
Total Return (%) | | | 3.34 | | 2.54 | | 8.26 | | (.05) | | .60 | |
Ratios/Supplemental Data (%): | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | .50 | | .50 | | .50 | | .50 | | .50 | |
Ratio of net expenses to average net assets | | | .50 | | .50 | | .50 | | .50 | | .50 | |
Ratio of net investment income to average net assets | | | 1.95 | | 2.16 | | 2.45 | | 2.54 | | 2.52 | |
Portfolio Turnover Rate | | | 46.51 | | 45.62 | | 61.91 | | 38.75 | | 32.14 | |
Net Assets, end of period ($ x 1,000) | | | 2,740,368 | | 2,585,034 | | 2,498,913 | | 2,144,898 | | 2,093,660 | |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
See notes to financial statements.
115
FINANCIAL HIGHLIGHTS (continued)
| | | | | | | | | | | | | | | | |
| | | | | Investor Shares |
| | | | | | | |
| | | | | | | Year Ended August 31, |
BNY Mellon National Intermediate Municipal Bond Fund | | | 2021 | | 2020 | | 2019 | | 2018 | | 2017 | |
Per Share Data ($): | | | | | | | | | | | | |
Net asset value, beginning of period | | | 14.07 | | 14.02 | | 13.28 | | 13.63 | | 13.99 | |
Investment Operations: | | | | | | | | | | | | |
Investment income—neta | | | .24 | | .27 | | .30 | | .31 | | .31 | |
Net realized and unrealized gain (loss) on investments | | | .20 | | .04 | | .74 | | (.36) | | (.27) | |
Total from Investment Operations | | | .44 | | .31 | | 1.04 | | (.05) | | .04 | |
Distributions: | | | | | | | | | | | | |
Dividends from investment income—net | | | (.24) | | (.26) | | (.30) | | (.30) | | (.31) | |
Dividends from net realized gain on investments | | | (.05) | | - | | - | | (.00) | b | (.09) | |
Total Distributions | | | (.29) | | (.26) | | (.30) | | (.30) | | (.40) | |
Net asset value, end of period | | | 14.22 | | 14.07 | | 14.02 | | 13.28 | | 13.63 | |
Total Return (%) | | | 3.16 | | 2.29 | | 7.92 | | (.30) | | .35 | |
Ratios/Supplemental Data (%): | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | .75 | | .75 | | .75 | | .75 | | .75 | |
Ratio of net expenses to average net assets | | | .75 | | .75 | | .75 | | .75 | | .75 | |
Ratio of net investment income to average net assets | | | 1.70 | | 1.92 | | 2.22 | | 2.29 | | 2.27 | |
Portfolio Turnover Rate | | | 46.51 | | 45.62 | | 61.91 | | 38.75 | | 32.14 | |
Net Assets, end of period ($ x 1,000) | | | 94,980 | | 63,920 | | 51,184 | | 47,265 | | 52,216 | |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
See notes to financial statements.
116
| | | | | | | | | | | | | | | | |
| | | | | Class M Shares |
| | | | | | | |
| | | | | | | Year Ended August 31, |
BNY Mellon National Short-Term Municipal Bond Fund | | | 2021 | | 2020 | | 2019 | | 2018 | | 2017 | |
Per Share Data ($): | | | | | | | | | | | | |
Net asset value, beginning of period | | | 12.95 | | 12.91 | | 12.71 | | 12.83 | | 12.87 | |
Investment Operations: | | | | | | | | | | | | |
Investment income—neta | | | .14 | | .17 | | .18 | | .14 | | .12 | |
Net realized and unrealized gain (loss) on investments | | | (.01) | | .04 | | .20 | | (.12) | | (.02) | |
Total from Investment Operations | | | .13 | | .21 | | .38 | | .02 | | .10 | |
Distributions: | | | | | | | | | | | | |
Dividends from investment income—net | | | (.14) | | (.17) | | (.18) | | (.14) | | (.12) | |
Dividends from net realized gain on investments | | | - | | - | | - | | - | | (.02) | |
Total Distributions | | | (.14) | | (.17) | | (.18) | | (.14) | | (.14) | |
Net asset value, end of period | | | 12.94 | | 12.95 | | 12.91 | | 12.71 | | 12.83 | |
Total Return (%) | | | 1.03 | | 1.64 | | 3.03 | | .18 | | .76 | |
Ratios/Supplemental Data (%): | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | .51 | | .51 | | .50 | | .51 | | .51 | |
Ratio of net expenses to average net assets | | | .48 | | .51 | | .50 | | .51 | | .51 | |
Ratio of net investment income to average net assets | | | 1.10 | | 1.34 | | 1.44 | | 1.12 | | .94 | |
Portfolio Turnover Rate | | | 66.89 | | 92.41 | | 128.58 | | 58.52 | | 35.60 | |
Net Assets, end of period ($ x 1,000) | | | 894,027 | | 1,043,840 | | 1,129,486 | | 912,838 | | 889,237 | |
a Based on average shares outstanding.
See notes to financial statements.
117
FINANCIAL HIGHLIGHTS (continued)
| | | | | | | | | | | | | | | | |
| | | | Investor Shares |
| | | | | | | |
| | | | | | | Year Ended August 31, |
BNY Mellon National Short-Term Municipal Bond Fund | | | 2021 | | 2020 | | 2019 | | 2018 | | 2017 | |
Per Share Data ($): | | | | | | | | | | | | |
Net asset value, beginning of period | | | 12.94 | | 12.90 | | 12.70 | | 12.82 | | 12.86 | |
Investment Operations: | | | | | | | | | | | | |
Investment income—neta | | | .11 | | .14 | | .15 | | .11 | | .09 | |
Net realized and unrealized gain (loss) on investments | | | (.01) | | .04 | | .20 | | (.12) | | (.02) | |
Total from Investment Operations | | | .10 | | .18 | | .35 | | (.01) | | .07 | |
Distributions: | | | | | | | | | | | | |
Dividends from investment income—net | | | (.11) | | (.14) | | (.15) | | (.11) | | (.09) | |
Dividends from net realized gain on investments | | | - | | - | | - | | - | | (.02) | |
Total Distributions | | | (.11) | | (.14) | | (.15) | | (.11) | | (.11) | |
Net asset value, end of period | | | 12.93 | | 12.94 | | 12.90 | | 12.70 | | 12.82 | |
Total Return (%) | | | .78 | | 1.39 | | 2.78 | | (.07) | | .52 | |
Ratios/Supplemental Data (%): | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | .76 | | .76 | | .75 | | .76 | | .76 | |
Ratio of net expenses to average net assets | | | .73 | | .76 | | .75 | | .76 | | .76 | |
Ratio of net investment income to average net assets | | | .85 | | 1.09 | | 1.20 | | .87 | | .72 | |
Portfolio Turnover Rate | | | 66.89 | | 92.41 | | 128.58 | | 58.52 | | 35.60 | |
Net Assets, end of period ($ x 1,000) | | | 18,734 | | 13,965 | | 14,608 | | 9,158 | | 13,526 | |
a Based on average shares outstanding.
See notes to financial statements.
118
| | | | | | | | | | | | | | | | |
| | | | | Class M Shares |
| | | | | | | |
| | | | | | | Year Ended August 31, |
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | | | 2021 | | 2020 | | 2019 | | 2018 | | 2017 | |
Per Share Data ($): | | | | | | | | | | | | |
Net asset value, beginning of period | | | 12.65 | | 12.61 | | 11.95 | | 12.24 | | 12.68 | |
Investment Operations: | | | | | | | | | | | | |
Investment income—neta | | | .24 | | .27 | | .29 | | .29 | | .30 | |
Net realized and unrealized gain (loss) on investments | | | .12 | | .06 | | .66 | | (.27) | | (.24) | |
Total from Investment Operations | | | .36 | | .33 | | .95 | | .02 | | .06 | |
Distributions: | | | | | | | | | | | | |
Dividends from investment income—net | | | (.24) | | (.27) | | (.29) | | (.29) | | (.30) | |
Dividends from net realized gain on investments | | | (.08) | | (.02) | | - | | (.02) | | (.20) | |
Total Distributions | | | (.32) | | (.29) | | (.29) | | (.31) | | (.50) | |
Net asset value, end of period | | | 12.69 | | 12.65 | | 12.61 | | 11.95 | | 12.24 | |
Total Return (%) | | | 2.91 | | 2.68 | | 8.09 | | .22 | | .55 | |
Ratios/Supplemental Data (%): | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | .71 | | .72 | | .70 | | .70 | | .70 | |
Ratio of net expenses to average net assets | | | .66 | | .71 | | .70 | | .70 | | .70 | |
Ratio of net investment income to average net assets | | | 1.93 | | 2.15 | | 2.41 | | 2.44 | | 2.44 | |
Portfolio Turnover Rate | | | 47.09 | | 51.36 | | 69.91 | | 38.13 | | 20.07 | |
Net Assets, end of period ($ x 1,000) | | | 186,186 | | 183,861 | | 191,702 | | 184,216 | | 209,457 | |
a Based on average shares outstanding.
See notes to financial statements.
119
FINANCIAL HIGHLIGHTS (continued)
| | | | | | | | | | | | | | | | |
| | | | Investor Shares |
| | | | | | | |
| | | | | | | Year Ended August 31, |
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | | | 2021 | | 2020 | | 2019 | | 2018 | | 2017 | |
Per Share Data ($): | | | | | | | | | | | | |
Net asset value, beginning of period | | | 12.63 | | 12.59 | | 11.93 | | 12.23 | | 12.67 | |
Investment Operations: | | | | | | | | | | | | |
Investment income—neta | | | .21 | | .24 | | .26 | | .27 | | .27 | |
Net realized and unrealized gain (loss) on investments | | | .12 | | .06 | | .66 | | (.29) | | (.24) | |
Total from Investment Operations | | | .33 | | .30 | | .92 | | (.02) | | .03 | |
Distributions: | | | | | | | | | | | | |
Dividends from investment income—net | | | (.21) | | (.24) | | (.26) | | (.26) | | (.27) | |
Dividends from net realized gain on investments | | | (.08) | | (.02) | | - | | (.02) | | (.20) | |
Total Distributions | | | (.29) | | (.26) | | (.26) | | (.28) | | (.47) | |
Net asset value, end of period | | | 12.67 | | 12.63 | | 12.59 | | 11.93 | | 12.23 | |
Total Return (%) | | | 2.65 | | 2.43 | | 7.83 | | (.12) | | .30 | |
Ratios/Supplemental Data (%): | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | .96 | | .97 | | .95 | | .95 | | .95 | |
Ratio of net expenses to average net assets | | | .91 | | .97 | | .95 | | .95 | | .95 | |
Ratio of net investment income to average net assets | | | 1.68 | | 1.90 | | 2.15 | | 2.19 | | 2.20 | |
Portfolio Turnover Rate | | | 47.09 | | 51.36 | | 69.91 | | 38.13 | | 20.07 | |
Net Assets, end of period ($ x 1,000) | | | 9,218 | | 9,255 | | 8,063 | | 5,473 | | 5,043 | |
a Based on average shares outstanding.
See notes to financial statements.
120
| | | | | | | | | | | | | | | | |
| | | | | Class M Shares |
| | | | | | | |
| | | | | | | Year Ended August 31, |
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | | | 2021 | | 2020 | | 2019 | | 2018 | | 2017 | |
Per Share Data ($): | | | | | | | | | | | | |
Net asset value, beginning of period | | | 13.12 | | 13.12 | | 12.40 | | 12.75 | | 13.16 | |
Investment Operations: | | | | | | | | | | | | |
Investment income—neta | | | .25 | | .27 | | .29 | | .30 | | .30 | |
Net realized and unrealized gain (loss) on investments | | | .13 | | (.00) | b | .72 | | (.35) | | (.28) | |
Total from Investment Operations | | | .38 | | .27 | | 1.01 | | (.05) | | .02 | |
Distributions: | | | | | | | | | | | | |
Dividends from investment income—net | | | (.25) | | (.27) | | (.29) | | (.30) | | (.30) | |
Dividends from net realized gain on investments | | | - | | - | | - | | (.00) | b | (.13) | |
Total Distributions | | | (.25) | | (.27) | | (.29) | | (.30) | | (.43) | |
Net asset value, end of period | | | 13.25 | | 13.12 | | 13.12 | | 12.40 | | 12.75 | |
Total Return (%) | | | 2.89 | | 2.10 | | 8.28 | | (.32) | | .24 | |
Ratios/Supplemental Data (%): | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | .54 | | .54 | | .53 | | .54 | | .54 | |
Ratio of net expenses to average net assets | | | .54 | | .54 | | .53 | | .54 | | .54 | |
Ratio of net investment income to average net assets | | | 1.87 | | 2.08 | | 2.32 | | 2.43 | | 2.35 | |
Portfolio Turnover Rate | | | 32.82 | | 52.29 | | 80.68 | | 38.51 | | 31.61 | |
Net Assets, end of period ($ x 1,000) | | | 341,935 | | 312,356 | | 316,364 | | 297,515 | | 297,243 | |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
See notes to financial statements.
121
FINANCIAL HIGHLIGHTS (continued)
| | | | | | | | | | | | | | | | |
| | | | Investor Shares |
| | | | | | | |
| | | | | | | Year Ended August 31, |
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | | | 2021 | | 2020 | | 2019 | | 2018 | | 2017 | |
Per Share Data ($): | | | | | | | | | | | | |
Net asset value, beginning of period | | | 13.11 | | 13.11 | | 12.40 | | 12.75 | | 13.15 | |
Investment Operations: | | | | | | | | | | | | |
Investment income—neta | | | .21 | | .24 | | .26 | | .27 | | .27 | |
Net realized and unrealized gain (loss) on investments | | | .13 | | (.00) | b | .71 | | (.35) | | (.27) | |
Total from Investment Operations | | | .34 | | .24 | | .97 | | (.08) | | - | |
Distributions: | | | | | | | | | | | | |
Dividends from investment income—net | | | (.21) | | (.24) | | (.26) | | (.27) | | (.27) | |
Dividends from net realized gain on investments | | | - | | - | | - | | (.00) | b | (.13) | |
Total Distributions | | | (.21) | | (.24) | | (.26) | | (.27) | | (.40) | |
Net asset value, end of period | | | 13.24 | | 13.11 | | 13.11 | | 12.40 | | 12.75 | |
Total Return (%) | | | 2.56 | | 1.92 | | 7.93 | | (.56) | | .06 | |
Ratios/Supplemental Data (%): | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | .79 | | .79 | | .78 | | .79 | | .79 | |
Ratio of net expenses to average net assets | | | .79 | | .79 | | .78 | | .79 | | .79 | |
Ratio of net investment income to average net assets | | | 1.62 | | 1.83 | | 2.08 | | 2.18 | | 2.12 | |
Portfolio Turnover Rate | | | 32.82 | | 52.29 | | 80.68 | | 38.51 | | 31.61 | |
Net Assets, end of period ($ x 1,000) | | | 11,680 | | 8,253 | | 7,437 | | 7,046 | | 9,395 | |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
See notes to financial statements.
122
| | | | | | | | | | | | | | | | |
| | | | | Class M Shares |
| | | | | | | |
| | | | | | | Year Ended August 31, |
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | | | 2021 | | 2020 | | 2019 | | 2018 | | 2017 | |
Per Share Data ($): | | | | | | | | | | | | |
Net asset value, beginning of period | | | 11.35 | | 11.53 | | 10.91 | | 11.20 | | 11.62 | |
Investment Operations: | | | | | | | | | | | | |
Investment income—neta | | | .21 | | .24 | | .26 | | .26 | | .26 | |
Net realized and unrealized gain (loss) on investments | | | .25 | | (.11) | | .63 | | (.29) | | (.24) | |
Total from Investment Operations | | | .46 | | .13 | | .89 | | (.03) | | .02 | |
Distributions: | | | | | | | | | | | | |
Dividends from investment income—net | | | (.21) | | (.24) | | (.26) | | (.26) | | (.26) | |
Dividends from net realized gain on investments | | | (.08) | | (.07) | | (.01) | | (.00) | b | (.18) | |
Total Distributions | | | (.29) | | (.31) | | (.27) | | (.26) | | (.44) | |
Net asset value, end of period | | | 11.52 | | 11.35 | | 11.53 | | 10.91 | | 11.20 | |
Total Return (%) | | | 4.07 | | 1.20 | | 8.28 | | (.22) | | .31 | |
Ratios/Supplemental Data (%): | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | .72 | | .73 | | .72 | | .72 | | .73 | |
Ratio of net expenses to average net assets | | | .59 | | .59 | | .59 | | .59 | | .59 | |
Ratio of net investment income to average net assets | | | 1.82 | | 2.12 | | 2.35 | | 2.36 | | 2.38 | |
Portfolio Turnover Rate | | | 64.18 | | 79.52 | | 90.17 | | 45.71 | | 37.78 | |
Net Assets, end of period ($ x 1,000) | | | 152,246 | | 150,490 | | 148,558 | | 147,343 | | 152,923 | |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
See notes to financial statements.
123
FINANCIAL HIGHLIGHTS (continued)
| | | | | | | | | | | | | | | | |
| | | | Investor Shares |
| | | | | | | |
| | | | | | | Year Ended August 31, |
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | | | 2021 | | 2020 | | 2019 | | 2018 | | 2017 | |
Per Share Data ($): | | | | | | | | | | | | |
Net asset value, beginning of period | | | 11.36 | | 11.54 | | 10.92 | | 11.20 | | 11.62 | |
Investment Operations: | | | | | | | | | | | | |
Investment income—neta | | | .18 | | .21 | | .23 | | .23 | | .24 | |
Net realized and unrealized gain (loss) on investments | | | .25 | | (.11) | | .63 | | (.28) | | (.24) | |
Total from Investment Operations | | | .43 | | .10 | | .86 | | (.05) | | - | |
Distributions: | | | | | | | | | | | | |
Dividends from investment income—net | | | (.18) | | (.21) | | (.23) | | (.23) | | (.24) | |
Dividends from net realized gain on investments | | | (.08) | | (.07) | | (.01) | | (.00) | b | (.18) | |
Total Distributions | | | (.26) | | (.28) | | (.24) | | (.23) | | (.42) | |
Net asset value, end of period | | | 11.53 | | 11.36 | | 11.54 | | 10.92 | | 11.20 | |
Total Return (%) | | | 3.81 | | .95 | | 8.00 | | (.38) | | .07 | |
Ratios/Supplemental Data (%): | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | .97 | | .98 | | .97 | | .97 | | .98 | |
Ratio of net expenses to average net assets | | | .84 | | .84 | | .84 | | .84 | | .84 | |
Ratio of net investment income to average net assets | | | 1.57 | | 1.88 | | 2.11 | | 2.11 | | 2.13 | |
Portfolio Turnover Rate | | | 64.18 | | 79.52 | | 90.17 | | 45.71 | | 37.78 | |
Net Assets, end of period ($ x 1,000) | | | 11,385 | | 10,509 | | 11,051 | | 11,334 | | 13,093 | |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
See notes to financial statements.
124
| | | | | | | | | | | | | | | | |
| | | | | Class M Shares |
| | | | | | | |
| | | | | | | Year Ended August 31, |
BNY Mellon Municipal Opportunities Fund | | | 2021 | | 2020 | | 2019 | | 2018 | | 2017 | |
Per Share Data ($): | | | | | | | | | | | | |
Net asset value, beginning of period | | | 13.52 | | 13.70 | | 13.12 | | 13.15 | | 13.46 | |
Investment Operations: | | | | | | | | | | | | |
Investment income—neta | | | .36 | | .40 | | .43 | | .44 | | .45 | |
Net realized and unrealized gain (loss) on investments | | | .58 | | (.17) | | .57 | | (.02) | | (.32) | |
Total from Investment Operations | | | .94 | | .23 | | 1.00 | | .42 | | .13 | |
Distributions: | | | | | | | | | | | | |
Dividends from investment income—net | | | (.36) | | (.41) | | (.42) | | (.45) | | (.44) | |
Dividends from net realized gain on investments | | | - | | - | | (.00) | b | (.00) | b | (.00) | b |
Total Distributions | | | (.36) | | (.41) | | (.42) | | (.45) | | (.44) | |
Net asset value, end of period | | | 14.10 | | 13.52 | | 13.70 | | 13.12 | | 13.15 | |
Total Return (%) | | | 7.05 | | 1.79 | | 7.77 | | 3.27 | | 1.11 | |
Ratios/Supplemental Data (%): | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | .65 | | .69 | | .73 | | .75 | | .73 | |
Ratio of net expenses to average net assets | | | .65 | | .69 | | .73 | | .75 | | .73 | |
Ratio of interest and expense related to floating
rate notes issued to average net assets | | | - | | .04 | | .08 | | .10 | | .07 | |
Ratio of net investment income to average net assets | | | 2.61 | | 3.02 | | 3.22 | | 3.43 | | 3.44 | |
Portfolio Turnover Rate | | | 52.25 | | 75.12 | | 72.96 | | 41.48 | | 34.78 | |
Net Assets, end of period ($ x 1,000) | | | 2,568,933 | | 2,187,170 | | 1,918,499 | | 1,432,351 | | 1,257,498 | |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
See notes to financial statements.
125
FINANCIAL HIGHLIGHTS (continued)
| | | | | | | | | | | | | | | | |
| | | | Investor Shares |
| | | | | | | |
| | | | | | | Year Ended August 31, |
BNY Mellon Municipal Opportunities Fund | | | 2021 | | 2020 | | 2019 | | 2018 | | 2017 | |
Per Share Data ($): | | | | | | | | | | | | |
Net asset value, beginning of period | | | 13.53 | | 13.70 | | 13.13 | | 13.16 | | 13.46 | |
Investment Operations: | | | | | | | | | | | | |
Investment income—neta | | | .33 | | .38 | | .39 | | .40 | | .41 | |
Net realized and unrealized gain (loss) on investments | | | .58 | | (.18) | | .57 | | (.02) | | (.30) | |
Total from Investment Operations | | | .91 | | .20 | | .96 | | .38 | | .11 | |
Distributions: | | | | | | | | | | | | |
Dividends from investment income—net | | | (.33) | | (.37) | | (.39) | | (.41) | | (.41) | |
Dividends from net realized gain on investments | | | - | | - | | (.00) | b | (.00) | b | (.00) | b |
Total Distributions | | | (.33) | | (.37) | | (.39) | | (.41) | | (.41) | |
Net asset value, end of period | | | 14.11 | | 13.53 | | 13.70 | | 13.13 | | 13.16 | |
Total Return (%) | | | 6.78 | | 1.54 | | 7.50 | | 3.01 | | .95 | |
Ratios/Supplemental Data (%): | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | .90 | | .94 | | .98 | | 1.00 | | .99 | |
Ratio of net expenses to average net assets | | | .90 | | .94 | | .98 | | 1.00 | | .99 | |
Ratio of interest and expense related to floating
rate notes issued to average net assets | | | - | | .04 | | .08 | | .10 | | .07 | |
Ratio of net investment income to average net assets | | | 2.36 | | 2.77 | | 2.97 | | 3.12 | | 3.14 | |
Portfolio Turnover Rate | | | 52.25 | | 75.12 | | 72.96 | | 41.48 | | 34.78 | |
Net Assets, end of period ($ x 1,000) | | | 103,130 | | 55,217 | | 63,551 | | 32,924 | | 57,865 | |
a Based on average shares outstanding.
b Amount represents less than $.01 per share.
See notes to financial statements.
126
NOTES TO FINANCIAL STATEMENTS
NOTE 1—Significant Accounting Policies:
BNY Mellon Funds Trust (the “Trust”), a Massachusetts business trust that is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company, operates as a series company currently consisting of twenty-two series, including the following 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 Mellon Municipal Opportunities Fund as of August 31, 2021 is currently open 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 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 enter 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.
127
NOTES TO FINANCIAL STATEMENTS (continued)
Various inputs are used in determining the value of each fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:
Level 1—unadjusted quoted prices in active markets for identical investments.
Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).
Level 3—significant unobservable inputs (including the funds’ own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value each fund’s investments are as follows:
Investments in securities and futures are valued each business day by an independent pricing service (the “Service”) approved by the Trust’s Board of Trustees (the “Board”). Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Debt investments (which constitute a majority of the portfolio securities) are carried at fair value as determined by the Service, based on methods which include consideration of the following: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. All of the preceding securities are generally categorized within Level 2 of the fair value hierarchy.
The Service is engaged under the general oversight of the Board.
When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the funds calculate their net asset value, the funds may value these investments at fair value as determined in accordance with the procedures approved by the Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.
For 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 August 31, 2021 in valuing each fund’s investments:
| | | | | | | | | | | | | | | | | | |
Table 1—Fair Value Measurements | | | | | | |
| | | Investments in Securities† |
| | | Level 1—Unadjusted
Quoted Prices | | Level 2—Other Significant
Observable Inputs | | Level 3—Significant Unobservable Inputs | | |
| | Assets ($) | Liabilities ($) | | Assets ($) | Liabilities ($) | | Assets ($) | Liabilities ($) | | Total |
BNY Mellon National Intermediate Municipal Bond Fund | | | | | | | | | | | |
Municipal Securities | | - | - | | 2,981,591,371 | - | | - | - | | 2,981,591,371 |
Other Financial Instruments: | | | | | | | | | | | |
Futures†† | | - | (49,120) | | - | - | | - | - | | (49,120) |
BNY Mellon National Short-Term
Municipal Bond Fund | | | | | | | | | | | |
Municipal Securities | | - | - | | 978,237,347 | - | | - | - | | 978,237,347 |
128
| | | | | | | | | | | | | | | | | | |
Table 1—Fair Value Measurements (continued) | | | | | | |
| | | Investments in Securities† |
| | | Level 1—Unadjusted
Quoted Prices | | Level 2—Other Significant
Observable Inputs | | Level 3—Significant Unobservable Inputs | | |
| | Assets ($) | Liabilities ($) | | Assets ($) | Liabilities ($) | | Assets ($) | Liabilities ($) | | Total |
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | | | | | | | | | | | |
Municipal Securities | | - | - | | 203,186,858 | - | | - | - | | 203,186,858 |
Other Financial Instruments: | | | | | | | | | | | |
Futures†† | | - | (3,518) | | - | - | | - | - | | (3,518) |
BNY Mellon Massachusetts
Intermediate Municipal
Bond Fund | | | | | | | | | | | |
Municipal Securities | | - | - | | 361,993,682 | - | | - | - | | 361,993,682 |
Other Financial Instruments: | | | | | | | | | | | |
Futures†† | | - | (2,392) | | - | - | | - | - | | (2,392) |
BNY Mellon New York Intermediate
Tax-Exempt Bond Fund | | | | | | | | | | | |
Municipal Securities | | - | - | | 172,680,487 | - | | - | - | | 172,680,487 |
Other Financial Instruments: | | | | | | | | | | | |
Futures†† | | - | (4,256) | | | - | | - | - | | (4,256) |
BNY Mellon Municipal
Opportunities Fund | | | | | | | | | | | |
Corporate Bonds | | - | - | | 29,191,944 | - | | - | - | | 29,191,944 |
Municipal Securities | | - | - | | 2,750,137,545 | - | | - | - | | 2,750,137,545 |
Other Financial Instruments: | | | | | | | | | | | |
Futures†† | | 227,715 | (31,692) | | - | - | | - | - | | 196,023 |
† 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.
(d) Dividends and distributions to shareholders: It is the policy of each fund to declare dividends daily from
129
NOTES TO FINANCIAL STATEMENTS (continued)
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 August 31, 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 August 31, 2021, the funds did not incur any interest or penalties.
Each tax year in the four-year period ended August 31, 2021 remains subject to examination by the Internal Revenue Service and state taxing authorities.
Table 2 summarizes each fund’s components of accumulated earnings on a tax basis at August 31, 2021.
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 fund’s accumulated capital loss carryover available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to August 31, 2021.
Table 4 summarizes each fund’s tax character of distributions paid to shareholders during the fiscal periods ended August 31, 2021 and August 31, 2020.
| | | | | | |
Table 2—Components of Accumulated Earnings | | | | | |
| Undistributed
Tax-Exempt
Income ($) | Undistributed
Ordinary
Income ($) | Accumulated
Capital Losses ($) | Undistributed
Capital Gains ($) | Unrealized
Appreciation ($) |
BNY Mellon National Intermediate Municipal Bond Fund | 973,673 | 1,499,822 | - | 10,084,714 | 177,912,274 |
BNY Mellon National Short-Term Municipal Bond Fund | 308,849 | - | 505,516 | - | 11,288,663 |
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | 176,409 | 185,010 | - | 613,766 | 12,274,065 |
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | 15,720 | - | - | 121,263 | 19,974,731 |
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | 33,586 | 627,024 | - | 804,667 | 8,775,069 |
BNY Mellon Municipal Opportunities Fund | 1,641,093 | 887,531 | - | - | 218,584,784 |
| | | | | | | |
Table 3—Capital Loss Carryover | | | | | | |
| | | | | Short-Term Losses($)† | Long-Term Losses($)† | Total($) |
BNY Mellon National Short-Term Municipal Bond Fund | | | | 505,516 | - | 505,516 |
† These capital losses can be carried forward for an unlimited period.
| | | | | | | | | | | |
Table 4—Tax Character of Distributions Paid | | | | | | | |
| | 2021 | | 2020 |
| Tax-Exempt Income ($) | Ordinary Income ($) | Long-Term
Capital
Gains ($) | | Tax-Exempt Income ($) | Ordinary
Income ($) | Long-Term
Capital
Gains ($) |
BNY Mellon National Intermediate Municipal Bond Fund | 53,285,282 | 306,722 | 9,355,024 | | 55,465,612 | 53,856 | - |
BNY Mellon National Short-Term Municipal Bond Fund | 10,892,701 | - | - | | 14,374,458 | 27,222 | - |
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | 3,795,479 | 83,185 | 1,158,320 | | 4,086,339 | 907 | 359,441 |
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | 6,263,096 | - | - | | 6,618,956 | 3,744 | - |
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | 2,975,278 | 304,798 | 829,167 | | 3,356,970 | 1,614 | 1,029,586 |
BNY Mellon Municipal Opportunities Fund | 64,532,199 | - | - | | 58,943,513 | 1,057,312 | - |
130
(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”), and in January 2021, the FASB issued Accounting Standards Update 2021-01, Reference Rate Reform (Topic 848): Scope (“ASU 2021-01”), 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 LIBOR and other interbank offered rates as of the end of 2021. The temporary relief provided by ASU 2020-04 and ASU 2021-01 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 and ASU 2021-01 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 August 31, 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 National Short-Term Municipal Bond Fund, the Adviser has contractually agreed from March 31, 2021 through March 31, 2022, 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 .44% of the fund’s average daily net assets. On or after March 31, 2022, the Adviser may terminate this expense limitation agreement at any time. The reduction in expenses, pursuant to the undertaking, amounted to $262,618 during the period ended August 31, 2021.
For BNY Mellon Pennsylvania Intermediate Municipal Bond Fund, the Adviser has contractually agreed from March 31, 2021 through March 31, 2022, 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 March 31, 2022, the Adviser may terminate this expense limitation agreement at any time. The reduction in expenses, pursuant to the undertaking, amounted to $97,822 during the period ended August 31, 2021.
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,
131
NOTES TO FINANCIAL STATEMENTS (continued)
amounted to $214,659 during the period ended August 31, 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 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 August 31, 2021, pursuant to the Shareholder Services Plan, which is included in Shareholder servicing costs in the Statements of Operations.
| | |
Table 5—Shareholder Services Plan Fees | |
| | |
BNY Mellon National Intermediate
Municipal Bond Fund | $197,019 |
BNY Mellon National Short-Term
Municipal Bond Fund | 39,732 |
BNY Mellon Pennsylvania Intermediate
Municipal Bond Fund | 23,032 |
BNY Mellon Massachusetts Intermediate
Municipal Bond Fund | 26,001 |
BNY Mellon New York Intermediate
Tax-Exempt Bond Fund | 27,154 |
BNY Mellon Municipal
Opportunities Fund | 193,815 |
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 which 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 August 31, 2021, which is included in Shareholder servicing costs in the Statements of Operations.
| | |
Table 6—Transfer Agency Agreement Fees |
| | |
BNY Mellon National Intermediate
Municipal Bond Fund | $336 |
BNY Mellon National Short-Term
Municipal Bond Fund | 100 |
BNY Mellon Pennsylvania Intermediate
Municipal Bond Fund | 55 |
BNY Mellon Massachusetts Intermediate
Municipal Bond Fund | 120 |
BNY Mellon New York Intermediate
Tax-Exempt Bond Fund | 281 |
BNY Mellon Municipal
Opportunities Fund | 142 |
Each fund compensates The Bank of New York Mellon, under a custody agreement for providing custodial services for each fund. These fees are determined based on net assets, geographic region and transaction activity. Table 7 summarizes the amount each fund was charged during the period ended August 31, 2021 pursuant to the custody agreement.
| | |
Table 7—Custody Agreement Fees |
| | |
BNY Mellon National Intermediate
Municipal Bond Fund | $61,952 |
BNY Mellon National Short-Term
Municipal Bond Fund | 30,337 |
BNY Mellon Pennsylvania Intermediate
Municipal Bond Fund | 9,547 |
BNY Mellon Massachusetts Intermediate
Municipal Bond Fund | 12,048 |
BNY Mellon New York Intermediate
Tax-Exempt Bond Fund | 8,119 |
BNY Mellon Municipal
Opportunities Fund | 62,376 |
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 8 summarizes the amount each fund was charged during the period ended August 31, 2021 pursuant to the agreement, which is included in Shareholder servicing costs in the Statements of Operations.
132
| | |
Table 8—The Bank of New York Mellon Cash Management Fees |
| | |
BNY Mellon National Intermediate
Municipal Bond Fund | $260 |
BNY Mellon National Short-Term
Municipal Bond Fund | 69 |
BNY Mellon Pennsylvania Intermediate
Municipal Bond Fund | 35 |
BNY Mellon Massachusetts Intermediate
Municipal Bond Fund | 95 |
BNY Mellon New York Intermediate
Tax-Exempt Bond Fund | 230 |
BNY Mellon Municipal
Opportunities Fund | 106 |
During the period ended August 31, 2021, each fund was charged $14,319 for services performed by the Chief Compliance Officer and his staff. These fees are included in Chief Compliance Officer fees in the Statements of Operations.
Table 9 summarizes the components of “Due to BNY Mellon Investment Adviser, Inc. and affiliates” in the Statements of Assets and Liabilities for each fund.
(c) Each Board member also serves as a Board member of other funds within the Trust. Annual retainer fees and attendance fees are allocated to each fund based on net assets.
NOTE 4—Securities Transactions:
Table 10 summarizes each fund’s aggregate amount of purchases and sales of investment securities, excluding short-term securities and futures, during the period ended August 31, 2021.
| | | | | | | | |
Table 9—Due to BNY Mellon Investment Adviser, Inc. and Affiliates | | | | | |
| Investment
Advisory
Fees ($) | Administration
Fees ($) | Shareholder
Services Plan
Fees ($) | Custodian
Fees ($) | Transfer Agency
Fees ($) | Chief
Compliance
Officer
Fees ($) | Less Expense
Reimbursement ($) |
BNY Mellon National Intermediate
Municipal Bond Fund | 840,619 | 295,313 | 19,456 | 16,184 | 6,286 | 71 | - |
BNY Mellon National Short-Term
Municipal Bond Fund | 272,324 | 95,669 | 3,552 | 9,200 | 6,286 | 23 | (52,600) |
BNY Mellon Pennsylvania Intermediate
Municipal Bond Fund | 83,429 | 20,516 | 1,972 | 2,840 | 6,286 | 14 | (9,446) |
BNY Mellon Massachusetts Intermediate
Municipal Bond Fund | 104,881 | 36,845 | 2,488 | 3,600 | 6,286 | 29 | - |
BNY Mellon New York Intermediate
Tax-Exempt Bond Fund | 69,540 | 17,101 | 2,417 | 2,400 | 6,286 | 71 | (18,130) |
BNY Mellon Municipal Opportunities Fund | 1,128,870 | 277,603 | 21,330 | 19,200 | 6,286 | 36 | - |
| | | |
Table 10—Purchases and Sales |
| Purchases ($) | Sales ($) |
BNY Mellon National Intermediate Municipal Bond Fund | 1,644,086,469 | 1,322,858,852 |
BNY Mellon National Short-Term Municipal Bond Fund | 686,884,459 | 762,269,803 |
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | 105,643,513 | 95,169,851 |
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | 156,719,602 | 111,820,466 |
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | 119,566,680 | 107,660,470 |
BNY Mellon Municipal Opportunities Fund | 1,805,045,340 | 1,328,068,458 |
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 August 31, 2021 is discussed below.
Futures: In the normal course of pursuing their investment objective, BNY Mellon National Intermediate Municipal Bond Fund, BNY Mellon Pennsylvania Intermediate Municipal Bond Fund, BNY Mellon Massachusetts Intermediate Municipal Bond Fund, BNY Mellon New York Intermediate Tax-Exempt Bond Fund and BNY Mellon Municipal Opportunities Fund are exposed to market risk, including interest rate risk, as a result of changes in value of underlying financial instruments. The funds invest in futures in order to manage their exposure to or protect against changes in the market. A futures contract represents a commitment for the future purchase or a sale of an asset at a specified date. Upon entering into such contracts, these
133
NOTES TO FINANCIAL STATEMENTS (continued)
investments require initial margin deposits with a counterparty, which consist of cash or cash equivalents. The amount of these deposits is determined by the exchange or Board of Trade on which the contract is traded and is subject to change. Accordingly, variation margin payments are received or made to reflect daily unrealized gains or losses which are recorded in the Statements of Operations. When the contracts are closed, the funds recognize a realized gain or loss which is reflected in the Statements of Operations. There is minimal counterparty credit risk to the funds with futures since they are exchange traded, and the exchange guarantees the futures against default. Futures open at August 31, 2021 are set forth in the Statements of Futures.
Table 11 summarizes each fund’s average market value of derivatives outstanding during the period ended August 31, 2021.
| | |
Table 11—Average Market Value of Derivatives |
| | Average
Market Value ($) |
BNY Mellon National Intermediate
Municipal Bond Fund
Interest rate futures | 11,437,891 |
BNY Mellon Pennsylvania Intermediate
Municipal Bond Fund
Interest rate futures | 770,012 |
BNY Mellon Massachusetts Intermediate
Municipal Bond Fund
Interest rate futures | 523,608 |
BNY Mellon New York Intermediate
Tax-Exempt Bond Fund
Interest rate futures | 1,136,548 |
BNY Mellon Municipal
Opportunities Fund
Interest rate futures | 200,455,031 |
Table 12 summarizes the cost of investments for federal income tax purposes, gross appreciation, gross depreciation and accumulated net unrealized appreciation (depreciation) on investments for each fund at August 31, 2021.
| | | | | |
Table 12—Accumulated Net Unrealized Appreciation (Depreciation) |
| Cost of
Investments ($) | Gross
Appreciation ($) | Gross
Depreciation ($) | Net ($) |
BNY Mellon National Intermediate Municipal Bond Fund | 2,803,679,097 | 178,740,222 | 827,948 | 177,912,274 |
BNY Mellon National Short-Term Municipal Bond Fund | 966,948,684 | 12,923,608 | 1,634,945 | 11,288,663 |
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund | 190,912,793 | 12,789,077 | 515,012 | 12,274,065 |
BNY Mellon Massachusetts Intermediate Municipal Bond Fund | 342,018,951 | 20,427,417 | 452,686 | 19,974,731 |
BNY Mellon New York Intermediate Tax-Exempt Bond Fund | 163,905,418 | 8,837,567 | 62,498 | 8,775,069 |
BNY Mellon Municipal Opportunities Fund | 2,560,744,705 | 229,078,242 | 10,493,458 | 218,584,784 |
134
REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
To the Shareholders of the Funds and Board of Trustees of
BNY Mellon Funds Trust:
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of BNY Mellon National Intermediate Municipal Bond Fund, BNY Mellon National Short-Term Municipal Bond Fund, BNY Mellon Pennsylvania Intermediate Municipal Bond Fund, BNY Mellon Massachusetts Intermediate Municipal Bond Fund, BNY Mellon New York Intermediate Tax-Exempt Bond Fund and BNY Mellon Municipal Opportunities Fund (collectively, the “Funds”), each a series of BNY Mellon Funds Trust, including the statements of investments and the statement of futures (with respect to BNY Mellon National Intermediate Municipal Bond Fund, BNY Mellon Pennsylvania Intermediate Municipal Bond Fund, BNY Mellon Massachusetts Intermediate Municipal Bond Fund, BNY Mellon New York Intermediate Tax-Exempt Bond Fund and BNY Mellon Municipal Opportunities Fund), as of August 31, 2021, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of August 31, 2021, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of August 31, 2021, by correspondence with the custodian and brokers or by other appropriate auditing procedures when replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more BNY Mellon Investment Adviser, Inc. investment companies since 1994.
New York, New York
October 22, 2021
135
IMPORTANT TAX INFORMATION (Unaudited)
BNY Mellon National Intermediate Municipal Bond Fund
In accordance with federal tax law, the fund hereby reports all the dividends paid from investment income-net during its fiscal year ended August 31, 2021 as “exempt-interest dividends” (not generally subject to regular Federal income tax). Where required by federal tax law rules, shareholders will receive notification of their portion of the fund’s taxable ordinary dividends (if any), capital gains distributions (if any) and tax-exempt dividends paid for the 2021 calendar year on Form 1099-DIV, which will be mailed in early 2022. Also, the fund reports the maximum amount allowable but not less than $.0488 per share as a capital gain dividend paid on December 23, 2020 in accordance with Section 852(b)(3)(C) of the Internal Revenue Code. Also, the fund reports the maximum amount allowable but not less than $.0016 as a short-term capital gain dividend paid on December 23, 2020 in accordance with Sections 871(k)(2) and 881(e) of the Internal Revenue Code.
BNY Mellon National Short-Term Municipal Bond Fund
In accordance with federal tax law, the fund hereby reports all the dividends paid from investment income-net during its fiscal year ended August 31, 2021 as “exempt-interest dividends” (not generally subject to regular Federal income tax). Where required by federal tax law rules, shareholders will receive notification of their portion of the fund’s taxable ordinary dividends (if any), capital gains distributions (if any) and tax-exempt dividends paid for the 2021 calendar year on Form 1099-DIV, which will be mailed in early 2022.
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund
In accordance with federal tax law, the fund hereby reports all the dividends paid from investment income-net during its fiscal year ended August 31, 2021 as “exempt-interest dividends” (not generally subject to regular Federal income tax). Where required by federal tax law rules, shareholders will receive notification of their portion of the fund’s taxable ordinary dividends (if any), capital gains distributions (if any) and tax-exempt dividends paid for the 2021 calendar year on Form 1099-DIV, which will be mailed in early 2022. Also, the fund reports the maximum amount allowable but not less than $.0738 per share as a capital gain dividend paid on December 23, 2020 in accordance with Section 852(b)(3)(C) of the Internal Revenue Code. Also, the fund reports the maximum amount allowable but not less than $.0053 as a short-term capital gain dividend paid on December 23, 2020 in accordance with Sections 871(k)(2) and 881(e) of the Internal Revenue Code.
BNY Mellon Massachusetts Intermediate Municipal Bond Fund
In accordance with federal tax law, the fund hereby reports all the dividends paid from investment income-net during its fiscal year ended August 31, 2021 as “exempt-interest dividends” (not generally subject to regular Federal income tax). Where required by federal tax law rules, shareholders will receive notification of their portion of the fund’s taxable ordinary dividends (if any), capital gains distributions (if any) and tax-exempt dividends paid for the 2021 calendar year on Form 1099-DIV, which will be mailed in early 2022.
BNY Mellon New York Intermediate Tax-Exempt Bond Fund
In accordance with federal tax law, the fund hereby reports all the dividends paid from investment income-net during its fiscal year ended August 31, 2021 as “exempt-interest dividends” (not generally subject to regular Federal income tax). Where required by federal tax law rules, shareholders will receive notification of their portion of the fund’s taxable ordinary dividends (if any), capital gains distributions (if any) and tax-exempt dividends paid for the 2021 calendar year on Form 1099-DIV, which will be mailed in early 2022. Also, the fund reports the maximum amount allowable but not less than $.0574 per share as a capital gain dividend paid on December 23, 2020 in accordance with Section 852(b)(3)(C) of the Internal Revenue Code. Also, the fund reports the maximum amount allowable but not less than $.0211 as a short-term capital gain dividend paid on December 23, 2020 in accordance with Sections 871(k)(2) and 881(e) of the Internal Revenue Code.
BNY Mellon Municipal Opportunities Fund
In accordance with federal tax law, the fund hereby reports all the dividends paid from investment income-net during its fiscal year ended August 31, 2021 as “exempt-interest dividends” (not generally subject to regular Federal income tax). Where required by federal tax law rules, shareholders will receive notification of their portion of the fund’s taxable ordinary dividends (if any), capital gains distributions (if any) and tax-exempt dividends paid for the 2021 calendar year on Form 1099-DIV, which will be mailed in early 2022.
136
INFORMATION ABOUT THE RENEWAL OF EACH FUND’S INVESTMENT
ADVISORY AGREEMENT AND ADMINISTRATION AGREEMENT (Unaudited)
At a meeting of the Trust’s Board of Trustees held on March 15-16, 2021, the Board considered the renewal of the funds’ Investment Advisory Agreement and Administration Agreement, pursuant to which the Adviser provides the funds with investment advisory services and The Bank of New York Mellon provides the funds with administrative services (together, the “Agreement”). The Bank of New York Mellon has entered into a Sub-Administration Agreement with the Adviser pursuant to which The Bank of New York Mellon pays the Adviser for performing certain of these administrative services. The Board members, none of whom are “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the Trust, were assisted in their review by independent legal counsel and met with counsel in executive session separate from representatives of the Adviser. In considering the renewal of the Agreement, the Board considered several factors that it believed to be relevant, including those discussed below. The Board did not identify any one factor as dispositive, and each Board member may have attributed different weights to the factors considered.
Analysis of Nature, Extent, and Quality of Services Provided to the Funds. The Board considered information provided to it at the meeting and in previous presentations from representatives of the Adviser regarding the nature, extent, and quality of the services provided to the funds in the Trust, including the funds. The Adviser provided the number of open accounts in each fund, each fund’s asset size and the allocation of fund assets among distribution channels. The Adviser also had previously provided information regarding the need to be able to provide ongoing shareholder services.
The Board also considered research support available to, and portfolio management capabilities of, each fund’s portfolio management personnel and that the Adviser also provides oversight of day-to-day fund operations, including fund accounting and administration and assistance in meeting legal and regulatory requirements. The Board also considered the Adviser’s extensive administrative, accounting and compliance infrastructures.
Comparative Analysis of the Funds’ Performance and Management Fees and Expense Ratios. For each fund, the Board reviewed reports prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data based on classifications provided by Thomson Reuters Lipper, which included information comparing (1) the performance of the fund’s Class M shares with the performance of a group of funds selected by Broadridge as comparable to the fund (the “Performance Group”)1 and with a broader group of municipal bond funds (the “Performance Universe”), all for various periods ended December 31, 2020, and (2) the fund’s actual and contractual management fees and total expenses with those of the same group of funds in the Performance Group (the “Expense Group”) and with a broader group of municipal bond funds (the “Expense Universe”), the information for which was derived in part from fund financial statements available to Broadridge as of the date of its analysis. The Adviser previously had furnished the Board with a description of the methodology Broadridge used to select the Performance Group and Performance Universe and the Expense Group and Expense Universe.
Representatives of the Adviser stated that the usefulness of performance comparisons may be affected by a number of factors, including different investment limitations and policies that may be applicable to each fund and comparison funds and the end date selected.
For each fund, the Board reviewed and considered the contractual management fee rate payable by the fund to the Adviser in light of the nature, extent and quality of the management services provided by the Adviser. In addition, the Board reviewed and considered the actual management fee rate paid by the fund over the fund’s last fiscal year. The Board also reviewed the range of actual and contractual management fees and total expenses as a percentage of average net assets of the Expense Group and Expense Universe funds and discussed the results of the comparisons.
Representatives of the Adviser reviewed with the Board the management or investment advisory fees paid by one or more funds advised or administered by the Adviser that are in the same Lipper category as the BNY Mellon National Intermediate Municipal Bond Fund, the BNY Mellon National Short-Term Municipal Bond Fund and the BNY Mellon Municipal Opportunities Fund (for each fund, the “Similar Funds”), and explained the nature of the Similar Funds. They discussed differences in fees paid and the relationship of the fees paid in light of any differences in the services provided and other relevant factors. The Board considered the relevance of the fee information provided for the Similar Funds to evaluate the appropriateness of the relevant fund’s management fee. Representatives of the Adviser noted that there were no Similar Funds for the other funds and that there were no separate accounts and/or other types of client portfolios advised by the Adviser that are considered to have similar investment strategies and policies as the funds.
BNY Mellon National Intermediate Municipal Bond Fund
The Board discussed with representatives of the Adviser the results of the performance comparisons and considered that the fund’s total return performance was above the Performance Group and Performance Universe medians for all periods. The Board also considered that the fund’s yield performance was at or above the Performance Group median for six of the ten one-year periods ended December 31st and above the Performance Universe median for nine of the ten one-year periods ended December 31st. The Adviser also provided a comparison of the
137
INFORMATION ABOUT THE RENEWAL OF EACH FUND’S INVESTMENT
ADVISORY AGREEMENT AND ADMINISTRATION AGREEMENT (Unaudited) (continued)
fund’s calendar year total returns to the returns of the fund’s benchmark indices.
The Board considered that the fund’s contractual management fee was higher than the Expense Group median contractual management fee, the fund’s actual management fee was higher than the Expense Group median and the Expense Universe median actual management fee and the fund’s total expenses were approximately equal to the Expense Group median and higher than Expense Universe median total expenses.
BNY Mellon National Short-Term Municipal Bond Fund
The Board discussed with representatives of the Adviser the results of the performance comparisons and considered that the fund’s total return performance was below the Performance Group and Performance Universe medians for all periods, except the ten-year period when the fund’s total return performance was at the Performance Group median and the two- and three-year periods when the fund’s total return performance was at and above the Performance Universe medians, respectively. The Board also considered that the fund’s yield performance was below the Performance Group median for nine of the ten one-year periods ended December 31st and at or above the Performance Universe medians for four of the ten one-year periods ended December 31st. The Board considered the relative proximity of the fund’s total return performance to the Performance Group and/or Performance Universe median in most periods when performance was below median, as well as the relative proximity of the fund’s yield performance to the Performance Group and/or Performance Universe median in certain periods when performance was below median. The Adviser also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark indices.
The Board considered that the fund’s contractual management fee was higher than the Expense Group median contractual management fee, the fund’s actual management fee was higher than the Expense Group median and the Expense Universe median actual management fee and the fund’s total expenses were higher than the Expense Group median and the Expense Universe median total expenses.
Representatives of the Adviser stated that the Adviser has contractually agreed, until March 31, 2022, to waive receipt of its fees and/or assume the direct expenses of the fund, so that the direct expenses of neither class (excluding shareholder services fees, taxes, interest, brokerage commissions, commitment fees on borrowings and extraordinary expenses) exceed 0.44% of the fund’s average daily net assets.
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund
The Board discussed with representatives of the Adviser the results of the performance comparisons and considered that the fund’s total return performance was at or above the Performance Group and Performance Universe medians for all periods (highest in the Performance Group in the five-year period and in the first quartile of the Performance Universe for all periods). The Board also considered that the fund’s yield performance was below the Performance Group medians for eight of the ten one-year periods ended December 31st and at or above the Performance Universe medians for nine of the ten one-year periods ended December 31st. The Board considered the relative proximity of the fund’s yield performance to the Performance Group and/or Performance Universe median in certain periods when performance was below median. The Board also considered that there were no other funds that invested primarily in Pennsylvania municipal securities in the Performance Group or Performance Universe. The Adviser also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark indices.
The Board considered that the fund’s contractual management fee was higher than the Expense Group median contractual management fee, the fund’s actual management fee was higher than the Expense Group median and the Expense Universe median actual management fee and the fund’s total expenses were higher than the Expense Group median and the Expense Universe median total expenses.
Representatives of the Adviser stated that the Adviser has contractually agreed, until March 31, 2022, to waive receipt of its fees and/or assume the direct expenses of the fund, so that the direct expenses of neither class (excluding shareholder services fees, taxes, interest, brokerage commissions, commitment fees on borrowings and extraordinary expenses) exceed 0.59% of the fund’s average daily net assets.
BNY Mellon Massachusetts Intermediate Municipal Bond Fund
The Board discussed with representatives of the Adviser the results of the performance comparisons and considered that the fund’s total return performance was at or above the Performance Group medians and above the Performance Universe medians for all periods, except the one-year period when it was slightly below the Performance Group median. The Board also considered that the fund’s yield performance was below the Performance Group median for all ten one-year periods ended December 31st and at or above the Performance Universe median for seven of the ten one-year periods ended December 31st. The Board considered the relative proximity of the fund’s yield performance to the Performance Group and/or Performance Universe median in certain periods when performance was below median. The Board also considered that not all of other funds in the Performance Group or Performance Universe invested primarily in Massachusetts municipal securities. The Adviser also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark indices.
138
The Board considered that the fund’s contractual management fee was approximately equal to the Expense Group median contractual management fee, the fund’s actual management fee was higher than the Expense Group median and the Expense Universe median actual management fee and the fund’s total expenses were slightly higher than the Expense Group median and lower than the Expense Universe median total expenses.
BNY Mellon New York Intermediate Tax-Exempt Bond Fund
The Board discussed with representatives of the Adviser the results of the performance comparisons and considered that the fund’s total return performance was above the Performance Group and Performance Universe medians for all periods (highest in the Performance Group in all periods except the one-year period). The Board also considered that the fund’s yield performance was at or above the Performance Group median for seven of the ten one-year periods ended December 31st and above the Performance Universe medians for six of the ten one-year periods December 31st. The Board considered the relative proximity of the fund’s yield performance to the Performance Group and/or Performance Universe median when performance was below median. The Adviser also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark indices.
The Board considered that the fund’s contractual management fee was higher than the Expense Group median contractual management fee, the fund’s actual management fee was higher than the Expense Group median and the Expense Universe median actual management fee and the fund’s total expenses were equal to the Expense Group median and higher than the Expense Universe median total expenses.
Representatives of the Adviser stated that the Adviser has contractually agreed, until December 31, 2021, to waive receipt of its fees and/or assume the direct expenses of the fund, so that the direct expenses of neither class (excluding shareholder services fees, taxes, interest, brokerage commissions, commitment fees on borrowings and extraordinary expenses) exceed 0.59% of the fund’s average daily net assets.
BNY Mellon Municipal Opportunities Fund
The Board discussed with representatives of the Adviser the results of the performance comparisons and considered that the fund’s total return performance was below the Performance Group median for all periods, except the three- and ten-year periods when it was above the median, and above the Performance Universe median for all periods. The Board also considered that the fund’s yield performance was below the Performance Group median for nine of the ten one-year periods ended December 31st and above the Performance Universe median for nine of the ten one-year periods ended December 31st. The Board considered the relative proximity of the fund’s total return and yield performance to the Performance Group and/or Performance Universe medians in certain periods when performance was below median. The Adviser also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index, and the Board considered that the fund’s performance was higher than the return of the index in six of the ten years shown. The Board also noted that the fund had a five star overall rating, and for the three-, five- and ten-year periods, from Morningstar based on Morningstar’s risk-adjusted return measures.
The Board considered that the fund’s contractual management fee was higher than the Expense Group median contractual management fee, the fund’s actual management fee was higher than the Expense Group median and the Expense Universe median actual management fee and the fund’s total expenses were higher than the Expense Group median and the Expense Universe median total expenses.
Analysis of Profitability and Economies of Scale. Representatives of the Adviser reviewed the expenses allocated and profit received by the Adviser and its affiliates and the resulting profitability percentage for managing each fund and the aggregate profitability percentage to the Adviser and its affiliates for managing the funds in the BNY Mellon fund complex, and the method used to determine the expenses and profit. The Board concluded that the profitability results were not excessive, given the services rendered and service levels provided to each fund by the Adviser and its affiliates. The Board also considered the expense limitation arrangement for BNY Mellon New York Intermediate Tax-Exempt Bond Fund and its effect on the profitability of the Adviser and its affiliates. The Board also had been provided with information prepared by an independent consulting firm regarding the Adviser’s approach to allocating costs to, and determining the profitability of, individual funds and the entire BNY Mellon fund complex. The consulting firm also had analyzed where any economies of scale might emerge in connection with the management of a fund.
For each fund, the Board considered, on the advice of its counsel, the profitability analysis (1) as part of its evaluation of whether the fees under the Agreement, considered in relation to the mix of services provided pursuant to the Agreement, including the nature, extent and quality of such services, supported the renewal of the Agreement and (2) in light of the relevant circumstances for the fund and the extent to which economies of scale would be realized if the fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders. For each fund, representatives of the Adviser stated that a discussion of economies of scale is predicated on a fund having achieved a substantial size with increasing assets and that, if a fund’s assets had been stable or decreasing, the possibility that the Adviser may have realized any economies of scale would be less. Representatives of the Adviser also stated that, as a result of shared and allocated costs among funds in the BNY Mellon fund complex, the extent of
139
INFORMATION ABOUT THE RENEWAL OF EACH FUND’S INVESTMENT
ADVISORY AGREEMENT AND ADMINISTRATION AGREEMENT (Unaudited) (continued)
economies of scale could depend substantially on the level of assets in the complex as a whole, so that increases and decreases in complex-wide assets can affect potential economies of scale in a manner that is disproportionate to, or even in the opposite direction from, changes in a fund’s asset level. The Board also considered potential benefits to the Adviser from acting as investment adviser and took into consideration that there were no soft dollar arrangements in effect for trading the funds’ investments.
At the conclusion of these discussions, the Board agreed that it had been furnished with sufficient information to make an informed business decision with respect to the renewal of the Agreement. Based on the discussions and considerations as described above, the Board concluded and determined as follows with respect to each fund.
· The Board concluded that the nature, extent and quality of the services provided to the fund are adequate and appropriate.
· The Board generally was satisfied with the fund’s overall performance.
· The Board concluded that the fees paid pursuant to the Agreement continued to be appropriate under the circumstances and in light of the factors and the totality of the services provided as discussed above.
· The Board determined that the economies of scale which may accrue to the Adviser and its affiliates in connection with the management of the fund had been adequately considered in connection with the fee rates charged to the fund pursuant to the Agreement and that, to the extent in the future it were determined that material economies of scale had not been shared with the fund, the Board would seek to have those economies of scale shared with the fund.
In evaluating the Agreement with respect to each fund, the Board considered these conclusions and determinations and also relied on its previous knowledge, gained through meetings and other interactions with the Adviser and its affiliates, of the Adviser and the services provided to the fund pursuant to the Agreement. The Board also relied on information received on a routine and regular basis throughout the year relating to the operations of the fund and the investment management and other services provided under the Agreement, including information on the investment performance of the fund in comparison to similar mutual funds and benchmark performance indices; general market outlook as applicable to the fund; and compliance reports. In addition, the Board’s consideration of the contractual fee arrangements for the fund had the benefit of a number of years of reviews of the Agreement for the fund, or for the other funds in the Trust, during which lengthy discussions took place between the Board and representatives of the Adviser. Certain aspects of the arrangements may receive greater scrutiny in some years than in others, and the Board’s conclusions may be based, in part, on its consideration of the fund’s arrangements, or the arrangements for the other funds in the Trust, in prior years. The Board determined to renew the Agreement for each fund.
1 For each fund, the Performance Universe and the Expense Universe (each as defined herein) were each comprised of the same group of funds, except that the Performance Universe consisted of all retail and institutional funds in the stated strategy while the Expense Universe consisted of all institutional funds in the stated strategy and excluded outliers. The Performance and Expense Groups and the Performance and Expense Universes for the BNY Mellon National Intermediate Municipal Bond Fund consisted of intermediate municipal debt funds; the Performance and Expense Groups and the Performance and Expense Universes for the BNY Mellon National Short-Term Municipal Bond Fund consisted of short municipal debt funds; the Performance and Expense Groups and the Performance and Expense Universes for the BNY Mellon Pennsylvania Intermediate Municipal Bond Fund and the BNY Mellon Massachusetts Intermediate Municipal Bond Fund consisted of "other states" intermediate municipal debt funds; the Performance and Expense Groups and the Performance and Expense Universes for the BNY Mellon New York Intermediate Tax-Exempt Bond Fund consisted of New York intermediate municipal debt funds; and the Performance and Expense Groups and the Performance and Expense Universes for the BNY Mellon Municipal Opportunities Fund consisted of general and insured municipal debt funds.
140
LIQUIDITY RISK MANAGEMENT PROGRAM (Unaudited)
Effective June 1, 2019, each fund adopted a liquidity risk management program (the “Liquidity Risk Management Program”) pursuant to the requirements of Rule 22e-4 under the Investment Company Act of 1940, as amended. Rule 22e-4 requires registered open-end funds, including mutual funds and exchange-traded funds but not money market funds, to establish liquidity risk management programs in order to effectively manage fund liquidity and shareholder redemptions. The rule is designed to mitigate the risk that a fund could not meet redemption requests without significantly diluting the interests of remaining investors.
The rule requires each fund to assess, manage and review their liquidity risk at least annually considering applicable factors such as investment strategy and liquidity during normal and foreseeable stressed conditions, including whether the strategy is appropriate for an open-end fund and whether the fund has a relatively concentrated portfolio or large positions in particular issuers. Each fund must also assess its use of borrowings and derivatives, short-term and long-term cash flow projections in normal and stressed conditions, holdings of cash and cash equivalents, and borrowing arrangements and other funding sources.
The rule also requires each fund to classify its investments as highly liquid, moderately liquid, less liquid or illiquid based on the number of days each fund expects it would take to liquidate the investment, and to review these classifications at least monthly or more often under certain conditions. The periods range from three or fewer business days for a highly liquid investment to greater than seven calendar days for settlement of a less liquid investment. Illiquid investments are those funds do not expect to be able to sell or dispose of within seven calendar days without significantly changing the market value. Each fund is prohibited from acquiring an investment if, after the acquisition, its holdings of illiquid assets will exceed 15% of its net assets. In addition, if a fund permits redemptions in-kind, the rule requires the fund to establish redemption in-kind policies and procedures governing how and when it will engage in such redemptions.
Pursuant to the rule’s requirements, the Liquidity Risk Management Program has been reviewed and approved by the Board. Furthermore, the Board has received a written report prepared by the Program’s Administrator that addresses the operation of the Program, assesses its adequacy and effectiveness and describes any material changes made to the Program.
Assessment of Program
In the opinion of the Program Administrator, the Program approved by the Board continues to be adequate for each fund and the Program has been implemented effectively. The Program Administrator has monitored the funds’ liquidity risk and the liquidity classification of the securities held by each fund and has determined that the Program is operating effectively.
During the period from January 1, 2020 to December 31, 2020, there were no material changes to the Program and no material liquidity events that impacted each fund. During the period, the fund held sufficient highly liquid assets to meet fund redemptions.
Under normal expected foreseeable fund redemption forecasts and foreseeable stressed fund redemption forecasts, the Program Administrator believes that the fund maintains sufficient highly liquid assets to meet expected fund redemptions.
141
BOARD MEMBERS INFORMATION (Unaudited)
INDEPENDENT BOARD MEMBERS
Patrick J. O’Connor (78)
Board Member, Chairman of the Board (2000)
Principal Occupation During Past 5 Years:
Attorney, Cozen O’Connor, P.C. (1973-Present), Vice Chairman (1980-2002) and President and Chief Executive Officer (2002-2007)
No. of Portfolios for which Board Member Serves: 22
———————
John R. Alchin (73)
Board Member (2008)
Principal Occupation During Past 5 Years:
· Retired
· The Barnes Foundation, an art museum, Trustee (2017 - Present)
· Metropolitan AIDS Neighborhood Nutrition Alliance, Advisory Board Member (2004 – Present)
· Philadelphia Art Museum, Board Member (2008 - Present)
· Xplornet Communications, Inc., a rural wireless tele-communications provider, Director (2015 –2020)
Other Public Company Board Memberships During Past 5 Years:
· Polo Ralph Lauren Corporation, a retail clothing and home furnishing company, Director (2007-Present), and Chair of Audit Committee (2018-Present)
No. of Portfolios for which Board Member Serves: 22
———————
Ronald R. Davenport (85)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Sheridan Broadcasting Corporation, Chairman (1972-Present)
No. of Portfolios for which Board Member Serves: 22
———————
Jack Diederich (84)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Retired
Other Public Company Board Memberships During Past 5 Years:
· Continental Mills, Inc., a dry baking products company, Director (1997 - 2020)
No. of Portfolios for which Board Member Serves: 22
———————
Kim D. Kelly (65)
Board Member (2008)
Principal Occupation During Past 5 Years:
· Consultant (2005-Present)
Other Public Company Board Memberships During Past 5 Years:
· MCG Capital Corporation, a business development company, Director (2004-2015)
· HITV, broadcasting, President (2015 – 2019)
No. of Portfolios for which Board Member Serves: 22
———————
Kevin C. Phelan (77)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Mortgage Banker, Colliers International (1978-Present) and Co-Chairman (2010-Present)
· A.D. Makepeace Co., cranberry grower and real estate development company, Director (2019-Present)
Other Public Company Board Memberships During Past 5 Years:
· Industrial Logistics Properties Trust, a real estate company, Trustee (2020 - Present)
No. of Portfolios for which Board Member Serves: 22
———————
Patrick J. Purcell (73)
Board Member (2000)
Principal Occupation During Past 5 Years:
· jobfind.com, an employment search site on the world wide web, President and Founder (1996 -– Present)
· The Boston Herald, President and Publisher (1994-2018)
· Herald Media, President and Chief Executive Officer, (2001 -– 2018)
No. of Portfolios for which Board Member Serves: 22
———————
Thomas F. Ryan, Jr. (80)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Retired
· Boston College. Trustee Associate (2013 – Present)
· NYISO Independent System Operator, a non-profit organization responsible for managing the state of New York’s electric grid, Director (1998-2021)
Other Public Company Board Memberships During Past 5 Years:
· RepliGen Corporation, a biopharmaceutical company, Director (2002-Present)
No. of Portfolios for which Board Member Serves: 22
———————
142
Maureen M. Young (76)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Retired
No. of Portfolios for which Board Member Serves: 22
———————
Once elected all Board Members serve for an indefinite term. The address of the Board Members and Officers is c/o BNY Mellon Investment Adviser, Inc. 240 Greenwich Street, New York, New York 10286. Additional information about the Board Members is available in the fund’s Statement of Additional Information which can be obtained from the Adviser free of charge by calling this toll free number: 1-800-373-9387. For individual account holders for Private Wealth Management clients, please contact your account officer or call 1-866-804-5023.
143
OFFICERS OF THE TRUST (Unaudited)
PATRICK T. CROWE, President since July 2015.
National Director of Investment Advisory, Analytics and Solutions for BNY Mellon Wealth Management since July 2014; from July 2007 to July 2014, Managing Director for BNY Mellon Wealth Management's Tri-State region, comprising New York, New Jersey and Southern Connecticut. He is 57 years old and has served in various capacities with BNY Mellon since 1993.
JAMES WINDELS, Treasurer since November 2001.
Vice President of the Adviser since September 2020, Director- BNY Mellon Fund Administration, and an officer of 57 investment companies (comprised of 128 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 62 years old and has been an employee of the Adviser since April 1985.
PETER M. SULLIVAN, Chief Legal Officer since July 2021 and Vice President and Assistant Secretary since March 2019.
Chief Legal Officer of the Adviser since July 2021, Associate General Counsel of BNY Mellon since July 2021; Senior Managing Counsel of BNY Mellon from December 2020 to July 2021; Managing Counsel of BNY Mellon from March 2009 to December 2020, and an officer of 57 investment companies (comprised of 128 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 53 years old and has been an employee of BNY Mellon since April 2004.
JAMES BITETTO, Vice President since August 2005 and Secretary since February 2018.
Senior Managing Counsel of BNY Mellon since December 2019; Managing Counsel of BNY Mellon from April 2014 to December 2019; Secretary of the Adviser, and an officer of 57 investment companies (comprised of 128 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 55 years old and has been an employee of the Adviser since December 1996.
DEIRDRE CUNNANE, Vice President and Assistant Secretary since February 2019.
Counsel of BNY Mellon since August 2018; Senior Regulatory Specialist at BNY Mellon Investment Management Services from February 2016 to August 2018. She is an officer of 57 investment companies (comprised of 128 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 31 years old and has been an employee of the Adviser since August 2018.
SARAH S. KELLEHER, Vice President and Assistant Secretary since April 2014.
Managing Counsel of BNY Mellon since December 2017, Senior Counsel of BNY Mellon from March 2013 to December 2017. She is an officer of 57 investment companies (comprised of 128 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 45 years old and has been an employee of the Adviser since March 2013.
JEFF PRUSNOFSKY, Vice President and Assistant Secretary since August 2015.
Senior Managing Counsel of BNY Mellon, and an officer of 57 investment companies (comprised of 128 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 56 years old and has been an employee of the Adviser since October 1990.
AMANDA QUINN, Vice President and Assistant Secretary since March 2020.
Counsel of BNY Mellon since June 2019; Regulatory Administration Manager at BNY Mellon Investment Management Services from September 2018 to May 2019; Senior Regulatory Specialist at BNY Mellon Investment Management Services from April 2015 to August 2018. She is an officer of 62 investment companies (comprised of 128 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 36 years old and has been an employee of the Adviser since June 2019.
NATALYA ZELENSKY, Vice President and Assistant Secretary since March 2017.
Chief Compliance Officer (since August 2021) and Vice President and Assistant Secretary (since February 2020) of BNY Mellon ETF Investment Adviser, LLC; Chief Compliance Officer (since August 2021) and Vice President (since February 2020) of BNY Mellon ETF Trust; Managing Counsel (December 2019 to August 2021) and Counsel (May 2016 to December 2019) of BNY Mellon; Assistant Secretary of the Adviser from April 2018 to August 2021. She is an officer of 57 investment companies (comprised of 128 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 36 years old and has been an employee of BNY Mellon since May 2016.
GAVIN C. REILLY, Assistant Treasurer since December 2005.
Tax Manager - BNY Mellon Fund Administration, and an officer of 57 investment companies (comprised of 128 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 53 years old and has been an employee of the Adviser since April 1991.
ROBERT SALVIOLO, Assistant Treasurer since July 2007.
Senior Accounting Manager – BNY Mellon Fund Administration, and an officer of 57 investment companies (comprised of 128 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 54 years old and has been an employee of the Adviser since June 1989.
ROBERT SVAGNA, Assistant Treasurer since December 2002.
Senior Accounting Manager – BNY Mellon Fund Administration, and an officer of 57 investment companies (comprised of 128 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 54 years old and has been an employee of the Adviser since November 1990.
JOSEPH W. CONNOLLY, Chief Compliance Officer since October 2004.
Chief Compliance Officer of the BNY Mellon Family of Funds and BNY Mellon Funds Trust (56 investment companies, comprised of 119 portfolios). He also served as Chief Compliance Officer of the Adviser from 2004 to June 2021. He is 64 years old.
CARIDAD M. CAROSELLA, Anti-Money Laundering Compliance Officer since January 2016.
Anti-Money Laundering Compliance Officer of the BNY Mellon Family of Funds and BNY Mellon Funds Trust since January 2016. She is an officer of 50 investment companies (comprised of 121 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 53 years old and has been an employee of the Distributor since 1997.
144
This page intentionally left blank.
145
This page intentionally left blank.
146
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 | MFTAR0821-MB |
The BNY Mellon Funds
BNY Mellon Government Money Market Fund
BNY Mellon National Municipal Money Market Fund
| | |
ANNUAL REPORT
August 31, 2021 |
| |
Contents
THE FUNDS
FOR MORE INFORMATION
Back Cover
| |
| |
Save time. Save paper. View your next shareholder report online as soon as it’s available. Log into www.im.bnymellon.com and sign up for eCommunications. It’s simple and only takes a few minutes. |
| |
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 |
UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited)
As a mutual fund investor, you pay ongoing expenses, such as management fees and other expenses. Using the information below, you can estimate how these expenses affect your investment and compare them with the expenses of other funds. You also may pay one-time transaction expenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial adviser.
Review your fund’s expenses
The table below shows the expenses you would have paid on a $1,000 investment in each class of each fund from March 1, 2021 to August 31, 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 August 31, 2021 | | | | | | | | | | |
| | | | | | | | | Class M | | | | | | Investor Shares | | |
BNY Mellon Government Money Market Fund | | | | | | | | | | | | | | | |
Expenses paid per $1,000† | | | | | | $ | .30 | | | | | $ | .30 | | |
Ending value (after expenses) | | | | | | $ | 1,000.10 | | | | | $ | 1,000.10 | | |
Annualized expense ratio (%) | | | | | | | .06 | | | | | | .06 | | |
BNY Mellon National Municipal Money Market Fund | | | | | | | | | | | | | | | |
Expenses paid per $1,000† | | | | | | $ | .45 | | | | | $ | .45 | | |
Ending value (after expenses) | | | | | | $ | 1,000.10 | | | | | $ | 1,000.10 | | |
Annualized expense ratio (%) | | | | | | | .09 | | | | | | .09 | | |
COMPARING YOUR FUND’S EXPENSES
WITH THOSE OF OTHER FUNDS (Unaudited)
Using the SEC’s method to compare expenses
The Securities and Exchange Commission (“SEC”) has established guidelines to help investors assess fund expenses. Per these guidelines, the table below shows your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return. You can use this information to compare the ongoing expenses (but not transaction expenses or total cost) of investing in the fund with those of other funds. All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.
| | | | | | | | | | | | | | | | | | | |
Expenses and Value of a $1,000 Investment | | | | | | | | | |
Assuming a hypothetical 5% annualized return for the six months ended August 31, 2021 | | | |
| | | | | | | | | Class M | | | | | | Investor Shares | | |
BNY Mellon Government Money Market Fund | | | | | | | | | | | | | | | |
Expenses paid per $1,000† | | | | | | $ | .31 | | | | | $ | .31 | | |
Ending value (after expenses) | | | | | | $ | 1,024.90 | | | | | $ | 1,024.90 | | |
Annualized expense ratio (%) | | | | | | | .06 | | | | | | .06 | | |
BNY Mellon National Municipal Money Market Fund | | | | | | | | | | | | | | | |
Expenses paid per $1,000† | | | | | | $ | .46 | | | | | $ | .46 | | |
Ending value (after expenses) | | | | | | $ | 1,024.75 | | | | | $ | 1,024.75 | | |
Annualized expense ratio (%) | | | | | | | .09 | | | | | | .09 | | |
† Expenses are equal to each fund’s annualized expense ratios as shown above, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
2
STATEMENT OF INVESTMENTS
August 31, 2021
| | | | | | | |
| |
BNY Mellon Government Money Market Fund |
U.S. Government Agencies Obligations - 20.3% | Annualized
Yield (%) | | Principal
Amount ($) | | Value ($) | |
Federal Farm Credit Banks: | | | | | |
11/4/2021 | 0.05 | | 25,000,000 | a | 24,997,778 | |
9/1/2021, 3 Month U.S. T-BILL +.04% | 0.09 | | 5,000,000 | b | 4,999,699 | |
9/1/2021, 3 Month SOFR +.32% | 0.37 | | 20,000,000 | b | 20,000,000 | |
Federal Home Loan Banks: | | | | | |
9/1/2021, 3 Month SOFR +.01% | 0.06 | | 5,000,000 | b | 5,000,000 | |
9/1/2021, 3 Month SOFR +.01% | 0.06 | | 10,000,000 | b | 10,000,000 | |
9/1/2021, 3 Month SOFR +.08% | 0.13 | | 10,000,000 | b | 10,000,000 | |
Total U.S. Government Agencies Obligations (cost $74,997,477) | | | | | 74,997,477 | |
U.S. Cash Management Bills - 5.4% |
| |
| | | |
10/15/2021 | 0.07 | | 10,000,000 | a | 9,999,205 | |
10/19/2021 | 0.06 | | 10,000,000 | a | 9,999,267 | |
Total U.S. Cash Management Bills (cost $19,998,472) | | | | | 19,998,472 | |
U.S. Treasury Bills - 25.8% |
| |
| | | |
10/7/2021 | 0.05 | | 10,000,000 | a | 9,999,500 | |
11/4/2021 | 0.04 | | 10,000,000 | a | 9,999,378 | |
11/12/2021 | 0.03 | | 25,000,000 | a | 24,998,500 | |
11/18/2021 | 0.03 | | 10,000,000 | a | 9,999,350 | |
12/2/2021 | 0.04 | | 10,000,000 | a | 9,999,105 | |
12/23/2021 | 0.06 | | 10,000,000 | a | 9,998,274 | |
12/30/2021 | 0.06 | | 10,000,000 | a | 9,998,167 | |
1/13/2022 | 0.05 | | 10,000,000 | a | 9,998,139 | |
Total U.S. Treasury Bills (cost $94,990,413) | | | | | 94,990,413 | |
U.S. Treasury Floating Rate Notes - 9.0% |
| |
| | | |
9/1/2021, 3 Month U.S. T-BILL +.03% | 0.08 | | 15,000,000 | b | 15,000,589 | |
9/1/2021, 3 Month U.S. T-BILL +.05% | 0.09 | | 5,000,000 | b | 5,000,646 | |
9/1/2021, 3 Month U.S. T-BILL +.06% | 0.10 | | 13,000,000 | b | 13,001,226 | |
Total U.S. Treasury Floating Rate Notes (cost $33,002,461) | | | | | 33,002,461 | |
Repurchase Agreements - 39.3% |
| |
| | | |
Credit Agricole CIB, Tri-Party Agreement thru BNY Mellon, dated 8/31/2021, due at 9/1/2021 in the amount of $60,000,083 (fully collateralized by: U.S. Treasuries (including strips), 0.25%-3.13%, due 7/31/2023-11/15/2028, valued at $61,200,000) | 0.05 | | 60,000,000 | | 60,000,000 | |
ING Financial Markets, Tri-Party Agreement thru BNY Mellon, dated 8/31/2021, due at 9/1/2021 in the amount of $85,000,118 (fully collateralized by: U.S. Treasuries (including strips), 0.00%-4.38%, due 10/26/2021-8/15/2051, valued at $86,700,018) | 0.05 | | 85,000,000 | | 85,000,000 | |
Total Repurchase Agreements (cost $145,000,000) | | | | | 145,000,000 | |
Total Investments (cost $367,988,823) | | 99.8% | | 367,988,823 | |
Cash and Receivables (Net) | | .2% | | 661,027 | |
Net Assets | | 100.0% | | 368,649,850 | |
a Security is a discount security. Income is recognized through the accretion of discount.
b Variable rate security—interest rate resets periodically and rate shown is the interest rate in effect at period end. Date shown represents the earlier of the next interest reset date or ultimate maturity date. Security description also includes the reference rate and spread if published and available.
3
STATEMENT OF INVESTMENTS (continued)
| | |
Portfolio Summary (Unaudited) † | Value (%) |
U.S. Treasury Securities | 40.2 |
Repurchase Agreements | 39.3 |
U.S. Government Agencies Obligations | 20.3 |
| | 99.8 |
† Based on net assets.
See notes to financial statements.
4
| | | | | | | | | | |
| |
BNY Mellon National Municipal Money Market Fund |
Short-Term Investments - 100.6% | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Alabama - 3.2% | | | | | |
Mobile County Industrial Development Authority,
Revenue Bonds (SSAB Alabama) (LOC; Swedbank AB) Ser. A | | 0.08 | | 9/7/2021 | | 10,400,000 | a | 10,400,000 | |
Arizona - 1.6% | | | | | |
Casa Grande Industrial Development Authority,
Revenue Bonds, Refunding (Center Park Apartments Project) (LOC; FNMA) Ser. A | | 0.07 | | 9/7/2021 | | 1,100,000 | a | 1,100,000 | |
Tender Option Bond Trust Receipts (Series 2016-XM0304),
(Mesa, Revenue Bonds (Liquidity Agreement; Royal Bank of Canada)), Trust Maturity Date 1/1/2022 | | 0.08 | | 9/7/2021 | | 1,265,000 | a,b,c | 1,265,000 | |
Tender Option Bond Trust Receipts (Series 2019-XG0231),
(Illinois Finance Authority, Revenue Bonds (Liquidity Agreement; Bank of America NA & LOC; Bank of America NA)), Trust Maturity Date 1/1/2054 | | 0.10 | | 9/7/2021 | | 2,665,000 | a,b,c | 2,665,000 | |
| | 5,030,000 | |
California - 10.0% | | | | | |
ABAG Finance Authority for Nonprofit Corp.,
Revenue Bonds (The Grauer Foundation for Education Project) (LOC; Comerica Bank) | | 0.09 | | 9/7/2021 | | 1,680,000 | a | 1,680,000 | |
California Health Facilities Financing Authority,
CP, Ser. 2006E | | 0.15 | | 11/9/2021 | | 5,010,000 | | 5,009,901 | |
California Infrastructure & Economic Development Bank,
Revenue Bonds (Society for the Blind Project) (LOC; U.S. Bank NA) | | 0.07 | | 9/7/2021 | | 1,725,000 | a | 1,725,000 | |
California Statewide Communities Development Authority,
CP, Ser. 2004 | | 0.15 | | 10/7/2021 | | 7,000,000 | | 7,000,000 | |
Sacramento County Housing Authority,
Revenue Bonds, Refunding (LOC; FNMA) Ser. D | | 0.08 | | 9/7/2021 | | 8,000,000 | a | 8,000,000 | |
Tender Option Bond Trust Receipts (Series 2017-XF0578),
(Pittsburgh Unified School District, GO, Refunding (Liquidity Agreement; TD Bank NA)), Trust Maturity Date 8/1/2044 | | 0.07 | | 9/7/2021 | | 2,810,000 | a,b,c | 2,810,000 | |
Tender Option Bond Trust Receipts (Series 2019-XF2830),
(Golden Finance Authority California, Revenue Bonds (Liquidity Agreement; Mizuho Capital Markets LLC)), Trust Maturity Date 10/1/2034 | | 0.18 | | 9/7/2021 | | 3,465,000 | a,b,c | 3,465,000 | |
Tender Option Bond Trust Receipts (Series 2020-YX1142),
(Transbay Joint Powers Authority, Tax Allocation Bonds (Liquidity Agreement; Barclays Bank PLC & LOC; Barclays Bank PLC) Ser. A), Trust Maturity Date 10/1/2049 | | 0.07 | | 9/7/2021 | | 2,555,000 | a,b,c | 2,555,000 | |
| | 32,244,901 | |
Colorado - .3% | | | | | |
Colorado Educational & Cultural Facilities Authority,
Revenue Bonds, Refunding (LOC; Wells Forgo Bank NA) | | 0.12 | | 9/7/2021 | | 895,000 | a | 895,000 | |
District of Columbia - 1.6% | | | | | |
District of Columbia,
Revenue Bonds (Preparatory Academy) (LOC; Manufacturers & Traders) | | 0.07 | | 9/7/2021 | | 1,975,000 | a | 1,975,000 | |
District of Columbia,
Revenue Bonds, Refunding (Preparatory Academy) (LOC; Manufacturers & Traders) | | 0.07 | | 9/7/2021 | | 3,180,000 | a | 3,180,000 | |
| | 5,155,000 | |
Florida - 10.4% | | | | | |
Collier County Industrial Development Authority,
Revenue Bonds (Redlands Christian Migrant Association) (LOC; Bank of America NA) | | 0.09 | | 9/7/2021 | | 1,570,000 | a | 1,570,000 | |
Florida Development Finance Corp.,
Revenue Bonds (Center Court Properties Project) (LOC; Wells Fargo Bank NA) | | 0.08 | | 9/7/2021 | | 1,090,000 | a | 1,090,000 | |
Florida Housing Finance Agency,
Revenue Bonds (LOC; Northern Trust Company) | | 0.07 | | 9/7/2021 | | 5,000,000 | a | 5,000,000 | |
5
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | |
| |
BNY Mellon National Municipal Money Market Fund (continued) |
Short-Term Investments - 100.6% (continued) | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Florida - 10.4% (continued) | | | | | |
Florida Housing Finance Corp.,
Revenue Bonds (LOC; Truist Bank) Ser. K1 | | 0.07 | | 9/7/2021 | | 5,565,000 | a | 5,565,000 | |
Hillsborough County,
Revenue Bonds (MOSI-IBHS Project) (LOC; Truist Bank) Ser. B | | 0.09 | | 9/7/2021 | | 35,000 | a | 35,000 | |
Kissimmee Utility Authority,
CP, Ser. 2000B | | 0.08 | | 9/2/2021 | | 3,985,000 | | 3,984,997 | |
Palm Beach County,
Revenue Bonds, Refunding (The Henry Morrison Flagler Project) (LOC; Northern Trust Company) | | 0.07 | | 9/7/2021 | | 1,975,000 | a | 1,975,000 | |
Pinellas County Health Facilities Authority,
Revenue Bonds (Hospice of the Florida Suncoast Project) (LOC; Wells Fargo Bank NA) | | 0.07 | | 9/7/2021 | | 1,800,000 | a | 1,800,000 | |
Sarasota County,
Revenue Bonds (Planned Parenthood Project) (LOC; BMO Harris Bank NA) | | 0.08 | | 9/7/2021 | | 5,230,000 | a | 5,230,000 | |
Sunshine Governmental Financing Commission,
CP, Ser. H | | 0.10 | | 12/23/2021 | | 7,000,000 | | 7,000,000 | |
| | 33,249,997 | |
Georgia - 3.3% | | | | | |
RBC Municipal Products Trust,
Revenue Bonds (LOC; Royal Bank of Canada) Ser. E-107 | | 0.07 | | 9/7/2021 | | 7,050,000 | a,b | 7,050,000 | |
Savannah Economic Development Authority,
Revenue Bonds, Refunding (The Savannah Country Day School) (LOC; Truist Bank) | | 0.09 | | 9/7/2021 | | 200,000 | a | 200,000 | |
Tender Option Bond Trust Receipts (Series 2018-XF0708),
(Bryan County School District, GO (Insured; State Aid Withholding) (Liquidity Agreement; JPMorgan Chase Bank NA)), Trust Maturity Date 8/1/2024 | | 0.06 | | 9/7/2021 | | 3,200,000 | a,b,c | 3,200,000 | |
| | 10,450,000 | |
Illinois - 10.6% | | | | | |
Illinois Development Finance Authority,
Revenue Bonds (Wheaton Academy Project) (LOC; BMO Harris Bank NA) | | 0.06 | | 9/7/2021 | | 9,000,000 | a | 9,000,000 | |
Illinois Educational Facilities Authority,
Revenue Bonds (The Chicago Zoological Society) (LOC; Northern Trust Company) Ser. B | | 0.07 | | 9/7/2021 | | 1,055,000 | a | 1,055,000 | |
Illinois Finance Authority,
Revenue Bonds (Community Action Partnership of Lake County) (LOC; Citibank NA) | | 0.10 | | 9/7/2021 | | 3,470,000 | a | 3,470,000 | |
Illinois Finance Authority,
Revenue Bonds (Everest Academy of Lemont Project) (LOC; First Midwest Bank NA) | | 0.12 | | 9/7/2021 | | 4,395,000 | a | 4,395,000 | |
Illinois Finance Authority,
Revenue Bonds (The University of Chicago Medical Center Obligated Group) (LOC; Sumitomo Mitsui Banking) Ser. B | | 0.07 | | 9/7/2021 | | 2,350,000 | a | 2,350,000 | |
Illinois Finance Authority,
Revenue Bonds, Refunding (Community Action Partnership of Lake County) (LOC; BMO Harris Bank NA) Ser. A | | 0.10 | | 9/7/2021 | | 2,745,000 | a | 2,745,000 | |
Illinois Finance Authority,
Revenue Bonds, Refunding (Marwen Foundation Project) (LOC; Northern Trust Company) | | 0.06 | | 9/7/2021 | | 3,810,000 | a | 3,810,000 | |
Tender Option Bond Trust Receipts (Series 2018-XF0711),
(Illinois Finance Authority, Revenue Bonds, Refunding (Liquidity Agreement; JPMorgan Chase Bank NA & LOC; JPMorgan Chase Bank NA)), Trust Maturity Date 11/15/2040 | | 0.05 | | 9/7/2021 | | 7,250,000 | a,b,c | 7,250,000 | |
| | 34,075,000 | |
Indiana - 2.9% | | | | | |
Indiana Development Finance Authority,
Revenue Bonds (Goodwill Industries of Michiana Project) (LOC; PNC Bank NA) | | 0.05 | | 9/7/2021 | | 1,805,000 | a | 1,805,000 | |
6
| | | | | | | | | | | | | | | | | |
| |
BNY Mellon National Municipal Money Market Fund (continued) |
Short-Term Investments - 100.6% (continued) | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Indiana - 2.9% (continued) | | | | | |
Indiana Finance Authority,
Revenue Bonds, Refunding (Parkview Health System Obligated Group) (LOC; Wells Fargo Bank NA) Ser. B | | 0.02 | | 9/1/2021 | | 3,890,000 | a | 3,890,000 | |
Indiana Finance Authority,
Revenue Bonds, Refunding (Parkview Health System Obligated Group) (LOC; Wells Fargo Bank NA) Ser. D | | 0.02 | | 9/1/2021 | | 3,600,000 | a | 3,600,000 | |
| | 9,295,000 | |
Louisiana - 2.8% | | | | | |
Tender Option Bond Trust Receipts (Series 2020-XF1202),
(Louisiana Public Facilities Authority, Revenue Bonds, Refunding (Ochsner Clinic Foundation Project) (Liquidity Agreement; Toronto-Dominion Bank & LOC; Toronto-Dominion Bank)), Trust Maturity Date 5/15/2049 | | 0.07 | | 9/7/2021 | | 9,005,000 | a,b,c | 9,005,000 | |
Maryland - 1.7% | | | | | |
Baltimore County,
Revenue Bonds, Refunding (Shade Tree Trace) (LOC; M&T Bank) | | 0.07 | | 9/7/2021 | | 460,000 | a | 460,000 | |
Baltimore County,
Revenue Bonds, Refunding (The Paths at Loveton Farms) (LOC; Manufacturers & Traders) | | 0.07 | | 9/7/2021 | | 620,000 | a | 620,000 | |
Maryland Economic Development Corp.,
Revenue Bonds (Prologue Project) (LOC; Bank of America NA) | | 0.08 | | 9/7/2021 | | 1,610,000 | a | 1,610,000 | |
Maryland Health & Higher Educational Facilities Authority,
Revenue Bonds, Refunding (Stella Maris) (LOC; M&T Bank) | | 0.07 | | 9/7/2021 | | 2,800,000 | a,b | 2,800,000 | |
| | 5,490,000 | |
Massachusetts - 9.5% | | | | | |
Hudson,
BAN | | 2.00 | | 9/1/2021 | | 3,809,552 | | 3,809,552 | |
Lowell,
BAN | | 1.25 | | 10/1/2021 | | 7,509,007 | | 7,515,717 | |
Nantucket,
BAN, Ser. A | | 1.50 | | 10/15/2021 | | 5,550,000 | | 5,558,969 | |
Salem,
BAN | | 1.00 | | 11/19/2021 | | 13,482,818 | | 13,507,398 | |
| | 30,391,636 | |
Michigan - 1.8% | | | | | |
Tender Option Bond Trust Receipts (Series 2020-XF1203),
(Michigan Finance Authority, Revenue Bonds (Liquidity Agreement; Royal Bank of Canada)), Trust Maturity Date 5/1/2028 | | 0.07 | | 9/7/2021 | | 3,780,000 | a,b,c | 3,780,000 | |
Tender Option Bond Trust Receipts (Series 2021-XM0934),
(Michigan State Finance Authority, Revenue Bonds (Liquidity Agreement; Royal Bank of Canada)), Trust Maturity Date 11/1/2028 | | 0.07 | | 9/7/2021 | | 2,000,000 | a,b,c | 2,000,000 | |
| | 5,780,000 | |
Minnesota - 1.8% | | | | | |
Minneapolis,
Revenue Bonds, Refunding (Fairview Health Services Obligated Group) (LOC; Wells Fargo Bank NA) Ser. C | | 0.02 | | 9/1/2021 | | 5,440,000 | a | 5,440,000 | |
St. Paul Housing & Redevelopment Authority,
Revenue Bonds (Goodwill/Easter Seals Project) (LOC; U.S. Bank NA) | | 0.22 | | 9/7/2021 | | 410,000 | a | 410,000 | |
| | 5,850,000 | |
Missouri - 6.4% | | | | | |
RBC Municipal Products Trust,
Revenue Bonds, Refunding (LOC; Royal Bank of Canada) Ser. C16 | | 0.08 | | 9/7/2021 | | 14,000,000 | a,b | 14,000,000 | |
St. Charles County Industrial Development Authority,
Revenue Bonds, Refunding (Casalon Apartments Project) (Insured; FNMA) (LOC; FNMA) | | 0.07 | | 9/7/2021 | | 4,455,000 | a | 4,455,000 | |
7
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | | | | | | | | |
| |
BNY Mellon National Municipal Money Market Fund (continued) |
Short-Term Investments - 100.6% (continued) | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Missouri - 6.4% (continued) | | | | | |
Tender Option Bond Trust Receipts (Series 2020-XF0995),
(Missouri State Health & Educational Facility Authority, Revenue Bonds), Trust Maturity Date 6/1/2053 | | 0.07 | | 9/7/2021 | | 2,235,000 | a,b,c | 2,235,000 | |
| | 20,690,000 | |
New Jersey - .4% | | | | | |
New Jersey Economic Development Authority,
Revenue Bonds (Developmental Disabilities Association of New Jersey) (LOC; Wells Fargo Bank NA) | | 0.12 | | 9/7/2021 | | 215,000 | a | 215,000 | |
New Jersey Economic Development Authority,
Revenue Bonds (Pennington Montessori School Project) (LOC; Wells Fargo Bank NA) | | 0.12 | | 9/7/2021 | | 220,000 | a | 220,000 | |
New Jersey Economic Development Authority,
Revenue Bonds (Somerset Hills YMCA Project) (LOC; TD Bank NA) | | 0.07 | | 9/7/2021 | | 700,000 | a | 700,000 | |
New Jersey Economic Development Authority,
Revenue Bonds (Young Men's Christian Association of Metuchen) (LOC; Wells Fargo Bank NA) | | 0.12 | | 9/7/2021 | | 120,000 | a | 120,000 | |
New Jersey Economic Development Authority,
Revenue Bonds, Refunding (Oak Hill Academy Project) (LOC; Wells Fargo Bank NA) | | 0.12 | | 9/7/2021 | | 175,000 | a | 175,000 | |
| | 1,430,000 | |
New York - 3.7% | | | | | |
Irvington Union Free School District,
BAN (Insured; State Aid Withholding) | | 1.00 | | 12/15/2021 | | 3,100,000 | | 3,107,543 | |
New York City Water & Sewer System,
Revenue Bonds, Refunding, Ser. A1 | | 0.01 | | 9/1/2021 | | 2,200,000 | a | 2,200,000 | |
Schenectady City School District,
BAN (Insured; State Aid Withholding) | | 1.00 | | 10/22/2021 | | 6,500,000 | | 6,507,248 | |
| | 11,814,791 | |
North Carolina - .9% | | | | | |
North Carolina Capital Facilities Finance Agency,
Revenue Bonds, Refunding (Rocky Mount Preparatory School) (LOC; Truist Bank) | | 0.09 | | 9/7/2021 | | 2,860,000 | a | 2,860,000 | |
Ohio - 3.4% | | | | | |
Salem,
Revenue Bonds (Salem Community Center Project) (LOC; PNC Bank NA) | | 0.06 | | 9/7/2021 | | 3,565,000 | a | 3,565,000 | |
Tender Option Bond Trust Receipts (Series 2018-XG0206),
(Cuyahoga County, COP (Convention Hotel Project) (Liquidity Agreement; Bank of America)), Trust Maturity Date 12/1/2044 | | 0.12 | | 9/7/2021 | | 4,255,000 | a,b,c | 4,255,000 | |
Tender Option Bond Trust Receipts (Series 2020-BAML5023),
(Montgomery County Kettering Health Networking Obligated Group, Revenue Bonds, Refunding (Liquidity Agreement; Bank of America NA)), Trust Maturity Date 8/1/2037 | | 0.12 | | 9/7/2021 | | 3,000,000 | a,b,c | 3,000,000 | |
| | 10,820,000 | |
Pennsylvania - .7% | | | | | |
Montgomery County Industrial Development Authority,
Revenue Bonds (Girl Scouts of Eastern Pennsylvania) (LOC; TD Bank NA) | | 0.12 | | 9/7/2021 | | 640,000 | a | 640,000 | |
York Redevelopment Authority,
Revenue Bonds (LOC; M&T Bank) | | 0.07 | | 9/7/2021 | | 1,635,000 | a | 1,635,000 | |
| | 2,275,000 | |
South Carolina - .7% | | | | | |
North Charleston,
Revenue Bonds, Refunding | | 0.07 | | 9/7/2021 | | 1,330,000 | a | 1,330,000 | |
North Charleston,
Tax Allocation Bonds (Charleston Naval Complex) | | 0.07 | | 9/7/2021 | | 820,000 | a | 820,000 | |
8
| | | | | | | | | | | | | | | | | |
| |
BNY Mellon National Municipal Money Market Fund (continued) |
Short-Term Investments - 100.6% (continued) | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
South Carolina - .7% (continued) | | | | | |
South Carolina Educational Facilities Authority,
Revenue Bonds (Spartanburg Methodist College) (LOC; Truist Bank) | | 0.09 | | 9/7/2021 | | 160,000 | a | 160,000 | |
| | 2,310,000 | |
Tennessee - 12.5% | | | | | |
Hawkins County Industrial Development Board,
Revenue Bonds, Refunding (Leggett & Platt Project) (LOC; Wachovia Bank NA) Ser. B | | 0.17 | | 9/7/2021 | | 1,750,000 | a | 1,750,000 | |
Tender Option Bond Trust Receipts (Series 2018-XL0062),
(Metropolitan Government Nashville & Davidson County, Health & Educational Facility Board, Revenue Bonds (Liquidity Agreement; Citibank NA & LOC; Citibank NA)), Trust Maturity Date 7/1/2024 | | 0.07 | | 9/7/2021 | | 4,420,000 | a,b,c | 4,420,000 | |
Tennessee,
CP | | 0.11 | | 9/15/2021 | | 12,000,000 | | 12,000,000 | |
The Blount County Public Building Authority,
Revenue Bonds (Insured; County Guaranteed) (LOC; Truist Bank) Ser. E-7A | | 0.09 | | 9/7/2021 | | 4,445,000 | a | 4,445,000 | |
The Blount County Public Building Authority,
Revenue Bonds (Insured; County Guaranteed) Ser. C-1A | | 0.09 | | 9/7/2021 | | 3,195,000 | a | 3,195,000 | |
The Blount County Public Building Authority,
Revenue Bonds, Refunding (Insured; County Guaranteed) (LOC; Truist Bank) Ser. 6A | | 0.09 | | 9/7/2021 | | 4,355,000 | a | 4,355,000 | |
The Sevier County Public Building Authority,
Revenue Bonds (Insured; County Guaranteed) Ser. 6-A1 | | 0.09 | | 9/7/2021 | | 5,125,000 | a | 5,125,000 | |
The Sevier County Public Building Authority,
Revenue Bonds (LOC; Truist Bank) Ser. V-B1 | | 0.09 | | 9/7/2021 | | 5,025,000 | a | 5,025,000 | |
| | 40,315,000 | |
Texas - 3.1% | | | | | |
Harris County Metropolitan Transportation Authority,
CP, Ser. A1 | | 0.14 | | 9/28/2021 | | 2,500,000 | | 2,500,000 | |
North East Independent School District,
CP, Ser. A | | 0.12 | | 12/16/2021 | | 5,000,000 | | 5,000,000 | |
San Antonio Water & Sewer Authority,
CP, Ser. A1 | | 0.14 | | 9/28/2021 | | 2,500,000 | | 2,500,000 | |
| | 10,000,000 | |
Utah - .1% | | | | | |
Salt Lake County,
Revenue Bonds (Community Foundation Disabled Project) | | 0.17 | | 9/7/2021 | | 200,000 | a | 200,000 | |
Vermont - .1% | | | | | |
Vermont Educational & Health Buildings Financing Agency,
Revenue Bonds (LOC; People's United Bank) Ser. 1 | | 0.66 | | 9/7/2021 | | 190,000 | a | 190,000 | |
Virginia - 1.8% | | | | | |
Alexandria Industrial Development Authority,
Revenue Bonds (Young Men's Christian Association of Metuchen) (LOC; First National Bank of MD) | | 0.07 | | 9/7/2021 | | 560,000 | a | 560,000 | |
Lynchburg Economic Development Authority,
Revenue Bonds, Refunding (Centra Health Obligated Group) (LOC; Truist Bank) Ser. C | | 0.09 | | 9/7/2021 | | 5,355,000 | a | 5,355,000 | |
| | 5,915,000 | |
West Virginia - .6% | | | | | |
West Virginia Hospital Finance Authority,
Revenue Bonds, Refunding (Cabell Huntington Hospital) (LOC; Truist Bank) Ser. A | | 0.09 | | 9/7/2021 | | 870,000 | a | 870,000 | |
West Virginia Hospital Finance Authority,
Revenue Bonds, Refunding (Cabell Huntington Hospital) (LOC; Truist Bank) Ser. B | | 0.09 | | 9/7/2021 | | 915,000 | a | 915,000 | |
| | 1,785,000 | |
Wisconsin - 4.7% | | | | | |
Kimberly,
Revenue Bonds (Fox Cities YMCA Project) (LOC; Marshall & Ilsley Trust) | | 0.07 | | 9/7/2021 | | 130,000 | a | 130,000 | |
9
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | | | | | | | | | | |
| |
BNY Mellon National Municipal Money Market Fund (continued) |
Short-Term Investments - 100.6% (continued) | Coupon
Rate (%) | | Maturity Date | | Principal Amount ($) | | Value ($) | |
Wisconsin - 4.7% (continued) | | | | | |
Tender Option Bond Trust Receipts (Series 2020-XF2889),
(Wisconsin Public Finance Authority, Revenue Bonds (Liquidity Agreement; Mizuho Capital Markets LLC & LOC; Mizuho Capital Market LLC) Ser. A), Trust Maturity Date 12/15/2039 | | 0.22 | | 9/7/2021 | | 8,345,000 | a,b,c | 8,345,000 | |
Tender Option Bond Trust Receipts (Series 2020-XF2901),
(Wisconsin Public Finance Authority, Revenue Bonds (Liquidity Agreement; Mizuho Capital Markets LLC & LOC; Mizuho Capital Market LLC) Ser. A), Trust Maturity Date 6/15/2035 | | 0.22 | | 9/7/2021 | | 1,980,000 | a,b,c | 1,980,000 | |
Wisconsin Rapids School District,
BAN | | 2.00 | | 1/6/2022 | | 2,750,000 | | 2,750,833 | |
Wood County,
NAN | | 0.75 | | 3/7/2022 | | 2,000,000 | | 2,002,880 | |
| | 15,208,713 | |
Total Investments (cost $323,125,038) | | 100.6% | 323,125,038 | |
Liabilities, Less Cash and Receivables | | (0.6%) | (1,952,891) | |
Net Assets | | 100.0% | 321,172,147 | |
a The Variable Rate shall be determined by the Remarketing Agent in its sole discretion based on prevailing market conditions and may, but need not, be established by reference to one or more financial indices.
b Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2021, these securities amounted to $86,080,000 or 26.8% 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 (%) |
Medical | 19.1 |
General | 15.6 |
Development | 11.9 |
General Obligation | 11.3 |
Multifamily Housing | 10.0 |
Education | 9.1 |
School District | 6.4 |
Facilities | 6.2 |
Nursing Homes | 3.8 |
Power | 3.4 |
Water | 3.0 |
Transportation | .8 |
| | 100.6 |
† Based on net assets.
See notes to financial statements.
10
| | | | |
| |
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 | BSBY | Bloomberg Short-Term Bank Yield Index |
CIFG | CDC Ixis Financial Guaranty | COP | Certificate of Participation |
CP | Commercial Paper | DRIVERS | Derivative Inverse Tax-Exempt Receipts |
EFFR | Effective Federal Funds Rate | FGIC | Financial Guaranty Insurance Company |
FHA | Federal Housing Administration | FHLB | Federal Home Loan Bank |
FHLMC | Federal Home Loan Mortgage Corporation | FNMA | Federal National Mortgage Association |
GAN | Grant Anticipation Notes | GIC | Guaranteed Investment Contract |
GNMA | Government National Mortgage Association | GO | General Obligation |
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.
11
STATEMENTS OF ASSETS AND LIABILITIES
August 31, 2021
| | | | | | | | | |
| | | | | | | | |
| | | | BNY Mellon Government Money Market Fund | | BNY Mellon National Municipal Money Market Fund | | |
Assets ($): | | | | | | | | |
Investments in securities—See Statements
of Investments† | | | | 367,988,823 | †† | 323,125,038 | | |
Cash | | | | 720,575 | | - | | |
Interest receivable | | | | 15,468 | | 159,587 | | |
Prepaid expenses | | | | 12,858 | | 12,350 | | |
| | | | 368,737,724 | | 323,296,975 | | |
Liabilities ($): | | | | | | | | |
Due to BNY Mellon Investment Adviser, Inc.
and affiliates—Note 2(b) | | | | 20,284 | | 24,998 | | |
Cash overdraft due to Custodian | | | | - | | 19,306 | | |
Trustees’ fees and expenses payable | | | | 16,500 | | 14,667 | | |
Payable for investment securities purchased | | | | - | | 2,002,880 | | |
Other accrued expenses | | | | 51,090 | | 62,977 | | |
| | | | 87,874 | | 2,124,828 | | |
Net Assets ($) | | | | 368,649,850 | | 321,172,147 | | |
Composition of Net Assets ($): | | | | | | | | |
Paid-in capital | | | | 368,654,777 | | 321,157,591 | | |
Total distributable earnings (loss) | | | | (4,927) | | 14,556 | | |
Net Assets ($) | | | | 368,649,850 | | 321,172,147 | | |
† Investments at cost ($) | | | | 367,988,823 | | 323,125,038 | | |
†† Value of repurchase
agreements—Note 1(b) ($) | | | | 145,000,000 | | - | | |
Net Asset Value Per Share | | | | | | | | |
Class M | | | | | | | | |
Net Assets ($) | | | | 356,696,330 | | 321,116,856 | | |
Shares Outstanding | | | | 356,703,770 | | 321,447,383 | | |
Net Asset Value Per Share ($) | | | | 1.00 | | 1.00 | | |
Investor Shares | | | | | | | | |
Net Assets ($) | | | | 11,953,520 | | 55,291 | | |
Shares Outstanding | | | | 11,953,801 | | 55,346 | | |
Net Asset Value Per Share ($) | | | | 1.00 | | 1.00 | | |
| | | | | | | | |
See notes to financial statements. | | | | | | | | |
12
STATEMENTS OF OPERATIONS
Year Ended August 31, 2021
| | | | | | | | | |
| | | | | | | | |
| | | | | BNY Mellon Government Money Market Fund | | BNY Mellon National Municipal Money Market Fund | |
Investment Income ($): | | | | | | |
Interest Income | | | 601,358 | | 547,245 | |
Expenses: | | | | | | |
Investment advisory fee—Note 2(a) | | | 736,282 | | 599,907 | |
Administration fee—Note 2(a) | | | 606,088 | | 493,593 | |
Professional fees | | | 42,503 | | 44,890 | |
Trustees’ fees and expenses—Note 2(c) | | | 39,159 | | 29,042 | |
Shareholder servicing costs—Note 2(b) | | | 35,719 | | 146 | |
Registration fees | | | 33,147 | | 32,931 | |
Chief Compliance Officer fees—Note 2(b) | | | 14,319 | | 14,319 | |
Custodian fees—Note 2(b) | | | 13,214 | | 22,898 | |
Prospectus and shareholders’ reports | | | 13,162 | | 11,204 | |
Miscellaneous | | | 8,179 | | 19,282 | |
Total Expenses | | | 1,541,772 | | 1,268,212 | |
Less—reduction in expenses due to undertakings—Note 2(a) | | | (989,500) | | (760,532) | |
Less—reduction in fees due to earnings credits—Note 2(b) | | | - | | (473) | |
Net Expenses | | | 552,272 | | 507,207 | |
Investment Income—Net | | | 49,086 | | 40,038 | |
Net Realized Gain (Loss) on Investments—Note 1(b) ($) | - | | 44,771 | |
Net Increase in Net Assets Resulting from Operations | | 49,086 | | 84,809 | |
| | | | | | | | |
See notes to financial statements. | | | | | | | |
13
STATEMENTS OF CHANGES IN NET ASSETS
| | | | | | | | | | | | | | | | |
| | | | BNY Mellon Government Money Market Fund | | BNY Mellon National Municipal Money Market Fund | |
| | | | Year Ended August 31, | Year Ended August 31, |
| | | | 2021 | | | | 2020 | | 2021 | | | | 2020 | |
Operations ($): | | | | | | | | | | | | | | |
Investment income—net | | | 49,086 | | | | 5,305,978 | | 40,038 | | | | 4,780,984 | |
Net realized gain (loss) on investments | | - | | | | (4,927) | | 44,771 | | | | 104,137 | |
Net Increase (Decrease) in Net Assets
Resulting from Operations | 49,086 | | | | 5,301,051 | | 84,809 | | | | 4,885,121 | |
Distributions ($): | | | | | | | | | | | | | | |
Distributions to shareholders: | | | | | | | | | | | | | | |
Class M | | | (47,658) | | | | (5,198,208) | | (40,031) | | | | (4,780,676) | |
Investor Shares | | | (1,428) | | | | (116,127) | | (7) | | | | (308) | |
Total Distributions | | | (49,086) | | | | (5,314,335) | | (40,038) | | | | (4,780,984) | |
Beneficial Interest Transactions ($1.00 per share): | | | | | | | | | | | |
Net proceeds from shares sold: | | | | | | | | | | | | | | |
Class M | | | 731,946,068 | | | | 645,604,959 | | 957,671,421 | | | | 752,498,900 | |
Investor Shares | | | 22,217,408 | | | | 21,461,649 | | - | | | | - | |
Distributions reinvested: | | | | | | | | | | | | | | |
Class M | | | - | | | | 26 | | - | | | | 3,413 | |
Investor Shares | | | 1,408 | | | | 116,005 | | 3 | | | | 85 | |
Cost of shares redeemed: | | | | | | | | | | | | | | |
Class M | | | (867,249,064) | | | | (966,585,444) | | (997,957,559) | | | | (1,182,232,605) | |
Investor Shares | | | (25,239,275) | | | | (23,755,233) | | - | | | | - | |
Increase (Decrease) in Net Assets
from Beneficial Interest Transactions | (138,323,455) | | | | (323,158,038) | | (40,286,135) | | | | (429,730,207) | |
Total Increase (Decrease) in Net Assets | (138,323,455) | | | | (323,171,322) | | (40,241,364) | | | | (429,626,070) | |
Net Assets ($): | | | | | | | | | | | | | | |
Beginning of Period | | | 506,973,305 | | | | 830,144,627 | | 361,413,511 | | | | 791,039,581 | |
End of Period | | | 368,649,850 | | | | 506,973,305 | | 321,172,147 | | | | 361,413,511 | |
| | | | | | | | | | | | | | | |
See notes to financial statements. | | | | | | | | | | | | | | |
14
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.
| | | | | | | | | | | | | | | | |
| | | | | | | Class M Shares |
| | | | | | Year Ended August 31, |
BNY Mellon Government Money Market Fund | | 2021 | | 2020 | | 2019 | | 2018 | | 2017 | |
Per Share Data ($): | | | | | | | | | | | | |
Net asset value, beginning of period | | | 1.00 | | 1.00 | | 1.00 | | 1.00 | | 1.00 | |
Investment Operations: | | | | | | | | | | | | |
Investment income—net | | | .000a | | .008 | | .020 | | .012 | | .004 | |
Distributions: | | | | | | | | | | | | |
Dividends from investment income—net | | | (.000)a | | (.008) | | (.020) | | (.012) | | (.004) | |
Net asset value, end of period | | | 1.00 | | 1.00 | | 1.00 | | 1.00 | | 1.00 | |
Total Return (%) | | | .01 | | .84 | | 2.06 | | 1.24 | | .38 | |
Ratios/Supplemental Data (%): | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | .31 | | .31 | | .30 | | .30 | | .31 | |
Ratio of net expenses to average net assets | | | .11 | | .29 | | .30 | | .30 | | .31 | |
Ratio of net investment income to average net assets | | | .01 | | .90 | | 2.05 | | 1.23 | | .36 | |
Net Assets, end of period ($ x 1,000) | | | 356,696 | | 491,999 | | 812,993 | | 774,733 | | 695,342 | |
a Amount represents less than $.001 per share.
See notes to financial statements.
15
FINANCIAL HIGHLIGHTS (continued)
| | | | | | | | | | | | | | | | | |
| | | | | | | Investor Shares |
| | | | | | | Year Ended August 31, |
BNY Mellon Government Money Market Fund | | 2021 | | 2020 | | 2019 | | 2018 | | 2017 | |
Per Share Data ($): | | | | | | | | | | | | |
Net asset value, beginning of period | | | 1.00 | | 1.00 | | 1.00 | | 1.00 | | 1.00 | |
Investment Operations: | | | | | | | | | | | | |
Investment income—net | | | .000a | | .007 | | .018 | | .010 | | .002 | |
Distributions: | | | | | | | | | | | | |
Dividends from investment income—net | | | (.000)a | | (.007) | | (.018) | | (.010) | | (.002) | |
Net asset value, end of period | | | 1.00 | | 1.00 | | 1.00 | | 1.00 | | 1.00 | |
Total Return (%) | | | .01 | | .68 | | 1.80 | | .98 | | .18 | |
Ratios/Supplemental Data (%): | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | .56 | | .56 | | .55 | | .55 | | .56 | |
Ratio of net expenses to average net assets | | | .11 | | .46 | | .55 | | .55 | | .52 | |
Ratio of net investment income to average net assets | | | .01 | | .70 | | 1.79 | | .94 | | .20 | |
Net Assets, end of period ($ x 1,000) | | | 11,954 | | 14,974 | | 17,152 | | 16,904 | | 20,368 | |
a Amount represents less than $.001 per share.
See notes to financial statements.
16
| | | | | | | | | | | | | | | | | |
| | | | | | | Class M Shares |
| | | | | | | Year Ended August 31, |
BNY Mellon National Municipal Money Market Fund | | 2021 | | 2020 | | 2019 | | 2018 | | 2017 | |
Per Share Data ($): | | | | | | | | | | | | |
Net asset value, beginning of period | | | 1.00 | | 1.00 | | 1.00 | | 1.00 | | 1.00 | |
Investment Operations: | | | | | | | | | | | | |
Investment income—net | | | .000a | | .007 | | .013 | | .009 | | .004 | |
Distributions: | | | | | | | | | | | | |
Dividends from investment income—net | | | (.000)a | | (.007) | | (.013) | | (.009) | | (.004) | |
Net asset value, end of period | | | 1.00 | | 1.00 | | 1.00 | | 1.00 | | 1.00 | |
Total Return (%) | | | .01 | | .72 | | 1.31 | | .93 | | .44 | |
Ratios/Supplemental Data (%): | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | .32 | | .31 | | .30 | | .30 | | .31 | |
Ratio of net expenses to average net assets | | | .13 | | .29 | | .30 | | .30 | | .31 | |
Ratio of net investment income to average net assets | | | .01 | | .80 | | 1.30 | | .93 | | .44 | |
Net Assets, end of period ($ x 1,000) | | | 321,117 | | 361,358 | | 790,984 | | 763,521 | | 621,435 | |
a Amount represents less than $.001 per share.
See notes to financial statements.
17
FINANCIAL HIGHLIGHTS (continued)
| | | | | | | | | | | | | | | | |
| | | | | | | Investor Shares |
| | | | | | Year Ended August 31, |
BNY Mellon National Municipal Money Market Fund | | 2021 | | 2020 | | 2019 | | 2018 | | 2017 | |
Per Share Data ($): | | | | | | | | | | | | |
Net asset value, beginning of period | | | 1.00 | | 1.00 | | 1.00 | | 1.00 | | 1.00 | |
Investment Operations: | | | | | | | | | | | | |
Investment income—net | | | .000a | | .006 | | .011 | | .007 | | .002 | |
Distributions: | | | | | | | | | | | | |
Dividends from investment income—net | | | (.000)a | | (.006) | | (.011) | | (.007) | | (.002) | |
Net asset value, end of period | | | 1.00 | | 1.00 | | 1.00 | | 1.00 | | 1.00 | |
Total Return (%) | | | .01 | | .56 | | 1.06 | | .68 | | .19 | |
Ratios/Supplemental Data (%): | | | | | | | | | | | | |
Ratio of total expenses to average net assets | | | .57 | | .56 | | .55 | | .55 | | .57 | |
Ratio of net expenses to average net assets | | | .13 | | .44 | | .55 | | .55 | | .57 | |
Ratio of net investment income to average net assets | | | .01 | | .55 | | 1.10 | | .69 | | .12 | |
Net Assets, end of period ($ x 1,000) | | | 55 | | 55 | | 55 | | 55 | | 40 | |
a Amount represents less than $.001 per share.
See notes to financial statements.
18
NOTES TO FINANCIAL STATEMENTS
NOTE 1—Significant Accounting Policies:
BNY Mellon Funds Trust (the “Trust”), a Massachusetts business trust that is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company, operates as a series company currently consisting of twenty-two 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 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 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 enter 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”).
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
19
NOTES TO FINANCIAL STATEMENTS (continued)
measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.
Various inputs are used in determining the value of each fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:
Level 1—unadjusted quoted prices in active markets for identical investments.
Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).
Level 3—significant unobservable inputs (including the funds’ own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the Act. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected within Level 2 of the fair value hierarchy.
At August 31, 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 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
20
best interests of its shareholders, by complying with the applicable provisions of the Code and to make distributions of taxable income sufficient to relieve it from substantially all federal income and excise taxes.
It is the policy of BNY Mellon National Municipal Money Market Fund to continue to qualify as a regulated investment company, which can distribute tax-exempt dividends, by complying with the applicable provisions of the Code and to make distributions of income and net realized capital gain sufficient to relieve it from substantially all federal income and excise taxes.
For federal income tax purposes, each fund is treated as a separate entity for the purpose of determining such qualification.
As of and during the period ended August 31, 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 August 31, 2021, the funds did not incur any interest or penalties.
Each tax year in the four-year period ended August 31, 2021 remains subject to examination by the Internal Revenue Service and state taxing authorities.
At August 31, 2021, the components of accumulated earnings on a tax basis for each fund were substantially the same as for financial reporting purposes.
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 accumulated capital loss carryover available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to August 31, 2021. 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 periods ended August 31, 2021 and 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 for the fiscal periods ended August 31, 2021 and August 31, 2020.
During the period ended August 31, 2021, as a result of permanent book to tax differences, primarily due to treating a portion of the proceeds from redemptions as a distribution for tax purposes, BNY Mellon National Municipal Money Market Fund decreased total distributable earnings (loss) by $30,215 and increased paid-in capital by the same amount. Net assets and net asset value per share were not affected by this reclassification.
At August 31, 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”), and in January 2021, the FASB issued Accounting Standards Update 2021-01, Reference Rate Reform (Topic 848): Scope (“ASU 2021-01”), 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 LIBOR and other interbank offered rates as of the end of 2021. The temporary relief provided by ASU 2020-04 and ASU 2021-01 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 and ASU 2021-01 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.
21
NOTES TO FINANCIAL STATEMENTS (continued)
Pursuant to the Administration Agreement, The Bank of New York Mellon provides or arranges for fund accounting, transfer agency and other fund administration services and receives a fee based on the total net assets of the Trust based on the following rates:
0 up to $6 billion .15%
$6 billion up to $12 billion .12%
In excess of $12 billion .10%
The 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 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 August 31, 2021.
| | |
Table 1 —Expense Reductions | |
| | |
BNY Mellon Government Money Market Fund | $989,500 |
BNY Mellon National Municipal Money Market Fund | 760,532 |
(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 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 August 31, 2021, pursuant to the Shareholder Services Plan, which is included in Shareholder servicing costs in the Statements of Operations.
| | |
Table 2 —Shareholder Services Plan Fees | |
| | |
BNY Mellon Government Money Market Fund | $35,696 |
BNY Mellon National Municipal
Money Market Fund | 138 |
The funds have an arrangement with the transfer agent whereby the funds may receive earnings credits when positive cash balances are maintained, which are used to offset transfer agency fees. For financial reporting purposes, the funds include net earnings credits, if any, as shareholder servicing costs in the Statements of Operations.
BNY Mellon Government Money Market Fund has an arrangement with the custodian whereby BNY Mellon Government Money Market Fund will receive interest income or be charged an overdraft fees when positive cash balances are maintained. For financial reporting purposes, the fund includes this interest income and overdraft fees, if any, as interest income in the Statements of Operations.
BNY Mellon National Municipal Money Market Fund has an arrangement with the custodian to receive earnings credits when positive cash balance are maintained, which were used to offset custody fees. For financial reporting purposes, the funds includes net earnings credits, if any, as expense offsets in the Statements of Operations.
Each fund compensates BNY Mellon Transfer, Inc., a wholly-owned subsidiary of the Adviser, under a transfer agency agreement for providing cash management services inclusive of earnings credits, if any, for the funds. The transfer agency fees are comprised of amounts paid on cash management fees which are related to fund subscriptions and redemptions. The Bank of New York Mellon pays each fund’s transfer agent fees comprised of amounts paid on a per account basis out of the administration fee it receives from the Trust. Table 3 summarizes the amount each fund was charged during the period ended August 31, 2021, which is included in Shareholder servicing costs in the Statements of Operations.
| | |
Table 3—Transfer Agency Agreement Fees ($) |
| | |
BNY Mellon Government Money Market Fund | $15 |
BNY Mellon National Municipal Money Market Fund | 5 |
Each fund compensates The Bank of New York Mellon, under a custody agreement for providing custodial services for each fund. These fees are determined based on net assets, geographic region and transaction activity. Table 4 summarizes the amount each fund was charged during the period ended August 31, 2021 pursuant to the custody agreement. These fees were partially offset by earnings credits for each relevant fund, also summarized in Table 4.
22
| | | | |
Table 4—Custody Agreement Fees | | | |
| Custody Fees ($) | Earnings Credits ($) | |
BNY Mellon Government Money Market Fund | 13,214 | - | |
BNY Mellon National Municipal Money Market Fund | 22,898 | (473) | |
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 August 31, 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 | $8 |
BNY Mellon National Municipal
Money Market Fund | 3 |
During the period ended August 31, 2021, each fund was charged $14,319 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 August 31, 2021, the fund engaged in purchases and sales of securities pursuant to Rule 17a-7 under the Act amounting to $252,030,000 and $445,635,000, respectively.
| | | | | | | | | | |
Table 6—Due to BNY Mellon Investment Adviser, Inc. and Affiliates | | | |
| Investment
Advisory
Fees ($) | Administration
Fees ($) | Shareholder
Services Plan
Fees ($) | Custodian
Fees ($) | Transfer Agency
Fees ($) | Chief
Compliance
Officer
Fees ($) | Less Expense Reimbursement ($) |
BNY Mellon Government Money Market Fund | 47,825 | 39,203 | 2,638 | 3,938 | 4 | 6,286 | (79,610) |
BNY Mellon National Municipal Money Market Fund | 46,092 | 37,783 | 12 | 9,601 | 1 | 6,286 | (74,777) |
23
REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
To the Shareholders of the Funds and Board of Trustees of
BNY Mellon Funds Trust:
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of BNY Mellon Government Money Market Fund and BNY Mellon National Municipal Money Market Fund (collectively, the “Funds”), each a series of BNY Mellon Funds Trust, including the statements of investments, as of August 31, 2021, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of August 31, 2021, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of August 31, 2021, by correspondence with the custodian, financial institutions and brokers or by other appropriate auditing procedures when replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more BNY Mellon Investment Adviser, Inc. investment companies since 1994.
New York, New York
October 22, 2021
24
IMPORTANT TAX INFORMATION (Unaudited)
BNY Mellon Government Money Market Fund
For federal tax purposes the fund reports the maximum amount allowable but not less than 83.23% as interest-related dividends in accordance with Sections 871(k)(1) and 881(e) of the Internal Revenue Code. For state individual income tax purposes, the fund hereby reports 78.87% of the ordinary income dividends paid during its fiscal year ended August 31, 2021 as attributable to interest income from direct obligations of the United States. Such dividends are currently exempt from taxation for individual income tax purposes in most states, including New York, California, Connecticut and the District of Columbia.
BNY Mellon National Municipal Money Market Fund
In accordance with federal tax law, the fund hereby reports all the dividends paid from investment income-net during its fiscal year ended August 31, 2021 as “exempt-interest dividends” (not generally subject to regular Federal income tax). Where required by federal tax law rules, shareholders will receive notification of their portion of the fund’s taxable ordinary dividends (if any), capital gains distributions (if any) and tax-exempt dividends paid for the 2021 calendar year on Form 1099-DIV, which will be mailed in early 2022.
25
INFORMATION ABOUT THE RENEWAL OF EACH FUND’S INVESTMENT ADVISORY AGREEMENT AND ADMINISTRATION AGREEMENT (Unaudited)
At a meeting of the Trust’s Board of Trustees held on March 15-16, 2021, the Board considered the renewal of the funds’ Investment Advisory Agreement and Administration Agreement pursuant to which the Adviser provides the funds with investment advisory services and The Bank of New York Mellon provides the funds with administrative services (together, the “Agreement”). The Bank of New York Mellon has entered into a Sub-Administration Agreement with the Adviser pursuant to which The Bank of New York Mellon pays the Adviser for performing certain of these administrative services. The Board members, none of whom are “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the Trust, were assisted in their review by independent legal counsel and met with counsel in executive session separate from representatives of the Adviser. In considering the renewal of the Agreement, the Board considered several factors that it believed to be relevant, including those discussed below. The Board did not identify any one factor as dispositive, and each Board member may have attributed different weights to the factors considered.
Analysis of Nature, Extent, and Quality of Services Provided to the Funds. The Board considered information provided to it at the meeting and in previous presentations from representatives of the Adviser regarding the nature, extent, and quality of the services provided to the funds in the Trust, including the funds. The Adviser provided the number of open accounts in each fund, each fund’s asset size and the allocation of fund assets among distribution channels. The Adviser also had previously provided information regarding the need to be able to provide ongoing shareholder services.
The Board also considered research support available to, and portfolio management capabilities of, each fund’s portfolio management personnel and that the Adviser also provides oversight of day-to-day fund operations, including fund accounting and administration and assistance in meeting legal and regulatory requirements. The Board also considered the Adviser’s extensive administrative, accounting and compliance infrastructures.
Comparative Analysis of the Funds’ Performance and Management Fees and Expense Ratios. For each fund, the Board reviewed reports prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data based on classifications provided by Thomson Reuters Lipper, which included information comparing (1) the performance of the fund’s Class M shares with the performance of a group of funds selected by Broadridge as comparable to the fund (the “Performance Group”) and with a broader group of money market funds (the “Performance Universe”), all for various periods ended December 31, 2020, and (2) the fund’s actual and contractual management fees and total expenses with those of the same group of funds in the Performance Group (the “Expense Group”) and with a broader group of money market funds (the “Expense Universe”), the information for which was derived in part from fund financial statements available to Broadridge as of the date of its analysis. The Performance Group and Performance Universe comparisons for each fund were provided based on both “gross” (i.e., without including fees and expenses) and “net” (i.e., including fees and expenses) total returns. The Adviser previously had furnished the Board with a description of the methodology Broadridge used to select the Performance Group and Performance Universe and the Expense Group and Expense Universe.
Representatives of the Adviser stated that the usefulness of performance comparisons may be affected by a number of factors, including different investment limitations and policies that may be applicable to each fund and comparison funds and the end date selected.
For each fund, the Board reviewed and considered the contractual management fee rate payable by the fund to the Adviser in light of the nature, extent and quality of the management services provided by the Adviser. In addition, the Board reviewed and considered the actual management fee rate paid by the fund over the fund’s last fiscal year. The Board also reviewed the range of actual and contractual management fees and total expenses as a percentage of average net assets of the Expense Group and Expense Universe funds and discussed the results of the comparisons.
For each fund, representatives of the Adviser reviewed with the Board the management or investment advisory fees paid by funds advised by the Adviser that are in the same Lipper category as the fund (the “Similar Funds”), and explained the nature of the Similar Funds. They discussed differences in fees paid and the relationship of the fees paid in light of any differences in the services provided and other relevant factors. The Board considered the relevance of the fee information provided for the Similar Funds to evaluate the appropriateness of the fund’s management fee. Representatives of the Adviser noted that there were no separate accounts and/or other types of client portfolios advised by the Adviser that are considered to have similar investment strategies and policies as the fund.
BNY Mellon Government Money Market Fund
The Board discussed with representatives of the Adviser the results of the performance comparisons and considered that the fund’s gross total return performance was above the Performance Group and Performance Universe medians for all periods except for the five-year period when it was equal
26
to the Performance Universe median. The Board considered that the fund’s net total return performance was equal to, or within two basis points of, the Performance Group median for all periods and at or above the Performance Universe median for all periods.
The Board considered that the fund’s contractual management fee was higher than the Expense Group median contractual management fee, the fund’s actual management fee was higher than the Expense Group median and the Expense Universe median actual management fee and the fund’s total expenses were higher than the Expense Group median and the Expense Universe median total expenses.
BNY Mellon National Municipal Money Market Fund
The Board discussed with representatives of the Adviser the results of the performance comparisons and considered that the fund’s gross total return performance was at or within five basis points of the Performance Group median for all periods and within one to five basis points of the Performance Universe median for all periods. The Board considered that the fund’s net total return performance was below the Performance Group median for all periods and above the Performance Universe median for all periods. The Board considered the relative proximity of the fund’s net total return performance to the Performance Group medians.
The Board considered that the fund’s contractual management fee was higher than the Expense Group median contractual management fee, the fund’s actual management fee was higher than the Expense Group median and the Expense Universe median actual management fee and the fund’s total expenses were higher than the Expense Group median and lower than the Expense Universe median total expenses.
Analysis of Profitability and Economies of Scale. Representatives of the Adviser reviewed the expenses allocated and profit received by the Adviser and its affiliates and the resulting profitability percentage for managing each fund and the aggregate profitability percentage to the Adviser and its affiliates for managing the funds in the BNY Mellon fund complex, and the method used to determine the expenses and profit. The Board concluded that the profitability results were not excessive, given the services rendered and service levels provided to each fund by the Adviser and its affiliates. The Board also had been provided with information prepared by an independent consulting firm regarding the Adviser’s approach to allocating costs to, and determining the profitability of, individual funds and the entire BNY Mellon fund complex. The consulting firm also had analyzed where any economies of scale might emerge in connection with the management of a fund.
For each fund, the Board considered, on the advice of its counsel, the profitability analysis (1) as part of its evaluation of whether the fees under the Agreement, considered in relation to the mix of services provided pursuant to the Agreement, including the nature, extent and quality of such services, supported the renewal of the Agreement and (2) in light of the relevant circumstances for the fund and the extent to which economies of scale would be realized if the fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders. Representatives of the Adviser stated that a discussion of economies of scale is predicated on a fund having achieved a substantial size with increasing assets and that, if a fund’s assets had been stable or decreasing, the possibility that the Adviser may have realized any economies of scale would be less. Representatives of the Adviser also stated that, as a result of shared and allocated costs among funds in the BNY Mellon fund complex, the extent of economies of scale could depend substantially on the level of assets in the complex as a whole, so that increases and decreases in complex-wide assets can affect potential economies of scale in a manner that is disproportionate to, or even in the opposite direction from, changes in a fund’s asset level. The Board also considered potential benefits to the Adviser from acting as investment adviser and took into consideration that there were no soft dollar arrangements in effect for trading the funds’ investments.
At the conclusion of these discussions, the Board agreed that it had been furnished with sufficient information to make an informed business decision with respect to the renewal of the Agreement. Based on the discussions and considerations as described above, the Board concluded and determined as follows with respect to each fund.
· The Board concluded that the nature, extent and quality of the services provided to the fund are adequate and appropriate.
· The Board generally was satisfied with the fund’s overall relative performance.
· The Board concluded that the fees paid pursuant to the Agreement continued to be appropriate under the circumstances and in light of the factors and the totality of the services provided as discussed above.
· The Board determined that the economies of scale which may accrue to the Adviser and its affiliates in connection with the management of the fund had been adequately considered in connection with the fee rates charged to the fund pursuant to the Agreement and that, to the extent in the future it were determined that material economies of scale
27
INFORMATION ABOUT THE RENEWAL OF EACH FUND’S INVESTMENT ADVISORY AGREEMENT AND ADMINISTRATION AGREEMENT (Unaudited) (continued)
had not been shared with the fund, the Board would seek to have those economies of scale shared with the fund.
In evaluating the Agreement with respect to each fund, the Board considered these conclusions and determinations and also relied on its previous knowledge, gained through meetings and other interactions with the Adviser and its affiliates, of the Adviser and the services provided to the fund pursuant to the Agreement. The Board also relied on information received on a routine and regular basis throughout the year relating to the operations of the fund and the investment management and other services provided under the Agreement, including information on the investment performance of the fund in comparison to similar mutual funds and benchmark performance measures; general market outlook as applicable to the fund; and compliance reports. In addition, the Board’s consideration of the contractual fee arrangements for the fund had the benefit of a number of years of reviews of the Agreement for the fund, or for the other funds in the Trust, during which lengthy discussions took place between the Board and representatives of the Adviser. Certain aspects of the arrangements may receive greater scrutiny in some years than in others, and the Board’s conclusions may be based, in part, on its consideration of the fund’s arrangements, or the arrangements for the other funds in the Trust, in prior years. The Board determined to renew the Agreement for each fund.
28
BOARD MEMBERS INFORMATION (Unaudited)
INDEPENDENT BOARD MEMBERS
Patrick J. O’Connor (78)
Board Member, Chairman of the Board (2000)
Principal Occupation During Past 5 Years:
Attorney, Cozen O’Connor, P.C. (1973-Present), Vice Chairman (1980-2002) and President and Chief Executive Officer (2002-2007)
No. of Portfolios for which Board Member Serves: 22
———————
John R. Alchin (73)
Board Member (2008)
Principal Occupation During Past 5 Years:
· Retired
· The Barnes Foundation, an art museum, Trustee (2017 - Present)
· Metropolitan AIDS Neighborhood Nutrition Alliance, Advisory Board Member (2004 – Present)
· Philadelphia Art Museum, Board Member (2008 - Present)
· Xplornet Communications, Inc., a rural wireless tele-communications provider, Director (2015 –2020)
Other Public Company Board Memberships During Past 5 Years:
· Polo Ralph Lauren Corporation, a retail clothing and home furnishing company, Director (2007-Present), and Chair of Audit Committee (2018-Present)
No. of Portfolios for which Board Member Serves: 22
———————
Ronald R. Davenport (85)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Sheridan Broadcasting Corporation, Chairman (1972-Present)
No. of Portfolios for which Board Member Serves: 22
———————
Jack Diederich (84)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Retired
Other Public Company Board Memberships During Past 5 Years:
· Continental Mills, Inc., a dry baking products company, Director (1997 - 2020)
No. of Portfolios for which Board Member Serves: 22
———————
Kim D. Kelly (65)
Board Member (2008)
Principal Occupation During Past 5 Years:
· Consultant (2005-Present)
Other Public Company Board Memberships During Past 5 Years:
· MCG Capital Corporation, a business development company, Director (2004-2015)
· HITV, broadcasting, President (2015 – 2019)
No. of Portfolios for which Board Member Serves: 22
———————
Kevin C. Phelan (77)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Mortgage Banker, Colliers International (1978-Present) and Co-Chairman (2010-Present)
· A.D. Makepeace Co., cranberry grower and real estate development company, Director (2019-Present)
Other Public Company Board Memberships During Past 5 Years:
· Industrial Logistics Properties Trust, a real estate company, Trustee (2020 - Present)
No. of Portfolios for which Board Member Serves: 22
———————
Patrick J. Purcell (73)
Board Member (2000)
Principal Occupation During Past 5 Years:
· jobfind.com, an employment search site on the world wide web, President and Founder (1996 -– Present)
· The Boston Herald, President and Publisher (1994-2018)
· Herald Media, President and Chief Executive Officer, (2001 -– 2018)
No. of Portfolios for which Board Member Serves: 22
———————
Thomas F. Ryan, Jr. (80)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Retired
· Boston College. Trustee Associate (2013 – Present)
· NYISO Independent System Operator, a non-profit organization responsible for managing the state of New York’s electric grid, Director (1998-2021)
Other Public Company Board Memberships During Past 5 Years:
· RepliGen Corporation, a biopharmaceutical company, Director (2002-Present)
No. of Portfolios for which Board Member Serves: 22
———————
29
BOARD MEMBERS INFORMATION (Unaudited) (continued)
INDEPENDENT BOARD MEMBERS (continued)
Maureen M. Young (76)
Board Member (2000)
Principal Occupation During Past 5 Years:
· Retired
No. of Portfolios for which Board Member Serves: 22
———————
Once elected all Board Members serve for an indefinite term. The address of the Board Members and Officers is c/o BNY Mellon Investment Adviser, Inc. 240 Greenwich Street, New York, New York 10286. Additional information about the Board Members is available in the fund’s Statement of Additional Information which can be obtained from the Adviser free of charge by calling this toll free number: 1-800-373-9387. For individual account holders for Private Wealth Management clients, please contact your account officer or call 1-866-804-5023.
30
OFFICERS OF THE TRUST (Unaudited)
PATRICK T. CROWE, President since July 2015.
National Director of Investment Advisory, Analytics and Solutions for BNY Mellon Wealth Management since July 2014; from July 2007 to July 2014, Managing Director for BNY Mellon Wealth Management's Tri-State region, comprising New York, New Jersey and Southern Connecticut. He is 57 years old and has served in various capacities with BNY Mellon since 1993.
JAMES WINDELS, Treasurer since November 2001.
Vice President of the Adviser since September 2020, Director- BNY Mellon Fund Administration, and an officer of 57 investment companies (comprised of 128 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 62 years old and has been an employee of the Adviser since April 1985.
PETER M. SULLIVAN, Chief Legal Officer since July 2021 and Vice President and Assistant Secretary since March 2019.
Chief Legal Officer of the Adviser since July 2021, Associate General Counsel of BNY Mellon since July 2021; Senior Managing Counsel of BNY Mellon from December 2020 to July 2021; Managing Counsel of BNY Mellon from March 2009 to December 2020, and an officer of 57 investment companies (comprised of 128 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 53 years old and has been an employee of BNY Mellon since April 2004.
JAMES BITETTO, Vice President since August 2005 and Secretary since February 2018.
Senior Managing Counsel of BNY Mellon since December 2019; Managing Counsel of BNY Mellon from April 2014 to December 2019; Secretary of the Adviser, and an officer of 57 investment companies (comprised of 128 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 55 years old and has been an employee of the Adviser since December 1996.
DEIRDRE CUNNANE, Vice President and Assistant Secretary since February 2019.
Counsel of BNY Mellon since August 2018; Senior Regulatory Specialist at BNY Mellon Investment Management Services from February 2016 to August 2018. She is an officer of 57 investment companies (comprised of 128 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 31 years old and has been an employee of the Adviser since August 2018.
SARAH S. KELLEHER, Vice President and Assistant Secretary since April 2014.
Managing Counsel of BNY Mellon since December 2017, Senior Counsel of BNY Mellon from March 2013 to December 2017. She is an officer of 57 investment companies (comprised of 128 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 45 years old and has been an employee of the Adviser since March 2013.
JEFF PRUSNOFSKY, Vice President and Assistant Secretary since August 2015.
Senior Managing Counsel of BNY Mellon, and an officer of 57 investment companies (comprised of 128 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 56 years old and has been an employee of the Adviser since October 1990.
AMANDA QUINN, Vice President and Assistant Secretary since March 2020.
Counsel of BNY Mellon since June 2019; Regulatory Administration Manager at BNY Mellon Investment Management Services from September 2018 to May 2019; Senior Regulatory Specialist at BNY Mellon Investment Management Services from April 2015 to August 2018. She is an officer of 62 investment companies (comprised of 128 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 36 years old and has been an employee of the Adviser since June 2019.
NATALYA ZELENSKY, Vice President and Assistant Secretary since March 2017.
Chief Compliance Officer (since August 2021) and Vice President and Assistant Secretary (since February 2020) of BNY Mellon ETF Investment Adviser, LLC; Chief Compliance Officer (since August 2021) and Vice President (since February 2020) of BNY Mellon ETF Trust; Managing Counsel (December 2019 to August 2021) and Counsel (May 2016 to December 2019) of BNY Mellon; Assistant Secretary of the Adviser from April 2018 to August 2021. She is an officer of 57 investment companies (comprised of 128 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 36 years old and has been an employee of BNY Mellon since May 2016.
GAVIN C. REILLY, Assistant Treasurer since December 2005.
Tax Manager - BNY Mellon Fund Administration, and an officer of 57 investment companies (comprised of 128 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 53 years old and has been an employee of the Adviser since April 1991.
ROBERT SALVIOLO, Assistant Treasurer since July 2007.
Senior Accounting Manager – BNY Mellon Fund Administration, and an officer of 57 investment companies (comprised of 128 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 54 years old and has been an employee of the Adviser since June 1989.
ROBERT SVAGNA, Assistant Treasurer since December 2002.
Senior Accounting Manager – BNY Mellon Fund Administration, and an officer of 57 investment companies (comprised of 128 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 54 years old and has been an employee of the Adviser since November 1990.
JOSEPH W. CONNOLLY, Chief Compliance Officer since October 2004.
Chief Compliance Officer of the BNY Mellon Family of Funds and BNY Mellon Funds Trust (56 investment companies, comprised of 119 portfolios). He also served as Chief Compliance Officer of the Adviser from 2004 to June 2021. He is 64 years old.
CARIDAD M. CAROSELLA, Anti-Money Laundering Compliance Officer since January 2016.
Anti-Money Laundering Compliance Officer of the BNY Mellon Family of Funds and BNY Mellon Funds Trust since January 2016. She is an officer of 50 investment companies (comprised of 121 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 53 years old and has been an employee of the Distributor since 1997.
31
This page intentionally left blank.
32
This page intentionally left blank.
33
This page intentionally left blank.
34
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 | MFTAR0821-MM |
Item 2. Code of Ethics.
The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There have been no amendments to, or waivers in connection with, the Code of Ethics during the period covered by this Report.
Item 3. Audit Committee Financial Expert.
The Registrant's Board has determined that Thomas F. Ryan, a member of the Audit Committee of the Board, is an audit committee financial expert as defined by the Securities and Exchange Commission (the "SEC"). Mr. Ryan is "independent" as defined by the SEC for purposes of audit committee financial expert determinations.
Item 4. Principal Accountant Fees and Services.
(a) Audit Fees. The aggregate fees billed for each of the last two fiscal years (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $643,010 in 2020 and $619,210 in 2021.
(b) Audit-Related Fees. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item 4 were $104,000 in 2020 and $99,100 in 2021. These services consisted of one or more of the following: (i) agreed upon procedures related to compliance with Internal Revenue Code section 817(h), (ii) security counts required by Rule 17f-2 under the Investment Company Act of 1940, as amended, (iii) advisory services as to the accounting or disclosure treatment of Registrant transactions or events and (iv) advisory services to the accounting or disclosure treatment of the actual or potential impact to the Registrant of final or proposed rules, standards or interpretations by the Securities and Exchange Commission, the Financial Accounting Standards Boards or other regulatory or standard-setting bodies.
The aggregate fees billed in the Reporting Periods for non-audit assurance and related services by the Auditor to the Registrant's investment adviser (not including any sub-investment adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant ("Service Affiliates"), that were reasonably related to the performance of the annual audit of the Service Affiliate, which required pre-approval by the Audit Committee were $0 in 2020 and $0 in 2021.
(c) Tax Fees. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice, and tax planning ("Tax Services") were $0 in 2020 and $0 in 2021. These services consisted of: (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments; (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held, and (iv) determination of Passive Foreign Investment Companies. The aggregate fees billed in the Reporting Periods for Tax Services by the Auditor to Service Affiliates, which required pre-approval by the Audit Committee were $0 in 2020 and $0 in 2021.
(d) All Other Fees. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor, other than the services reported in paragraphs (a) through (c) of this Item, were $0 in 2020 and $0 in 2021. These services consisted of a review of the Registrant's anti-money laundering program.
The aggregate fees billed in the Reporting Periods for Non-Audit Services by the Auditor to Service Affiliates, other than the services reported in paragraphs (b) through (c) of this Item, which required pre-approval by the Audit Committee, were $0 in 2020 and $0 in 2021.
(e)(1) Audit Committee Pre-Approval Policies and Procedures. The Registrant's Audit Committee has established policies and procedures (the "Policy") for pre-approval (within specified fee limits) of the Auditor's engagements for non-audit services to the Registrant and Service Affiliates without specific case-by-case consideration. The pre-approved services in the Policy can include pre-approved audit services, pre-approved audit-related services, pre-approved tax services and pre-approved all other services. Pre-approval considerations include whether the proposed services are compatible with maintaining the Auditor's independence. Pre-approvals pursuant to the Policy are considered annually.
(e)(2) Note. None of the services described in paragraphs (b) through (d) of this Item 4 were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) None of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.
Non-Audit Fees. The aggregate non-audit fees billed by the Auditor for services rendered to the Registrant, and rendered to Service Affiliates, for the Reporting Periods were $3,624,805 in 2020 and $3,851,043 in 2021.
Auditor Independence. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor's independence.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) Not applicable.
| Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
| Item 9. | Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers. |
Not applicable.
| Item 10. | Submission of Matters to a Vote of Security Holders. |
There have been no material changes to the procedures applicable to Item 10.
| Item 11. | Controls and Procedures. |
(a) The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
(b) There were no changes to the Registrant's internal control over financial reporting that occurred during the 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.
(a)(1) Code of ethics referred to in Item 2.
(a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.
(a)(3) Not applicable.
(b) Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
BNY Mellon Funds Trust
By: /s/ Patrick T. Crowe
Patrick T. Crowe
President (Principal Executive Officer)
Date: October 20, 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: October 20, 2021
By: /s/ James Windels
James Windels
Treasurer (Principal Financial Officer)
Date: October 20, 2021
EXHIBIT INDEX
(a)(1) Code of ethics referred to in Item 2.
(a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940. (EX-99.CERT)
(b) Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940. (EX-99.906CERT)
