N-CSR 1 form.htm SEMI-ANNUAL REPORT form
UNITED STATES 
SECURITIES AND EXCHANGE COMMISSION 
Washington, D.C. 20549 
 
 
FORM N-CSR 
 
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT 
INVESTMENT COMPANIES 
 
Investment Company Act file number 811-09903 
 
BNY Mellon Funds Trust 
(Exact name of Registrant as specified in charter) 
 
 
c/o The Dreyfus Corporation 
200 Park Avenue 
New York, New York 10166 
(Address of principal executive offices) (Zip code) 
 
Michael Rosenberg, Esq. 
200 Park Avenue 
New York, New York 10166 
(Name and address of agent for service) 
 
Registrant's telephone number, including area code: (212) 922-6000 

Date of fiscal year end:    08/31 
Date of reporting period:    02/29/2008 

FORM N-CSR

Item 1.    Reports to Stockholders. 

The BNY Mellon Funds

BNY Mellon Large Cap Stock Fund 
BNY Mellon Income Stock Fund 
BNY Mellon Mid Cap Stock Fund 
BNY Mellon Small Cap Stock Fund 
BNY Mellon U.S. Core Equity 130/30 Fund 
BNY Mellon International Fund 
BNY Mellon Emerging Markets Fund 
BNY Mellon Balanced Fund 

SEMIANNUAL REPORT    February 29, 2008 

Contents     
 
The Funds     
Letter from the President    2 
Discussion of Funds’ Performance     
BNY Mellon Large Cap Stock Fund    3 
BNY Mellon Income Stock Fund    5 
BNY Mellon Mid Cap Stock Fund    7 
BNY Mellon Small Cap Stock Fund    9 
BNY Mellon U.S. Core     
Equity 130/30 Fund    11 
BNY Mellon International Fund    13 
BNY Mellon Emerging Markets Fund    15 
BNY Mellon Balanced Fund    17 
Understanding Your Fund’s Expenses    19 
Comparing Your Fund’s Expenses     
With Those of Other Funds    20 
Statements of Investments    21 
Statement of Options Written    25 
Statement of Securities Sold Short    34 
Statements of Assets and Liabilities    50 
Statements of Operations    54 
Statement of Cash Flows    56 
Statements of Changes in Net Assets    57 
Financial Highlights    62 
Notes to Financial Statements    79 

For More Information

Back cover

The views expressed herein are current to the date of this report. These views and the composition of the funds’ portfolios are subject to change at any time based on market and other conditions.

  • Not FDIC-Insured
  • Not Bank-Guaranteed
  • May Lose Value
The    Funds 

LETTER FROM 
THE PRESIDENT 

Dear Shareholder:

We are pleased to present this semiannual report for the BNY Mellon Funds Trust, covering the six-month period from September 1, 2007, through February 29, 2008.

The past six months proved to be one of the more challenging periods for equity investors in recent memory.The U.S. economy sputtered under the weight of plunging housing values, and credit concerns that originated in the bond market’s sub-prime mortgage sector spread to other areas of the financial markets.These developments dampened investor sentiment and produced heightened volatility in most segments of the stock market. Financial stocks were hit particularly hard due to sub-prime related write-downs, as were other market sectors that historically have been considered sensitive to economic downturns.

Recently, the Fed and the U.S. government have adopted accommodative monetary and fiscal policies in an effort to stimulate the U.S. economy, boost market liquidity and forestall a potential recession.While it’s too early to know if their actions will be effective, we believe that the best defense against any economic volatility is to maintain a long-term perspective. To benefit from this focus, talk to your portfolio manager today about your specific portfolio to ensure that your investments are best suited to capture the potential opportunities and manage the risks that may continue to surface during this current economic cycle.

For information about how each fund performed during the reporting period, as well as market perspectives, we have provided a Discussion of Fund Performance.

Thank you for your continued confidence and support.

DISCUSSION OF 
FUND PERFORMANCE 

For the reporting period of September 1, 2007, through
February 29, 2008, as provided by Sean P. Fitzgibbon,
Portfolio Manager

Fund and Market Performance Overview

For the six-month period ended February 29, 2008, BNY Mellon Large Cap Stock Fund’s Class M shares produced a total return of –7.09% while Investor shares produced a total return of –7.20% . 1 In comparison, the total return of the Standard & Poor’s 500 Composite Stock Price Index (“S&P 500 Index”), the fund’s benchmark, was –8.79% for the same period.2

Slowing U.S. economic growth took a toll on stocks during the reporting period, with most market sectors declining in response to turmoil in the credit markets and signs of a possible recession. Favorable individual stock selections in the areas of technology, energy, consumer discretionary and financials helped limit the fund’s losses, enabling it to outperform its benchmark.

The Fund’s Investment Approach

The fund seeks capital appreciation.To pursue its goal, the fund normally invests at least 80% of its assets in stocks of large-cap companies. We choose stocks through a disciplined investment process that uses computer modeling techniques to identify and rank companies based on value, growth and other financial characteristics. Next, we use fundamental analysis to select the most attractive of the higher ranked securities, drawing on a variety of internal and Wall Street research sources.We also attempt to manage risks by diversifying the fund’s investments across companies and industries, maintaining weightings and risk characteristics that generally are similar to those of the S&P 500 Index.

Key Sectors Supported the Fund’s 
Outperformance 

U.S. stocks generally posted negative absolute returns over the reporting period due to a sharp downturn in the U.S. economy and an intensifying credit crunch that began in the sub-prime mortgage market and spread throughout the financial markets. Concerns regarding declining U.S. housing values, surging energy and food prices and their impact on consumer spending weighed heavily on investor psychology.

Technology stocks were among the strongest contributors to the fund’s relative performance, bolstered by a significant shift in sector weighting and good individual stock picks. Although the fund began the period with an overweighted position in the sector, weakening business momentum led us to reduce the fund’s exposure to a below-market weighting as the reporting period progressed. As a result, the fund was in a relatively strong position to preserve capital when technology stocks declined sharply in late 2007 and early 2008.The fund’s relative performance was further enhanced by the timely sale of some of its top technology performers, such as electronics producer Apple and BlackBerry maker Research In Motion.

Investments in several other market sectors also bolstered the fund’s relative performance. In the energy sector, one of the few sectors to generate positive absolute returns, the fund benefited from its emphasis on independent oil and gas producers, such as XTO Energy and Chesapeake Energy. Such holdings rose in response to high oil prices and rising gas prices.Another energy holding, Hess, hit new highs during the reporting period on the strength of important oilfield

The Funds 3

DISCUSSION OF FUND PERFORMANCE (continued)

discoveries off the coast of Brazil. In the consumer discretionary sector, the fund focused on companies undergoing operational turnarounds, such as retailers The Gap and The TJX Companies, while avoiding most retailers with greater sensitivity to tightening consumer spending. Finally, in the hard-hit financials sector, while the fund experienced some losses, it successfully avoided some of the companies most deeply undermined by exposure to sub-prime mortgage-backed securities.

Relative Weakness Limited to the Health Care
Sector

The only sector in which the fund significantly under-performed its benchmark was health care, largely due to the fund’s holdings of pharmaceutical giants Merck & Co. and Schering-Plough. Stocks of both companies declined steeply in January 2008 after they released disappointing interim results of trials of key cholesterol lowering drugs.The impact of these declines was offset to a degree by gains in another health care holding, medical device maker Becton, Dickinson and Co., which reported strong earnings and guidance.

A Return to Greater Tax Efficiency

As of the end of the reporting period, the fund’s composition fully reflected the investment style and strategy of the current portfolio manager, who assumed management of

the fund in February 2007.The higher-than-usual realized capital gains distributions made by the fund during the reporting period were a consequence of stock turnover as we completed the fund’s transition. We believe investors can now anticipate a return to more tax-efficient investment practices.

Regarding the market’s recent weakness and volatility, we believe that aggressive actions undertaken by the Federal Reserve Board reduce the likelihood of a deep or sustained U.S. recession. Since financial markets generally are more sensitive to future prospects than current conditions, we would not be surprised to see stocks rebound in anticipation of economic recovery. We believe the fund is well positioned to weather the current storm and to participate in a market rebound when it occurs. The fund currently holds roughly market-weighted positions in all sectors except technology, where it remains mildly underweighted.

March 17, 2008

1    Total return includes reinvestment of dividends and any capital gains paid. 
    Past performance is no guarantee of future results. Share price and investment 
    return fluctuate such that upon redemption, fund shares may be worth more or 
    less than their original cost. 
2    SOURCE: LIPPER INC. — Reflects the monthly reinvestment of 
    dividends and, where applicable, capital gain distributions.The Standard & 
    Poor’s 500 Composite Stock Price Index is a widely accepted, unmanaged 
    index of U.S. stock market performance. 

4

DISCUSSION OF 
FUND PERFORMANCE 

For the period of September 1, 2007, through February 29,
2008, as provided by Brian C. Ferguson, Portfolio Manager

Fund and Market Performance Overview

For the six-month period ended February 29, 2008, BNY Mellon Income Stock Fund’s Class M shares produced a total return of –8.24%, and Investor shares produced a total return of –8.30% .1 In comparison, the Russell 1000 Value Index (the “Index”), the fund’s benchmark, provided a total return of –10.38% .2

Stocks declined sharply over the reporting period as a credit crisis, reduced market liquidity and an economic slowdown dampened investor sentiment. In this challenging environment, the fund outperformed its benchmark, mainly due to favorable security selections in a number of market sectors.

The Fund’s Investment Approach

The fund seeks total return consisting of capital appreciation and income.To pursue its goal, the fund normally invests at least 80% of its assets in stocks. The fund seeks to focus on dividend-paying stocks and other investment techniques that produce income.We choose stocks through a disciplined investment process that combines quantitative modeling techniques, fundamental analysis and risk management. While we attempt to manage risks by diversifying broadly across companies and industries, the fund may at times overweight certain sectors in an attempt to earn higher yields.The fund may also use derivatives as a substitute for taking a position in an underlying asset, to increase returns or income, or as part of a hedging strategy.

Strong Stock Selections Bolstered Relative
Performance

The U.S. stock market generally posted negative absolute returns over the reporting period due to a sharp downturn in the U.S. economy and an intensifying credit crunch that began in the sub-prime mortgage

market and spread throughout the financial markets. Concerns regarding declining U.S. housing values, surging energy and food prices and weaker employment trends weighed heavily on investor psychology. The Federal Reserve Board (the “Fed”) attempted to promote greater market liquidity and forestall a potential recession by reducing short-term interest rates from 5.25% to 3% by the reporting period’s end.

The fund’s absolute performance suffered along with the overall market in this difficult investment climate, but strong stock selections supported the fund’s performance compared to its benchmark.We attribute the fund’s relative outperformance, in part, to our Core Research Group, whose insightful analyses led to favorable timing in the purchases and sales of individual stocks.

In the consumer discretionary sector, media stocks proved to be especially beneficial to the fund’s relative performance. For example, Viacom’s share price advanced as the global entertainment company encountered heightened demand for its cable programming during an industry-wide strike by the Writers Guild of America. Lack of exposure to Time Warner also added to the fund’s relative outperformance, as the company’s AOL division continued to weigh on its financial results.The consumer staples area also boosted the fund’s results compared to its bench-mark.Altria Group, the tobacco giant, initiated plans to spin off its international unit, allowing for tighter focus on U.S. operations and cost containment. Among energy stocks, strong supply-and-demand dynamics in the natural gas market produced higher revenues for exploration-and-production companies such as Devon Energy, XTO Energy and EOG Resources.

Mortgage-Related Woes Hurt Financial Stocks

Turmoil in the mortgage market and its adverse effects on the broader financials sector proved insurmountable for the fund and its benchmark. Although we trimmed

The Funds 5

DISCUSSION OF FUND PERFORMANCE (continued)

some of the fund’s financials holdings and exited certain mortgage-oriented and credit-sensitive stocks, these actions could not fully offset pervasive weakness in the sector.We believed that government-sponsored enterprises such as Freddie Mac and Fannie Mae would be somewhat insulated from the credit crisis due to additional regulatory scrutiny and their exposure to higher-quality mortgages. However, even the more fundamentally sound mortgage-related stocks were derailed by the credit crisis.Investments in insurer American International Group, as well as banking giants Bank of America and Citigroup, also detracted from the fund’s performance.

In the health care sector,a joint drug-development venture between Merck & Company and Schering-Plough produced a drop in both pharmaceutical companies’ share prices when speculation arose that a cholesterol-lowering medicine may create health risks in patients. Lack of exposure to Johnson & Johnson, a component of the benchmark,also hampered the fund’s relative performance.

Finding Opportunities in a Volatile Market

In our judgment, credit issues are likely to persist over the near term. However, we believe that stimulus packages
announced by the Fed should provide the necessary liquidity to prevent a financial system collapse,potentially providing valuation support for equities as conditions stabilize.

As of the reporting period’s end, we have continued to favor natural gas exploration-and-production companies, and we have found several opportunities in media and retail stocks. Conversely, spending and demand trends have slowed for information technology companies, causing us to reduce the fund’s exposure to the sector. We have continued to monitor other industry groups, and we are prepared to adjust our strategies should we detect evidence of fundamental deterioration in the fund’s current holdings.

March 17, 2008

1    Total return includes reinvestment of dividends and any capital gains paid. 
    Past performance is no guarantee of future results. Share price and investment 
    return fluctuate such that upon redemption, fund shares may be worth more or 
    less than their original cost. 
2    SOURCE: LIPPER, INC. – Reflects the reinvestment of net dividends 
    and, where applicable, capital gain distributions.The Russell 1000 Value 
    Index is an unmanaged index which measures the performance of those 
    Russell 1000 companies with lower price-to-book ratios and lower forecasted 
    growth values. Index return does not reflect fees and expenses associated with 
    operating a mutual fund. 

6

DISCUSSION OF 
FUND PERFORMANCE 

For the period of September 1, 2007, through February 29,
2008, as provided by James C.Wadsworth, Portfolio Manager

Fund and Market Performance Overview

For the six-month period ended February 29, 2008, BNY Mellon Mid Cap Stock Fund produced total returns of –5.17% for Class M shares, –5.25% for Investor shares and –5.65% for Dreyfus Premier shares.1 In comparison, the Standard & Poor’s MidCap 400 Index (“S&P 400 Index”), the fund’s benchmark, produced a total return of –8.05% for the same period.2

Similar to stocks in other market capitalization ranges, midcap stocks encountered heightened volatility during the reporting period, losing value as economic growth slowed and a credit crunch intensified. The fund outperformed its benchmark, primarily due to the success of our security selection strategy in seven of the benchmark’s 10 market sectors.

The Fund’s Investment Approach

The fund seeks capital appreciation by normally investing at least 80% of its assets in stocks of domestic companies with market capitalizations of companies included in the S&P 400 Index at the time of purchase. When selecting securities, we begin with quantitative analysis to screen and rank stocks within each industry and sector based on valuation, earnings growth and financial health.We then use fundamental analysis to evaluate and select individual stocks, drawing on research by internal analysts and external Wall Street sources. Finally, we use portfolio construction techniques to manage sector and industry risks. Our goal is to keep those risks at levels that are similar to those of the S&P 400 Index.

Investors Punished Midcap Stocks During the
Downturn

U.S. stocks generally posted negative absolute returns over the reporting period due to a sharp downturn in the U.S. economy and an intensifying credit crunch that began in the sub-prime mortgage market and spread

throughout the financial markets. Concerns regarding declining U.S. housing values, surging energy and food prices and their impact on consumer spending weighed on the U.S. economy. A number of major banks and bond insurers reported massive sub-prime related losses, roiling the financial sector and exacerbating the credit crunch.The Federal Reserve Board attempted to promote improved market conditions and forestall a potential recession by injecting liquidity into the banking system and reducing short-term interest rates from 5.25% to 3% by the end of the reporting period.

In contrast to the weakening U.S. economy, global economic growth remained relatively strong. In addition, equity investors responded to market developments by shifting their focus from smaller, more speculative companies to well-established market leaders with a history of consistent earnings under a variety of economic conditions. Consequently, some of the market’s greater gains stemmed from companies that produce products or services that have remained in demand among customers in overseas markets, such as producers of the raw materials and industrial commodities used in construction.

Health Care, Industrials and Energy Holdings
Boosted Performance

The fund proved to be relatively well positioned for the shift in investor sentiment, enabling it to weather the downturn better than its benchmark. The fund received particularly strong contributions to relative performance from the health care sector, which historically has held up well during periods of economic weakness. Although we maintained a generally sector-neutral asset allocation strategy, we established a slightly overweighted position in health care stocks. Holdings contributing positively to the fund’s relative performance included biotechnology firm MGI Pharma, which was acquired by another company during the reporting period, and private-label over-the-counter drug maker Perrigo, which benefited from a heavy flu season and issues affecting a key competitor.

The Funds 7

DISCUSSION OF FUND PERFORMANCE (continued)

In the industrials area, a number of companies benefited from robust overseas growth, including engineering-and-construction firm Chicago Bridge & Iron and pump manufacturer Flowserve.

In the energy sector, coal company Consol Energy was the fund’s best performer. Natural gas producers Range Resources and Southwestern Energy also enhanced returns. Good results in these market sectors were offset to a degree by disappointments in other areas. In the telecommunications services sector, wireless provider NII Holdings encountered competitive pressures in its Latin American markets. However, we have retained the fund’s position in NII Holdings, which we expect to rebound as more investors recognize its high rates of revenue and subscriber growth.Among consumer discretionary stocks, Lifetime Fitness reported slowing growth in recent quarters, but we expect this development to be temporary as the company opens additional fitness centers.

Finding Growth Opportunities in a Distressed
Market

As of the reporting period’s end, the credit crisis has intensified, and the U.S. economy has continued to fal-

ter. We believe the full magnitude of damage caused by the housing downturn and credit crisis has not yet been determined, and investors have remained risk-averse. Therefore, over the near term, we intend to maintain a relatively defensive investment posture, including a modestly underweighted position in the hard-hit financials sector and a mild emphasis on health care and energy stocks. Still, we remain optimistic regarding the longer-term prospects for midcap stocks, which we feel could fare well in an environment in which earnings growth has become increasingly scarce.

March 17, 2008

1    Total return includes reinvestment of dividends and any capital gains paid. 
    Past performance is no guarantee of future results. Share price and investment 
    return fluctuate such that upon redemption, fund shares may be worth more or 
    less than their original cost. 
    Part of the fund’s recent performance is attributable to positive returns from 
    its initial public offering (IPO) investments. There can be no guarantee that 
    IPOs will have or continue to have a positive effect on fund performance. 
2    SOURCE: LIPPER INC. — Reflects reinvestment of dividends and, 
    where applicable, capital gain distributions.The Standard & Poor’s MidCap 
    400 Index is a widely accepted, unmanaged total return index measuring the 
    performance of the midsize company segment of the U.S. stock market. Index 
    return does not reflect the fees and expenses associated with operating a 
    mutual fund. 

8

DISCUSSION OF 
FUND PERFORMANCE 

For the period of September 1, 2007, through February 29,
2008, as provided by Dwight E. Cowden, Portfolio Manager

Fund and Market Performance Overview

For the six-month period ended February 29, 2008, BNY Mellon Small Cap Stock Fund’s Class M shares produced a total return of –10.10%, and Investor shares produced a total return of –10.26% .1 In comparison, the fund’s benchmark, the Standard & Poor’s SmallCap 600 Index (the “Index”), produced a total return of –12.48% for the same period.2

Small-cap stocks declined sharply over the reporting period as a credit crisis and economic slowdown dampened investor sentiment, especially with regard to smaller companies. The fund outperformed its benchmark, primarily due to its relatively defensive sector-allocation strategy and a focus on stocks toward the larger end of the small-cap range.

The Fund’s Investment Approach

The fund seeks capital appreciation. To pursue its goal, the fund normally invests at least 80% of its assets in stocks of small capitalization companies whose market capitalizations are generally in the range of companies included in the Index at the time of purchase.We choose growth and value stocks using a disciplined process that combines computer modeling, fundamental analysis and risk management. We use a computer model to rank stocks within an industry or sector based on valuation, earnings growth and the company’s financial profile.We examine the fundamentals of the higher-ranked securities, and we select those we believe to be the most attractive. We use portfolio construction techniques to manage sector and industry risks,and we attempt to keep those risks at levels that are similar to those of the Index.

Small-Cap Stocks Declined in a Broad Downturn

U.S. stocks generally posted negative absolute returns over the reporting period due to a sharp downturn in the U.S. economy and an intensifying credit crunch that began in the sub-prime mortgage market and

spread throughout the financial markets. Concerns regarding declining U.S. housing values, surging energy and food prices and their impact on consumer spending weighed heavily on investor psychology.The Federal Reserve Board attempted to promote greater market liquidity and forestall a potential recession by reducing short-term interest rates from 5.25% to 3% by the reporting period’s end.

The downturn was particularly severe among small-cap stocks, which fared worse than their large-cap counterparts over the reporting period. The financials sector was punished particularly severely due to its ample exposure to troubled sub-prime loans. Conversely, traditionally recession-resistant market sectors, such as consumer staples, held up relatively well.

Allocation and Selection Strategies Boosted
Relative Returns

While the fund’s performance was influenced by the market downturn, it outperformed its benchmark as a result of our relatively defensive sector allocation and stock selection strategies. Indeed, the fund produced higher returns than its benchmark in nine out of 10 economic sectors.

From a sector allocation perspective, the fund benefited from relatively light exposure to the financials sector, where we tended to favor companies outside of the troubled banking and real estate industries. For example, Waddell & Reed Financial and FC Stone Group enjoyed relatively favorable business fundamentals in the asset management and commodities brokerage industries, respectively.

Our stock selection strategy proved especially effective in the consumer staples sector, an area of relatively heavy emphasis during the reporting period. Chiquita Brands International benefited from higher prices for bananas and success with pre-packaged salads. Darling International also commanded higher prices for its animal byproducts, including some used in biofuels. Health and beauty products company Chattem

The Funds 9

DISCUSSION OF FUND PERFORMANCE (continued)

boosted earnings with the acquisition of several products lines from Johnson & Johnson. In the materials sector, metals-and-mining companies such as Steel Dynamics and Coeur d’Alene Mines prospered amid rising steel and silver prices, respectively.

The energy sector was the only area in which the fund did not outperform its benchmark, but produced returns that were roughly in line with the Index’s energy component, as the fund did not own some of the benchmark’s better performing energy stocks. The fund also did not participate in a handful of the benchmark’s top consumer stocks, but other consumer holdings more than made up for the difference.

Maintaining Caution in a Troubled Market

As of the reporting period’s end, the credit crisis has intensified, and the U.S. economy has continued to falter.We believe the full magnitude of damage from the housing downturn and credit crisis has not yet been determined, and investors have remained risk-averse.

Therefore, we currently intend to maintain a relatively cautious investment posture, including an emphasis on more seasoned small-cap companies with international businesses as well as the traditionally defensive utilities, health care and consumer staples sectors.

While we also are aware that recent price declines may have created value-oriented opportunities in a number of sectors, we have held off on taking greater advantage of them until we see more convincing signs that the worst of the downturn is behind us. In our view, this is a prudent strategy for today’s unsettled market environment.

March 17, 2008
1    Total return includes reinvestment of dividends and any capital gains paid. 
    Past performance is no guarantee of future results. Share price and investment 
    return fluctuate such that upon redemption, fund shares may be worth more or 
    less than their original cost. 
2    SOURCE: LIPPER INC. — Reflects the reinvestment of dividends and, 
    where applicable, capital gain distributions.The Standard & Poor’s SmallCap 
    600 Index is a broad-based index and a widely accepted, unmanaged index of 
    overall small-cap stock market performance.The index does not take into 
    account fees and expenses to which the fund is subject. 

10

DISCUSSION OF 
FUND PERFORMANCE 

For the reporting period of September 1, 2007, through
February 29, 2008, as provided by Sean P. Fitzgibbon and
Jeffrey D. McGrew, Portfolio Managers

Fund and Market Performance Overview

For the six-month period ended February 29, 2008, BNY Mellon U.S. Core Equity 130/30 Fund’s Class M shares produced a total return of –5.14% while Investor shares produced a total return of –5.23% .1 In comparison, the total return of the Standard & Poor’s 500 Composite Stock Price Index (“S&P 500 Index”), the fund’s benchmark, was –8.79% for the same period.2

Stock markets were driven lower during the reporting period by a variety of economic concerns, including slowing U.S. growth, a surge in sub-prime mortgage defaults and a credit crunch affecting both consumers and business borrowers.While these conditions took a toll on the fund’s returns, the relative strength of many of the fund’s long positions and our strategy of adopting short positions in less attractive stocks enabled us to limit the fund’s losses. As a result, the fund outperformed its benchmark.

The Fund’s Investment Approach

The fund seeks capital appreciation, normally investing at least 80% of its assets in stocks of large-cap companies. We choose stocks through a disciplined investment process that uses computer modeling techniques to identify and rank companies based on value, growth and other financial characteristics. Next, based on fundamental analysis, the portfolio managers generally buy “long” the most attractive of the higher ranked securities and sell “short” those stocks identified by the computer model and fundamental analysis as being likely to underperform. Normally, up to 130% of the fund’s assets will be in long positions, and approximately 30% of the fund’s assets will be in short positions.

Long/Short Strategies Proved Effective in
Several Sectors

U.S. stocks generally posted negative absolute returns over the reporting period due to a sharp downturn in the U.S. economy and an intensifying credit crunch that began in the sub-prime mortgage market and spread throughout the financial markets. Concerns regarding declining U.S. housing values, surging energy and food prices and their impact on consumer spending weighed heavily on investor psychology.

Technology proved to be the fund’s top-performing market sector compared to its benchmark, adding value on both the long and short investment sides.The fund began the period significantly overweighted in the technology sector. However, in light of weakening business momentum, the fund moved gradually to a significantly underweighted position by the end of the reporting period. This shift helped preserve capital when the benchmark’s technology component experienced sharp declines. Timely sales of long positions in some of the fund’s better technology performers, including BlackBerry maker Research In Motion and consumer electronics innovator Apple, further bolstered relative performance. The fund’s results also benefited from short sales of several telecommunications equipment makers experiencing slowing order growth, such as Riverbed Technology and Ciena.

Investments in several other sectors also enhanced returns.The fund held long positions in consumer discretionary companies conducting effective operational turnarounds, such as retailers The Gap and The TJX Companies. At the same time, the fund established short positions in other retailers with greater exposure to reduced consumer spending, such as Sears Holding and Bed Bath & Beyond. In the telecommunications services sector, the fund emphasized regional opera-

The Funds 11

DISCUSSION OF FUND PERFORMANCE (continued)

tors, such as Verizon Communications and AT&T, that have increased market share on the strength of bundled services offerings, while shorting less competitive players, such as Comcast and Sprint Nextel.

A Difficult Environment for Financial Stocks

The fund outperformed its benchmark in most sectors, but the financials sector was a notable exception. Under pressure from sub-prime related turmoil and recession fears, the financial sector produced sharp declines for both the fund and its benchmark.The fund experienced losses from long positions in brokerage firms, such as JPMorgan Chase and Merrill Lynch; diversified financials, such as CIT Group; and credit services providers, such as American Express. In the basic materials sector, the fund also suffered a significant decline in its holdings of steel fabricator Allegheny Technologies, which was hurt by a weak pricing environment.

Positioned for Recovery

As of the end of the reporting period, the fund held a mildly underweighted position in the technology sector compared to its benchmark and roughly market-weighted exposure to other sectors. More generally, we believe the fund is well positioned to benefit from a

recovery in stock markets when it occurs.While it is not possible to predict when the financial markets will turn around, such rebounds historically have occurred rapidly and with little or no warning to the detriment of overly defensive investors. At the same time, the fund’s long/ short strategy seeks to provide a degree of protection against continued volatility or a protracted downward trend in the market.As a result, in today’s uncertain environment, we have a high degree of confidence in our approach of seeking to add value through carefully chosen long positions and the judicious use of short positions in stocks we believe are likely to underperform.

March 17, 2008

1    Total return includes reinvestment of dividends and any capital gains paid. 
    Past performance is no guarantee of future results. Share price and investment 
    return fluctuate such that upon redemption, fund shares may be worth more or 
    less than their original cost. Return figures provided reflect the absorption of 
    certain fund expenses by Mellon Fund Advisors pursuant to an agreement in 
    effect through August 31, 2008, at which time it may be extended, terminated 
    or modified. Had these expenses not been absorbed, the fund’s returns would 
    have been lower. 
2    SOURCE: LIPPER INC. — Reflects the monthly reinvestment of 
    dividends and, where applicable, capital gain distributions.The Standard & 
    Poor’s 500 Composite Stock Price Index is a widely accepted, unmanaged 
    index of U.S. stock market performance. Index return does not reflect fees and 
    expenses associated with operating a mutual fund. 

12

DISCUSSION OF 
FUND PERFORMANCE 

For the period of September 1, 2007, through February 29,
2008, as provided by D. Kirk Henry and William S. Patzer,
Portfolio Managers

Fund and Market Performance Overview

For the six-month period ended February 29, 2008, BNY Mellon International Fund’s Class M shares produced a total return of –8.88%, and Investor shares produced a total return of –9.09% .1 In comparison, the fund’s benchmark, the Morgan Stanley Capital International Europe, Australasia, Far East Index (“MSCI EAFE Index” or the “Index”), produced a total return of –4.71% for the same period.2

International equities produced disappointing results in a turbulent market environment. The fund’s returns lagged its benchmark, primarily due to its overweighted exposure to and weak stock selections in Japan.

The Fund’s Investment Approach

The fund seeks long-term capital growth. To pursue this goal, the fund normally invests at least 65% of its total assets in equity securities of foreign issuers.

Since June 30, 2005, the fund generally invests most of its cash inflows (purchases of fund shares and reinvested distributions) in accordance with a core investment style. The fund’s portfolio as of June 30, 2005, will continue to be managed in accordance with the value-oriented investment style. Pursuant to the core investment style, under normal circumstances, at least 80% of the fund’s cash inflows allocated to this style are invested in equity securities of companies located in the foreign countries represented in the MSCI EAFE Index and Canada.

The allocation of cash inflows and outflows will be at the discretion of the investment adviser depending on the circumstances; however, under normal circumstances, generally between 90% and 100% of cash inflows will be allocated to the core investment style.

We believe that by implementing a core investment style with respect to such assets, the fund may take advantage of investment opportunities in international markets that may not fall within the value-oriented investment style previously employed for the fund’s entire portfolio.

The fund will continue to invest in stocks that appear to be undervalued (as measured by their price/earnings ratios), but stocks purchased pursuant to the core investment style may have value and/or growth characteristics. The core investment style portfolio manager employs a “bottom-up” investment approach, which emphasizes individual stock selection. The core investment style stock selection process is designed to produce a diversified portfolio that, relative to the MSCI EAFE Index, has a below-average price/earnings ratio and an above-average earnings growth trend.

The fund’s investment approach for the portion of the fund using the value-oriented investment style is research-driven and risk-averse. When selecting stocks, we identify potential investments through extensive quantitative and fundamental research. Emphasizing individual stock selection over economic or industry trends,the fund focuses on three key factors: value, business health and business momentum.

International Equities Pulled Back in a Turbulent Market

After enjoying double-digit returns over each of the past five years, international equities lost value during the reporting period due to intensifying economic concerns, rising commodities prices and a global credit crisis originating in the U.S. sub-prime mortgage sector. International markets also responded negatively to a $7 billion loss caused by trading fraud at France’s second largest bank, Societe Generale. These factors contributed to a turbulent investment environment in which investors turned away from stocks and flocked to gold, oil and other “hard assets.”

The Funds 13

DISCUSSION OF FUND PERFORMANCE (continued)

Japanese and Swiss Stocks Weighed on Relative
Performance

The bulk of the fund’s underperformance can be attributed to its relatively heavy exposure to Japanese stocks. For example, diversified retailer Aeon was hurt by sluggish domestic consumption, the performance of its credit card division and exposure to U.S.-based apparel retailer Talbots. Sumitomo Mitsui Financial Group sold off sharply along with other financial stocks. Homebuilder Sekisui House lost value due to a massive backlog of housing permits required by new earthquake regulations.

In Switzerland, the fund’s relative performance was hurt by holdings in two chemical companies, Clariant and Ciba Specialty Chemicals, which were unable to pass on rising oil costs to its customers. Swiss banking giant UBS declined sharply due to its exposure to troubled mortgage-backed securities and other credits.

The fund achieved better results in Greece, where the dominant electric utility, Public Power Corporation, posted gains due to tariff increases and fuel surcharges. In Germany, electronics firm Siemens helped the fund’s performance after restructuring efforts by a new management team. Sporting goods firm adidas advanced

based on its acquisition of Reebok and upcoming sponsorship of the 2008 Olympic Games in Beijing.

Maintaining Our Value-Oriented Discipline

As of the end of the reporting period, corporate earnings downgrades have outnumbered upgrades, causing a negative turn in market momentum. If this trend persists, we believe the markets could remain under pressure until greater earnings visibility emerges. As always, we have remained true to our value-oriented approach, which seeks opportunities among stocks of fundamentally sound companies we believe are selling at attractive prices.

March 17, 2008

1    Total return includes reinvestment of dividends and any capital gains paid. 
    Past performance is no guarantee of future results. Share price and investment 
    return fluctuate such that upon redemption, fund shares may be worth more or 
    less than their original cost. 
2    SOURCE: LIPPER INC.— Reflects reinvestment of net dividends and, 
    where applicable, capital gain distributions.The Morgan Stanley Capital 
    International Europe,Australasia, Far East (MSCI EAFE) Index is an 
    unmanaged index composed of a sample of companies representative of the 
    market structure of European and Pacific Basin countries. Index return does 
    not reflect fees and expenses associated with operating a mutual fund. 

14

DISCUSSION OF 
FUND PERFORMANCE 

For the period of September 1, 2007, through February 29,
2008, as provided by D. Kirk Henry and William S. Patzer,
Portfolio Managers

Fund and Market Performance Overview

For the six-month period ended February 29, 2008, BNY Mellon Emerging Markets Fund’s Class M shares produced a total return of 3.32%, and the fund’s Investor shares produced a total return of 3.21% .1 In comparison, the Morgan Stanley Capital International Emerging Markets Index (the “Index”), the fund’s benchmark, provided a total return of 8.26% for the same period.2

The emerging equity markets represented one of the few bright spots in the global financial markets during the reporting period, as robust regional economic growth stood in stark contrast to slowing U.S. and European economies. The fund’s returns fell short of its benchmark, primarily due to disappointing security selection in Taiwan and South Korea and limited exposure to Brazilian materials stocks.

The Fund’s Investment Approach

The fund seeks long-term capital growth.To pursue its goal, the fund invests at least 80% of its assets in equity securities of companies organized, or with a majority of assets or operations, in countries considered to be emerging markets.

Since June 30, 2005, the fund generally invests most of its cash inflows (purchases of fund shares and reinvested distributions) in accordance with a core investment style. The fund’s portfolio as of June 30, 2005, was invested in companies the investment adviser considered to be “value” companies. Pursuant to the core investment style, under normal circumstances, at least 80% of the fund’s cash inflows allocated to this style are invested in equity securities of companies located in the foreign countries represented in the Index.

The allocation of cash inflows and outflows will be at the discretion of the investment adviser depending on

the circumstances; however, under normal circumstances, generally between 90% and 100% of cash inflows will be allocated to the core investment style.We believe that by implementing a core investment style with respect to such assets, the fund may take advantage of investment opportunities in emerging markets that may not fall within the value-oriented investment style previously employed for the fund’s entire portfolio.

The fund will continue to invest in stocks that appear to be undervalued (as measured by their price/earnings ratios), but stocks purchased pursuant to the core investment style may have value and/or growth characteristics. The core investment style portfolio manager employs a “bottom-up” investment approach, which emphasizes individual stock selec-tion.The core investment style stock selection process is designed to produce a diversified portfolio that, relative to the Index, has a below-average price/earnings ratio and an above-average earnings growth trend.

When choosing stocks for the portion of the fund using the value-oriented investment style, we use a research-driven and risk-averse approach.We identify potential investments through extensive quantitative and fundamental research. Emphasizing individual stock selection rather than economic and industry trends, we focus on three key factors: value, business health and business momentum.

Strong Domestic Economies Bolstered the
Emerging Markets

After producing stellar returns over the past five years, emerging equity markets moderated during the reporting period, largely in response to uncertainty surrounding deteriorating economies and a credit crisis in the developed world. However, because many emerging markets have built new industrial infrastructures and increased domestic consumption, they appear to be less sensitive to economic conditions occurring in developed markets.

The Funds 15

DISCUSSION OF FUND PERFORMANCE (continued)

Although the fund participated in the emerging markets’ rise, it lagged its benchmark due to disappointments in several markets. In Taiwan, United Microelectronics and Quanta Computer came under pressure due to weaker customer demand. Among Taiwanese banks, Sinopac Financial’s exposure to structured debt overshadowed stronger brokerage operations. In South Korea, banks such as Kookmin Bank and Korea Exchange Bank generally faltered amid speculation that the government would increase the general provision threshold for loans. Retailer Lotte Shopping suffered as a result of slower consumer spending. In Brazil, the fund’s limited exposure to richly valued metals-and-mining stocks hindered its relative performance.

The fund achieved better results in India, Russia and Malaysia. The State Bank of India gained value as local interest rates appeared to peak while credit demand and economic forecasts remain above trend. In addition, Indian oil refiners BPCL and HPCL advanced on rumors of a significant gasoline price increase. The fund fared well in Russia, largely through underweighted positions in oil and gas companies that retreated in early 2008. Malaysia’s stock market rallied when the government adopted plans to expand investments in infrastructure projects and public works. In addition, Malaysian planta-

tion owner Sime Darby gained value due to higher demand for palm oil as an alternative energy source.

Emerging Markets in Transition

Since November 2007, we have seen a considerable shift in the emerging markets as investors responded to developments in other parts of the world. As of the reporting period’s end, the emerging markets appear to be in a transition phase.While it is possible for the markets’ recently stellar returns to continue or for sharp price declines to occur, it seems more likely to us that broad rotations within the market may lead to more normalized returns. In our judgment, the fund’s current tilt toward smaller companies we believe are attractively valued positions it well for a more moderate investment environment.

March 17, 2008

1    Total return includes reinvestment of dividends and any capital gains paid. 
    Past performance is no guarantee of future results. Share price and investment 
    return fluctuate such that upon redemption, fund shares may be worth more or 
    less than their original cost. 
2    SOURCE: LIPPER INC. — Reflects reinvestment of gross dividends and, 
    where applicable, capital gain distributions.The Morgan Stanley Capital 
    International Emerging Markets Index is a market capitalization-weighted index 
    composed of companies representative of the market structure of 26 emerging 
    market countries in Europe, Latin America and the Pacific Basin. Index return 
    does not reflect fees and expenses associated with operating a mutual fund. 

16

DISCUSSION OF 
FUND PERFORMANCE 

For the period of September 1, 2007, through February 29,
2008, as provided by Sean P. Fitzgibbon and John F.
Flahive, Portfolio Managers

Fund and Market Performance Overview

For the six-month period ended February 29, 2008, BNY Mellon Balanced Fund’s Class M shares produced a total return of –1.57% and Investor shares produced –1.73% .1 In comparison, the fund’s benchmark, a blended index composed of 60% Standard & Poor’s 500 Composite Stock Price Index (“S&P 500 Index”) and 40% Lehman Brothers U.S. Aggregate Index, produced a –3.01% total return for the same period.2 Separately, the S&P 500 Index and the Lehman Brothers U.S. Aggregate Index produced total returns of –8.79% and 5.67%, respectively, for the same period.

Stocks and many sectors of the bond market suffered during the reporting period amid an intensifying credit crisis and U.S. economic slowdown. Riskier asset classes were particularly hard hit, while U.S.Treasury securities fared relatively well.The fund outperformed its blended benchmark, primarily due to our stock selection strategy and a defensive fixed-income posture.

The Fund’s Investment Approach

The fund seeks long-term growth of principal in conjunction with current income. To pursue its goal, the fund may invest in equity securities, income producing bonds, Mellon Small Cap Stock Fund, Mellon Mid Cap Stock Fund, Mellon International Fund and Mellon Emerging Markets Fund (collectively, the “Mellon Funds”).The fund has established target allocations of 60% to equity securities and 40% to bonds and money market instruments.The fund may deviate from these targets within ranges of 15% above or below the target amount. The fund’s investments in each of the Mellon Funds are subject to a separate limit of 20% of the fund’s total assets, as is the fund’s investment in money market instruments.

In the fund’s equity portfolio, individual stocks are chosen using a computer model, fundamental analysis and risk management techniques. Our computer model identifies and ranks stocks within each industry or sector based on value, earnings growth and the financial health of the company.

In the fund’s fixed-income portfolio, investments in debt securities must be of investment-grade quality at the time of purchase3 or, if unrated, deemed of comparable quality by the investment adviser. Generally, the fund’s average effective portfolio duration of bonds will not exceed eight years.We choose debt securities based on their yields, credit quality, the level of interest rates and inflation, general economic and financial trends and our outlook for the securities markets.

Stocks and Bonds Suffered in a Credit Crisis

Stocks generally posted negative absolute returns and higher-yielding sectors of the bond market produced lackluster results over the reporting period due to a sharp downturn in the U.S. economy and an intensifying credit crunch stemming from turmoil among sub-prime mortgages. Declining housing values, surging energy and food prices and slower consumer spending weighed on investor psychology. However, the ensuing “flight to quality” supported greater demand for U.S. Treasury securities, which gained value for the fund and its fixed-income benchmark.

Stock and Bond Portfolios Bolstered Relative
Performance

Technology stocks ranked among the stronger contributors to the fund’s relative performance. Weakening business momentum led us to reduce the fund’s exposure to the technology sector over the reporting period, enabling the fund to avoid the brunt of its weakness. In the energy sector, the fund benefited from independent oil and gas producers, such as XTO Energy and Chesapeake Energy, which rose in

The Funds 17

DISCUSSION OF FUND PERFORMANCE (continued)

response to soaring oil prices. The fund also achieved strong results from consumer discretionary companies experiencing turnarounds, such as retailers The Gap and The TJX Companies, while avoiding those with greater sensitivity to consumer spending. In the hard-hit financials sector, the fund avoided many of the companies most undermined by exposure to sub-prime mortgages. The health care sector was the fund’s only significantly underperforming sector, largely due to disappointing clinical trials of a cholesterol drug from pharmaceutical giants Merck & Co. and Schering-Plough.

Among the fund’s allocation to bonds, a generally neutral sector allocation strategy enabled the fund to participate fully in the strength of U.S.Treasury securities.We also focused on higher-quality securities in other areas, including investment-grade corporate bonds and highly rated mortgage-backed “pass-through” securities that held up relatively well during the downturn. The fund held no sub-prime or “Alt-A” mortgage-backed securities, which were at the epicenter of the credit crisis. Our interest-rate strategies also added value as yield differences narrowed along the bond market’s maturity range. Relatively short durations among corporate bonds and slightly long durations among U.S. Treasury

securities boosted the fund’s exposure to the stronger-performing segments of each market.

Maintaining Caution in Volatile Markets

As of the reporting period’s end, the U.S. economy has continued to deteriorate and the credit crisis has intensi-fied.Therefore, we have maintained defensive investment postures in the fund’s stock and bond portfolios. While we have begun to find value-oriented opportunities in both markets, we have held off on taking advantage of them until we see more convincing evidence that the worst of the downturn is behind us.

March 17, 2008

1    Total return includes reinvestment of dividends and any capital gains paid. 
    Past performance is no guarantee of future results. Share price and investment 
    return fluctuate such that upon redemption, fund shares may be worth more or 
    less than their original cost. 
2    SOURCE: LIPPER INC. — Reflects reinvestment of dividends and, where 
    applicable, capital gain distributions.The Standard & Poor’s 500 Composite 
    Stock Price Index is a widely accepted, unmanaged index of U.S. stock market 
    performance.The Lehman Brothers U.S.Aggregate Index is a widely accepted, 
    unmanaged total return index of corporate, U.S. government and U.S. 
    government agency debt instruments, mortgage-backed securities and asset- 
    backed securities with an average maturity of 1-10 years.The indices’ returns 
    do not reflect the fees and expenses associated with operating a mutual fund. 
3    The fund may continue to own investment-grade bonds (at the time of 
    purchase), which are subsequently downgraded to below 

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 redemptions fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial adviser.

Review your fund’s expenses

The table below shows the expenses you would have paid on a $1,000 investment in each class of each BNY Mellon equity fund from September 1, 2007 to February 29, 2008. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.

† Expenses are equal to the BNY Mellon Large Cap Stock Fund’s annualized expense ratio of .79% for Class M and 1.04% for Investor Shares, BNY Mellon Income Stock 
Fund .84% for Class M and 1.10% for Investor Shares, BNY Mellon Mid Cap Stock Fund .90% for Class M, 1.16% for Investor Shares and 1.91% for Dreyfus Premier 
Shares, BNY Mellon Small Cap Stock Fund 1.00% for Class M and 1.27% for Investor Shares, BNY Mellon U.S. Core Equity 130/30 Fund 1.56% for Class M and 
2.24% for Investor Shares, BNY Mellon International Fund 1.10% for Class M and 1.35% for Investor Shares, BNY Mellon Emerging Markets Fund 1.52% for Class M and 
1.77% for Investor Shares and BNY Mellon Balanced Fund .57% for Class M and .90% for Investor Shares, multiplied by the respective fund's average account value over the 
period, multiplied by 182/366 (to reflect the one-half year period). 

The Funds 19

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 are equal to the BNY Mellon Large Cap Stock Fund’s annualized expense ratio of .79% for Class M and 1.04% for Investor Shares, BNY Mellon Income Stock 
Fund .84% for Class M and 1.10% for Investor Shares, BNY Mellon Mid Cap Stock Fund .90% for Class M, 1.16% for Investor Shares and 1.91% for Dreyfus Premier 
Shares, BNY Mellon Small Cap Stock Fund 1.00% for Class M and 1.27% for Investor Shares, BNY Mellon U.S. Core Equity 130/30 Fund 1.56% for Class M and 
2.24% for Investor Shares, BNY Mellon International Fund 1.10% for Class M and 1.35% for Investor Shares, BNY Mellon Emerging Markets Fund 1.52% for Class M and 
1.77% for Investor Shares and BNY Mellon Balanced Fund .57% for Class M and .90% for Investor Shares, multiplied by the respective fund's average account value over the 
period, multiplied by 182/366 (to reflect the one-half year period). 

20

STATEMENT OF INVESTMENTS     
February 29, 2008 (Unaudited)     

BNY Mellon Large Cap Stock Fund                 
Common Stocks—99.4%    Shares    Value ($)        Shares    Value ($) 
Consumer Discretionary—10.4%        Financial (continued)         
Apollo Group, Cl. A    243,730 a,b    14,960,147    Citigroup    499,699    11,847,863 
Best Buy    330,080 a    14,196,741    CME Group    37,880    19,443,804 
Discovery Holding, Cl. A    372,920 b    8,416,804    Goldman Sachs Group    155,280    26,340,146 
Gap    838,040    16,903,267    JPMorgan Chase & Co.    1,057,286    42,978,676 
Johnson Controls    385,470 a    12,666,544    MetLife    494,880    28,831,709 
McDonald’s    196,500    10,632,615    Morgan Stanley    383,610    16,157,653 
News, Cl. B    1,220,960 a    23,332,546    PNC Financial         
NIKE, Cl. B    148,990    8,969,198    Services Group    235,160    14,445,879 
Omnicom Group    624,950    27,916,517    State Street    220,560    17,324,988 
Ross Stores    277,510    7,728,653    U.S. Bancorp    558,400    17,879,968 
Starwood Hotels            Wells Fargo & Co.    825,240 a    24,121,765 
& Resorts Worldwide    287,600    13,612,108            303,802,235 
TJX Cos.    504,080 a    16,130,560    Health Care—12.3%         
Viacom, Cl. B    306,010 b    12,163,897    Baxter International    385,490    22,751,620 
        187,629,597    Becton, Dickinson & Co.    131,080    11,852,254 
Consumer Staples—10.8%            CIGNA    335,880    14,973,530 
Altria Group    544,760    39,843,746    Covidien    212,490    9,092,447 
Coca-Cola Enterprises    659,830    16,119,647    Hospira    382,500 b    16,279,200 
ConAgra Foods    647,780    14,315,938    Johnson & Johnson    468,000    28,997,280 
CVS Caremark    743,200    30,010,416    Medtronic    315,840    15,589,862 
Kroger    938,810    22,766,143    Merck & Co.    659,320    29,207,876 
PepsiCo    191,847    13,344,877    Pfizer    1,129,670    25,169,048 
Procter & Gamble    1    66    Schering-Plough    689,190    14,955,423 
SUPERVALU    354,490    9,305,362    St. Jude Medical    259,260 b    11,142,995 
SYSCO    320,800    9,001,648    Thermo Fisher Scientific    395,790 b    22,136,535 
Wal-Mart Stores    803,314    39,836,341            222,148,070 
        194,544,184    Industrial—12.4%         
Energy—13.0%            Cooper Industries, Cl. A    195,740 a    8,207,378 
Anadarko Petroleum    179,560    11,445,154    Eaton    256,180    20,655,793 
Chesapeake Energy    560,620    25,351,236    Emerson Electric    403,220    20,548,091 
Chevron    363,130    31,468,846    General Electric    1,323,246    43,852,372 
ConocoPhillips    601,440    49,745,102    Goodrich    250,490    14,836,523 
ENSCO International    382,390 a    22,882,218    L-3 Communications Holdings    248,390    26,401,373 
Hess    262,700    24,478,386    Lockheed Martin    174,900    18,049,680 
Marathon Oil    336,930    17,911,199    Terex    183,810 b    12,397,985 
National Oilwell Varco    202,670 a,b    12,626,341    Textron    396,520    21,479,488 
Valero Energy    145,470    8,403,802    Tyco International    544,370    21,807,462 
XTO Energy    481,075    29,687,138    United Technologies    149,670    10,553,232 
        233,999,422    US Airways Group    438,680 b    5,439,632 
Financial—16.8%                    224,229,009 
American International Group    500,930    23,473,580    Information Technology—13.6%     
Bank of America    920,155 a    36,566,960    Accenture, Cl. A    266,530    9,395,182 
Chubb    479,160    24,389,244    Amphenol, Cl. A    231,310    8,551,531 

The Funds 21

ADR—American Depository Receipts 
a All or a portion of these securities are on loan.At February 29, 2008, the total market value of the fund’s securities on loan is $52,356,262 and the total market value of the
collateral held by the fund is $56,817,266. 
b Non-income producing security. 
c Investment in affiliated money market mutual fund. 

Portfolio Summary (Unaudited)    †             
 
        Value (%)        Value (%) 
Financial        16.8    Consumer Discretionary    10.4 
Information Technology        13.6    Money Market Investments    4.9 
Energy        13.0    Materials    3.7 
Industrial        12.4    Telecommunication Services    3.2 
Health Care        12.3    Utilities    3.2 
Consumer Staples        10.8        104.3 

† Based on net assets. 
See notes to financial statements. 

  22
STATEMENT OF INVESTMENTS     
February 29, 2008 (Unaudited)     

BNY Mellon Income Stock Fund                 
Common Stocks—100.0%    Shares    Value ($)        Shares    Value ($) 
Banking—3.2%            Financial (continued)         
Bank of America    213,588    8,487,987    Freddie Mac    22,780    573,600 
Consumer Discretionary—8.3%            Genworth Financial, Cl. A    56,900    1,318,942 
Johnson Controls    47,430    1,558,550    Goldman Sachs Group    14,490    2,457,939 
Lowe’s Cos.    54,200    1,299,174    Invesco    57,880 b    1,482,306 
Macy’s    42,110    1,039,275    JPMorgan Chase & Co.    185,749    7,550,697 
McDonald’s    26,940    1,457,723    Lincoln National    86,210    4,406,193 
News, Cl. A    396,910    7,307,113    Merrill Lynch & Co.    50,970 b    2,526,073 
Omnicom Group    114,710    5,124,096    Morgan Stanley    36,170    1,523,480 
TJX Cos.    73,910    2,365,120    PNC Financial Services Group    35,390    2,174,008 
Viacom, Cl. B    37,230 a    1,479,893    Principal Financial Group    33,200 b    1,833,636 
        21,630,944    Prudential Financial    22,490 b    1,641,095 
Consumer Staples—11.4%            State Street    35,980 b    2,826,229 
Altria Group    136,610    9,991,655    T. Rowe Price Group    26,640    1,346,119 
Cadbury Schweppes, ADR    81,320    3,647,202    Travelers Cos.    61,331    2,846,372 
Coca-Cola    22,850    1,335,811    U.S. Bancorp    58,286    1,866,318 
CVS Caremark    77,070    3,112,087    Wachovia    44,540    1,363,815 
Kraft Foods, Cl. A    149,930    4,673,318    Wells Fargo & Co.    177,340 b    5,183,648 
Procter & Gamble    75,950    5,026,371            59,501,376 
Wal-Mart Stores    40,940    2,030,215    Health Care—9.0%         
        29,816,659    Abbott Laboratories    134,240    7,188,552 
Energy—16.1%            Baxter International    60,550    3,573,661 
Chevron    69,486    6,021,657    Merck & Co.    120,470    5,336,821 
Devon Energy    67,080    6,890,458    Pfizer    141,018    3,141,881 
EOG Resources    18,640    2,217,974    Wyeth    96,629    4,214,957 
Exxon Mobil    97,946    8,522,281            23,455,872 
Marathon Oil    75,250    4,000,290    Industrial—8.4%         
Occidental Petroleum    82,370    6,372,967    Eaton    37,830    3,050,233 
Schlumberger    17,520    1,514,604    Emerson Electric    50,280    2,562,269 
Valero Energy    25,200    1,455,804    General Electric    210,912    6,989,624 
XTO Energy    80,687    4,979,195    Honeywell International    61,040    3,512,242 
        41,975,230    United Technologies    38,906    2,743,262 
Financial—22.7%            Waste Management    98,630    3,238,023 
American International Group    99,470    4,661,164            22,095,653 
Ameriprise Financial    27,100    1,372,344    Information Technology—5.2%         
Capital One Financial    17,507 b    805,847    Accenture, Cl. A    42,980    1,515,045 
Chubb    40,750    2,074,175    Automatic Data Processing    70,950    2,834,453 
Citigroup    198,455    4,705,368    Cisco Systems    90,830 a    2,213,527 
Fannie Mae    47,060    1,301,209    Hewlett-Packard    29,700    1,418,769 
Fidelity National Financial, Cl. A    94,310    1,660,799    Intel    67,420    1,345,029 

The Funds 23

STATEMENT OF INVESTMENTS (Unaudited) (continued)

BNY Mellon Income Stock Fund (continued)             
Common Stocks (continued)    Shares    Value ($)        Shares    Value ($) 
Information Technology (continued)                Utilities (continued)         
International Business Machines    13,420        1,528,001    FPL Group    56,660    3,416,031 
Microsoft    46,660        1,270,085    NRG Energy    82,910 a,b    3,421,696 
QUALCOMM    33,000        1,398,210    Southern    105,270 b    3,634,973 
            13,523,119            19,747,305 
Materials—2.3%                Total Common Stocks         
Air Products & Chemicals    16,100        1,470,413    (cost $231,673,206)        261,448,790 
Dow Chemical    44,170        1,664,767    Investment of Cash Collateral     
Freeport-McMoRan Copper & Gold    20,060 b      2,023,252    for Securities Loaned—7.9%     
Monsanto    6,750        780,840    Registered Investment Company;     
            5,939,272    Dreyfus Institutional Cash     
Telecommunication Services—5.8%                Advantage Plus Fund         
AT & T    285,215        9,934,038    (cost $20,579,864)    20,579,864 c    20,579,864 
Verizon Communications    120,881        4,390,398             
                Total Investments         
Windstream    80,862        950,937    (cost $252,253,070)    107.9%    282,028,654 
            15,275,373             
Utilities—7.6%                Liabilities, Less Cash         
                and Receivables    (7.9%)    (20,533,073) 
Entergy    40,630        4,174,326             
Exelon    68,140        5,100,279    Net Assets    100.0%    261,495,581 

ADR—American Depository Receipts 
a Non-income producing security. 
b All or a portion of these securities are on loan.At February 29, 2008, the total market value of the fund’s securities on loan is $19,177,554 and the total market value of the 
collateral held by the fund is $20,579,864. 
c Investment in affiliated money market mutual fund. 

Portfolio Summary (Unaudited) †         
 
    Value (%)        Value (%) 
Financial    22.7    Utilities    7.6 
Energy    16.1    Telecommunication Services    5.8 
Consumer Staples    11.4    Information Technology    5.2 
Health Care    9.0    Banking    3.2 
Industrial    8.4    Materials    2.3 
Consumer Discretionary    8.3         
Money Market Investment    7.9        107.9 

† Based on net assets. 
See notes to financial statements. 

  24
STATEMENT OF OPTIONS WRITTEN         
February 29, 2008 (Unaudited)         

    Face Amount     
    Covered by     
BNY Mellon Income Stock    Contracts (S)    Value ($) 
Call Options:         
Exxon Mobil, April 2008 @ 90    97,000    (213,400) 
Verizon Communications, March 2008 @ 40    12,800    (1,536) 
Verizon Communications, April 2008 @ 40    108,000    (39,960) 
(Premiums received $215,111)        (254,896) 

See notes to financial statements. 

The Funds 25

STATEMENT OF INVESTMENTS     
February 29, 2008 (Unaudited)     

BNY Mellon Mid Cap Stock Fund                 
 
Common Stocks—98.5%    Shares    Value ($)        Shares    Value ($) 
Consumer Discretionary—13.1%        Energy (continued)         
Abercrombie & Fitch, Cl. A    104,300    8,086,379    Frontier Oil    160,700    5,738,597 
Apollo Group, Cl. A    68,610 a,b    4,211,282    Newfield Exploration    154,160 a,b    8,537,381 
Children’s Place Retail Stores    360,200 a,b    7,693,872    Oceaneering International    119,750 b    7,185,000 
Darden Restaurants    463,000    14,274,290    PetroHawk Energy    501,500 b    9,067,120 
Dick’s Sporting Goods    395,800 a,b    10,916,164    Plains Exploration & Production    164,800 a,b    8,899,200 
Dollar Tree Stores    435,600 b    11,687,148    Quicksilver Resources    381,200 b    13,113,280 
Focus Media Holding, ADR    165,700 b    8,346,309    Range Resources    176,800 a    10,816,624 
Gentex    587,110 a    9,464,213    Southwestern Energy    395,600 b    25,804,988 
Gildan Activewear    321,500 b    12,123,765    Superior Energy Services    288,500 b    11,739,065 
ITT Educational Services    41,900 a,b    2,313,718            174,800,517 
Life Time Fitness    379,300 a,b    11,022,458    Financial—14.8%         
MDC Holdings    120,200    5,033,976    AllianceBernstein Holding    104,400    6,478,020 
New Oriental Education &            Allied World         
Technology Group, ADR    140,100 b    8,735,235    Assurance Holdings    158,100    6,885,255 
O’Reilly Automotive    287,800 a,b    7,759,088    AMB Property    168,900 a    8,475,402 
Penn National Gaming    180,100 a,b    8,253,983    Annaly Capital Management    448,300    9,275,327 
Phillips-Van Heusen    253,500 a    9,255,285    Astoria Financial    289,550 a    7,577,523 
Ryland Group    192,310 a    5,440,450    Bank of Hawaii    235,300 a    11,299,106 
Saks    499,700 a,b    7,775,332    Digital Realty Trust    285,100 a    10,235,090 
Scientific Games, Cl. A    345,200 a,b    7,135,284    E*TRADE FINANCIAL    775,700 a,b    3,312,239 
Tenneco    176,100 b    4,446,525    FCStone Group    181,400 a,b    8,460,496 
Texas Roadhouse, Cl. A    512,900 a,b    4,769,970    Federated Investors, Cl. B    174,820 a    7,094,196 
Thor Industries    303,890 a    9,262,567    FelCor Lodging Trust    395,901    4,996,271 
Tupperware Brands    355,700 a    12,975,936    Fidelity National         
Urban Outfitters    495,970 a,b    14,274,017    Financial, Cl. A    537,700    9,468,897 
        205,257,246    First Industrial Realty Trust    177,800 a    5,401,564 
Consumer Staples—2.7%            Hudson City Bancorp    489,600    7,769,952 
Clorox    118,400    6,889,696    IntercontinentalExchange    64,900 a,b    8,456,470 
Energizer Holdings    128,400 b    11,919,372    Nationwide Health Properties    377,400 a    11,446,542 
Hansen Natural    296,590 a,b    12,308,485    New York Community Bancorp    924,800    15,101,984 
Smithfield Foods    425,000 a,b    11,708,750    Old Republic International    857,860    11,769,839 
        42,826,303    Rayonier    326,186 a    13,879,214 
Energy—11.2%            Reinsurance Group of America    156,500 a    8,562,115 
Arch Coal    119,900 a    6,125,691    Synovus Financial    1,072,000 a    12,360,160 
Cameron International    197,830 b    8,403,818    Taubman Centers    143,300 a    6,985,875 
Consol Energy    148,210    11,260,996    Validus Holdings    492,900 a    12,243,636 
Denbury Resources    581,900 a,b    18,556,791    W.R. Berkley    430,950 a    12,407,050 
Dril-Quip    129,100 a,b    6,039,298    Waddell & Reed         
FMC Technologies    191,400 a,b    10,844,724    Financial, Cl. A    345,500    10,827,970 
Forest Oil    256,800 a,b    12,667,944            230,770,193 

26

BNY Mellon Mid Cap Stock Fund (continued)             
 
Common Stocks (continued)    Shares    Value ($)        Shares    Value ($) 
Health Care—13.4%            Industrial (continued)         
Barr Pharmaceuticals    185,900 b    8,765,185    Textron    173,400    9,393,078 
C.R. Bard    93,800 a    8,891,302    URS    309,330 b    12,459,812 
Cephalon    223,900 a,b    13,510,126            236,228,426 
Community Health Systems    374,900 a,b    11,648,143    Information Technology—12.9%     
Covance    155,650 b    13,138,416    Activision    418,200 b    11,395,950 
Dentsply International    393,630    15,367,315    Akamai Technologies    181,300 a,b    6,374,508 
Health Net    332,900 b    14,627,626    Alliance Data Systems    293,300 a,b    14,849,779 
Henry Schein    132,430 a,b    7,921,963    Amphenol, Cl. A    514,020    19,003,319 
Hologic    336,004 a,b    20,264,401    Atheros Communications    283,900 a,b    6,904,448 
Intuitive Surgical    46,400 b    13,081,088    Avnet    335,400 a,b    11,306,334 
Invitrogen    158,710 a,b    13,409,408    CommScope    275,800 a,b    11,550,504 
Millennium Pharmaceuticals    1,020,100 a,b    14,271,199    Cypress Semiconductor    426,100 a,b    9,263,414 
Owens & Minor    173,010    7,434,240    DST Systems    177,200 a,b    12,450,072 
Pediatrix Medical Group    131,430 b    8,675,694    Equinix    60,100 a,b    4,167,935 
Perrigo    341,550 a    11,414,601    FactSet Research Systems    65,620 a    3,454,237 
Pharmaceutical Product Development    342,600 a    15,440,982    Global Payments    300,500 a    11,920,835 
WellCare Health Plans    224,100 a,b    10,698,534    Harris    333,900    16,304,337 
        208,560,223    McAfee    471,600 b    15,690,132 
Industrial—15.1%            National Semiconductor    376,600    6,202,602 
AGCO    250,860 b    16,270,780    NCR    283,800 a,b    6,289,008 
Alliant Techsystems    112,700 a,b    11,826,738    Synopsys    486,300 b    11,287,023 
AMETEK    319,750    13,618,153    Western Digital    511,500 a,b    15,790,005 
BE Aerospace    281,700 b    9,662,310    Wright Express    270,400 a,b    7,825,376 
Brink’s    199,300    13,339,149            202,029,818 
Chicago Bridge & Iron            Materials—7.0%         
(NY Shares)    190,760    8,874,155    Airgas    281,600    13,682,944 
Con-way    132,400    5,999,044    Albemarle    309,800    11,753,812 
Corrections Corp. of America    454,700 b    12,213,242    Carpenter Technology    179,800    11,296,834 
Dun & Bradstreet    125,900    10,996,106    Celanese, Ser. A    260,100 a    10,117,890 
Equifax    191,100 a    6,539,442    CF Industries Holdings    130,500    15,931,440 
Flowserve    180,800    19,689,120    Cleveland-Cliffs    142,000 a    16,963,320 
Goodrich    97,400    5,769,002    Martin Marietta Materials    62,590 a    6,734,684 
Lincoln Electric Holdings    63,160    4,240,562    Pactiv    284,300 b    7,198,476 
Manitowoc    183,290 a    7,467,235    Steel Dynamics    142,030 a    8,274,668 
Quanta Services    232,000 a,b    5,540,160    Terra Industries    150,300 a,b    6,795,063 
Republic Services    511,280    15,609,378            108,749,131 
Rockwell Collins    132,700    7,816,030    Telecommunication Services—1.0%     
Roper Industries    250,900 a    14,150,760    NII Holdings    204,200 b    8,112,866 
SPX    158,900    16,255,470    SBA Communications, Cl. A    243,000 b    7,545,150 
Terex    126,000 a,b    8,498,700            15,658,016 

The Funds 27

STATEMENT OF INVESTMENTS (Unaudited) (continued)

ADR—American Depository Receipts 
a All or a portion of these securities are on loan.At February 29, 2008, the total market value of the fund’s securities on loan is $372,408,903 and the total market value of the 
collateral held by the fund is $395,495,248, consisting of cash collateral of $395,318,548 and U.S. Government and agency securities valued at $176,700. 
b Non-income producing security. 
c Investment in affiliated money market mutual fund. 

Portfolio Summary (Unaudited) †         
 
    Value (%)        Value (%) 
Money Market Investments    27.1    Energy    11.2 
Industrial    15.1    Utilities    7.3 
Financial    14.8    Materials    7.0 
Health Care    13.4    Consumer Staples    2.7 
Consumer Discretionary    13.1    Telecommunication Services    1.0 
Information Technology    12.9        125.6 

† Based on net assets. 
See notes to financial statements. 

28

STATEMENT OF INVESTMENTS     
February 29, 2008 (Unaudited)     

BNY Mellon Small Cap Stock Fund                 
 
Common Stocks—94.2%    Shares    Value ($)        Shares    Value ($) 
Consumer Discretionary—12.8%        Energy (continued)         
Aeropostale    106,900 a    2,871,334    Helix Energy Solutions Group    88,500 a,b    3,116,970 
BJ’s Restaurants    120,000 a,b    1,627,200    ION Geophysical    359,600 a,b    4,779,084 
Children’s Place Retail Stores    128,600 a,b    2,746,896    Massey Energy    94,200 b    3,604,092 
Coldwater Creek    445,200 a,b    2,461,956    Matrix Service    187,600 a    3,815,784 
Deckers Outdoor    41,700 a,b    4,613,688    Oceaneering International    107,000 a    6,420,000 
DeVry    59,600 b    2,618,824    Patriot Coal    66,900 a,b    3,592,530 
Exide Technologies    445,700 a,b    4,555,054    St. Mary Land & Exploration    74,990    2,765,631 
Fossil    165,900 a,b    5,338,662    Tetra Technologies    82,900 a,b    1,424,222 
Gaylord Entertainment    69,600 a,b    2,094,264    Unit    109,030 a    6,013,004 
Iconix Brand Group    233,500 a,b    4,852,130    W-H Energy Services    38,000 a,b    2,389,060 
INVESTools    221,000 a,b    2,556,970    Willbros Group    116,900 a,b    4,004,994 
Jack in the Box    152,600 a    4,008,802            58,593,346 
Life Time Fitness    160,600 a,b    4,667,036    Financial—12.4%         
LKQ    144,900 a,b    3,077,676    AmTrust Financial Services    181,800    3,036,060 
MDC Holdings    61,600    2,579,808    Aspen Insurance Holdings    203,100    5,877,714 
Men’s Wearhouse    59,100 b    1,361,664    Astoria Financial    191,750    5,018,097 
Morgans Hotel Group    156,800 a,b    2,405,312    Bank of Hawaii    65,100 b    3,126,102 
New Oriental Education &            E*TRADE FINANCIAL    593,700 a,b    2,535,099 
Technology Group, ADR    42,700 a    2,662,345    East West Bancorp    113,900 b    2,142,459 
Phillips-Van Heusen    62,800 b    2,292,828    Entertainment Properties Trust    32,000 b    1,499,840 
Ryland Group    62,800 b    1,776,612    Essex Property Trust    27,400 b    2,878,096 
Tupperware Brands    190,700 b    6,956,736    FCStone Group    79,300 a,b    3,698,552 
Vail Resorts    102,300 a,b    4,629,075    FelCor Lodging Trust    282,020 b    3,559,092 
WMS Industries    146,300 a,b    5,555,011    First Midwest Bancorp    81,940 b    2,134,537 
        78,309,883    Investment Technology Group    81,300 a,b    3,786,954 
Consumer Staples—5.2%            Kilroy Realty    38,800 b    1,840,284 
Boston Beer, Cl. A    87,200 a,b    3,109,552    Lexington Realty Trust    73,800 b    1,067,886 
Chattem    87,700 a,b    6,831,830    National Retail Properties    243,800 b    5,046,660 
Chiquita Brands International    301,500 a,b    6,171,705    Philadelphia Consolidated Holding    60,500 a    2,052,160 
Darling International    198,800 a,b    2,763,320    Senior Housing Properties Trust    83,400 b    1,773,918 
Flowers Foods    87,200 b    1,975,952    Signature Bank    147,840 a,b    3,917,760 
Hain Celestial Group    41,900 a,b    1,131,300    StanCorp Financial Group    68,850 b    3,379,847 
Herbalife    79,100    3,308,753    Susquehanna Bancshares    169,900 b    3,379,311 
Ralcorp Holdings    31,500 a,b    1,746,675    Texas Capital Bancshares    222,600 a,b    3,330,096 
TreeHouse Foods    144,200 a,b    3,196,914    Trustco Bank    317,300 b    2,744,645 
United Natural Foods    101,700 a,b    1,720,764    UCBH Holdings    277,400 b    3,131,846 
        31,956,765    Washington Federal    134,300 b    3,048,610 
Energy—9.6%            Whitney Holding    68,100 b    1,635,081 
Atwood Oceanics    36,800 a,b    3,425,712            75,640,706 
Cabot Oil & Gas    126,200    6,278,450    Health Care—10.7%         
Forest Oil    79,100 a    3,902,003    Alpharma, Cl. A    137,100 a,b    3,452,178 
Foundation Coal Holdings    53,000    3,061,810    Amedisys    28,000 a    1,197,840 

The Funds 29

STATEMENT OF INVESTMENTS (Unaudited) (continued)

BNY Mellon Small Cap Stock Fund (continued)             
 
Common Stocks (continued)    Shares    Value ($)        Shares    Value ($) 
Health Care (continued)            Industrial (continued)         
American Medical Systems Holdings    78,700 a,b    1,148,233    Manitowoc    68,820 b    2,803,727 
AMERIGROUP    61,300 a,b    2,206,800    Shaw Group    117,290 a,b    7,551,130 
AmSurg    175,100 a,b    4,218,159    Taser International    169,300 a,b    1,908,011 
ArthroCare    33,700 a,b    1,353,055    Teledyne Technologies    37,230 a,b    1,653,012 
Chemed    31,500    1,502,865    Toro    53,600 b    2,582,448 
Dionex    19,200 a    1,417,344    United Stationers    50,900 a,b    2,512,424 
Haemonetics    27,100 a    1,574,510    URS    130,270 a,b    5,247,276 
Healthways    40,000 a,b    1,374,000    Waste Connections    180,900 a,b    5,492,124 
IDEXX Laboratories    65,880 a,b    3,654,364    Watson Wyatt Worldwide, Cl. A    104,300 b    5,533,115 
Immucor    76,000 a,b    2,264,800            93,596,862 
Inventiv Health    139,100 a,b    4,423,380    Information Technology—15.9%         
Lifecell    40,100 a,b    1,618,035    Anixter International    37,360 a,b    2,442,970 
Meridian Bioscience    54,900 b    1,881,423    ANSYS    166,060 a,b    6,205,662 
Merit Medical Systems    216,400 a    3,429,940    Arris Group    227,800 a,b    1,309,850 
Owens & Minor    162,600    6,986,922    Atheros Communications    79,840 a,b    1,941,709 
Pediatrix Medical Group    165,400 a    10,918,054    Blackbaud    175,100    4,577,114 
Regeneron Pharmaceuticals    67,900 a,b    1,342,383    Blue Coat Systems    45,500 a,b    1,068,340 
Sunrise Senior Living    51,500 a,b    1,410,070    Brightpoint    329,460 a,b    3,406,616 
WellCare Health Plans    103,400 a,b    4,936,316    Checkpoint Systems    120,800 a    2,923,360 
West Pharmaceutical Services    72,900    3,010,770    Comtech Telecommunications    94,500 a,b    4,099,410 
        65,321,441    Concur Technologies    53,100 a    1,552,644 
Index—.8%            Equinix    37,800 a,b    2,621,430 
iShares Nasdaq Biotechnology            FactSet Research Systems    41,050 b    2,160,872 
Index Fund    61,100 b    4,658,264    FLIR Systems    144,000 a,b    4,098,240 
Industrial—15.4%            Harmonic    306,500 a    2,730,915 
Acuity Brands    98,900 b    4,392,149    Informatica    358,200 a,b    6,254,172 
Alaska Air Group    105,400 a,b    2,571,760    Itron    88,100 a,b    8,398,573 
AZZ    58,100 a    2,057,902    j2 Global Communications    58,200 a,b    1,252,464 
Barnes Group    107,000 b    2,433,180    JDA Software Group    163,100 a,b    2,784,117 
BE Aerospace    74,000 a    2,538,200    ManTech International, Cl. A    92,900 a    4,095,032 
Brady, Cl. A    66,700 b    2,039,686    Micros Systems    76,600 a    2,454,264 
Corrections Corp. of America    123,700 a    3,322,582    Microsemi    218,900 a,b    4,761,075 
Curtiss-Wright    97,300 b    4,092,438    Moog, Cl. A    48,100 a,b    1,974,024 
DRS Technologies    59,500 b    3,337,355    Net 1 UEPS Technologies    116,800 a,b    3,398,880 
EMCOR Group    111,100 a,b    2,676,399    Skyworks Solutions    653,600 a,b    5,398,736 
EnPro Industries    108,000 a,b    3,189,240    Synaptics    73,000 a,b    1,955,670 
FTI Consulting    53,500 a    3,397,250    THQ    93,600 a,b    1,751,256 
Healthcare Services Group    162,800 b    3,220,184    Trimble Navigation    134,400 a    3,674,496 
Kaydon    98,200 b    4,194,122    Varian Semiconductor         
Kirby    125,000 a    5,635,000    Equipment Associates    89,405 a,b    3,020,101 
Landstar System    66,020    3,062,008    Wright Express    155,440 a,b    4,498,434 
Lennox International    163,500    6,154,140            96,810,426 

30

BNY Mellon Small Cap Stock Fund (continued)             
 
Common Stocks (continued)    Shares    Value ($)        Shares    Value ($) 
Materials—4.4%            Utilities (continued)         
AptarGroup    70,000 b    2,623,600    UGI    242,900    6,220,669 
Century Aluminum    32,000 a,b    2,116,160            33,118,142 
Coeur d’Alene Mines    808,100 a,b    3,895,042    Total Common Stocks         
H.B. Fuller    150,300 b    3,419,325    (cost $569,085,710)        574,224,940 
OM Group    115,500 a,b    6,991,215             
RTI International Metals    29,000 a    1,591,230    Other Investment—4.6%     
Steel Dynamics    60,400 b    3,518,904    Registered Investment Company;     
Texas Industries    41,800 b    2,407,680    Dreyfus Institutional Preferred     
        26,563,156    Plus Money Market Fund     
Telecommunication Services—1.6%            (cost $27,998,000)    27,998,000 c    27,998,000 
Alaska Communications            Investment of Cash Collateral     
Systems Group    455,420 b    5,159,909    for Securities Loaned—35.9%     
SBA Communications, Cl. A    144,800 a,b    4,496,040             
            Registered Investment Company;     
        9,655,949             
            Dreyfus Institutional Cash     
Utilities—5.4%            Advantage Plus Fund         
Atmos Energy    102,100 b    2,654,600    (cost $218,782,655)    218,782,655 c    218,782,655 
Cleco    228,800 b    5,241,808             
El Paso Electric    196,600 a,b    4,022,436    Total Investments         
            (cost $815,866,365)    134.7%    821,005,595 
IDACORP    159,700 b    4,759,060             
ITC Holdings    113,960 b    6,074,068    Liabilities, Less Cash and Receivables (34.7%)    (211,501,605) 
New Jersey Resources    90,100 b    4,145,501    Net Assets    100.0%    609,503,990 

ADR—American Depository Receipts 
a Non-income producing security. 
b All or a portion of these securities are on loan.At Febuary 29, 2008, the total market value of the fund’s securities on loan is $200,007,686 and the total market value of the 
collateral held by the fund is $219,072,755, consisting of cash collateral of $218,782,655 and U.S. Government and agency securities valued at $290,100. 
c Investment in affiliated money market mutual fund. 

Portfolio Summary (Unaudited) †         
 
    Value (%)        Value (%) 
Money Market Investments    40.5    Utilities    5.4 
Information Technology    15.9    Consumer Staples    5.2 
Industrial    15.4    Materials    4.4 
Consumer Discretionary    12.8    Telecommunication Services    1.6 
Financial    12.4    Index    .8 
Health Care    10.7         
Energy    9.6        134.7 

† Based on net assets. 
See notes to financial statements. 

The Funds 31

STATEMENT OF INVESTMENTS     
February 29, 2008 (Unaudited)     

BNY Mellon U.S. Core Equity 130/30 Fund             
Common Stocks—123.3%    Shares    Value ($)        Shares    Value ($) 
Consumer Discretionary—13.9%            Energy (continued)         
Apollo Group, Cl. A    13,530 a    830,471    Unit    12,990 a,b    716,398 
Autoliv    10,960 b    546,904    Valero Energy    17,180 b    992,489 
Best Buy    17,750 b    763,427    XTO Energy    38,657    2,385,523 
Discovery Holding, Cl. A    20,110 a,b    453,883            16,086,312 
Gap    74,540 b    1,503,472    Exchange Traded Funds—4.3%     
Gildan Activewear    18,520 a,b    698,389    Standard & Poor’s Depository         
Johnson Controls    34,960 b    1,148,786    Receipts (Tr. Ser. 1)    32,780    4,386,620 
Marriott International, Cl. A    14,390 b    490,699    Financial—16.9%         
McDonald’s    10,670 b    577,354    American International Group    27,310 b    1,279,747 
News, Cl. A    25,920    477,187    Bank of America    50,410 b    2,003,293 
News, Cl. B    22,830    436,281    Chubb    27,540 b    1,401,786 
O’Reilly Automotive    19,700 a,b    531,112    Citigroup    28,720 b    680,951 
Omnicom Group    40,430 b    1,806,008    CME Group    1,960 b    1,006,068 
Phillips-Van Heusen    5,670 b    207,012    Goldman Sachs Group    8,930 b    1,514,796 
Ross Stores    22,020 b    613,257    JPMorgan Chase & Co.    54,030 b    2,196,319 
TJX Cos.    39,380 b    1,260,160    MetLife    28,450 b    1,657,497 
Viacom, Cl. B    16,890 a    671,377    Moody’s    15,500    588,690 
Walt Disney    36,330 b    1,177,455    Morgan Stanley    20,830 b    877,360 
        14,193,234    PNC Financial Services Group    12,820    787,533 
Consumer Staples—13.8%            State Street    12,420    975,591 
Altria Group    34,260 b    2,505,776    U.S. Bancorp    30,450    975,009 
Cadbury Schweppes, ADR    15,420 b    691,587    Wells Fargo & Co.    46,280    1,352,764 
Coca-Cola Enterprises    39,090 b    954,969            17,297,404 
ConAgra Foods    58,400 b    1,290,640    Health Care—16.1%         
CVS Caremark    55,470 b    2,239,879    Baxter International    31,510 b    1,859,720 
Kroger    48,430 b    1,174,427    Becton, Dickinson & Co.    14,210 b    1,284,868 
Procter & Gamble    16,070 b    1,063,513    Charles River Laboratories         
SUPERVALU    37,620 b    987,525    International    10,660 a,b    624,463 
SYSCO    37,100 b    1,041,026    CIGNA    17,500 b    780,150 
Wal-Mart Stores    43,170 b    2,140,800    Covidien    18,540 b    793,327 
        14,090,142    Gilead Sciences    19,490 a,b    922,267 
Energy—15.7%            Hospira    41,650 a,b    1,772,624 
Anadarko Petroleum    8,330 b    530,954    Invitrogen    7,530 a,b    636,210 
Chesapeake Energy    29,350 b    1,327,207    Johnson & Johnson    16,120 b    998,795 
Chevron    29,830 b    2,585,068    Merck & Co.    35,080 b    1,554,044 
ConocoPhillips    51,550 b    4,263,700    Pfizer    62,090 b    1,383,365 
ENSCO International    19,740 b    1,181,242    Schering-Plough    37,690 b    817,873 
Marathon Oil    11,700 b    621,972    St. Jude Medical    14,110 a    606,448 
Nabors Industries    24,470 a,b    771,539    Thermo Fisher Scientific    42,610 a,b    2,383,177 
National Oilwell Varco    11,400 a,b    710,220            16,417,331 

32

BNY Mellon U.S. Core Equity 130/30 Fund (continued)         
 
Common Stocks (continued)    Shares    Value ($)        Shares    Value ($) 
Industrials—15.1%            Information Technology (continued)         
Allied Waste Industries    47,220 a,b    488,255    McAfee    42,520 a,b    1,414,640 
Dover    15,330 b    636,348    Microsoft    84,290 b    2,294,374 
Eaton    22,250 b    1,794,017    Oracle    51,050 a,b    959,740 
Emerson Electric    30,780 b    1,568,549    QUALCOMM    27,260 b    1,155,006 
General Electric    77,330 b    2,562,716    Symantec    16,990 a    286,112 
Goodrich    25,670 b    1,520,434            17,930,595 
L-3 Communications Holdings    7,350 b    781,232    Materials—3.0%         
Lockheed Martin    15,030 b    1,551,096    Air Products & Chemicals    7,955 b    726,530 
Raytheon    8,830 b    572,537    Allegheny Technologies    9,970 b    771,180 
Terex    12,230 a,b    824,914    Freeport-McMoRan Copper & Gold    5,540 b    558,764 
Textron    21,360 b    1,157,071    Rohm & Haas    18,300 b    981,063 
Tyco International    42,480 b    1,701,749            3,037,537 
US Airways Group    24,840 a,b    308,016    Telecommunication Services—4.1%         
        15,466,934    AT & T    74,750 b    2,603,543 
Information Technology—17.5%            Verizon Communications    44,280 b    1,608,250 
Accenture, Cl. A    14,530 b    512,183            4,211,793 
Amphenol, Cl. A    31,000 b    1,146,070    Utilities—2.9%         
BMC Software    19,010 a,b    613,643    PG & E    26,580 b    1,001,003 
Check Point Software Technologies    29,060 a,b    636,995    Sempra Energy    36,440 b    1,936,057 
Cisco Systems    52,670 a,b    1,283,568            2,937,060 
EMC    89,280 a,b    1,387,411             
            Total Investments         
Global Payments    19,540 b    775,152    (cost $131,709,878)    123.3%    126,054,962 
Hewlett-Packard    34,810 b    1,662,874             
Intel    61,120 b    1,219,344    Liabilities, Less Cash and Receivables    (23.3%)    (23,852,074) 
International Business Machines    22,690    2,583,483    Net Assets    100.0%    102,202,888 

ADR—American Depository Receipts 
a Non-income producing security. 
b Partially held by the custodian in a segregated account as collateral for open short positions. 

Portfolio Summary    (Unaudited) †             
 
        Value (%)        Value (%) 
Information Technology        17.5    Consumer Staples    13.8 
Financial        16.9    Exchange Traded Funds    4.3 
Health Care        16.1    Telecommunication Services    4.1 
Energy        15.7    Materials    3.0 
Industrials        15.1    Utilities    2.9 
Consumer Discretionary        13.9        123.3 

† Based on net assets. 
See notes to financial statements. 

The Funds 33

STATEMENT OF SECURITIES SOLD SHORT             
February 29, 2008 (Unaudited)             

BNY Mellon U.S. Core Equity 130/30 Fund             
Common Stocks—27.1%    Shares    Value ($)        Shares    Value ($) 
Consumer Discretionary—6.0%        Health Care (continued)         
Carmax    26,620 a    488,743    Idexx Laboratories    27,410    1,520,433 
CBS, Cl. B    21,250    484,925    Resmed    30,270 a    1,225,632 
Comcast, Cl. A    50,900    994,586    Stryker    15,110    983,812 
Harley-Davidson    19,430    722,019            5,476,367 
Lamar Advertising, Cl. A    13,390    510,293    Industrials—3.6%         
Orient-Express Hotels    9,540    516,782    Alaska Air Group    12,450 a    303,780 
Pool    11,010    209,741    Alexander & Baldwin    7,650    336,906 
Sally Beauty Holdings    103,290 a    790,169    Boeing    10,100    836,179 
Sears Holdings    2,850 a    272,517    Caterpillar    7,800    564,174 
Starbucks    28,160 a    506,035    Donaldson    9,840    414,854 
Target    12,940    680,773    Fastenal    12,230    497,272 
        6,176,583    Fluor    2,690    374,583 
Consumer Staples—4.1%            Southwest Airlines    26,720    327,587 
Brown-Forman, Cl. B    13,930    888,316            3,655,335 
Constellation Brands, Cl. A    24,140 a    463,729    Information Technology—4.0%     
Flowers Foods    49,750    1,127,335    CommScope    8,020 a    335,878 
Hain Celestial Group    27,480 a    741,960    Juniper Networks    19,580 a    525,136 
Hormel Foods    21,640    884,210    JDS Uniphase    33,270 a    437,501 
        4,105,550    Google, Cl. A    1,010 a    475,892 
Energy—2.2%            Equinix    11,310 a    784,349 
Baker Hughes    10,370    697,797    Network Appliance    15,420 a    333,380 
FMC Technologies    17,630 a    998,916    National Semiconductor    22,480    370,246 
Pioneer Natural Resources    12,360    553,604    Research In Motion    5,490 a    569,862 
        2,250,317    Riverbed Technology    14,690 a    294,681 
Financial—.8%                    4,126,925 
Genworth Financial, Cl. A    16,290    377,602    Materials—.5%         
Lehman Brothers Hioldings    9,420    480,326    United States Steel    4,830    523,813 
        857,928    Telecommunication Services—.5%     
Health Care—5.4%            Metropcs Communications    32,600 a    519,970 
C.R. Bard    8,910    844,579    Total Securities Sold Short         
GlaxoSmithKline, ADR    20,540    901,911    (proceeds $29,830,089)    27.1%    27,692,788 

ADR—American Depository Receipts 
a Non-income producing security. 
See notes to financial statements. 

34

STATEMENT OF INVESTMENTS      
February 29, 2008 (Unaudited)     

BNY Mellon International Fund                 
Common Stocks—96.7%    Shares    Value ($)        Shares    Value ($) 
Australia—4.3%            France (continued)         
Amcor    2,470,652    16,174,180    Compagnie Generale des         
ASX    110,750    4,273,780    Etablissements Michelin, Cl. B    870    85,762 
BHP Billiton    421,105    15,419,228    Credit Agricole    674,621    18,358,670 
Commonwealth Bank of Australia    90,500    3,499,216    France Telecom    653,351    21,971,857 
Computershare    266,491    2,083,911    Lafarge    21,170    3,662,319 
Goodman Fielder    1,674,072    2,884,650    Lagardere    127,217    10,036,091 
Insurance Australia Group    2,843,133    9,865,473    Peugeot    3,030    230,647 
Macquarie Group    30,900    1,505,186    Rhodia    6,651 a    166,104 
National Australia Bank    573,015    15,148,039    Sanofi-Aventis    587,705    43,601,233 
Santos    173,700    2,058,893    Scor    174,920    3,976,759 
Sonic Healthcare    142,060    1,880,441    Suez    75,302    4,786,108 
Suncorp-Metway    616,018    7,895,959    Thomson    239,155    1,844,016 
Tabcorp Holdings    1,048,701    14,788,040    Total    625,232    47,251,074 
Westpac Banking    85,200    1,820,496    Total, ADR    11,272    849,796 
        99,297,492    Unibail-Rodamco    13,586    3,318,952 
Austria—.2%            Valeo    2,862    108,258 
OMV    57,600    4,162,569    Vinci    58,600    4,044,124 
Belgium—2.3%            Vivendi    202,900    8,018,503 
AGFA-Gevaert    3,552    34,207            202,573,851 
Colruyt    19,060    4,661,222    Germany—9.3%         
Delhaize Group    233,520    17,731,682    Adidas    55,802    3,503,805 
Fortis (Strip)    312,558 a    4,749    Allianz    75,811    13,308,636 
Fortis Group    847,826    18,588,743    BASF    45,743    5,798,137 
InBev    71,900    6,481,954    Bayer    46,900    3,574,106 
KBC Groep    41,100    5,153,046    Bayerische Motoren Werke    394,100    21,591,154 
        52,655,603    Daimler    232,822    19,592,003 
Denmark—.5%            Deutsche Bank    34,680    3,857,939 
Carlsberg, Cl. B    46,531    5,792,032    Deutsche Post    749,198    24,754,182 
Danske Bank    71,900    2,755,639    Deutsche Telekom    831,500    15,809,491 
Sydbank    61,750    2,236,269    E.ON    89,252    16,784,962 
        10,783,940    Hannover Rueckversicherung    2,960    140,475 
Finland—1.2%            Heidelberger Druckmaschinen    384,172    9,127,946 
M-real, Cl. B    28,940    97,778    Linde    29,498    3,913,632 
Nokia    306,130    11,020,317    MAN    30,100    3,900,348 
UPM-Kymmene    921,451    15,932,785    Merck    22,893    2,844,617 
        27,050,880    Muenchener         
France—8.9%            Rueckversicherungs    110,150    19,249,417 
Air France-KLM    67,800    1,825,451    RWE    141,111    17,034,822 
AXA    150,630    5,083,232    Salzgitter    13,304    2,330,900 
BNP Paribas    172,389    15,498,517    Siemens    126,245    16,127,636 
Bouygues    42,850    2,930,674    ThyssenKrupp    96,700    5,552,901 
Cap Gemini    87,344    4,799,787    Wincor Nixdorf    42,330    3,378,065 
Carrefour    1,790    125,917            212,175,174 

The Funds 35

STATEMENT OF INVESTMENTS (Unaudited) (continued)

BNY Mellon International Fund (continued)             
Common Stocks (continued)    Shares    Value ($)        Shares    Value ($) 
Greece—1.2%            Japan (continued)         
Alpha Bank    141,390    4,282,984    Dentsu    1,430    3,291,767 
Coca-Cola Hellenic Bottling    105,400    4,640,091    FamilyMart    127,900    3,793,634 
National Bank of Greece    99,940    5,441,513    Gunma Bank    382,000    2,591,620 
Public Power    280,854    11,974,267    Hokuhoku Financial Group    669,100    1,892,531 
        26,338,855    JS Group    510,200    8,667,362 
Hong Kong—2.5%            KDDI    992    6,004,048 
BOC Hong Kong Holdings    8,186,600    19,727,289    Kobe Steel    657,000    2,042,595 
Esprit Holdings    182,600    2,285,435    Konami    72,100    2,385,041 
HongKong Electric Holdings    701,000    3,942,775    Kubota    2,743,500    18,344,299 
Hutchison Whampoa    1,674,700    15,700,895    Marubeni    709,000    5,352,114 
Johnson Electric Holdings    10,799,500    4,997,060    Mitsubishi Gas Chemical    301,000    2,229,977 
Wharf Holdings    786,500    3,961,543    Mitsubishi UFJ Financial Group    3,256,300    28,647,090 
Yue Yuen Industrial Holdings    2,388,500    7,023,395    Mitsubishi UFJ Lease & Finance    100,180    3,588,436 
        57,638,392    Mitsui & Co    315,000    6,833,240 
Ireland—.6%            Mitsui OSK Lines    368,000    4,783,462 
Allied Irish Banks    223,800    4,577,840    NGK Spark Plug    371,100    5,839,254 
Bank of Ireland    308,664    4,415,517    Nikon    207,000    5,809,034 
Kerry Group, Cl. A    165,784    5,210,480    Nintendo    16,900    8,393,547 
        14,203,837    Nippon Express    1,104,200    5,917,354 
Italy—5.5%            Nippon Paper Group    3,278    7,763,775 
Banca Popolare di Milano    130,100    1,545,544    Nippon Telegraph & Telephone    679    2,948,339 
Banco Popolare    625,030 a    11,743,143    Nissan Motor    1,048,900    9,515,314 
Enel    614,050    6,607,139    NOK    312,100    6,490,922 
ENI    578,714    19,963,151    Nomura Holdings    1,432,100    22,438,912 
Fondiaria-SAI    75,200    3,328,814    Ricoh    316,800    5,091,450 
Mediaset    1,828,588    16,431,603    Rohm    159,600    11,600,308 
Prysmian    84,420 a    1,648,660    Sekisui Chemical    1,188,700    8,313,324 
Saras    2,458,022    12,590,554    Sekisui House    1,228,800    12,675,305 
Telecom Italia    9,205,059    22,998,844    Seven & I Holdings    703,700    17,482,316 
UniCredit    2,318,120    16,978,276    Shimamura    162,000    11,766,171 
Unipol Gruppo Finanziario    3,947,623    11,098,424    Shin-Etsu Chemical    140,900    7,616,954 
        124,934,152    Shizuoka Bank    183,600    1,937,781 
Japan—22.3%            Sony    134,900    6,307,378 
77 Bank    367,900    2,165,510    Sumitomo    692,200    9,945,362 
Aeon    1,578,900    19,023,228    Sumitomo Electric Industries    413,300    6,125,791 
Aisin Seiki    95,000    3,792,446    Sumitomo Metal Industries    951,000    4,035,100 
Astellas Pharma    44,000    1,930,502    Sumitomo Metal Mining    178,900    3,757,624 
Bank of Kyoto    295,200    3,422,114    Sumitomo Mitsui Financial Group    3,597    25,885,687 
Canon    356,451    15,958,918    Taiheiyo Cement    2,151,000    4,956,710 
Central Japan Railway    1,548    14,742,233    Takeda Pharmaceutical    477,300    26,539,163 
Chiba Bank    487,000    3,098,703    Teijin    2,954,800    11,431,772 
Chiyoda    1,863,600    18,724,785    Terumo    48,900    2,655,524 
Chuo Mitsui Trust Holdings    1,393,700    9,554,586    THK    493,400    9,317,998 

36

BNY Mellon International Fund (continued)             
Common Stocks (continued)    Shares    Value ($)        Shares    Value ($) 
Japan (continued)            Sweden (continued)         
Tokyo Electron    129,500    8,007,871    Telefonaktiebolaget         
Tokyo Gas    2,040,400    9,158,454    LM Ericsson, Cl. B    7,014,900    15,131,385 
Toppan Printing    264,000    2,871,069            32,576,031 
Toshiba    489,000    3,672,399    Switzerland—8.5%         
Toyota Motor    601,200    32,728,415    Baloise Holding    37,080    3,346,330 
        511,856,618    Ciba Specialty Chemicals    472,794    18,889,219 
Netherlands—3.9%            Clariant    1,146,838 a    9,772,997 
Aegon    876,798    13,099,564    Credit Suisse Group    126,490    6,210,535 
Akzo Nobel    2,960    216,934    Holcim    35,054    3,570,926 
European Aeronautic            Lonza Group    14,945    1,970,633 
Defence and Space    362,175    9,535,642    Nestle    99,878    47,728,958 
ING Groep    287,300    9,577,276    Novartis    907,758    44,609,232 
Koninklijke BAM Groep    169,125    3,708,938    Roche Holding    45,630    8,960,060 
Koninklijke DSM    237,020    10,426,352    Swatch Group    18,718    5,479,952 
Koninklijke Philips Electronics    126,190    4,935,692    Swiss Reinsurance    224,541    18,013,984 
Koninklijke Philips Electronics            UBS    514,561    16,846,110 
(NY Shares)    4,620    179,810    Zurich Financial Services    30,310    9,498,103 
Royal Dutch Shell, Cl. A    812,135    29,257,142            194,897,039 
Royal KPN    273,285    5,164,567    United Kingdom—20.4%         
TNT    8,780    345,996    Amlin    696,880    3,816,506 
Vedior    17,280    433,032    Anglo American    282,956    18,125,183 
Wolters Kluwer    91,861    2,380,257    Antofagasta    145,600    2,317,326 
        89,261,202    AstraZeneca    43,770    1,658,634 
Norway—.3%            Barclays    382,440    3,487,104 
DNB NOR    217,500    3,183,121    BP    5,565,962    61,144,731 
StatoilHydro    107,200    3,283,850    British American Tobacco    246,386    9,278,514 
        6,466,971    British Energy Group    239,030    2,736,785 
Singapore—1.1%            BT Group    403,628    1,828,072 
DBS Group Holdings    2,045,844    24,908,837    Carnival    2,424    95,786 
Spain—2.0%            Centrica    2,210,660    14,103,555 
Banco Bilbao            Charter    164,150 a    2,679,273 
Vizcaya Argentaria    11,040    228,616    Cookson Group    284,452    3,365,914 
Banco Santander    652,292    11,668,878    Dairy Crest Group    274,890    2,864,794 
Mapfre    403,500    1,820,696    Dana Petroleum    86,380 a    2,280,512 
Repsol    533,970    18,396,576    De La Rue    249,844    4,519,425 
Telefonica    271,300    7,859,786    Debenhams    4,552,900    6,123,359 
Union Fenosa    80,440    5,299,700    Friends Provident    2,654,638    7,071,848 
        45,274,252    GlaxoSmithKline    1,440,423    31,973,855 
Sweden—1.4%            Greene King    273,900    3,517,399 
Alfa Laval    46,100    2,481,519    HBOS    1,242,862    14,918,582 
NCC, Cl. B    194,900    5,100,997    HSBC Holdings    2,191,686    33,220,649 
Skanska, Cl. B    121,400    2,340,002    Kingfisher    4,760,166    12,384,842 
Svenska Cellulosa, Cl. B    457,920    7,522,128    Land Securities Group    107,750    3,438,425 

The Funds 37

STATEMENT OF INVESTMENTS (Unaudited) (continued)

BNY Mellon International Fund (continued)             
Common Stocks (continued)    Shares    Value ($)        Shares    Value ($) 
United Kingdom (continued)            United Kingdom (continued)         
Man Group    303,768    3,422,710    William Morrison Supermarkets    546,694    3,162,967 
National Grid    318,290    4,613,622    WPP Group    910,310    10,943,378 
Next    136,220    3,535,144    Xstrata    68,250    5,375,827 
Old Mutual    4,764,032    11,930,032            469,944,347 
Prudential    152,434    1,882,194    United States—.3%         
Punch Taverns    888,727    11,369,632    iShares MSCI EAFE Index Fund    95,600    6,852,608 
Reed Elsevier    580,175    7,283,749    Total Common Stocks         
Rentokil Initial    1,816,081    2,998,862    (cost $2,366,198,593)        2,213,852,650 
Rexam    18,512    160,867    Preferred Stocks—1.3%         
Royal Bank of Scotland Group    1,822,621    13,872,396             
Royal Dutch Shell, Cl. A    44,513    1,620,895    Germany         
Royal Dutch Shell, Cl. B    283,800    10,112,137    Fresenius    72,040    6,061,710 
SABMiller    462,840    9,676,856    Henkel    531,560    23,539,904 
Schroders    114,190    2,154,090    Total Preferred Stocks         
            (cost $30,538,424)        29,601,614 
Scottish & Southern Energy    120,900    3,550,074             
Shire    152,630    3,037,928    Other Investment—1.0%         
Smiths Group    5,131    100,332             
            Registered Investment Company;     
SSL International    268,700    2,588,155             
            Dreyfus Institutional Preferred         
Stagecoach Group    993,040    4,940,274    Plus Money Market Fund         
Tesco    1,521,711    12,017,105    (cost $22,900,000)    22,900,000 b     22,900,000 
Thomas Cook Group    941,060    5,688,046             
Trinity Mirror    998,420    5,602,093    Total Investments         
            (cost $2,419,637,017)    99.0%    2,266,354,264 
Unilever    1,216,734    38,718,319             
Vedanta Resources    71,351    3,067,923    Cash and Receivables (Net)    1.0%    22,379,308 
Vodafone Group    12,320,876    39,567,667    Net Assets    100.0%    2,288,733,572 

ADR—American Depository Receipts 
a    Non-income producing security. 
b    Investment in affiliated money market mutual fund. 

Portfolio Summary    (Unaudited) †             
 
        Value (%)        Value (%) 
Financial        19.7    Telecommunication Services    5.6 
Consumer Discretionary        14.3    Insurance    5.4 
Industrial        10.1    Utilities    4.4 
Energy        9.3    Information Technology    4.2 
Consumer Staples        8.7    Money Market Investment    1.0 
Health Care        8.0    Index    .3 
Materials        8.0        99.0 

† Based on net assets. 
See notes to financial statements. 

38

STATEMENT OF INVESTMENTS     
February 29, 2008 (Unaudited)     

BNY Mellon Emerging Markets Fund                 
Common Stocks—93.3%    Shares    Value ($)        Shares    Value ($) 
Brazil—9.3%            China (continued)         
Aracruz Celulose, ADR    85,000    6,157,400    Shanda Interactive         
Banco do Brasil    145,700    2,436,089    Entertainment, ADR    31,670 a    1,047,644 
Banco Itau Holding Financeira, ADR    212,670    5,389,058    Sinopec Shanghai         
Banco Nossa Caixa    335,200    4,857,109    Petrochemical, Cl. H    11,220,000    5,291,171 
Braskem, ADR    40,000    675,600    Sinotrans, Cl. H    10,249,600    3,186,951 
Centrais Eletricas Brasileiras    383,303    5,638,009    TPV Technology    10,060,000    6,015,091 
Cia Brasileira de Distribuicao            Weiqiao Textile, Cl. H    8,819,900    12,212,493 
Grupo Pao de Acucar, ADR    131,570    5,708,822            94,048,611 
Cia de Saneamento Basico            Czech Republic—.5%         
do Estado de Sao Paulo    85,508    2,033,015    CEZ    8,910    665,479 
Cia de Saneamento Basico            Komercni Banka    22,880    5,640,417 
do Estado de Sao Paulo, ADR    12,400    580,940            6,305,896 
Cia Energetica de Minas Gerais, ADR    245,850    4,678,526    Egypt—.1%         
Empresa Brasileira            Commercial International Bank    46,700    789,931 
de Aeronautica, ADR    62,430    2,766,898    Telecom Egypt    277,600    1,156,604 
Grendene    678,400    8,165,034            1,946,535 
Perdigao    35,500    863,145    Hong Kong—5.1%         
Petroleo Brasileiro, ADR    456,120    44,667,832    Brilliance China         
Tam, ADR    246,375    5,159,093    Automotive Holdings    24,311,000 a    4,814,568 
Tele Norte Leste Participacoes, ADR    582,938    14,590,938    China Mobile    644,400    9,687,963 
Unibanco—Uniao de            China Mobile, ADR    19,260    1,437,181 
Bancos Brasileiros (Units)    74,500    1,009,019    China Netcom Group    1,859,000    5,667,532 
Unibanco—Uniao de            China Power International         
Bancos Brasileiros, GDR    73,670    9,991,125    Development    27,343,400    10,307,977 
Votorantim Celulose e Papel, ADR    10,810    340,083    CNOOC    1,678,000    2,795,895 
        125,707,735    Cosco Pacific    2,658,000    5,616,806 
Chile—.7%            Denway Motors    12,674,700    6,378,087 
Cia Cervecerias Unidas    670,340    4,644,388    Global Bio-Chem         
CorpBanca    819,797,168    5,409,417    Technology Group    19,660,800    8,102,143 
        10,053,805    Hopson Development Holdings    2,354,000    3,947,739 
China—7.0%            NWS Holdings    1,460,302    4,256,714 
Anhui Expressway, Cl. H    2,870,000    2,401,420    Shenzhen Investment    1,567,000    835,873 
Bank of China, Cl. H    27,527,000    11,518,388    Texwinca Holdings    6,953,600    5,358,774 
Bosideng International Holdings    13,918,000 a    2,754,098            69,207,252 
China Shipping Development, Cl. H    598,000    1,845,601    Hungary—.5%         
China Telecom, Cl. H    12,111,000    8,999,629    Magyar Telekom         
CNPC Hong Kong    1,756,000    970,511    Telecommunications    1,206,480    5,835,563 
Huaneng Power International, Cl. H    9,934,200    8,133,616    MOL Hungarian Oil and Gas    6,310    860,652 
Industrial & Commercial                    6,696,215 
Bank of China, Cl. H    9,480,000    6,563,429    India—7.0%         
PetroChina, ADR    8,120    1,192,178    Andhra Bank    1,512,250    3,360,201 
PetroChina, Cl. H    13,822,000    20,338,379    Bharat Petroleum    1,007,427    11,322,401 
Ping An Insurance            Grasim Industries    20,782    1,484,924 
(Group) of China, Cl. H    209,500    1,578,012             

The Funds 39

STATEMENT OF INVESTMENTS (Unaudited) (continued)

BNY Mellon Emerging Markets Fund (continued)         
 
 
Common Stocks (continued)    Shares        Value ($)    Shares    Value ($) 
 
India (continued)                Mexico—4.8%         
 
Hindalco Industries    230,250        1,121,708    Alfa, Cl. A    328,700    2,055,679 
 
Hindalco Industries, GDR    1,613,070 b      7,791,128    America Movil, ADR, Ser. L    14,300    864,578 
 
Hindustan Petroleum    1,276,043        9,353,822    Cemex (Units)    3,097,525 a    8,500,470 
 
India Cements    939,610        4,819,618    Cemex, ADR    132,880 a    3,660,844 
 
Jet Airways India    114,495        2,087,656    Consorcio ARA    1,589,300    1,652,616 
 
Mahanagar Telephone Nigam    719,088        2,092,256    Controladora Comercial         
 
Mahanagar Telephone Nigam, ADR    257,840        1,575,402    Mexicana (Units)    2,656,400    6,818,784 
 
Mahindra & Mahindra    273,622        4,665,215    Embotelladoras Arca    1,509,000    5,915,879 
 
Maruti Suzuki India    29,040        619,723    Fomento Economico         
 
Oil & Natural Gas    458,564        11,253,121    Mexicano, ADR    42,640    1,705,600 
 
Reliance Industries    11,490        703,383    Gruma, Cl. B    1,592,700    4,589,352 
 
Rolta India    97,100        711,005    Grupo Aeroportuario         
                del Sureste, Cl. B    214,700    1,110,655 
Satyam Computer Services    490,510        5,218,062             
                Grupo Continental    4,175,300    10,327,955 
Satyam Computer Services, ADR    31,070        776,129             
                Grupo Financiero Banorte, Cl. O    155,200    644,663 
State Bank of India, GDR    135,710 b      14,826,318             
                Grupo Modelo, Ser. C    1,372,400    6,275,798 
Tata Consultancy Services    201,290        4,384,174             
                Grupo Televisa    169,600    749,437 
Tata Motors    316,240        5,434,178             
                Kimberly-Clark de Mexico, Cl. A    864,900    3,570,784 
Tata Steel    33,220        658,898             
                Telefonos de Mexico, ADR, Ser. L    212,500    7,055,000 
            94,259,322             
                        65,498,094 
Indonesia—.8%                         
                Philippines—.9%         
Bank Pan Indonesia    13,749,000 a      966,951             
                ABS-CBN Holdings    1,568,300    1,075,365 
Gudang Garam    6,404,700        5,538,562             
                Bank of the Philippine Islands    4,401,051    5,960,738 
Kalbe Farma    15,020,500        1,715,225             
                Manila Electric    1,422,110 a    2,734,936 
Telekomunikasi Indonesia    1,971,000        2,093,332             
                Metropolitan Bank & Trust    332,400    349,678 
            10,314,070             
                Union Bank of the Philippines    1,880,400    1,688,238 
Israel—2.1%                         
                        11,808,955 
Bank Hapoalim    175,092        772,429             
                Poland—1.3%         
Bank Leumi Le-Israel    674,600        3,182,685             
                BRE Bank    8,930 a    1,585,931 
Cellcom Israel    30,300        972,024             
                KGHM Polska Miedz    16,120    755,145 
Check Point Software Technologies    56,100 a      1,229,712             
                Polski Koncern Naftowy Orlen    301,670 a    5,177,873 
Israel Discount Bank, Cl. A    3,129,016 a      8,217,272             
                Telekomunikacja Polska    1,114,227    10,428,231 
Teva Pharmaceutical Industries, ADR    290,360        14,247,965             
                        17,947,180 
            28,622,087             
                Russia—7.3%         
Malaysia—3.5%                         
                Gazprom, ADR    957,890    48,660,812 
AMMB Holdings    5,318,462        6,117,581             
                LUKOIL, ADR    398,510    29,569,442 
Gamuda    850,400        1,035,748             
                Mechel, ADR    14,900    1,967,545 
Hong Leong Bank    961,200        1,666,215             
                MMC Norilsk Nickel, ADR    320,090    9,219,552 
Malayan Banking    7,061,250        19,965,105             
                Mobile Telesystems, ADR    21,600    1,772,496 
Resorts World    5,406,900        6,262,569             
                Surgutneftegaz, ADR    67,500    3,145,500 
RHB Capital    625,200        960,780             
                VTB Bank, GDR    496,600 a,b    3,764,228 
Tenaga Nasional    3,995,800        11,194,856             
                        98,099,575 
            47,202,854             

40

BNY Mellon Emerging Markets Fund (continued)             
Common Stocks (continued)    Shares        Value ($)        Shares    Value ($) 
South Africa—7.9%                South Korea (continued)         
ABSA Group    38,600        549,828    LG Electronics    12,045    1,293,791 
AngloGold Ashanti, ADR    353,260        12,759,751    LG.Philips LCD    29,430    1,396,940 
ArcelorMittal South Africa    51,687        1,239,435    Lotte Shopping    32,015    10,861,901 
Aspen Pharmacare Holdings    1,929,455 a      7,616,249    Meritz Fire & Marine Insurance    63,250    604,284 
Aveng    227,381        1,731,173    Nong Shim    38,603    7,861,684 
Bidvest Group    358,415        5,306,239    POSCO    26,069    14,309,070 
Gold Fields, ADR    494,970        7,023,624    POSCO, ADR    9,050    1,224,465 
JD Group    716,838        3,881,800    S-Oil    71,166    5,032,259 
Metropolitan Holdings    354,300        645,606    Samsung Electronics    68,461    40,190,950 
MTN Group    56,500        895,702    Shinhan Financial Group    157,412    8,486,962 
Nampak    3,140,137        7,381,075    SK Telecom, ADR    833,850    18,678,240 
Nedbank Group    1,075,066        16,119,277            226,772,411 
Remgro    42,000        1,083,599    Taiwan—11.6%         
Sanlam    1,799,001        4,292,871    Asia Cement    732,213    1,216,773 
Sappi    783,467        9,720,358    AU Optronics, ADR    89,970    1,716,627 
Sasol    182,893        9,386,900    Chi Mei Optoelectronics    2,210,560    2,933,359 
Shoprite Holdings    129,800        669,499    China Motor    7,298,413    5,524,247 
Standard Bank Group    254,608        3,066,063    China Steel    1,438,000    2,150,870 
Steinhoff International Holdings    2,275,386        5,143,857    Chinatrust Financial Holding    10,995,458 a    9,915,117 
Telkom    427,269        7,651,562    Chunghwa Telecom, ADR    432,638    10,616,936 
            106,164,468    Compal Electronics    17,434,434    15,699,584 
South Korea—16.8%                First Financial Holding    9,421,065    8,532,519 
Cheil Industries    60,170        2,697,354    High Tech Computer    60,000    1,247,818 
Dongbu Insurance    16,420        651,244    Mega Financial Holding    8,752,000    6,250,838 
Dongkuk Steel Mill    20,260        907,100    Nan Ya Printed Circuit Board    907,971    4,486,967 
Hana Financial Group    162,105        7,197,070    Nien Hsing Textile    1,846,000    1,195,655 
Hanwha Chemical    345,692        6,340,448    Polaris Securities    1,126,000 a    639,698 
Honam Petrochemical    6,999        680,793    Powerchip Semiconductor    14,128,393    5,668,226 
Hynix Semiconductor    129,367 a      3,324,891    Powertech Technology    485,000    1,631,013 
Hyundai Department Store    6,688        626,050    Quanta Computer    12,919,216    17,049,427 
Hyundai Heavy Industries    2,833        1,121,406    Radiant Opto-Electronics    3,699,151    4,578,163 
Hyundai Marine & Fire Insurance    42,990        962,008    Siliconware Precision Industries    382,600    622,169 
Hyundai Mobis    171,822        13,212,587    SinoPac Financial Holdings    31,900,225    13,908,848 
Hyundai Motor    176,437        12,362,219    Taiwan Mobile    715,999    1,197,383 
Kookmin Bank    371,939        22,979,110    Taiwan Semiconductor         
Korea Electric Power    392,425        13,779,232    Manufacturing    5,079,008    9,929,544 
Korea Zinc    39,775        5,994,514    Taiwan Semiconductor         
KT    40,250        1,979,998    Manufacturing, ADR    433,569    4,222,962 
KT, ADR    443,620        10,775,530    Tong Yang Industry    722,480    665,096 
Kumho Tire    708,580        8,339,943    Unimicron Technology    464,000    704,751 
LG    24,476        1,700,569    United Microelectronics    30,141,050    17,587,187 
LG Chem    14,367        1,199,799    Wistron    405,971    660,902 

The Funds 41

STATEMENT OF INVESTMENTS (Unaudited) (continued)

BNY Mellon Emerging Markets Fund (continued)         
Common Stocks (continued)    Shares        Value ($)    Preferred Stocks—3.4%    Shares    Value ($) 
Taiwan (continued)                Brazil         
Yageo    18,818,960        5,787,109    Braskem, Cl. A    1,108,400    9,400,554 
            156,339,788    Centrais Eletricas         
Thailand—4.5%                Brasileiras, Cl. B    365,009    5,353,811 
Bangkok Bank    3,486,800        14,406,480    Cia de Tecidos do Norte         
Charoen Pokphand Foods    52,068,200        7,612,927    de Minas—Coteminas    1,204,160    6,801,353 
Delta Electronics Thai    831,200        612,628    Cia Energetica de Minas Gerais    318,002    6,056,106 
Electricity Generating    268,500        831,178    Cia Paranaense de Energia, Cl. B    89,400    1,454,574 
Italian-Thai Development    4,649,600 a      1,243,279    Cia Vale do Rio Doce, Cl. A    134,400    3,963,322 
Kasikornbank    2,818,200        7,658,809    Petroleo Brasileiro    93,500    4,504,125 
Krung Thai Bank    21,150,600        7,108,088    Sadia    156,000    882,044 
PTT    58,700        633,997    Tele Norte Leste Participacoes    63,900    1,595,232 
Siam Cement    1,384,700        9,470,267    Telemig Celular Participacoes    162,685    5,051,433 
Siam Makro    331,800        956,987    Usinas Siderurgicas         
Thai Airways International    5,286,700        5,426,554    de Minas Gerais, Cl. A    15,200    881,003 
Thai Oil    289,800        723,235    Total Preferred Stocks         
Thai Union Frozen Products    5,910,100        3,867,589    (cost $29,523,821)        45,943,557 
Thanachart Capital    1,228,800        601,464             
            61,153,482    Other Investment—1.7%         
Turkey—1.6%                Registered Investment Company;     
Anadolu Efes Biracilik ve Malt Sanayii    78,970        880,737    Dreyfus Institutional Preferred         
Selcuk Ecza Deposu Ticaret ve Sanayi    309,800 a      549,447    Plus Money Market Fund         
Tupras Turkiye Petrol Rafine    28,900        732,757    (cost $23,000,000)    23,000,000c     23,000,000 
Turk Sise ve Cam Fabrikalari    3,501,623        5,440,546             
                Total Investments         
Turkcell Iletisim Hizmet    147,720        1,487,546    (cost $1,161,528,805)    98.4%    1,328,577,879 
Turkiye Is Bankasi, Cl. C    2,687,525        12,394,954             
            21,485,987    Cash and Receivables (Net)    1.6%    22,252,369 
Total Common Stocks                Net Assets    100.0%    1,350,830,248 
(cost $1,109,004,984)                1,259,634,322             

ADR—American Depository Receipts 
GDR—Global Depository Receipts 
a Non-income producing security. 
b Securities exempt from registration under Rule 144A of the Securities Act of 1933.These securities may be resold in transactions exempt from registration, normally to qualified 
institutional buyers.At February 29, 2008, these securities amounted to $26,381,674 or 2% of net assets. 
c Investment in affiliated money market mutual fund. 

Portfolio Summary (Unaudited) †         
 
    Value (%)        Value (%) 
Financial    21.0    Consumer Staples    6.4 
Energy    15.6    Utilities    5.4 
Information Technology    11.8    Industrial    4.0 
Materials    11.0    Health Care    1.8 
Telecommunication Services    9.9    Money Market Investment    1.7 
Consumer Discretionary    9.8        98.4 

† Based on net assets.
See notes to financial statements.

42

STATEMENT OF INVESTMENTS     
February 29, 2008 (Unaudited)     

BNY Mellon Balanced Fund                 
Common Stocks—37.2%    Shares    Value ($)        Shares    Value ($) 
Consumer Discretionary—3.9%        Energy (continued)         
Apollo Group, Cl. A    17,990 a    1,104,226    Chevron    24,630    2,134,436 
Best Buy    22,340    960,843    ConocoPhillips    38,610    3,193,433 
Discovery Holding, Cl. A    26,640 a    601,265    ENSCO International    26,440 b    1,582,170 
Gap    56,980    1,149,287    Hess    17,390    1,620,400 
Johnson Controls    26,700    877,362    Marathon Oil    23,790    1,264,676 
McDonald’s    14,480    783,513    National Oilwell Varco    14,990 a    933,877 
News, Cl. B    80,160    1,531,858    Valero Energy    10,820    625,071 
NIKE, Cl. B    10,990    661,598    XTO Energy    31,620    1,951,270 
Omnicom Group    45,600    2,036,952            15,909,894 
Ross Stores    20,050    558,393    Financial—6.4%         
Starwood Hotels            American International Group    36,576    1,713,951 
& Resorts Worldwide    18,290    865,666    Bank of America    62,421    2,480,610 
TJX Cos.    34,860    1,115,520    Chubb    35,530    1,808,477 
Viacom, Cl. B    22,590 a    897,953    Citigroup    37,056    878,598 
        13,144,436    CME Group    2,570    1,319,181 
Consumer Staples—4.1%            Goldman Sachs Group    11,520    1,954,138 
Altria Group    40,200    2,940,228    JPMorgan Chase & Co.    78,412    3,187,448 
Coca-Cola Enterprises    47,920 b    1,170,686    MetLife    36,700    2,138,142 
ConAgra Foods    44,140    975,494    Morgan Stanley    25,970    1,093,856 
CVS Caremark    55,600    2,245,128    PNC Financial Services Group    17,170    1,054,753 
Kroger    58,990    1,430,508    State Street    16,150    1,268,583 
PepsiCo    14,430    1,003,751    U.S. Bancorp    40,780    1,305,776 
Procter & Gamble    1    66    Wells Fargo & Co.    54,940    1,605,896 
SUPERVALU    25,870    679,088            21,809,409 
SYSCO    23,500    659,410    Health Care—4.7%         
Wal-Mart Stores    54,690    2,712,077    Baxter International    26,670    1,574,063 
        13,816,436    Becton, Dickinson & Co.    9,470    856,277 
Energy—4.7%            CIGNA    23,220    1,035,147 
Anadarko Petroleum    13,350    850,929    Covidien    15,652    669,749 
Chesapeake Energy    38,780    1,753,632    Hospira    27,630 a    1,175,933 

The Funds 43

STATEMENT OF INVESTMENTS (Unaudited) (continued)

BNY Mellon Balanced Fund (continued)             
Common Stocks (continued)    Shares    Value ($)        Shares    Value ($) 
Health Care (continued)            Information Technology (continued)     
Johnson & Johnson    34,460    2,135,142    EMC    67,370 a    1,046,930 
Medtronic    20,930    1,033,105    Hewlett-Packard    43,920    2,098,058 
Merck & Co.    48,720    2,158,296    Intel    80,990    1,615,751 
Pfizer    94,490    2,105,237    International Business Machines    29,280    3,333,821 
Schering-Plough    47,050    1,020,985    McAfee    27,910 a    928,566 
St. Jude Medical    17,680 a    759,886    Microsoft    103,600    2,819,992 
Thermo Fisher Scientific    27,990 a    1,565,481    Oracle    64,710 a    1,216,548 
        16,089,301    QUALCOMM    35,030    1,484,221 
Industrial—4.5%                    17,479,128 
Cooper Industries, Cl. A    13,030    546,348    Materials—1.4%         
Eaton    17,710    1,427,957    Air Products & Chemicals    14,230    1,299,626 
Emerson Electric    27,450    1,398,852    Allegheny Technologies    12,310    952,178 
General Electric    87,860    2,911,680    Cia Vale do Rio Doce (CVRD), ADR    50,360    1,754,542 
Goodrich    16,060    951,234    Freeport-McMoRan Copper & Gold    7,650    771,579 
L-3 Communications Holdings    17,170    1,824,999            4,777,925 
Lockheed Martin    12,900    1,331,280    Telecommunication Services—1.2%     
Terex    13,690 a    923,391    AT & T    79,437    2,766,790 
Textron    25,260    1,368,334    Sprint Nextel    2    14 
Tyco International    40,122    1,607,287    Verizon Communications    40,860    1,484,035 
United Technologies    9,810    691,703            4,250,839 
US Airways Group    32,560 a    403,744    Utilities—1.2%         
        15,386,809    Exelon    20,510    1,535,174 
Information Technology—5.1%            Sempra Energy    47,120    2,503,486 
Accenture, Cl. A    19,480    686,670            4,038,660 
Amphenol, Cl. A    15,740    581,907    Total Common Stocks         
Cisco Systems    68,390 a    1,666,664    (cost $109,769,194)        126,702,837 

44

BNY Mellon Balanced Fund (continued)                     
    Coupon    Maturity    Principal         
Bonds and Notes—41.4%    Rate (%)    Date    Amount ($)    Value ($) 
Asset—Backed Ctfs.—.5%                     
Caterpillar Financial Asset Trust, Ser. 2005-A, Cl. A4    4.10    6/25/10    322,359        323,499 
CIT Equipment Collateral, Ser. 2006-VT2, Cl. A4    5.05    4/20/14    195,000        198,388 
CNH Equipment Trust, Ser. 2005-A, Cl. A4B    4.29    6/15/12    356,966        358,130 
MP Environmental Funding, Ser. 2007-A, Cl. A1    4.98    7/15/16    694,610        678,605 
                    1,558,622 
Asset-Backed Ctfs./Auto Receivables—1.4%                     
Franklin Auto Trust, Ser. 2007-1, Cl. A4    5.03    2/16/15    860,000        884,927 
Harley-Davidson Motorcycle Trust, Ser. 2005-3, Cl. A2    4.41    6/15/12    275,000        278,041 
Harley-Davidson Motorcycle Trust, Ser. 2007-1, Cl. A4    5.21    6/17/13    440,000        455,694 
Honda Auto Receivables Owner Trust, Ser. 2006-3, Cl. A4    5.11    4/15/12    955,000        984,649 
Household Automotive Trust, Ser. 2007-1, Cl. A4    5.33    11/17/13    495,000        511,689 
Hyundai Auto Receivables Trust, Ser. 2006-B, Cl. A4    5.15    5/15/13    550,000        568,208 
Nissan Auto Lease Trust, Ser. 2006-A, Cl. A4    5.10    7/16/12    1,145,000        1,175,818 
                    4,859,026 
Commercial & Professional Services—.5%                     
Seminole Tribe of Florida, Notes    5.80    10/1/13    1,460,000 c      1,546,372 
Commercial Mortgage Pass-Through Ctfs.—2.2%                     
Citigroup/Deutsche Bank Commercial                     
Mortgage Trust, Ser. 2007-CD4, Cl. A2B    5.21    12/11/49    455,000        442,009 
Citigroup/Deutsche Bank Commercial                     
Mortgage Trust, Ser. 2006-CD2, Cl. A3    5.43    1/15/46    690,000 d      669,790 
Credit Suisse Mortgage Capital Certificates, Ser. 2007-C2, Cl. A2    5.45    1/15/49    660,000 d      646,363 
CWCapital Cobalt, Ser. 2007-C2, Cl. A2    5.33    4/15/47    705,000        687,226 
Four Times Square Trust, Ser. 2006-4TS, Cl. A    5.40    12/13/28    2,000,000 c      1,788,037 
JP Morgan Chase Commercial Mortgage                     
Securities, Ser. 2007-CB19, Cl. A2    5.75    2/12/49    1,180,000 d      1,162,802 
LB Commercial Conduit Mortgage Trust, Ser. 2007-C3, Cl. A2    5.84    7/15/44    985,000 d      974,963 
LB-UBS Commercial Mortgage Trust, Ser. 2007-C2, Cl. A2    5.30    2/15/40    620,000        604,175 
Merrill Lynch/Countrywide Commericial                     
Mortgage Trust, Ser. 2007-6, Cl. A2    5.33    3/12/51    560,000        545,165 
                    7,520,530 
Diversified Financial Services—4.3%                     
AEP Texas Central Transition Funding, Sr. Scd. Bonds, Ser. A-4    5.17    1/1/18    1,075,000        1,085,154 
Agua Caliente Band of Cahuilla Indians, Sr. Scd. Notes    6.08    10/1/16    400,000 c      422,664 
Agua Caliente Band of Cahuilla Indians, Sr. Scd. Notes    6.44    10/1/16    455,000 c      469,970 
AXA Financial, Sr. Notes    7.75    8/1/10    840,000        920,564 
Bank of America, Sub. Notes    5.49    3/15/19    1,000,000        982,091 
Bear Stearns, Notes    4.50    10/28/10    980,000        967,086 

The Funds 45

STATEMENT OF INVESTMENTS (Unaudited) (continued)

BNY Mellon Balanced Fund (continued)                 
    Coupon    Maturity    Principal         
Bonds and Notes (continued)    Rate (%)    Date    Amount ($)    Value ($) 
Diversified Financial Services (continued)                     
Blackrock, Sr. Unsub. Notes    6.25    9/15/17    710,000        750,224 
Caterpillar Financial Services, Sr. Unscd. Notes    5.05    12/1/10    730,000        765,555 
CIT Group, Sr. Unscd. Notes    5.40    3/7/13    600,000        549,153 
Citigroup, Sr. Unscd. Notes    6.13    11/21/17    470,000        483,358 
Countrywide Home Loan, Gtd. Notes, Ser. K    5.63    7/15/09    430,000        394,521 
Countrywide Home Loan, Gtd. Notes, Ser. H    6.25    4/15/09    220,000 b      205,135 
Diageo Finance, Gtd. Notes    5.50    4/1/13    590,000        620,881 
Goldman Sachs Group, Sub. Notes    6.75    10/1/37    600,000        561,890 
HSBC Finance, Notes    5.00    6/30/15    420,000        405,949 
HSBC Holdings, Sub. Notes    6.50    9/15/37    500,000        468,659 
International Lease Finance, Sr. Unscd. Notes    5.75    6/15/11    855,000        883,075 
John Deere Capital, Sr. Unscd. Notes    7.00    3/15/12    680,000        764,128 
JP Morgan Chase & Co., Sr. Unscd. Notes    5.38    10/1/12    750,000        788,490 
Morgan Stanley, Sub. Notes    4.75    4/1/14    1,185,000        1,143,649 
PNC Funding, Bank Gtd. Notes    4.50    3/10/10    900,000        919,319 
                    14,551,515 
Foreign/Governmental—.5%                     
Hydro-Quebec, Gov’t. Gtd. Bonds, Ser. IF    8.00    2/1/13    580,000        704,938 
United Mexican States, Notes    5.63    1/15/17    825,000 b      861,300 
United Mexican States, Notes    6.63    3/3/15    185,000        205,443 
                    1,771,681 
Health Care—.2%                     
Aetna, Sr. Unscd. Notes    5.75    6/15/11    545,000        573,426 
Industrials—.9%                     
CRH America, Gtd. Notes    5.30    10/15/13    615,000        603,350 
Devon Financing, Gtd. Notes    6.88    9/30/11    600,000        660,696 
Emerson Electric, Sr. Unscd. Notes    4.75    10/15/15    670,000        672,891 
Johnson Controls, Sr. Unscd. Notes    5.25    1/15/11    1,080,000        1,125,284 
                    3,062,221 
Media & Telecommunications—1.6%                     
AT&T, Sr. Unscd. Notes    6.50    9/1/37    420,000        426,319 
British Sky Broadcasting, Gtd. Notes    6.88    2/23/09    600,000        620,431 
Comcast, Gtd. Notes    5.90    3/15/16    1,045,000        1,051,280 
News America Holdings, Gtd. Debs.    7.60    10/11/15    665,000        755,558 
News America, Gtd. Notes    6.15    3/1/37    350,000        333,009 
SBC Communications, Sr. Unscd. Notes    5.88    8/15/12    695,000        742,690 
Sprint Capital, Gtd. Notes    6.90    5/1/19    715,000        526,442 
Time Warner, Gtd. Debs.    6.50    11/15/36    315,000        294,627 
Verizon Communications, Sr. Unscd. Notes    5.50    2/15/18    615,000        618,487 
                    5,368,843 

46

BNY Mellon Balanced Fund (continued)                 
    Coupon    Maturity    Principal     
Bonds and Notes (continued)    Rate (%)    Date    Amount ($)    Value ($) 
Real Estate Investment Trusts—.5%                 
ERP Operating, Sr. Unscd. Notes    6.95    3/2/11    750,000    780,927 
Simon Property Group, Sr. Unscd. Notes    5.75    5/1/12    750,000    758,621 
                1,539,548 
Residential Mortgage Pass-Through Ctfs.—.3%                 
WaMu Mortgage Pass Through Certificates, Ser. 2003-S4, Cl. 4A1    4.00    2/25/32    133,798    127,161 
WaMu Mortgage Pass Through Certificates, Ser. 2004-AR9, Cl. A6    4.14    8/25/34    845,000 d    853,327 
                980,488 
Retailing—.3%                 
Wal-Mart Stores, Sr. Unscd. Notes    6.50    8/15/37    1,105,000    1,183,283 
Technology—1.0%                 
Cisco Systems, Sr. Unscd. Notes    5.50    2/22/16    800,000    827,822 
International Business Machines, Sr. Unscd. Debs.    7.00    10/30/25    650,000    721,995 
Intuit, Sr. Unscd. Notes    5.40    3/15/12    710,000    731,577 
Oracle, Sr. Unscd. Notes    5.00    1/15/11    750,000    777,434 
Oracle, Sr. Unscd. Notes    5.25    1/15/16    250,000    254,581 
                3,313,409 
U.S. Government Agencies—2.6%                 
Federal Farm Credit Banks, Bonds    5.25    9/13/10    635,000    675,484 
Federal Home Loan Banks, Bonds    5.65    4/20/22    1,175,000    1,231,554 
Federal Home Loan Mortgage Corp., Notes    5.38    1/9/14    440,000    446,964 
Federal Home Loan Mortgage Corp., Notes    5.40    2/2/12    700,000    717,228 
Federal Home Loan Mortgage Corp., Notes    5.40    3/2/12    850,000    862,348 
Federal Home Loan Mortgage Corp., Notes    5.50    3/22/22    660,000    685,305 
Federal Home Loan Mortgage Corp., Notes    5.90    6/15/22    1,175,000    1,240,373 
Federal National Mortgage Association, Notes    5.25    3/5/14    2,030,000    2,122,513 
Federal National Mortgage Association, Notes    5.38    4/11/22    1,010,000    1,039,206 
                9,020,975 
U.S. Government Agencies/                 
Mortgage-Backed—16.6%                 
Federal Home Loan Mortgage Corp.:                 
4.50%, 3/1/21            2,312,912    2,312,122 
5.00%, 10/1/18            872,628    886,041 
5.08%, 10/1/35            986,481 d    1,005,485 
5.50%, 3/1/35—12/1/37            3,896,697    3,922,540 
5.77%, 4/1/37            1,288,970 d    1,324,433 
5.94%, 5/1/37            1,153,807 d    1,184,558 
6.00%, 5/1/37—12/1/37            4,106,511    4,197,023 
7.00%, 8/1/29—8/1/36            570,559    601,424 
Federal National Mortgage Association:                 
4.03%, 3/1/35            805,331 d    824,378 
4.50%, 1/1/36            1,339,837    1,284,109 
4.57%, 3/1/35            310,595 d    315,432 

The Funds 47

STATEMENT OF INVESTMENTS (Unaudited) (continued)

BNY Mellon Balanced Fund (continued)                 
 
    Coupon    Maturity    Principal         
Bonds and Notes (continued)    Rate (%)    Date    Amount ($)    Value ($) 
U.S. Government Agencies/Mortgage-Backed (continued)                 
Federal National Mortgage Association (continued):                     
4.93%, 9/1/35            1,027,379 d      1,044,422 
5.00%, 11/1/19            367,808        373,121 
5.01%, 10/1/35            859,346 d      876,866 
5.50%, 7/1/35—2/1/38            9,883,225        9,952,910 
5.70%, 4/1/37            1,143,718 d      1,175,309 
5.72%, 5/1/37            1,320,232 d      1,355,958 
5.97%, 5/1/37            1,262,993 d      1,312,724 
6.00%, 4/1/33—10/1/37            4,558,822        4,666,370 
6.02%, 8/1/37            1,963,548 d      2,004,296 
6.50%, 10/1/36—12/1/37            6,035,083        6,258,579 
7.00%, 6/1/32            183,960        196,106 
7.50%, 7/1/32            115,496        124,525 
Government National Mortgage Association I:                     
5.00%, 11/15/34—3/15/36            4,043,907        4,055,392 
5.50%, 2/15/36            967,750        990,160 
6.00%, 10/15/08—7/15/34            1,679,319        1,740,765 
7.00%, 5/15/23—11/15/23            270,402        290,892 
9.00%, 12/15/09            56,898        57,313 
Government National Mortgage Association II;                     
5.00%, 1/20/37            2,580,460        2,574,466 
                    56,907,719 
U.S. Government Securities—8.0%                     
U.S. Treasury Bonds    4.50    2/15/36    3,680,000 b      3,728,013 
U.S. Treasury Inflation Protected Securities, Bonds    2.38    1/15/27    1,348,975 b,e      1,487,668 
U.S. Treasury Inflation Protected Securities, Notes    2.38    1/15/17    1,348,975 b,e      1,505,689 
U.S. Treasury Notes    4.00    11/15/12    3,315,000 b      3,543,944 
U.S. Treasury Notes    4.00    2/15/14    5,655,000 b      6,042,017 
U.S. Treasury Notes    4.50    5/15/17    3,455,000 b      3,723,035 
U.S. Treasury Notes    4.63    3/31/08    1,505,000 b      1,508,410 
U.S. Treasury Notes    4.63    2/29/12    5,475,000 b      5,978,021 
                    27,516,797 
Total Bonds and Notes                     
(cost $137,494,855)                    141,274,455 

48

BNY Mellon Balanced Fund (continued)             
            Investment of Cash Collateral         
Other Investments—22.1%    Shares    Value ($)    for Securities Loaned—8.0%    Shares    Value ($) 
Registered Investment Company;            Registered Investment Company;         
Dreyfus Institutional Preferred            Dreyfus Institutional Cash         
Plus Money Market Fund    4,532,000 f    4,532,000    Advantage Plus Fund         
Mellon Emerging Markets Fund    631,848 g    12,131,484    (cost $27,249,262)    27,249,262 f    27,249,262 
Mellon International Fund    2,145,525 g    29,114,773    Total Investments         
Mellon Mid Cap Stock Fund    1,776,526 g    19,861,557    (cost $353,433,753)    108.7%    370,499,779 
Mellon Small Cap Stock Fund    851,760 g    9,633,411    Liabilities, Less Cash and Receivables    (8.7%)    (29,717,269) 
Total Other Investment                     
(cost $78,920,442)        75,273,225    Net Assets    100.0%    340,782,510 

ADR—American Depository Receipts 
a Non-income producing security. 
b All or a portion of these securities are on loan.At February 29, 2008, the total market value of the fund’s securities on loan is $27,259,992 and the total market value of the 
collateral held by the fund is $27,592,753, consisting of cash collateral of $27,249,262 and U.S. Government and Agency securities valued at $343,491. 
c Securities exempt from registration under Rule 144A of the Securities Act of 1933.These securities may be resold in transactions exempt from registration, normally to qualified 
institutional buyers.At February 29, 2008, these securities amounted to $4,227,043 or 1.2% of net assets. 
d Variable rate security—interest rate subject to periodic change. 
e Principal amount for accrual purposes is periodically adjusted based on changes in the Consumer Price Index. 
f Investment in affiliated money market mutual fund. 
g Investment in affiliated mutual fund. 

Portfolio Summary (Unaudited) †         
 
    Value (%)        Value (%) 
U.S. Government & Agencies    27.2    Asset/Mortgage-Backed    4.4 
Affiliated Mutual Funds    20.8    Consumer Staples    4.1 
Corporate Bonds    9.3    Consumer Discretionary    3.9 
Money Market Investments    9.3    Materials    1.4 
Financial    6.4    Telecommunication Services    1.2 
Information Technology    5.1    Utilities    1.2 
Health Care    4.7    Foreign/Governmental    .5 
Energy    4.7         
Industrial    4.5        108.7 

† Based on net assets. 
See notes to financial statements. 

The Funds 49

STATEMENTS OF ASSETS AND LIABILITIES         
February 29, 2008 (Unaudited)         

    BNY Mellon    BNY Mellon    BNY Mellon    BNY Mellon 
    Large Cap    Income    Mid Cap    Small Cap 
    Stock Fund    Stock Fund    Stock Fund    Stock Fund 
Assets ($):                 
Investments in securities—                 
See Statement of Investments †                 
(including securities on loan) ††—Note 2(b):                 
Unaffiliated issuers    1,793,709,192    261,448,790    1,539,022,819    574,224,940 
Affiliated issuers    89,004,266    20,579,864    422,824,548    246,780,655 
Cash    —    —    5,195,762    — 
Receivable for investment securities sold    30,887,367    2,198,270    41,912,628    12,188,253 
Dividends and interest receivable    3,190,912    550,597    1,229,796    388,908 
Receivable for shares of                 
Beneficial Interest subscribed    1,316,008    39,595    1,647,150    2,114,043 
Prepaid expenses    35,893    11,931    30,819    14,806 
    1,918,143,638    284,829,047    2,011,863,522    835,711,605 
Liabilities ($):                 
Due to The Dreyfus Corporation and affiliates—Note 4(c)    1,002,341    155,947    1,003,363    439,563 
Due to Administrator—Note 4(a)    185,081    27,427    159,346    62,041 
Cash overdraft due to Custodian    730,864    396,466    —    367,353 
Liability for securities on loan—Note 2(b)    56,817,266    20,579,864    395,318,548    218,782,655 
Payable for investment securities purchased    54,335,368    237,086    52,978,480    6,286,165 
Outstanding options written, at value                 
(premiums received $215,111)                 
—See Statement of Options Written—Note 5    —    254,896    —    — 
Payable for shares of Beneficial Interest redeemed    449,088    6,310    300,798    241,166 
Bank loan payable—Note 3    —    1,650,000    —    — 
Interest payable—Note 3    4    2,667    —    — 
Accrued expenses    42,495    22,803    55,781    28,672 
    113,562,507    23,333,466    449,816,316    226,207,615 
Net Assets ($)    1,804,581,131    261,495,581    1,562,047,206    609,503,990 
Composition of Net Assets ($):                 
Paid-in capital    1,520,470,101    217,610,404    1,454,773,727    616,290,038 
Accumulated undistributed investment income—net    314,343    121,753    3,632,602    871,436 
Accumulated net realized gain (loss) on investments    46,981,125    14,027,625    (3,287,243)    (12,796,714) 
Accumulated net unrealized appreciation                 
(depreciation) on investments    236,815,562    —    106,928,120    5,139,230 
Accumulated net unrealized appreciation (depreciation)                 
on investments and options transactions    —    29,735,799    —    — 
Net Assets ($)    1,804,581,131    261,495,581    1,562,047,206    609,503,990 

50

    BNY Mellon    BNY Mellon    BNY Mellon    BNY Mellon 
    Large Cap    Income    Mid Cap    Small Cap 
    Stock Fund    Stock Fund    Stock Fund    Stock Fund 
Net Asset Value Per Share                 
Class M Shares                 
Net Assets ($)    1,794,126,602    260,163,582    1,529,199,241    605,556,146 
Shares Outstanding    197,049,053    33,507,197    136,723,230    53,538,697 
Net Asset Value Per Share ($)    9.10    7.76    11.18    11.31 
Investor Shares                 
Net Assets ($)    10,454,529    1,331,999    30,414,292    3,947,844 
Shares Outstanding    1,146,698    170,290    2,745,197    358,759 
Net Asset Value Per Share ($)    9.12    7.82    11.08    11.00 
Dreyfus Premier Shares                 
Net Assets ($)    —    —    2,433,673    — 
Shares Outstanding    —    —    231,459    — 
Net Asset Value Per Share ($)    —    —    10.51    — 
† Investments at cost ($):                 
Unaffiliated issuers    1,556,893,630    231,673,206    1,432,094,699    569,085,710 
Affiliated issuers    89,004,266    20,579,864    422,824,548    246,780,655 
†† Value of securities on loan ($)    52,356,262    19,177,554    372,408,903    200,007,686 

See notes to financial statements.

The Funds 51

STATEMENTS OF ASSETS AND LIABILITIES (continued)

    BNY Mellon    BNY Mellon    BNY Mellon    BNY Mellon 
    U.S. Core Equity    International    Emerging    Balanced 
    130/30 Fund    Fund    Markets Fund    Fund 
Assets ($):                 
Investments in securities—                 
See Statement of Investments†                 
(including securities on loan)††—Note 2(b):                 
Unaffiliated issuers    126,054,962    2,243,454,264    1,305,577,879    267,977,292 
Affiliated issuers    —    22,900,000    23,000,000    102,522,487 
Cash    3,697,923    4,471,550    3,078,023    — 
Cash denominated in foreign currencies†††    —    11,174,881    21,154,087    — 
Receivable for investment securities sold    1,801,970    33,670,856    8,252,591    2,438,998 
Receivable for shares of                 
Beneficial Interest subscribed    1,293,000    2,486,638    1,199,069    88,051 
Receivable from brokers for                 
proceeds on securities sold short    1,246,710    —    —    — 
Paydowns receivable    —    —    —    52,567 
Unrealized appreciation on foreign currency                 
exchange contracts—Note 2(e)    —    33,345    5    — 
Dividends and interest receivable    182,095    7,295,709    2,374,334    1,463,375 
Prepaid expenses    66,833    26,434    20,533    10,446 
    134,343,493    2,325,513,677    1,364,656,521    374,553,216 
Liabilities ($):                 
Due to The Dreyfus Corporation and affiliates—Note 4(c)    53,504    2,291,390    2,108,981    139,518 
Due to Administrator—Note 4(a)    9,730    228,323    135,452    27,221 
Due to Broker    21,068    —    —    — 
Cash overdraft due to Custodian    —    —    —    475,208 
Securities sold short, at value (proceeds $29,830,089)                 
—See Statement of Securities Sold Short    27,692,788    —    —    — 
Payable for investment securities purchased    4,287,107    32,338,283    10,366,837    5,821,065 
Liability for securities on loan—Note 2(b)    —    —    —    27,249,262 
Payable for shares of Beneficial Interest redeemed    —    1,810,403    1,176,719    11,518 
Dividends payable on securities sold short    33,068    —    —    — 
Unrealized depreciation on foreign currency                 
exchange contracts—Note 2(e)    —    45,762    5,696    — 
Interest payable—Note 3    —    —    —    360 
Accrued expenses    43,340    65,944    32,588    46,554 
    32,140,605    36,780,105    13,826,273    33,770,706 
Net Assets ($)    102,202,888    2,288,733,572    1,350,830,248    340,782,510 
Composition of Net Assets ($):                 
Paid-in capital    108,281,653    2,316,320,869    1,008,891,258    305,048,235 
Accumulated undistributed investment income (loss)—net    210,653    8,742,506    (994,293)    646,212 
Accumulated net realized gain (loss) on investments    (2,771,803)    116,257,616    175,582,186    18,022,037 
Accumulated net unrealized appreciation                 
(depreciation) on investments    —    —    —    17,066,026 
Accumulated net unrealized appreciation (depreciation)                 
on investments and foreign currency transactions    —    (152,587,419)    167,351,097    — 
Accumulated net unrealized appreciation (depreciation)                 
on investments and securities sold short    (3,517,615)    —    —    — 
Net Assets ($)    102,202,888    2,288,733,572    1,350,830,248    340,782,510 

52

        BNY Mellon    BNY Mellon    BNY Mellon    BNY Mellon 
        U.S. Core Equity    International    Emerging    Balanced 
        130/30 Fund    Fund    Markets Fund    Fund 
Net Asset Value Per Share                 
Class M Shares                 
    Net Assets ($)    102,193,310    2,280,825,673    1,340,293,173    336,511,168 
    Shares Outstanding    8,522,924    168,137,792    69,810,246    29,682,392 
    Net Asset Value Per Share ($)    11.99    13.57    19.20    11.34 
Investor Shares                 
    Net Assets ($)    9,578    7,907,899    10,537,075    4,271,342 
    Shares Outstanding    800    555,646    542,970    375,211 
    Net Asset Value Per Share ($)    11.97    14.23    19.41    11.38 
†    Investments at cost ($):                 
    Unaffiliated issuers    131,709,878    2,396,737,017    1,138,528,805    247,264,049 
    Affiliated issuers    —    22,900,000    23,000,000    106,169,704 
††    Value of securities on loan ($)    —    —    —    27,259,992 
††† Cash denominated in foreign currencies (cost) ($)    —    11,081,255    20,889,878    — 

See notes to financial statements.

The Funds 53

STATEMENTS OF OPERATIONS     
Six Months Ended February 29, 2008 (Unaudited)     

    BNY Mellon    BNY Mellon    BNY Mellon    BNY Mellon 
    Large Cap    Income    Mid Cap    Small Cap 
    Stock Fund    Stock Fund    Stock Fund    Stock Fund 
Investment Income ($):                 
Income:                 
Cash dividends (net of $36,572 and $3,299 foreign taxes             
withheld at source for BNY Mellon Large Cap Stock Fund             
and BNY Mellon Mid Cap Stock Fund, respectively):             
Unaffiliated issuers    18,294,298    4,651,053    7,892,105    3,072,907 
Affiliated issuers    729,126    4,396    524,637    579,921 
Income from securities lending    59,316    3,819    755,025    217,108 
Total Income    19,082,740    4,659,268    9,171,767    3,869,936 
Expenses:                 
Investment advisory fees—Note 4(a)    6,357,279    1,155,556    6,375,785    2,751,605 
Administration fees—Note 4(a)    1,244,760    226,139    1,081,806    411,959 
Custodian fees—Note 4(c)    72,325    20,619    61,692    33,767 
Trustees’ fees and expenses—Note 4(d)    26,516    6,253    27,872    10,728 
Shareholder servicing costs—Note 4(c)    16,363    2,433    74,704    8,767 
Auditing fees    16,093    3,596    18,580    14,718 
Registration fees    12,271    12,559    24,955    12,555 
Legal fees    12,195    2,882    16,690    4,077 
Interest expense—Note 3    7,425    57,401    —    — 
Prospectus and shareholders’ reports    2,684    1,877    17,014    4,188 
Distribution fees—Note 4(b)    —    —    11,882    — 
Miscellaneous    19,518    8,186    16,758    12,140 
Total Expenses    7,787,429    1,497,501    7,727,738    3,264,504 
Less—reduction in fees due to                 
earnings credits—Note 2(b)    (286)    (93)    (12,810)    (7,959) 
Net Expenses    7,787,143    1,497,408    7,714,928    3,256,545 
Investment Income—Net    11,295,597    3,161,860    1,456,839    613,391 
Realized and Unrealized Gain (Loss)                 
on Investments—Note 5 ($):                 
Net realized gain (loss) on investments    73,019,182    22,047,023    48,349,099    (1,991,193) 
Net unrealized appreciation                 
(depreciation) on investments    (218,306,147)    —    (124,197,619)    (63,004,948) 
Net unrealized appreciation (depreciation)                 
on investments and options transactions    —    (49,660,198)    —    — 
Net Realized and Unrealized                 
Gain (Loss) on Investments    (145,286,965)    (27,613,175)    (75,848,520)    (64,996,141) 
Net (Decrease) in Net Assets                 
Resulting from Operations    (133,991,368)    (24,451,315)    (74,391,681)    (64,382,750) 

See notes to financial statements.

54

    BNY Mellon    BNY Mellon    BNY Mellon    BNY Mellon 
    U.S. Core Equity    International    Emerging    Balanced 
    130/30 Fund    Fund    Markets Fund    Fund 
 
Investment Income ($):                 
Income:                 
Cash dividends (net of $1,312,640, $1,259,748 and                 
$2,783 foreign taxes withheld at source for BNY Mellon                 
International Fund, BNY Mellon Emerging Markets Fund                 
and BNY Mellon Balanced Fund, respectively):                 
Unaffiliated issuers    704,131    22,393,040    10,169,957    1,983,155 
Affiliated issuers    —    701,193    233,832    45,377 
Interest    —    151,024    56,439    3,730,971 
Income from securities lending    —    —    15,599    79,780 
Total Income    704,131    23,245,257    10,475,827    5,839,283 
Expenses:                 
Investment advisory fees—Note 4(a)    253,658    11,134,448    8,649,269    786,375 
Dividends on securities sold short    98,405    —    —    — 
Interest on securities sold short    79,405    —    —    — 
Administration fees—Note 4(a)    40,417    1,666,763    957,038    177,102 
Custodian fees—Note 4(c)    23,899    1,396,408    1,723,079    18,533 
Legal fees    22,439    18,309    10,456    — 
Registration fees    22,052    13,888    17,726    12,134 
Auditing fees    9,564    18,330    21,914    12,431 
Prospectus and shareholders’ reports    8,861    6,660    5,542    558 
Shareholder servicing costs—Note 4(c)    269    18,152    15,363    6,946 
Trustees’ fees and expenses—Note 4(d)    —    54,691    26,015    6,012 
Interest expense—Note 3    —    48,509    20,043    360 
Miscellaneous    2,255    38,119    22,378    12,286 
Total Expenses    561,224    14,414,277    11,468,823    1,032,737 
Less—reduction in investment advisory fee                 
due to undertaking—Note 4(a)    (32,922)    —    —    — 
Less—reduction in fees due to earnings credits—Note 2(b)    (34,824)    (37,871)    (46,388)    (46) 
Net Expenses    493,478    14,376,406    11,422,435    1,032,691 
Investment Income (Loss)—Net    210,653    8,868,851    (946,608)    4,806,592 
Realized and Unrealized Gain (Loss)                 
on Investments—Note 5 ($):                 
Net realized gain (loss) on investments    —    —    —    6,803,129 
Net realized gain distributions from affiliated issuers    —    —    —    13,125,231 
Net realized gain (loss) on investments                 
and foreign currency transactions    —    169,101,917    265,723,903    — 
Net realized gain (loss) on foreign                 
currency exchange contracts    —    1,807,250    (377,905)    — 
Net realized gain (loss) on investments:                 
Long transactions    (3,839,483)    —    —    — 
Short sale transactions    1,126,292    —    —    — 
Net Realized Gain (Loss)    (2,713,191)    170,909,167    265,345,998    19,928,360 
Net unrealized appreciation (depreciation) on investments    —    —    —    (29,958,602) 
Net unrealized appreciation (depreciation) on                 
investments and foreign currency transactions    —    (389,980,416)    (203,262,990)    — 
Net unrealized appreciation (depreciation) on                 
investments and securities sold short    (4,074,498)    —    —    — 
Net Realized and Unrealized Gain (Loss) on Investments    (6,787,689)    (219,071,249)    62,083,008    (10,030,242) 
Net Increase (Decrease) in Net Assets                 
Resulting from Operations    (6,577,036)    (210,202,398)    61,136,400    (5,223,650) 

See notes to financial statements.

The Funds 55

STATEMENT OF CASH FLOWS     
Six Months Ended February 29, 2008 (Unaudited)     

BNY Mellon U.S. Core Equity 130/30 Fund         
Cash Flows from Operating Activities ($):         
Dividends received    563,935     
Interest and loan fees paid    (131,968)     
Operating expenses paid    (132,105)     
Paid to The Dreyfus Corporation    (149,731)    150,131 
Cash Flows from Investing Activities ($):         
Purchases of portfolio securities    (180,977,492)     
Proceeds from sales of portfolio securities    77,949,090     
Net beneficial interest transactions    81,573,137     
Proceeds from securities sold short    23,530,417    2,075,152 
Cash Flows from Financing Activities ($):         
Increase in cash        2,225,283 
Cash at beginning of period        1,472,640 
Cash at end of period        3,697,923 
Reconciliation of Net Increase in Net Assets Resulting from     
Operations to Net Cash Used by Operating Activities ($):     
Net Increase in Net Assets Resulting From Operations        (6,577,036) 
Adjustments to reconcile net increase in net assets resulting     
from operations to net cash used by operating activities ($):     
Increase in dividends payable on securities         
sold short and loan commitment fees        20,293 
Increase in accrued operating expenses        23,635 
Increase in prepaid expenses        (35,260) 
Increase in Due to The Dreyfus Corporation        71,005 
Net realized gains on investments        2,713,191 
Net unrealized depreciation on investments        4,074,498 
Increase in dividends and income receivable        (140,195) 
Net Cash Used by Operating Activities        150,131 

See notes to financial statements.

56

STATEMENTS OF CHANGES IN NET ASSETS

    BNY Mellon Large Cap Stock Fund    BNY Mellon Income Stock Fund 
    Six Months Ended        Six Months Ended     
    February 29, 2008    Year Ended    February 29, 2008    Year Ended 
    (Unaudited)    August 31, 2007    (Unaudited)    August 31, 2007 
Operations ($):                 
Investment income—net    11,295,597    14,690,077    3,161,860    7,960,738 
Net realized gain (loss) on investments    73,019,182    289,295,291    22,047,023    64,683,917 
Net unrealized appreciation (depreciation) on investments    (218,306,147)    (28,034,523)    (49,660,198)    (21,599,065) 
Net Increase (Decrease) in Net Assets                 
Resulting from Operations    (133,991,368)    275,950,845    (24,451,315)    51,045,590 
Dividends to Shareholders from ($):                 
Investment income—net:                 
Class M Shares    (11,365,302)    (14,513,891)    (3,173,248)    (7,708,280) 
Investor Shares    (56,420)    (52,457)    (13,058)    (25,719) 
Net realized gain on investments:                 
Class M Shares    (292,549,129)    (42,915,907)    (68,094,883)    (35,419,719) 
Investor Shares    (1,786,575)    (216,079)    (355,903)    (127,542) 
Total Dividends    (305,757,426)    (57,698,334)    (71,637,092)    (43,281,260) 
Beneficial Interest Transactions ($):                 
Net proceeds from shares sold:                 
Class M Shares    175,959,468    226,642,767    8,269,920    76,012,981 
Investor Shares    3,964,347    6,833,158    651,407    410,294 
Dividends reinvested:                 
Class M Shares    217,852,384    33,600,082    45,673,984    24,078,831 
Investor Shares    1,588,435    240,358    333,268    135,866 
Cost of shares redeemed:                 
Class M Shares    (133,035,618)    (273,005,675)    (113,065,783)    (114,219,942) 
Investor Shares    (4,185,185)    (4,111,344)    (863,872)    (331,362) 
Increase (Decrease) in Net Assets from                 
Beneficial Interest Transactions    262,143,831    (9,800,654)    (59,001,076)    (13,913,332) 
Total Increase (Decrease) in Net Assets    (177,604,963)    208,451,857    (155,089,483)    (6,149,002) 
Net Assets ($):                 
Beginning of Period    1,982,186,094    1,773,734,237    416,585,064    422,734,066 
End of Period    1,804,581,131    1,982,186,094    261,495,581    416,585,064 
Undistributed investment income—net    314,343    440,468    121,753    146,199 
Capital Share Transactions (Shares):                 
Class M Shares                 
Shares sold    17,039,851    20,318,937    901,067    7,139,757 
Shares issued for dividends reinvested    21,842,139    3,073,298    5,443,109    2,326,716 
Shares redeemed    (12,315,389)    (24,279,996)    (11,935,502)    (10,762,331) 
Net Increase (Decrease) in Shares Outstanding    26,566,601    (887,761)    (5,591,326)    (1,295,858) 
Investor Shares                 
Shares sold    353,864    611,162    64,158    38,623 
Shares issued for dividends reinvested    159,854    21,855    39,335    12,989 
Shares redeemed    (377,300)    (361,527)    (94,242)    (30,537) 
Net Increase (Decrease) in Shares Outstanding    136,418    271,490    9,251    21,075 

See notes to financial statements.

The Funds 57

STATEMENTS OF CHANGES IN NET ASSETS (continued)

    BNY Mellon Mid Cap Stock Fund    BNY Mellon Small Cap Stock Fund 
    Six Months Ended        Six Months Ended     
    February 29, 2008    Year Ended    February 29, 2008    Year Ended 
    (Unaudited)    August 31, 2007    (Unaudited)    August 31, 2007 
Operations ($):                 
Investment income—net    1,456,839    6,990,751    613,391    108,639 
Net realized gain (loss) on investments    48,349,099    267,156,006    (1,991,193)    111,126,355 
Net unrealized appreciation (depreciation) on investments    (124,197,619)    (13,565,718)    (63,004,948)    (31,334,249) 
Net Increase (Decrease) in Net Assets                 
Resulting from Operations    (74,391,681)    260,581,039    (64,382,750)    79,900,745 
Dividends to Shareholders from ($):                 
Investment income—net:                 
Class M Shares    (3,279,780)    (7,932,371)    —    — 
Investor Shares    —    (86,011)    —    — 
Net realized gain on investments:                 
Class M Shares    (290,742,198)    (234,597,218)    (93,553,168)    (95,370,568) 
Investor Shares    (6,187,293)    (4,769,554)    (779,054)    (978,502) 
Dreyfus Premier Shares    (585,373)    (828,723)    —    — 
Total Dividends    (300,794,644)    (248,213,877)    (94,332,222)    (96,349,070) 
Beneficial Interest Transactions ($):                 
Net proceeds from shares sold:                 
Class M Shares    204,899,454    281,940,037    136,668,449    139,163,228 
Investor Shares    4,497,989    12,902,810    1,081,870    3,514,777 
Dreyfus Premier Shares    9,000    25,446    —    — 
Dividends reinvested:                 
Class M Shares    193,944,931    150,145,577    64,066,796    61,106,520 
Investor Shares    5,593,861    4,570,406    715,704    810,943 
Dreyfus Premier Shares    484,613    715,679    —    — 
Cost of shares redeemed:                 
Class M Shares    (211,760,838)    (296,418,896)    (107,977,547)    (181,135,260) 
Investor Shares    (6,958,845)    (12,668,316)    (1,915,312)    (5,292,529) 
Dreyfus Premier Shares    (996,534)    (3,237,779)    —    — 
Increase (Decrease) in Net Assets from                 
Beneficial Interest Transactions    189,713,631    137,974,964    92,639,960    18,167,679 
Total Increase (Decrease) in Net Assets    (185,472,694)    150,342,126    (66,075,012)    1,719,354 
Net Assets ($):                 
Beginning of Period    1,747,519,900    1,597,177,774    675,579,002    673,859,648 
End of Period    1,562,047,206    1,747,519,900    609,503,990    675,579,002 
Undistributed investment income—net    3,632,602    5,455,543    871,436    258,045 

58

    BNY Mellon Mid Cap Stock Fund    BNY Mellon Small Cap Stock Fund 
    Six Months Ended        Six Months Ended     
    February 29, 2008    Year Ended    February 29, 2008    Year Ended 
    (Unaudited)    August 31, 2007    (Unaudited)    August 31, 2007 
Capital Share Transactions:                 
Class M Shares                 
Shares sold    16,713,338    20,373,901    10,946,313    9,447,857 
Shares issued for dividends reinvested    15,404,681    11,348,872    5,048,605    4,297,223 
Shares redeemed    (15,809,340)    (20,747,563)    (7,676,941)    (11,874,638) 
Net Increase (Decrease) in Shares Outstanding    16,308,679    10,975,210    8,317,977    1,870,442 
Investor Shares a                 
Shares sold    343,818    905,663    82,275    236,350 
Shares issued for dividends reinvested    448,282    347,893    57,952    57,630 
Shares redeemed    (544,558)    (905,828)    (149,853)    (362,914) 
Net Increase (Decrease) in Shares Outstanding    247,542    347,728    (9,626)    (68,934) 
Dreyfus Premier Shares a                 
Shares sold    618    1,928    —    — 
Shares issued for dividends reinvested    40,861    56,351    —    — 
Shares redeemed    (78,875)    (238,498)    —    — 
Net Increase (Decrease) in Shares Outstanding    (37,396)    (180,219)    —    — 

a During the period ended February 29, 2008, 50,766, Dreyfus Premier shares of BNY Mellon Mid Cap Stock Fund representing $652,442 were automatically converted to 
48,502 Investor shares and during the period ended August 31, 2007, 148,230 Dreyfus Premier shares of BNY Mellon Mid Cap Stock Fund representing $2,024,244 were 
automatically converted to 143,127 Investor shares. 
See notes to financial statements. 

The Funds 59

STATEMENTS OF CHANGES IN NET ASSETS (continued)

    BNY Mellon U.S. Core Equity 130/30 Fund    BNY Mellon International Fund 
    Six Months Ended        Six Months Ended     
    February 29, 2008    Year Ended    February 29, 2008    Year Ended 
    (Unaudited)    August 31, 2007a    (Unaudited)    August 31, 2007 
Operations ($):                 
Investment income (loss)—net    210,653    (4,626)    8,868,851    43,954,152 
Net realized gain (loss) on investments    (2,713,191)    (58,612)    170,909,167    361,316,981 
Net unrealized appreciation (depreciation) on investments    (4,074,498)    556,883    (389,980,416)    (79,730,236) 
Net Increase (Decrease) in Net Assets                 
Resulting from Operations    (6,577,036)    493,645    (210,202,398)    325,540,897 
Dividends to Shareholders from ($):                 
Investment income—net:                 
Class M Shares    —    —    (42,716,814)    (42,865,752) 
Investor Shares    —    —    (205,294)    (135,397) 
Net realized gain on investments:                 
Class M Shares    —    —    (345,711,591)    (297,965,799) 
Investor Shares    —    —    (1,860,329)    (1,072,533) 
Total Dividends    —    —    (390,494,028)    (342,039,481) 
Beneficial Interest Transactions ($):                 
Net proceeds from shares sold:                 
Class M Shares    87,211,847    25,975,600    312,942,311    499,791,572 
Investor Shares    —    10,000    6,688,478    13,554,606 
Dividends reinvested:                 
Class M Shares    —    —    230,869,382    194,224,145 
Investor Shares    —    —    1,480,972    915,648 
Cost of shares redeemed:                 
Class M Shares    (4,505,711)    (405,457)    (502,417,118)    (375,343,055) 
Investor Shares    —    —    (10,735,292)    (10,052,185) 
Increase (Decrease) in Net Assets from                 
Beneficial Interest Transactions    82,706,136    25,580,143    38,828,733    323,090,731 
Total Increase (Decrease) in Net Assets    76,129,100    26,073,788    (561,867,693)    306,592,147 
Net Assets ($):                 
Beginning of Period    26,073,788    —    2,850,601,265    2,544,009,118 
End of Period    102,202,888    26,073,788    2,288,733,572    2,850,601,265 
Undistributed investment income—net    210,653    —    8,742,506    42,795,763 
Capital Share Transactions (Shares):                 
Class M Shares                 
Shares sold    6,813,925    2,094,556    21,120,181    28,452,070 
Shares issued for dividends reinvested    —    —    15,684,061    11,512,990 
Shares redeemed    (353,454)    (32,103)    (30,200,653)    (21,099,016) 
Net Increase (Decrease) in Shares Outstanding    6,460,471    2,062,453    6,603,589    18,866,044 
Investor Shares                 
Shares sold    —    800    390,225    731,940 
Shares issued for dividends reinvested    —    —    95,732    52,026 
Shares redeemed    —    —    (675,784)    (541,199) 
Net Increase (Decrease) in Shares Outstanding    —    800    (189,827)    242,767 

a From August 1, 2007 (commencement of operations) to August 31, 2007.
See notes to financial statements.

60

    BNY Mellon Emerging Markets Fund    BNY Mellon Balanced Fund 
    Six Months Ended        Six Months Ended     
    February 29, 2008    Year Ended    February 29, 2008    Year Ended 
    (Unaudited)    August 31, 2007    (Unaudited)    August 31, 2007 
Operations ($):                 
Investment income (loss)—net    (946,608)    14,989,685    4,806,592    8,161,745 
Net realized gain (loss) on investments    265,345,998    298,691,541    19,928,360    34,944,176 
Net unrealized appreciation (depreciation) on investments    (203,262,990)    125,896,899    (29,958,602)    (2,011,921) 
Net Increase (Decrease) in Net Assets                 
Resulting from Operations    61,136,400    439,578,125    (5,223,650)    41,094,000 
Dividends to Shareholders from ($):                 
Investment income—net:                 
Class M Shares    (12,065,738)    (11,143,002)    (6,304,708)    (8,588,393) 
Investor Shares    (65,697)    (55,920)    (67,435)    (87,689) 
Net realized gain on investments:                 
Class M Shares    (353,792,959)    (373,891,351)    (32,629,458)    (37,309,689) 
Investor Shares    (2,618,833)    (2,695,847)    (387,034)    (410,941) 
Total Dividends    (368,543,227)    (387,786,120)    (39,388,635)    (46,396,712) 
Beneficial Interest Transactions ($):                 
Net proceeds from shares sold:                 
Class M Shares    110,078,475    229,712,148    9,079,594    18,552,789 
Investor Shares    5,240,120    8,957,255    701,340    2,627,739 
Dividends reinvested:                 
Class M Shares    243,684,211    241,635,492    28,703,242    32,351,111 
Investor Shares    2,132,234    2,299,129    450,486    450,228 
Cost of shares redeemed:                 
Class M Shares    (229,284,637)    (314,129,360)    (15,260,544)    (29,698,540) 
Investor Shares    (5,483,118)    (12,212,487)    (620,764)    (2,475,801) 
Increase (Decrease) in Net Assets from                 
Beneficial Interest Transactions    126,367,285    156,262,177    23,053,354    21,807,526 
Total Increase (Decrease) in Net Assets    (181,039,542)    208,054,182    (21,558,931)    16,504,814 
Net Assets ($):                 
Beginning of Period    1,531,869,790    1,323,815,608    362,341,441    345,836,627 
End of Period    1,350,830,248    1,531,869,790    340,782,510    362,341,441 
Undistributed investment income (loss)—net    (994,293)    12,083,750    646,212    2,211,763 
Capital Share Transactions (Shares):                 
Class M Shares                 
Shares sold    5,223,838    10,259,259    747,133    1,442,105 
Shares issued for dividends reinvested    12,117,564    11,695,813    2,429,772    2,608,038 
Shares redeemed    (9,810,729)    (13,164,193)    (1,235,870)    (2,286,103) 
Net Increase (Decrease) in Shares Outstanding    7,530,673    8,790,879    1,941,035    1,764,040 
Investor Shares                 
Shares sold    247,079    378,468    54,670    201,131 
Shares issued for dividends reinvested    104,881    110,323    37,849    35,958 
Shares redeemed    (249,900)    (525,054)    (47,169)    (189,290) 
Net Increase (Decrease) in Shares Outstanding    102,060    (36,263)    45,350    47,799 

See notes to financial statements.

The Funds 61

FINANCIAL HIGHLIGHTS

The following tables describe the performance for each share class of each BNY Mellon equity fund for the fiscal periods
indicated. All information (except portfolio turnover rate) reflects financial results for a single fund share.Total return shows
how much your investment in each fund would have increased (or decreased) during the period, assuming you had reinvested
all dividends and distributions.These figures have been derived from each fund’s financial statements.

            Class M Shares         
    Six Months Ended                     
    February 29, 2008        Year Ended August 31,     
BNY Mellon Large Cap Stock Fund    (Unaudited)    2007    2006    2005    2004    2003 a 
Per Share Data ($):                         
Net asset value, beginning of period    11.56    10.31    9.79    8.74    8.16    7.77 
Investment Operations:                         
Investment income—net b    .06    .09    .10    .11    .07    .06 
Net realized and unrealized                         
gain (loss) on investments    (.73)    1.49    .52    1.05    .58    .39 
Total from Investment Operations    (.67)    1.58    .62    1.16    .65    .45 
Distributions:                         
Dividends from investment income—net    (.06)    (.08)    (.10)    (.11)    (.07)    (.06) 
Dividends from net realized gain on investments    (1.73)    (.25)    —    —    —    — 
Total Distributions    (1.79)    (.33)    (.10)    (.11)    (.07)    (.06) 
Net asset value, end of period    9.10    11.56    10.31    9.79    8.74    8.16 
Total Return (%)    (7.09)c    15.60    6.32    13.27    7.95    5.76 
Ratios/Supplemental Data (%):                         
Ratio of total expenses to average net assets    .79d    .80    .80    .80    .81    .81 
Ratio of net expenses to average net assets    .79d,e    .79    .80e    .80e    .81    .81 
Ratio of net investment income                         
to average net assets    1.16d    .76    .96    1.13    .77    .83 
Portfolio Turnover Rate    30.55c    77.46    19.08    23.49    43.52    56.96 
Net Assets, end of period ($ x 1,000)    1,794,127    1,970,482    1,766,105    1,733,531    1,545,002    1,479,855 

a    Effective December 16, 2002, MPAM shares were redesignated as Class M shares. 
b    Based on average shares outstanding at each month end. 
c    Not annualized. 
d    Annualized. 
e    The difference for the period represents less than .01%. 
See notes to financial statements. 

62

            Investor Shares             
    Six Months Ended                     
    February 29, 2008        Year Ended August 31,     
BNY Mellon Large Cap Stock Fund    (Unaudited)    2007    2006    2005    2004    2003 
Per Share Data ($):                         
Net asset value, beginning of period    11.58    10.33    9.82    8.76    8.16    7.77 
Investment Operations:                         
Investment income—net a    .05    .06    .07    .08    .06    .04 
Net realized and unrealized                         
gain (loss) on investments    (.73)    1.50    .51    1.06    .58    .39 
Total from Investment Operations    (.68)    1.56    .58    1.14    .64    .43 
Distributions:                         
Dividends from investment income—net    (.05)    (.06)    (.07)    (.08)    (.04)    (.04) 
Dividends from net realized gain on investments    (1.73)    (.25)    —    —    —    — 
Total Distributions    (1.78)    (.31)    (.07)    (.08)    (.04)    (.04) 
Net asset value, end of period    9.12    11.58    10.33    9.82    8.76    8.16 
Total Return (%)    (7.20)b    15.29    5.95    13.08    7.88    5.50 
Ratios/Supplemental Data (%):                         
Ratio of total expenses to average net assets    1.04c    1.05    1.06    1.05    1.06    1.07 
Ratio of net expenses to average net assets    1.04c,d    1.04    1.06d    1.05d    1.06    1.07 
Ratio of net investment income                         
to average net assets    .88c    .51    .72    .87    .59    .56 
Portfolio Turnover Rate    30.55b    77.46    19.08    23.49    43.52    56.96 
Net Assets, end of period ($ x 1,000)    10,455    11,704    7,629    3,985    3,356    2,121 

a    Based on average shares outstanding at each month end. 
b    Not annualized. 
c    Annualized. 
d    The difference for the period represents less than .01%. 
See notes to financial statements. 

The Funds 63

FINANCIAL HIGHLIGHTS (continued)

            Class M Shares             
    Six Months Ended                     
    February 29, 2008        Year Ended August 31,     
BNY Mellon Income Stock Fund    (Unaudited)    2007    2006    2005    2004    2003 a 
Per Share Data ($):                         
Net asset value, beginning of period    10.61    10.43    9.92    9.50    8.56    8.24 
Investment Operations:                         
Investment income—net b    .09    .19    .22    .21    .16    .12 
Net realized and unrealized                         
gain (loss) on investments    (.81)    1.04    .75    1.27    1.09    .37 
Total from Investment Operations    (.72)    1.23    .97    1.48    1.25    .49 
Distributions:                         
Dividends from investment income—net    (.09)    (.19)    (.22)    (.20)    (.17)    (.12) 
Dividends from net realized gain on investments    (2.04)    (.86)    (.24)    (.86)    (.14)    (.05) 
Total Distributions    (2.13)    (1.05)    (.46)    (1.06)    (.31)    (.17) 
Net asset value, end of period    7.76    10.61    10.43    9.92    9.50    8.56 
Total Return (%)    (8.24)c    12.11    10.00    16.23    14.68    6.19 
Ratios/Supplemental Data (%):                         
Ratio of total expenses to average net assets    .84d    .81    .81    .82    .83    .83 
Ratio of net expenses to average net assets    .84d,e    .81    .81e    .82e    .83    .83 
Ratio of net investment income                         
to average net assets    1.78d    1.81    2.14    2.12    1.75    1.48 
Portfolio Turnover Rate    11.50c    62.06    40.75    34.61    52.47    12.82 
Net Assets, end of period ($ x 1,000)    260,164    414,866    421,266    394,977    274,881    271,085 

a    Effective December 16, 2002, MPAM shares were redesignated as Class M shares. 
b    Based on average shares outstanding at each month end. 
c    Not annualized. 
d    Annualized. 
e    The difference for the period represents less than .01%. 
See notes to financial statements. 

64

            Investor Shares             
    Six Months Ended                     
    February 29, 2008        Year Ended August 31,     
BNY Mellon Income Stock Fund    (Unaudited)    2007    2006    2005    2004    2003 
Per Share Data ($):                         
Net asset value, beginning of period    10.67    10.49    9.98    9.53    8.58    8.25 
Investment Operations:                         
Investment income—net a    .08    .17    .19    .18    .14    .10 
Net realized and unrealized                         
gain (loss) on investments    (.81)    1.04    .75    1.29    1.08    .38 
Total from Investment Operations    (.73)    1.21    .94    1.47    1.22    .48 
Distributions:                         
Dividends from investment income—net    (.08)    (.17)    (.19)    (.16)    (.13)    (.10) 
Dividends from net realized gain on investments    (2.04)    (.86)    (.24)    (.86)    (.14)    (.05) 
Total Distributions    (2.12)    (1.03)    (.43)    (1.02)    (.27)    (.15) 
Net asset value, end of period    7.82    10.67    10.49    9.98    9.53    8.58 
Total Return (%)    (8.30)b    11.78    9.68    16.00    14.26    6.03 
Ratios/Supplemental Data (%):                         
Ratio of total expenses to average net assets    1.10c    1.06    1.06    1.07    1.08    1.09 
Ratio of net expenses to average net assets    1.10c,d    1.06    1.06d    1.07d    1.08    1.09 
Ratio of net investment income                         
to average net assets    1.53c    1.55    1.92    1.88    1.49    1.21 
Portfolio Turnover Rate    11.50b    62.06    40.75    34.61    52.47    12.82 
Net Assets, end of period ($ x 1,000)    1,332    1,719    1,468    1,092    756    1,080 

a    Based on average shares outstanding at each month end. 
b    Not annualized. 
c    Annualized. 
d    The difference for the period represents less than .01%. 
See notes to financial statements. 

The Funds 65

FINANCIAL HIGHLIGHTS (continued)

            Class M Shares         
    Six Months Ended                     
    February 29, 2008        Year Ended August 31,     
BNY Mellon Mid Cap Stock Fund    (Unaudited)    2007    2006    2005    2004    2003 a 
Per Share Data ($):                         
Net asset value, beginning of period    14.19    14.26    14.80    12.29    11.07    9.92 
Investment Operations:                         
Investment income—net b    .01    .06    .08    .04    .04    .05 
Net realized and unrealized                         
gain (loss) on investments    (.45)    2.17    1.21    3.33    1.21    1.13 
Total from Investment Operations    (.44)    2.23    1.29    3.37    1.25    1.18 
Distributions:                         
Dividends from investment income—net    (.03)    (.08)    (.01)    (.04)    (.03)    (.03) 
Dividends from net realized gain on investments    (2.54)    (2.22)    (1.82)    (.82)    —    — 
Total Distributions    (2.57)    (2.30)    (1.83)    (.86)    (.03)    (.03) 
Net asset value, end of period    11.18    14.19    14.26    14.80    12.29    11.07 
Total Return (%)    (5.17)c    16.76    9.14    28.41    11.33    11.94 
Ratios/Supplemental Data (%):                         
Ratio of total expenses to average net assets    .90d    .90    .91    .91    .91    .92 
Ratio of net expenses to average net assets    .90d,e    .90e    .91e    .91    .91    .92 
Ratio of net investment income                         
to average net assets    .18d    .42    .51    .26    .34    .47 
Portfolio Turnover Rate    64.16c    112.31    93.33    83.57    69.03    67.97 
Net Assets, end of period ($ x 1,000)    1,529,199    1,708,747    1,560,575    1,458,952    1,159,657    1,073,837 

a    Effective December 16, 2002, MPAM shares were redesignated as Class M shares. 
b    Based on average shares outstanding at each month end. 
c    Not annualized. 
d    Annualized. 
e    The difference for the period represents less than .01%. 
See notes to financial statements. 

66

            Investor Shares             
    Six Months Ended                     
    February 29, 2008        Year Ended August 31,     
BNY Mellon Mid Cap Stock Fund    (Unaudited)    2007    2006    2005    2004    2003 
Per Share Data ($):                         
Net asset value, beginning of period    14.07    14.16    14.73    12.24    11.03    9.90 
Investment Operations:                         
Investment income (loss)—net a    (.00)b    .02    .04    .00b    .01    .02 
Net realized and unrealized                         
gain (loss) on investments    (.45)    2.15    1.21    3.32    1.21    1.13 
Total from Investment Operations    (.45)    2.17    1.25    3.32    1.22    1.15 
Distributions:                         
Dividends from investment income—net    —    (.04)    —    (.01)    (.01)    (.02) 
Dividends from net realized gain on investments    (2.54)    (2.22)    (1.82)    (.82)    —    — 
Total Distributions    (2.54)    (2.26)    (1.82)    (.83)    (.01)    (.02) 
Net asset value, end of period    11.08    14.07    14.16    14.73    12.24    11.03 
Total Return (%)    (5.25)c    16.44    8.93    28.05    11.02    11.66 
Ratios/Supplemental Data (%):                         
Ratio of total expenses to average net assets    1.16d    1.15    1.15    1.15    1.16    1.20 
Ratio of net expenses to average net assets    1.16d,e    1.15e    1.15e    1.15    1.16    1.20 
Ratio of net investment income                         
(loss) to average net assets    (.07)d    .16    .26    .02    .10    .19 
Portfolio Turnover Rate    64.16c    112.31    93.33    83.57    69.03    67.97 
Net Assets, end of period ($ x 1,000)    30,414    35,139    30,433    26,445    21,810    18,117 

a    Based on average shares outstanding at each month end. 
b    Amount represents less than $.01 per share. 
c    Not annualized. 
d    Annualized. 
e    The difference for the period represents less than .01%. 
See notes to financial statements. 

The Funds 67

FINANCIAL HIGHLIGHTS (continued)

            Dreyfus Premier Shares         
    Six Months Ended                     
    February 29, 2008        Year Ended August 31,     
BNY Mellon Mid Cap Stock Fund    (Unaudited)    2007    2006    2005    2004    2003 a 
Per Share Data ($):                         
Net asset value, beginning of period    13.52    13.74    14.44    12.09    10.96    9.81 
Investment Operations:                         
Investment (loss)—net b    (.05)    (.07)    (.07)    (.09)    (.08)    (.06) 
Net realized and unrealized                         
gain (loss) on investments    (.42)    2.07    1.19    3.26    1.21    1.21 
Total from Investment Operations    (.47)    2.00    1.12    3.17    1.13    1.15 
Distributions:                         
Dividends from net realized gain on investments    (2.54)    (2.22)    (1.82)    (.82)    —    — 
Net asset value, end of period    10.51    13.52    13.74    14.44    12.09    10.96 
Total Return (%)    (5.65)c    15.58    8.13    27.11    10.31    11.72c 
Ratios/Supplemental Data (%):                         
Ratio of total expenses to average net assets    1.91d    1.90    1.90    1.88    1.91    1.95c 
Ratio of net expenses to average net assets    1.91d,e    1.90e    1.90e    1.88    1.91    1.95c 
Ratio of net investment (loss)                         
to average net assets    (.82)d    (.53)    (.48)    (.71)    (.65)    (.58)c 
Portfolio Turnover Rate    64.16c    112.31    93.33    83.57    69.03    67.97 
Net Assets, end of period ($ x 1,000)    2,434    3,635    6,170    8,113    9,682    14,996 

a From the close of business on September 6, 2002 (date the fund began offering Dreyfus Premier shares) to August 31, 2003. 
b Based on average shares outstanding at each month end. 
c Not annualized. 
d Annualized. 
e The difference for the period represents less than .01%. 
See notes to financial statements. 

68

            Class M Shares             
    Six Months Ended                     
    February 29, 2008        Year Ended August 31,     
BNY Mellon Small Cap Stock Fund    (Unaudited)    2007    2006    2005    2004    2003 a 
Per Share Data ($):                         
Net asset value, beginning of period    14.82    15.39    17.18    14.92    13.17    10.95 
Investment Operations:                         
Investment income (loss)—net b    .01    .00c    (.01)    (.01)    (.02)    (.00)c 
Net realized and unrealized                         
gain (loss) on investments    (1.26)    1.83    .80    2.66    1.77    2.22 
Total from Investment Operations    (1.25)    1.83    .79    2.65    1.75    2.22 
Distributions:                         
Dividends from net realized gain on investments    (2.26)    (2.40)    (2.58)    (.39)    —    — 
Net asset value, end of period    11.31    14.82    15.39    17.18    14.92    13.17 
Total Return (%)    (10.10)d    12.53    5.04    17.86    13.29    20.27 
Ratios/Supplemental Data (%):                         
Ratio of total expenses to average net assets    1.01e    1.01    1.01    1.01    1.02    1.04 
Ratio of net expenses to average net assets    1.00e    1.00    1.01f    1.01f    1.02f    1.03 
Ratio of net investment income                         
(loss) to average net assets    .19e    .02    (.08)    (.07)    (.11)    (.02) 
Portfolio Turnover Rate    61.41d    167.04    108.79    148.54    91.71    91.99 
Net Assets, end of period ($ x 1,000)    605,556    670,238    667,241    797,808    747,637    558,172 

a    Effective December 16, 2002, MPAM shares were redesignated as Class M shares. 
b    Based on average shares outstanding at each month end. 
c    Amount represents less than $.01 per share. 
d    Not annualized. 
e    Annualized. 
f    The difference for the period represents less than .01%. 
See notes to financial statements. 

The Funds 69

FINANCIAL HIGHLIGHTS (continued)

            Investor Shares             
    Six Months Ended                     
    February 29, 2008        Year Ended August 31,     
BNY Mellon Small Cap Stock Fund    (Unaudited)    2007    2006    2005    2004    2003 
Per Share Data ($):                         
Net asset value, beginning of period    14.50    15.13    16.97    14.78    13.08    10.90 
Investment Operations:                         
Investment (loss)—net a    (.00)b    (.03)    (.05)    (.05)    (.05)    (.03) 
Net realized and unrealized                         
gain (loss) on investments    (1.24)    1.80    .79    2.63    1.75    2.21 
Total from Investment Operations    (1.24)    1.77    .74    2.58    1.70    2.18 
Distributions:                         
Dividends from net realized gain on investments    (2.26)    (2.40)    (2.58)    (.39)    —    — 
Net asset value, end of period    11.00    14.50    15.13    16.97    14.78    13.08 
Total Return (%)    (10.26)c    12.33    4.78    17.55    13.00    20.00 
Ratios/Supplemental Data (%):                         
Ratio of total expenses to average net assets    1.27d    1.26    1.26    1.26    1.26    1.29 
Ratio of net expenses to average net assets    1.27d,e    1.25    1.26e    1.26e    1.26e    1.28 
Ratio of net investment (loss)                         
to average net assets    (.06)d    (.23)    (.35)    (.33)    (.35)    (.27) 
Portfolio Turnover Rate    61.41c    167.04    108.79    148.54    91.71    91.99 
Net Assets, end of period ($ x 1,000)    3,948    5,341    6,618    4,692    3,310    3,578 

a    Based on average shares outstanding at each month end. 
b    Amount represents less than $.01 per share. 
c    Not annualized. 
d    Annualized. 
e    The difference for the period represents less than .01%. 
See notes to financial statements. 

70

    Class M Shares 
    Six Months Ended     
    February 29, 2008    Year Ended 
BNY Mellon U.S. Core Equity 130/30 Fund    (Unaudited)    August 31, 2007a 
Per Share Data ($):         
Net asset value, beginning of period    12.64    12.50 
Investment Operations:         
Investment income (loss)—netb    .04    (.00)c 
Net realized and unrealized         
gain (loss) on investments    (.69)    .14 
Total from Investment Operations    (.65)    .14 
Net asset value, end of period    11.99    12.64 
Total Return (%) d    (5.14)    1.12 
Ratios/Supplemental Data (%):         
Ratio of total expenses to average net assets    1.77e    .50d 
Ratio of net expenses to average net assets    1.56e    .28d 
Ratio of net investment income (loss)         
to average net assets    .66e    (.03)d 
Portfolio Turnover Rate d    96.22    11.94 
Net Assets, end of period ($ x 1,000)    102,193    26,064 

a    From August 1, 2007 (commencement of operations) to August 31, 2007. 
b    Based on average shares outstanding at each month end. 
c    Amount represents less than $.01 per share. 
d    Not annualized. 
e    Annualized. 
See notes to financial statements. 

The Funds 71

FINANCIAL HIGHLIGHTS (continued)

    Investor Shares 
    Six Months Ended     
    February 29, 2008    Year Ended 
BNY Mellon U.S. Core Equity 130/30 Fund    (Unaudited)    August 31, 2007a 
Per Share Data ($):         
Net asset value, beginning of period    12.63    12.50 
Investment Operations:         
Investment income (loss)—netb,c    .00    (.00) 
Net realized and unrealized         
gain (loss) on investments    (.66)    .13 
Total from Investment Operations    (.66)    .13 
Net asset value, end of period    11.97    12.63 
Total Return (%) d    (5.23)    1.04 
Ratios/Supplemental Data (%):         
Ratio of total expenses to average net assets    2.47e    .50d 
Ratio of net expenses to average net assets    2.24e    .28d 
Ratio of net investment income         
(loss) to average net assets    .01e    (.03)d 
Portfolio Turnover Rate d    96.22    11.94 
Net Assets, end of period ($ x 1,000)    10    10 

a    From August 1, 2007 (commencement of operations) to August 31, 2007. 
b    Based on average shares outstanding at each month end. 
c    Amount represents less than $.01 per share. 
d    Not annualized. 
e    Annualized. 
See notes to financial statements. 

72

            Class M Shares         
    Six Months Ended                     
    February 29, 2008        Year Ended August 31,     
BNY Mellon International Fund    (Unaudited)    2007    2006    2005    2004    2003 a 
Per Share Data ($):                         
Net asset value, beginning of period    17.56    17.77    16.20    14.29    11.77    11.03 
Investment Operations:                         
Investment income—net b    .05    .28    .28    .22    .20    .20 
Net realized and unrealized                         
gain (loss) on investments    (1.40)    1.92    3.02    2.52    2.51    .68 
Total from Investment Operations    (1.35)    2.20    3.30    2.74    2.71    .88 
Distributions:                         
Dividends from investment income—net    (.29)    (.30)    (.23)    (.20)    (.19)    (.14) 
Dividends from net realized gain on investments    (2.35)    (2.11)    (1.50)    (.63)    —    — 
Total Distributions    (2.64)    (2.41)    (1.73)    (.83)    (.19)    (.14) 
Net asset value, end of period    13.57    17.56    17.77    16.20    14.29    11.77 
Total Return (%)    (8.88)c    12.93    21.86    19.51    23.15    8.19 
Ratios/Supplemental Data (%):                         
Ratio of total expenses to average net assets    1.10d    1.08    1.10    1.09    1.11    1.12 
Ratio of net expenses to average net assets    1.10d,e    1.08e    1.10e    1.09    1.10    1.05 
Ratio of net investment income                         
to average net assets    .68d    1.59    1.68    1.40    1.46    1.99 
Portfolio Turnover Rate    40.15c    72.83    70.02    44.92    45.60    36.52 
Net Assets, end of period ($ x 1,000)    2,280,826    2,836,968    2,534,753    1,857,398    1,265,004    820,568 

a    Effective December 16, 2002, MPAM shares were redesignated as Class M shares. 
b    Based on average shares outstanding at each month end. 
c    Not annualized. 
d    Annualized. 
e    The difference for the period represents less than .01%. 
See notes to financial statements. 

The Funds 73

FINANCIAL HIGHLIGHTS (continued)

            Investor Shares             
    Six Months Ended                     
    February 29, 2008        Year Ended August 31,     
BNY Mellon International Fund    (Unaudited)    2007    2006    2005    2004    2003 
Per Share Data ($):                         
Net asset value, beginning of period    18.29    18.41    16.74    14.74    12.13    11.34 
Investment Operations:                         
Investment income—net a    .03    .23    .26    .24    .49    .13 
Net realized and unrealized                         
gain (loss) on investments    (1.48)    2.03    3.11    2.55    2.20    .78 
Total from Investment Operations    (1.45)    2.26    3.37    2.79    2.69    .91 
Distributions:                         
Dividends from investment income—net    (.26)    (.27)    (.20)    (.16)    (.08)    (.12) 
Dividends from net realized gain on investments    (2.35)    (2.11)    (1.50)    (.63)    —    — 
Total Distributions    (2.61)    (2.38)    (1.70)    (.79)    (.08)    (.12) 
Net asset value, end of period    14.23    18.29    18.41    16.74    14.74    12.13 
Total Return (%)    (9.09)b    12.73    21.49    19.24    22.28    8.24 
Ratios/Supplemental Data (%):                         
Ratio of total expenses to average net assets    1.35c    1.33    1.36    1.34    1.35    1.36 
Ratio of net expenses to average net assets    1.35c,d    1.32    1.36d    1.34    1.35d    1.30 
Ratio of net investment income                         
to average net assets    .40c    1.26    1.50    1.50    2.63    1.10 
Portfolio Turnover Rate    40.15b    72.83    70.02    44.92    45.60    36.52 
Net Assets, end of period ($ x 1,000)    7,908    13,634    9,256    3,466    900    308 

a    Based on average shares outstanding at each month end. 
b    Not annualized. 
c    Annualized. 
d    The difference for the period represents less than .01%. 
See notes to financial statements. 

74

            Class M Shares         
    Six Months Ended                     
    February 29, 2008        Year Ended August 31,     
BNY Mellon Emerging Markets Fund    (Unaudited)    2007    2006    2005    2004    2003 a 
Per Share Data ($):                         
Net asset value, beginning of period    24.42    24.53    22.69    17.98    14.92    12.33 
Investment Operations:                         
Investment income (loss)—net b    (.01)    .25    .29    .32    .25    .22 
Net realized and unrealized                         
gain (loss) on investments    1.10    7.18    4.96    6.09    3.16    2.77 
Total from Investment Operations    1.09    7.43    5.25    6.41    3.41    2.99 
Distributions:                         
Dividends from investment income—net    (.21)    (.22)    (.44)    (.12)    (.12)    (.12) 
Dividends from net realized gain on investments    (6.10)    (7.32)    (2.97)    (1.58)    (.23)    (.28) 
Total Distributions    (6.31)    (7.54)    (3.41)    (1.70)    (.35)    (.40) 
Net asset value, end of period    19.20    24.42    24.53    22.69    17.98    14.92 
Total Return (%)    3.32c    35.81    24.59    36.62    22.93    25.18 
Ratios/Supplemental Data (%):                         
Ratio of total expenses to average net assets    1.52d    1.50    1.52    1.51    1.51    1.61 
Ratio of net expenses to average net assets    1.52d,e    1.50e    1.52    1.51e    1.50    1.35 
Ratio of net investment income (loss)                         
to average net assets    (.12)d    1.05    1.18    1.52    1.39    1.77 
Portfolio Turnover Rate    34.80c    60.72    49.06    42.97    46.36    26.43 
Net Assets, end of period ($ x 1,000)    1,340,293    1,521,024    1,312,055    1,337,801    1,001,344    526,049 

a    Effective December 16, 2002, MPAM shares were redesignated as Class M shares. 
b    Based on average shares outstanding at each month end. 
c    Not annualized. 
d    Annualized. 
e    The difference for the period represents less than .01%. 
See notes to financial statements. 

The Funds 75

FINANCIAL HIGHLIGHTS (continued)

            Investor Shares             
    Six Months Ended                     
    February 29, 2008        Year Ended August 31,     
BNY Mellon Emerging Markets Fund    (Unaudited)    2007    2006    2005    2004    2003 
Per Share Data ($):                         
Net asset value, beginning of period    24.60    24.65    22.79    18.08    15.00    12.38 
Investment Operations:                         
Investment income (loss)—net a    (.04)    .15    .26    .30    .17    .17 
Net realized and unrealized                         
gain (loss) on investments    1.10    7.27    4.96    6.09    3.22    2.82 
Total from Investment Operations    1.06    7.42    5.22    6.39    3.39    2.99 
Distributions:                         
Dividends from investment income—net    (.15)    (.15)    (.39)    (.10)    (.08)    (.09) 
Dividends from net realized gain on investments    (6.10)    (7.32)    (2.97)    (1.58)    (.23)    (.28) 
Total Distributions    (6.25)    (7.47)    (3.36)    (1.68)    (.31)    (.37) 
Net asset value, end of period    19.41    24.60    24.65    22.79    18.08    15.00 
Total Return (%)    3.21b    35.52    24.29    36.26    22.68    24.99 
Ratios/Supplemental Data (%):                         
Ratio of total expenses to average net assets    1.77c    1.75    1.78    1.72    1.84    1.85 
Ratio of net expenses to average net assets    1.77c,d    1.74    1.78    1.72d    1.83    1.60 
Ratio of net investment income                         
(loss) to average net assets    (.38)c    .65    1.07    1.48    1.14    1.12 
Portfolio Turnover Rate    34.80b    60.72    49.06    42.97    46.36    26.43 
Net Assets, end of period ($ x 1,000)    10,537    10,846    11,761    4,557    3,424    313 

a    Based on average shares outstanding at each month end. 
b    Not annualized. 
c    Annualized. 
d    The difference for the period represents less than .01%. 
See notes to financial statements. 

76

            Class M Shares             
    Six Months Ended                     
    February 29, 2008        Year Ended August 31,     
BNY Mellon Balanced Fund    (Unaudited)    2007    2006    2005    2004    2003 a 
Per Share Data ($):                         
Net asset value, beginning of period    12.91    13.17    12.79    11.56    10.79    10.28 
Investment Operations:                         
Investment income—net b    .17    .29    .27    .22    .20    .25 
Net realized and unrealized                         
gain (loss) on investments    (.32)    1.21    .64    1.25    .78    .51 
Total from Investment Operations    (.15)    1.50    .91    1.47    .98    .76 
Distributions:                         
Dividends from investment income—net    (.23)    (.32)    (.30)    (.24)    (.21)    (.25) 
Dividends from net realized gain on investments    (1.19)    (1.44)    (.23)    —    —    — 
Total Distributions    (1.42)    (1.76)    (.53)    (.24)    (.21)    (.25) 
Net asset value, end of period    11.34    12.91    13.17    12.79    11.56    10.79 
Total Return (%)    (1.57)c    12.09    7.22    12.78    9.13    7.68 
Ratios/Supplemental Data (%):                         
Ratio of total expenses to average net assets    .57d    .58    .60    .58    .59    .62 
Ratio of net expenses to average net assets    .57d,e    .58e    .60    .58    .59e    .62 
Ratio of net investment income                         
to average net assets    2.69d    2.26    2.10    1.81    1.77    2.41 
Portfolio Turnover Rate    29.97c,f    89.78f    64.43f    62.64f    61.77f    83.22 
Net Assets, end of period ($ x 1,000)    336,511    358,068    342,110    351,525    342,326    348,402 

a Effective December 16, 2002, MPAM shares were redesignated as Class M shares. 
b Based on average shares outstanding at each month end. 
c Not annualized. 
d Annualized. 
e The difference for the period represents less than .01%. 
f The portfolio turnover rates excluding mortgage dollar roll transactions for the periods ended February 29, 2008, August 31, 2007,August 31, 2006,August 31, 2005 and 
August 31, 2004 were 29.50%, 75.75%, 61.53%, 45.79% and 55.45%, respectively. 
See notes to financial statements. 

The Funds 77

FINANCIAL HIGHLIGHTS (continued)

            Investor Shares             
    Six Months Ended                     
    February 29, 2008        Year Ended August 31,     
BNY Mellon Balanced Fund    (Unaudited)    2007    2006    2005    2004    2003 
Per Share Data ($):                         
Net asset value, beginning of period    12.96    13.21    12.83    11.57    10.79    10.27 
Investment Operations:                         
Investment income—net a    .15    .26    .24    .18    .17    .23 
Net realized and unrealized                         
gain (loss) on investments    (.33)    1.21    .63    1.26    .77    .51 
Total from Investment Operations    (.18)    1.47    .87    1.44    .94    .74 
Distributions:                         
Dividends from investment income—net    (.21)    (.28)    (.26)    (.18)    (.16)    (.22) 
Dividends from net realized gain on investments    (1.19)    (1.44)    (.23)    —    —    — 
Total Distributions    (1.40)    (1.72)    (.49)    (.18)    (.16)    (.22) 
Net asset value, end of period    11.38    12.96    13.21    12.83    11.57    10.79 
Total Return (%)    (1.73)b    11.73    6.93    12.55    8.76    7.52 
Ratios/Supplemental Data (%):                         
Ratio of total expenses to average net assets    .90c    .86    .85    .85    .85    .87 
Ratio of net expenses to average net assets    .90c,d    .86d    .85    .85    .85d    .87 
Ratio of net investment income                         
to average net assets    2.37c    1.98    1.86    1.45    1.45    2.13 
Portfolio Turnover Rate    29.97b,e    89.78e    64.43e    62.64e    61.77e    83.22 
Net Assets, end of period ($ x 1,000)    4,271    4,274    3,727    1,848    665    431 

a Based on average shares outstanding at each month end. 
b Not annualized. 
c Annualized. 
d The difference for the period represents less than .01%. 
e The portfolio turnover rates excluding mortgage dollar roll transactions for the periods ended February 29, 2008, August 31, 2007,August 31, 2006,August 31, 2005 and 
August 31, 2004 were 29.50%, 75.75%, 61.53%, 45.79% and 55.45%, respectively. 
See notes to financial statements. 

78

NOTES TO FINANCIAL STATEMENTS (Unaudited)

NOTE 1—General:

BNY Mellon Funds Trust (the “Trust”) was organized as a Massachusetts business trust which is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company and operates as a series company currently comprised of seventeen series including the following diversified equity funds and balanced fund: BNY Mellon Large Cap Stock Fund, BNY Mellon Income Stock Fund, BNY Mellon Mid Cap Stock Fund, BNY Mellon Small Cap Stock Fund, BNY Mellon U.S. Core Equity 130/30 Fund, BNY Mellon International Fund, BNY Mellon Emerging Markets Fund and BNY Mellon Balanced Fund (each, a “fund” and collectively, the “funds”). Effective March, 31, 2008, the Trust changed its name from “Mellon Funds Trust” to its current name and each fund added “BNY” to the beginning of its name. BNY Mellon Large Cap Stock Fund, BNY Mellon Mid Cap Stock Fund, BNY Mellon Small Cap Stock Fund and BNY Mellon U.S. Core Equity 130/30 Fund seek capital appreciation and BNY Mellon Income Stock Fund seeks total return (consisting of capital appreciation and income). BNY Mellon International Fund and BNY Mellon Emerging Markets Fund seek long-term capital growth. BNY Mellon Balanced Fund seeks long-term growth of principal in conjunction with current income.

Mellon Fund Advisers, a division of The Dreyfus Corporation (the “Manager” or “Dreyfus”), serves as each fund’s investment adviser (“Investment Adviser”). Mellon Bank, N.A. (“Mellon Bank”), an affiliate of Dreyfus, serves as administrator for the funds pursuant to an Administration Agreement with the Trust (the “Administration Agreement”). Mellon Bank has entered into a Sub-Administration Agreement with Dreyfus pursuant to which Mellon Bank pays Dreyfus for performing certain administrative services. Dreyfus and Mellon Bank are wholly-owned subsidiaries of The Bank of New York Mellon Corporation (“BNY Mellon”). MBSC Securities Corporation (the “Distributor”), a wholly-owned sub-

sidiary of Dreyfus, is the distributor of each fund’s shares, which are sold without a sales charge.

The Trust is authorized to issue an unlimited number of shares of beneficial interest, par value $.001 per share, in each of the Class M and Investor class shares of each fund and in the Dreyfus Premier class shares of BNY Mellon Mid Cap Stock Fund. Dreyfus Premier shares of BNY Mellon Mid Cap Stock Fund are subject to a contingent deferred sales charge (“CDSC”) imposed on redemptions of Dreyfus Premier shares made within six years of purchase and automatically convert to Investor class shares after six years. BNY Mellon Mid Cap Stock Fund does not offer Dreyfus Premier shares, except in connection with dividend reinvestment and permitted exchanges of Dreyfus Premier shares. Each class of shares has similar rights and privileges, except with respect to the expenses borne by and the shareholder services offered to each class, the shareholder services plan applicable to the Investor shares and Dreyfus Premier shares and the Rule 12b-1 plan applicable to the Dreyfus Premier shares, the allocation of certain transfer agency costs and certain voting rights. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.

As of February 29, 2008, MBC Investments Corp., an indirect subsidiary of BNY Mellon, held all of the outstanding Investor shares of BNY Mellon U.S. Core Equity 130/30 Fund.

The Trust accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that series’ operations; expenses that are applicable to all series are allocated among them on a pro rata basis.

The funds’ financial statements are prepared in accordance with U.S. generally accepted accounting principles, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

The Funds 79

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

NOTE 2—Significant Accounting Policies:

(a) Portfolio valuation: Investments in equity securities are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. Securities not listed on an exchange or the national securities market, or securities for which there were no transactions, are valued at the average of the most recent bid and asked prices, except for open short positions, where the asked price is used for valuation purposes. Bid price is used when no asked price is available. Registered open-end investment companies that are not traded on an exchange are valued at their net asset value. 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 the security has been significantly affected by events after the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market), but before the funds calculate their net asset values, the funds may value these investments at fair value as determined in accordance with the procedures approved by the Trust’s Board. Fair valuing of securities may be determined with the assistance of a pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant ADRs and futures contracts. For other securities that are fair valued by the Trust’s Board, certain factors may be considered such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which securities are purchased and sold and public trading in similar securities of the issuer or comparable issuers. Financial futures and options, which are traded on an exchange, are valued at the last sales

price on the securities exchange on which such securities are primarily traded or at the last sales price on the national securities market on each business day. Options traded over-the-counter are priced at the mean between the bid and asked price. Investments denominated in foreign currencies are translated to U.S. dollars at the prevailing rates of exchange. Forward currency exchange contracts are valued at the forward rate.

BNY Mellon Balanced Fund

Most debt securities are valued each business day by an independent pricing service (the “Service”) approved by the Trust’s Board. Securities listed on the National Market System for which market quotations are available are valued at the official closing price or, if there is no official closing price that day, at the last sales price. Debt securities for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Other debt securities (which constitute a majority of the portfolio securities) are valued as determined by the Service, based on methods which include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. Restricted securities, as well as securities or other assets for which recent market quotations are not readily available, that are not valued by a pricing service approved by the Trust’s Board, or are determined by the fund not to reflect accurately fair value, are valued at fair value as determined in good faith under the direction of the Trust’s Board. The factors that may be considered when fair valuing a security include fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold and public trading in similar securities of the issuer or comparable issuers.

80

The Financial Accounting Standards Board (“FASB”) released Statement of Financial Accounting Standards No. 157 “Fair Value Measurements” (“FAS 157”). FAS 157 establishes an authoritative definition of fair value, sets out a framework for measuring fair value, and requires additional disclosures about fair-value measure-ments.The application of FAS 157 is required for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. Management does not believe that the application of this standard will have a material impact on the financial statements of the funds.

(b) Securities transactions and investment income: Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date and interest income, including accretion of discount and amortization of premium on investments, is recognized on the accrual basis.

The funds have arrangements with the custodian and cash management banks whereby the funds may receive earnings credits when positive cash balances are maintained, which are used to offset custody and cash management fees. For financial reporting purposes, the funds include net earnings credits as expense offsets in the Statements of Operations.

Pursuant to a securities lending agreement with Mellon Bank, the funds may lend securities to certain qualified institutions. It is the funds’ policy, that at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by Dreyfus, U.S. Government and Agency securities or Letters of Credit. The funds are entitled to receive all income on securities loaned, in addition to income earned as a result of the lending transaction. Although each secu-

rity loaned is fully collateralized, the funds bear the risk of delay in recovery of, or loss of rights in, the securities loaned should a borrower fail to return the securities in a timely manner. Table 1 summarizes the amount Mellon Bank earned from each relevant fund from lending portfolio securities, pursuant to the securities lending agreement during the period ended February 29, 2008.

Table 1.     
BNY Mellon Large Cap Stock Fund    $ 25,421 
BNY Mellon Income Stock Fund    1,637 
BNY Mellon Mid Cap Stock Fund    251,675 
BNY Mellon Small Cap Stock Fund    72,369 
BNY Mellon Emerging Markets Fund    8,399 
BNY Mellon Balanced Fund    34,191 

(c) Affiliated issuers: Investments in other investment companies advised by Dreyfus are defined as “affiliated” in the Act.

(d) Foreign currency transactions: BNY Mellon Emerging Markets Fund and BNY Mellon International 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 gains or losses from investments.

Net realized foreign exchange gains or losses arise from sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized on securities transactions and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities, resulting from changes in exchange rates. Such gains and losses are included with net realized and unrealized gain or loss on investments.

The Funds 81

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

(e) Foreign currency exchange contracts: Certain funds may enter into forward currency exchange contracts to hedge their exposure to changes in foreign currency exchange rates on their foreign portfolio holdings and to settle foreign currency transactions. When executing forward currency exchange contracts, a fund is obligated to buy or sell a foreign currency at a specified rate on a certain date in the future.With respect to sales of forward currency exchange contracts, a fund would incur a loss if the value of the contract increases between the date the forward contract is opened and the date the forward contract is closed.The fund realizes a gain if the value of the contract decreases between those dates. With respect to purchases of forward currency exchange contracts, a fund would incur a loss if the value of the contract decreases between the date the forward contract is opened and the date the forward contract is closed. A fund realizes a gain if the value of the contract increases between those dates.The fund is also exposed to credit risk associated with counterparty nonperformance on these forward currency exchange contracts, which is typically limited to the unrealized gain on each open contract. As of February 29, 2008, there were no open forward currency exchange contracts. Funds may also enter into foreign exchange contracts at the prevailing spot rate in order to facilitate the settlement of purchases and sales of foreign securities. Table 2 summarizes open foreign exchange contracts for BNY Mellon International Fund and BNY Mellon Emerging Markets Fund at February 29, 2008.

(f) Concentration of risk: BNY Mellon U. S. Core Equity 130/30 Fund enters into short sales. Short sales involve selling a security the fund does not own in anticipation that the security’s price will decline. Short sales may involve substantial risk and “leverage.” The fund may be required to buy the security sold short at a time when the security has appreciated in value, thus resulting in a loss to the fund. Short positions in stocks involve more risk than long positions in stocks. In theory, stocks sold short have unlimited risk. BNY Mellon Emerging

Markets Fund invests in equity securities traded on the stock markets of emerging market countries, which can be extremely volatile due to political, social and economic factors. Risks include changes in currency exchange rates, a lack of comprehensive company information, political instability, differing auditing and legal standards, less diverse, less mature economic structures and less liquidity. BNY Mellon Balanced Fund invests in debt securities. Failure of an issuer of the debt securities to make timely interest or principal payments, or a decline or the perception of a decline in the credit quality of a debt security, can cause the debt security’s price to fall, potentially lowering the fund’s share price. In addition, the value of debt securities may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment. They may also decline because of factors that affect a particular industry.

(g) Dividends to shareholders: Dividends payable to shareholders are recorded by the funds on the ex-dividend date. BNY Mellon Large Cap Stock Fund, BNY Mellon Income Stock Fund and BNY Mellon Balanced Fund declare and pay dividends from investment income-net monthly. BNY Mellon Mid Cap Stock Fund, BNY Mellon Small Cap Stock Fund, BNY Mellon U.S. Core Equity Fund 130/30 Fund, BNY Mellon International Fund and BNY Mellon Emerging Markets Fund declare and pay dividends from investment income-net annually. With respect to each series, dividends from net realized capital gains, if any, are normally declared and paid annually, but the funds may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the “Code”). To the extent that net realized capital gains can be offset by capital loss carryovers of that fund, it is the policy of the fund not to distribute such gains. Income and capital gain distributions are determined in accordance with

82

income tax regulations, which may differ from U.S. generally accepted accounting principles.

(h) Federal income taxes: It is the policy of each fund to continue to qualify as a regulated investment company, if such qualification is in the best interests of its shareholders, by complying with the applicable provisions of the Code, and to make distributions of taxable income sufficient to relieve it from substantially all federal income and excise taxes. For federal income tax purposes, each series is treated as a single entity for the purpose of determining such qualification.

During the current year, the funds adopted FASB Interpretation No. 48 “Accounting for Uncertainty in Income Taxes” (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the funds’ tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority.Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a

Table 2.                 
 
BNY Mellon International Fund                 
    Foreign            Unrealized 
    Currency            Appreciation 
Foreign Currency Exchange Contracts    Amounts    Cost ($)    Value ($)    (Depreciation) ($) 
Purchases:                 
Euro, expiring 3/3/2008    3,146,058    4,768,912    4,780,121    11,209 
Japanese Yen, expiring 3/3/2008    74,573,725    703,991    718,022    14,031 
Norwegian Krone, expiring 3/4/2008    17,388,628    3,336,268    3,338,125    1,857 
Swiss Franc, expiring 3/4/2008    2,125,281    2,033,761    2,040,009    6,248 
Sales:        Proceeds ($)         
Australian Dollar, expiring 3/4/2008    1,649,122    1,536,652    1,538,301    (1,649) 
British Pound, expiring 3/3/2008    745,630    1,481,045    1,482,536    (1,491) 
British Pound, expiring 3/4/2008    1,705,489    3,386,760    3,391,024    (4,264) 
Euro, expiring 3/3/2008    2,685,723    4,061,619    4,080,688    (19,069) 
Euro, expiring 3/3/2008    89,014    134,616    135,248    (632) 
Euro, expiring 3/4/2008    751,908    1,140,118    1,142,449    (2,331) 
Japanese Yen, expiring 3/4/2008    234,516,942    2,254,537    2,258,010    (3,473) 
Japanese Yen, expiring 3/4/2008    867,878,030    8,343,377    8,356,230    (12,853) 
Total                (12,417) 
 
BNY Mellon Emerging Markets Fund                 
    Foreign            Unrealized 
    Currency            Appreciation 
Foreign Currency Exchange Contracts    Amounts    Cost ($)    Value ($)    (Depreciation) ($) 
Purchases:                 
Philippines Peso, expiring 3/3/2008    10,691,335    267,618    264,637    (2,981) 
Philippines Peso, expiring 3/4/2008    1,527,090    38,273    37,799    (474) 
Sales:        Proceeds ($)         
Hong Kong Dollar, expiring 3/3/2008    1,890,499    242,956    242,964    (8) 
Mexican Peso, expiring 3/3/2008    375,665    35,071    35,066    5 
Thai Baht, expiring 3/3/2008    4,934,114    153,951    156,184    (2,233) 
Total                (5,691) 

The Funds 83

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

tax benefit or expense in the current year. The adoption of FIN 48 had no impact on the operations of the funds for the period ended February 29, 2008.

Each of the tax years in the three-year period ended August 31, 2007, remains subject to examination by the Internal Revenue Service and state taxing authorities.

Table 3 summarizes each relevant fund’s tax character of distributions paid to shareholders during the fiscal year ended August 31, 2007.The tax character of current year distributions will be determined at the end of the current fiscal year.

NOTE 3—Bank Line of Credit:

The funds (except for BNY Mellon U.S. Core Equity 130/30 Fund) participate with other Dreyfus-managed funds in a $100 million unsecured line of credit primarily to be utilized for temporary or emergency purposes, including the financing of redemptions. Interest is charged to the funds based on prevailing market rates in effect at the time of borrowing. During the period ended February 29, 2008, BNY Mellon Mid Cap Stock Fund and BNY Mellon Small Cap Stock did not borrow under the line of credit.

The average daily amount of borrowings outstanding under the line of credit during the period ended February 29, 2008 for BNY Mellon Large Cap Stock Fund was approximately $326,400, with a related weighted average annualized interest rate of 4.58% .

The average daily amount of borrowings outstanding under the line of credit during the period ended
February 29, 2008 for BNY Mellon Income Stock Fund was approximately $2,245,700, with a related weighted average annualized interest rate of 5.14% .

Prime broker fees charged on BNY Mellon U.S. Core Equity 130/30 Fund are included in interest expense.

The average daily amount of borrowings outstanding under the line of credit during the period ended February 29, 2008 for BNY Mellon International Fund was approximately $2,076,900, with a related weighted average annualized interest rate of 4.75% .

The average daily amount of borrowings outstanding under the line of credit during the period ended February 29, 2008 for BNY Mellon Emerging Markets Fund was approximately $909,300, with a related weighted average annualized interest rate of 4.72% .

The average daily amount of borrowings outstanding under the line of credit during the period ended February 29, 2008 for BNY Mellon Balanced Fund was approximately $19,100, with a related weighted average annualized interest rate of 3.78% .

NOTE 4—Investment Advisory Fee, Administration
Fee and Other Transactions With Affiliates:

(a) Fees payable by the funds pursuant to the provisions of an Investment Advisory Agreement with the Investment Adviser are payable monthly, computed on the average daily value of each fund’s net assets at the following annual rates: .65% of BNY Mellon Large Cap Stock Fund, .65% of BNY Mellon Income Stock Fund, .75% of BNY Mellon Mid Cap Stock Fund, .85% of BNY Mellon Small

Table 3.         
 
    Ordinary    Long-Term 
    Income ($)    Capital Gains ($) 
BNY Mellon Large Cap Stock Fund    14,566,348    43,131,986 
BNY Mellon Income Stock Fund    7,733,999    35,547,261 
BNY Mellon Mid Cap Stock Fund    44,446,751    203,767,126 
BNY Mellon Small Cap Stock Fund    4,019,569    92,329,501 
BNY Mellon International Fund    105,535,739    236,503,742 
BNY Mellon Emerging Markets Fund    73,233,513    314,552,607 
BNY Mellon Balanced Fund    9,747,839    36,648,873 

84

Cap Stock Fund, .80% of BNY Mellon U.S. Core Equity 130/30 Fund, .85% of BNY Mellon International Fund, 1.15% of BNY Mellon Emerging Markets Fund and .65% (equity investments), .40% (debt securities) and .15% (money market investments and other underlying BNY Mellon funds) of BNY Mellon Balanced Fund.

For BNY Mellon U.S. Core Equity 130/30 Fund, the Investment Adviser has contractually agreed through August 31, 2008, to waive receipt of its fees and/or assume the expenses of the fund so that the direct expenses of neither class, exclusive of taxes, brokerage commissions, interest on borrowings, shareholder services fees, prime broker fees, substitute dividend expenses on securities sold short and extraordinary expenses, exceed an annual rate of 1.05% of the value of the average daily net assets of the respective class.The reduction in investment advisory fee, pursuant to the undertaking, amounted to $32,922 during the period ended February 29, 2008.

Pursuant to the Administration Agreement with Mellon Bank, Mellon Bank provides or arranges for fund accounting, transfer agency and other fund administration services and receives a fee based on the total net assets of the Trust based on the following rates:

0 up to $6 billion    .15% 
$6 billion up to $12 billion    .12% 
In excess of $12 billion    .10% 

No administration fee is applied to assets held by BNY Mellon Balanced Fund, which are invested in cash or money market instruments or shares of certain other series of the Trust.

Mellon Bank has entered into a Sub-Administration Agreement with Dreyfus pursuant to which Mellon Bank pays Dreyfus for performing certain administrative services.

During the period ended February 29, 2008, the Distributor retained $1,761 from CDSC on redemptions of BNY Mellon Mid Cap Stock Fund’s Dreyfus Premier shares.

(b) BNY Mellon Mid Cap Stock Fund has adopted a Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the Act for distributing its Dreyfus Premier shares.

BNY Mellon Mid Cap Stock Fund pays the Distributor a fee at an annual rate of .75% of the value of the fund’s average daily net assets attributable to its Dreyfus Premier shares. During the period ended February 29, 2008, BNY Mellon Mid Cap Stock Fund’s Dreyfus Premier shares were charged $11,882 pursuant to the Plan.

(c) The funds have adopted a Shareholder Services Plan with respect to their Investor shares and BNY Mellon Mid Cap Stock Fund has adopted a Shareholder Services Plan with respect to its Dreyfus Premier shares. Each fund pays the Distributor for the provision of certain services to holders of Investor shares and Dreyfus Premier shares a fee at an annual rate of .25% of the value of the average daily net assets attributable to Investor shares and Dreyfus Premier shares, respectively. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding a fund, and providing reports and other information, and services related to the maintenance of such shareholder accounts. The Shareholder Services Plan allows the Distributor to make payments from the shareholder services fees it collects from each fund to compensate service agents (certain banks, securities brokers or dealers and other financial institutions) in respect of these services. Table 4 summarizes the amounts Investor shares and Dreyfus Premier shares were charged during the period ended February 29, 2008, pursuant to the Shareholder Services Plan. Additional fees included in shareholder servicing costs in the Statements of Operations include fees paid to the transfer agent.

Table 4.     
BNY Mellon Large Cap Stock Fund    $15,276 
BNY Mellon Income Stock Fund    2,112 
BNY Mellon Mid Cap Stock Fund,     
Investor shares    42,917 
BNY Mellon Mid Cap Stock Fund,     
Dreyfus Premier shares    3,961 
BNY Mellon Small Cap Stock Fund    6,258 
BNY Mellon U.S. Core Equity 130/30 Fund    13 
BNY Mellon International Fund    16,187 
BNY Mellon Emerging Markets Fund    13,530 
BNY Mellon Balanced Fund    5,204 

The Funds 85

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

The funds compensate The Bank of New York, a subsidiary of BNY Mellon and a Dreyfus affiliate, under a cash management agreement for performing cash management services related to fund subscriptions and redemptions. Table 5 summarizes the amount each fund was charged during the period ended February 29, 2008, pursuant to the cash management agreement.

Table 5.         
BNY Mellon Large Cap Stock Fund    $    59 
BNY Mellon Income Stock Fund        21 
BNY Mellon Mid Cap Stock Fund        2,959 
BNY Mellon Small Cap Stock Fund        178 
BNY Mellon U.S. Core Equity 130/30 Fund        4 
BNY Mellon International Fund        121 
BNY Mellon Emerging Markets Fund        144 
BNY Mellon Balanced Fund        9 

The funds compensate Mellon Bank under a cash management agreement for performing cash management services related to fund subscriptions and redemptions. Table 6 summarizes the amount each fund was charged during the period ended February 29, 2008, pursuant to the cash management agreement.

Table 6.     
BNY Mellon Large Cap Stock Fund    $ 227 
BNY Mellon Income Stock Fund    72 
BNY Mellon Mid Cap Stock Fund    9,851 
BNY Mellon Small Cap Stock Fund    632 
BNY Mellon U.S. Core Equity 130/30 Fund    15 
BNY Mellon International Fund    521 
BNY Mellon Emerging Markets Fund    596 
BNY Mellon Balanced Fund    37 

All funds except BNY Mellon International Fund and BNY Mellon Emerging Markets Fund compensate Mellon Bank under a custody agreement with Mellon Bank and BNY Mellon International Fund and BNY Mellon Emerging Markets Fund compensate Mellon Trust of New England, N.A. under a custody agreement with Mellon Trust of New England, N.A. for providing custo-

dial services for the relevant funds. Table 7 summarizes the amount each fund was charged during the period ended February 29, 2008, pursuant to the custody agreements.

Table 7.         
BNY Mellon Large Cap Stock Fund    $    72,325 
BNY Mellon Income Stock Fund        20,619 
BNY Mellon Mid Cap Stock Fund        61,692 
BNY Mellon Small Cap Stock Fund        33,767 
BNY Mellon U.S. Core Equity 130/30 Fund        23,899 
BNY Mellon International Fund        1,396,408 
BNY Mellon Emerging Markets Fund        1,723,079 
BNY Mellon Balanced Fund        18,533 

During the period ended February 29, 2008, each fund was charged $2,411 for services performed by the Chief Compliance Officer.

Table 8 summarizes the components of “Due to the Dreyfus Corporation and affiliates” in the Statements of Assets and Liabilities for each fund.

(d) Each trustee who is not an “affiliated person” as defined in the Act receives from the Trust an annual fee of $48,000 and an attendance fee of $5,000 for each in-person meeting attended and $500 for telephone meetings and is reimbursed for travel and out-of-pocket expenses.The Chairman of the Trust’s Board receives an additional annual fee of $10,000 and the Chairman of the Trust’s Audit Committee receives an additional annual fee of $8,000.

NOTE 5—Securities Transactions:

Table 9 summarizes each fund’s aggregate amount of purchases and sales (including paydowns) of investment securities and securities sold short, excluding short-term securities, options transactions and foreign currency exchange contracts, during the period ended February 29, 2008, of which $1,693,087 in purchases and $1,686,743 in sales were from mortgage dollar roll transactions in BNY Mellon Balanced Fund.

86

A mortgage dollar roll transaction involves a sale by the fund of mortgage related securities that it holds with an agreement by the fund to repurchase similar securities at an agreed upon price and date.The securities purchased will bear the same interest rate as those sold, but generally will be collateralized by pools of mortgages with different prepayment histories than those securities sold.

BNY Mellon U.S. Core Equity 130/30 Fund is engaged in short selling which obligates the fund to replace the security borrowed by purchasing the security at current market value.The fund would incur a loss if the price of the security increases between the date of the short sale and the date on which the fund replaces the borrowed

security. The fund would realize a gain if the price of the security declines between those dates. The fund’s long security positions serve as collateral for the open short positions. Securities sold short at February 29, 2008, and their related market values and proceeds are set forth in the Statement of Securities Sold Short for BNY Mellon U.S. Core Equity 130/30 Fund.

BNY Mellon Income Stock Fund may purchase and write (sell) put and call options in order to gain exposure to or to protect against changes in the market.

As a writer of call options, the fund receives a premium at the outset and then bears the market risk of unfavorable

Table 8.                     
 
    Investment    Rule 12b-1    Shareholder        Chief 
    Advisory    Distribution    Services    Custodian    Compliance 
    Fees ($)    Plan Fees ($)    Plan Fees ($)    Fees ($)    Officer Fees ($) 
BNY Mellon Large Cap Stock Fund    938,926    —    2,098    56,898    4,419 
BNY Mellon Income Stock Fund    139,141    —    273    12,114    4,419 
BNY Mellon Mid Cap Stock Fund    932,740    1,486    6,628    58,090    4,419 
BNY Mellon Small Cap Stock Fund    411,576    —    845    22,723    4,419 
BNY Mellon U.S. Core Equity 130/30 Fund    50,690    —    2    —    2,812 
BNY Mellon International Fund    1,514,693    —    1,779    770,499    4,419 
BNY Mellon Emerging Markets Fund    1,215,739    —    1,928    886,895    4,419 
BNY Mellon Balanced Fund    118,811    —    835    15,453    4,419 

Table 9.         
 
    Purchases ($)    Sales ($) 
BNY Mellon Large Cap Stock Fund    594,711,497    610,686,303 
BNY Mellon Income Stock Fund    41,044,915    166,624,081 
BNY Mellon Mid Cap Stock Fund    1,093,246,676    1,205,141,860 
BNY Mellon Small Cap Stock Fund    386,096,683    412,310,947 
BNY Mellon International Fund    1,043,863,270    1,348,326,181 
BNY Mellon Emerging Markets Fund    511,937,726    741,281,141 
BNY Mellon Balanced Fund    109,205,035    107,687,681 
BNY Mellon U.S. Core Equity 130/30 Fund         
Long transactions    181,158,319    78,847,870 
Short sale transactions    16,176,823    40,024,333 
Total    197,335,142    118,872,203 

The Funds 87

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

changes in the price of the financial instrument underlying the option. Generally, the fund would incur a gain, to the extent of the premium, if the price of the underlying financial instrument decreases between the date the option is written and the date on which the option is terminated. Generally, the fund would realize a loss, if the price of the financial instrument increases between those dates.

As a writer of put options, the fund receives a premium at the outset and then bears the market risk of unfavorable changes in the price of the financial instrument underlying the option. Generally, the fund would incur a gain, to the extent of the premium, if the price of the underlying financial instrument increases between the date the option is written and the date on which the option is terminated. Generally, the fund would realize a loss, if the price of the financial instrument decreases between those dates.

The following summarizes BNY Mellon Income Stock Fund’s call/put options written for the period ended February 29, 2008:

    Face Amount     
    Covered by    Premiums 
Options Written    Contracts ($)    Received ($) 
Contracts outstanding         
August 31, 2007    —    — 
Contracts written    217,800    215,111 
Contracts outstanding         
February 29, 2008    217,800    215,111 

Table 10 summarizes accumulated net unrealized appreciation (depreciation) on investments for each fund at February 29, 2008.

At February 29, 2008, the cost of investments for each fund for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statements of Investments).

Table 10.             
 
    Gross    Gross     
    Appreciation ($)    Depreciation ($)    Net ($) 
BNY Mellon Large Cap Stock Fund    320,912,665    84,097,103    236,815,562 
BNY Mellon Income Stock Fund    49,428,806    19,653,222    29,775,584 
BNY Mellon Mid Cap Stock Fund    205,034,483    98,106,363    106,928,120 
BNY Mellon Small Cap Stock Fund    59,728,166    54,588,936    5,139,230 
BNY Mellon U.S. Core Equity 130/30 Fund    2,789,522    8,444,438    (5,654,916) 
BNY Mellon International Fund    121,717,713    275,000,466    (153,282,753) 
BNY Mellon Emerging Markets Fund    234,920,821    67,871,747    167,049,074 
BNY Mellon Balanced Fund    28,939,174    11,873,148    17,066,026 

88

N O T E S

Ticker Symbols:             
BNY Mellon Large Cap Stock Fund    Class M: MPLCX    Investor: MILCX     
BNY Mellon Income Stock Fund    Class M: MPISX    Investor: MIISX     
BNY Mellon Mid Cap Stock Fund    Class M: MPMCX    Investor: MIMSX    Dreyfus Premier: MMSPX 
BNY Mellon Small Cap Stock Fund    Class M: MPSSX    Investor: MISCX     
BNY Mellon U.S. Core Equity 130/30 Fund    Class M: MUCMX    Investor: MUCIX     
BNY Mellon International Fund    Class M: MPITX    Investor: MIINX     
BNY Mellon Emerging Markets Fund    Class M: MEMKX    Investor: MIEGX     
BNY Mellon Balanced Fund    Class M: MPBLX    Investor: MIBLX     

Telephone Wealth Management (WM) Clients, please contact your Account Officer or call 1-888-281-7350.
Brokerage Clients of BNY Mellon Wealth Advisors (BNYMWA), please contact your financial representative
or call 1-800-830-0549, Option 2. Individual Account holders, please call Dreyfus at 1-800-645-6561.

Mail WM Clients, write to your Account Officer, c/o Mellon Bank, N.A., 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 55268, Boston, MA 02205–8502

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The fund’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-202-551-8090.

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 12-month period ended June 30, 2007, is available at http://www.dreyfus.com and on the SEC’s website at http://www.sec.gov. The description of the policies and procedures is also available without charge, upon request, by calling 1-800-645-6561.

©2008 MBSC Securities Corporation

MFTSA0208-EQ

Contents     
 
The Funds     
 
Letter from the President    2 
Discussion of Funds’ Performance     
BNY Mellon National Intermediate     
Municipal Bond Fund    3 
BNY Mellon National Short-Term     
Municipal Bond Fund    5 
BNY Mellon Pennsylvania     
Intermediate Municipal Bond Fund    7 
BNY Mellon Massachusetts     
Intermediate Municipal Bond Fund    9 
Understanding Your Fund’s Expenses    11 
Comparing Your Fund’s Expenses     
With Those of Other Funds    12 
Statements of Investments    13 
Statements of Financial Futures 27, 43, 54 
Statements of Assets and Liabilities    55 
Statements of Operations    56 
Statements of Changes in Net Assets    57 
Financial Highlights    62 
Notes to Financial Statements    72 

For More Information

Back cover

The views expressed herein are current to the date of this report.These views and the composition of the funds’ portfolios are subject to change at any time based on market and other conditions.

  • Not FDIC-Insured
  • Not Bank-Guaranteed
  • May Lose Value

The Funds

LETTER FROM 
THE PRESIDENT 

Dear Shareholder:

We are pleased to present this semiannual report for the BNY Mellon Funds Trust, covering the six-month period from September 1, 2007, through February 29, 2008.

The past six months proved to be one of the more challenging periods for fixed-income investors in recent memory.The U.S. economy sputtered under the weight of plunging housing values, and credit concerns that originated in the U.S. sub-prime mortgage sector spread to other areas of the global financial markets.These developments dampened investor sentiment and produced heightened volatility in many segments of the municipal bond market. Particularly hard hit were lower-rated municipal bonds and those carrying third-party insurance from independent bond insurers.

Recently, the Fed and the U.S. government have adopted accommodative monetary and fiscal policies in an effort to stimulate the U.S. economy, boost market liquidity and forestall a potential recession.While it’s too early to know if their actions will be effective, we believe that the best defense against any economic volatility is to maintain a long-term perspective. To benefit from this focus, talk to your portfolio manager today about your specific portfolio to ensure that your investments are best suited to capture the potential opportunities and manage the risks that may continue to surface during this current economic cycle.

For information about how each fund performed during the reporting period, as well as market perspectives, we have provided a Discussion of Fund Performance.

Thank you for your continued confidence and support.

DISCUSSION OF 
FUND PERFORMANCE 

For the period of September 1, 2007, through February 29,
2008, as provided by John F. Flahive and Mary Collette
O’Brien, Portfolio Managers

Fund and Market Performance Overview

For the six-month period ended February 29, 2008, BNY Mellon National Intermediate Municipal Bond Fund achieved total returns of 0.11% for Class M shares, –0.10% for Investor shares and –0.35% for Dreyfus Premier shares.1 In comparison, the Lehman Brothers 7-Year Municipal Bond Index (the “Index”), the fund’s benchmark, achieved a total return of 2.19% for the same period.2

Municipal bonds suffered during the reporting period in an intensifying credit crisis and economic slowdown. The fund produced lower returns than its benchmark, primarily due to relatively weak results from its holdings of longer-term and “triple-B” rated securities.

The Fund’s Investment Approach

The fund seeks to maximize current income exempt from federal income tax to the extent consistent with the preservation of capital.To pursue its goal, the fund normally invests at least 80% of its assets in municipal bonds that provide income exempt from federal income tax. The fund may occasionally, including for temporary defensive purposes, invest in taxable bonds. The fund’s investments in municipal and taxable bonds must be rated investment grade at the time of purchase or, if unrated, deemed of comparable quality by the investment adviser.3 Generally, the fund’s average effective portfolio maturity will be between three and 10 years, and the average effective duration of the fund’s portfolio will not exceed eight years.

Rather than focusing on economic or market trends, we search for securities that, in our opinion, will help

us enhance the fund’s yield without sacrificing quality. We use a more tactical approach with respect to the fund’s average duration. If we expect the supply of securities to increase temporarily, we may reduce the fund’s average duration to make cash available for the purchase of higher-yielding securities. This is due to the fact that yields generally tend to rise if issuers are competing for investor interest. If we expect demand to surge at a time when we anticipate little issuance and therefore lower yields, we may increase the fund’s average duration to maintain current yields for as long as practical. At other times, we typically try to maintain a neutral average duration.

Municipal Bonds Suffered in the Credit Crisis

The reporting period began amid a credit crisis that had originated in the sub-prime mortgage sector of the U.S. bond market, as a higher-than-expected number of homeowners defaulted on their loans. When evidence of an impending economic slowdown began to accumulate over the summer of 2007, investors’ credit concerns spread to other areas of the financial markets, including municipal bonds. The credit crunch intensified in the fall, when a number of commercial and investment banks reported massive sub-prime related losses. These developments prompted the Federal Reserve Board (the “Fed”) to attempt to improve market conditions and forestall a potential recession by injecting liquidity into the banking system and reducing short-term interest rates. Between September 1, 2007, and year-end, the Fed reduced the overnight federal funds rate three times, driving it from 5.25% to 4.25%.

Yet, disappointing economic news continued to surface in January and February, including the first monthly U.S. job losses in more than four years.What’s

The Funds 3

DISCUSSION OF FUND PERFORMANCE (continued)

more, many of the nation’s bond insurers announced that they had suffered ample exposure to the sub-prime mortgage debacle. Because these companies insured both mortgage-backed securities and municipal bonds, insured municipal bonds declined sharply despite little or no deterioration in their underlying credit funda-mentals.The Fed again took aggressive action, reducing the federal funds rate to 3% in two moves in late January.

Fund Strategies Produced Mixed Results

We attempted to maintain competitive yields in the declining interest-rate environment through investments in municipal bonds in the 10- to 15-year maturity range. We also allocated a portion of the fund’s assets to municipal bonds with triple-B credit ratings, at the lower end of the investment-grade range. While we succeeded in achieving a higher yield than the benchmark, this strategy exposed the fund to heightened price volatility.We also set the fund’s average duration in a range that was shorter than industry averages, preventing it from participating more fully in the beneficial effects of falling interest rates.

The fund achieved better results from its yield curve strategy, which was positioned for narrowing yield differences along the market’s maturity range.

Positioned for an Eventual Recovery

As of the reporting period’s end, the U.S. economy has continued to falter, and the credit crisis has worsened. Although the economic slowdown is likely to have an adverse impact on the fiscal health of certain states and municipalities, it appears to us that some areas of the municipal bond market have been punished too severely. Therefore, we have maintained the fund’s positions in triple-B rated and longer-term bonds, which we believe position the fund to participate fully in a market rebound when the economic and credit cycles move to their next phases.

March 17, 2008

1    Total return includes reinvestment of dividends and any capital gains paid. Past 
    performance is no guarantee of future results. Share price, yield and investment 
    return fluctuate such that upon redemption, fund shares may be worth more or 
    less than their original cost. Income may be subject to state and local taxes, and 
    some income may be subject to the federal alternative minimum tax (AMT) for 
    certain investors. Capital gains, if any, are fully taxable. 
2    SOURCE: LIPPER INC. — Reflects reinvestment of dividends and, where 
    applicable, capital gain distributions.The Lehman Brothers 7-Year Municipal 
    Bond Index is an unmanaged total return performance benchmark for the 
    investment-grade, geographically unrestricted 7-year tax-exempt bond market, 
    consisting of municipal bonds with maturities of 6-8 years. Index return does 
    not reflect the fees and expenses associated with operating a mutual fund. 
3    The fund may continue to own investment-grade bonds (at the time of 
    purchase), which are subsequently downgraded to below investment grade. 

4

DISCUSSION OF 
FUND PERFORMANCE 

For the period of September 1, 2007, through February 29,
2008, as provided by Timothy J. Sanville and Jeremy N.
Baker, Portfolio Managers

Fund and Market Performance Overview

For the six-month period ended February 29, 2008, BNY Mellon National Short-Term Municipal Bond Fund achieved total returns of 2.12% for Class M shares and 2.00% for Investor shares.1 In comparison, the Lehman Brothers 3-Year Municipal Bond Index (the “Index”), the fund’s benchmark, which is not subject to fees and expenses like a mutual fund, achieved a total return of 3.28% for the same period.2

Although municipal bonds generally suffered during the reporting period in an intensifying credit crisis and economic slowdown, shorter-term securities held up relatively well.The fund produced lower returns than its benchmark, primarily due to its relatively short weighted average maturity.

The Fund’s Investment Approach

The fund seeks to maximize current income exempt from federal income tax to the extent consistent with the preservation of capital.To pursue its goal, the fund normally invests at least 80% of its assets in municipal bonds that provide income exempt from federal income tax.The fund occasionally may invest in taxable bonds, including for temporary defensive purposes.The fund’s investments in municipal and taxable bonds must be rated investment grade at the time of purchase or, if unrated, deemed of comparable quality by the investment adviser.3 Generally, the average effective portfolio maturity and the average effective portfolio duration of the fund’s portfolio will be less than three years.

Rather than focusing on economic or market trends, we search for securities that, in our opinion, will help

us enhance the fund’s yield without sacrificing quality. We use a more tactical approach with respect to the fund’s average duration. If we expect the supply of securities to increase temporarily, we may reduce the fund’s average duration to make cash available for the purchase of higher-yielding securities. This is due to the fact that yields generally tend to rise if issuers are competing for investor interest. If we expect demand to surge at a time when we anticipate little issuance and therefore lower yields, we may increase the fund’s average duration to maintain current yields for as long as practical. At other times, we typically try to maintain a neutral average duration.

Municipal Bonds Suffered in the Credit Crisis

The reporting period began amid a credit crisis that had originated in the sub-prime mortgage sector of the U.S. bond market, as a higher-than-expected number of homeowners defaulted on their loans. When evidence of an impending economic slowdown began to accumulate over the summer of 2007, investors’ credit concerns spread to other areas of the financial markets, including municipal bonds. The credit crunch intensified in the fall, when a number of commercial and investment banks reported massive sub-prime related losses. These developments prompted the Federal Reserve Board (the “Fed”) to attempt to improve market conditions and forestall a potential recession by injecting liquidity into the banking system and reducing short-term interest rates. Between September 1, 2007, and year-end, the Fed reduced the overnight federal funds rate three times, driving it from 5.25% to 4.25%.

The Funds 5

DISCUSSION OF FUND PERFORMANCE (continued)

Yet, disappointing economic news continued to surface in January and February, including the first monthly U.S. job losses in more than four years. The Fed again took aggressive action, reducing the federal funds rate to 3% in two moves in late January.

What’s more, many of the nation’s bond insurers announced that they had incurred ample sub-prime losses. Because these companies insured both mortgage-backed securities and municipal bonds, longer-term municipal bond prices declined sharply despite little or no deterioration in their underlying credit fundamentals. However, shorter-term municipal bonds, which tend to be less sensitive to credit quality concerns, held up relatively well.

Fund Strategies Produced Mixed Results

Because the fund is limited to a maximum average maturity of three years, it produced lower returns than its benchmark, which has greater flexibility to participate more fully in potential gains among longer-dated securities. Nonetheless, the fund’s holdings benefited during the reporting period from the sharp decline in short-term interest rates, which supported prices.

Although we maintained the fund’s strong credit profile during the reporting period, we attempted to boost yields in the declining interest-rate environment by allocating a modest portion of the fund’s assets to short-term municipal bonds with triple-B credit ratings, which is at the lower

end of the investment-grade range.This strategy succeeded in achieving a higher yield than the benchmark, but it exposed the fund to heightened price volatility.

Positioned for an Eventual Recovery

As of the reporting period’s end, the U.S. economy has continued to falter, and the credit crisis has worsened. Although the economic slowdown is likely to have an adverse impact on the fiscal health of certain states and municipalities,it appears to us that some areas of the municipal bond market have been punished too severely. Therefore, we have maintained the fund’s positions in short-term,triple-B rated bonds,which we believe position the fund to participate fully in a market rebound when the economic and credit cycles move to their next phases.

March 17, 2008

1    Total return includes reinvestment of dividends and any capital gains paid. Past 
    performance is no guarantee of future results. Share price, yield and investment 
    return fluctuate such that upon redemption, fund shares may be worth more or 
    less than their original cost. Income may be subject to state and local taxes, and 
    some income may be subject to the federal alternative minimum tax (AMT) for 
    certain investors. Capital gains, if any, are fully taxable. 
2    SOURCE: LIPPER INC. — Reflects reinvestment of dividends and, where 
    applicable, capital gain distributions.The Lehman Brothers 3-Year Municipal 
    Bond Index is an unmanaged total return performance benchmark for the 
    investment-grade, geographically unrestricted 3-year tax-exempt bond market, 
    consisting of municipal bonds with maturities of 2-4 years. Index return does 
    not reflect the fees and expenses associated with operating a mutual fund. 
3    The fund may continue to own investment-grade bonds (at the time of 
    purchase), which are subsequently downgraded to below investment grade. 

6

DISCUSSION OF 
FUND PERFORMANCE 

For the period of September 1, 2007, through February 29,
2008, as provided by Mary Collette O’Brien and Jeremy
N. Baker, Portfolio Managers

Fund and Market Performance Overview

For the six-month period ended February 29, 2008, BNY Mellon Pennsylvania Intermediate Municipal Bond Fund achieved total returns of 0.22% for Class M shares and 0.17% for Investor shares.1 In comparison, the Lehman Brothers 7-Year Municipal Bond Index (the “Index”), the fund’s benchmark, achieved a total return of 2.19% for the same period.2

Municipal bonds suffered during the reporting period in an intensifying credit crisis and economic slowdown. The fund produced lower returns than its benchmark, primarily due to relatively weak results from its holdings of longer-term and “triple-B” rated securities.

The Fund’s Investment Approach

The fund seeks as high a level of income exempt from federal and Pennsylvania state income taxes as is consistent with the preservation of capital. To pursue its goal, the fund normally invests at least 80% of its assets in municipal bonds, the interest from which is exempt from federal and Pennsylvania state personal income taxes. The fund may also invest in municipal bonds that are exempt from federal income taxes, but not Pennsylvania personal income taxes, and in taxable bonds. The fund’s investments in municipal and taxable bonds must be rated investment grade at the time of purchase or, if unrated, deemed of comparable quality by the investment adviser.3 Generally, the fund’s average effective portfolio maturity will be between three and 10 years, and the average effective duration of the fund’s portfolio will not exceed eight years.

Rather than focusing on economic or market trends, we search for securities that, in our opinion, will help

us enhance the fund’s yield without sacrificing quality. We use a more tactical approach with respect to the fund’s average duration. If we expect the supply of securities to increase temporarily, we may reduce the fund’s average duration to make cash available for the purchase of higher-yielding securities. This is due to the fact that yields generally tend to rise if issuers are competing for investor interest. If we expect demand to surge at a time when we anticipate little issuance and therefore lower yields, we may increase the fund’s average duration to maintain current yields for as long as practical. At other times, we typically try to maintain a neutral average duration.

Municipal Bonds Suffered in the Credit Crisis

The reporting period began amid a credit crisis that had originated in the sub-prime mortgage sector of the U.S. bond market, as a higher-than-expected number of homeowners defaulted on their loans. When evidence of an impending economic slowdown began to accumulate over the summer of 2007, investors’ credit concerns spread to other areas of the financial markets, including municipal bonds. The credit crunch intensified in the fall, when a number of commercial and investment banks reported massive sub-prime related losses. These developments prompted the Federal Reserve Board (the “Fed”) to attempt to improve market conditions and forestall a potential recession by injecting liquidity into the banking system and reducing short-term interest rates. Between September 1, 2007, and year-end, the Fed reduced the overnight federal funds rate three times, driving it from 5.25% to 4.25%.

Yet, disappointing economic news continued to surface in January and February, including the first monthly U.S. job losses in more than four years.What’s more, many of the nation’s bond insurers announced

The Funds 7

DISCUSSION OF FUND PERFORMANCE (continued)

that they had suffered ample exposure to the sub-prime mortgage debacle. Because these companies insured both mortgage-backed securities and municipal bonds, insured municipal bonds declined sharply despite little or no deterioration in their underlying fundamentals. The Fed again took aggressive action, reducing the federal funds rate to 3% in two moves in late January.

Fund Strategies Produced Mixed Results

We attempted to maintain competitive yields in the declining interest-rate environment through investments in Pennsylvania municipal bonds in the 10- to 15-year maturity range.We also allocated a portion of the fund’s assets to municipal bonds with triple-B credit ratings, which are at the lower end of the investment-grade range. While we succeeded in achieving a higher yield than the benchmark, this strategy exposed the fund to heightened price volatility.We also set the fund’s average duration in a range that was shorter than industry averages, preventing it from participating more fully in the beneficial effects of falling interest rates.

The fund achieved better results from its yield curve strategy, which was positioned for narrowing yield differences along the market’s maturity range.

Positioned for an Eventual Recovery

As of the reporting period’s end, the U.S. economy has continued to falter, and the credit crisis has worsened. Although the economic slowdown is likely to have an adverse impact on the fiscal health of Pennsylvania and its municipalities, it appears that some areas of the municipal bond market have been punished too severely.Therefore, we have maintained the fund’s positions in triple-B rated and longer-term bonds, which we believe position the fund to participate fully in a market rebound when the economic and credit cycles move to their next phases.

March 17, 2008

1    Total return includes reinvestment of dividends and any capital gains paid. 
    Past performance is no guarantee of future results. Share price, yield and 
    investment return fluctuate such that upon redemption, fund shares may be 
    worth more or less than their original cost. Income may be subject to state and 
    local taxes for non-Pennsylvania residents, and some income may be subject to 
    the federal alternative minimum tax (AMT) for certain investors. Capital 
    gains, if any, are fully taxable. 
2    SOURCE: LIPPER INC. — Reflects reinvestment of dividends and, where 
    applicable, capital gain distributions.The Lehman Brothers 7-Year Municipal 
    Bond Index is an unmanaged total return performance benchmark for the 
    investment-grade, geographically unrestricted 7-year tax-exempt bond market, 
    consisting of municipal bonds with maturities of 6-8 years. Index return does 
    not reflect the fees and expenses associated with operating a mutual fund. 
3    The fund may continue to own investment-grade bonds (at the time of 
    purchase), which are subsequently downgraded to below investment grade. 

8

DISCUSSION OF 
FUND PERFORMANCE 

For the period of September 1, 2007, through February 29,
2008, as provided by John F. Flahive and Mary Collette
O’Brien, Portfolio Managers

Fund and Market Performance Overview

For the six-month period ended February 29, 2008, BNY Mellon Massachusetts Intermediate Municipal Bond Fund achieved total returns of 0.80% for Class M shares, 0.67% for Investor shares and 0.43% for Dreyfus Premier shares.1 In comparison, the Lehman Brothers 7-Year Municipal Bond Index (the “Index”), the fund’s benchmark, achieved a total return of 2.19% for the same period.2

Municipal bonds suffered during the reporting period in an intensifying credit crisis and economic slowdown. The fund produced lower returns than its benchmark, primarily due to relatively weak results from its holdings of longer-term and “triple-B” rated securities.

The Fund’s Investment Approach

The fund seeks as high a level of income exempt from federal and Massachusetts state income taxes as is consistent with the preservation of capital. To pursue its goal, the fund normally invests at least 80% of its assets in municipal bonds, the interest from which is exempt from federal and Massachusetts state personal income taxes. The fund may also invest in municipal bonds that are exempt from federal income taxes, but not Massachusetts personal income taxes, and in taxable bonds. The fund’s investments in municipal and taxable bonds must be rated investment grade at the time of purchase or, if unrated, deemed of comparable quality by the investment adviser.3 Generally, the fund’s average effective portfolio maturity will be between three and 10 years, and the average effective duration of the fund’s portfolio will not exceed eight years.

Rather than focusing on economic or market trends, we search for securities that, in our opinion, will help us enhance the fund’s yield without sacrificing quality.We use a more tactical approach with respect to the fund’s average duration. If we expect the supply of securities to increase temporarily, we may reduce the fund’s average duration to make cash available for the purchase of higher-yielding securities.This is because yields generally tend to rise if issuers are competing for investor interest. If we expect demand to surge at a time when we anticipate little issuance and therefore lower yields, we may increase the fund’s average duration to maintain current yields for as long as practical.At other times, we typically try to maintain a neutral average duration.

Municipal Bonds Suffered in the Credit Crisis

The reporting period began amid a credit crisis that had originated in the sub-prime mortgage sector of the U.S. bond market, as a higher-than-expected number of homeowners defaulted on their loans. When evidence of an impending economic slowdown began to accumulate over the summer of 2007, investors’ credit concerns spread to other areas of the financial markets, including municipal bonds. The credit crunch intensified in the fall, when a number of commercial and investment banks reported massive sub-prime related losses. These developments prompted the Federal Reserve Board (the “Fed”) to attempt to improve market conditions and forestall a potential recession by injecting liquidity into the banking system and reducing short-term interest rates. Between September 1, 2007, and year-end, the Fed reduced the overnight federal funds rate three times, driving it from 5.25% to 4.25%.

Yet, disappointing economic news continued to surface in January and February, including the first

The Funds 9

DISCUSSION OF FUND PERFORMANCE (continued)

monthly U.S. job losses in more than four years.What’s more, many of the nation’s bond insurers announced that they had suffered ample exposure to the sub-prime mortgage debacle. Because these companies insured both mortgage-backed securities and municipal bonds, insured municipal bonds declined sharply despite little or no deterioration in their underlying fundamentals. The Fed again took aggressive action, reducing the federal funds rate to 3% in two moves in late January.

Fund Strategies Produced Mixed Results

We attempted to maintain competitive yields in the declining interest-rate environment through investments in Massachusetts municipal bonds in the 10- to 15-year maturity range.When possible, we also allocated a portion of the fund’s assets to municipal bonds with triple-B credit ratings, at the lower end of the investment-grade range. While we succeeded in achieving a higher yield than the benchmark, this strategy exposed the fund to heightened price volatility.We also set the fund’s average duration in a range that was shorter than industry averages, preventing it from participating more fully in the beneficial effects of falling interest rates.

The fund achieved better results from its yield curve strategy, which was positioned for narrowing yield differences along the market’s maturity range.

Positioned for an Eventual Recovery

As of the reporting period’s end, the U.S. economy has continued to falter, and the credit crisis has worsened. Although the economic slowdown is likely to have an adverse impact on the fiscal health of Massachusetts and its municipalities, it appears that some areas of the municipal bond market have been punished too severely.Therefore, we have maintained the fund’s positions in triple-B rated and longer-term bonds, which we believe position the fund to participate fully in a market rebound when the economic and credit cycles move to their next phases.

March 17, 2008

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 fully taxable. Return figures provided reflect the absorption of 
    certain fund expenses by Mellon Fund Advisors pursuant to an agreement in 
    effect through September 30, 2007, at which time it was terminated. Had 
    these expenses not been absorbed, the fund’s returns would have been lower. 
2    SOURCE: LIPPER INC. — Reflects reinvestment of dividends and, where 
    applicable, capital gain distributions.The Lehman Brothers 7-Year Municipal 
    Bond Index is an unmanaged total return performance benchmark for the 
    investment-grade, geographically unrestricted 7-year tax-exempt bond market, 
    consisting of municipal bonds with maturities of 6-8 years. Index return does 
    not reflect the fees and expenses associated with operating a mutual fund. 
3    The fund may continue to own investment-grade bonds (at the time of 
    purchase), which are subsequently downgraded to below investment grade. 

10

UNDERSTANDING YOUR FUND’S EXPENSES ( U n a u d i t e d )

As a mutual fund investor, you pay ongoing expenses, such as management fees and other expenses. Using the information below, you can estimate how these expenses affect your investment and compare them with the expenses of other funds.You also may pay one-time transaction expenses, including sales charges (loads) and redemptions fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial adviser.

Review your fund’s expenses

The table below shows the expenses you would have paid on a $1,000 investment in each class of each Mellon municipal bond fund from September 1, 2007 to February 29, 2008. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.

Expenses and Value of a $1,000 Investment             
assuming actual returns for the six months ended February 29, 2008             
                 
           
            Dreyfus 
    Class M Shares    Investor Shares    Premier Shares 
BNY Mellon National Intermediate                 
Municipal Bond Fund                 
Expenses paid per $1,000 †    $ 2.49    $ 3.73        $ 6.20 
Ending value (after expenses)    $1,001.10    $999.00        $996.50 
BNY Mellon National Short-Term                 
Municipal Bond Fund                 
Expenses paid per $1,000 †    $ 2.71    $ 4.02        — 
Ending value (after expenses)    $1,021.20    $1,020.00        — 
BNY Mellon Pennsylvania                 
Intermediate Municipal Bond Fund                 
Expenses paid per $1,000 †    $ 3.24    $ 4.53        — 
Ending value (after expenses)    $1,002.20    $1,001.70        — 
BNY Mellon Massachusetts                 
Intermediate Municipal Bond Fund                 
Expenses paid per $1,000 †    $ 2.60    $ 3.84        $6.33 
Ending value (after expenses)    $1,008.00    $1,006.70      $1,004.30 

† Expenses are equal to the BNY Mellon National Intermediate Municipal Bond Fund annualized expense ratio of .50% for Class M, .75% for Investor shares and 1.25% for 
Dreyfus Premier shares, BNY Mellon National Short-Term Municipal Bond Fund .54% for Class M and .80% for Investor shares, BNY Mellon Pennsylvania Intermediate 
Municipal Bond Fund .65% for Class M and .91% for Investor shares and BNY Mellon Massachusetts Intermediate Municipal Bond Fund .52% for Class M, .77% for Investor 
shares and 1.27% for Dreyfus Premier shares, multiplied by the respective fund's average account value over the period, multiplied by 182/366 (to reflect the one-half year period). 

The Funds 11

COMPARING YOUR FUND’S EXPENSES WITH THOSE OF OTHER FUNDS (Unaudited)

Using the SEC’s method to compare expenses

The Securities and Exchange Commission (SEC) has established guidelines to help investores assess fund expenses. Per these guidelines, the table below shows your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return.You can use this information to compare the ongoing expenses (but not transaction expenses or total cost) of investing in the fund with those of other funds.All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.

Expenses and Value of a $1,000 Investment         
assuming actual returns for the six months ended February 29, 2008         
            Dreyfus 
    Class M Shares    Investor Shares    Premier Shares 
BNY Mellon National Intermediate             
Municipal Bond Fund             
Expenses paid per $1,000 †    $ 2.51    $ 3.77    $ 6.27 
Ending value (after expenses)    $1,022.38    $1,021.13    $1,018.65 
BNY Mellon National Short-Term             
Municipal Bond Fund             
Expenses paid per $1,000 †    $ 2.72    $ 4.02    — 
Ending value (after expenses)    $1,022.18    $1,020.89    — 
BNY Mellon Pennsylvania             
Intermediate Municipal Bond Fund             
Expenses paid per $1,000 †    $ 3.27    $ 4.57    — 
Ending value (after expenses)    $1,021.63    $1,020.34    — 
BNY Mellon Massachusetts             
Intermediate Municipal Bond Fund             
Expenses paid per $1,000 †    $ 2.61    $ 3.87    $ 6.37 
Ending value (after expenses)    $1,022.28    $1,021.03    $1,018.55 

† Expenses are equal to the BNY Mellon National Intermediate Municipal Bond Fund annualized expense ratio of .50% for Class M, .75% for Investor shares and 1.25% for 
Dreyfus Premier shares, BNY Mellon National Short-Term Municipal Bond Fund .54% for Class M and .80% for Investor shares, BNY Mellon Pennsylvania Intermediate 
Municipal Bond Fund .65% for Class M and .91% for Investor shares and BNY Mellon Massachusetts Intermediate Municipal Bond Fund .52% for Class M, .77% for Investor 
shares and 1.27% for Dreyfus Premier shares, multiplied by the respective fund's average account value over the period, multiplied by 182/366 (to reflect the one-half year period). 

12

STATEMENT OF INVESTMENTS 
February 29, 2008 (Unaudited) 

BNY Mellon National Intermediate Municipal Bond Fund             
Long-Term Municipal    Coupon    Maturity    Principal     
Investments—91.0%    Rate (%)    Date    Amount ($)    Value ($) 
Alabama—2.6%                 
Alabama Public School and College Authority,                 
Capital Improvement Bonds    5.63    7/1/13    3,000,000    3,136,770 
Birmingham Special Care Facilities Financing Authority-                 
Baptist Medical Centers, Revenue (Baptist Health System Inc.)    5.00    11/15/15    5,260,000    5,121,820 
Jefferson County, Limited Obligation School Warrants    5.00    1/1/24    13,500,000    13,210,155 
Montgomery BMC Special Care Facilities Financing                 
Authority, Revenue (Baptist Health) (Insured; MBIA)    5.00    11/15/13    1,365,000    1,474,350 
Montgomery BMC Special Care Facilities Financing                 
Authority, Revenue (Baptist Health) (Insured; MBIA)    5.00    11/15/14    2,500,000    2,698,075 
Alaska—.1%                 
Anchorage, Electric Utility Revenue (Insured; MBIA)    8.00    12/1/10    1,000,000    1,132,160 
Arizona—3.2%                 
Maricopa County Unified School District                 
(Paradise Valley) (Insured; MBIA)    6.35    7/1/10    550,000    590,453 
Maricopa County Unified School District                 
(Paradise Valley) (Insured; MBIA)    7.00    7/1/11    1,905,000    2,130,152 
Maricopa County Unified School District (Scottsdale School)    6.60    7/1/12    1,250,000    1,419,200 
Phoenix    6.25    7/1/16    1,250,000    1,460,238 
Phoenix Civic Improvement Corporation, Transit Excise                 
Tax Revenue (Light Rail Project) (Insured; AMBAC)    5.00    7/1/16    6,000,000    6,301,860 
Salt River Project Agricultural Improvement                 
and Power District, Electric System Revenue    5.00    1/1/10    1,000,000    1,039,860 
Salt River Project Agricultural Improvement                 
and Power District, Electric System Revenue    5.00    1/1/17    1,000,000    1,056,310 
Salt Verde Financial Corporation, Senior Gas Revenue    5.25    12/1/28    5,000,000    4,417,200 
Salt Verde Financial Corporation, Senior Gas Revenue    5.50    12/1/29    4,000,000    3,632,160 
Salt Verde Financial Corporation, Senior Gas Revenue    5.00    12/1/32    5,500,000    4,590,905 
Scottsdale Industrial Development                 
Authority, HR (Scottsdale Healthcare)    5.70    12/1/11    1,000,000 a    1,094,210 
Tucson    5.00    7/1/12    1,265,000    1,356,510 
University Medical Center Corporation, HR    5.25    7/1/16    2,310,000    2,309,838 
California—14.4%                 
Agua Caliente Band, Cahuilla Indians Revenue    5.60    7/1/13    1,815,000    1,764,289 
Alameda Corridor Transportation Authority,                 
Revenue (Insured; AMBAC)    0/5.25    10/1/21    5,000,000 b    3,967,150 
California    5.75    3/1/08    190,000    190,030 
California    6.60    2/1/09    510,000    529,487 
California    5.00    11/1/11    655,000 a    697,503 
California    5.00    11/1/12    345,000    361,784 
California    5.50    6/1/20    270,000    277,395 
California    5.25    11/1/26    10,500,000    10,363,920 
California    5.50    11/1/33    3,900,000    3,914,742 
California (Insured; FGIC)    5.75    3/1/09    80,000    81,266 

The Funds 13

STATEMENT OF INVESTMENTS (Unaudited) (continued)

BNY Mellon National Intermediate Municipal Bond Fund (continued)         
Long-Term Municipal    Coupon    Maturity    Principal     
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 
California (continued)                 
California, Economic Recovery Bonds    5.00    7/1/16    15,400,000    16,047,262 
California, GO (Various Purpose)    5.00    2/1/14    1,825,000 a    1,960,324 
California, GO (Various Purpose)    5.00    2/1/33    5,000,000    4,695,050 
California County Tobacco Securitization Agency,                 
Tobacco Settlement Asset-Backed Bonds                 
(Los Angeles County Securitization Corporation)    0/5.25    6/1/21    1,250,000 b    929,875 
California Department of Water Resources,                 
Power Supply Revenue (Insured; AMBAC)    5.38    5/1/12    5,000,000 a    5,464,750 
California Infrastructure and Economic Development                 
Bank, Revenue (Clean Water State Revolving Fund)    5.00    10/1/17    2,500,000    2,630,850 
California Municipal Finance Authority, SWDR                 
(Waste Management, Inc. Project)    4.10    9/1/09    1,000,000    998,580 
California State Public Works Board, LR (Department                 
of General Services) (Capitol East End Complex—                 
Blocks 171-174 and 225) (Insured; AMBAC)    5.25    12/1/19    5,000,000    5,112,400 
California Statewide Communities Development Authority,                 
MFHR (Equity Residential/Parkview Terrace Club Apartments)    5.20    6/15/09    3,000,000    3,063,150 
California Statewide Communities Development                 
Authority, Revenue (Daughters of Charity Health System)    5.25    7/1/24    3,470,000    3,214,677 
California Statewide Communities Development                 
Authority, Revenue (Daughters of Charity Health System)    5.25    7/1/35    8,000,000    6,985,520 
Foothill/Eastern Transportation Corridor Agency,                 
Toll Road Revenue (Insured; MBIA)    0/5.80    1/15/20    1,505,000 b    1,505,060 
Foothill/Eastern Transportation Corridor Agency,                 
Toll Road Revenue (Insured; MBIA)    0/5.88    1/15/26    8,000,000 b    7,851,760 
Golden State Tobacco Securitization Corporation,                 
Enhanced Tobacco Settlement Asset-Backed Bonds    5.00    6/1/18    1,000,000    1,000,640 
Golden State Tobacco Securitization Corporation,                 
Tobacco Settlement Asset-Backed Bonds    4.50    6/1/27    13,380,000    11,605,544 
Hesperia Public Financing Authority, Revenue                 
(Redevelopment and Housing Projects) (Insured; XLCA)    5.00    9/1/37    5,000,000    4,522,650 
Kern High School District, GO (Insured; MBIA)    6.40    2/1/12    2,750,000    2,979,928 
Long Beach Bond Finance Authority, Revenue (Redevelopment,                 
Housing and Gas Utility Financings) (Insured; AMBAC)    5.00    8/1/35    10,320,000    9,552,089 
Los Angeles Department of Water and Power,                 
Power System Revenue (Insured; MBIA)    5.25    7/1/11    2,250,000    2,404,440 
Los Angeles Unified School District, GO (Insured; MBIA)    5.75    7/1/16    2,000,000    2,246,740 
Oakland Joint Powers Financing Authority, LR                 
(Oakland Convention Centers) (Insured; AMBAC)    5.50    10/1/13    1,500,000    1,584,330 
Sacramento Municipal Utility District, Electric Revenue    5.30    7/1/12    870,000    908,358 
Sacramento Municipal Utility District, Electric Revenue (Insured; FGIC)    5.25    5/15/13    3,530,000    3,765,063 
San Francisco City and County, GO (Insured; FGIC)    4.00    6/15/20    1,800,000    1,666,224 
San Jose Redevelopment Agency, Tax Allocation Revenue                 
(Merged Area Redevelopment Project) (Insured; MBIA)    6.00    8/1/09    205,000    214,239 

14

BNY Mellon National Intermediate Municipal Bond Fund (continued)             
Long-Term Municipal    Coupon    Maturity    Principal         
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 
California (continued)                     
San Jose Redevelopment Agency, Tax Allocation Revenue                     
(Merged Area Redevelopment Project) (Insured; MBIA)    6.00    8/1/09    420,000        436,246 
Southern California Public Power Authority,                     
Gas Project Revenue (Project Number One)    5.00    11/1/28    2,600,000        2,330,978 
Southern California Public Power Authority,                     
Gas Project Revenue (Project Number One)    5.00    11/1/29    6,500,000        5,796,440 
Southern California Public Power Authority,                     
Gas Project Revenue (Project Number One)    5.00    11/1/33    4,000,000        3,521,840 
Southern California Public Power Authority,                     
Power Project Revenue (San Juan Unit 3) (Insured; FSA)    5.50    1/1/13    3,010,000        3,298,147 
Southern California Public Power Authority,                     
Power Project Revenue (San Juan Unit 3) (Insured; FSA)    5.50    1/1/14    2,000,000        2,208,380 
Westside Unified School District, GO (Insured; AMBAC)    6.00    8/1/14    385,000        439,943 
Colorado—4.8%                     
Adams County, FHA Insured Mortgage Revenue                     
(Platte Valley Medical Center Project) (Insured; MBIA)    5.00    2/1/31    5,000,000        4,719,800 
Colorado Department of Transportation,                     
Transportation RAN (Insured; MBIA)    5.25    6/15/10    1,000,000        1,053,690 
Colorado Educational and Cultural Facilities Authority,                     
Revenue (Regis University Project) (Insured; Radian)    5.00    6/1/22    1,825,000        1,730,301 
Colorado Health Facilities Authority, Health Facilities Revenue                     
(The Evangelical Lutheran Good Samaritan Society Project)    5.25    6/1/31    1,000,000        908,840 
Colorado Health Facilities Authority,                     
Revenue (Vail Valley Medical Center Project)    5.00    1/15/20    1,250,000        1,187,575 
Colorado Housing Finance Authority (Single Family Program)    6.75    4/1/15    85,000        86,204 
Colorado Housing Finance Authority (Single Family Program)    6.05    10/1/16    120,000        124,145 
Colorado Housing Finance Authority (Single Family Program)    6.70    10/1/16    45,000        46,390 
Colorado Housing Finance Authority (Single Family Program)    7.55    11/1/27    5,000        5,093 
Colorado Housing Finance Authority (Single Family Program)    6.80    11/1/28    15,000        15,268 
Colorado Housing Finance Authority                     
(Single Family Program) (Collateralized; FHA)    6.75    10/1/21    240,000        255,238 
Colorado Housing Finance Authority                     
(Single Family Program) (Collateralized; FHA)    7.15    10/1/30    50,000        50,897 
E-470 Public Highway Authority, Revenue (Insured; MBIA)    0/5.00    9/1/16    3,565,000 b      2,991,819 
E-470 Public Highway Authority, Revenue (Insured; MBIA)    0/5.00    9/1/17    3,500,000 b      2,895,305 
Jefferson County School District, GO (Insured; MBIA)    6.50    12/15/10    1,500,000        1,643,955 
Northwest Parkway Public Highway Authority,                     
Revenue (Insured; AMBAC)    0/5.45    6/15/16    7,690,000 a,b      7,059,651 
Northwest Parkway Public Highway Authority,                     
Revenue (Insured; AMBAC)    0/5.70    6/15/16    7,345,000 a,b      6,814,250 
Northwest Parkway Public Highway Authority,                     
Revenue (Insured; FSA)    0/5.55    6/15/16    10,960,000 a,b      10,104,243 
University of Colorado, Enterprise System Revenue    5.50    6/1/10    500,000        529,060 

The Funds 15

STATEMENT OF INVESTMENTS (Unaudited) (continued)

BNY Mellon National Intermediate Municipal Bond Fund (continued)             
Long-Term Municipal    Coupon    Maturity    Principal         
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 
Colorado (continued)                     
University of Colorado Regents, Participation Interest                     
(Sempra Energy Colorado, Inc., Lease, Development                     
and Operating Agreement) (Insured; MBIA)    6.00    12/1/22    5,000,000        5,246,000 
Connecticut—.2%                     
Connecticut (Insured; AMBAC)    5.25    6/1/18    1,500,000        1,607,805 
Connecticut Health and Educational Facilities                     
Authority, Revenue (Yale University Issue)    5.13    7/1/27    300,000        297,978 
District of Columbia—.5%                     
District of Columbia, GO (Insured; FSA)    4.14    6/1/16    5,000,000        5,022,200 
Florida—6.9%                     
Florida Department of Transportation,                     
State Infrastructure Bank Revenue    5.00    7/1/19    4,220,000        4,378,503 
Florida Department of Transportation,                     
State Infrastructure Bank Revenue    5.00    7/1/20    2,500,000        2,561,725 
Florida Municipal Loan Council, Revenue (Insured; MBIA)    5.75    11/1/15    520,000        553,212 
Hillsborough County Aviation Authority, Revenue                     
(Tampa International Airport) (Insured; AMBAC)    5.13    10/1/20    3,540,000        3,586,445 
Hillsborough County Aviation Authority, Revenue                     
(Tampa International Airport) (Insured; AMBAC)    5.13    10/1/21    3,675,000        3,693,191 
Hillsborough County Educational Facilities Authority,                     
Revenue (University of Tampa Project) (Insured; Radian)    5.75    4/1/18    2,910,000        2,974,282 
JEA, Saint Johns River Power Park System, Revenue    5.00    10/1/15    2,750,000        2,889,810 
Lee County, Airport Revenue (Insured; FSA)    5.88    10/1/19    3,000,000        3,085,320 
Miami-Dade County, Aviation Revenue, Miami                     
International Airport (Hub of the Americas)    5.00    10/1/10    3,000,000        3,105,480 
Miami-Dade County, Subordinate Special Obligation    0/5.00    10/1/22    2,000,000 b      1,448,640 
Miami-Dade County, Subordinate Special Obligation    0/5.00    10/1/35    1,500,000 b      1,249,935 
Orlando and Orange County Expressway Authority,                     
Expressway Revenue (Insured; AMBAC)    5.00    7/1/13    4,710,000        4,987,560 
Orlando Utilities Commission, Utility System Revenue    3.16    10/1/16    12,400,000 c      11,710,808 
Orlando Utilities Commission, Water and Electric Revenue    5.25    10/1/20    2,260,000        2,320,907 
Sarasota County, Limited Ad Valorem Tax Bonds                     
(Environmentally Sensitive Lands and Parkland Program)    5.25    10/1/25    6,895,000 d      6,780,474 
Seminole Tribe, Special Obligation Revenue    5.75    10/1/22    5,000,000        4,797,250 
Seminole Tribe, Special Obligation Revenue    5.50    10/1/24    2,000,000        1,856,660 
Seminole Tribe, Special Obligation Revenue    5.25    10/1/27    7,500,000        6,616,575 
Georgia—.5%                     
Chatham County Hospital Authority, HR Improvement                     
(Memorial Health University Medical Center, Inc.)    6.13    1/1/24    2,480,000        2,375,617 
Crisp County Development Authority, EIR                     
(International Paper Company Project)    5.55    2/1/15    1,000,000        1,022,360 
Georgia    5.40    11/1/10    1,000,000        1,067,520 

16

BNY Mellon National Intermediate Municipal Bond Fund (continued)             
Long-Term Municipal    Coupon    Maturity    Principal         
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 
Illinois—5.8%                     
Chicago, Gas Supply Revenue (The Peoples                     
Gas Light and Coke Company Project)    4.75    6/30/14    1,000,000        1,018,630 
Chicago, GO, Project and Refunding (Insured; FGIC)    5.00    1/1/29    10,000,000        9,502,600 
Chicago, SFMR (Collateralized: FNMA and GNMA)    4.70    10/1/17    115,000        116,164 
Chicago Metropolitan Water Reclamation District,                     
GO (Capital Improvement)    7.25    12/1/12    8,500,000        9,936,160 
Cook County, GO Capital Improvement (Insured; AMBAC)    5.00    11/15/25    5,000,000        4,941,750 
DuPage, Cook and Will Counties Community                     
College District Number 502, GO    5.25    6/1/16    5,980,000        6,438,786 
Illinois, GO    5.00    1/1/17    7,500,000        7,938,825 
Illinois Finance Authority, Gas Supply Revenue (The Peoples                     
Gas Light and Coke Company Project) (Insured; AMBAC)    4.30    6/1/16    2,500,000        2,459,775 
Illinois Health Facilities Authority, Revenue                     
(Loyola University Health System)    5.75    7/1/11    1,985,000        2,048,500 
Lake County Community Unitary School                     
District Number 60, GO (Insured; FSA)    5.63    12/1/11    3,150,000        3,279,938 
Metropolitan Pier and Exposition Authority,                     
Dedicated State Tax Revenue (Insured; AMBAC)    5.38    6/1/14    5,000,000        5,058,300 
Regional Transportation Authority, GO (Insured; FGIC)    7.75    6/1/09    1,000,000        1,062,060 
Regional Transportation Authority, GO (Insured; FGIC)    7.75    6/1/10    1,620,000        1,788,448 
Regional Transportation Authority, GO (Insured; FGIC)    7.75    6/1/12    1,890,000        2,211,565 
Indiana—.6%                     
Indiana Health Facility Financing Authority,                     
HR (The Methodist Hospitals, Inc.)    5.25    9/15/10    650,000        655,675 
Indiana Health Facility Financing Authority,                     
HR (The Methodist Hospitals, Inc.)    5.25    9/15/11    750,000        754,065 
Indiana Municipal Power Agency, Power                     
Supply System Revenue (Insured; AMBAC)    5.13    1/1/20    4,045,000        4,079,747 
Iowa—.3%                     
Muscatine, Electric Revenue (Insured; AMBAC)    5.50    1/1/11    3,000,000        3,173,130 
Kansas—.5%                     
Wyandotte County/Kansas City Unified Government,                     
Utility System Revenue (Insured; AMBAC)    5.65    9/1/22    5,000,000        5,209,250 
Kentucky—1.4%                     
Kentucky Property and Buildings Commission, Revenue (Insured; FSA)    6.00    2/1/10    2,000,000 a      2,115,740 
Kentucky Turnpike Authority, EDR                     
(Revitalization’s Projects) (Insured; AMBAC)    5.50    7/1/12    1,250,000        1,358,162 
Louisville and Jefferson County Metropolitan Sewer District,                     
Sewer and Drainage System Revenue (Insured; MBIA)    5.50    5/15/34    10,000,000        10,003,900 
Louisiana—.5%                     
Louisiana Citizens Property Insurance Corporation,                     
Assessment Revenue (Insured; AMBAC)    5.25    6/1/13    5,000,000        5,143,950 

The Funds 17

STATEMENT OF INVESTMENTS (Unaudited) (continued)

BNY Mellon National Intermediate Municipal Bond Fund (continued)         
Long-Term Municipal    Coupon    Maturity    Principal     
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 
Maine—.2%                 
Maine Municipal Bond Bank (Insured; FSA)    5.88    11/1/09    1,660,000 a    1,759,301 
Maryland—.5%                 
Maryland Health and Higher Educational Facilities Authority,                 
Revenue (LifeBridge Health Issue) (Insured; Assured Guaranty)    5.00    7/1/28    5,000,000    4,838,450 
Massachusetts—4.9%                 
Boston    5.00    3/1/21    10,000,000    10,268,400 
Massachusetts, Consolidated Loan    5.25    11/1/12    3,000,000 a    3,217,380 
Massachusetts, Consolidated Loan    5.00    8/1/14    3,000,000 a    3,208,650 
Massachusetts, Consolidated Loan (Insured; FSA)    5.25    8/1/22    10,000,000    10,291,600 
Massachusetts Development Finance                 
Agency, Revenue (Combined Jewish                 
Philanthropies of Greater Boston, Inc. Project)    4.75    2/1/15    4,135,000    4,276,045 
Massachusetts Housing Finance Agency, Housing Revenue    5.13    12/1/34    350,000    317,443 
Massachusetts Municipal Wholesale Electric                 
Company, Power Supply Project Revenue                 
(Nuclear Project Number 4 Issue) (Insured; MBIA)    5.25    7/1/12    2,000,000    2,127,240 
Massachusetts Port Authority, Revenue    6.00    1/1/10    2,035,000 a    2,167,336 
Massachusetts Port Authority, Revenue    5.75    7/1/10    1,325,000    1,407,269 
Massachusetts School Building Authority,                 
Dedicated Sales Tax Revenue (Insured; AMBAC)    5.00    8/15/20    10,000,000    10,245,200 
Massachusetts Water Pollution Abatement                 
Trust (Pooled Loan Program)    5.25    8/1/17    275,000    296,535 
Weston    5.63    3/1/10    650,000 a    690,690 
Michigan—1.1%                 
Michigan Municipal Bond Authority,                 
Clean Water Revolving Fund Revenue    5.00    10/1/21    5,000,000    5,054,550 
Michigan Municipal Bond Authority,                 
Drinking Water Revolving Fund Revenue    5.50    10/1/15    1,000,000    1,113,570 
Michigan Tobacco Settlement Finance Authority,                 
Tobacco Settlement Asset-Backed Bonds    5.13    6/1/22    5,000,000    4,666,000 
Minnesota—.9%                 
Minneapolis (Special School                 
District Number 1) (Insured; FSA)    5.00    2/1/14    2,350,000    2,394,744 
University of Minnesota Regents, Special Purpose                 
Revenue (State Supported Stadium Debt)    5.00    8/1/19    6,300,000    6,517,665 
Mississippi—.0%                 
Mississippi State University Educational Building                 
Corporation, Revenue (Insured; MBIA)    5.25    8/1/16    400,000    432,616 
Missouri—.6%                 
Missouri Environmental Improvement                 
and Energy Resource Authority, Water Pollution                 
Control Revenue (Revolving Fund Program)    5.50    7/1/14    1,250,000    1,387,213 
Missouri Highways and Transportation                 
Commission, State Road Revenue    5.50    2/1/10    2,000,000    2,101,600 

18

BNY Mellon National Intermediate Municipal Bond Fund (continued)         
Long-Term Municipal    Coupon    Maturity    Principal     
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 
Missouri (continued)                 
Missouri Highways and Transportation                 
Commission, State Road Revenue    5.50    2/1/11    2,000,000    2,138,080 
Nevada—1.0%                 
Clark County School District, GO (Insured; FGIC)    5.00    6/15/20    10,000,000    10,234,800 
New Hampshire—.2%                 
Nashua, Capital Improvement    5.50    7/15/12    560,000 a    608,720 
New Hampshire Business Finance Authority,                 
PCR (Central Maine Power Company)    5.38    5/1/14    1,000,000    1,037,900 
New Jersey—5.4%                 
Garden State Preservation Trust, Open Space and                 
Farmland Preservation Revenue (Insured; FSA)    5.80    11/1/17    2,500,000    2,795,850 
Garden State Preservation Trust, Open Space and                 
Farmland Preservation Revenue (Insured; FSA)    5.80    11/1/18    5,000,000    5,498,050 
Garden State Preservation Trust, Open Space and                 
Farmland Preservation Revenue (Insured; FSA)    5.80    11/1/19    5,000,000    5,452,650 
Garden State Preservation Trust, Open Space and                 
Farmland Preservation Revenue (Insured; FSA)    5.80    11/1/23    5,000,000    5,295,350 
Gloucester County Improvement Authority,                 
Solid Waste Resource Recovery Revenue    6.85    12/1/09    4,000,000    4,192,840 
Gloucester County Improvement Authority,                 
Solid Waste Resource Recovery Revenue    7.00    12/1/09    1,000,000    1,046,390 
New Jersey    6.00    2/15/11    1,000,000    1,081,580 
New Jersey Economic Development                 
Authority, Cigarette Tax Revenue    5.38    6/15/15    4,400,000    4,432,604 
New Jersey Economic Development                 
Authority, Cigarette Tax Revenue    5.50    6/15/24    4,000,000    3,746,120 
New Jersey Economic Development                 
Authority, Cigarette Tax Revenue    5.50    6/15/31    1,000,000    899,480 
New Jersey Economic Development Authority,                 
School Facilities Construction Revenue    5.00    3/1/17    2,000,000    2,090,300 
New Jersey Economic Development Authority,                 
School Facilities Construction Revenue    5.00    3/1/18    1,000,000    1,037,910 
New Jersey Economic Development Authority, School                 
Facilities Construction Revenue (Insured; AMBAC)    5.25    6/15/11    5,375,000 a    5,728,621 
New Jersey Economic Development Authority, Transportation                 
Project Sublease Revenue (New Jersey Transit                 
Corporation Light Rail Transit System Project) (Insured; FSA)    5.88    5/1/09    1,000,000 a    1,035,430 
New Jersey Highway Authority, Senior Parkway Revenue                 
(Garden State Parkway) (Insured; FGIC)    5.00    1/1/09    1,060,000    1,080,098 
New Jersey Highway Authority, Senior Parkway Revenue                 
(Garden State Parkway) (Insured; FGIC)    5.00    1/1/10    1,110,000    1,152,724 
New Jersey Transit Corporation, COP (Federal Transit                 
Administration Grants) (Insured; AMBAC)    6.00    9/15/10    2,000,000 a    2,149,360 
Tobacco Settlement Financing Corporation of New Jersey,                 
Tobacco Settlement Asset-Backed Bonds    4.50    6/1/23    4,960,000    4,404,877 

The Funds 19

STATEMENT OF INVESTMENTS (Unaudited) (continued)
BNY Mellon National Intermediate Municipal Bond Fund (continued)             
Long-Term Municipal    Coupon    Maturity    Principal         
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 
New Mexico—.3%                     
New Mexico Finance Authority, Revenue                     
(Public Project Revolving Fund) (Insured; AMBAC)    5.25    6/1/17    1,000,000        1,055,710 
New Mexico Highway Commission, Tax Revenue    6.00    6/15/10    2,000,000 a      2,135,640 
New York—9.8%                     
Albany Industrial Development Agency, Civic Facility Revenue                 
(Saint Peter’s Hospital of the City of Albany Project)    5.25    11/15/27    2,550,000        2,352,553 
Albany Industrial Development Agency, Civic Facility Revenue                 
(Saint Peter’s Hospital of the City of Albany Project)    5.25    11/15/32    3,500,000        3,130,610 
Greece Central School District (Insured; FGIC)    6.00    6/15/10    225,000        240,259 
Greece Central School District (Insured; FGIC)    6.00    6/15/11    950,000        1,034,008 
Greece Central School District (Insured; FGIC)    6.00    6/15/12    950,000        1,050,139 
Greece Central School District (Insured; FGIC)    6.00    6/15/13    950,000        1,068,113 
Greece Central School District (Insured; FGIC)    6.00    6/15/14    950,000        1,076,587 
Greece Central School District (Insured; FGIC)    6.00    6/15/15    950,000        1,086,287 
Long Island Power Authority, Electric                     
System General Revenue (Insured; FGIC)    5.25    12/1/20    10,000,000        10,208,600 
Long Island Power Authority, Electric                     
System General Revenue (Insured; FGIC)    5.00    12/1/23    7,500,000        7,270,425 
Metropolitan Transportation Authority,                     
Commuter Facilities Revenue    5.50    7/1/11    1,000,000        1,018,510 
Metropolitan Transportation Authority,                     
State Service Contract Revenue    5.50    7/1/16    5,000,000        5,442,000 
Metropolitan Transportation Authority,                     
State Service Contract Revenue    5.75    1/1/18    1,500,000        1,656,420 
New York City    5.75    8/1/10    820,000 a      881,270 
New York City    5.75    8/1/12    280,000        283,413 
New York City    5.75    8/1/13    830,000        881,410 
New York City    5.13    12/1/22    6,000,000        5,984,160 
New York City    5.13    12/1/27    5,000,000        4,869,350 
New York City (Insured; XLCA)    5.50    8/1/10    2,000,000        2,115,100 
New York City Transitional Finance Authority,                     
Future Tax Secured Revenue    6.13    5/15/10    2,000,000 a      2,155,400 
New York City Transitional Finance Authority,                     
Future Tax Secured Revenue    6.13    5/15/10    175,000 a      188,636 
New York City Transitional Finance Authority,                     
Future Tax Secured Revenue    5.50/14.00    11/1/26    3,000,000 e      3,194,280 
New York State Dormitory Authority, Revenue                     
(Consolidated City University System) (Insured; FSA)    5.75    7/1/18    200,000        221,188 
New York State Power Authority, General Purpose Revenue    7.00    1/1/10    350,000 a      374,553 
New York State Thruway Authority (Highway                     
and Bridge Trust Fund) (Insured; FSA)    6.00    4/1/10    1,000,000 a      1,071,890 
New York State Thruway Authority, Second                     
General Highway and Bridge Trust Fund Bonds    5.00    4/1/15    5,000,000        5,372,850 

20

BNY Mellon National Intermediate Municipal Bond Fund (continued)         
Long-Term Municipal    Coupon    Maturity    Principal     
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 
New York (continued)                 
New York State Thruway Authority, Second                 
General Highway and Bridge Trust Fund Bonds    5.00    4/1/16    5,000,000    5,358,550 
New York State Thruway Authority, Second                 
General Highway and Bridge Trust Fund Bonds    5.00    4/1/21    5,000,000    5,094,400 
New York State Thruway Authority, Second                 
General Highway and Bridge Trust Fund Bonds    5.00    4/1/24    10,000,000    9,966,800 
New York State Urban Development Corporation,                 
Correctional and Youth Facilities Service Contract Revenue    5.00    1/1/11    5,000,000    5,205,600 
Tobacco Settlement Financing Corporation of                 
New York, Asset-Backed Revenue Bonds (State                 
Contingency Contract Secured)    5.50    6/1/19    5,000,000    5,219,450 
Tobacco Settlement Financing Corporation of                 
New York, Asset-Backed Revenue Bonds (State                 
Contingency Contract Secured) (Insured; MBIA)    5.50    6/1/18    2,000,000    2,079,660 
North Carolina—1.4%                 
Charlotte, GO    5.00    4/1/13    1,000,000    1,078,520 
Concord, COP (Insured; MBIA)    5.50    6/1/11    1,000,000    1,062,650 
Durham County, GO    5.50    4/1/10    1,000,000    1,056,470 
Guilford County, Public Improvement    5.10    10/1/10    1,500,000 a    1,608,960 
North Carolina Eastern Municipal Power                 
Agency, Power System Revenue    5.38    1/1/16    1,500,000    1,543,920 
North Carolina Eastern Municipal Power                 
Agency, Power System Revenue (Insured; FGIC)    6.00    1/1/25    4,075,000    4,188,041 
Raleigh Durham Airport Authority, Revenue (Insured; FGIC)    5.25    11/1/13    2,465,000    2,577,922 
Wake County Industrial Facilities and Pollution Control Financing                 
Authority, PCR (Carolina Power and Light Company Project)    5.38    2/1/17    1,000,000    1,027,870 
Ohio—4.2%                 
Akron, Sanitary Sewer System Special Revenue (Insured; AMBAC)    6.00    12/1/14    500,000    526,740 
American Municipal Power—Ohio, Inc., Electricity                 
Purpose Revenue (Prepayment Issue)    5.00    2/1/10    5,000,000    5,119,400 
Buckeye Tobacco Settlement Financing Authority,                 
Tobacco Settlement Asset-Backed Bonds    5.13    6/1/24    12,000,000    11,153,640 
Buckeye Tobacco Settlement Financing Authority,                 
Tobacco Settlement Asset-Backed Bonds    6.50    6/1/47    15,000,000    14,830,050 
Cuyahoga County, Revenue (Cleveland Clinic Health System)    6.00    1/1/15    2,265,000    2,511,115 
Cuyahoga County, Revenue (Cleveland Clinic Health System)    6.00    1/1/17    3,900,000    4,315,818 
Ohio, GO Infrastructure Improvements    5.63    2/1/09    1,000,000    1,030,150 
Ohio Housing Finance Agency, MFHR (Uptown Towers                 
Apartments Project) (Collateralized; GNMA)    4.75    10/20/15    1,000,000    1,007,980 
Toledo-Lucas County Port Authority, Port                 
Facilities Revenue (Cargill Inc. Project)    4.50    12/1/15    900,000    906,984 
Oklahoma—.0%                 
Oklahoma Housing Finance Agency, SFMR (Collateralized; FNMA)    6.80    9/1/16    30,000    30,892 

The Funds 21

STATEMENT OF INVESTMENTS (Unaudited) (continued)

BNY Mellon National Intermediate Municipal Bond Fund (continued)         
Long-Term Municipal    Coupon    Maturity    Principal     
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 
Oregon—.5%                 
Eagle Point School District Number 9, GO    5.63    6/15/11    1,500,000 a    1,615,680 
Jackson County School District Number 6, GO                 
(Central Point) (Insured; FGIC)    5.75    6/15/10    2,265,000 a    2,406,653 
Portland, Convention Center Urban Renewal and                 
Redevelopment Bonds (Insured; AMBAC)    5.75    6/15/18    1,150,000    1,210,732 
Pennsylvania—.7%                 
Allegheny County Hospital Development Authority,                 
Revenue (University of Pittsburgh Medical Center)    5.25    6/15/15    1,620,000    1,709,570 
Philadelphia School District, GO (Insured; AMBAC)    5.00    4/1/17    2,165,000    2,239,952 
State Public School Building Authority, College Revenue                 
(Harrisburg Community College) (Insured; MBIA)    6.25    4/1/08    795,000    797,663 
Swarthmore Borough Authority,                 
Revenue (Swarthmore College)    5.00    9/15/11    1,000,000    1,064,060 
Swarthmore Borough Authority,                 
Revenue (Swarthmore College)    5.00    9/15/12    1,400,000    1,499,526 
Rhode Island—.1%                 
Rhode Island Health and Educational Building                 
Corporation, Higher Educational Facility Revenue                 
(Providence College Issue) (Insured; XLCA)    4.50    11/1/17    795,000    772,653 
Rhode Island Health and Educational Building                 
Corporation, Higher Educational Facility Revenue                 
(Providence College Issue) (Insured; XLCA)    5.00    11/1/22    250,000    235,178 
South Carolina—3.2%                 
Greenville County School District, Installment Purchase                 
Revenue (Building Equity Sooner for Tomorrow)    5.25    12/1/10    10,000,000    10,580,300 
Greenville County School District, Installment Purchase                 
Revenue (Building Equity Sooner for Tomorrow)    5.25    12/1/11    5,650,000    6,028,267 
Greenville County School District, Installment Purchase                 
Revenue (Building Equity Sooner for Tomorrow)    5.88    12/1/12    3,000,000 a    3,348,450 
Greenville County School District, Installment Purchase                 
Revenue (Building Equity Sooner for Tomorrow)    5.50    12/1/18    3,000,000    3,201,090 
Greenville County School District, Installment Purchase                 
Revenue (Building Equity Sooner for Tomorrow)    5.00    12/1/24    1,000,000    958,300 
Horry County School District, GO (Insured;                 
South Carolina State Department of Education)    5.38    3/1/17    5,030,000    5,355,441 
Newberry Investing in Children’s Education,                 
Installment Purchase Revenue (School District                 
of Newberry County, South Carolina Project)    5.25    12/1/20    1,000,000    963,450 
South Carolina Jobs and Economic Development                 
Authority, Hospital Facilities Revenue                 
(Georgetown Memorial Hospital) (Insured; Radian)    5.25    2/1/21    1,250,000    1,221,313 
Tennessee—.0%                 
Shelby County Health Educational and Housing Facilities                 
Board, Revenue (Saint Jude Children’s Research Hospital)    5.00    7/1/09    100,000    101,602 

22

BNY Mellon National Intermediate Municipal Bond Fund (continued)         
Long-Term Municipal    Coupon    Maturity    Principal     
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 
Texas—3.3%                 
Cities of Dallas and Fort Worth, Dallas/Fort Worth                 
International Airport, Joint Revenue Bonds (Insured; XLCA)    5.00    11/1/14    5,000,000    5,038,950 
Cities of Dallas and Fort Worth, Dallas/Fort Worth International                 
Airport, Joint Revenue Improvement Bonds (Insured; FGIC)    5.50    11/1/31    1,000,000    948,010 
Cypress-Fairbanks Independent School District, Unlimited Tax                 
Schoolhouse Bonds (Permanent School Fund Guarantee Program)    5.25    2/15/14    10,000,000 a    10,878,000 
Cypress-Fairbanks Independent School District, Unlimited Tax                 
Schoolhouse Bonds (Permanent School Fund Guarantee Program)    5.00    2/15/26    6,750,000    6,624,382 
Lower Colorado River Authority, Transmission Contract Revenue                 
(LCRA Transmission Services Corporation Project) (Insured; FGIC)    5.00    5/15/20    2,500,000    2,500,775 
Lower Colorado River Authority, Transmission Contract Revenue                 
(LCRA Transmission Services Corporation Project) (Insured; FGIC)    5.00    5/15/21    2,500,000    2,471,975 
San Antonio, General Improvement Bonds    5.90    2/1/10    500,000 a    528,010 
Tarrant County, Limited Tax Bonds    5.00    7/15/27    1,220,000    1,206,507 
Texas Municipal Power Agency, Revenue (Insured; FGIC)    4.40    9/1/11    2,750,000    2,752,310 
Utah—.1%                 
Intermountain Power Agency, Power                 
Supply Revenue (Insured; FSA)    6.25    7/1/09    750,000    784,642 
Vermont—.5%                 
Burlington, Electric Revenue (Insured; MBIA)    6.25    7/1/11    2,000,000    2,158,360 
Burlington, Electric Revenue (Insured; MBIA)    6.25    7/1/12    2,500,000    2,737,500 
Virginia—.7%                 
Chesterfield County Industrial Development Authority,                 
PCR (Virginia Electric and Power Company Project)    5.88    6/1/17    3,000,000    3,126,960 
Louisa Industrial Development Authority, PCR                 
(Virginia Electric and Power Company)    5.25    12/1/08    3,000,000    3,021,030 
Newport News Industrial Development Authority, IDR                 
(Virginia Advanced Shipbuilding and Carrier Integration Center)    5.50    9/1/10    1,000,000    1,059,340 
Washington—2.4%                 
Port of Longview Industrial Development Corporation,                 
SWDR (Weyerhaeuser Company Project)    6.88    10/1/08    2,500,000    2,537,700 
Seattle, Municipal Light and Power Revenue    5.50    12/1/10    1,000,000    1,064,860 
Washington, GO (Various Purpose)    5.00    7/1/23    19,550,000    19,507,186 
Washington Public Power Supply System,                 
Revenue (Nuclear Project Number 1)    7.00    7/1/08    380,000    385,768 
Washington Public Power Supply System,                 
Revenue (Nuclear Project Number 1)    7.00    7/1/08    620,000    629,294 
West Virginia—.4%                 
Monongalia County Building Commission, HR                 
(Monongalia General Hospital)    5.25    7/1/20    4,240,000    4,119,754 
Wisconsin—1.3%                 
Kenosha, Waterworks Revenue (Insured; FGIC)    5.00    12/1/12    750,000    773,632 
Wisconsin, Transportation Revenue (Insured; FGIC)    5.00    7/1/18    11,825,000    12,235,209 

The Funds 23

STATEMENT OF INVESTMENTS (Unaudited) (continued)

BNY Mellon National Intermediate Municipal Bond Fund (continued)             
Long-Term Municipal    Coupon    Maturity    Principal         
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 
U.S. Related—5.0%                     
Puerto Rico Commonwealth    5.00    7/1/12    2,000,000        2,044,040 
Puerto Rico Commonwealth (Insured; MBIA)    6.25    7/1/11    950,000        1,030,665 
Puerto Rico Commonwealth (Insured; MBIA)    6.25    7/1/13    1,380,000        1,531,345 
Puerto Rico Commonwealth, Public Improvement    6.00    7/1/08    1,500,000        1,513,590 
Puerto Rico Commonwealth, Public Improvement (Insured; MBIA)    5.50    7/1/20    5,000,000        5,141,850 
Puerto Rico Commonwealth, Public Improvement (Insured; MBIA)    5.50    7/1/20    5,500,000        5,656,035 
Puerto Rico Electric Power Authority, Power Revenue (Insured; MBIA)    5.25    7/1/15    2,000,000        2,122,260 
Puerto Rico Electric Power Authority, Power Revenue (Insured; MBIA)    5.00    7/1/17    3,940,000        4,036,491 
Puerto Rico Government Development Bank, Senior Notes    5.00    12/1/12    10,000,000        10,357,100 
Puerto Rico Government Development Bank, Senior Notes    5.00    12/1/13    4,000,000        4,130,240 
Puerto Rico Highways and Transportation Authority,                     
Highway Revenue (Insured; MBIA)    6.25    7/1/09    85,000        88,886 
Puerto Rico Highways and Transportation Authority,                     
Highway Revenue (Insured; MBIA)    6.25    7/1/09    65,000        67,845 
Puerto Rico Highways and Transportation Authority,                     
Transportation Revenue (Insured; MBIA)    5.88    7/1/10    1,405,000 a      1,511,106 
Puerto Rico Highways and Transportation Authority,                     
Transportation Revenue (Insured; MBIA)    5.88    7/1/10    2,595,000 a      2,786,693 
Puerto Rico Public Buildings Authority, Government Facility Revenue    5.50    7/1/14    1,000,000        1,053,710 
Puerto Rico Public Buildings Authority, Government Facility Revenue    5.50    7/1/15    5,000        5,538 
Puerto Rico Public Buildings Authority, Government Facility Revenue    5.50    7/1/15    995,000        1,042,919 
Puerto Rico Public Buildings Authority, Government Facility Revenue    5.50    7/1/16    1,995,000        2,085,014 
Puerto Rico Public Buildings Authority, Government Facility Revenue    5.50    7/1/16    5,000        5,540 
Puerto Rico Public Buildings Authority, Government Facility Revenue    5.75    7/1/17    1,940,000        2,046,622 
Puerto Rico Public Buildings Authority, Government Facility Revenue    5.75    7/1/17    5,000        5,626 
Puerto Rico Public Buildings Authority,                     
Government Facility Revenue (Insured; AMBAC)    6.25    7/1/10    750,000        798,848 
University of Puerto Rico, University System                     
Revenue, Refunding (Insured; MBIA)    6.25    6/1/08    750,000        756,915 
Total Long-Term Municipal Investments (cost $916,238,821)                    903,073,456 
 
Short-Term Municipal Investments—9.6%                     
Florida—.9%                     
Pinellas County Health Facilities Authority, Hospital Facilities Revenue,                 
Refunding (Bayfront Hospital Projects) (LOC; SunTrust Bank)    3.16    3/1/08    8,500,000 f      8,500,000 
Illinois—1.1%                     
Illinois Finance Authority, Revenue (Advocate                     
Health Care Network) (Insured; AMBAC)    7.37    3/7/08    8,400,000 f      8,400,000 
Illinois Finance Authority, Revenue (Resurrection                     
Health Care) (LOC; JPMorgan Chase Bank)    3.26    3/1/08    2,745,000 f      2,745,000 
Massachusetts—.8%                     
Massachusetts Health and Educational Facilities Authority,                     
Revenue (Northeastern University Issue) (Insured; MBIA)    3.31    4/4/08    6,000,000 f      6,000,000 

24

BNY Mellon National Intermediate Municipal Bond Fund (continued)             
Short-Term Municipal    Coupon    Maturity    Principal         
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 
Massachusetts (continued)                     
Massachusetts Health and Educational Facilities Authority,                     
Revenue (Northeastern University Issue) (Insured; MBIA)    3.43    4/4/08    2,000,000 f      2,000,000 
Nevada—.1%                     
Las Vegas, GO (LOC; Lloyds Bank PLC)    3.05    3/1/08    1,400,000 f      1,400,000 
Ohio—1.6%                     
Cuyahoga County, Hospital Improvement Revenue (University                     
Hospitals of Cleveland Project) (LOC; JPMorgan Chase Bank)    3.15    3/1/08    5,600,000 f      5,600,000 
Ohio Higher Educational Facility Commission, Revenue                     
(Case Western Reserve University Project) (Insured; AMBAC)    5.46    4/4/08    10,000,000 f      10,000,000 
Pennsylvania—3.0%                     
Berks County Municipal Authority, HR (The Reading                     
Hospital and Medical Center Project) (Insured; AMBAC)    5.75    4/4/08    5,000,000 f      5,000,000 
Berks County Municipal Authority, Revenue (The Reading                     
Hospital and Medical Center Project) (Insured; AMBAC)    5.38    4/4/08    7,100,000 f      7,100,000 
Berks County Municipal Authority, Revenue (The Reading                     
Hospital and Medical Center Project) (Insured; AMBAC)    6.87    4/4/08    10,000,000 f      10,000,000 
Delaware County Industrial Development Authority,                     
Airport Facilities Revenue (United Parcel Service Project)    3.07    3/1/08    5,500,000 f      5,500,000 
Delaware County Industrial Development Authority, PCR                     
(PECO Energy Company Project) (LOC; Wachovia Bank)    3.20    3/1/08    985,000 f      985,000 
Schuylkill County Industrial Development Authority, RRR, Refunding                     
(Northeastern Power Company Project) (LOC; Dexia Credit Locale)    3.10    3/1/08    970,000 f      970,000 
Vermont—2.0%                     
Vermont Educational and Health Buildings Financing Agency,                     
HR (Fletcher Allen Health Care Project) (Insured; FSA)    10.00    4/4/08    20,000,000 f      20,000,000 
Wyoming—.1%                     
Sweetwater County, PCR, Refunding                     
(Pacificorp Projects) (LOC; Barclays Bank PLC)    3.20    3/1/08    800,000 f      800,000 
Total Short-Term Municipal Investments (cost $94,997,624)                    95,000,000 
 
Total Investments (cost $1,011,236,445)            100.6%        998,073,456 
Liabilities, Less Cash and Receivables            (.6%)    (5,837,646) 
Net Assets            100.0%        992,235,810 

a These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in 
escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date. 
b Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity. 
c Variable rate security—interest rate subject to periodic change. 
d Purchased on a delayed delivery basis. 
e Subject to interest rate change on November 1, 2011. 
f Securities payable on demand.Variable interest rate—subject to periodic change. 

The Funds 25

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Summary of Abbreviations         
 
 
ACA    American Capital Access    AGC    ACE Guaranty Corporation 
AGIC    Asset Guaranty Insurance Company    AMBAC    American Municipal Bond Assurance Corporation 
ARRN    Adjustable Rate Receipt Notes    BAN    Bond Anticipation Notes 
BIGI    Bond Investors Guaranty Insurance    BPA    Bond Purchase Agreement 
CGIC    Capital Guaranty Insurance Company    CIC    Continental Insurance Company 
CIFG    CDC Ixis Financial Guaranty    CMAC    Capital Market Assurance Corporation 
COP    Certificate of Participation    CP    Commercial Paper 
EDR    Economic Development Revenue    EIR    Environmental Improvement Revenue 
FGIC    Financial Guaranty Insurance Company    FHA    Federal Housing Administration 
FHLB    Federal Home Loan Bank    FHLMC    Federal Home Loan Mortgage Corporation 
FNMA    Federal National Mortgage Association    FSA    Financial Security Assurance 
GAN    Grant Anticipation Notes    GIC    Guaranteed Investment Contract 
GNMA    Government National Mortgage Association    GO    General Obligation 
HR    Hospital Revenue    IDB    Industrial Development Board 
IDC    Industrial Development Corporation    IDR    Industrial Development Revenue 
LOC    Letter of Credit    LOR    Limited Obligation Revenue 
LR    Lease Revenue    MBIA    Municipal Bond Investors 
            Assurance Insurance Corporation 
MFHR    Multi-Family Housing Revenue    MFMR    Multi-Family Mortgage Revenue 
PCR    Pollution Control Revenue    PILOT    Payment in Lieu of Taxes 
RAC    Revenue Anticipation Certificates    RAN    Revenue Anticipation Notes 
RAW    Revenue Anticipation Warrants    RRR    Resources Recovery Revenue 
SAAN    State Aid Anticipation Notes    SBPA    Standby Bond Purchase Agreement 
SFHR    Single Family Housing Revenue    SFMR    Single Family Mortgage Revenue 
SONYMA    State of New York Mortgage Agency    SWDR    Solid Waste Disposal Revenue 
TAN    Tax Anticipation Notes    TAW    Tax Anticipation Warrants 
TRAN    Tax and Revenue Anticipation Notes    XLCA    XL Capital Assurance 

Summary of Combined Ratings (Unaudited)         
 
Fitch    or    Moody’s    or    Standard & Poor’s    Value (%)† 
AAA        Aaa        AAA    50.8 
AA        Aa        AA    25.4 
A        A        A    6.4 
BBB        Baa        BBB    14.7 
F1        MIG1/P1        SP1/A1    2.7 
                    100.0 

† 

† Based on total investments.
See notes to financial statements.

26

STATEMENT OF FINANCIAL FUTURES 
February 29, 2008 (Unaudited) 

                Unrealized 
        Market Value        Appreciation 
BNY Mellon National    Notional Amount/    Covered by        (Depreciation) 
Intermediate Municipal Bond Fund    Contracts    Contracts ($)    Expiration    at 2/29/2008 ($) 
Financial Futures Short                 
30 Year MMD Index    10,000,000    (9,334,201)    May 2008    665,799 
30 Year MMD Index    10,000,000    (9,334,645)    May 2008    665,355 
U.S. Treasury 30 Year Bond    275    (32,914,063)    March 2008    (713,281) 
                617,873 

See notes to financial statements.

The Funds 27

STATEMENT OF INVESTMENTS 
February 29, 2008 (Unaudited) 

BNY Mellon National Short-Term Municipal Bond Fund             
Long-Term Municipal    Coupon    Maturity    Principal     
Investments—90.2%    Rate (%)    Date    Amount ($)    Value ($) 
Alabama—2.5%                 
Alabama Public School and College Authority,                 
Capital Improvement Bonds    5.63    7/1/13    1,000,000    1,045,590 
Jefferson County, Sewer Revenue Warrants (Insured; FSA)    5.25    2/1/13    3,000,000    3,051,840 
Arizona—3.3%                 
Chandler Industrial Development Authority,                 
IDR (Intel Corporation Project)    4.38    12/1/10    5,200,000    5,358,184 
California—8.0%                 
Agua Caliente Band, Cahuilla Indians Revenue    4.60    7/1/08    400,000    401,020 
California Department of Water Resources, Power Supply Revenue    5.50    5/1/11    2,000,000    2,149,320 
California Infrastructure and Economic Development                 
Bank, Revenue (The J. Paul Getty Trust)    3.90    12/1/11    2,000,000    2,037,720 
California Statewide Communities Development Authority,                 
MFHR (Clara Park / Cypress Sunrise /                 
Wysong Plaza Apartments) (Collateralized; GNMA)    4.55    1/20/16    1,335,000    1,338,284 
California Statewide Communities Development                 
Authority, Revenue (Kaiser Permanente)    2.63    5/1/08    2,000,000    1,999,740 
Del Mar Race Track Authority, Revenue    5.00    8/15/09    1,080,000    1,095,541 
Golden State Tobacco Securitization Corporation,                 
Tobacco Settlement Asset-Backed Bonds    5.00    6/1/11    1,005,000    1,020,598 
San Bernardino County Housing Authority, MFHR                 
(Equity Residential/Redlands Lawn and Tennis Apartments)    5.20    6/15/09    3,000,000    3,063,150 
Colorado—1.6%                 
Black Hawk, Device Tax Revenue    5.00    12/1/11    600,000    614,700 
Colorado Health Facilities Authority, Health Facilities Revenue                 
(The Evangelical Lutheran Good Samaritan Society Project)    3.75    6/1/09    1,000,000    1,011,080 
Colorado Health Facilities Authority, Health Facilities Revenue                 
(The Evangelical Lutheran Good Samaritan Society Project)    5.00    6/1/10    1,000,000    1,023,690 
Connecticut—1.9%                 
Connecticut Development Authority, PCR (Connecticut                 
Light and Power Company Project)    5.85    9/1/28    3,000,000    3,021,600 
Florida—9.0%                 
Florida Department of Environmental Protection,                 
Preservation 2000 Revenue (Insured; FSA)    5.25    7/1/13    5,000,000    5,087,500 
Florida Hurricane Catastrophe Fund                 
Finance Corporation, Revenue    5.00    7/1/10    3,000,000    3,118,560 
Florida Rural Utility Financing Commission,                 
Revenue Notes (Public Projects Construction)    4.00    2/1/11    1,250,000    1,257,812 
Highlands County Health Facilities Authority, HR                 
(Adventist Health System/Sunbelt Obligated Group)    5.00    11/15/08    500,000    506,380 
Miami-Dade County Health Facilities Authority, HR                 
(Miami Children’s Hospital Project) (Insured; AMBAC)    5.50    8/15/11    2,450,000    2,634,461 
Palm Beach County School Board, COP (Master                 
Lease Purchase Agreement) (Insured; FGIC)    5.00    8/1/11    2,000,000 a    2,047,880 

28

BNY Mellon National Short-Term Municipal Bond Fund (continued)             
Long-Term Municipal    Coupon    Maturity    Principal         
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 
Idaho—1.6%                     
University of Idaho Regents, General Revenue (Insured; FSA)    4.38    4/1/11    2,500,000        2,571,575 
Illinois—8.3%                     
Chicago, Senior Lien Water Revenue (Insured; AMBAC)    5.50    11/1/11    1,750,000 b      1,889,895 
Chicago, Senior Lien Water Revenue (Insured; AMBAC)    5.50    11/1/11    1,000,000 b      1,079,940 
Illinois, GO (Illinois Fund for Infrastructure,                     
Roads, Schools and Transit) (Insured; FGIC)    6.00    1/1/17    5,575,000        5,830,948 
Illinois, Sales Tax Revenue (Illinois Fund for                     
Infrastructure, Roads, Schools and Transit)    5.50    6/15/13    1,100,000        1,171,082 
Illinois Educational Facilities Authority, Revenue (University of Chicago)    4.05    7/1/09    1,000,000        1,018,070 
Metropolitan Pier and Exposition Authority,                     
Dedicated State Tax Revenue (Insured; AMBAC)    5.38    6/1/14    2,500,000        2,529,150 
Indiana—2.1%                     
Indiana Health and Educational Facility Financing                     
Authority, HR (Clarian Health Obligated Group)    5.00    2/15/11    1,000,000        1,026,240 
Indiana Health Facility Financing Authority,                     
HR (The Methodist Hospitals, Inc.)    5.25    9/15/09    2,415,000        2,437,846 
Iowa—.7%                     
Coralville, Annual Appropriation GO Urban                     
Renewal Bond Anticipation Project Notes    4.25    6/1/09    1,085,000        1,087,984 
Kansas—1.6%                     
The Unified Government of Wyandotte County/Kansas City,                     
Tax Exempt Sales Tax Special Obligation Revenue                     
(Redevelopment Project Area B) (LOC; Citibank NA)    3.75    12/1/12    2,565,000        2,562,794 
Kentucky—2.6%                     
Kentucky Economic Development Finance Authority,                     
Health System Revenue (Norton Healthcare, Inc.)    6.25    10/1/10    335,000 b      364,885 
Kentucky Economic Development Finance Authority,                     
Health System Revenue (Norton Healthcare, Inc.)    6.25    10/1/12    665,000        700,870 
Kentucky Property and Buildings Commission,                     
Revenue (Project Number 69) (Insured; FSA)    5.25    8/1/14    1,450,000        1,534,346 
Kentucky Property and Buildings Commission,                     
Revenue (Project Number 72) (Insured; MBIA)    5.38    10/1/11    1,550,000 b      1,664,762 
Louisiana—1.1%                     
Louisiana Public Facilities Authority, Revenue                     
(Department of Public Safety Project) (Insured; FSA)    5.00    8/1/10    1,765,000        1,853,303 
Massachusetts—2.2%                     
Massachusetts, Federal Highway, GAN (Insured; FSA)    5.75    6/15/12    2,000,000        2,130,780 
Massachusetts Health and Educational Facilities Authority,                     
Revenue (Milford Regional Medical Center Issue)    5.00    7/15/09    340,000        343,801 
Massachusetts Health and Educational Facilities Authority,                     
Revenue (Milford Regional Medical Center Issue)    5.00    7/15/10    200,000        202,492 
Massachusetts Housing Finance Agency, Housing Revenue    4.20    12/1/10    925,000        948,930 

The Funds 29

STATEMENT OF INVESTMENTS (Unaudited) (continued)

BNY Mellon National Short-Term Municipal Bond Fund (continued)         
Long-Term Municipal    Coupon    Maturity    Principal     
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 
Mississippi—1.3%                 
Mississippi Business Finance Corporation, SWDR                 
(Waste Management, Inc. Project)    4.40    3/1/11    1,000,000    989,610 
Mississippi Hospital Equipment and Facilities Authority,                 
Hospital Refunding and Improvement Revenue                 
(South Central Regional Medical Center)    5.00    12/1/09    1,085,000    1,096,360 
Missouri—1.2%                 
Bi-State Development Agency of the Missouri-Illinois                 
Metropolitan District, Subordinate Mass Transit Sales Tax                 
Appropriation Revenue (Metrolink Cross County Extension Project)    3.95    10/1/09    1,000,000    1,021,650 
Blue Springs Neighborhood Improvement District, Limited GO                 
Temporary Notes (South Area Sewer Improvement Project)    4.13    3/1/09    1,000,000    1,006,710 
Montana—2.7%                 
Montana Board of Regents of Higher Education, University of                 
Montana Facilities Improvement Revenue (Insured; MBIA)    5.75    5/15/10    350,000 b    377,689 
Montana Board of Regents of Higher Education, University of                 
Montana Facilities Improvement Revenue (Insured; MBIA)    5.75    5/15/24    3,900,000    4,007,874 
Nevada—1.9%                 
Clark County, PCR (Southern California Edison Company)    3.25    3/2/09    2,000,000    2,010,500 
Truckee Meadows Water Authority, Water Revenue (Insured; FSA)    5.50    7/1/15    1,000,000    1,066,680 
New Hampshire—1.5%                 
New Hampshire Health and Education Facilities Authority, Revenue                 
(Center for Life Management Issue) (LOC; Ocean National Bank)    4.05    7/1/11    2,505,000    2,510,311 
New Jersey—1.0%                 
New Jersey Economic Development Authority, Cigarette Tax Revenue    5.63    6/15/17    1,105,000    1,105,044 
University of Medicine and Dentistry of New Jersey, COP (Insured; MBIA)    6.75    12/1/09    465,000    471,110 
New York—3.5%                 
Buffalo and Fort Erie Public Bridge Authority, Toll Bridge                 
System Revenue (Liquidity Facility; Bank of Nova Scotia)    4.00    7/1/10    1,000,000    1,024,560 
New York City Transitional Finance Authority,                 
Future Tax Secured Revenue 5.50/14.00    11/1/26    1,500,000 c    1,597,140 
Troy Industrial Development Authority, Civic Facility                 
Revenue (Rensselaer Polytechnic Institute Project)    5.00    9/1/10    3,000,000    3,130,260 
North Carolina—1.6%                 
Charlotte, GO    5.25    2/1/12    2,500,000    2,554,775 
Ohio—5.0%                 
American Municipal Power—Ohio, Inc., Electricity                 
Purpose Revenue (Prepayment Issue)    5.00    2/1/11    3,000,000    3,077,790 
Buckeye Tobacco Settlement Financing Authority,                 
Tobacco Settlement Asset-Backed Bonds    5.13    6/1/24    2,500,000    2,323,675 

30

BNY Mellon National Short-Term Municipal Bond Fund (continued)         
Long-Term Municipal    Coupon    Maturity    Principal     
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 
Ohio (continued)                 
Lorain County, Hospital Facilities Improvement                 
Revenue (Catholic Healthcare Partners)    5.63    10/1/12    2,500,000    2,675,650 
Pennsylvania—1.0%                 
Lehigh County Industrial Development Authority, PCR (PPL                 
Electric Utilities Corporation Project) (Insured; AMBAC)    3.13    11/1/08    1,250,000    1,248,600 
Sayre Health Care Facilities Authority, Revenue (Guthrie Health Issue)    5.50    12/1/09    400,000    413,656 
Tennessee—3.4%                 
Tennessee Energy Acquisition Corporation, Gas Project Revenue    5.00    9/1/09    2,500,000    2,559,075 
The Health, Educational and Housing Facility Board of                 
Shelby County, Revenue (Baptist Memorial Health Care)    5.00    10/1/08    3,000,000    3,004,920 
Texas—3.8%                 
Austin, Hotel Occupancy Tax Revenue (Convention Center/                 
Waller Creek Venue Project) (Insured; AMBAC)    5.25    11/15/19    3,000,000    3,071,490 
Montgomery County, Unlimited Tax Adjustable                 
Rate Road Bonds (Insured; FSA)    5.00    9/1/10    1,050,000    1,100,117 
Port Arthur Independent School District, Unlimited Tax                 
School Building Bonds (Insured; AMBAC)    5.25    2/15/18    1,000,000    1,013,590 
Texas Municipal Gas Acquisition and Supply                 
Corporation I, Gas Supply Revenue    5.00    12/15/13    1,000,000    988,700 
Virginia—7.7%                 
Louisa Industrial Development Authority, PCR                 
(Virginia Electric and Power Company)    5.25    12/1/08    2,000,000    2,014,020 
Peninsula Ports Authority, Coal Terminal Revenue                 
(Dominion Terminal Associates Project—DETC Issue)    3.30    10/1/08    1,400,000    1,404,326 
Rappahannock Regional Jail Authority, Regional Jail Facility GAN    4.25    12/1/09    3,000,000    3,040,470 
Riverside Regional Jail Authority, Jail Facility Senior RAN    4.25    7/1/10    3,000,000    3,046,590 
Western Virginia Regional Jail Authority, Regional Jail Facility RAN    4.13    12/1/09    3,000,000    3,031,710 
Washington—2.5%                 
Port of Longview Industrial Development Corporation,                 
SWDR (Weyerhaeuser Company Project)    6.88    10/1/08    1,500,000    1,522,620 
Washington Higher Education Facilities Authority, Revenue                 
(University of Puget Sound Project) (LOC; Bank of America)    5.00    4/1/08    2,500,000    2,505,725 
U.S. Related—5.6%                 
Puerto Rico Electric Authority, Power Revenue    4.00    7/1/08    500,000    502,155 
Puerto Rico Highways and Transportation                 
Authority, Highway Revenue (Insured; MBIA)    6.00    7/1/11    2,000,000    2,112,460 
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue    4.50    7/1/10    4,105,000    4,202,740 
University of Puerto Rico, University System Revenue    5.00    6/1/13    2,315,000    2,389,589 
Total Long-Term Municipal Investments (cost $146,653,689)                147,054,284 

The Funds 31

STATEMENT OF INVESTMENTS (Unaudited) (continued)

BNY Mellon National Short-Term Municipal Bond Fund (continued)             
Short-Term Municipal    Coupon    Maturity    Principal         
Investments—10.1%    Rate (%)    Date    Amount ($)    Value ($) 
California—.9%                     
Los Angeles Department of Water and Power,                     
Power System Revenue (Insured; XCLA)    4.00    3/7/08    1,500,000 d      1,500,000 
Illinois—.7%                     
Illinois Finance Authority, Revenue (Resurrection                     
Health Care) (LOC; JPMorgan Chase Bank)    4.01    3/1/08    1,200,000 d      1,200,000 
Massachusetts—5.3%                     
Chelsea, LR (Massachusetts Information                     
Technolgy Center Project) (Insured; FSA)    3.32    4/4/08    5,000,000 d      5,000,000 
Massachusetts GO (Central Artery/Ted Williams Tunnel Infrastructure                     
Loan Act of 2000) (Liquidity Facility; State Street Bank and Trust Co.)    3.00    3/1/08    100,000 d      100,000 
Massachusetts Health and Educational Facilities                     
Authority, Revenue (Boston College Issue)    5.00    4/4/08    3,000,000 d      3,000,000 
Massachusetts Health and Educational Facilities Authority,                     
Revenue (Capital Asset Program Issue) (LOC; Bank of America)    2.70    3/1/08    500,000 d      500,000 
Michigan—.4%                     
Michigan Strategic Fund, LOR (Henry Ford Museum                     
and Greenfield Village Project) (LOC; Comerica Bank)    3.15    3/1/08    700,000 d      700,000 
Pennsylvania—1.4%                     
Delaware County Industrial Development Authority, Airport                     
Facilities Revenue (United Parcel Service Project)    3.07    3/1/08    2,300,000 d      2,300,000 
Texas—.8%                     
Harris County Health Facilities Development Corporation,                     
Revenue (Texas Children’s Hospital Project) (Insured;                     
MBIA and Liquidity Facility; JPMorgan Chase Bank)    5.00    3/1/08    1,300,000 d      1,300,000 
Virginia—.6%                     
Washington Economic Development Finance Authority, EDR                     
(Pioneer Human Services Project) (LOC; U.S. Bank NA)    3.01    3/1/08    900,000 d      900,000 
Total Short-Term Municipal Investments (cost $16,500,000)                    16,500,000 
 
Total Investments (cost $163,153,689)            100.3%        163,554,284 
Liabilities, Less Cash and Receivables            (.3%)    (475,822) 
Net Assets            100.0%        163,078,462 

a Purchased on a delayed delivery basis. 
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 Subject to interest rate change on November 1, 2011. 
d Securities payable on demand.Variable interest rate—subject to periodic change. 

32

Summary of Abbreviations         
 
 
ACA    American Capital Access    AGC    ACE Guaranty Corporation 
AGIC    Asset Guaranty Insurance Company    AMBAC    American Municipal Bond Assurance Corporation 
ARRN    Adjustable Rate Receipt Notes    BAN    Bond Anticipation Notes 
BIGI    Bond Investors Guaranty Insurance    BPA    Bond Purchase Agreement 
CGIC    Capital Guaranty Insurance Company    CIC    Continental Insurance Company 
CIFG    CDC Ixis Financial Guaranty    CMAC    Capital Market Assurance Corporation 
COP    Certificate of Participation    CP    Commercial Paper 
EDR    Economic Development Revenue    EIR    Environmental Improvement Revenue 
FGIC    Financial Guaranty Insurance Company    FHA    Federal Housing Administration 
FHLB    Federal Home Loan Bank    FHLMC    Federal Home Loan Mortgage Corporation 
FNMA    Federal National Mortgage Association    FSA    Financial Security Assurance 
GAN    Grant Anticipation Notes    GIC    Guaranteed Investment Contract 
GNMA    Government National Mortgage Association    GO    General Obligation 
HR    Hospital Revenue    IDB    Industrial Development Board 
IDC    Industrial Development Corporation    IDR    Industrial Development Revenue 
LOC    Letter of Credit    LOR    Limited Obligation Revenue 
LR    Lease Revenue    MBIA    Municipal Bond Investors 
            Assurance Insurance Corporation 
MFHR    Multi-Family Housing Revenue    MFMR    Multi-Family Mortgage Revenue 
PCR    Pollution Control Revenue    PILOT    Payment in Lieu of Taxes 
RAC    Revenue Anticipation Certificates    RAN    Revenue Anticipation Notes 
RAW    Revenue Anticipation Warrants    RRR    Resources Recovery Revenue 
SAAN    State Aid Anticipation Notes    SBPA    Standby Bond Purchase Agreement 
SFHR    Single Family Housing Revenue    SFMR    Single Family Mortgage Revenue 
SONYMA    State of New York Mortgage Agency    SWDR    Solid Waste Disposal Revenue 
TAN    Tax Anticipation Notes    TAW    Tax Anticipation Warrants 
TRAN    Tax and Revenue Anticipation Notes    XLCA    XL Capital Assurance 

Summary of Combined Ratings (Unaudited)         
 
Fitch    or    Moody’s    or    Standard & Poor’s    Value (%)† 
AAA        Aaa        AAA    42.3 
AA        Aa        AA    15.4 
A        A        A    15.5 
BBB        Baa        BBB    16.4 
F1        MIG1/P1        SP1/A1    8.2 
Not Rated e    Not Rated e    Not Rated e    2.2 
                    100.0 

† Based on total investments.
e Securities which, while not rated by Fitch, Moody’s and Standard & Poor’s, have been determined by the Manager to be of comparable quality to those rated securities in which the
fund may invest.
See notes to financial statements.

The Funds 33

STATEMENT OF INVESTMENTS 
February 29, 2008 (Unaudited) 

BNY Mellon Pennsylvania Intermediate Municipal Bond Fund             
Long-Term Municipal    Coupon    Maturity    Principal     
Investments—98.4%    Rate (%)    Date    Amount ($)    Value ($) 
Alabama—.6%                 
Jefferson County, Limited Obligation School Warrants    5.50    1/1/21    3,500,000    3,608,850 
Arizona—.2%                 
University Medical Center Corporation, HR    5.25    7/1/15    1,160,000    1,170,486 
California—4.9%                 
Agua Caliente Band, Cahuilla Indians Revenue    6.00    7/1/18    1,500,000    1,466,595 
Alameda Corridor Transportation Authority,                 
Revenue (Insured; AMBAC)    0/5.25    10/1/21    2,000,000 a    1,586,860 
California    5.25    11/1/17    2,500,000    2,585,200 
California    5.50    6/1/20    110,000    113,013 
California    5.50    11/1/33    6,300,000    6,323,814 
California County Tobacco Securitization Agency,                 
Tobacco Settlement Asset-Backed Bonds                 
(Los Angeles County Securitization Corporation)    0/5.25    6/1/21    1,250,000 a    929,875 
Foothill/Eastern Transportation Corridor Agency,                 
Toll Road Revenue    5.75    1/15/40    2,000,000    1,887,560 
Foothill/Eastern Transportation Corridor Agency,                 
Toll Road Revenue (Insured; MBIA)    0/5.88    1/15/27    6,000,000 a    5,895,060 
Foothill/Eastern Transportation Corridor Agency,                 
Toll Road Revenue (Insured; MBIA)    0/5.88    1/15/29    2,000,000 a    1,950,560 
Golden State Tobacco Securitization Corporation, Enhanced                 
Tobacco Settlement Asset-Backed Bonds (Insured; AMBAC)    5.00    6/1/21    1,910,000    1,908,014 
Golden State Tobacco Securitization Corporation,                 
Tobacco Settlement Asset-Backed Bonds    4.50    6/1/27    4,460,000    3,868,515 
Colorado—.8%                 
Northwest Parkway Public Highway Authority,                 
Revenue (Insured; AMBAC)    0/5.70    6/15/16    5,000,000 a,b    4,638,700 
Florida—.7%                 
Miami-Dade County, Subordinate Special Obligation    0/5.00    10/1/35    1,500,000 a    1,249,935 
Seminole Tribe, Special Obligation Revenue    5.50    10/1/24    3,000,000    2,784,990 
Illinois—.3%                 
Illinois Finance Authority, Gas Supply Revenue (The Peoples                 
Gas Light and Coke Company Project) (Insured; AMBAC)    4.30    6/1/16    2,000,000    1,967,820 
Massachusetts—.5%                 
Massachusetts Housing Finance Agency, Housing Revenue    5.13    12/1/34    350,000    317,443 
Massachusetts Water Pollution Abatement Trust (Pooled Loan Program)    5.00    8/1/32    3,000,000    2,897,310 
Michigan—1.2%                 
Detroit City School District, School Buildings                 
and Site Improvement Bonds (Insured; FGIC)    5.25    5/1/17    2,000,000    2,137,000 
Michigan Tobacco Settlement Finance Authority,                 
Tobacco Settlement Asset-Backed Bonds    5.13    6/1/22    5,225,000    4,875,970 
Missouri—.1%                 
Missouri Housing Development Commission,                 
SFMR (Homeownership Loan Program)                 
(Collateralized: FNMA and GNMA)    6.40    9/1/29    400,000    412,636 

34

BNY Mellon Pennsylvania Intermediate Municipal Bond Fund (continued)             
Long-Term Municipal    Coupon    Maturity    Principal         
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 
New Hampshire—.2%                     
New Hampshire Business Finance Authority,                     
PCR (Central Maine Power Company)    5.38    5/1/14    1,015,000        1,053,468 
New Jersey—2.5%                     
Garden State Preservation Trust, Open Space and                     
Farmland Preservation Revenue (Insured; FSA)    5.80    11/1/19    4,805,000        5,239,997 
Garden State Preservation Trust, Open Space and                     
Farmland Preservation Revenue (Insured; FSA)    5.80    11/1/21    2,000,000        2,150,720 
Garden State Preservation Trust, Open Space and                     
Farmland Preservation Revenue (Insured; FSA)    5.80    11/1/23    2,000,000        2,118,140 
New Jersey Economic Development                     
Authority, Cigarette Tax Revenue    5.75    6/15/29    4,000,000        3,752,480 
Tobacco Settlement Financing Corporation of New Jersey,                     
Tobacco Settlement Asset-Backed Bonds    4.50    6/1/23    1,845,000        1,638,508 
New York—1.1%                     
Long Island Power Authority, Electric System                     
General Revenue (Insured; FGIC)    5.25    12/1/20    2,000,000        2,041,720 
New York City Transitional Finance Authority,                     
Future Tax Secured Revenue    5.50/14.00    11/1/26    4,000,000 c      4,259,040 
North Carolina—.5%                     
North Carolina Eastern Municipal Power                     
Agency, Power System Revenue    5.30    1/1/15    1,500,000        1,545,645 
North Carolina Eastern Municipal Power                     
Agency, Power System Revenue    5.13    1/1/23    1,500,000        1,446,285 
Ohio—2.1%                     
Buckeye Tobacco Settlement Financing Authority,                     
Tobacco Settlement Asset-Backed Bonds    5.75    6/1/34    7,500,000        6,803,850 
Cuyahoga County, Revenue (Cleveland Clinic Health System)    6.00    1/1/16    5,000,000        5,545,850 
Pennsylvania—67.3%                     
Allegheny County Hospital Development Authority, Revenue                     
(University of Pittsburgh Medical Center)    5.00    6/15/14    5,000,000        5,234,150 
Allegheny County Port Authority, Special                     
Transportation Revenue (Insured; FGIC)    5.38    3/1/11    2,500,000        2,639,575 
Allegheny County Port Authority, Special                     
Transportation Revenue (Insured; FGIC)    5.50    3/1/14    2,500,000        2,651,050 
Allegheny County Port Authority, Special                     
Transportation Revenue (Insured; FGIC)    5.50    3/1/16    1,360,000        1,442,566 
Allegheny County Sanitary Authority, Sewer Revenue (Insured; MBIA)    5.00    12/1/18    2,560,000        2,666,675 
Beaver County Industrial Development Authority, PCR                     
(Duquesne Light Company Project) (Insured; AMBAC)    4.50    11/1/29    6,500,000        5,667,480 
Blair County (Insured; AMBAC)    5.38    8/1/15    1,880,000        2,060,330 
Blair County (Insured; AMBAC)    5.38    8/1/16    1,980,000        2,164,833 
Central Dauphin School District, GO (Insured; MBIA)    6.75    2/1/16    5,000,000 b      5,952,850 
Central Dauphin School District, GO (Insured; MBIA)    7.00    2/1/16    1,630,000 b      1,966,905 
Central Dauphin School District, GO (Insured; MBIA)    7.50    2/1/16    3,100,000 b      3,840,559 

The Funds 35

STATEMENT OF INVESTMENTS (Unaudited) (continued)

BNY Mellon Pennsylvania Intermediate Municipal Bond Fund (continued)             
Long-Term Municipal    Coupon    Maturity    Principal         
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 
Pennsylvania (continued)                     
Central York School District, GO (Insured; FGIC)    5.00    6/1/12    2,305,000        2,452,013 
Central York School District, GO (Insured; FGIC)    5.50    6/1/12    80,000 b      86,626 
Central York School District, GO (Insured; FGIC)    5.50    6/1/14    920,000        984,142 
Chester County    5.00    8/15/18    4,545,000        4,749,116 
Chichester School District, GO (Insured; FSA)    5.25    3/15/24    1,355,000        1,371,802 
Coatesville Area School District, GO (Insured; FSA)    5.25    8/15/14    1,485,000 b      1,620,640 
Coatesville Area School District, GO (Insured; FSA)    5.25    8/15/14    6,515,000 b      7,110,080 
Delaware County Authority, College Revenue (Haverford College)    5.88    11/15/21    1,500,000        1,585,350 
Delaware County Authority, College Revenue (Haverford College)    5.75    11/15/25    3,000,000        3,141,810 
Delaware County Authority, University Revenue                     
(Villanova University) (Insured; AMBAC)    5.00    8/1/20    2,095,000        2,107,507 
Delaware County Regional Water Quality                     
Control Authority, Sewer Revenue (Insured; FGIC)    4.75    5/1/10    1,945,000        2,017,237 
Delaware River Joint Toll Bridge Commission,                     
Bridge Revenue (Insured; MBIA)    5.25    7/1/17    1,485,000        1,568,205 
East Stroudsburg Area School District, GO (Insured; FSA)    7.50    9/1/16    2,500,000 b      3,136,275 
Easton Area School District, GO (Insured; FSA)    7.50    4/1/18    1,000,000        1,209,020 
Easton Area School District, GO (Insured; FSA)    7.50    4/1/21    3,000,000        3,552,540 
Easton Area School District, GO (Insured; FSA)    7.50    4/1/22    3,000,000        3,528,720 
Erie County (Insured; FGIC)    5.50    9/1/22    1,640,000        1,696,449 
Fleetwood Area School District, GO (Insured; FGIC)    5.00    4/1/11    1,500,000        1,581,480 
Kennett Consolidated School District, GO (Insured; FGIC)    5.50    2/15/12    1,310,000 b      1,412,141 
Lancaster County Solid Waste Management Authority,                     
Resource Recovery System Revenue (Insured; AMBAC)    5.25    12/15/08    3,940,000        3,994,569 
Lancaster County Solid Waste Management Authority,                     
Resource Recovery System Revenue (Insured; AMBAC)    5.25    12/15/09    4,230,000        4,348,905 
Lancaster County Solid Waste Management Authority,                     
Resource Recovery System Revenue (Insured; AMBAC)    5.25    12/15/10    2,000,000        2,086,340 
Lancaster County Vocational Technical                     
School Authority, LR (Insured; FGIC)    5.25    2/15/10    1,500,000        1,555,050 
Lancaster Higher Education Authority, College                     
Revenue (Franklin and Marshall College Project)    5.25    4/15/16    1,815,000        1,894,606 
Lancaster Parking Authority, Guaranteed                     
Parking Revenue (Insured; AMBAC)    5.00    12/1/32    2,300,000        2,166,025 
Lancaster Parking Authority, Guaranteed                     
Parking Revenue (Insured; AMBAC)    5.00    12/1/35    1,500,000        1,403,865 
Lehigh County General Purpose Authority,                     
Revenue (Good Shepherd Group)    5.25    11/1/14    3,255,000        3,371,366 
Lehigh County Industrial Development Authority, PCR                     
(People Electric Utilities Corporation Project) (Insured; FGIC)    4.75    2/15/27    2,000,000        1,813,760 
Lower Merion School District, GO    5.00    9/1/22    2,980,000        3,034,176 
Lower Merion School District, GO    5.00    5/15/29    11,975,000        11,819,924 
Montgomery County    5.00    9/15/10    1,165,000        1,228,539 
Montgomery County    5.00    9/15/11    2,155,000        2,298,351 

36

BNY Mellon Pennsylvania Intermediate Municipal Bond Fund (continued)             
Long-Term Municipal    Coupon    Maturity    Principal         
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 
Pennsylvania (continued)                     
Muhlenberg School District, GO (Insured; FGIC)    5.38    4/1/15    1,000,000        1,061,930 
Neshaminy School District, GO (Insured; AMBAC)    5.00    5/1/18    2,000,000        2,082,480 
Neshaminy School District, GO (Insured; AMBAC)    5.00    5/1/24    1,500,000        1,480,260 
Northampton County Higher Education                     
Authority, Revenue (Lehigh University)    5.50    11/15/11    2,500,000        2,710,050 
Northwestern Lehigh School District, GO (Insured; FSA)    5.00    3/15/10    1,245,000        1,299,444 
Owen J. Roberts School District, GO (Insured; FSA)    5.50    8/15/12    1,440,000 b      1,564,358 
Parkland School District, GO (Insured; FGIC)    5.25    9/1/11    2,220,000        2,372,292 
Parkland School District, GO (Insured; FGIC)    5.38    9/1/14    3,110,000        3,401,220 
Parkland School District, GO (Insured; FGIC)    5.38    9/1/16    1,490,000        1,623,027 
Pennsylvania    6.00    1/15/10    2,500,000 b      2,665,275 
Pennsylvania    5.25    2/1/11    7,850,000        8,337,485 
Pennsylvania Economic Development Financing Authority,                     
SWDR (Waste Management Inc. Project)    4.70    11/1/14    5,000,000        4,897,400 
Pennsylvania Higher Educational Facilities Authority,                     
College Revenue (Lafayette College Project)    6.00    5/1/30    5,000,000        5,189,900 
Pennsylvania Higher Educational Facilities Authority,                     
Health Services Revenue (Allegheny Delaware                     
Valley Obligated Group Project) (Insured; MBIA)    5.60    11/15/10    2,000,000        2,001,200 
Pennsylvania Higher Educational Facilities Authority,                     
Revenue (Bryn Mawr College) (Insured; AMBAC)    5.25    12/1/12    3,000,000        3,246,450 
Pennsylvania Higher Educational Facilities Authority,                     
Revenue (Drexel University) (Insured; MBIA)    5.30    5/1/10    3,035,000        3,100,890 
Pennsylvania Higher Educational Facilities Authority,                     
Revenue (La Salle University)    5.50    5/1/34    2,250,000        2,085,457 
Pennsylvania Higher Educational Facilities Authority,                     
Revenue (State System of Higher Education) (Insured; AMBAC)    5.00    6/15/10    2,785,000        2,907,178 
Pennsylvania Higher Educational Facilities Authority,                     
Revenue (State System of Higher Education) (Insured; AMBAC)    5.75    6/15/10    3,045,000        3,228,126 
Pennsylvania Higher Educational Facilities Authority,                     
Revenue (State System of Higher Education) (Insured; AMBAC)    5.00    6/15/11    2,935,000        3,094,488 
Pennsylvania Higher Educational Facilities Authority,                     
Revenue (Temple University) (Insured; MBIA)    5.25    4/1/14    960,000        971,146 
Pennsylvania Higher Educational Facilities Authority,                     
Revenue (Thomas Jefferson University) (Insured; AMBAC)    5.25    9/1/17    1,700,000        1,819,034 
Pennsylvania Higher Educational Facilities Authority,                     
Revenue (Thomas Jefferson University) (Insured; AMBAC)    5.25    9/1/18    1,485,000        1,590,272 
Pennsylvania Higher Educational Facilities Authority,                     
Revenue (University of Scranton) (Insured; AMBAC)    5.75    5/1/11    1,690,000 b      1,822,006 
Pennsylvania Higher Educational Facilities Authority,                     
Revenue (UPMC Health System)    5.00    1/15/10    1,630,000        1,683,545 
Pennsylvania Higher Educational Facilities Authority,                     
Revenue (UPMC Health System)    5.13    1/15/11    1,550,000        1,619,920 
Pennsylvania Higher Educational Facilities Authority,                     
Revenue (UPMC Health System)    6.00    1/15/22    2,500,000        2,642,825 

The Funds 37

STATEMENT OF INVESTMENTS (Unaudited) (continued)

BNY Mellon Pennsylvania Intermediate Municipal Bond Fund (continued)             
Long-Term Municipal    Coupon    Maturity    Principal         
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 
Pennsylvania (continued)                     
Pennsylvania Higher Educational Facilities Authority,                     
Revenue (UPMC Health System) (Insured; FSA)    5.25    8/1/12    3,000,000        3,096,150 
Pennsylvania Housing Finance Agency, SFMR    5.35    10/1/09    1,165,000        1,186,075 
Pennsylvania Housing Finance Agency, SFMR    5.45    10/1/10    3,025,000        3,082,777 
Pennsylvania Housing Finance Agency, SFMR    5.50    10/1/11    1,325,000        1,347,830 
Pennsylvania Housing Finance Agency, SFMR    5.55    10/1/12    325,000        327,889 
Pennsylvania Industrial Development                     
Authority, EDR (Insured; AMBAC)    5.80    1/1/09    5,000,000        5,133,400 
Pennsylvania Industrial Development                     
Authority, EDR (Insured; AMBAC)    5.50    7/1/12    5,335,000        5,696,553 
Pennsylvania Turnpike Commission, Oil Franchise                     
Tax Subordinated Revenue (Insured; MBIA)    5.25    12/1/13    2,500,000 b      2,729,825 
Pennsylvania Turnpike Commission,                     
Registration Fee Revenue (Insured; FSA)    5.25    7/15/24    5,000,000        5,132,700 
Pennsylvania Turnpike Commission,                     
Registration Fee Revenue (Insured; FSA)    5.25    7/15/25    5,000,000        5,137,850 
Pennsylvania Turnpike Commission, Turnpike Revenue    5.50    6/1/15    1,500,000        1,609,320 
Pennsylvania Turnpike Commission,                     
Turnpike Revenue (Insured; AMBAC)    5.00    12/1/23    3,700,000        3,667,884 
Pennsylvania Turnpike Commission,                     
Turnpike Revenue (Insured; AMBAC)    5.00    12/1/29    5,000,000        4,776,200 
Pennsylvania Turnpike Commission,                     
Turnpike Revenue (Insured; FGIC)    5.00    6/1/11    3,000,000        3,162,420 
Pennsylvania Turnpike Commission,                     
Turnpike Revenue (Insured; FGIC)    5.50    12/1/11    2,510,000        2,707,361 
Pennsylvania Turnpike Commission,                     
Turnpike Revenue (Insured; FGIC)    5.50    12/1/12    2,000,000        2,175,100 
Perkiomen Valley School District, GO (Insured; FSA)    5.25    3/1/11    690,000 b      732,035 
Perkiomen Valley School District, GO (Insured; FSA)    5.25    3/1/11    720,000 b      763,862 
Perkiomen Valley School District, GO (Insured; FSA)    5.25    3/1/13    540,000        568,058 
Perkiomen Valley School District, GO (Insured; FSA)    5.25    3/1/14    570,000        599,617 
Philadelphia (Insured; FSA)    5.25    3/15/09    3,500,000 b      3,623,970 
Philadelphia (Insured; FSA)    5.25    3/15/09    235,000 b      243,324 
Philadelphia (Insured; FSA)    5.25    3/15/09    2,000,000 b      2,070,840 
Philadelphia (Insured; FSA)    5.25    3/15/09    1,000,000 b      1,035,420 
Philadelphia (Insured; FSA)    5.25    8/1/17    12,500,000        13,452,750 
Philadelphia, Water and Wastewater Revenue (Insured; AMBAC)    5.63    6/15/09    5,000,000        5,187,750 
Philadelphia, Water and Wastewater Revenue (Insured; AMBAC)    5.25    12/15/12    10,000,000        10,630,000 
Philadelphia, Water and Wastewater Revenue (Insured; FSA)    5.25    7/1/18    5,000,000        5,254,200 
Philadelphia, Water and Wastewater Revenue (Insured; FSA)    5.00    7/1/23    1,690,000        1,675,601 
Philadelphia Authority for Industrial Development, Industrial and                     
Commercial Revenue (Girard Estates Facilities Leasing Project)    5.00    5/15/19    2,400,000        2,403,144 

38

BNY Mellon Pennsylvania Intermediate Municipal Bond Fund (continued)             
Long-Term Municipal    Coupon    Maturity    Principal         
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 
Pennsylvania (continued)                     
Philadelphia Authority for Industrial Development, Revenue                     
(Cultural and Commercial Corridors Program) (Insured; FGIC)    5.00    12/1/20    3,380,000        3,311,724 
Philadelphia Authority for Industrial Development, Revenue                     
(Cultural and Commercial Corridors Program) (Insured; FGIC)    5.00    12/1/22    3,150,000        3,001,761 
Philadelphia Hospital and Higher Education Facilities                     
Authority, Revenue (Jefferson Health System)    5.50    5/15/08    1,000,000        1,005,380 
Philadelphia Parking Authority, Airport                     
Parking Revenue (Insured; AMBAC)    5.75    9/1/09    2,255,000        2,328,333 
Philadelphia School District, GO (Insured; AMBAC)    5.00    4/1/17    5,000,000        5,173,100 
Philadelphia School District, GO (Insured; FSA)    5.75    2/1/11    4,000,000        4,301,160 
Philadelphia School District, GO (Insured; FSA)    5.75    2/1/11    3,000,000 b      3,221,340 
Philadelphia School District, GO (Insured; FSA)    5.50    2/1/12    1,310,000 b      1,411,276 
Philadelphia School District, GO (Insured; FSA)    5.50    2/1/12    1,770,000 b      1,906,839 
Philadelphia School District, GO (Insured; MBIA)    5.25    4/1/09    2,500,000 b      2,566,675 
Pittsburgh School District, GO (Insured; FSA)    5.50    9/1/16    4,000,000        4,422,920 
Pittsburgh School District, GO (Insured; FSA)    5.50    9/1/18    1,000,000        1,097,920 
Pocono Mountain School District, GO (Insured; FSA)    5.00    9/1/22    5,270,000        5,285,125 
Saint Mary Hospital Authority, Health System                     
Revenue (Catholic Health East Issue)    5.00    11/15/21    1,000,000        965,750 
Scranton-Lackawanna Health and Welfare Authority,                     
Revenue (Community Medical Center Project) (Insured; MBIA)    5.50    7/1/10    3,035,000        3,087,505 
Scranton-Lackawanna Health and Welfare Authority,                     
Revenue (Community Medical Center Project) (Insured; MBIA)    5.50    7/1/11    3,195,000        3,248,868 
Springfield School District, GO (Insured; FSA)    4.75    3/15/12    1,085,000        1,145,445 
State Public School Building Authority, School LR                     
(Richland School District Project) (Insured; FGIC)    5.00    11/15/14    1,265,000 b      1,364,986 
State Public School Building Authority, School LR                     
(The School District of Philadelphia Project) (Insured; FSA)    5.00    6/1/13    5,000,000 b      5,351,950 
State Public School Building Authority, School Revenue                     
(Tuscarora School District Project) (Insured; FSA)    5.25    4/1/13    195,000 b      210,680 
State Public School Building Authority, School Revenue                     
(Tuscarora School District Project) (Insured; FSA)    5.25    4/1/17    840,000        899,984 
Susquehanna Area Regional Airport Authority,                     
Airport System Revenue    5.38    1/1/18    6,000,000        5,621,700 
Susquehanna Area Regional Airport Authority,                     
Airport System Revenue (Insured; AMBAC)    5.50    1/1/20    4,370,000        4,386,213 
Susquehanna Area Regional Airport Authority,                     
Airport System Revenue (Insured; AMBAC)    5.00    1/1/33    2,400,000        2,226,096 
Swarthmore Borough Authority, College Revenue    5.50    9/15/11    17,500,000        18,843,125 
Swarthmore Borough Authority, College Revenue    5.25    9/15/17    1,000,000        1,068,970 
Twin Valley School District, GO (Insured; FSA)    5.25    10/1/15    1,000,000 b      1,098,930 
University Area Joint Authority, Sewer Revenue (Insured; MBIA)    5.00    11/1/11    1,430,000        1,524,938 

The Funds 39

STATEMENT OF INVESTMENTS (Unaudited) (continued)

BNY Mellon Pennsylvania Intermediate Municipal Bond Fund (continued)         
Long-Term Municipal    Coupon    Maturity    Principal         
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 
Pennsylvania (continued)                     
Upper Darby School District, GO (Insured; FGIC)    5.00    5/1/18    2,870,000        2,985,518 
Upper Merion Area School District, GO (Insured; MBIA)    5.00    2/15/19    1,165,000        1,197,981 
Warwick School District, GO (Insured; FGIC)    5.25    2/15/11    1,000,000        1,060,370 
Wilson Area School District, GO (Insured; FGIC)    5.00    2/15/11    1,910,000        2,010,237 
Wilson School District, GO (Insured; FSA)    5.38    5/15/12    1,785,000 b      1,911,931 
Wilson School District, GO (Insured; FSA)    5.38    5/15/12    1,500,000 b      1,604,235 
York County (Insured; AMBAC)    5.00    6/1/17    1,100,000        1,149,698 
York County Solid Waste and Refuse Authority,                     
Solid Waste System Revenue (Insured; FGIC)    5.50    12/1/14    1,000,000        1,095,710 
South Carolina—.4%                     
Greenville County School District, Installment Purchase                     
Revenue (Building Equity Sooner for Tomorrow)    5.50    12/1/18    2,000,000        2,134,060 
Texas—.3%                     
Cities of Dallas and Fort Worth, Dallas/Fort Worth International                     
Airport, Joint Revenue Improvement Bonds (Insured; FGIC)    5.50    11/1/31    2,000,000        1,896,020 
Virginia—2.0%                     
Industrial Development Authority of the                     
County of Charles City, Solid Waste Disposal                     
Facility Revenue (USA Waste of Virginia, Inc. Project)    4.88    2/1/09    6,600,000        6,650,688 
Louisa Industrial Development Authority,                     
PCR (Virginia Electric and Power Company)    5.25    12/1/08    5,000,000        5,035,050 
U.S. Related—12.7%                     
Puerto Rico Commonwealth, Public Improvement    5.25    7/1/23    4,090,000        3,887,095 
Puerto Rico Commonwealth, Public Improvement (Insured; FGIC)    5.50    7/1/18    9,545,000        10,000,583 
Puerto Rico Commonwealth, Public Improvement (Insured; MBIA)    5.50    7/1/14    7,500,000        7,989,975 
Puerto Rico Commonwealth, Public Improvement (Insured; MBIA)    5.50    7/1/20    4,000,000        4,113,480 
Puerto Rico Electric Power Authority, Power Revenue (Insured; FSA)    5.25    7/1/10    5,000,000 b      5,307,450 
Puerto Rico Electric Power Authority, Power Revenue (Insured; MBIA)    5.25    7/1/14    7,875,000        8,366,557 
Puerto Rico Electric Power Authority, Power Revenue (Insured; MBIA)    5.50    7/1/17    6,000,000        6,441,180 
Puerto Rico Electric Power Authority, Power Revenue (Insured; MBIA)    5.50    7/1/19    2,290,000        2,443,224 
Puerto Rico Government Development Bank, Senior Notes    5.00    12/1/12    3,000,000        3,107,130 
Puerto Rico Government Development Bank, Senior Notes    5.00    12/1/13    3,000,000        3,097,680 
Puerto Rico Highways and Transportation                     
Authority, Highway Revenue (Insured; FSA)    5.50    7/1/13    1,500,000        1,590,615 
Puerto Rico Highways and Transportation                     
Authority, Highway Revenue (Insured; MBIA)    5.50    7/1/13    4,000,000        4,222,080 
Puerto Rico Highways and Transportation                     
Authority, Transportation Revenue    5.25    7/1/10    4,000,000        4,162,080 
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue    5.00    7/1/21    5,000,000        4,783,750 
Puerto Rico Municipal Finance Agency (Insured; FSA)    5.50    8/1/09    5,000,000        5,188,650 
Total Long-Term Municipal Investments (cost $577,897,662)                    577,604,794 

40

BNY Mellon Pennsylvania Intermediate Municipal Bond Fund (continued)         
Short-Term Municipal    Coupon    Maturity    Principal         
Investments—.5%    Rate (%)    Date    Amount ($)    Value ($) 
Pennsylvania;                     
Berks County Municipal Authority, Revenue (The Reading                     
Hospital and Medical Center Project) (Insured; AMBAC)    6.87    4/4/08    1,600,000 d      1,600,000 
Pennsylvania Intergovernmental Cooperation                     
Authority, Special Tax Revenue, Refunding                     
(City of Philadelphia Funding Program) (Insured; AMBAC)    6.47    3/7/08    1,600,000 d      1,600,000 
Total Short-Term Municipal Investments (cost $3,200,000)                    3,200,000 
Total Investments (cost $581,097,662)            98.9%        580,804,794 
Cash and Receivables (Net)            1.1%        6,405,461 
Net Assets            100.0%        587,210,255 

a Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity. 
b These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in 
escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date. 
c Subject to interest rate change on November 1, 2011. 
d Securities payable on demand.Variable interest rate—subject to periodic change. 

The Funds 41

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Summary of Abbreviations         
 
 
ACA    American Capital Access    AGC    ACE Guaranty Corporation 
AGIC    Asset Guaranty Insurance Company    AMBAC    American Municipal Bond Assurance Corporation 
ARRN    Adjustable Rate Receipt Notes    BAN    Bond Anticipation Notes 
BIGI    Bond Investors Guaranty Insurance    BPA    Bond Purchase Agreement 
CGIC    Capital Guaranty Insurance Company    CIC    Continental Insurance Company 
CIFG    CDC Ixis Financial Guaranty    CMAC    Capital Market Assurance Corporation 
COP    Certificate of Participation    CP    Commercial Paper 
EDR    Economic Development Revenue    EIR    Environmental Improvement Revenue 
FGIC    Financial Guaranty Insurance Company    FHA    Federal Housing Administration 
FHLB    Federal Home Loan Bank    FHLMC    Federal Home Loan Mortgage Corporation 
FNMA    Federal National Mortgage Association    FSA    Financial Security Assurance 
GAN    Grant Anticipation Notes    GIC    Guaranteed Investment Contract 
GNMA    Government National Mortgage Association    GO    General Obligation 
HR    Hospital Revenue    IDB    Industrial Development Board 
IDC    Industrial Development Corporation    IDR    Industrial Development Revenue 
LOC    Letter of Credit    LOR    Limited Obligation Revenue 
LR    Lease Revenue    MBIA    Municipal Bond Investors 
            Assurance Insurance Corporation 
MFHR    Multi-Family Housing Revenue    MFMR    Multi-Family Mortgage Revenue 
PCR    Pollution Control Revenue    PILOT    Payment in Lieu of Taxes 
RAC    Revenue Anticipation Certificates    RAN    Revenue Anticipation Notes 
RAW    Revenue Anticipation Warrants    RRR    Resources Recovery Revenue 
SAAN    State Aid Anticipation Notes    SBPA    Standby Bond Purchase Agreement 
SFHR    Single Family Housing Revenue    SFMR    Single Family Mortgage Revenue 
SONYMA    State of New York Mortgage Agency    SWDR    Solid Waste Disposal Revenue 
TAN    Tax Anticipation Notes    TAW    Tax Anticipation Warrants 
TRAN    Tax and Revenue Anticipation Notes    XLCA    XL Capital Assurance 

Summary of Combined Ratings (Unaudited)         
 
Fitch    or    Moody’s    or    Standard & Poor’s    Value (%)† 
AAA        Aaa        AAA    68.6 
AA        Aa        AA    10.1 
A        A        A    8.6 
BBB        Baa        BBB    12.7 
                    100.0 

† Based on total investments.
See notes to financial statements.

42

STATEMENT OF FINANCIAL FUTURES 
February 29, 2008 (Unaudited) 

                Unrealized 
        Market Value        Appreciation 
BNY Mellon Pennsylvania    Notional Amount/    Covered by        (Depreciation) 
Intermediate Municipal Bond Fund    Contracts    Contracts ($)    Expiration    at 2/29/2008 ($) 
Financial Futures Short                 
30 Year MMD Index    6,000,000    (5,600,521)    May 2008    399,479 
30 Year MMD Index    6,000,000    (5,600,787)    May 2008    399,213 
U.S. Treasury 30 Year Bond    125    (14,960,937)    March 2008    (324,218) 
                474,474 

See notes to financial statements.

The Funds 43

STATEMENT OF INVESTMENTS 
February 29, 2008 (Unaudited) 

BNY Mellon Massachusetts Intermediate Municipal Bond Fund         
Long-Term Municipal    Coupon    Maturity    Principal     
Investments—92.5%    Rate (%)    Date    Amount ($)    Value ($) 
Massachusetts—82.1%                 
Ashland, GO (Insured; AMBAC)    5.25    5/15/21    1,305,000    1,347,569 
Auburn, GO (Insured; AMBAC)    5.13    6/1/20    1,225,000    1,259,533 
Bellingham, GO (Insured; AMBAC)    5.38    3/1/14    1,685,000    1,785,308 
Boston    5.75    2/1/10    2,000,000    2,113,980 
Boston    5.00    3/1/20    2,500,000    2,591,325 
Boston    5.00    3/1/21    3,605,000    3,701,758 
Boston Economic Development and Industrial                 
Corporation, Public Parking Facility Bonds    4.50    6/1/10    3,000,000    3,103,830 
Boston Water and Sewer Commission, Revenue    9.25    1/1/11    100,000    113,628 
Boston Water and Sewer Commission, Revenue    5.00    11/1/19    2,170,000    2,233,060 
Boston Water and Sewer Commission, Revenue    5.00    11/1/23    3,920,000    3,939,600 
Brockton (Municipal Purpose Loan) (Insured; AMBAC)    5.00    6/1/19    1,430,000    1,463,962 
Burlington, GO    5.25    2/1/12    200,000    215,232 
Burlington, GO    5.25    2/1/13    250,000    271,702 
Cambridge, GO (Municipal Purpose Loan)    5.00    12/15/11    510,000    546,399 
Cohasset, GO    5.00    6/15/22    895,000    901,659 
Cohasset, GO    5.00    6/15/23    895,000    899,735 
Everett, GO (Insured; FGIC)    5.38    12/15/17    1,250,000    1,339,700 
Haverhill (State Qualified Municipal Purpose Loan) (Insured; FGIC)    5.00    6/1/16    1,580,000    1,698,927 
Haverhill (State Qualified Municipal Purpose Loan) (Insured; FGIC)    5.00    6/1/18    505,000    530,856 
Hingham, GO (Municipal Purpose Loan)    5.38    4/1/17    1,645,000    1,759,755 
Holden (Municipal Purpose Loan) (Insured; FGIC)    6.00    3/1/10    1,000,000 a    1,069,660 
Hopedale, GO (Insured; AMBAC)    5.00    11/15/19    650,000    673,504 
Ipswich, GO (Insured; FGIC)    5.00    11/15/14    500,000    541,780 
Lynnfield, GO (Municipal Purpose Loan)    5.00    7/1/20    505,000    515,969 
Lynnfield, GO (Municipal Purpose Loan)    5.00    7/1/21    525,000    533,227 
Lynnfield, GO (Municipal Purpose Loan)    5.00    7/1/22    585,000    590,973 
Lynnfield, GO (Municipal Purpose Loan)    5.00    7/1/23    585,000    589,382 
Malden, GO (Insured; FGIC)    5.00    8/1/18    2,260,000    2,339,394 
Mansfield, GO (Insured; AMBAC)    5.00    8/15/17    1,395,000    1,460,007 
Marblehead, GO    5.00    8/15/18    1,340,000    1,396,548 
Marblehead, GO    5.00    8/15/22    1,750,000    1,768,235 
Mashpee, GO (Insured; FGIC)    5.63    11/15/10    500,000 a    539,740 
Massachusetts    6.50    8/1/08    590,000    599,328 
Massachusetts (Insured; AMBAC)    5.50    10/1/18    5,225,000    5,725,659 
Massachusetts (Insured; FSA)    5.25    9/1/22    2,275,000    2,361,768 
Massachusetts (Insured; XLCA)    4.41    12/1/12    2,470,000 b    2,581,274 
Massachusetts, Consolidated Loan    5.75    6/1/10    5,000,000 a    5,278,950 
Massachusetts, Consolidated Loan    5.25    11/1/12    2,000,000 a    2,144,920 
Massachusetts, Consolidated Loan    5.25    10/1/13    2,600,000 a    2,814,656 
Massachusetts, Consolidated Loan    5.25    10/1/13    2,500,000 a    2,706,400 
Massachusetts, Consolidated Loan    5.00    3/1/15    1,500,000 a    1,618,890 

44

BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued)             
Long-Term Municipal    Coupon    Maturity    Principal         
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 
Massachusetts (continued)                     
Massachusetts, Consolidated Loan    5.00    3/1/15    1,800,000 a      1,942,668 
Massachusetts, Consolidated Loan    5.00    8/1/16    1,000,000 a      1,079,260 
Massachusetts, Consolidated Loan    5.50    11/1/16    1,000,000        1,102,010 
Massachusetts, Consolidated Loan    5.00    9/1/18    5,000,000        5,168,350 
Massachusetts, Consolidated Loan (Insured; FGIC)    5.50    11/1/13    2,500,000        2,756,025 
Massachusetts, Consolidated Loan (Insured; FGIC)    5.50    8/1/18    1,035,000        1,132,673 
Massachusetts, Consolidated Loan (Insured; FSA)    5.25    1/1/13    5,000,000 a      5,368,850 
Massachusetts, Consolidated Loan (Insured; FSA)    5.25    8/1/22    5,825,000        5,994,857 
Massachusetts, Consolidated Loan (Insured; MBIA)    5.50    1/1/12    1,500,000        1,620,255 
Massachusetts, Consolidated Loan (Insured; MBIA)    5.00    8/1/12    420,000 a      444,763 
Massachusetts, Consolidated Loan (Insured; MBIA)    5.00    8/1/12    1,580,000 a      1,673,157 
Massachusetts, Consolidated Loan (Insured; MBIA)    5.50    11/1/12    3,000,000        3,284,400 
Massachusetts, Federal Highway, GAN    5.50    6/15/14    4,335,000        4,473,763 
Massachusetts, Federal Highway, GAN (Insured; FSA)    5.75    6/15/12    2,500,000        2,663,475 
Massachusetts, Federal Highway, GAN (Insured; FSA)    5.13    12/15/12    1,500,000        1,539,060 
Massachusetts, Federal Highway, GAN (Insured; MBIA)    5.13    6/15/15    500,000        514,540 
Massachusetts, Special Obligation Dedicated                     
Tax Revenue (Insured; FGIC)    5.25    1/1/14    2,500,000 a      2,711,925 
Massachusetts, Special Obligation                     
Dedicated Tax Revenue (Insured; FGIC)    3.81    1/1/16    3,540,000 b      3,632,996 
Massachusetts, Special Obligation Revenue    5.38    6/1/11    6,350,000        6,799,262 
Massachusetts, Special Obligation Revenue    5.50    6/1/13    1,000,000        1,098,370 
Massachusetts, Special Obligation Revenue (Insured; FGIC)    5.38    6/1/12    5,000,000 a      5,389,550 
Massachusetts Bay Transportation Authority, Assessment Revenue    5.75    7/1/10    2,835,000 a      3,014,654 
Massachusetts Bay Transportation Authority, Assessment Revenue    5.75    7/1/11    165,000        174,516 
Massachusetts Bay Transportation Authority, Assessment Revenue    5.25    7/1/14    1,045,000 a      1,144,066 
Massachusetts Bay Transportation Authority, Assessment Revenue    5.25    7/1/14    1,000,000 a      1,094,800 
Massachusetts Bay Transportation Authority, Assessment Revenue    5.00    7/1/15    5,000,000 a      5,405,800 
Massachusetts Bay Transportation Authority,                     
General Transportation System (Insured; FGIC)    5.25    3/1/15    1,000,000        1,079,960 
Massachusetts Bay Transportation Authority,                     
Senior Sales Tax Revenue    5.00    7/1/15    3,500,000        3,755,010 
Massachusetts Bay Transportation Authority,                     
Senior Sales Tax Revenue    5.50    7/1/16    2,500,000        2,757,950 
Massachusetts Bay Transportation Authority,                     
Senior Sales Tax Revenue    5.25    7/1/21    2,000,000        2,102,900 
Massachusetts Bay Transportation Authority,                     
Senior Sales Tax Revenue    5.25    7/1/22    2,430,000        2,529,436 
Massachusetts Development Finance Agency,                     
Education Revenue (Belmont Hill School Issue)    5.00    9/1/11    500,000 a      530,840 
Massachusetts Development Finance Agency,                     
Education Revenue (Dexter School Project)    5.00    5/1/23    1,400,000        1,338,204 

The Funds 45

STATEMENT OF INVESTMENTS (Unaudited) (continued)

BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued)         
 
Long-Term Municipal    Coupon    Maturity    Principal     
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 
Massachusetts (continued)                 
Massachusetts Development Finance Agency,                 
Education Revenue (Dexter School Project)    5.00    5/1/24    1,465,000    1,382,594 
Massachusetts Development Finance Agency,                 
Higher Education Revenue (Emerson College Issue)    5.00    1/1/16    1,000,000    1,028,670 
Massachusetts Development Finance Agency,                 
Higher Education Revenue (Emerson College Issue)    5.00    1/1/22    2,000,000    1,960,740 
Massachusetts Development Finance Agency, Higher                 
Education Revenue (Smith College Issue)    5.75    7/1/10    1,000,000 a    1,072,720 
Massachusetts Development Finance Agency,                 
Revenue (Belmont Hill School Issue)    4.50    9/1/36    1,380,000    1,146,145 
Massachusetts Development Finance Agency,                 
Revenue (Boston College Issue)    5.00    7/1/20    1,000,000    1,012,220 
Massachusetts Development Finance Agency, Revenue                 
(Combined Jewish Philanthropies of Greater Boston, Inc. Project)    5.25    2/1/22    1,000,000    1,018,600 
Massachusetts Development Finance Agency,                 
Revenue (Curry College Issue) (Insured; ACA)    4.75    3/1/20    530,000    481,277 
Massachusetts Development Finance Agency,                 
Revenue (Curry College Issue) (Insured; ACA)    5.25    3/1/26    1,000,000    909,410 
Massachusetts Development Finance Agency,                 
Revenue (Curry College Issue) (Insured; ACA)    5.00    3/1/36    1,000,000    822,630 
Massachusetts Development Finance Agency,                 
Revenue (Massachusetts College of                 
Pharmacy and Allied Health Sciences Issue)    6.00    7/1/08    310,000    312,719 
Massachusetts Development Finance Agency,                 
Revenue (Massachusetts College of Pharmacy                 
and Allied Health Sciences Issue)    6.40    1/1/10    370,000 a    396,485 
Massachusetts Development Finance Agency,                 
Revenue (Massachusetts College of Pharmacy                 
and Allied Health Sciences Issue)    6.50    1/1/10    395,000 a    423,973 
Massachusetts Development Finance Agency,                 
Revenue (Massachusetts College of Pharmacy                 
and Allied Health Sciences Issue)    6.30    7/1/10    350,000    374,430 
Massachusetts Development Finance Agency,                 
Revenue (Massachusetts College of Pharmacy                 
and Allied Health Sciences Issue)    6.38    7/1/13    1,000,000 a    1,150,580 
Massachusetts Development Finance Agency, Revenue                 
(Massachusetts College of Pharmacy and Allied                 
Health Sciences Issue) (Insured; Assured Guaranty)    5.00    7/1/24    2,750,000    2,680,892 
Massachusetts Development Finance Agency, Revenue                 
(Massachusetts College of Pharmacy and Allied                 
Health Sciences Issue) (Insured; Assured Guaranty)    5.00    7/1/27    1,000,000    962,740 
Massachusetts Development Finance Agency, Revenue                 
(Massachusetts College of Pharmacy and Allied                 
Health Sciences Issue) (Insured; Assured Guaranty)    5.00    7/1/35    2,000,000    1,875,380 
Massachusetts Development Finance Agency,                 
Revenue (Milton Academy Issue)    5.00    9/1/19    1,000,000    1,037,860 

46

BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued)         
 
Long-Term Municipal    Coupon    Maturity    Principal     
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 
Massachusetts (continued)                 
Massachusetts Development Finance Agency,                 
Revenue (Suffolk University Issue)    5.85    7/1/09    1,000,000 a    1,048,520 
Massachusetts Development Finance Agency,                 
Revenue (The Park School Issue)    4.50    9/1/31    1,000,000    856,260 
Massachusetts Development Finance Agency,                 
RRR (Waste Management Inc. Project)    6.90    12/1/09    1,000,000    1,044,720 
Massachusetts Development Finance Agency,                 
SWDR (Waste Management Inc. Project)    5.45    6/1/14    1,000,000    1,020,340 
Massachusetts Educational Financing Authority,                 
Education Loan Revenue (Insured; AMBAC)    4.70    1/1/10    715,000    724,903 
Massachusetts Educational Financing Authority,                 
Education Loan Revenue (Insured; AMBAC)    6.20    7/1/13    90,000    90,346 
Massachusetts Health and Educational Facilities                 
Authority, Revenue (Berklee College of Music Issue)    5.00    10/1/22    1,080,000    1,033,560 
Massachusetts Health and Educational Facilities                 
Authority, Revenue (Berklee College of Music Issue)    5.00    10/1/37    3,250,000    2,892,500 
Massachusetts Health and Educational Facilities                 
Authority, Revenue (Boston College Issue)    5.13    6/1/37    2,000,000    1,927,940 
Massachusetts Health and Educational Facilities                 
Authority, Revenue (Dartmouth-Hitchcock                 
Obligated Group Issue) (Insured; FSA)    5.13    8/1/22    2,000,000    2,014,460 
Massachusetts Health and Educational Facilities                 
Authority, Revenue (Harvard University Issue)    5.00    7/15/36    1,000,000    976,240 
Massachusetts Health and Educational Facilities                 
Authority, Revenue (Jordan Hospital Issue)    5.00    10/1/10    500,000    502,205 
Massachusetts Health and Educational Facilities Authority,                 
Revenue (Massachusetts Institute of Technology Issue)    5.00    7/1/23    5,335,000    5,403,235 
Massachusetts Health and Educational Facilities                 
Authority, Revenue (Milford Regional Medical Center Issue)    5.00    7/15/11    500,000    505,855 
Massachusetts Health and Educational Facilities                 
Authority, Revenue (Milford Regional Medical Center Issue)    5.00    7/15/22    500,000    446,485 
Massachusetts Health and Educational Facilities Authority,                 
Revenue (Northeastern University Issue) (Insured; MBIA)    5.50    10/1/09    420,000    438,358 
Massachusetts Health and Educational Facilities                 
Authority, Revenue (Partners HealthCare System Issue)    5.25    7/1/13    1,595,000    1,636,837 
Massachusetts Health and Educational Facilities                 
Authority, Revenue (Partners HealthCare System Issue)    5.00    7/1/16    1,045,000    1,067,499 
Massachusetts Health and Educational Facilities                 
Authority, Revenue (Partners HealthCare System Issue)    5.00    7/1/18    1,500,000    1,520,580 
Massachusetts Health and Educational Facilities                 
Authority, Revenue (Partners HealthCare System Issue)    5.13    7/1/19    1,000,000    1,002,210 
Massachusetts Health and Educational Facilities                 
Authority, Revenue (Partners HealthCare System Issue)    5.00    7/1/21    1,235,000    1,204,409 
Massachusetts Health and Educational Facilities                 
Authority, Revenue (Partners HealthCare System Issue)    5.00    7/1/22    250,000    240,330 

The Funds 47

STATEMENT OF INVESTMENTS (Unaudited) (continued)

BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued)             
Long-Term Municipal    Coupon    Maturity    Principal         
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 
Massachusetts (continued)                     
Massachusetts Health and Educational Facilities                     
Authority, Revenue (Tufts University Issue)    5.50    8/15/14    1,000,000        1,108,220 
Massachusetts Health and Educational Facilities                     
Authority, Revenue (Tufts University Issue)    5.50    2/15/36    1,000,000        1,007,020 
Massachusetts Health and Educational Facilities                     
Authority, Revenue (UMass Memorial Issue)    5.25    7/1/25    2,000,000        1,817,460 
Massachusetts Health and Educational Facilities                     
Authority, Revenue (UMass Memorial Issue)    5.00    7/1/33    1,000,000        828,750 
Massachusetts Health and Educational Facilities                     
Authority, Revenue (Wellesley College Issue)    5.00    7/1/24    1,000,000        997,720 
Massachusetts Health and Educational Facilities                     
Authority, Revenue (Winchester Hospital Issue)    6.75    7/1/10    1,570,000 a      1,698,457 
Massachusetts Housing Finance Agency, Housing Revenue    4.20    12/1/10    1,790,000        1,836,307 
Massachusetts Housing Finance Agency, Housing Revenue    5.00    12/1/26    1,165,000        1,095,974 
Massachusetts Housing Finance Agency, Housing Revenue    5.13    12/1/34    200,000        181,396 
Massachusetts Industrial Finance Agency, Education Revenue                 
(Saint John’s High School of Worcester County, Inc. Issue)    5.70    6/1/18    1,700,000        1,722,355 
Massachusetts Industrial Finance Agency,                     
Education Revenue (The Tabor Academy Issue)    5.40    12/1/08    775,000 a      806,434 
Massachusetts Industrial Finance Agency,                     
Education Revenue (The Tabor Academy Issue)    5.40    12/1/08    785,000 a      816,840 
Massachusetts Industrial Finance Agency,                     
Revenue (Concord Academy Issue)    5.45    9/1/17    500,000        507,845 
Massachusetts Industrial Finance Agency,                     
Revenue (Concord Academy Issue)    5.50    9/1/27    1,250,000        1,250,350 
Massachusetts Industrial Finance Agency,                     
Revenue (Tufts University Issue) (Insured; MBIA)    5.50    2/15/11    500,000        534,865 
Massachusetts Industrial Finance Agency, Revenue                     
(Wentworth Institute of Technology Inc. Issue)    5.55    10/1/08    500,000 a      518,625 
Massachusetts Municipal Wholesale Electric                     
Company, Power Supply Project Revenue                     
(Nuclear Project Number 4 Issue) (Insured; MBIA)    5.25    7/1/12    2,000,000        2,127,240 
Massachusetts Municipal Wholesale Electric                     
Company, Power Supply Project Revenue                     
(Nuclear Project Number 5 Issue) (Insured; MBIA)    5.00    7/1/11    120,000        126,026 
Massachusetts Municipal Wholesale Electric                     
Company, Power Supply Project Revenue                     
(Project Number 6 Issue) (Insured; MBIA)    5.00    7/1/10    1,635,000        1,687,500 
Massachusetts Port Authority, Revenue    6.00    1/1/10    2,500,000 a      2,662,575 
Massachusetts Port Authority, Revenue    5.75    7/1/11    3,500,000        3,778,040 
Massachusetts Port Authority, Revenue (Insured; FSA)    5.50    7/1/14    1,265,000        1,307,972 
Massachusetts Port Authority, Revenue (Insured; MBIA)    5.00    7/1/09    1,830,000        1,885,156 
Massachusetts School Building Authority,                     
Dedicated Sales Tax Revenue (Insured; AMBAC)    5.00    8/15/16    2,720,000        2,910,155 

48

BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued)         
Long-Term Municipal    Coupon    Maturity    Principal     
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 
Massachusetts (continued)                 
Massachusetts School Building Authority,                 
Dedicated Sales Tax Revenue (Insured; AMBAC)    5.00    8/15/20    4,000,000    4,098,080 
Massachusetts School Building Authority,                 
Dedicated Sales Tax Revenue (Insured; AMBAC)    5.00    8/15/22    3,500,000    3,515,645 
Massachusetts School Building Authority,                 
Dedicated Sales Tax Revenue (Insured; FSA)    5.00    8/15/15    1,900,000    2,043,431 
Massachusetts School Building Authority,                 
Dedicated Sales Tax Revenue (Insured; FSA)    5.00    8/15/21    2,000,000    2,029,800 
Massachusetts Water Pollution Abatement Trust (Pool Program)    5.50    8/1/11    4,000,000    4,317,040 
Massachusetts Water Pollution Abatement Trust (Pool Program)    5.00    8/1/21    2,625,000    2,679,075 
Massachusetts Water Pollution Abatement                 
Trust (Pooled Loan Program)    5.63    8/1/10    975,000 a    1,045,024 
Massachusetts Water Pollution Abatement                 
Trust (Pooled Loan Program)    5.25    8/1/11    335,000 a    356,839 
Massachusetts Water Pollution Abatement                 
Trust (Pooled Loan Program)    5.00    8/1/12    3,910,000 a    4,165,245 
Massachusetts Water Pollution Abatement                 
Trust (Pooled Loan Program)    5.63    8/1/13    25,000    26,603 
Massachusetts Water Pollution Abatement                 
Trust (Pooled Loan Program)    5.25    2/1/14    1,105,000    1,171,112 
Massachusetts Water Pollution Abatement                 
Trust (Pooled Loan Program)    5.25    8/1/14    1,330,000 a    1,457,188 
Massachusetts Water Pollution Abatement                 
Trust (Pooled Loan Program)    5.50    8/1/14    30,000    31,222 
Massachusetts Water Pollution Abatement                 
Trust (Pooled Loan Program)    5.25    8/1/17    170,000    183,313 
Massachusetts Water Pollution Abatement                 
Trust (Pooled Loan Program)    5.00    8/1/18    75,000    78,763 
Massachusetts Water Pollution Abatement                 
Trust (Pooled Loan Program)    5.00    8/1/32    2,000,000    1,931,540 
Massachusetts Water Pollution Abatement                 
Trust, Water Pollution Abatement Revenue                 
(New Bedford Loan Program)    5.25    2/1/12    500,000    535,905 
Massachusetts Water Pollution Abatement                 
Trust, Water Pollution Abatement Revenue                 
(South Essex Sewer District Loan Program)    6.38    2/1/15    195,000    195,589 
Massachusetts Water Resources Authority,                 
General Revenue (Insured; FSA)    5.50    8/1/11    100,000    107,892 
Massachusetts Water Resources Authority,                 
General Revenue (Insured; FSA)    5.25    8/1/18    500,000    535,335 
Massachusetts Water Resources Authority,                 
General Revenue (Insured; MBIA)    6.00    8/1/14    1,000,000    1,133,240 
Massachusetts Water Resources Authority,                 
General Revenue (Insured; MBIA)    5.25    8/1/19    1,500,000    1,584,150 

The Funds 49

STATEMENT OF INVESTMENTS (Unaudited) (continued)

BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued)         
Long-Term Municipal    Coupon    Maturity    Principal     
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 
Massachusetts (continued)                 
Massachusetts Water Resources Authority,                 
General Revenue (Insured; MBIA)    5.25    8/1/21    1,000,000    1,034,820 
Massachusetts Water Resources Authority,                 
General Revenue (Insured; MBIA)    5.25    8/1/24    2,500,000    2,537,025 
Massachusetts Water Resources Authority,                 
Subordinated General Revenue (Insured; MBIA)    5.50    8/1/11    1,000,000    1,075,240 
Middleborough, GO (Insured; MBIA)    5.00    12/15/16    1,000,000    1,079,010 
Middleborough, GO (Insured; MBIA)    5.00    12/15/18    1,275,000    1,343,710 
Milton School, GO    5.00    3/1/23    500,000    500,000 
Milton School, GO    5.00    3/1/24    500,000    496,735 
Milton School, GO    5.00    3/1/25    500,000    494,360 
Northampton, GO (Insured; MBIA)    5.13    10/15/16    1,985,000    2,140,842 
Northbridge, GO (Insured; AMBAC)    5.25    2/15/17    1,000,000    1,063,890 
Pembroke, GO (Insured; MBIA)    4.50    8/1/13    695,000    732,092 
Pembroke, GO (Insured; MBIA)    5.00    8/1/20    960,000    991,536 
Pittsfield, GO (Insured; MBIA)    5.00    4/15/12    1,000,000    1,067,770 
Pittsfield, GO (Insured; MBIA)    5.50    4/15/14    500,000    538,455 
Quabbin Regional School District (Insured; AMBAC)    6.00    6/15/08    780,000    788,424 
Randolph, GO (Insured; AMBAC)    5.00    9/1/17    1,045,000    1,093,749 
Randolph, GO (Insured; AMBAC)    5.00    9/1/24    490,000    474,849 
Sandwich, GO (Insured; MBIA)    5.75    8/15/10    1,050,000 a    1,129,443 
Springfield (Municipal Purpose Loan) (Insured; FGIC)    5.50    8/1/11    1,500,000 a    1,626,345 
Springfield Water and Sewer Commission,                 
General Revenue (Insured; AMBAC)    5.00    7/15/22    1,175,000    1,139,656 
Springfield Water and Sewer Commission,                 
General Revenue (Insured; AMBAC)    5.00    7/15/23    1,235,000    1,183,636 
University of Massachusetts Building Authority,                 
Project Revenue (Insured; AMBAC)    5.50    11/1/10    1,000,000 a    1,065,070 
Westfield (Insured; FGIC)    6.50    5/1/10    735,000 a    797,100 
Worcester (Insured; FGIC)    5.63    8/15/10    1,000,000 a    1,072,720 
Worcester, GO (Insured; FGIC)    5.00    4/1/18    625,000    642,238 
Worcester, GO (Insured; MBIA)    5.25    8/15/16    1,000,000    1,065,800 
Worcester, GO (Insured; MBIA)    5.25    8/15/17    1,000,000    1,061,050 
Worcester, GO (Municipal Purpose Loan) (Insured; MBIA)    6.25    7/1/10    755,000    806,718 
U.S. Related—10.4%                 
Guam Economic Development Authority,                 
Tobacco Settlement Asset-Backed Bonds    5.15    5/15/11    250,000    264,712 
Guam Economic Development Authority,                 
Tobacco Settlement Asset-Backed Bonds    5.20    5/15/12    300,000    321,126 
Guam Economic Development Authority,                 
Tobacco Settlement Asset-Backed Bonds    5.20    5/15/13    1,175,000    1,270,668 

50

BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued)     
Long-Term Municipal    Coupon    Maturity    Principal     
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 
U.S. Related (continued)                 
Puerto Rico Commonwealth (Insured; MBIA)    6.25    7/1/11    1,050,000    1,139,155 
Puerto Rico Commonwealth, Public Improvement    5.00    7/1/14    2,500,000    2,566,050 
Puerto Rico Commonwealth, Public Improvement    5.25    7/1/22    1,500,000    1,442,880 
Puerto Rico Commonwealth, Public Improvement (Insured; FSA)    5.50    7/1/15    1,350,000    1,478,506 
Puerto Rico Commonwealth, Public Improvement (Insured; MBIA)    5.50    7/1/14    500,000    532,665 
Puerto Rico Commonwealth, Public Improvement (Insured; MBIA)    5.50    7/1/15    1,135,000    1,209,581 
Puerto Rico Electric Power Authority, Power Revenue (Insured; MBIA)    5.00    7/1/17    1,000,000    1,024,490 
Puerto Rico Government Development Bank, Senior Notes    5.00    12/1/12    3,205,000    3,319,451 
Puerto Rico Government Development Bank, Senior Notes    5.00    12/1/13    3,000,000    3,097,680 
Puerto Rico Government Development Bank, Senior Notes    5.25    1/1/15    2,000,000    2,047,120 
Puerto Rico Highways and Transportation                 
Authority, Highway Revenue    5.00    7/1/16    1,000,000    1,024,250 
Puerto Rico Highways and Transportation                 
Authority, Highway Revenue (Insured; FGIC)    5.50    7/1/16    3,265,000    3,464,067 
Puerto Rico Highways and Transportation                 
Authority, Highway Revenue (Insured; MBIA)    6.25    7/1/09    540,000    564,689 
Puerto Rico Highways and Transportation                 
Authority, Highway Revenue (Insured; MBIA)    6.25    7/1/09    460,000    480,134 
Puerto Rico Highways and Transportation                 
Authority, Highway Revenue (Insured; MBIA)    6.00    7/1/11    4,000,000    4,224,920 
Puerto Rico Highways and Transportation                 
Authority, Transportation Revenue (Insured; FGIC)    5.25    7/1/15    1,905,000    1,990,687 
Puerto Rico Highways and Transportation                 
Authority, Transportation Revenue (Insured; FGIC)    5.25    7/1/16    1,550,000    1,610,714 
Puerto Rico Highways and Transportation                 
Authority, Transportation Revenue (Insured; FGIC)    5.25    7/1/18    2,500,000    2,555,800 
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue    5.00    7/1/20    2,260,000    2,188,064 
Total Long-Term Municipal Investments (cost $338,283,233)                335,928,989 
 
Short-Term Municipal Investments—6.3%                 
Massachusetts;                 
Chelsea, LR (Massachusetts Information                 
Technology Center Project) (Insured; FSA)    3.32    4/4/08    5,000,000 c    5,000,000 
Massachusetts, Consolidated Loan                 
(Liquidity Facility; Dexia Credit Locale)    3.22    3/1/08    650,000 c    650,000 
Massachusetts, GO (Central Artery/Ted Williams                 
Tunnel Infrastructure Loan Act of 2000)                 
(Liquidity Facility; Landesbank Baden-Wurttemberg)    3.00    3/1/08    800,000 c    800,000 
Massachusetts, GO (Central Artery/Ted Williams                 
Tunnel Infrastructure Loan Act of 2000)                 
(Liquidity Facility; State Street Bank and Trust Co.)    3.55    3/1/08    1,200,000 c    1,200,000 

The Funds 51

STATEMENT OF INVESTMENTS (Unaudited) (continued)

BNY Mellon Massachusetts Intermediate Municipal Bond Fund (continued)     
 
Short-Term Municipal    Coupon    Maturity    Principal     
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 
Massachusetts (continued)                 
Massachusetts Development Finance Agency,                 
Revenue (Harvard University Issue)    2.40    3/1/08    4,700,000 c    4,700,000 
Massachusetts Health and Educational Facilities                 
Authority, Revenue (Amherst College Issue)    3.07    3/1/08    200,000 c    200,000 
Massachusetts Health and Educational Facilities                 
Authority, Revenue (Capital Asset Program                 
Issue) (LOC; Bank of America)    3.90    3/1/08    2,000,000 c    2,000,000 
Massachusetts Health and Educational Facilities Authority,                 
Revenue (Children’s Hospital Issue) (Insured; AMBAC                 
and Liquidity Facility; Bank of America)    7.00    3/1/08    1,000,000 c    1,000,000 
Massachusetts Health and Educational Facilities Authority,                 
Revenue (Partners HealthCare System Issue)    6.50    4/4/08    5,000,000 c    5,000,000 
Massachusetts Water Resources Authority, Multi-Modal                 
Subordinated General Revenue, Refunding                 
(LOC; Landesbank Hessen-Thuringen Girozentrale)    3.22    3/1/08    2,200,000 c    2,200,000 
Total Short-Term Municipal Investments (cost $22,750,000)                22,750,000 
 
Total Investments (cost $361,033,233)            98.8%    358,678,989 
Cash and Receivables (Net)            1.2%    4,259,420 
Net Assets            100.0%    362,938,409 

a These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in 
escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date. 
b Variable rate security—interest rate subject to periodic change. 
c Securities payable on demand.Variable interest rate—subject to periodic change. 

52

Summary of Abbreviations         
 
 
ACA    American Capital Access    AGC    ACE Guaranty Corporation 
AGIC    Asset Guaranty Insurance Company    AMBAC    American Municipal Bond Assurance Corporation 
ARRN    Adjustable Rate Receipt Notes    BAN    Bond Anticipation Notes 
BIGI    Bond Investors Guaranty Insurance    BPA    Bond Purchase Agreement 
CGIC    Capital Guaranty Insurance Company    CIC    Continental Insurance Company 
CIFG    CDC Ixis Financial Guaranty    CMAC    Capital Market Assurance Corporation 
COP    Certificate of Participation    CP    Commercial Paper 
EDR    Economic Development Revenue    EIR    Environmental Improvement Revenue 
FGIC    Financial Guaranty Insurance Company    FHA    Federal Housing Administration 
FHLB    Federal Home Loan Bank    FHLMC    Federal Home Loan Mortgage Corporation 
FNMA    Federal National Mortgage Association    FSA    Financial Security Assurance 
GAN    Grant Anticipation Notes    GIC    Guaranteed Investment Contract 
GNMA    Government National Mortgage Association    GO    General Obligation 
HR    Hospital Revenue    IDB    Industrial Development Board 
IDC    Industrial Development Corporation    IDR    Industrial Development Revenue 
LOC    Letter of Credit    LOR    Limited Obligation Revenue 
LR    Lease Revenue    MBIA    Municipal Bond Investors 
            Assurance Insurance Corporation 
MFHR    Multi-Family Housing Revenue    MFMR    Multi-Family Mortgage Revenue 
PCR    Pollution Control Revenue    PILOT    Payment in Lieu of Taxes 
RAC    Revenue Anticipation Certificates    RAN    Revenue Anticipation Notes 
RAW    Revenue Anticipation Warrants    RRR    Resources Recovery Revenue 
SAAN    State Aid Anticipation Notes    SBPA    Standby Bond Purchase Agreement 
SFHR    Single Family Housing Revenue    SFMR    Single Family Mortgage Revenue 
SONYMA    State of New York Mortgage Agency    SWDR    Solid Waste Disposal Revenue 
TAN    Tax Anticipation Notes    TAW    Tax Anticipation Warrants 
TRAN    Tax and Revenue Anticipation Notes    XLCA    XL Capital Assurance 

Summary of Combined Ratings (Unaudited)         
 
Fitch    or    Moody’s    or    Standard & Poor’s    Value (%)† 
AAA        Aaa        AAA    55.7 
AA        Aa        AA    24.7 
A        A        A    7.3 
BBB        Baa        BBB    8.6 
BB        Ba        BB    .1 
F1        MIG1/P1        SP1/A1    3.6 
                    100.0 

† Based on total investments.
See notes to financial statements.

The Funds 53

STATEMENT OF FINANCIAL FUTURES 
February 29, 2008 (Unaudited) 

                Unrealized 
        Market Value        Appreciation 
BNY Mellon Massachusetts        Covered by        (Depreciation) 
Intermediate Municipal Bond Fund    Contracts    Contracts ($)    Expiration    at 2/29/2008 ($) 
Financial Futures Short                 
30 Year MMD Index    4,000,000    (3,733,680)    May 2008    266,320 
30 Year MMD Index    4,000,000    (3,733,858)    May 2008    266,142 
U.S. Treasury 30 Year Bond    100    (11,968,750)    March 2008    (259,375) 
                273,087 

See notes to financial statements.

54

STATEMENT OF ASSETS AND LIABILITIES 
February 29, 2008 (Unaudited) 

    BNY Mellon    BNY Mellon    BNY Mellon    BNY Mellon 
    National    National    Pennsylvania    Massachusetts 
    Intermediate    Short-Term    Intermediate    Intermediate 
    Municipal Bond Fund    Municipal Bond Fund    Municipal Bond Fund    Municipal Bond Fund 
Assets ($):                 
Investments in securities—                 
See Statement of Investments+    998,073,456    163,554,284    580,804,794    358,678,989 
Cash on Initial Margin—Note 5    467,500    —    212,500    170,000 
Interest receivable    10,812,151    1,803,595    7,254,747    3,722,339 
Receivable for investment securites sold    —    85,000    50,667    — 
Receivable for futures variation margin—Note 5    789,748    —    552,599    335,586 
Receivable for shares of Beneficial Interest subscribed    376,177    —    —    789,000 
Prepaid expenses and other receivables    21,720    10,087    14,573    14,961 
    1,010,540,752    165,452,966    588,889,880    363,710,875 
Liabilities ($):                 
Due to The Dreyfus Corporation and affiliates—Note 4(c)    326,066    54,984    256,695    118,261 
Due to Administrator—Note 4(a)    104,392    16,776    61,800    37,742 
Cash overdraft due to Custodian    438,345    165,965    1,022,621    557,170 
Payable for investment securities purchased    17,231,223    2,062,660    —    — 
Payable for shares of Beneficial Interest redeemed    148,814    53,189    301,692    18,468 
Accrued expenses and other liabilities    56,102    20,930    36,817    40,825 
    18,304,942    2,374,504    1,679,625    772,466 
Net Assets ($)    992,235,810    163,078,462    587,210,255    362,938,409 
Composition of Net Assets ($):                 
Paid—in capital    1,001,681,564    163,704,039    586,169,737    365,097,245 
Accumulated undistributed investment income—net    43,816    —    18,145    826 
Accumulated net realized gain (loss) on investments    3,055,546    (1,026,172)    840,767    (78,505) 
Accumulated net unrealized appreciation (depreciation)                 
on investments (including $617,873, $474,474 and                 
$273,087 net unrealized appreciation on financial futures             
for BNY Mellon National Intermediate Municipal Bond                 
Fund, BNY Mellon Pennsylvania Intermediate Municipal             
Bond Fund and BNY Mellon Massachusetts Intermediate             
Municipal Bond Fund, respectively)    (12,545,116)    400,595    181,606    (2,081,157) 
Net Assets ($)    992,235,810    163,078,462    587,210,255    362,938,409 
Net Asset Value Per Share                 
Class M Shares                 
Net Assets ($)    969,865,084    162,512,338    585,836,427    353,990,658 
Shares Outstanding    77,187,095    12,844,547    48,003,997    28,805,368 
Net Asset Value Per Share ($)    12.57    12.65    12.20    12.29 
Investor Shares                 
Net Assets ($)    22,192,261    566,124    1,373,828    8,930,644 
Shares Outstanding    1,768,225    44,797    112,727    726,799 
Net Asset Value Per Share ($)    12.55    12.64    12.19    12.29 
Dreyfus Premier Shares                 
Net Assets ($)    178,465    —    —    17,107 
Shares Outstanding    14,211    —    —    1,389 
Net Asset Value Per Share ($)    12.56    —    —    12.32 
† Investments at cost ($)    1,011,236,445    163,153,689    581,097,662    361,033,233 

See notes to financial statements.

The Funds 55

STATEMENT OF OPERATIONS 
Six Months Ended February 29, 2008 (Unaudited) 

    BNY Mellon    BNY Mellon    BNY Mellon    BNY Mellon 
    National    National    Pennsylvania    Massachusetts 
    Intermediate    Short-Term    Intermediate    Intermediate 
    Municipal Bond Fund    Municipal Bond Fund    Municipal Bond Fund    Municipal Bond Fund 
Investment Income ($):                 
Interest Income    22,611,183    3,031,191    13,777,052    7,690,802 
Expenses:                 
Investment advisory fee—Note 4(a)    1,753,077    278,561    1,526,441    637,418 
Administration fee—Note 4(a)    637,684    101,327    388,645    231,860 
Custodian fees—Note 4(c)    39,862    6,155    22,159    13,897 
Shareholder servicing costs—Note 4(c)    33,776    1,043    2,423    13,489 
Registration fees    19,650    12,122    12,472    17,818 
Trustees’ fees and expenses—Note 4(d)    15,889    2,655    9,442    5,921 
Auditing fees    14,234    13,320    5,657    15,187 
Prospectus and shareholders’ reports    2,141    2,421    1,805    2,908 
Legal fees    152    720    2,172    1,506 
Distribution fees—Note 4(b)    657    —    —    43 
Miscellaneous    41,384    14,476    29,016    28,730 
Total Expenses    2,558,506    432,800    2,000,232    968,777 
Less—reduction in investment advisory fee                 
due to undertaking—Note 4(a)    —    —    —    (8,306) 
Less—reduction in fees                 
due to earnings credits—Note 2(b)    (1,629)    (37)    (1,681)    (1,743) 
Net Expenses    2,556,877    432,763    1,998,551    958,728 
Investment Income—Net    20,054,306    2,598,428    11,778,501    6,732,074 
Realized and Unrealized Gain (Loss)                 
on Investments—Note 5 ($):                 
Net realized gain (loss) on investments    3,892,641    27,501    987,677    555,537 
Net realized gain (loss) on financial futures    409,893    —    186,315    149,052 
Net Realized Gain (Loss)    4,302,534    27,501    1,173,992    704,589 
Net unrealized appreciation (depreciation) on investments             
(including $617,873, $474,474 and $273,087             
appreciation on financial futures for BNY Mellon             
National Intermediate Municipal Bond Fund, BNY Mellon             
Pennsylvania Intermediate Municipal Bond Fund and             
BNY Mellon Massachusetts Intermediate Municipal             
Bond Fund, respectively)    (24,602,888)    700,728    (10,701,558)    (4,586,369) 
Net Realized and Unrealized                 
Gain (Loss) on Investments    (20,300,354)    728,229    (9,527,566)    (3,881,780) 
Net Increase (Decrease) in Net Assets                 
Resulting from Operations    (246,048)    3,326,657    2,250,935    2,850,294 

See notes to financial statements.

56

STATEMENT OF CHANGES IN NET ASSETS

    BNY Mellon National Intermediate    BNY Mellon National Short-Term 
    Municipal Bond Fund    Municipal Bond Fund 
    Six Months Ended        Six Months Ended     
    February 29, 2008    Year Ended    February 29, 2008    Year Ended 
    (Unaudited)    August 31, 2007    (Unaudited)    August 31, 2007 
Operations ($):                 
Investment income—net    20,054,306    35,012,568    2,598,428    4,738,360 
Net realized gain (loss) on investments    4,302,534    (1,505,123)    27,501    (167,807) 
Net unrealized appreciation (depreciation) on investments    (24,602,888)    (13,239,501)    700,728    179,724 
Net Increase (Decrease) in Net Assets                 
Resulting from Operations    (246,048)    20,267,944    3,326,657    4,750,277 
Dividends to Shareholders from ($):                 
Investment income—net:                 
Class M Shares    (19,558,643)    (34,000,332)    (2,588,935)    (4,720,147) 
Investor Shares    (447,575)    (896,185)    (9,493)    (11,132) 
Dreyfus Premier Shares    (4,272)    (36,057)    —    — 
Net realized gain on investments:                 
Class M Shares    —    —    —    (33,181) 
Investor Shares    —    —    —    (80) 
Dreyfus Premier Shares    —    —    —    — 
Total Dividends    (20,010,490)    (34,932,574)    (2,598,428)    (4,764,540) 
Beneficial Interest Transactions ($):                 
Net proceeds from shares sold:                 
Class M Shares    117,882,563    273,486,950    42,211,310    41,447,785 
Investor Shares    1,847,129    4,696,649    611,146    870,799 
Dreyfus Premier Shares    140    10    —    — 
Dividends reinvested:                 
Class M Shares    2,630,164    4,139,829    391,819    495,028 
Investor Shares    329,949    633,977    6,879    9,505 
Dreyfus Premier Shares    1,417    19,116    —    — 
Cost of shares redeemed:                 
Class M Shares    (75,712,421)    (126,058,742)    (26,209,737)    (57,084,093) 
Investor Shares    (4,836,370)    (6,786,661)    (691,030)    (522,240) 
Dreyfus Premier Shares    (148,092)    (2,160,797)    —    — 
Increase (Decrease) in Net Assets from                 
Beneficial Interest Transactions    41,994,479    147,970,331    16,320,387    (14,783,216) 
Total Increase (Decrease) in Net Assets    21,737,941    133,305,701    17,048,616    (14,797,479) 
Net Assets ($):                 
Beginning of Period    970,497,869    837,192,168    146,029,846    160,827,325 
End of Period    992,235,810    970,497,869    163,078,462    146,029,846 

The Funds 57

STATEMENT OF CHANGES IN NET ASSETS (continued)

    BNY Mellon National Intermediate    BNY Mellon National Short-Term 
    Municipal Bond Fund    Municipal Bond Fund 
    Six Months Ended        Six Months Ended     
    February 29, 2008    Year Ended    February 29, 2008    Year Ended 
    (Unaudited)    August 31, 2007    (Unaudited)    August 31, 2007 
Capital Share Transactions:                 
Class M Shares                 
Shares sold    9,087,969    21,096,258    3,333,697    3,291,249 
Shares issued for dividends reinvested    203,682    319,364    30,919    39,309 
Shares redeemed    (5,844,374)    (9,731,631)    (2,065,538)    (4,533,591) 
Net Increase (Decrease) in Shares Outstanding    3,447,277    11,683,991    1,299,078    (1,203,033) 
Investor Shares a                 
Shares sold    142,371    364,741    48,366    69,222 
Shares issued for dividends reinvested    25,574    48,914    543    755 
Shares redeemed    (373,451)    (523,350)    (54,589)    (41,489) 
Net Increase (Decrease) in Shares Outstanding    (205,506)    (109,695)    (5,680)    28,488 
Dreyfus Premier Shares a                 
Shares sold    11    1    —    — 
Shares issued for dividends reinvested    110    1,468    —    — 
Shares redeemed    (11,413)    (166,217)    —    — 
Net Increase (Decrease) in Shares Outstanding    (11,292)    (164,748)    —    — 

a During the period ended February 29, 2008, 8,430 Dreyfus Premier shares of BNY Mellon National Intermediate Municipal Bond Fund representing $109,477 were 
automatically converted to 8,430 Investor shares and during the year ended August 31, 2007 110,837 Dreyfus Premier shares of BNY Mellon National Intermediate Municipal 
Bond Fund representing $1,442,058 were automatically converted to 110,895 Investor shares. 

See notes to financial statements.

58

    BNY Mellon Pennsylvania 
    Intermediate Municipal Bond Fund 
    Six Months Ended     
    February 29, 2008    Year Ended 
    (Unaudited)    August 31, 2007 
Operations ($):         
Investment income—net    11,778,501    23,950,605 
Net realized gain (loss) on investments    1,173,992    8,560 
Net unrealized appreciation (depreciation) on investments    (10,701,558)    (10,129,094) 
Net Increase (Decrease) in Net Assets         
Resulting from Operations    2,250,935    13,830,071 
Dividends to Shareholders from ($):         
Investment income—net:         
Class M Shares    (11,731,456)    (23,807,347) 
Investor Shares    (28,900)    (107,626) 
Net realized gain on investments:         
Class M Shares    (1,001,485)    (1,342,041) 
Investor Shares    (2,591)    (10,403) 
Total Dividends    (12,764,432)    (25,267,417) 
Beneficial Interest Transactions ($):         
Net proceeds from shares sold:         
Class M Shares    24,717,598    74,399,765 
Investor Shares    865,998    4,155,623 
Dividends reinvested:         
Class M Shares    951,993    1,424,071 
Investor Shares    23,444    59,929 
Cost of shares redeemed:         
Class M Shares    (39,959,368)    (100,411,233) 
Investor Shares    (788,542)    (6,473,353) 
Increase (Decrease) in Net Assets from         
Beneficial Interest Transactions    (14,188,877)    (26,845,198) 
Total Increase (Decrease) in Net Assets    (24,702,374)    (38,282,544) 
Net Assets ($):         
Beginning of Period    611,912,629    650,195,173 
End of Period    587,210,255    611,912,629 
Capital Share Transactions (shares):         
Class M Shares         
Shares sold    1,966,867    5,925,170 
Shares issued for dividends reinvested    76,065    112,629 
Shares redeemed    (3,178,931)    (7,973,075) 
Net Increase (Decrease) in Shares Outstanding    (1,135,999)    (1,935,276) 
Investor Shares         
Shares sold    69,375    328,071 
Shares issued for dividends reinvested    1,877    4,755 
Shares redeemed    (62,874)    (511,838) 
Net Increase (Decrease) in Shares Outstanding    8,378    (179,012) 

The Funds 59

STATEMENT OF CHANGES IN NET ASSETS (continued)

    BNY Mellon Massachusetts 
    Intermediate Municipal Bond Fund 
    Six Months Ended     
    February 29, 2008    Year Ended 
    (Unaudited)    August 31, 2007 
Operations ($):         
Investment income—net    6,732,074    12,342,093 
Net realized gain (loss) on investments    704,589    (914,678) 
Net unrealized appreciation (depreciation) on investments    (4,586,369)    (3,725,019) 
Net Increase (Decrease) in Net Assets         
Resulting from Operations    2,850,294    7,702,396 
Dividends to Shareholders from ($):         
Investment income—net:         
Class M Shares    (6,573,466)    (12,004,690) 
Investor Shares    (157,524)    (333,605) 
Dreyfus Premier Shares    (258)    (2,219) 
Net realized gain on investments:         
Class M Shares    —    — 
Investor Shares    —    — 
Dreyfus Premier Shares    —    — 
Total Dividends    (6,731,248)    (12,340,514) 
Beneficial Interest Transactions ($):         
Net proceeds from shares sold:         
Class M Shares    46,827,290    102,031,565 
Investor Shares    1,176,372    164,103 
Dreyfus Premier Shares    —    — 
Dividends reinvested:         
Class M Shares    1,498,301    2,591,243 
Investor Shares    80,568    174,802 
Dreyfus Premier Shares    257    1,830 
Cost of shares redeemed:         
Class M Shares    (33,137,341)    (56,791,685) 
Investor Shares    (1,250,384)    (1,042,303) 
Dreyfus Premier Shares    —    (149,632) 
Increase (Decrease) in Net Assets from         
Beneficial Interest Transactions    15,195,063    46,979,923 
Total Increase (Decrease) in Net Assets    11,314,109    42,341,805 
Net Assets ($):         
Beginning of Period    351,624,300    309,282,495 
End of Period    362,938,409    351,624,300 

60

    BNY Mellon Massachusetts 
    Intermediate Municipal Bond Fund 
    Six Months Ended     
    February 29, 2008    Year Ended 
    (Unaudited)    August 31, 2007 
Capital Share Transactions:         
Class M Shares         
Shares sold    3,719,132    8,130,189 
Shares issued for dividends reinvested    119,237    206,519 
Shares redeemed    (2,622,548)    (4,526,581) 
Net Increase (Decrease) in Shares Outstanding    1,215,821    3,810,127 
Investor Shares a         
Shares sold    92,948    13,027 
Shares issued for dividends reinvested    6,414    13,920 
Shares redeemed    (99,372)    (83,241) 
Net Increase (Decrease) in Shares Outstanding    (10)    (56,294) 
Dreyfus Premier Shares a         
Shares sold    —    — 
Shares issued for dividends reinvested    21    145 
Shares redeemed    —    (11,860) 
Net Increase (Decrease) in Shares Outstanding    21    (11,715) 

a During the period ended August 31, 2007, 9,671 Dreyfus Premier shares of BNY Mellon Massachusetts Intermediate Municipal Bond Fund representing $122,161 were
automatically converted to 9,692 Investor shares.
See notes to financial statements.

The Funds 61

FINANCIAL HIGHLIGHTS

The following tables describe the performance for each share class of each fund for the fiscal periods indicated. All information (except portfolio turnover rate) reflects financial results for a single fund share.Total return shows how much your investment in each fund would have increased (or decreased) during each period, assuming you had reinvested all dividends and distributions. These figures have been derived from each fund’s financial statements.

            Class M Shares             
    Six Months Ended                     
BNY Mellon National    February 29, 2008        Year Ended August 31,     
Intermediate Municipal Bond Fund    (Unaudited)    2007    2006    2005    2004    2003 a 
Per Share Data ($):                         
Net asset value, beginning of period    12.81    13.01    13.25    13.34    13.09    13.25 
Investment Operations:                         
Investment income—net b    .26    .50    .50    .50    .51    .50 
Net realized and unrealized                         
gain (loss) on investments    (.24)    (.20)    (.16)    (.03)    .29    (.14) 
Total from Investment Operations    .02    .30    .34    .47    .80    .36 
Distributions:                         
Dividends from investment income—net    (.26)    (.50)    (.50)    (.50)    (.51)    (.50) 
Dividends from net realized gain on investments    —    —    (.08)    (.06)    (.04)    (.02) 
Total Distributions    (.26)    (.50)    (.58)    (.56)    (.55)    (.52) 
Net asset value, end of period    12.57    12.81    13.01    13.25    13.34    13.09 
Total Return (%)    .11c    2.36    2.64    3.62    6.22    2.77 
Ratios/Supplemental Data (%):                         
Ratio of total expenses to average net assets    .50d    .51    .51    .52    .52    .53 
Ratio of net expenses to average net assets    .50d,e    .51e    .51    .52    .52e    .52 
Ratio of net investment income                         
to average net assets    4.01d    3.90    3.87    3.80    3.84    3.77 
Portfolio Turnover Rate    29.39c    27.18    28.19    42.72    53.26    50.68 
Net Assets, end of period ($ x 1,000)    969,865    944,909    807,634    732,711    646,793    625,558 

a Effective December 16, 2002, MPAM shares were redesignated as Class M shares.
b Based on average shares outstanding at each month end.
c Not annualized.
d Annualized.
e The difference for the period represents less than .01%.
See notes to financial statements.

62

            Investor Shares             
    Six Months Ended                     
BNY Mellon National    February 29, 2008        Year Ended August 31,     
Intermediate Municipal Bond Fund    (Unaudited)    2007    2006    2005    2004    2003 
Per Share Data ($):                         
Net asset value, beginning of period    12.80    13.00    13.23    13.33    13.08    13.24 
Investment Operations:                         
Investment income—net a    .24    .47    .47    .47    .48    .50 
Net realized and unrealized                         
gain (loss) on investments    (.25)    (.20)    (.15)    (.04)    .29    (.18) 
Total from Investment Operations    (.01)    .27    .32    .43    .77    .32 
Distributions:                         
Dividends from investment income—net    (.24)    (.47)    (.47)    (.47)    (.48)    (.46) 
Dividends from net realized gain on investments    —    —    (.08)    (.06)    (.04)    (.02) 
Total Distributions    (.24)    (.47)    (.55)    (.53)    (.52)    (.48) 
Net asset value, end of period    12.55    12.80    13.00    13.23    13.33    13.08 
Total Return (%)    (.10)b    2.11    2.47    3.28    6.04    2.36 
Ratios/Supplemental Data (%):                         
Ratio of total expenses to average net assets    .75c    .76    .76    .77    .77    .79 
Ratio of net expenses to average net assets    .75c,d    .76d    .76    .77    .77d    .77 
Ratio of net investment income                         
to average net assets    3.76c    3.65    3.62    3.56    3.60    3.52 
Portfolio Turnover Rate    29.39b    27.18    28.19    42.72    53.26    50.68 
Net Assets, end of period ($ x 1,000)    22,192    25,262    27,084    27,409    30,164    34,673 

a Based on average shares outstanding at each month end.
b Not annualized.
c Annualized.
d The difference for the period represents less than .01%.
See notes to financial statements.

The Funds 63

FINANCIAL HIGHLIGHTS (continued)

            Dreyfus Premier Shares             
    Six Months Ended                     
BNY Mellon National    February 29, 2008        Year Ended August 31,     
Intermediate Municipal Bond Fund    (Unaudited)    2007    2006    2005    2004    2003 a 
Per Share Data ($):                         
Net asset value, beginning of period    12.81    13.00    13.24    13.33    13.08    13.37 
Investment Operations:                         
Investment income—net b    .21    .39    .40    .40    .41    .36 
Net realized and unrealized                         
gain (loss) on investments    (.25)    (.17)    (.16)    (.03)    .29    (.28) 
Total from Investment Operations    (.04)    .22    .24    .37    .70    .08 
Distributions:                         
Dividends from investment income—net    (.21)    (.41)    (.40)    (.40)    (.41)    (.35) 
Dividends from net realized gain on investments    —    —    (.08)    (.06)    (.04)    (.02) 
Total Distributions    (.21)    (.41)    (.48)    (.46)    (.45)    (.37) 
Net asset value, end of period    12.56    12.81    13.00    13.24    13.33    13.08 
Total Return (%)    (.35)c    1.68    1.88    2.85    5.43    .58c 
Ratios/Supplemental Data (%):                         
Ratio of total expenses to average net assets    1.25d    1.26    1.26    1.27    1.27    1.29d 
Ratio of net expenses to average net assets    1.25d,e    1.26e    1.26    1.27    1.27e    1.27d 
Ratio of net investment income                         
to average net assets    3.26d    3.13    3.12    3.06    3.09    3.03d 
Portfolio Turnover Rate    29.39c    27.18    28.19    42.72    53.26    50.68c 
Net Assets, end of period ($ x 1,000)    178    327    2,474    4,656    5,945    7,856 

a From close of business on October 11, 2002 (date the fund began offering Dreyfus Premier shares) to August 31, 2003.
b Based on average shares outstanding at each month end.
c Not annualized.
d Annualized.
e The difference for the period represents less than .01%.
See notes to financial statements.

64

            Class M Shares             
    Six Months Ended                     
BNY Mellon National Short-Term    February 29, 2008        Year Ended August 31,     
Municipal Bond Fund    (Unaudited)    2007    2006    2005    2004    2003 a 
Per Share Data ($):                         
Net asset value, beginning of period    12.59    12.59    12.63    12.81    12.86    12.91 
Investment Operations:                         
Investment income—net b    .21    .40    .33    .29    .29    .34 
Net realized and unrealized                         
gain (loss) on investments    .06    —    (.04)    (.18)    (.05)    (.03) 
Total from Investment Operations    .27    .40    .29    .11    .24    .31 
Distributions:                         
Dividends from investment income—net    (.21)    (.40)    (.33)    (.29)    (.29)    (.35) 
Dividends from net realized gain on investments    —    —    —    —    —    (.01) 
Total Distributions    (.21)    (.40)    (.33)    (.29)    (.29)    (.36) 
Net asset value, end of period    12.65    12.59    12.59    12.63    12.81    12.86 
Total Return (%)    2.12c    3.21    2.36    .91    2.00    2.35 
Ratios/Supplemental Data (%):                         
Ratio of total expenses to average net assets    .54d    .55    .53    .54    .53    .55 
Ratio of net expenses to average net assets    .54d    .54    .53    .53    .53    .52 
Ratio of net investment income                         
to average net assets    3.27d    3.14    2.65    2.31    2.28    2.66 
Portfolio Turnover Rate    15.60c    33.74    49.94    40.92    28.12    22.15 
Net Assets, end of period ($ x 1,000)    162,512    145,395    160,551    207,063    221,600    210,574 

a    Effective December 16, 2002, MPAM shares were redesignated as Class M shares. 
b    Based on average shares outstanding at each month end. 
c    Not annualized. 
d    Annualized. 

See notes to financial statements.

The Funds 65

FINANCIAL HIGHLIGHTS (continued)

            Investor Shares             
    Six Months Ended                     
BNY Mellon National Short-Term    February 29, 2008        Year Ended August 31,     
Municipal Bond Fund    (Unaudited)    2007    2006    2005    2004    2003 
Per Share Data ($):                         
Net asset value, beginning of period    12.58    12.58    12.62    12.79    12.84    12.91 
Investment Operations:                         
Investment income—net a    .19    .37    .31    .27    .29    .29 
Net realized and unrealized                         
gain (loss) on investments    .06    (.01)    (.05)    (.18)    (.07)    (.04) 
Total from Investment Operations    .25    .36    .26    .09    .22    .25 
Distributions:                         
Dividends from investment income—net    (.19)    (.36)    (.30)    (.26)    (.27)    (.31) 
Dividends from net realized gain on investments    —    —    —    —    —    (.01) 
Total Distributions    (.19)    (.36)    (.30)    (.26)    (.27)    (.32) 
Net asset value, end of period    12.64    12.58    12.58    12.62    12.79    12.84 
Total Return (%)    2.00b    2.95    2.10    .73    1.72    2.01 
Ratios/Supplemental Data (%):                         
Ratio of total expenses to average net assets    .80c    .80    .79    .79    .79    .81 
Ratio of net expenses to average net assets    .80c    .80    .79    .78    .79    .76 
Ratio of net investment income                         
to average net assets    3.05c    2.94    2.47    2.06    2.08    2.44 
Portfolio Turnover Rate    15.60b    33.74    49.94    40.92    28.12    22.15 
Net Assets, end of period ($ x 1,000)    566    635    277    150    94    33 

a Based on average shares outstanding at each month end.
b Not annualized.
c Annualized.
See notes to financial statements.

66

            Class M Shares             
    Six Months Ended                     
BNY Mellon Pennsylvania    February 29, 2008        Year Ended August 31,     
Intermediate Municipal Bond Fund    (Unaudited)    2007    2006    2005    2004    2003 a 
Per Share Data ($):                         
Net asset value, beginning of period    12.43    12.66    12.92    13.13    12.95    13.15 
Investment Operations:                         
Investment income—net b    .24    .48    .48    .49    .50    .51 
Net realized and unrealized                         
gain (loss) on investments    (.21)    (.20)    (.18)    (.13)    .21    (.20) 
Total from Investment Operations    .03    .28    .30    .36    .71    .31 
Distributions:                         
Dividends from investment income—net    (.24)    (.48)    (.48)    (.49)    (.50)    (.51) 
Dividends from net realized gain on investments    (.02)    (.03)    (.08)    (.08)    (.03)    — 
Total Distributions    (.26)    (.51)    (.56)    (.57)    (.53)    (.51) 
Net asset value, end of period    12.20    12.43    12.66    12.92    13.13    12.95 
Total Return (%)    .22c    2.23    2.41    2.84    5.60    2.35 
Ratios/Supplemental Data (%):                         
Ratio of total expenses to average net assets    .65d    .66    .66    .66    .66    .67 
Ratio of net expenses to average net assets    .65d,e    .66    .66    .66    .66    .67 
Ratio of net investment income                         
to average net assets    3.86d    3.83    3.81    3.78    3.82    3.88 
Portfolio Turnover Rate    4.84c    20.18    13.80    23.88    18.87    17.58 
Net Assets, end of period ($ x 1,000)    585,836    610,618    646,610    656,901    681,295    740,587 

a Effective December 16, 2002, MPAM shares were redesignated as Class M shares.
b Based on average shares outstanding at each month end.
c Not annualized.
d Annualized.
e The difference for the period represents less than .01%.
See notes to financial statements.

The Funds 67

FINANCIAL HIGHLIGHTS (continued)

            Investor Shares             
    Six Months Ended                     
BNY Mellon Pennsylvania    February 29, 2008        Year Ended August 31,     
Intermediate Municipal Bond Fund    (Unaudited)    2007    2006    2005    2004    2003 
Per Share Data ($):                         
Net asset value, beginning of period    12.41    12.65    12.91    13.13    12.95    13.14 
Investment Operations:                         
Investment income—net a    .23    .45    .46    .45    .47    .48 
Net realized and unrealized                         
gain (loss) on investments    (.21)    (.21)    (.19)    (.13)    .21    (.20) 
Total from Investment Operations    .02    .24    .27    .32    .68    .28 
Distributions:                         
Dividends from investment income—net    (.22)    (.45)    (.45)    (.46)    (.47)    (.47) 
Dividends from net realized gain on investments    (.02)    (.03)    (.08)    (.08)    (.03)    — 
Total Distributions    (.24)    (.48)    (.53)    (.54)    (.50)    (.47) 
Net asset value, end of period    12.19    12.41    12.65    12.91    13.13    12.95 
Total Return (%)    .17b    1.89    2.15    2.50    5.41    2.09 
Ratios/Supplemental Data (%):                         
Ratio of total expenses to average net assets    .91c    .91    .91    .91    .92    .93 
Ratio of net expenses to average net assets    .91c,d    .91    .91    .91    .92    .92 
Ratio of net investment income                         
to average net assets    3.62c    3.59    3.57    3.50    3.56    3.59 
Portfolio Turnover Rate    4.84b    20.18    13.80    23.88    18.87    17.58 
Net Assets, end of period ($ x 1,000)    1,374    1,295    3,586    4,561    2,741    2,944 

a Based on average shares outstanding at each month end.
b Not annualized.
c Annualized.
d The difference for the period represents less than .01%.
See notes to financial statements.

See notes to financial statements.

68

FINANCIAL HIGHLIGHTS

Please note that the financial highlights information in the following tables for the fund’s Investor shares, Class M shares and Dreyfus Premier shares represents the financial highlights of the Class A shares, Class R shares and Class B shares, respectively, of the fund’s predecessor, Dreyfus Premier Limited Term Massachusetts Municipal Fund (the Premier Massachusetts Fund) before the fund commenced operations as of the close of business on September 6, 2002, and represents the performance of the fund’s Investor shares, Class M shares and Dreyfus Premier shares thereafter. Before the fund commenced operations, substantially all of the assets of the Premier Massachusetts Fund were transferred to the fund in a tax-free reorganization. Total return for the periods before the fund commenced operations shows how much an investment in the Premier Massachusetts Fund’s Class A shares, Class R shares and Class B shares would have increased (or decreased) during those periods, assuming all dividends and distributions were reinvested.Total return for the period since the fund commenced operations also reflects how much an investment in the fund’s Investor shares, Class M shares and Dreyfus Premier shares would have increased (or decreased), assuming all dividends and distributions were reinvested.

            Class M Shares             
    Six Months Ended                     
BNY Mellon Massachusetts    February 29, 2008        Year Ended August 31,     
Intermediate Municipal Bond Fund    (Unaudited)    2007    2006    2005    2004    2003 a 
Per Share Data ($):                         
Net asset value, beginning of period    12.42    12.58    12.75    12.81    12.59    12.79 
Investment Operations:                         
Investment income—net b    .23    .47    .47    .47    .48    .50 
Net realized and unrealized                         
gain (loss) on investments    (.13)    (.16)    (.14)    (.06)    .22    (.21) 
Total from Investment Operations    .10    .31    .33    .41    .70    .29 
Distributions:                         
Dividends from investment income—net    (.23)    (.47)    (.47)    (.47)    (.48)    (.49) 
Dividends from net realized gain on investments    —    —    (.03)    —    —    — 
Total Distributions    (.23)    (.47)    (.50)    (.47)    (.48)    (.49) 
Net asset value, end of period    12.29    12.42    12.58    12.75    12.81    12.59 
Total Return (%)    .80c    2.47    2.65    3.25    5.72    2.23 
Ratios/Supplemental Data (%):                         
Ratio of total expenses to average net assets    .53d    .53    .54    .54    .55    .58 
Ratio of net expenses to average net assets    .52d    .50    .50    .50    .50    .50 
Ratio of net investment income                         
to average net assets    3.70d    3.72    3.73    3.67    3.74    3.93 
Portfolio Turnover Rate    5.99c    18.85    20.57    32.16    27.26    15.54 
Net Assets, end of period ($ x 1,000)    353,991    342,583    299,263    228,239    197,140    173,311 

a Effective December 16, 2002, MPAM shares were redesignated as Class M shares.
b Based on average shares outstanding at each month end.
c Not annualized.
d Annualized.
See notes to financial statements.

The Funds 69

FINANCIAL HIGHLIGHTS (continued)

            Investor Shares             
    Six Months Ended                     
BNY Mellon Massachusetts    February 29, 2008        Year Ended August 31,     
Intermediate Municipal Bond Fund    (Unaudited)    2007    2006    2005    2004    2003 
Per Share Data ($):                         
Net asset value, beginning of period    12.42    12.58    12.75    12.80    12.59    12.79 
Investment Operations:                         
Investment income—net a    .22    .44    .44    .44    .45    .47 
Net realized and unrealized                         
gain (loss) on investments    (.13)    (.16)    (.14)    (.05)    .21    (.20) 
Total from Investment Operations    .09    .28    .30    .39    .66    .27 
Distributions:                         
Dividends from investment income—net    (.22)    (.44)    (.44)    (.44)    (.45)    (.47) 
Dividends from net realized gain on investments    —    —    (.03)    —    —    — 
Total Distributions    (.22)    (.44)    (.47)    (.44)    (.45)    (.47) 
Net asset value, end of period    12.29    12.42    12.58    12.75    12.80    12.59 
Total Return (%)    .67b    2.21    2.40    3.07    5.38    1.97 
Ratios/Supplemental Data (%):                         
Ratio of total expenses to average net assets    .78c    .78    .79    .79    .80    .83 
Ratio of net expenses to average net assets    .77c    .75    .75    .75    .75    .75 
Ratio of net investment income                         
to average net assets    3.46c    3.48    3.49    3.43    3.50    3.68 
Portfolio Turnover Rate    5.99b    18.85    20.57    32.16    27.26    15.54 
Net Assets, end of period ($ x 1,000)    8,931    9,024    9,854    10,371    11,698    12,965 

a Based on average shares outstanding at each month end.
b Not annualized.
c Annualized.
See notes to financial statements.

70

            Dreyfus Premier Shares             
    Six Months Ended                     
BNY Mellon Massachusetts    February 29, 2008        Year Ended August 31,     
Intermediate Municipal Bond Fund    (Unaudited)    2007    2006    2005    2004    2003 
Per Share Data ($):                         
Net asset value, beginning of period    12.45    12.61    12.78    12.83    12.61    12.81 
Investment Operations:                         
Investment income—net a    .19    .35    .37    .38    .38    .40 
Net realized and unrealized                         
gain (loss) on investments    (.13)    (.14)    (.14)    (.05)    .22    (.20) 
Total from Investment Operations    .06    .21    .23    .33    .60    .20 
Distributions:                         
Dividends from investment income—net    (.19)    (.37)    (.37)    (.38)    (.38)    (.40) 
Dividends from net realized gain on investments    —    —    (.03)    —    —    — 
Total Distributions    (.19)    (.37)    (.40)    (.38)    (.38)    (.40) 
Net asset value, end of period    12.32    12.45    12.61    12.78    12.83    12.61 
Total Return (%)    .43b    1.71    1.89    2.59    4.85    1.55 
Ratios/Supplemental Data (%):                         
Ratio of total expenses to average net assets    1.28c    1.28    1.29    1.29    1.30    1.33 
Ratio of net expenses to average net assets    1.27c    1.25    1.25    1.25    1.25    1.25 
Ratio of net investment income                         
to average net assets    2.97c    2.96    2.99    2.98    3.01    3.19 
Portfolio Turnover Rate    5.99b    18.85    20.57    32.16    27.26    15.54 
Net Assets, end of period ($ x 1,000)    17    17    165    202    655    941 

a    Based on average shares outstanding at each month end. 
b    Not annualized. 
c    Annualized. 

See notes to financial statements.

The Funds 71

NOTES TO FINANCIAL STATEMENTS (Unaudited)

NOTE 1—General:

BNY Mellon Funds Trust (the “Trust”) was organized as a Massachusetts business trust which is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company and operates as a series company currently comprised of seventeen series including the following non-diversified municipal bond funds: BNY Mellon National Intermediate Municipal Bond Fund, BNY Mellon National Short-Term Municipal Bond Fund, BNY Mellon Pennsylvania Intermediate Municipal Bond Fund and BNY Mellon Massachusetts Intermediate Municipal Bond Fund (each, a “fund” and collectively, the “funds”). Effective March 31,2008,the Trust changed its name from “Mellon Funds Trust” to “BNY Mellon Funds Trust” and each fund added “BNY” to the beginning of its name. 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.

Mellon Fund Advisers, a division of the Dreyfus Corporation (the “Manager” or “Dreyfus”) serves as each fund’s investment adviser (“Investment Adviser”). Mellon Bank, N.A. (“Mellon Bank”), an affiliate of Dreyfus, serves as administrator for the funds pursuant to an Administration Agreement with the Trust (the “Administration Agreement”). Mellon Bank has entered into a Sub-Administration Agreement with Dreyfus pursuant to which Mellon Bank pays Dreyfus for performing certain administrative services. Dreyfus and Mellon

Bank are wholly-owned subsidiaries of The Bank of New York Mellon Corporation (“BNY Mellon”). MBSC Securities Corporation (the “Distributor”), a wholly-owned subsidiary of Dreyfus, is the distributor of each fund’s shares, which are sold without a sales charge.

The Trust is authorized to issue an unlimited number of shares of beneficial interest, par value $.001 per share, in each of the Class M and Investor class shares of each fund and in the Dreyfus Premier class shares of BNY Mellon National Intermediate Municipal Bond Fund and BNY Mellon Massachusetts Intermediate Municipal Bond Fund. Dreyfus Premier shares of BNY Mellon National Intermediate Municipal Bond Fund and BNY Mellon Massachusetts Intermediate Municipal Bond Fund are subject to a contingent deferred sales charge (“CDSC”) imposed on redemptions of Dreyfus Premier shares made within six years of purchase and automatically convert to Investor class shares after six years. Each class of shares has similar rights and privileges, except with respect to the expenses borne by and the shareholder services offered to each class, the shareholder services plan applicable to the Investor shares and Dreyfus Premier shares and the Rule 12b-1 plan applicable to the Dreyfus Premier shares and certain voting rights. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.

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 that are applicable to all series are allocated among them on a pro rata basis.

BNY Mellon National Intermediate Municipal Bond Fund and BNY Mellon Massachusetts Intermediate Municipal Bond Fund no longer offer Dreyfus Premier shares, except in connection with dividend reinvestment and permitted exchanges of Dreyfus Premier shares.

72

The funds’ financial statements are prepared in accordance with U.S. generally accepted accounting principles, which may require the use of management estimates and assump-tions.Actual results could differ from those estimates.

NOTE 2—Significant Accounting Policies:

(a) Portfolio valuation: Investments in municipal securities (excluding options and financial futures on municipal, U.S. Treasury securities and swaps) are valued each business day by an independent pricing service (the “Service”) approved by the Board of Trustees. Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Other investments are valued by the Service, based on methods which include consideration of: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. Options and financial futures on municipal and U.S.Treasury securities are valued at the last sales price on the securities exchange on which such securities are primarily traded or at the last sales price on the national securities market on each business day. Swap transactions are valued based on future cash flows and other factors, such as interest rates and underlying securities.

Financial Accounting Standards Board (“FASB”) released Statement of Financial Accounting Standards No. 157 “Fair Value Measurements” (“FAS 157”). FAS 157 establishes an authoritative definition of fair value, sets out a framework for measuring fair value, and requires additional disclosures about fair-value measurements. The application of FAS 157 is required for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. Management does not believe

that the application of this standard will have a material impact on the financial statements of the fund.

(b) Securities transactions and investment income: Securities transactions are recorded on a trade date basis. Realized gain and loss 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.

The funds have arrangements with the custodian and cash management banks whereby the funds may receive earnings credits when positive cash balances are maintained, which are used to offset custody and cash management fees. For financial reporting purposes, the funds include net earnings credits as expense offsets in the Statements of Operations.

(c) Concentration of risk: BNY Mellon Pennsylvania Intermediate Municipal Bond Fund and BNY Mellon Massachusetts Intermediate Municipal Bond Fund follow an investment policy of investing primarily in municipal obligations of one state. Economic changes affecting the state and certain of its public bodies and municipalities may affect the ability of issuers within the state to pay interest on, or repay principal of, municipal obligations held by the fund.

(d) Dividends to shareholders: The funds declare dividends daily from investment income-net; such dividends are paid monthly. With respect to each series, dividends from net realized capital gain, if any, are normally declared and paid annually, but the funds may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the “Code”). To the extent that net realized capital gain can be offset by capital loss carryovers of that

The Funds 73

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

fund, it is the policy of the fund not to distribute such gain. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles.

(e) Federal income taxes: It is the policy of each fund to continue to qualify as a regulated investment company, which can distribute tax exempt dividends, by complying with the applicable provisions of the Code, and to make distributions of income and net realized capital gain sufficient to relieve it from substantially all federal income and excise taxes. For federal income tax purposes, each series is treated as a single entity for the purpose of determining such qualification.

During the current year, the funds adopted FASB Interpretation No. 48, “Accounting for Uncertainty in Income Taxes” (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the portfolio’s tax returns to determine whether the tax positions

are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Adoption of FIN 48 is required for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date.The adoption of FIN 48 had no impact on the operations of the funds for the period ended February 29, 2008.

Each of the tax years in the three-year period ended August 31, 2007, remains subject to examination by the Internal Revenue Service and state taxing authorities.

Table 1 summarizes BNY Mellon National Intermediate Municipal Bond Fund, BNY Mellon National Short-Term Municipal Bond Fund and BNY Mellon Massachusetts Intermediate Municipal Bond Fund’s unused capital loss carryover available to be applied against future net securities profits, if any, realized subsequent to August 31, 2007.

Table 2 summarizes each relevant fund’s tax character of distributions paid to shareholders during the fiscal year

Table 1.         
 
 
Expiring in fiscal †    2014 ($)    2015 ($) 
BNY Mellon National Intermediate Municipal Bond Fund    —    550,494 
BNY Mellon National Short-Term Municipal Bond Fund    439,406    501,053 
BNY Mellon Massachusetts Intermediate Municipal Bond Fund    —    67,779 

†    If not applied, the carryover expires in fiscal 2014 and 2015. 

Table 2.             
 
    Tax-Exempt    Ordinary    Long-Term 
    Income ($)    Income ($)    Capital Gains ($) 
    2007    2007    2007 
BNY Mellon National Intermediate             
Municipal Bond Fund    34,847,113    85,461    — 
BNY Mellon National Short-Term             
Municipal Bond Fund    4,730,899    33,641    — 
BNY Mellon Pennsylvania Intermediate             
Municipal Bond Fund    23,914,973    191,052    1,161,392 
BNY Mellon Massachusetts Intermediate             
Municipal Bond Fund    12,340,514    —    — 

74

ended August 31, 2007.The tax character of current year distributions will be determined at the end of the current fiscal year.

NOTE 3—Bank Line of Credit:

The funds participate with other Dreyfus-managed funds in a $100 million unsecured line of credit primarily to be utilized for temporary or emergency purposes, including the financing of redemptions. Interest is charged to the funds based on prevailing market rates in effect at the time of borrowings. During the period ended February 29, 2008, the funds did not borrow under the line of credit.

NOTE 4—Investment Advisory Fee, Administration
Fee and Other Transactions With Affiliates:

(a) Fees payable by the funds pursuant to the provisions of an Investment Advisory Agreement with the Investment Adviser are payable monthly, computed on the average daily value of each fund’s net assets at the following annual rates: .35% of the BNY Mellon National Intermediate Municipal Bond Fund, .35% of the BNY Mellon National Short-Term Municipal Bond Fund, .50% of the BNY Mellon Pennsylvania Intermediate Municipal Bond Fund and .35% of the BNY Mellon Massachusetts Intermediate Municipal Bond Fund.

Pursuant to the Administration Agreement with Mellon Bank, Mellon Bank 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% 

Mellon Bank had entered into a Sub-Administration Agreement with Dreyfus pursuant to which Mellon pays Dreyfus for performing certain administrative services.

Mellon Bank agreed, until September 30, 2007, with respect to BNY Mellon Massachusetts Intermediate Municipal Bond Fund, to waive receipt of its fees and/or reimburse a portion of the fund’s expenses, exclusive of

taxes, interest, brokerage commissions, Rule 12b-1 fees, Shareholder Services Plan fees and extraordinary expenses, so that the fund’s expenses, in the aggregate, do not exceed an annual rate of .50% of the value of the fund’s average daily net assets. The expense reimbursement, pursuant to the undertaking, for BNY Mellon Massachusetts Intermediate Bond Fund, amounted to $8,306 during the period ended February 29, 2008.

During the period ended February 29, 2008, the Distributor retained $711 from contingent deferred sales charges on redemptions of the BNY Mellon National Intermediate Municipal Bond Fund’s Dreyfus Premier shares.

(b) BNY Mellon National Intermediate Municipal Bond Fund and BNY Mellon Massachusetts Intermediate Municipal Bond Fund have adopted a Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the Act for distributing its Dreyfus Premier shares.The funds each pay the Distributor a fee at an annual rate of .50% of the value of the fund’s average daily net assets attributable to its Dreyfus Premier shares. During the period ended February 29, 2008, BNY Mellon National Intermediate Municipal Bond Fund and BNY Mellon Massachusetts Intermediate Municipal Bond Fund, Dreyfus Premier shares were charged $657 and $43, respectively, pursuant to the Plan.

(c) The funds have adopted a Shareholder Services Plan with respect to its Investor shares, and BNY Mellon National Intermediate Municipal Bond Fund and BNY Mellon Massachusetts Intermediate Municipal Bond Fund have adopted a Shareholder Services Plan with respect to its Dreyfus Premier shares, pursuant to which each fund pays the Distributor for the provision of certain services to holders of Investor shares and Dreyfus Premier shares a fee at an annual rate of .25% of the value of the average daily net assets attributable to Investor shares and Dreyfus Premier shares, respectively.The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding a fund, and providing reports and other information,

The Funds 75

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

and services related to the maintenance of such shareholder accounts.The Shareholder Services Plan allows the Distributor to make payments from the shareholder services fees it collects from each fund to compensate service agents (certain banks, securities brokers or dealers and other financial institutions) in respect of these services. Table 3 summarizes the amounts Investor shares and Dreyfus Premier shares were charged during the period ended February 29, 2008, pursuant to the Shareholder Services Plan.Additional fees included in shareholder servicing costs in the Statement of Operations include fees paid to the transfer agent.

Table 3.     
BNY Mellon National Intermediate     
Municipal Bond Fund (Investor Shares)    $ 29,804 
BNY Mellon National Intermediate Municipal 
Bond Fund (Dreyfus Premier Shares)    329 
BNY Mellon National Short-Term     
Municipal Bond Fund (Investor Shares)    779 
BNY Mellon Pennsylvania Intermediate     
Municipal Bond Fund (Investor Shares)    1,999 
BNY Mellon Massachusetts Intermediate     
Municipal Bond Fund (Investor Shares)    11,382 
BNY Mellon Massachusetts Intermediate     
Municipal Bond Fund     
(Dreyfus Premier Shares)    22 

The funds compensate The Bank of New York, a subsidiary of BNY Mellon and a Dreyfus affiliate, under a cash management agreement for performing cash management services related to fund subscriptions and redemptions. Table 4 summarizes the amounts the funds were charged during the period ended February 29, 2008 pursuant to the cash management agreement.

Table 4.     
BNY Mellon National Intermediate     
Municipal Bond Fund    $374 
BNY Mellon National Short-Term     
Municipal Bond Fund    8 
BNY Mellon Pennsylvania Intermediate 
Municipal Bond Fund    13 
BNY Mellon Massachusetts Intermediate 
Municipal Bond Fund    132 

The funds compensate Mellon Bank under a cash management agreement for performing cash management
services related to fund subscriptions and redemptions. Table 5 summarizes the amounts the funds were charged during the period ended February 29, 2008, pursuant to the cash management agreement.

Table 5.     
BNY Mellon National Intermediate     
Municipal Bond Fund    $1,255 
BNY Mellon National Short-Term     
Municipal Bond Fund    29 
BNY Mellon Pennsylvania     
Intermediate Municipal Bond Fund    50 
BNY Mellon Massachusetts     
Intermediate Municipal Bond Fund    438 

The funds compensate Mellon Bank, under a Custody Agreement for providing custodial services for the funds. Table 6 summarizes the amounts the funds were charged during the period ended February 29, 2008 pursuant to the custody agreement.

Table 6.     
BNY Mellon National Intermediate     
Municipal Bond Fund    $39,862 
BNY Mellon National Short-Term     
Municipal Bond Fund    6,155 
BNY Mellon Pennsylvania Intermediate 
Municipal Bond Fund    22,159 
BNY Mellon Massachusetts Intermediate 
Municipal Bond Fund    13,897 

During the period ended February 29, 2008, each of the funds was charged $2,411 for services performed by the Chief Compliance Officer.

Table 7 summarizes the components of Due to the Dreyfus Corporation and affiliates in the Statements of Assets and Liabilities for each fund.

(d) Each trustee who is not an “affiliated person” as defined in the Act receives from the Trust an annual fee of $48,000 and an attendance fee of $5,000 for each in-person meeting attended and $500 for telephone meetings and is reimbursed for travel and out-of-pocket expenses. The Chairman of the Trust’s Board receives an additional annual fee of $10,000 and the Chairman of the Trust’s Audit Committee receives an additional fee of $8,000.

76

NOTE 5—Securities Transactions:

Table 8 summarizes each fund’s aggregate amount of purchases and sales of investment securities, excluding short-term securities and financial futures, during the period ended February 29, 2008.

The funds may invest in financial futures contracts in order to gain exposure to or protect against changes in the market. The funds are exposed to market risk as a result of changes in the value of the underlying financial instruments. Investments in financial futures require the funds to “mark to market” on a daily basis, which reflects the change in the market value of the contracts at the

close of each day’s trading. Typically, variation margin payments are received or made to reflect daily unrealized gains or losses.When the contracts are closed, the funds recognize a realized gain or loss. These investments require initial margin deposits with a broker, which consist of cash or cash equivalents. The amount of these deposits is determined by the exchange or Board of Trade on which the contract is traded and is subject to change. Contracts open at February 29, 2008 are set forth in the Statement of Financial Futures.

Table 9 summarizes accumulated net unrealized appreciation on investments for each fund at February 29, 2008.

Table 7.                     
 
    Investment    Rule 12b-1    Shareholder        Chief 
    Advisory    Distribution    Services    Custodian    Compliance 
    Fees ($)    Plan Fees ($)    Plan Fees ($)    Fees ($)    Officer Fees ($) 
BNY Mellon National Intermediate                     
Municipal Bond Fund    285,161    73    4,586    31,827    4,419 
BNY Mellon National Short-Term                     
Municipal Bond Fund    45,781    —    125    4,659    4,419 
BNY Mellon Pennsylvania Intermediate                     
Municipal Bond Fund    241,263    -    314    10,699    4,419 
BNY Mellon Massachusetts Intermediate                     
Municipal Bond Fund    103,097    7    1,821    8,917    4,419 

Table 8.         
 
    Purchases ($)    Sales ($) 
BNY Mellon National Intermediate Municipal Bond Fund    280,138,957    328,426,497 
BNY Mellon National Short-Term Municipal Bond Fund    34,357,329    22,632,080 
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund    29,022,960    46,038,824 
BNY Mellon Massachusetts Intermediate Municipal Bond Fund    20,930,295    24,974,944 

Table 9.                 
 
    Cost of    Gross    Gross     
    Investments ($)    Appreciation ($)    (Depreciation) ($)    Net ($) 
BNY Mellon National Intermediate Municipal Bond Fund    1,011,236,445    13,980,791    27,143,780    (13,162,989) 
BNY Mellon National Short-Term Municipal Bond Fund    163,153,689    939,263    538,668    400,595 
BNY Mellon Pennsylvania Intermediate Municipal Bond Fund    581,097,662    11,305,785    11,598,653    (292,868) 
BNY Mellon Massachusetts Intermediate Municipal Bond Fund    361,033,233    4,819,501    7,173,745    (2,354,244) 

The Funds 77

NOTES

For More Information

BNY Mellon Funds Trust    Custodian 
c/o The Dreyfus Corporation     
200 Park Avenue    Mellon Bank, N.A. 
New York, NY 10166    One Mellon Bank Center 
    Pittsburgh, PA 15258 
Investment Adviser     
    Transfer Agent & 
Mellon Fund Advisers, a division of    Dividend Disbursing Agent 
The Dreyfus Corporation     
200 Park Avenue    Dreyfus Transfer, Inc. 
New York, NY 10166    200 Park Avenue 
    New York, NY 10166 
Administrator     
    Distributor 
Mellon Bank, N.A.     
One Mellon Bank Center    MBSC Securities Corporation 
Pittsburgh, PA 15258    200 Park Avenue 
    New York, NY 10166 
Sub-Administrator     
 
The Dreyfus Corporation     
200 Park Avenue     
New York, NY 10166     

Ticker Symbols:             
BNY Mellon National Intermediate Municipal Bond Fund    Class M: MPNIX    Investor: MINMX    Dreyfus Premier: MNMBX 
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    Dreyfus Premier: MMBPX 

Telephone Wealth Management (WM) Clients, please contact your Account Officer or call 1-888-281-7350.
Brokerage Clients of BNY Mellon Wealth Advisors (BNYMWA), please contact your financial representative
or call 1-800-830-0549, Option 2. Individual Account holders, please call Dreyfus at 1-800-645-6561.

Mail WM Clients, write to your Account Officer, c/o Mellon Bank, N.A., 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 55268, Boston, MA 02205–8502

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The funds’ Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-202-551-8090.

Information regarding how the fund voted proxies relating to portfolio securities for the 12-month period ended June 30, 2007, is available on the SEC’s website at http://www.sec.gov and without charge, upon request, by calling 1-800-645-6561.

MFTSA0208-MB

©2008 MBSC Securities Corporation

Contents     
 
The Funds     
Letter from the President    2 
Discussion of Funds’ Performance     
BNY Mellon Money Market Fund    3 
BNY Mellon National Municipal     
Money Market Fund    5 
Understanding Your Fund’s Expenses    7 
Comparing Your Fund’s Expenses     
With Those of Other Funds    7 
Statements of Investments    8 
Statements of Assets and Liabilities    17 
Statements of Operations    18 
Statements of Changes in Net Assets    19 
Financial Highlights    20 
Notes to Financial Statements    24 

For More Information

Back cover

The views expressed herein are current to the date of this report. These views and the composition of the funds’ portfolios are subject to change at any time based on market and other conditions.

  • Not FDIC-Insured
  • Not Bank-Guaranteed
  • May Lose Value

The Funds

LETTER FROM 
THE PRESIDENT 

Dear Shareholder:

We are pleased to present this semiannual report for BNY Mellon Funds Trust, covering the six-month period from September 1, 2007, through February 29, 2008.

The past six months proved to be one of the more challenging periods for investors in recent memory.The U.S. economy sputtered under the weight of plunging housing values, and credit concerns that originated in the bond market’s sub-prime mortgage sector spread to other areas of the financial markets.These developments dampened investor sentiment and produced heightened volatility in the stock market and the higher-yielding segments of the bond market. Even some areas of the taxable money markets were affected when difficult liquidity conditions arose in the inter-bank lending and commercial paper markets.

Recently, the Fed and the U.S. government have adopted accommodative monetary and fiscal policies in an effort to stimulate the U.S. economy, boost market liquidity and forestall a potential recession.While it’s too early to know if their actions will be effective, we believe that the best defense against any economic volatility is to maintain a long-term perspective. To benefit from this focus, talk to your portfolio manager today about your specific portfolio to ensure that your investments are best suited to capture the potential opportunities and manage the risks that may continue to surface during this current economic cycle.

For information about how each fund performed during the reporting period, as well as market perspectives, we have provided a Discussion of Fund Performance.

Thank you for your continued confidence and support.

Christopher E. Sheldon 
President 
BNY Mellon Funds Trust 
March 31, 2008 

DISCUSSION OF 
FUND PERFORMANCE 

For the period of September 1, 2007, through February 29,
2008, as provided by J. Christopher Nicholl and John F.
Flahive, Portfolio Managers

Fund and Market Performance Overview

For the six-month period ended February 29, 2008, BNY Mellon Money Market Fund produced annualized yields of 4.63% for its Class M shares and 4.38% for its Investor shares. Taking into account the effects of compounding, the fund also produced annualized effective yields of 4.73% for its Class M shares and 4.47% for its Investor shares.1

Yields of money market instruments generally declined along with short-term interest rates over the reporting period, as the Federal Reserve Board (the “Fed”) eased monetary policy to combat an economic slowdown and an intensifying credit crisis in U.S. fixed-income markets.

The Fund’s Investment Approach

The fund seeks as high a level of current income as is consistent with the preservation of capital and the maintenance of liquidity.To pursue its goal, the fund invests in a diversified portfolio of high-quality, short-term debt securities, including U.S. government securities; certificates of deposit, time deposits, bankers’ acceptances and other short-term domestic or foreign bank obligations; repurchase agreements; high-grade commercial paper and other short-term corporate obligations; and taxable municipal obligations. Normally, the fund invests at least 25% of its net assets in bank obligations.

Credit Crisis and Economic Concerns Prompted
Fed Action

The reporting period began in the midst of a credit crisis that originated in the sub-prime mortgage sector of the U.S. bond market. Over the summer of

2007, investors had reacted negatively to reports of a higher-than-expected number of defaults and delinquencies among homeowners with sub-prime mortgages. These borrowers apparently were unable to meet their loan obligations when their adjustable-rate mortgages reset at higher levels. Soaring energy and food prices put additional pressure on some consumers’ overstretched finances.

The credit crisis sent repercussions throughout the financial markets as investors reassessed their previously generous attitudes toward risk. Newly cautious investors engaged in a “flight to quality,” turning away from riskier asset classes and flocking to the relative safety of U.S. Treasury securities and money market funds.The effects of the sell-off and resulting difficult liquidity conditions were particularly severe for commercial and investment banks, which suffered massive sub-prime related losses. Market turmoil also contributed to fears that declining housing values and slower consumer spending would derail the U.S. economy at the same time that rising commodity prices were fueling inflation fears.

The Fed responded aggressively to the financial markets’ and economy’s woes. In September, in an effort to stimulate the economy and promote market liquidity, the Fed implemented its first reduction in the overnight federal funds rate in more than four years. Additional reductions followed in October and December, driving the federal funds rate from 5.25% at the start of the reporting period to 4.25% by year-end.

However, disappointing economic news continued to mount during January, including the first monthly contraction in the U.S. labor market in more than four years. The credit crisis also worsened, threatening the credit ratings of certain bond insurers and the solvency of some major banks.The Fed responded aggressively,

The Funds 3

DISCUSSION OF FUND PERFORMANCE (continued)

implementing two additional rate cuts in the second half of the month that reduced the federal funds rate by another 125 basis points to 3%.

A Long Weighted Average Maturity Supported
Fund Results

As short-term interest rates fell, so did yields of most money market instruments.The fund proved to be well positioned for this development. We had set the fund’s weighted average maturity in a range that was significantly longer than industry averages, which enabled it to capture higher prevailing yields for as long as we deemed practical. Over the course of the reporting period, as short-term interest rates declined and yield differences narrowed along the market’s maturity range, we gradually reduced the fund’s weighted average maturity toward a more neutral position.

Although liquidity and credit concerns hurt the market for asset-backed commercial paper, the fund held none of the affected securities in this area. Instead, we focused on segments of the money markets that had no material direct exposure to troubled sub-prime loans.

Positioned for Additional Interest Rate Reductions

As of the reporting period’s end, market conditions have remained volatile, and the U.S. economy has continued to show signs of weakness, including record numbers of home foreclosures and additional job losses.Yet, inflationary pressures have remained uncomfortably high as crude oil prices surged past $100 per barrel. Despite these inflationary pressures, various Fed members, including Chairman Ben Bernanke, have indicated publicly that the Fed is prepared to inject additional liquidity into the banking system and reduce short-term interest rates further in order to forestall a potential recession.Therefore, we have maintained the fund’s weighted average maturity in a range we consider slightly longer than industry averages. In our judgment, this is a prudent strategy in today’s unsettled economic and market environments.

March 17, 2008

    An investment in the fund is not insured or guaranteed by the FDIC or any other 
    government agency.Although the fund seeks to preserve the value of your invest- 
    ment at $1.00 per share, it is possible to lose money by investing in the fund. 
1    Annualized effective yield is based upon dividends declared daily and reinvested 
    monthly. Past performance is no guarantee of future results.Yields fluctuate. 

4

DISCUSSION OF 
FUND PERFORMANCE 

For the period of September 1, 2007, through February 29,
2008, as provided by J. Christopher Nicholl and John F.
Flahive, Portfolio Managers

Fund and Market Performance Overview

For the six-month period ended February 29, 2008, BNY Mellon National Municipal Money Market Fund produced annualized yields of 3.00% for its Class M shares and 2.75% for its Investor shares.Taking into account the effects of compounding, the fund also produced annualized effective yields of 3.04% for its Class M shares and 2.79% for its Investor shares.1

Yields of tax-exempt money market instruments generally declined along with short-term interest rates over the reporting period, as the Federal Reserve Board (the “Fed”) eased monetary policy to combat an economic slowdown and an intensifying credit crisis in U.S. fixed-income markets.

The Fund’s Investment Approach

The fund seeks as high a level of current income exempt from federal income tax as is consistent with the preservation of capital and maintenance of liquidity.To pursue its goal, the fund invests at least 80% of its assets in short-term municipal obligations that provide income exempt from federal income tax. Among these are municipal notes, short-term municipal bonds, tax-exempt commercial paper and municipal leases.The fund may invest up to 20% of its total assets in taxable money market securities, such as U.S. government obligations, bank and corporate obligations and commercial paper. The fund also may invest in custodial receipts.

Credit Crisis and Economic Concerns Prompted
Fed Action

The reporting period began in the midst of a credit crisis that originated in the sub-prime mortgage sector of the U.S. bond market. Over the summer of 2007, investors had reacted negatively to reports of a

higher-than-expected number of defaults and delinquencies among homeowners with sub-prime mortgages. These borrowers apparently were unable to meet their loan obligations when their adjustable-rate mortgages reset at higher levels. Soaring energy and food prices put additional pressure on some consumers’ overstretched finances.

The credit crisis sent repercussions throughout the financial markets as investors reassessed their previously generous attitudes toward risk. Newly cautious investors engaged in a “flight to quality,” turning away from riskier asset classes and flocking to the relative safety of U.S. Treasury securities and money market funds.The effects of the sell-off and resulting difficult liquidity conditions were particularly severe for commercial and investment banks, which suffered massive sub-prime related losses. Market turmoil also contributed to fears that declining housing values and slower consumer spending would derail the U.S. economy at the same time that rising commodity prices were fueling inflation fears.

The Fed responded aggressively to the financial markets’ and economy’s woes. In September, in an effort to stimulate the economy and promote greater market liquidity, the Fed implemented its first reduction in the overnight federal funds rate in more than four years. Additional reductions followed in October and December, driving the federal funds rate from 5.25% at the start of the reporting period to 4.25% by year-end.

However, disappointing economic news continued to mount during January, including the first monthly contraction in the labor market in more than four years. The credit crisis also worsened, threatening the credit ratings of many bond insurers and the solvency of some major banks.The Fed responded aggressively, implementing two additional rate cuts during the second half of the month that reduced the federal funds rate by another 125 basis points to 3%.

The Funds 5

DISCUSSION OF FUND PERFORMANCE (continued)

A Long Weighted Average Maturity Supported
Fund Results

As short-term interest rates fell, so did yields of most tax-exempt money market instruments. However, because of supply-and-demand factors, yields of variable-rate demand notes, which are reset daily or weekly, remained higher than those of longer-term fixed-rate municipal notes for much of the reporting period. Accordingly, we generally focused on variable-rate demand notes, and the fund’s weighted average maturity remained in a range that was shorter than industry averages.

When liquidity and credit concerns hurt the market for variable-rate demand notes and municipal securities carrying third-party insurance enhancements, we moved quickly to pare back much of our exposure to securities backed by the affected insurers and ensure that our remaining exposure was mostly comprised of higher-rated issuers with greater financial flexibility and market access.

Positioned for Additional Interest Rate Reductions

As of the reporting period’s end, market conditions have remained volatile, and the U.S. economy has con-

tinued to show signs of weakness, including record numbers of home foreclosures and additional job losses.Yet, inflationary pressures have remained uncomfortably high as crude oil prices surged past $100 per barrel. Despite these inflationary pressures, various Fed members, including Chairman Ben Bernanke, have indicated that the Fed is prepared to inject additional liquidity into the banking system and reduce short-term interest rates further to forestall a potential recession. However, due to relatively high yields on variable-rate demand notes, we have maintained the fund’s short weighted average maturity. In our judgment, this is a prudent strategy in today’s unsettled economic and market environments.

March 17, 2008

    An investment in the fund is not insured or guaranteed by the FDIC or any 
    other government agency. Although the fund seeks to preserve the value of 
    your investment at $1.00 per share, it is possible to lose money by investing 
    in the fund. 
1    Annualized effective yield is based upon dividends declared daily and 
    reinvested monthly. Past performance is no guarantee of future results.Yields 
    fluctuate. Income may be subject to state and local taxes, and some income may 
    be subject to the federal alternative minimum tax (AMT) for certain investors. 

6

UNDERSTANDING YOUR FUND’S EXPENSES ( U n a u d i t e d )

As a mutual fund investor, you pay ongoing expenses, such as management fees and other expenses. Using the information below, you can estimate how these expenses affect your investment and compare them with the expenses of the funds.You also may pay one-time transaction expenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial advisor.

Review your fund’s expenses

The table below shows the expenses you would have paid on a $1,000 investment in each class of each fund from September 1, 2007 to February 29, 2008. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.

Expenses and Value of a $1,000 Investment         
assuming actual returns for the six months ended February 29, 2008         
    Class M Shares    Investor Shares 
BNY Mellon Money Market Fund         
Expenses paid per $1,000 †    $ 1.51    $ 2.77 
Ending value (after expenses)    $1,023.30    $1,022.00 
BNY Mellon National Municipal Money Market Fund         
Expenses paid per $1,000 †    $ 1.35    $ 2.60 
Ending value (after expenses)    $1,015.10    $1,013.80 

COMPARING YOUR FUND’S EXPENSES WITH THOSE OF OTHER FUNDS (Unaudited)

Using the SEC’s method to compare expenses

The Securities and Exchange Commission (SEC) has established guidelines to help investors assess fund expenses. Per these guidelines, the table below shows your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return.You can use this information to compare the ongoing expenses (but not transaction expenses or total costs) of investing in the fund with those of other funds. All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.

Expenses and Value of a $1,000 Investment     
assuming a hypothetical 5% annualized return for the six months ended February 29, 2008     
    Class M Shares    Investor Shares 
BNY Mellon Money Market Fund         
Expenses paid per $1,000 †    $ 1.51    $ 2.77 
Ending value (after expenses)    $1,023.37    $1,022.13 
BNY Mellon National Municipal Money Market Fund     
Expenses paid per $1,000 †    $ 1.36    $ 2.61 
Ending value (after expenses)    $1,023.52    $1,022.28 

† Expenses are equal to the BNY Mellon Money Market Fund annualized expense ratio of .30% for Class M and .55% for Investor Class and BNY Mellon National Municipal 
Money Market Fund, .27% for Class M and .52% for Investor Class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year 
period). 

The Funds 7

STATEMENT OF INVESTMENTS 
February 29, 2008 (Unaudited) 

BNY Mellon Money Market Fund                 
 
Negotiable Bank    Principal            Principal     
Certificates of Deposit—19.7%    Amount ($)    Value ($)    Commercial Paper (continued)    Amount ($)    Value ($) 
 
Bank of Scotland PLC            Dexia Delaware LLC         
4.97%, 3/20/08    10,000,000    10,000,000    4.34%, 3/4/08    50,000,000    49,981,917 
Barclays Bank PLC            Fortis Banque Luxembourg S.A.         
5.20%, 6/16/08    8,250,000    8,259,853    2.78%, 7/10/08    25,000,000 b    24,747,097 
BNP Paribas (Yankee)            General Electric Capital Corp.         
4.75%—5.36%, 6/20/08—7/3/08    45,000,000    45,011,161    3.04%, 3/12/08    50,000,000    49,953,556 
Canadian Imperial Bank of Commerce            ING America Insurance Holdings Inc.         
4.46%, 11/28/08    27,000,000    27,001,952    3.70%—5.00%, 3/6/08—3/13/08    50,000,000    49,941,472 
Credit Suisse Group            JPMorgan Chase & Co.         
4.61%, 4/11/08    45,000,000 a    45,044,923    2.96%, 4/8/08    50,000,000    49,843,778 
Fortis Bank            Los Angeles Department of Airports         
3.10%, 3/12/08    25,000,000 b    25,000,076    3.12%, 3/11/08    37,965,000    37,932,097 
Harris Trust and Savings Bank            Prudential Funding LLC         
5.40%, 6/6/08    10,000,000    10,000,000    2.99%, 3/5/08    43,500,000    43,485,548 
HBOS Treasury Services PLC (Yankee)            Royal Bank of Scotland PLC         
5.33%, 5/30/08    10,000,000    9,998,857    3.03%, 4/24/08    40,000,000    39,818,200 
Toronto-Dominion Bank (Yankee)            Salvation Army         
4.88%, 5/13/08    25,000,000    25,000,497    3.13%, 3/13/08    38,850,000    38,850,000 
UBS Finance Delaware LLC (Yankee)            Societe Generale         
5.50%, 3/6/08    25,000,000    25,000,000    4.91%, 3/19/08    10,000,000    9,975,450 
Total Negotiable Bank            Societe Generale N.A. Inc.         
Certificates of Deposit            3.08%, 5/28/08    20,000,000    19,849,422 
(cost $230,317,319)        230,317,319    UBS Finance Delaware LLC         
            4.43%, 8/12/08    15,000,000    14,697,283 
Commercial Paper—69.2%            Westpac Banking Corp.         
AIG Funding Inc.            4.69%, 4/2/08    40,000,000 b    40,000,000 
3.05%—3.12%, 3/6/08—3/13/08    49,000,000    48,954,850    Total Commercial Paper         
Allied Irish Banks N.A. Inc.            (cost $808,882,451)        808,882,451 
4.95%, 4/3/08    20,000,000 b    19,909,250             
American Express Company            Notes—11.3%         
3.00%, 3/11/08    50,000,000    49,958,333    BBVA U.S. Senior, S.A.         
Australia and New Zealand            Unipersonal         
Banking Group Ltd.            4.02%, 4/17/08    39,000,000 a,b    39,002,195 
3.28%, 3/25/08    50,000,000 b    49,890,667    Cleveland Ohio Airport System         
Banco Santander Puerto Rico            3.14%, 3/7/08    1,600,000 a    1,600,000 
4.30%, 3/10/08    50,000,000    49,946,250    General Secretariat         
Bank of America Corp.            of American States         
2.96%—2.97%, 3/3/08—5/27/08    42,000,000    41,783,400    3.20%, 3/7/08    4,280,000 a    4,280,000 
Calyon            HSBC Finance Corporation         
4.51%, 4/2/08    50,000,000    49,799,556    6.30%, 6/17/08    6,500,000 a    6,523,001 
DEPFA BANK PLC            Mullenix St. Charles Properties LP         
4.71%, 6/20/08    30,000,000 b    29,564,325    3.11%, 3/7/08    7,000,000 a    7,000,000 

8

BNY Mellon Money Market Fund (continued)             
 
    Principal            Principal     
Notes (continued)    Amount ($)    Value ($)    Notes (continued)    Amount ($)    Value ($) 
North Texas Higher            Utah Telecommunications         
Education Authority, Inc.            Open Infrastructure Agency         
7.63%, 3/7/08    34,000,000 a    34,000,000    3.20%, 3/7/08    24,800,000 a   24,800,000 
Pitney Road Partners LLC            Total Notes         
3.20%, 3/7/08    5,725,000 a    5,725,000    (cost $132,330,196)        132,330,196 
 
Sacramento County, CA            Total Investments         
5.00%, 3/7/08    6,300,000 a    6,300,000    (cost $1,171,529,966)    100.2%    1,171,529,966 
Tulsa Oklahoma Airports                     
Improvement Trust            Liabilities, Less Cash and Receivables    (.2%)    (2,153,302) 
3.25%, 3/7/08    3,100,000 a    3,100,000    Net Assets    100.0%    1,169,376,664 

a Variable rate security—interest rate subject to periodic change. 
b Securities exempt from registration under Rule 144A of the Securities Act of 1933.These securities may be resold in transactions exempt from registration, normally to qualified 
institutional buyers. At February 29, 2008, these securities amounted to $228,113,610 or 19.5% of net assets. 

Portfolio Summary (Unaudited) †         
 
    Value (%)        Value (%) 
Banking    62.9    Transportation    3.4 
Finance    8.5    Other    13.2 
Insurance    8.0         
Multi-Line Insurance    4.2        100.2 

† Based on net assets. 
See notes to financial statements. 

The Funds 9

STATEMENT OF INVESTMENTS 
February 29, 2008 (Unaudited) 

BNY Mellon National Municipal Money Market Fund                 
 
    Coupon    Maturity    Principal         
Short-Term Investments—98.6%    Rate (%)    Date    Amount ($)    Value ($) 
Alabama—5.5%                     
Birmingham Medical Clinic Board, Medical Clinic Revenue (University                     
of Alabama Health Services Foundation) (LOC; SunTrust Bank)    3.25    3/7/08    48,500,000 a      48,500,000 
Jefferson County, Sewer Revenue (Capital                     
Improvement Warrants) (Insured; FGIC)    5.00    2/1/09    3,935,000 b      4,111,429 
Mobile Infirmary Health System Special Care Facilities                     
Financing Authority, Revenue (Infirmary Health System, Inc.)    3.00    3/7/08    25,000,000 a      25,000,000 
Arizona—.4%                     
McAllister Academic Village LLC, Revenue (Arizona State                     
University McAllister Academic Village Project) (Insured;                     
AMBAC and Liquidity Facility; State Street Bank and Trust Co.)    8.00    3/7/08    4,995,000 a      4,995,000 
California—.5%                     
Irvine Ranch Water District (LOC; Landesbank                     
Hessen-Thueringen Girozentrale)    3.60    3/1/08    1,000,000 a      1,000,000 
Irvine Ranch Water District, COP (Irvine Ranch Water District Capital                     
Improvement Project) (LOC; Landesbank Baden-Wurttemberg)    3.65    3/1/08    6,300,000 a      6,300,000 
Colorado—5.7%                     
Central Platte Valley Metropolitan District, GO                     
(Liquidity Facility; BNP Paribas)    3.50    12/1/08    9,200,000        9,200,000 
Central Platte Valley Metropolitan District, GO (LOC; U.S. Bank NA)    3.50    12/1/08    1,490,000        1,490,000 
Colorado Educational and Cultural Facilities Authority, Revenue                     
(National Jewish Federation Bond Program) (LOC; Bank of America)    3.50    3/1/08    5,500,000 a      5,500,000 
Colorado Educational and Cultural Facilities Authority,                     
Student Housing Facilities Revenue (Campus                     
Village Apartments Project) (LOC; Citibank NA)    2.42    3/7/08    22,865,000 a      22,865,000 
Commerce City Northern Infrastructure General                     
Improvement District, GO (LOC; U.S. Bank NA)    3.28    3/7/08    6,150,000 a      6,150,000 
Commerce City Northern Infrastructure General                     
Improvement District, GO, Refunding (LOC; U.S. Bank NA)    3.21    3/7/08    7,400,000 a      7,400,000 
Pitkin County, IDR, Refunding (Aspen Skiing                     
Company Project) (LOC; JPMorgan Chase Bank)    3.50    3/1/08    5,000,000 a      5,000,000 
Westminster Economic Development Authority,                     
Tax Increment Revenue (North Huron Urban                     
Renewal Project) (LOC; DEPFA Bank PLC)    3.00    3/7/08    22,650,000 a      22,650,000 
Florida—5.8%                     
Eclipse Funding Trust (Golden Knights Corporation Master Lease                     
Program) (Insured; MBIA and Liquidity Facility; U.S. Bank NA)    3.26    3/7/08    24,285,000 a,c      24,285,000 
Orange County Industrial Development Authority, IDR                     
(Catholic Charities of Central Florida, Inc. and Diocese                     
of Orlando Projects) (LOC; SunTrust Bank)    3.70    3/1/08    5,000,000 a      5,000,000 
Orange County Industrial Development Authority,                     
Revenue, Refunding (Lake Highland Preparatory                     
School, Inc. Project) (LOC; Bank of America)    3.00    3/7/08    17,000,000 a      17,000,000 
Palm Beach County, Revenue, Refunding (Saint Andrew’s                     
School of Boca Raton, Inc. Project) (LOC; Bank of America)    3.00    3/7/08    10,000,000 a      10,000,000 

10

BNY Mellon National Municipal Money Market Fund (continued)             
 
    Coupon    Maturity    Principal         
Short-Term Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 
Florida (continued)                     
Palm Beach County Health Facilities Authority,                     
Health Facilities Revenue (Bethesda Healthcare                     
System, Inc. Project) (LOC; SunTrust Bank)    3.70    3/1/08    7,000,000 a      7,000,000 
Polk County School District, Sales Tax Revenue (Insured; FSA)    4.00    10/1/08    7,815,000        7,846,098 
UCF Health Facilities Corporation, Capital Improvement                     
Revenue (UCF Health Sciences Campus at                     
Lake Nona Project) (LOC; Fifth Third Bank)    3.20    3/7/08    10,000,000 a      10,000,000 
Georgia—8.2%                     
Atlanta, Tax Allocation Revenue                     
(Westside Project) (LOC; Wachovia Bank)    3.35    3/7/08    25,770,000 a      25,770,000 
Atlanta, Water and Wastewater Revenue (Insured;                     
FSA and Liquidity Facility; Dexia Credit Locale)    3.25    3/1/08    4,300,000 a      4,300,000 
Atlanta, Water and Wastewater Revenue, CP                     
(LOC: Bank of America, Dexia Credit Locale,                     
JPMorgan Chase Bank and Lloyds TSB Bank PLC)    3.35    7/29/08    9,111,000        9,111,000 
Clayton County Housing Authority, MFHR, Refunding                     
(Chateau Forest Apartments Project) (Insured;                     
FSA and Liquidity Facility; Societe Generale)    3.04    3/7/08    6,530,000 a      6,530,000 
De Kalb County Housing Authority, MFHR, Refunding                     
(Wood Terrace Apartment Project) (LOC; Wachovia Bank)    3.27    3/7/08    15,935,000 a      15,935,000 
Fayette County Hospital Authority, RAC (Fayette                     
Community Hospital Project) (LOC; SunTrust Bank)    3.25    3/7/08    21,000,000 a      21,000,000 
Fulton County Development Authority, Revenue                     
(Piedmont Healthcare, Inc. Project) (LOC; SunTrust Bank)    3.25    3/7/08    9,000,000 a      9,000,000 
Fulton County Development Authority, Revenue                     
(Saint George Village Catholic Continuing Care                     
Retirement Communities, Inc. Project) (LOC; Bank of America)    3.00    3/7/08    13,075,000 a      13,075,000 
Gainesville and Hall County Hospital Authority, RAC (Northeast                     
Georgia Health System, Inc. Project) (Insured; MBIA                     
and Liquidity Facility; Landesbank Baden-Wurttemberg)    3.55    3/7/08    12,000,000 a      12,000,000 
Illinois—10.7%                     
Chicago, GO (Insured; MBIA and Liquidity Facility; Citigroup)    3.49    3/7/08    9,995,000 a,c      9,995,000 
Chicago, Second Lien Water Revenue (LOC; JPMorgan Chase Bank)    3.15    3/7/08    34,455,000 a      34,455,000 
Chicago Board of Education, GO (Insured;                     
FSA and Liquidity Facility; DEPFA Bank PLC)    3.45    3/1/08    1,200,000 a      1,200,000 
Illinois Educational Facilities Authority, Revenue                     
(Benedictine University Project) (LOC; National City Bank)    3.12    3/7/08    11,700,000 a      11,700,000 
Illinois Finance Authority, Revenue (Resurrection                     
Health Care) (LOC; JPMorgan Chase Bank)    4.01    3/1/08    15,270,000 a      15,270,000 
Illinois Health Facilities Authority, Revenue (Ingalls                     
Memorial Hospital) (LOC; Northern Trust Co.)    2.70    3/7/08    13,300,000 a      13,300,000 
Illinois Health Facilities Authority, Revenue (The University                     
of Chicago Hospitals and Health System)                     
(Insured; MBIA and Liquidity Facility; Bank One)    5.90    3/1/08    20,930,000 a      20,930,000 

The Funds 11

STATEMENT OF INVESTMENTS (Unaudited) (continued)

BNY Mellon National Municipal Money Market Fund (continued)             
    Coupon    Maturity    Principal         
Short-Term Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 
Illinois (continued)                     
Illinois Toll Highway Authority, Toll Highway Revenue,                     
Refunding (Insured; FSA and Liquidity Facility;                     
Landesbank Hessen-Thuringen Girozentrale)    3.05    3/7/08    9,000,000 a      9,000,000 
Kane County Forest Preserve District, GO Notes    4.50    12/15/08    2,490,000        2,512,013 
Regional Transportation Authority, GO, Refunding                     
(Liquidity Facility; DEPFA Bank PLC)    2.90    3/7/08    26,440,000 a      26,440,000 
Will County, Revenue (University of Saint                     
Francis Project) (LOC; Fifth Third Bank)    3.20    3/7/08    6,000,000 a      6,000,000 
Indiana—2.0%                     
Indiana Health and Educational Facility Financing                     
Authority, HR (Community Hospital of LaGrange                     
County, Inc. Project) (LOC; National City Bank)    3.12    3/7/08    12,465,000 a      12,465,000 
Indianapolis, MFHR, Refunding (Lakeside                     
Pointe and Fox Club) (LOC; FNMA)    3.60    3/7/08    15,000,000 a      15,000,000 
Kentucky—4.3%                     
Danville, Multi-City LR, CP (LOC; Fifth Third Bank)    1.00    7/8/08    49,000,000        49,000,000 
Public Energy Authority of Kentucky, Inc., Gas Supply                     
Revenue (Liquidity Facility; Societe Generale)    3.66    3/1/08    10,660,000 a      10,660,000 
Louisiana—.4%                     
Louisiana Offshore Terminal Authority, Deepwater Port                     
Revenue, Refunding (LOOP Inc. LLC Project) (LOC; Bank One)    3.25    3/1/08    5,235,000 a      5,235,000 
Maryland—2.3%                     
Maryland Health and Higher Educational Facilities                     
Authority, Revenue (University of Maryland                     
Medical System Issue) (LOC; Bank of America)    3.00    3/7/08    31,670,000 a      31,670,000 
Massachusetts—1.3%                     
Massachusetts, Consolidated Loan (LOC; Bank of America)    4.02    3/1/08    7,100,000 a      7,100,000 
Massachusetts, GO (Central Artery/Ted Williams                     
Tunnel Infrastructure Loan Act of 2000)                     
(Liquidity Facility; Landesbank Baden-Wurttemberg)    3.55    3/1/08    11,600,000 a      11,600,000 
Michigan—4.7%                     
Detroit, Sewage Disposal System Second Lien Revenue,                     
(Insured; FGIC and Liquidity Facility; DEPFA Bank PLC)    3.74    7/10/08    20,500,000        20,530,669 
Hancock Hospital Finance Authority, Revenue                     
(Portage Health, Inc.) (LOC; National City Bank)    3.12    3/7/08    26,830,000 a      26,830,000 
Michigan Building Authority, Multi-Modal Revenue                     
(Facilities Program) (LOC; JPMorgan Chase Bank)    3.40    3/7/08    18,500,000 a      18,500,000 
Minnesota—3.7%                     
Minneapolis, Health Care Revenue, Refunding                     
(Fairview Health Services) (Insured; AMBAC                     
and Liquidity Facility; Royal Bank of Canada)    9.00    3/7/08    19,900,000 a      19,900,000 
Saint Louis Park, Health Care Facilities Revenue                     
(Park Nicollet Health Services) (Insured;                     
AMBAC and Liquidity Facility; Wells Fargo Bank)    9.00    3/7/08    11,800,000 a      11,800,000 

12

BNY Mellon National Municipal Money Market Fund (continued)             
 
    Coupon    Maturity    Principal         
Short-Term Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 
Minnesota (continued)                     
Saint Louis Park, Health Care Facilities Revenue, Refunding                     
(Park Nicollet Health Services) (Insured; AMBAC                     
and Liquidity Facility; Wells Fargo Bank)    9.00    3/7/08    20,000,000 a      20,000,000 
Mississippi—2.5%                     
Jackson County, PCR, Refunding (Chevron U.S.A. Inc. Project)    3.25    3/1/08    5,400,000 a      5,400,000 
Jackson County, Port Facility Revenue,                     
Refunding (Chevron U.S.A. Inc. Project)    3.65    3/1/08    3,000,000 a      3,000,000 
Mississippi Business Finance Corporation, Gulf                     
Opportunity Zone IDR (Chevron U.S.A. Inc. Project)    3.25    3/7/08    7,000,000 a      7,000,000 
Mississippi Business Finance Corporation, Health Care Facilities                     
Revenue (Rush Medical Foundation Project) (LOC; Regions Bank)    3.20    3/7/08    19,400,000 a      19,400,000 
Missouri—.3%                     
Missouri Health and Educational Facilities Authority,                     
Health Facilities Revenue (SSM Health Care)                     
(Insured; FSA and Liquidity Facility; UBS AG)    3.25    3/1/08    4,160,000 a      4,160,000 
Nebraska—1.2%                     
Lancaster County Hospital Authority Number 1,                     
Health Facilities Revenue (Immanuel Health                     
Systems-Williamsburg Project) (LOC; ABN-AMRO)    3.50    3/1/08    16,145,000 a      16,145,000 
Nevada—.2%                     
Clark County, Sales and Excise Tax Revenue, CP                     
(LOC: California State Teachers Retirement                     
System and State Street Bank and Trust Co.)    2.30    5/8/08    2,500,000        2,500,000 
New Jersey—1.1%                     
New Jersey Transportation Trust Fund Authority (Transportation                     
System) (Insured; AMBAC and Liquidity Facility; Citibank NA)    4.38    3/7/08    15,535,000 a,c      15,535,000 
New Mexico—.5%                     
Farmington, PCR, Refunding (Arizona Public Service                     
Company Four Corners Project) (LOC; Barclays Bank PLC)    3.25    3/1/08    6,700,000 a      6,700,000 
New York—7.0%                     
Metropolitan Transportation Authority,                     
Dedicated Tax Fund Bonds (Insured; FSA and                     
Liquidity Facility; Dexia Credit Locale)    3.10    3/7/08    32,200,000 a      32,200,000 
Metropolitan Transportation Authority,                     
Transportation Revenue (LOC; BNP Paribas)    3.95    3/1/08    4,400,000 a      4,400,000 
New York City (LOC; Bayerische Landesbank)    3.05    3/1/08    5,900,000 a      5,900,000 
New York City (LOC; JPMorgan Chase Bank)    3.75    3/1/08    2,100,000 a      2,100,000 
New York City (LOC; KBC Bank)    3.10    3/1/08    8,130,000 a      8,130,000 
New York City Transitional Finance Authority, Future Tax                     
Secured Revenue (Liquidity Facility; Bayerische Landesbank)    4.00    3/1/08    25,000,000 a      25,000,000 
Triborough Bridge and Tunnel Authority,                     
General Revenue, Refunding (Liquidity Facility;                     
Landesbank Baden-Wurttemberg)    2.85    3/7/08    19,900,000 a      19,900,000 

The Funds 13

STATEMENT OF INVESTMENTS (Unaudited) (continued)

BNY Mellon National Municipal Money Market Fund (continued)             
    Coupon    Maturity    Principal         
Short-Term Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 
North Carolina—1.4%                     
New Hanover County, HR, Refunding (New Hanover Regional                     
Medical Center) (Insured; FSA and Liquidity Facility; Wachovia Bank)    3.05    3/7/08    19,100,000 a      19,100,000 
Ohio—4.0%                     
Cleveland-Cuyahoga County Port Authority,                     
Cultural Facility Revenue (Cleveland Museum                     
of Art Project) (Liquidity Facility; JPMorgan Chase Bank)    3.06    3/7/08    20,000,000 a      20,000,000 
Cuyahoga County, Hospital Improvement Revenue, Refunding                     
(The Metrohealth System Project) (LOC; National City Bank)    3.16    3/7/08    18,400,000a      18,400,000 
Delaware County, Health Care Facilities Revenue (Willow Brook                     
Christian Communities Project) (LOC; Fifth Third Bank)    3.20    3/7/08    7,250,000 a      7,250,000 
Warren County, Health Care Facilities Improvement                     
Revenue (Otterbein Homes Project) (LOC; U.S. Bank NA)    3.35    3/7/08    10,000,000 a      10,000,000 
Pennsylvania—3.5%                     
Delaware County Industrial Development Authority, PCR                     
(PECO Energy Company Project) (LOC; Wachovia Bank)    4.00    3/1/08    3,050,000 a      3,050,000 
Delaware County Industrial Development Authority,                     
PCR, Refunding (BP Exploration and Oil Inc. Project)    3.45    3/1/08    2,300,000 a      2,300,000 
Lancaster County, GO Notes (Insured; FSA                     
and Liquidity Facility; Royal Bank of Canada)    3.24    3/7/08    22,615,000 a      22,615,000 
Northampton County General Purpose                     
Authority, Revenue (Lafayette College)    3.35    12/1/08    6,430,000        6,430,000 
Westmoreland County Industrial Development Authority, Health                     
System Revenue (Excela Health Project) (LOC; Wachovia Bank)    3.04    3/7/08    14,140,000 a      14,140,000 
South Carolina—1.4%                     
Greenville County School District, GO Notes    4.00    6/2/08    20,000,000        20,030,755 
Tennessee—5.3%                     
Chattanooga Health Educational and Housing Facility Board,                     
HR, Refunding (Siskin Hospital for Physical                     
Rehabilitation, Inc. Project) (LOC; Bank of America)    3.65    3/1/08    4,800,000 a      4,800,000 
Clarksville Public Building Authority, Financing Revenue                     
(City of Murfreesboro Loan) (LOC; SunTrust Bank)    3.25    3/7/08    6,000,000 a      6,000,000 
Clarksville Public Building Authority, Pooled Financing Revenue                     
(Tennessee Municipal Bond Fund) (LOC; Bank of America)    3.65    3/1/08    15,000,000 a      15,000,000 
Shelby County, GO Notes, Refunding                     
(Liquidity Facility; Dexia Credit Locale)    3.16    3/7/08    48,800,000 a      48,800,000 
Texas—8.0%                     
Brownsville, Utilities System Improvement Revenue,                     
Refunding (Insured; AMBAC and Liquidity Facility; Citigroup)    3.72    3/7/08    17,250,000 a,c      17,250,000 
Lower Colorado River Authority, Improvement Revenue,                     
Refunding (Insured; MBIA and Liquidity Facility;                     
Landesbank Hessen-Thuringen Girozentrale)    3.21    3/7/08    18,645,000 a      18,645,000 
Southwest Higher Education Authority, Inc., Higher Education                     
Revenue (Southern Methodist University Project)                     
(LOC; Landesbank Hessen-Thuringen Girozentrale)    3.50    3/1/08    5,765,000 a      5,765,000 

14

BNY Mellon National Municipal Money Market Fund (continued)             
    Coupon    Maturity    Principal         
Short-Term Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 
Texas (continued)                     
Texas Department of Transportation, State Highway Fund Revenue, CP    3.02    3/5/08    20,000,000        20,000,000 
Texas Turnpike Authority, Central Texas Turnpike                     
System, First Tier Revenue (Insured; AMBAC                     
and Liquidity Facility; Bayerische Landesbank)    6.25    3/7/08    15,840,000 a,c      15,840,000 
Travis County Health Facilities Development Corporation, Retirement                     
Facilities Revenue (Longhorn Village Project) (LOC; Bank of Scotland)    3.35    3/7/08    34,600,000 a      34,600,000 
Utah—.8%                     
Wasatch County School District Board of Education,                     
GO School Building Bonds (Putters Program) (Liquidity Facility;                     
JPMorgan Chase Bank and LOC; Utah School Guaranty Program)    3.41    3/7/08    10,995,000 a,c      10,995,000 
Vermont—1.1%                     
Vermont Educational and Health Buildings Financing Agency,                     
HR (Mount Ascutney Hospital Project) (LOC; TD Banknorth)    3.50    3/1/08    3,100,000 a      3,100,000 
Vermont Housing Finance Agency, Student Housing Facilities                     
Revenue (West Block University of Vermont                     
Apartments Project) (LOC; Bank of Nova Scotia)    3.19    3/7/08    12,075,000 a      12,075,000 
Washington—2.3%                     
Seattle Housing Authority, Low Income Housing Assistance                     
Revenue (Foss Home Project) (LOC; Wells Fargo Bank)    3.04    3/7/08    3,805,000 a      3,805,000 
Washington Housing Finance Commission, Nonprofit                     
Revenue (Seattle Art Museum Project) (LOC; Allied Irish Banks)    3.15    3/1/08    7,300,000 a      7,300,000 
Washington Public Power Supply System, Electric Revenue,                     
Refunding (Project Number 1 and 3) (LOC; Bank of America)    2.98    3/7/08    20,680,000 a      20,680,000 
Wyoming—2.5%                     
Uinta County, PCR, Refunding (Chevron U.S.A. Inc. Project)    3.25    3/1/08    34,545,000 a      34,545,000 
 
Total Investments (cost $1,379,091,964)            98.6%        1,379,091,964 
Cash and Receivables (Net)            1.4%        20,135,163 
Net Assets            100.0%        1,399,227,127 

a Securities payable on demand.Variable interest rate—subject to periodic change. 
b This security is 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 Securities exempt from registration under Rule 144A of the Securities Act of 1933.These securities may be resold in transactions exempt from registration, normally to qualified 
institutional buyers. At February 29, 2008, these securities amounted to $93,900,000 or 6.7% of net assets. 

The Funds 15

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Summary of Abbreviations         
 
 
ACA    American Capital Access    AGC    ACE Guaranty Corporation 
AGIC    Asset Guaranty Insurance Company    AMBAC    American Municipal Bond Assurance Corporation 
ARRN    Adjustable Rate Receipt Notes    BAN    Bond Anticipation Notes 
BIGI    Bond Investors Guaranty Insurance    BPA    Bond Purchase Agreement 
CGIC    Capital Guaranty Insurance Company    CIC    Continental Insurance Company 
CIFG    CDC Ixis Financial Guaranty    CMAC    Capital Market Assurance Corporation 
COP    Certificate of Participation    CP    Commercial Paper 
EDR    Economic Development Revenue    EIR    Environmental Improvement Revenue 
FGIC    Financial Guaranty Insurance Company    FHA    Federal Housing Administration 
FHLB    Federal Home Loan Bank    FHLMC    Federal Home Loan Mortgage Corporation 
FNMA    Federal National Mortgage Association    FSA    Financial Security Assurance 
GAN    Grant Anticipation Notes    GIC    Guaranteed Investment Contract 
GNMA    Government National Mortgage Association    GO    General Obligation 
HR    Hospital Revenue    IDB    Industrial Development Board 
IDC    Industrial Development Corporation    IDR    Industrial Development Revenue 
LOC    Letter of Credit    LOR    Limited Obligation Revenue 
LR    Lease Revenue    MBIA    Municipal Bond Investors 
            Assurance Insurance Corporation 
MFHR    Multi-Family Housing Revenue    MFMR    Multi-Family Mortgage Revenue 
PCR    Pollution Control Revenue    PILOT    Payment in Lieu of Taxes 
RAC    Revenue Anticipation Certificates    RAN    Revenue Anticipation Notes 
RAW    Revenue Anticipation Warrants    RRR    Resources Recovery Revenue 
SAAN    State Aid Anticipation Notes    SBPA    Standby Bond Purchase Agreement 
SFHR    Single Family Housing Revenue    SFMR    Single Family Mortgage Revenue 
SONYMA    State of New York Mortgage Agency    SWDR    Solid Waste Disposal Revenue 
TAN    Tax Anticipation Notes    TAW    Tax Anticipation Warrants 
TRAN    Tax and Revenue Anticipation Notes    XLCA    XL Capital Assurance 

Summary of Combined Ratings (Unaudited)         
 
Fitch    or    Moody’s    or    Standard & Poor’s    Value (%)† 
F1+,F1        VMIG1,MIG1,P1        SP1+,SP1,A1+,A1    92.4 
AAA,AA,A d        Aaa,Aa,A d        AAA,AA,A d    7.6 
                    100.0 

†    Based on total investments. 
d    Notes which are not F, MIG and SP rated are represented by bond ratings of the issuers. 
See notes to financial statements. 

16

STATEMENT OF ASSETS AND LIABILITIES 
February 29, 2008 (Unaudited) 

    BNY Mellon    BNY Mellon 
    Money Market    National Municipal 
    Fund    Money Market Fund 
Assets ($):         
Investments in securities—See Statement of Investments+    1,171,529,966    1,379,091,964 
Cash    —    15,605,056 
Interest receivable    4,427,849    4,734,879 
Prepaid expenses    22,695    25,550 
    1,175,980,510    1,399,457,449 
Liabilities ($):         
Due to The Dreyfus Corporation and affiliates—Note 4(b)    155,934    41,165 
Due to Administrator—Note 4(a)    115,235    147,511 
Cash overdraft due to Custodian    6,291,546    — 
Accrued expenses    41,131    41,646 
    6,603,846    230,322 
Net Assets ($)    1,169,376,664    1,399,227,127 
Composition of Net Assets ($):         
Paid-in capital    1,169,361,811    1,399,207,394 
Accumulated net realized gain (loss) on investments    14,853    19,733 
Net Assets ($)    1,169,376,664    1,399,227,127 
Net Asset Value Per Share         
Class M Shares         
Net Assets ($)    1,168,029,434    1,399,226,033 
Shares Outstanding    1,168,014,600    1,399,207,214 
Net Asset Value Per Share ($)    1.00    1.00 
Investor Shares         
Net Assets ($)    1,347,230    1,094 
Shares Outstanding    1,347,211    1,094 
Net Asset Value Per Share ($)    1.00    1.00 
† Investments at cost ($)    1,171,529,966    1,379,091,964 

See notes to financial statements.

The Funds 17

STATEMENT OF OPERATIONS 
February 29, 2008 (Unaudited) 

    BNY Mellon    BNY Mellon 
    Money Market    National Municipal 
    Fund    Money Market Fund 
Investment Income ($):         
Interest Income    23,706,668    19,430,148 
Expenses:         
Investment advisory fee—Note 4(a)    727,368    905,265 
Administration fee—Note 4(a)    618,307    769,555 
Custodian fees—Note 4(b)    29,091    46,249 
Registration fees    22,824    32,448 
Professional fees    20,442    12,765 
Trustees’ fees and expenses—Note 4(c)    14,878    16,693 
Shareholder servicing costs—Note 4(b)    1,804    133 
Prospectus and shareholders’ reports    1,059    742 
Miscellaneous    10,651    15,819 
Total Expenses    1,446,424    1,799,669 
Less-expense reduction in fees         
due to earnings credits—Note 2(b)    (10,648)    (160,692) 
Net Expenses    1,435,776    1,638,977 
Investment Income —Net    22,270,892    17,791,171 
Net realized Gain (Loss) on Investments—Note 2(b) ($)    15,900    13,740 
Net Increase in Net Assets Resulting from Operations    22,286,792    17,804,911 

See notes to financial statements.

18

STATEMENT OF CHANGES IN NET ASSETS

            BNY Mellon National 
    BNY Mellon Money Market Fund    Municipal Money Market Fund 
    Six Months Ended        Six Months Ended     
    February 29, 2008    Year Ended    February 29, 2008    Year Ended 
    (Unaudited)    August 31, 2007    (Unaudited)    August 31, 2007 
Operations ($):                 
Investment income—net    22,270,892    40,669,866    17,791,171    31,063,584 
Net realized gain (loss) from investments    15,900    —    13,740    10,881 
Net Increase (Decrease) in Net Assets                 
Resulting from Operations    22,286,792    40,669,886    17,804,911    31,074,465 
Dividends to Shareholders from ($):                 
Investment income—net:                 
Class M Shares    (22,241,985)    (40,620,276)    (17,791,156)    (31,060,143) 
Investor Shares    (28,907)    (49,610)    (15)    (3,441) 
Total Dividends    (22,270,892)    (40,669,886)    (17,791,171)    (31,063,584) 
Beneficial Interest Transactions ($1.00 per share):             
Net proceeds from shares sold:                 
Class M Shares    1,069,971,130    1,629,857,060    1,444,019,333    2,013,809,020 
Investor Shares    170,719    768,283    —    802,269 
Dividends reinvested:                 
Class M Shares    17    5    —    3 
Investor Shares    28,906    49,602    15    2,907 
Cost of shares redeemed:                 
Class M Shares    (745,199,587)    (1,541,341,988)    (985,064,155)    (1,808,087,468) 
Investor Shares    (206,430)    (353,581)    —    (805,143) 
Increase (Decrease) in Net Assets from                 
Beneficial Interest Transactions    324,764,755    88,979,381    458,955,193    205,721,588 
Total Increase (Decrease) In Net Assets    324,780,655    88,979,381    458,968,933    205,732,469 
Net Assets ($):                 
Beginning of Period    844,596,009    755,616,628    940,258,194    734,525,725 
End of Period    1,169,376,664    844,596,009    1,399,227,127    940,258,194 

See notes to financial statements.

The Funds 19

FINANCIAL HIGHLIGHTS

The following tables describe the performance for each share class for the fiscal periods indicated.All information reflects financial results for a single fund share. Total return shows how much your investment in the fund would have increased (or decreased) during each period, assuming you had reinvested all dividends and distributions. These figures have been derived from the fund’s financial statements.

            Class M Shares             
    Six Months Ended                     
    February 29, 2008        Year Ended August 31,     
BNY Mellon Money Market Fund    (Unaudited)    2007    2006    2005    2004    2003 a 
Per Share Data ($):                         
Net asset value, beginning of period    1.00    1.00    1.00    1.00    1.00    1.00 
Investment Operations:                         
Investment income—net    .023    .050    .043    .023    .008    .002 
Distributions:                         
Dividends from investment income—net    (.023)    (.050)    (.043)    (.023)    (.008)    (.002) 
Net asset value, end of period    1.00    1.00    1.00    1.00    1.00    1.00 
Total Return (%)    4.67b    5.16    4.35    2.30    .82    .76b 
Ratios/Supplemental Data (%):                         
Ratio of total expenses to average net assets    .30b    .30    .31    .31    .33    .36b 
Ratio of net expenses to average net assets    .30b,c    .30c    .31    .31    .33    .36b 
Ratio of net investment income                         
to average net assets    4.59b    5.04    4.29    2.36    .82    .78b 
Net Assets, end of period ($ x 1,000)    1,168,029    843,242    754,727    678,569    471,723    388,979 

a    From June 2, 2003 (commencement of operations) to August 31, 2003. 
b    Annualized. 
c    The difference for the period represents less than .01%. 
See notes to financial statements. 

20

            Investor Shares             
    Six Months Ended                     
    February 29, 2008        Year Ended August 31,     
BNY Mellon Money Market Fund    (Unaudited)    2007    2006    2005    2004    2003 a 
Per Share Data ($):                         
Net asset value, beginning of period    1.00    1.00    1.00    1.00    1.00    1.00 
Investment Operations:                         
Investment income—net    .022    .048    .040    .020    .006    .001 
Distributions:                         
Dividends from investment income—net    (.022)    (.048)    (.040)    (.020)    (.006)    (.001) 
Net asset value, end of period    1.00    1.00    1.00    1.00    1.00    1.00 
Total Return (%)    4.41b    4.89    4.09    2.05    .57    .52b 
Ratios/Supplemental Data (%):                         
Ratio of total expenses to average net assets    .55b    .55    .56    .57    .64    .62b 
Ratio of net expenses to average net assets    .55b,c    .55c    .56    .57    .64    .62b 
Ratio of net investment income                         
to average net assets    4.39b    4.80    4.09    2.20    .79    .48b 
Net Assets, end of period ($ x 1,000)    1,347    1,354    890    640    213    11 

a    From June 2, 2003 (commencement of operations) to August 31, 2003. 
b    Annualized. 
c    The difference for the period represents less than .01%. 
See notes to financial statements. 

The Funds 21

FINANCIAL HIGHLIGHTS (continued)

            Class M Shares             
    Six Months Ended                     
    February 29, 2008        Year Ended August 31,     
BNY Mellon National Municipal Money Market Fund    (Unaudited)    2007    2006    2005    2004    2003 a 
Per Share Data ($):                         
Net asset value, beginning of period    1.00    1.00    1.00    1.00    1.00    1.00 
Investment Operations:                         
Investment income—net    .015    .033    .028    .017    .007    .002 
Distributions:                         
Dividends from investment income—net    (.015)    (.033)    (.028)    (.017)    (.007)    (.002) 
Net asset value, end of period    1.00    1.00    1.00    1.00    1.00    1.00 
Total Return (%)    3.03b    3.40    2.88    1.68    .70    .64b 
Ratios/Supplemental Data (%):                         
Ratio of total expenses to average net assets    .30b    .30    .32    .32    .33    .35b 
Ratio of net expenses to average net assets    .27b    .30c    .31    .32c    .33    .35b 
Ratio of net investment income                         
to average net assets    2.95b    3.35    2.86    1.68    .71    .62b 
Net Assets, end of period ($ x 1,000)    1,399,226    940,257    734,525    613,375    488,926    265,068 

a    From June 2, 2003 (commencement of operations) to August 31, 2003. 
b    Annualized. 
c    The difference for the period represents less than .01%. 
See notes to financial statements. 

22

            Investor Shares             
    Six Months Ended                     
    February 29, 2008        Year Ended August 31,     
BNY Mellon National Municipal Money Market Fund    (Unaudited)    2007    2006    2005    2004    2003 a 
Per Share Data ($):                         
Net asset value, beginning of period    1.00    1.00    1.00    1.00    1.00    1.00 
Investment Operations:                         
Investment income—net    .014    .031    .026    .014    .005    .001 
Distributions:                         
Dividends from investment income—net    (.014)    (.031)    (.026)    (.014)    (.005)    (.001) 
Net asset value, end of period    1.00    1.00    1.00    1.00    1.00    1.00 
Total Return (%)    2.77b    3.15    2.62    1.43    .45    .36b 
Ratios/Supplemental Data (%):                         
Ratio of total expenses to average net assets    .55b    .56    .57    .58    .60    .57b 
Ratio of net expenses to average net assets    .52b    .55    .57    .57    .60    .57b 
Ratio of net investment income                         
to average net assets    2.71b    3.16    2.60    1.38    .58    .48b 
Net Assets, end of period ($ x 1,000)    1    1    1    1    1    1 

a    From June 2, 2003 (commencement of operations) to August 31, 2003. 
b    Annualized. 
See notes to financial statements. 

The Funds 23

NOTES TO FINANCIAL STATEMENTS (Unaudited)

NOTE 1—General:

BNY Mellon Funds Trust (the “Trust”) was organized as a Massachusetts business trust which is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company and operates as a series company currently comprised of seventeen series including the following diversified money market funds: BNY Mellon Money Market Fund and BNY Mellon National Municipal Money Market Fund (each, a “fund” and collectively, the “funds”). Effective March 31, 2008, the Trust changed its name from “Mellon Funds Trust” to “BNY Mellon Funds Trust” and each fund added “BNY” to the beginning of its name. BNY Mellon Money Market Fund’s investment objective is to provide investors with as high a level of current income as is consistent with the preservation of capital and the maintenance of liquidity. BNY Mellon National Municipal Money Market Fund’s investment objective is to provide investors with as high a level of current income exempt from federal income tax as is consistent with the preservation of capital and the maintenance of liquidity.

Mellon Fund Advisers, a division of the Dreyfus Corporation (the “Manager” or “Dreyfus) serves as each fund’s investment adviser (“Investment Adviser”). Mellon Bank, N.A. (“Mellon Bank”), an affiliate of Dreyfus, serves as administrator for the funds pursuant to an Administration Agreement with the Trust (the “Administration Agreement”). Mellon Bank has entered into a Sub-Administration Agreement with Dreyfus pursuant to which Mellon Bank pays Dreyfus for performing certain administrative services. Dreyfus and Mellon Bank are wholly-owned subsidiaries of The Bank of New York Mellon Corporation (“BNY Mellon”). MBSC Securities Corporation (the “Distributor”), a wholly-owned subsidiary of Dreyfus, is the distributor of each fund’s shares, which are sold without a sales charge.

The Trust is authorized to issue an unlimited number of shares of beneficial interest, par value $.001 per share, in

each of the Class M and Investor class shares of each fund. Each class of shares has similar rights and privileges, except with respect to the expenses borne by and the shareholder services offered to each class and the shareholder services plan applicable to the Investor shares, the allocation of certain transfer agency costs, and certain voting rights. Income, expenses (other than expenses attributable to a specific class), and realized gains or losses on investments are allocated to each Class of shares based on its relative net assets.

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 that are applicable to all series are allocated among them on a pro rata basis.

The fund’s financial statements are prepared in accordance with U.S. generally accepted accounting principles, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

NOTE 2—Significant Accounting Policies:

(a) Portfolio valuation: Investments in securities are valued at amortized cost in accordance with Rule 2a-7 of the Act, which has been determined by the Trust’s Board to represent the fair value of the fund’s investments.

It is the funds’ policy to maintain a continuous net asset value per share of $1.00; the fund has adopted certain investment, portfolio valuation and dividend and distribution policies to enable it to do so. There is no assurance, however, that the fund will be able to maintain a stable net asset value per share of $1.00.

Financial Accounting Standards Board (“FASB”) released Statement of Financial Accounting Standards No. 157 “Fair Value Measurements” (“FAS 157”). FAS 157 establishes an authoritative definition of fair value, sets out a framework for measuring fair value, and requires additional disclosures about fair-value measure-ments.The application of FAS 157 is required for fiscal

24

years beginning after November 15, 2007 and interim periods within those fiscal years. Management does not believe that the application of this standard will have a material impact on the financial statements of the fund.

(b) Securities transactions and investment income:Securities transactions are recorded on a trade date basis. Interest income, adjusted for accretion of discount and amortization of premium on investments, is earned from settlement date and recognized on the accrual basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Cost of investments represents amortized cost.

The fund has arrangements with the custodian and cash management banks whereby the fund may receive earnings credit when positive cash balances are maintained, which are used to offset custody and cash management fees. For financial reporting purposes, the fund includes net earnings credits as an expense offset in the Statement of Operations.

(c) Repurchase agreements: The funds may engage in repurchase agreement transactions. Under the terms of a typical repurchase agreement, a fund, through its custodian and sub-custodian, takes possession of an underlying debt obligation subject to an obligation of the seller to repurchase, and the fund to resell, the obligation at an agreed-upon price and time, thereby determining the yield during the fund’s holding period.This arrangement results in a fixed rate of return that is not subject to market fluctuations during the fund’s holding period. The value of the collateral is at least equal, at all times, to the total amount of the repurchase obligation, including interest. In the event of a counterparty default, the fund has the right to use the collateral to offset losses incurred.There is potential loss to the fund in the event the fund is delayed or prevented from exercising its rights to dispose of the collateral securities, including the risk of a possible decline in the value of the underlying securities during the period while the fund seeks to

assert its rights. The Investment Adviser reviews the value of the collateral and the creditworthiness of those banks and dealers with which the fund enters into repurchase agreements to evaluate potential risks.

(d) Dividends to shareholders: Dividends payable to shareholders are recorded by the funds on the ex-dividend date.The funds declare dividends daily from investment income-net; such dividends are paid monthly.With respect to each series, dividends from net realized capital gains, if any, are normally declared and paid annually, but the funds may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the “Code”).To the extent that net realized capital gains can be offset by capital losses carryovers of that fund, if any, it is the policy of the fund not to distribute such gains.

(e) Federal income taxes: It is the policy of the BNY Mellon Money Market Fund to continue to qualify as a regulated investment company, if such qualification is in the best interests of its shareholders, by complying with the applicable provisions of the Code, and to make distributions of taxable income sufficient to relieve it from substantially all federal income and excise taxes. It is the policy of the BNY Mellon National Municipal Money Market Fund to continue to qualify as a regulated investment company, which can distribute tax exempt dividends, by complying with the applicable provisions of the Code, and to make distributions of income and net realized capital gain sufficient to relieve it from substantially all federal income and excise taxes. For federal income tax purposes, each series is treated as a single entity for the purpose of determining such qualification.

During the current year, the fund adopted FASB Interpretation No. 48 Accounting for Uncertainty in Income Taxes” (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions

The Funds 25

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

taken or expected to be taken in the course of preparing the fund’s tax returns to determine whether the tax positions are more-likely-than-not of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year. Adoption of FIN 48 is required for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date.The adoption of FIN 48 had no impact on the operations of the fund for the period ended February 29, 2008.

Each of the tax years in the three-year period ended August 31, 2007, remains subject to examination by the Internal Revenue Service and state taxing authorities.

BNY Mellon Money Market Fund has an unused capital loss carryover of $1,047 available for Federal income tax purposes to be applied against future net securities profits, if any, realized subsequent to August 31, 2007. If not applied, $540 of the carryover expires in fiscal 2012, $56 expires in fiscal 2013 and $451 expires in fiscal 2014.

The tax characters of distributions paid to shareholders during the fiscal year ended August 31, 2007 were all ordinary income for the BNY Mellon Money Market Fund and all tax exempt income for the BNY Mellon National Municipal Money Market Fund.The tax character of current year distributions will be determined at the end of the current fiscal year.

At February 29, 2008, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments).

NOTE 3—Bank Line of Credit

The funds participate with other Dreyfus-managed funds in a $100 million unsecured line of credit primarily to be utilized for temporary or emergency purposes, including the financing of redemptions. Interest is charged to the fund based on prevailing market rates in effect at the time of borrowings.

NOTE 4—Investment Advisory Fee, Administration
Fee and Other Transactions With Affiliates:

(a) Fees payable by the funds pursuant to the provisions of an Investment Advisory Agreement with the Investment Adviser are payable monthly, computed on the average daily value of each fund’s net assets at the following annual rates: .15% of the BNY Mellon Money Market Fund and .15% of the BNY Mellon National Municipal Money Market Fund.

Pursuant to the Administration Agreement with Mellon Bank, Mellon provides or arranges for fund accounting, transfer agency and other fund administration services and receives a fee based on the total net assets of the Trust based on the following rates:

0 up to $6 billion    .15% 
In excess of $6 billion up to $12 billion    .12% 
In excess of $12 billion    .10% 

Mellon Bank has entered into a Sub-Administration Agreement with Dreyfus pursuant to which Mellon Bank pays Dreyfus for performing certain administrative services.

(b) The funds have adopted a Shareholder Services Plan with respect to its Investor shares pursuant to which each fund pays the Distributor for the provision of certain services to holders of Investor shares a fee at an annual rate of .25% of the value of the average daily net assets attributable to Investor shares. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding a fund, and providing reports and other information, and services related to the maintenance of such shareholder accounts. The Shareholder Services Plan allows the Distributor to make payments from the shareholder services fees it collects from each fund to compensate service agents (certain banks, securities brokers or dealers and other financial institutions) in respect of these services. Table 1 summarizes the amounts Investor shares were charged during the period ended February 29, 2008, pursuant to the Shareholder Services Plan.

26
Table 1.     
BNY Mellon Money Market Fund    $1,647 
BNY Mellon National Municipal     
Money Market Fund    $ 1 

The funds compensate The Bank of New York, a subsidiary of BNY Mellon and a Dreyfus affiliate, under a cash management agreement for performing cash management services related to fund subscriptions and redemptions. Table 2 summarizes the amounts the funds were charged during the period ended February 29, 2008, pursuant to the cash management agreements.

Table 2.     
BNY Mellon Money Market Fund    $7 
BNY Mellon National Municipal     
Money Market Fund    $3 

The funds compensate Mellon Bank, under a cash management agreement for performing cash management services related to fund subscriptions and redemptions. Table 3 summarizes the amounts the funds were charged during the period ended February 29, 2008 pursuant to the cash management agreement.

Table 3.     
BNY Mellon Money Market Fund    $23 
BNY Mellon National Municipal     
Money Market Fund    $11 

During the period ended February 29, 2008 each fund was charged $2,411 for services performed by the Chief Compliance Officer.

The funds compensate Mellon Bank, under a Custody Agreement for providing custodial services for the funds. Table 4 summarizes the amounts the funds were charged during the period ended February 29, 2008 pursuant to the custody agreement.

Table 4.     
BNY Mellon Money Market Fund    $29,091 
BNY Mellon National Municipal     
Money Market Fund    $46,249 

Table 5 summarizes the components of “Due to The Dreyfus Corporation and affiliates” in the Statement of Assets and Liabilities for each fund.

(c) Each trustee who is not an “affiliated person” as defined in the Act receives from the Trust an annual fee of $48,000 and an attendance fee of $5,000 for each in-person meeting attended and $500 for telephone meetings and is reimbursed for travel and out-of-pocket expenses.

The Chairman of the Trust’s Board receives an additional annual fee of $10,000 and the Chairman of the Trust’s Audit Committee receives an additional annual fee of $8,000.

Table 5.                 
 
    Investment    Shareholder        Chief 
    Advisory    Services    Custody    Compliance 
    Fees ($)    Plan Fees ($)    Fees ($)    Officer Fees ($) 
BNY Mellon Money Market Fund    134,907    264    16,344    4,419 
BNY Mellon National Municipal Money Market Fund    36,746    —    —    4,419 

The Funds 27

For More Information

BNY Mellon Funds Trust    Custodian 
c/o The Dreyfus Corporation     
200 Park Avenue    Mellon Bank, N.A. 
New York, NY 10166    One Mellon Bank Center 
    Pittsburgh, PA 15258 
Investment Adviser     
    Transfer Agent & 
Mellon Fund Advisers, a division of    Dividend Disbursing Agent 
The Dreyfus Corporation     
200 Park Avenue    Dreyfus Transfer, Inc. 
New York, NY 10166    200 Park Avenue 
    New York, NY 10166 
Administrator     
    Distributor 
Mellon Bank, N.A.     
One Mellon Bank Center    MBSC Securities Corporation 
Pittsburgh, PA 15258    200 Park Avenue 
    New York, NY 10166 
Sub-Administrator     
 
The Dreyfus Corporation     
200 Park Avenue     
New York, NY 10166     

Ticker Symbols:         
BNY Mellon Money Market Fund    Class M: MLMXX    Investor: MLOXX 
BNY Mellon National Municipal Money Market Fund    Class M: MOMXX    Investor: MNTXX 

Telephone Wealth Management (WM) Clients, please contact your Account Officer or call 1-888-281-7350.
Brokerage Clients of BNY Mellon Wealth Advisors (BNYMWA), please contact your financial representative
or call 1-800-830-0549, Option 2. Individual Account holders, please call Dreyfus at 1-800-645-6561.

Mail WM Clients, write to your Account Officer, c/o Mellon Bank, N.A., 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 55268, Boston, MA 02205–8502

The funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The funds’ Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-202-551-8090.

Information regarding how the funds voted proxies relating to portfolio securities for the 12-month period ended June 30, 2007, is available on the SEC’s website at http://www.sec.gov and without charge, upon request, by calling 1-800-645-6561.

MFTSA0208-MM

©2008 MBSC Securities Corporation

Contents     
 
The Funds     
Letter from the President    2 
Discussion of Funds’ Performance     
BNY Mellon Bond Fund    3 
BNY Mellon     
Intermediate Bond Fund    5 
BNY Mellon Short-Term U.S.     
Government Securities Fund    7 
Understanding Your Fund’s Expenses    9 
Comparing Your Fund’s Expenses     
With Those of Other Funds    9 
Statements of Investments    10 
Statements of Assets and Liabilities    22 
Statements of Operations    23 
Statements of Changes in Net Assets    24 
Financial Highlights    26 
Notes to Financial Statements    32 

For More Information

Back cover

The views expressed herein are current to the date of this report. These views and the composition of the funds’ portfolios are subject to change at any time based on market and other conditions.

• Not FDIC-Insured 
• Not Bank-Guaranteed 
• May Lose Value 

The Funds

LETTER FROM 
THE PRESIDENT 

Dear Shareholder:

We are pleased to present this semiannual report for the BNY Mellon Funds Trust, covering the six-month period from September 1, 2007, through February 29, 2008.

The past six months proved to be one of the more challenging periods for fixed-income investors in recent memory.The U.S. economy sputtered under the weight of plunging housing values, and credit concerns that originated in the U.S. sub-prime mortgage sector spread to other areas of the global financial markets.These developments dampened investor sentiment and produced heightened volatility in many segments of the U.S. bond market. U.S.Treasuries rallied strongly in the continuing “flight to quality,” but some of the higher-yielding market sectors posted sharp price declines.

Recently, the Fed and the U.S. government have adopted accommodative monetary and fiscal policies in an effort to stimulate the U.S. economy, boost market liquidity and forestall a potential recession.While it’s too early to know if their actions will be effective, we believe that the best defense against any economic volatility is to maintain a long-term perspective. To benefit from this focus, talk to your portfolio manager today about your specific portfolio to ensure that your investments are best suited to capture the potential opportunities and manage the risks that may continue to surface during this current economic cycle.

For information about how each fund performed during the reporting period, as well as market perspectives, we have provided a Discussion of Fund Performance.

Thank you for your continued confidence and support.

DISCUSSION OF 
FUND PERFORMANCE 

For the period of September 1, 2007, through February 29,
2008, as provided by John F. Flahive, Portfolio Manager

Fund and Market Performance Overview

For the six-month period ended February 29, 2008, BNY Mellon Bond Fund achieved total returns of 5.94% for Class M shares and 5.82% for Investor shares.1 In comparison, the Lehman Brothers U.S. Aggregate Index (the “Index”), the fund’s benchmark, achieved a total return of 5.67% for the same period.2

Although higher yielding sectors of the U.S. bond market were hurt by an intensifying credit crisis during the reporting period, U.S.Treasury securities generally gained value in the resulting “flight to quality,” supporting the Index’s performance compared to other asset classes. The fund produced higher returns than its benchmark, which we attribute to a generally neutral sector allocation strategy, a focus on higher-quality securities and an emphasis on bonds with maturities in the five- to seven-year range.

The Fund’s Investment Approach

The fund seeks total return (consisting of capital appreciation and current income). To pursue its goal, the fund actively manages bond market and maturity exposure and invests at least 80% of its assets in bonds, such as U.S. Treasury and government agency bonds, corporate bonds, mortgage-related securities and foreign corporate and government bonds. The fund’s investments in bonds must be rated investment-grade quality at the time of purchase3 or, if unrated, deemed of comparable quality by the investment adviser. Generally, the average effective duration of the fund’s portfolio will not exceed eight years.

High-Quality Bonds Fared Relatively Well in the
Downturn

The reporting period began amid a credit crisis originating in the sub-prime mortgage market, where an unexpectedly high number of homeowners defaulted on their loans. This development sent shockwaves throughout the financial markets as investors reassessed their attitudes toward risk and began to turn away from all but the highest-quality bonds. The effects of deteriorating investor sentiment were exacerbated by selling pressure from highly leveraged hedge funds and other institutional investors, which were forced to raise cash for redemption requests and margin calls. Market liquidity became increasingly difficult as major banks and bond dealers struggled with massive write-offs.As a result, a broad range of fixed-income markets — from mortgage-backed securities to municipal bonds — suffered sharp price declines.

The riskier segments of the bond market also were adversely affected by a U.S. economic slowdown, as declining housing prices, soaring food and energy costs and a softer job market put pressure on consumer spending. Liquidity injections and aggressive reductions of short-term interest rates by the Federal Reserve Board, as well as a fiscal stimulus package from Congress, have so far helped prevent a market collapse, but have not yet forestalled further economic deterioration.

U.S. government securities proved to be one of the brighter spots in the financial markets during the reporting period. As investors grew more risk averse, they flocked to U.S.Treasury securities and, to a lesser extent, U.S. government agency securities. Prices of these relatively “safe havens”climbed along with investor demand.

The Funds 3

DISCUSSION OF FUND PERFORMANCE (continued)

Adding Value Through Interest Rate Strategies

In this challenging environment, we adopted a sector allocation strategy that was roughly in line with that of the benchmark, which enabled the fund to participate fully in the relative strength of U.S. Treasury securities. We also focused on higher-quality securities, including investment-grade corporate bonds and highly rated mortgage-backed “pass-through” securities that held up relatively well during the economic downturn.The fund held none of the troubled sub-prime or “Alt-A” mortgage-backed securities that were at the epicenter of the credit crisis.

We added a significant amount of value through our interest rate strategies. Because we expected yield differences to narrow as longer-term yields declined more than short-term interest rates, we moved toward a more “bulleted” focus on securities in the five- to seven-year maturity range, which ranked among the main beneficiaries of the U.S.Treasuries rally. On average, we maintained the fund’s average duration in a range we considered in line with to slightly shorter than that of the benchmark. However, we achieved this position through relatively short durations among corporate bonds and slightly long durations among U.S. Treasury securities. This strategy boosted the fund’s exposure to the stronger-performing segments of each market.

Maintaining Caution in a Volatile Market

As of the reporting period’s end, the U.S. economy has continued to deteriorate and the credit crisis has intensi-fied.Therefore, we have maintained a defensive investment posture, including a generally neutral sector allocation strategy, a focus on higher-quality securities and broad diversification among individual issuers. While we have begun to find value-oriented opportunities in higher yielding areas of the bond market, we have held off on taking advantage of them until we see more convincing evidence that the worst of the downturn is behind us. In our judgment, these are prudent strategies in today’s unsettled market environment.

March 17, 2008

1    Total return includes reinvestment of dividends and any capital gains paid. 
    Past performance is no guarantee of future results. Share price, yield and 
    investment return fluctuate such that upon redemption, fund shares may be 
    worth more or less than their original cost. 
2    SOURCE: LIPPER INC. — Reflects reinvestment of dividends and, where 
    applicable, capital gain distributions.The Lehman Brothers U.S. Aggregate 
    Index is a widely accepted, unmanaged total return index of corporate, U.S. 
    government and U.S. government agency debt instruments, mortgage-backed 
    securities and asset-backed securities with an average maturity of 1-10 years. 
3    The fund may continue to own investment-grade bonds (at the time of 
    purchase), which are subsequently downgraded to below investment grade. 

4

DISCUSSION OF 
FUND PERFORMANCE 

For the period of September 1, 2007, through February 29,
2008, as provided by John F. Flahive, Portfolio Manager

Fund and Market Performance Overview

For the six-month period ended February 29, 2008, BNY Mellon Intermediate Bond Fund achieved total returns of 6.57% for Class M shares and 6.41% for Investor shares.1 In comparison, the Lehman Brothers Intermediate Government/Credit Bond Index (the “Index”), the fund’s benchmark, produced a total return of 6.74% for the same period.2

Although higher yielding sectors of the U.S. bond market were hurt by a credit crisis during the reporting period, U.S.Treasury securities generally gained value in a “flight to quality,”supporting the Index’s performance. The fund produced slightly lower returns than its benchmark, which we attribute to an average duration that was modestly shorter than industry averages.

The Fund’s Investment Approach

The fund seeks total return (consisting of capital appreciation and current income).To pursue its goal, the fund actively manages bond market and maturity exposure and invests at least 80% of its assets in bonds, such as U.S. government and agency bonds, corporate bonds, mortgage-related securities, foreign corporate and government bonds and municipal bonds.The fund’s investments in bonds must be rated investment grade at the time of purchase3 or, if unrated, deemed of comparable quality by the investment adviser. Generally, the fund’s average effective portfolio maturity will be between three and 10 years, and the average effective duration of the fund’s portfolio will be between 2.5 and 5.5 years.

When managing the fund, we use a disciplined process to select securities and manage risk.We generally choose

bonds based on yield, credit quality, the level of interest rates and inflation,general economic and financial trends and our outlook for the securities markets.Our management process also includes computer modeling and scenario testing of possible changes in market conditions.

High-Quality Bonds Fared Relatively Well in the
Downturn

The reporting period began amid a credit crisis originating in the sub-prime mortgage market, which sent shock waves throughout the financial markets as investors reassessed their attitudes toward risk and began to turn away from all but the highest-quality bonds.The effects of deteriorating investor sentiment were exacerbated by selling pressure from highly leveraged hedge funds and other institutional investors. Market liquidity became increasingly difficult as major banks and bond dealers struggled with massive write-offs. As a result, a broad range of fixed-income markets suffered sharp price declines.

The riskier segments of the bond market also were undermined by a U.S. economic slowdown as declining housing prices, soaring energy costs and a softer job market put pressure on consumer spending. Liquidity injections and aggressive reductions of short-term interest rates by the Federal Reserve Board, as well as a fiscal stimulus package from Congress, have so far helped prevent a market collapse, but have not yet forestalled further economic deterioration.

U.S. government securities proved to be one of the brighter spots in the financial markets during the reporting period. As investors grew more risk averse, they flocked to U.S.Treasury securities and, to a lesser extent, U.S. government agency securities. Prices of these relatively “safe havens”climbed along with investor demand.

The Funds 5

DISCUSSION OF FUND PERFORMANCE (continued)

Adding Value Through Interest Rate Strategies

In this challenging environment, we adopted a sector allocation strategy that was roughly in line with that of the benchmark, which enabled the fund to participate fully in the relative strength of U.S. Treasury securities. We also focused on higher-quality securities, including investment-grade corporate bonds and highly rated mortgage-backed “pass-through” securities that held up relatively well during the economic downturn.The fund held none of the troubled sub-prime or “Alt-A” mortgage-backed securities that were at the epicenter of the credit crisis.

However, we maintained an average duration that was slightly shorter than that of the benchmark, which prevented the fund from participating more fully in the rally toward the longer end of the intermediate maturity range.We achieved this position through relatively short durations among corporate bonds and slightly longer durations among U.S. Treasury securities, which helped offset a portion of duration-related weakness. In addition, because we expected yield differences to narrow as longer-term yields declined more than short-term interest rates, we moved toward a more “bulleted” focus on securities in the intermediate maturity range, which contributed positively to the fund’s relative performance.

Maintaining Caution in a Volatile Market

As of the reporting period’s end, the U.S. economy has continued to deteriorate and the credit crisis has inten-sified.Therefore, we have maintained a defensive investment posture, including a generally neutral sector allocation strategy, a focus on higher-quality securities and broad diversification among individual issuers.While we have begun to find value-oriented opportunities in higher yielding areas of the bond market, we have held off on taking advantage of them until we see more convincing evidence that the worst of the downturn is behind us. In our judgment, these are prudent strategies in today’s unsettled market environment.

March 17, 2008

1    Total return includes reinvestment of dividends and any capital gains paid. 
    Past performance is no guarantee of future results. Share price, yield and 
    investment return fluctuate such that upon redemption, fund shares may be 
    worth more or less than their original cost. 
2    SOURCE: LIPPER INC. – Reflects reinvestment of dividends and, where 
    applicable, capital gain distributions.The Lehman Brothers Intermediate 
    Government/Credit Bond Index is a widely accepted, unmanaged index of 
    government and credit bond market performance composed of U.S. government, 
    Treasury and agency securities, fixed-income securities and nonconvertible 
    investment-grade credit debt, with an average maturity of 1-10 years. Index return 
    does not reflect the fees and expenses associated with operating a mutual fund. 
3    The fund may continue to own investment-grade bonds (at the time of 
    purchase), which are subsequently downgraded to below investment grade. 

6

DISCUSSION OF 
FUND PERFORMANCE 

For the period of September 1, 2007, through February 29,
2008, as provided by Lawrence R. Dunn, CFA, Portfolio
Manager

Fund and Market Performance Overview

For the six-month period ended February 29, 2008, BNY Mellon Short-Term U.S. Government Securities Fund achieved total returns of 5.40% for Class M shares and 5.26% for Investor shares.1 In comparison, the Lehman Brothers 1-3 Year U.S. Government Index (the “Index”), the fund’s benchmark, achieved a total return of 5.79% for the same period.2

While most asset classes suffered due to an intensifying credit crisis and slowing economic growth, U.S. government securities fared relatively well amid a “flight to quality” among investors. The fund’s returns slightly lagged its benchmark, primarily due to its relatively heavy emphasis on U.S. government agency securities.

The Fund’s Investment Approach

The fund seeks to provide as high a level of current income as is consistent with the preservation of capi-tal.To pursue this goal, the fund invests at least 80% of its assets in securities issued or guaranteed by the U.S. government or its agencies or instrumentalities and in repurchase agreements. The fund may invest up to 35% of its net assets in mortgage-related securities issued by U.S. government agencies or instrumentalities, such as mortgage pass-through securities issued by the Government National Mortgage Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”). The fund may also invest in collateralized mortgage obligations (“CMOs”), including stripped mortgage-backed

securities. Generally, the fund’s average effective portfolio maturity and the average effective duration of the fund’s portfolio will be less than three years.

When choosing securities, we typically first examine U.S. and global economic conditions and other market factors to estimate long- and short-term interest rates. Using a research-driven investment process, we then seek to identify what we believe are potentially profitable sectors before they are widely perceived by the market. We also seek to identify underpriced or mispriced securities that appear likely to perform well over time.

Credit Concerns Intensified as the Economy
Slowed

Mounting credit and economic concerns led to heightened turmoil in most areas of the global fixed-income markets during the reporting period, when turmoil in the U.S. sub-prime mortgage market, faltering housing prices and soaring food and energy prices caused investors to reassess their previously tolerant attitudes toward risk.The Federal Reserve Board (the “Fed”) attempted to promote market liquidity and forestall further economic deterioration by reducing the federal funds rate from 5.25% to 4.75% at its September meeting, its first cut in the overnight rate in more than four years. Investors initially reacted positively to the move, but reports of heavy sub-prime related losses among commercial and investment banks derailed a potential market rebound. The Fed again cut the federal funds rate in October and December, each time by 25 basis points. Still, the fourth quarter of 2007 ended with an annualized economic growth rate of just 0.6%.

The Funds 7

DISCUSSION OF FUND PERFORMANCE (continued)

The opening months of 2008 saw more downbeat economic news, including further erosion of housing prices, additional sub-prime related write-downs by banks and bond insurers, and the first monthly job losses in more than four years.The Fed responded aggressively to the disappointing economic data, reducing the federal funds rate by 125 basis points to 3% in two separate moves during the latter part of January.

U.S. Government Securities Benefited in a Flight
to Quality

Newly cautious investors punished most of the riskier asset classes that previously had done well in the economic expansion, including higher yielding sectors of the bond market. Selling pressure in these areas was exacerbated as hedge funds and other institutional investors were compelled to de-leverage their portfolios. Investors instead flocked to the relative “safe haven” of U.S. government securities, whose prices rose as demand increased.

Within the U.S. government securities market, U.S. Treasury securities fared better than U.S. government agency securities, and yield differences widened along the market’s maturity spectrum when shorter-term bond yields declined more than longer-term interest rates (i.e., a “steepening” of the Treasury yield curve). The fund benefited from the latter development, as widening yield differences were particularly supportive of securities with maturities in the two- to four-year

range, where the fund’s yield curve strategy focused. However, an overweight position in U.S. government agency securities, including short-term, callable mortgage-backed securities, detracted from the fund’s relative performance.

Maintaining Caution in a Volatile Market

The U.S. economy continued to falter, and credit conditions worsened by the reporting period’s end.Therefore, we have generally maintained a defensive investment posture, including an effort to reduce the fund’s exposure to callable U.S. government agency securities that may be relatively sensitive to heightened market volatility.While we have begun to identify value-oriented opportunities among short-term mortgage-backed securities from U.S. government agencies, we have held off on taking advantage of them until we see more convincing evidence that the worst of the downturn is behind us.

March 17, 2008

1    Total return includes reinvestment of dividends and any capital gains paid. 
    Past performance is no guarantee of future results. Share price, yield and 
    investment return fluctuate such that upon redemption, fund shares may be 
    worth more or less than their original cost. 
2    SOURCE: LIPPER, INC. – Reflects reinvestment of dividends and, where 
    applicable, capital gain distributions.The Lehman Brothers 1-3 Year U.S. 
    Government Index is a widely accepted, unmanaged index of government 
    bond market performance composed of U.S.Treasury and agency securities 
    with maturities of 1-3 years. Index return does not reflect the fees and 
    expenses associated with operating a mutual fund. 

8

UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited)

As a mutual fund investor, you pay ongoing expenses, such as management fees and other expenses. Using the information below, you can estimate how these expenses affect your investment and compare them with the expenses of other funds.You also may pay one-time transaction expenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial advisor.

Review your fund’s expenses

The table below shows the expenses you would have paid on a $1,000 investment in each class of each BNY Mellon fixed income fund from September 1, 2007 to February 29, 2008. It also shows how much as $1,000 investment would be worth at the close of the period assuming actual returns and expenses.

Expenses and Value of a $1,000 Investment         
assuming actual returns for the six months ended February 29, 2008     
    Class M Shares    Investor Shares 
BNY Mellon Bond Fund         
Expenses paid per $1,000 †    $ 2.82    $ 4.20 
Ending value (after expenses)    $1,059.40    $1,058.20 
BNY Mellon Intermediate Bond Fund         
Expenses paid per $1,000 †    $ 2.82    $ 4.11 
Ending value (after expenses)    $1,065.70    $1,064.10 
BNY Mellon Short-Term U.S. Government Securities Fund     
Expenses paid per $1,000 †    $ 2.81    $ 4.08 
Ending value (after expenses)    $1,054.00    $1,052.60 

COMPARING YOUR FUND’S EXPENSES WITH THOSE OF OTHER FUNDS (Unaudited)

Using the SEC’s method to compare expenses

The Securities and Exchange Commission (SEC) has established guidelines to help investors assess fund expenses. Per these guidelines, the table below shows your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return.You can use this information to compare the ongoing expenses (but not transaction expenses or total costs) of investing in the fund with those of other funds. All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.

Expenses and Value of a $1,000 Investment         
assuming a hypothetical 5% annualized return for the six months ended February 29, 2008     
    Class M Shares    Investor Shares 
BNY Mellon Bond Fund         
Expenses paid per $1,000 †    $ 2.77    $ 4.12 
Ending value (after expenses)    $1,022.13    $1,020.79 
BNY Mellon Intermediate Bond Fund         
Expenses paid per $1,000 †    $ 2.77    $ 4.02 
Ending value (after expenses)    $1,022.13    $1,020.89 
BNY Mellon Short-Term U.S. Government Securities Fund     
Expenses paid per $1,000 †    $ 2.77    $ 4.02 
Ending value (after expenses)    $1,022.13    $1,020.89 

† Expenses are equal to the BNY Mellon Bond Fund’s annualized expense ratio of .55% for Class M and .82% for Investor shares, BNY Mellon Intermediate Bond Fund .55% 
for Class M and .80% for Investor shares and BNY Mellon Short-Term U.S. Government Securities Fund .55% for Class M and .80% for Investor shares, multiplied by the 
average account value over the period, multiplied by 182/366 (to reflect the one-half year period). 

The Funds 9

STATEMENT OF INVESTMENTS 
February 29, 2008 (Unaudited) 

BNY Mellon Bond Fund                     
    Coupon    Maturity    Principal         
Bonds and Notes—99.6%    Rate (%)    Date    Amount ($)    Value ($) 
Asset-Backed Ctfs./Auto Receivables—3.6%                     
Franklin Auto Trust, Ser. 2007-1, Cl. A4    5.03    2/16/15    5,865,000        6,034,994 
Harley-Davidson Motorcycle Trust, Ser. 2005-3, Cl. A2    4.41    6/15/12    2,365,000        2,391,155 
Harley-Davidson Motorcycle Trust, Ser. 2007-1, Cl. A4    5.21    6/15/13    3,715,000        3,847,504 
Honda Auto Receivables Owner Trust, Ser. 2007-1, Cl. A4    5.09    7/18/13    1,470,000        1,519,575 
Honda Auto Receivables Owner Trust, Ser. 2006-3, Cl. A4    5.11    4/15/12    6,180,000        6,371,867 
Household Automotive Trust, Ser. 2007-1, Cl. A4    5.33    11/17/13    4,700,000        4,858,466 
Hyundai Auto Receivables Trust, Ser. 2006-B, Cl. A4    5.15    5/15/13    3,600,000        3,719,180 
Nissan Auto Lease Trust, Ser. 2006-A, Cl. A4    5.10    7/16/12    7,200,000        7,393,789 
                    36,136,530 
Asset-Backed Ctfs./Home Equity Loans—1.1%                     
CWCapital Cobalt, Ser. 2007-C2, Cl. A2    5.33    4/15/47    4,780,000        4,659,492 
JP Morgan Chase Commercial Mortgage                     
Securities, Ser. 2007-CB19, Cl. A2    5.75    2/12/49    1,934,000 a      1,905,813 
MP Environmental Funding, Ser. 2007-A, Cl. A1    4.98    7/15/16    4,724,236        4,615,381 
                    11,180,686 
Asset-Backed Ctfs./Other—.5%                     
CIT Equipment Collateral, Ser. 2006-VT2, Cl. A4    5.05    4/20/14    2,535,000        2,579,041 
CNH Equipment Trust, Ser. 2005-A, Cl. A4B    4.29    6/15/12    2,137,162        2,144,131 
                    4,723,172 
Bank & Finance—9.7%                     
AEP Texas Central Transition Funding, Sr. Scd. Bonds, Ser. A-4    5.17    1/1/18    7,090,000        7,156,971 
Agua Caliente Band of Cahuilla Indians, Sr. Scd. Notes    6.08    10/1/16    2,635,000 b      2,784,299 
Agua Caliente Band of Cahuilla Indians, Scd. Notes    6.35    10/1/15    1,135,000 b      1,138,178 
Agua Caliente Band of Cahuilla Indians, Sr. Scd. Notes    6.44    10/1/16    2,860,000 b      2,954,094 
AXA Financial, Sr. Notes    7.75    8/1/10    5,000,000        5,479,545 
Bank of America, Sub. Notes    5.49    3/15/19    10,600,000        10,410,164 
BankAmerica Capital II, Bank Gtd. Secs., Ser. 2    8.00    12/15/26    6,775,000        7,034,381 
Bear Stearns, Notes    4.50    10/28/10    2,000,000        1,973,644 
Blackrock, Sr. Unsub. Notes    6.25    9/15/17    4,885,000        5,161,754 
Caterpillar Financial Services, Sr. Unscd. Notes    5.05    12/1/10    4,540,000        4,761,120 
CIT Group, Sr. Notes    5.40    3/7/13    4,100,000        3,752,546 
Citigroup, Sr. Unscd. Notes    6.13    11/21/17    3,135,000        3,224,100 
Countrywide Home Loan, Gtd. Notes, Ser. K    5.63    7/15/09    2,855,000        2,619,437 
Countrywide Home Loan, Gtd. Notes, Ser. H    6.25    4/15/09    1,435,000 c      1,338,040 
Diageo Finance, Gtd. Notes    5.50    4/1/13    3,805,000        4,004,158 
Goldman Sachs Group, Sub. Notes    6.75    10/1/37    3,980,000        3,727,206 
HSBC Finance, Notes    5.00    6/30/15    2,410,000        2,329,373 
HSBC Holdings, Sub. Notes    6.50    9/15/37    4,500,000        4,217,931 
International Lease Finance, Sr. Unscd. Notes    5.75    6/15/11    5,645,000        5,830,359 
John Deere Capital, Sr. Unscd. Notes    7.00    3/15/12    4,360,000        4,899,410 
JP Morgan Chase & Co., Sr. Unscd. Notes    5.38    10/1/12    1,800,000        1,892,376 

10

BNY Mellon Bond Fund (continued)                     
    Coupon    Maturity    Principal         
Bonds and Notes (continued)    Rate (%)    Date    Amount ($)    Value ($) 
Bank & Finance (continued)                     
Morgan Stanley, Sub. Notes    4.75    4/1/14    7,210,000        6,958,407 
PNC Funding, Bank Gtd. Notes    4.50    3/10/10    2,825,000        2,885,639 
                    96,533,132 
Building & Construction—.4%                     
CRH America, Gtd. Notes    5.30    10/15/13    4,095,000        4,017,424 
Commercial & Professional Services—.9%                     
Seminole Tribe of Florida, Notes    5.80    10/1/13    8,840,000 b      9,362,966 
Commercial Mortgage Pass-Through Ctfs.—4.2%                     
Citigroup/Deutsche Bank Commercial                     
Mortgage Trust, Ser. 2007-CD4, Cl. A2B    5.21    12/11/49    3,390,000        3,293,208 
Citigroup/Deutsche Bank Commercial                     
Mortgage Trust, Ser. 2006-CD2, Cl. A3    5.43    1/15/46    3,870,000 a      3,756,647 
Credit Suisse Mortgage Capital Certificates, Ser. 2007-C2, Cl. A2    5.45    1/15/49    4,610,000 a      4,514,748 
Four Times Square Trust, Ser. 2006-4TS, Cl. A    5.40    12/13/28    13,000,000 b      11,622,242 
LB-UBS Commercial Mortgage Trust, Ser. 2007-C2, Cl. A2    5.30    2/15/40    4,225,000        4,117,162 
Merrill Lynch/Countrywide Commercial                     
Mortgage, Ser. 2007-7, Cl. A2    5.69    6/12/50    5,598,000 a      5,510,011 
Merrill Lynch/Countrywide Commericial                     
Mortgage Trust, Ser. 2007-6, Cl. A2    5.33    3/12/51    3,845,000        3,743,141 
WaMu Mortgage Pass Through Certificates, Ser. 2003-S4, Cl. 4A1    4.00    2/25/32    940,230        893,594 
WaMu Mortgage Pass Through Certificates, Ser. 2004-AR9, Cl. A6    4.14    8/25/34    4,510,000 a      4,554,444 
                    42,005,197 
Foreign/Governmental—1.1%                     
Hydro-Quebec, Gov’t. Gtd. Bonds, Ser. IF    8.00    2/1/13    3,920,000        4,764,411 
United Mexican States, Notes    5.63    1/15/17    4,705,000 c      4,912,020 
United Mexican States, Notes    6.63    3/3/15    1,480,000        1,643,540 
                    11,319,971 
Health Care—.4%                     
Aetna, Sr. Unscd. Notes    5.75    6/15/11    3,380,000        3,556,290 
Industrials—1.6%                     
Devon Financing, Gtd. Notes    6.88    9/30/11    4,110,000        4,525,768 
Emerson Electric, Sr. Unscd. Notes    5.00    12/15/14    3,500,000        3,618,608 
Johnson Controls, Sr. Unscd. Notes    5.25    1/15/11    7,110,000        7,408,122 
                    15,552,498 
Information Technology—1.9%                     
Cisco Systems, Sr. Unscd. Notes    5.50    2/22/16    4,200,000        4,346,067 
International Business Machines, Sr. Unscd. Debs.    7.00    10/30/25    2,000,000 c      2,221,524 
Intuit, Sr. Unscd. Notes    5.40    3/15/12    4,735,000        4,878,897 
Oracle, Sr. Unscd. Notes    5.00    1/15/11    5,210,000        5,400,577 
Oracle, Sr. Unscd. Notes    5.25    1/15/16    1,790,000        1,822,798 
                    18,669,863 

The Funds 11

STATEMENT OF INVESTMENTS (Unaudited) (continued)

BNY Mellon Bond Fund (continued)             
    Coupon    Maturity    Principal     
Bonds and Notes (continued)    Rate (%)    Date    Amount ($)    Value ($) 
Media & Telecommunications—3.7%                 
AT&T, Sr. Unscd. Notes    6.50    9/1/37    5,105,000    5,181,799 
British Sky Broadcasting, Gtd. Notes    6.88    2/23/09    4,180,000    4,322,337 
Comcast, Gtd. Notes    5.90    3/15/16    6,400,000    6,438,464 
News America Holdings, Gtd. Debs.    7.60    10/11/15    3,750,000    4,260,664 
News America, Gtd. Notes    6.15    3/1/37    2,375,000    2,259,706 
SBC Communications, Sr. Unscd. Notes    5.88    8/15/12    4,320,000    4,616,430 
Sprint Capital, Gtd. Notes    6.90    5/1/19    4,750,000    3,497,344 
Time Warner, Gtd. Debs.    6.50    11/15/36    2,115,000    1,978,208 
Verizon Communications, Sr. Unscd. Notes    5.50    2/15/18    4,545,000    4,570,770 
                37,125,722 
Real Estate Investment Trusts—1.0%                 
ERP Operating, Sr. Unscd. Notes    6.95    3/2/11    4,000,000    4,164,944 
Simon Property Group, Sr. Unscd. Notes    5.75    5/1/12    5,265,000    5,325,521 
                9,490,465 
Retailing—.8%                 
Wal-Mart Stores, Sr. Unscd. Notes    6.50    8/15/37    7,250,000    7,763,619 
U.S. Government Agencies—7.7%                 
Federal Farm Credit Banks, Bonds    5.25    9/13/10    3,915,000    4,164,601 
Federal Home Loan Banks, Bonds    5.20    9/10/10    9,580,000    9,701,618 
Federal Home Loan Banks, Bonds    5.65    4/20/22    8,000,000    8,385,048 
Federal Home Loan Mortgage Corp., Notes    5.38    1/9/14    4,405,000    4,474,718 
Federal Home Loan Mortgage Corp., Notes    5.40    2/2/12    4,830,000    4,948,876 
Federal Home Loan Mortgage Corp., Notes    5.40    3/2/12    5,165,000    5,240,032 
Federal Home Loan Mortgage Corp., Notes    5.50    3/22/22    4,440,000    4,610,234 
Federal Home Loan Mortgage Corp., Notes    5.90    6/15/22    6,485,000    6,845,806 
Federal National Mortgage Association, Notes    5.25    3/5/14    13,815,000    14,444,591 
Federal National Mortgage Association, Notes    5.38    4/11/22    6,855,000    7,053,226 
Federal National Mortgage Association, Notes    5.50    7/9/10    6,320,000    6,459,817 
                76,328,567 
U.S. Government Agencies/Mortgage-Backed—39.9%             
Federal Home Loan Mortgage Corp:                 
4.50%, 3/1/21            15,390,002    15,384,743 
5.00%, 1/1/21            1,521,577    1,542,724 
5.08%, 10/1/35            5,231,692 a    5,332,478 
5.50%, 3/1/35—12/1/37            35,533,112    35,770,838 
5.76%, 4/1/37            9,569,927 a    9,833,218 
5.94%, 5/1/37            8,116,745 a    8,333,071 
6.00%, 5/1/37—12/1/37            27,674,306    28,284,275 
7.00%, 4/1/32—8/1/36            3,614,282    3,807,231 
Ser. 1660, Cl. H, 6.50%, 1/15/09            295,090    294,737 

12

BNY Mellon Bond Fund (continued)     
 
    Principal     
Bonds and Notes (continued)    Amount ($)    Value ($) 
U.S. Government Agencies/Mortgage-Backed (continued)     
Federal National Mortgage Association:         
4.00%, 3/1/35    6,005,051 a    6,147,075 
4.50%, 1/1/36    8,502,812    8,149,154 
4.57%, 3/1/35    3,683,152 a    3,740,515 
4.93%, 9/1/35    6,167,819 a    6,270,134 
5.00%, 3/1/21    4,877,556    4,948,017 
5.01%, 10/1/35    6,012,023 a    6,134,593 
5.50%, 7/1/35—3/1/38    71,072,680 d    71,566,849 
5.70%, 4/1/37    9,965,304 a    10,240,558 
5.73%, 5/1/37    8,543,441 a    8,774,630 
5.97%, 5/1/37    8,873,374 a    9,222,764 
6.00%, 4/1/33—10/1/37    31,652,662    32,400,014 
6.03%, 8/1/37    9,682,655 a    9,883,591 
6.50%, 4/1/17—12/1/37    41,712,429    43,263,618 
7.00%, 4/1/32—6/1/32    1,760,966    1,877,236 
7.50%, 7/1/32    592,147    638,439 
8.00%, 5/1/08    12    12 
Government National Mortgage Association I:         
5.00%, 11/15/34—3/15/36    28,286,899    28,367,324 
5.50%, 2/15/36    7,205,758    7,372,618 
6.00%, 10/15/08—7/15/34    11,529,994    11,956,994 
7.00%, 5/15/23—11/15/23    630,069    677,813 
9.00%, 12/15/09    246,277    248,075 
7.00%, 12/15/23    323,899    348,443 
Government National Mortgage Association II;         
5.00%, 1/20/37    16,251,540    16,213,790 
        397,025,571 
U.S. Government Securities—20.9%         
U.S. Treasury Bonds:         
4.50%, 2/15/36    13,805,000 c    13,985,114 
6.25%, 8/15/23    7,620,000 c    9,369,628 
U.S. Treasury Inflation Protected Securities:         
Bonds, 2.38%, 1/15/27    9,504,053 c,e    10,481,193 
Notes, 2.38%, 1/15/17    9,524,883 c,e    10,631,408 
U.S. Treasury Notes:         
3.50%, 2/15/18    3,000,000 c    2,993,439 
4.00%, 11/15/12    34,420,000 c    36,797,148 
4.00%, 2/15/14    25,800,000 c    27,565,700 
4.50%, 5/15/17    22,615,000 c    24,369,449 
4.63%, 3/31/08    9,690,000 c    9,711,958 
4.63%, 8/31/11    11,250,000 c    12,223,834 
4.63%, 2/29/12    39,255,000 c    42,861,592 
4.63%, 11/15/16    955,000 c    1,041,398 
4.75%, 8/15/17    5,540,000 c    6,074,959 
        208,106,820 

The Funds 13

STATEMENT OF INVESTMENTS (Unaudited) (continued)

BNY Mellon Bond Fund (continued)             
    Coupon    Maturity    Principal     
Bonds and Notes (continued)    Rate (%)    Date    Amount ($)    Value ($) 
Utilities—.2%                 
Southern California Edison,                 
First Mortgage Bonds, Ser. 04-F    4.65    4/1/15    2,200,000    2,180,981 
Total Bonds and Notes                 
(cost $964,695,253)                991,079,474 
 
Other Investment—.6%            Shares    Value ($) 
Registered Investment Company;                 
Dreyfus Institutional Preferred                 
Plus Money Market Fund                 
(cost $6,397,000)            6,397,000 f    6,397,000 
 
Investment of Cash Collateral for Securities Loaned—20.6%             
Registered Investment Company;                 
Dreyfus Institutional Cash Advantage Plus Fund             
(cost $205,108,565)            205,108,565 f    205,108,565 
Total Investments (cost $1,176,200,818)        120.8%    1,202,585,039 
Liabilities, Less Cash and Receivables        (20.8%)    (206,873,692) 
Net Assets            100.0%    995,711,347 

a Variable rate security—interest rate subject to periodic change. 
b Securities exempt from registration under Rule 144A of the Securities Act of 1933.These securities may be resold in transactions exempt from registration, normally to qualified 
institutional buyers. At February 29, 2008, these securities amounted to $27,861,779 or 2.8% of net assets. 
c All or a portion of these securities are on loan. At February 29, 2008, the total market value of the fund’s securities on loan is $212,649,636 and the total market value of the 
collateral held by the fund is $215,378,919, consisting of cash collateral of $205,108,565, U.S. Government and Agency securities valued at $840,604, and Letters of Credit 
valued at $9,429,750. 
d Purchased on a delayed delivery basis. 
e Principal amount for accrual purposes is periodically adjusted based on changes in the Consumer Price Index. 
f Investment in affiliated money market mutual fund. 

Portfolio Summary (Unaudited) †         
 
    Value (%)        Value (%) 
U.S. Government & Agencies    68.5    Asset/Mortgage-Backed    9.4 
Money Market Investments    21.2    Foreign/Governmental    1.1 
Corporate Bonds    20.6        120.8 

† Based on net assets. 
See notes to financial statements. 

14

STATEMENT OF INVESTMENTS 
February 29, 2008 (Unaudited) 

BNY Mellon Intermediate Bond Fund                     
    Coupon    Maturity    Principal         
Bonds and Notes—98.0%    Rate (%)    Date    Amount ($)    Value ($) 
Asset-Backed Ctfs./Auto Receivables—3.6%                     
Harley-Davidson Motorcycle Trust, Ser. 2005-3, Cl. A2    4.41    6/15/12    2,350,000        2,375,989 
Harley-Davidson Motorcycle Trust, Ser. 2007-1, Cl. A4    5.21    6/17/13    2,020,000        2,092,048 
Honda Auto Receivables Owner Trust, Ser. 2004-3, Cl. A4    3.28    2/18/10    3,548,618        3,549,972 
Honda Auto Receivables Owner Trust, Ser. 2007-1, Cl. A4    5.09    7/18/13    2,395,000        2,475,770 
Honda Auto Receivables Owner Trust, Ser. 2006-3, Cl. A4    5.11    4/15/12    4,670,000        4,814,987 
Household Automotive Trust, Ser. 2007-1, Cl. A4    5.33    11/17/13    2,125,000        2,196,647 
Hyundai Auto Receivables Trust, Ser. 2006-B, Cl. A4    5.15    5/15/13    2,680,000        2,768,723 
Nissan Auto Lease Trust, Ser. 2006-A, Cl. A4    5.10    7/16/12    6,575,000        6,751,967 
Onyx Acceptance Grantor Trust, Ser. 2005-A, Cl. A4    3.91    9/15/11    2,444,226        2,412,622 
                    29,438,725 
Asset-Backed Ctfs./Other—.8%                     
Caterpillar Financial Asset Trust, Ser. 2005-A, Cl. A4    4.10    6/25/10    1,892,108        1,898,798 
CIT Equipment Collateral, Ser. 2006-VT2, Cl. A4    5.05    4/20/14    3,185,000        3,240,334 
CNH Equipment Trust, Ser. 2005-A, Cl. A4B    4.29    6/15/12    1,539,127        1,544,147 
                    6,683,279 
Automotive, Trucks & Parts—.7%                     
Johnson Controls, Sr. Unscd. Notes    5.25    1/15/11    5,715,000        5,954,630 
Bank & Finance—13.0%                     
Agua Caliente Band of Cahuilla Indians, Sr. Scd. Notes    6.08    10/1/16    1,965,000 a      2,076,337 
Agua Caliente Band of Cahuilla Indians, Scd. Notes    6.35    10/1/15    990,000 a      992,772 
Agua Caliente Band of Cahuilla Indians, Sr. Scd. Notes    6.44    10/1/16    2,185,000 a      2,256,887 
AXA Financial, Sr. Notes    6.50    4/1/08    1,200,000        1,203,023 
AXA Financial, Sr. Notes    7.75    8/1/10    3,625,000        3,972,670 
Bank of America, Sub. Notes    5.42    3/15/17    8,900,000        8,799,492 
BankAmerica Capital II, Bank Gtd. Secs., Ser. 2    8.00    12/15/26    4,975,000        5,165,468 
Bear Stearns, Notes    4.50    10/28/10    2,100,000        2,072,326 
Caterpillar Financial Services, Sr. Unscd. Notes    5.05    12/1/10    4,975,000        5,217,307 
CIT Group, Sr. Notes    5.40    3/7/13    3,730,000        3,413,901 
Citigroup, Sub. Notes    5.00    9/15/14    4,400,000        4,268,752 
Citigroup, Sr. Unscd. Notes    6.13    11/21/17    2,840,000        2,920,715 
Countrywide Home Loan, Gtd. Notes, Ser. K    5.63    7/15/09    2,380,000 b      2,183,628 
Countrywide Home Loan, Gtd. Notes, Ser. H    6.25    4/15/09    1,200,000 b      1,118,918 
Daimler Finance North America, Gtd. Notes    6.50    11/15/13    3,935,000        4,254,365 
General Electric Capital, Sr. Unscd. Notes, Ser. A    5.88    2/15/12    5,265,000        5,622,457 
Goldman Sachs Group, Sr. Unscd. Notes    4.75    7/15/13    5,400,000        5,460,890 
Household Finance, Sr. Unscd. Notes    6.38    11/27/12    8,108,000        8,619,169 
International Lease Finance, Sr. Unscd. Notes    5.75    6/15/11    7,205,000        7,441,583 
John Deere Capital, Sr. Unscd. Notes    7.00    3/15/12    5,805,000        6,523,183 
JP Morgan Chase & Co., Sr. Unscd. Notes    5.38    10/1/12    4,110,000        4,320,925 
Merrill Lynch & Co., Notes    5.45    2/5/13    7,580,000        7,642,626 

The Funds 15

STATEMENT OF INVESTMENTS (Unaudited) (continued)

BNY Mellon Intermediate Bond Fund (continued)             
    Coupon    Maturity    Principal     
Bonds and Notes (continued)    Rate (%)    Date    Amount ($)    Value ($) 
Bank & Finance (continued)                 
Morgan Stanley, Sr. Unscd. Notes    6.75    4/15/11    5,895,000    6,312,083 
Prudential Financial, Sr. Unscd. Notes    6.00    12/1/17    1,925,000    1,976,153 
Wachovia, Sub. Notes    6.38    2/1/09    4,000,000    4,059,180 
                107,894,810 
Building & Construction—.6%                 
CRH America, Gtd. Notes    5.30    10/15/13    4,930,000    4,836,606 
Commercial & Professional Services—.9%                 
Seminole Tribe of Florida, Notes    5.80    10/1/13    6,765,000 a    7,165,211 
Commercial Mortgage Pass-Through Ctfs.—2.7%                 
Citigroup/Deutsche Bank Commercial                 
Mortgage Trust, Ser. 2007-CD4, Cl. A2B    5.21    12/11/49    5,325,000    5,172,959 
Credit Suisse Mortgage Capital                 
Certificates, Ser. 2007-C2, Cl. A2    5.45    1/15/49    3,470,000 c    3,398,303 
CWCapital Cobalt, Ser. 2007-C2, Cl. A2    5.33    4/15/47    3,625,000    3,533,611 
LB-UBS Commercial Mortgage Trust, Ser. 2007-C2, Cl. A2    5.30    2/15/40    7,200,000    7,016,228 
Merrill Lynch/Countrywide Commericial                 
Mortgage Trust, Ser. 2007-6, Cl. A2    5.33    3/12/51    2,930,000    2,852,380 
                21,973,481 
Food & Beverages—1.8%                 
Coca-Cola, Sr. Unscd. Notes    5.35    11/15/17    3,210,000    3,400,176 
Diageo Finance, Gtd. Notes    5.50    4/1/13    4,275,000    4,498,758 
McDonald’s, Sr. Unscd. Notes    5.80    10/15/17    4,460,000    4,720,674 
Pepsico, Sr. Unscd. Notes    4.65    2/15/13    2,355,000    2,471,695 
                15,091,303 
Foreign/Governmental—3.0%                 
Hydro-Quebec, Gov’t Gtd. Debs., Ser. IU    7.50    4/1/16    4,345,000    5,326,231 
Hydro-Quebec, Gov’t. Gtd. Bonds, Ser. IF    8.00    2/1/13    3,200,000    3,889,315 
Nova Scotia Province, Bonds    5.13    1/26/17    5,430,000    5,847,279 
Quebec Province, Bonds    5.13    11/14/16    8,110,000    8,758,354 
United Mexican States, Notes    6.63    3/3/15    1,064,000    1,181,572 
                25,002,751 
Health Care—1.1%                 
Aetna, Sr. Unscd. Notes    5.75    6/15/11    4,245,000    4,466,406 
Astrazeneca, Sr. Unsub. Notes    5.40    9/15/12    4,700,000    5,028,817 
                9,495,223 
Industrials—2.3%                 
Devon Financing, Gtd. Notes    6.88    9/30/11    4,575,000    5,037,807 
Emerson Electric, Sr. Unscd. Notes    4.63    10/15/12    3,000,000    3,094,062 
Progress Energy, Sr. Unscd. Notes    6.85    4/15/12    4,398,000    4,821,954 
Vulcan Materials, Sr. Unscd. Notes    5.60    11/30/12    5,710,000    5,985,422 
                18,939,245 

16

BNY Mellon Intermediate Bond Fund (continued)                 
    Coupon    Maturity    Principal         
Bonds and Notes (continued)    Rate (%)    Date    Amount ($)    Value ($) 
Media & Telecommunications—6.3%                     
British Sky Broadcasting, Gtd. Notes    6.88    2/23/09    4,280,000        4,425,742 
Cisco Systems, Sr. Unscd. Notes    5.50    2/22/16    7,135,000        7,383,141 
Comcast, Gtd. Notes    5.90    3/15/16    5,135,000        5,165,861 
News America, Gtd. Notes    4.75    3/15/10    5,315,000        5,368,373 
Nextel Communications, Gtd. Notes, Ser. E    6.88    10/31/13    6,390,000        5,019,939 
SBC Communications, Sr. Unscd. Notes    5.88    8/15/12    5,045,000        5,391,178 
Time Warner, Gtd. Notes    5.50    11/15/11    6,625,000        6,711,112 
Verizon Global Funding, Sr. Unscd. Notes    7.25    12/1/10    5,525,000        6,028,571 
Vodafone Group, Sr. Unscd. Notes    7.75    2/15/10    6,165,000        6,621,167 
                    52,115,084 
Real Estate Investment Trusts—1.8%                     
ERP Operating, Sr. Unscd. Notes    6.95    3/2/11    3,280,000        3,415,254 
Mack-Cali Realty, Sr. Unscd. Notes    7.75    2/15/11    5,280,000        5,914,841 
Simon Property Group, Sr. Unscd. Notes    5.75    5/1/12    5,680,000        5,745,292 
                    15,075,387 
Retailing—1.3%                     
Wal-Mart Stores, Sr. Unscd. Notes    4.55    5/1/13    4,675,000        4,876,923 
Xerox, Sr. Unscd. Notes    5.50    5/15/12    6,090,000        6,248,127 
                    11,125,050 
Software & Services—1.5%                     
Intuit, Sr. Unscd. Notes    5.40    3/15/12    5,115,000        5,270,445 
Oracle, Sr. Unscd. Notes    5.25    1/15/16    7,000,000        7,128,261 
                    12,398,706 
Transportation—.3%                     
United Parcel Service, Sr. Unscd. Notes    4.50    1/15/13    2,725,000 b      2,841,401 
U.S. Government Agencies—21.1%                     
Federal Farm Credit Banks, Bonds    4.50    10/17/12    15,525,000        16,349,719 
Federal Farm Credit Banks, Bonds    4.75    5/7/10    10,375,000        10,888,646 
Federal Farm Credit Banks, Bonds    5.00    10/23/09    11,780,000        12,299,321 
Federal Farm Credit Banks, Bonds    5.25    8/3/09    10,150,000        10,576,209 
Federal Farm Credit Banks, Bonds    5.25    9/13/10    6,770,000        7,201,621 
Federal Home Loan Banks, Bonds    3.63    12/17/10    7,530,000        7,720,148 
Federal Home Loan Banks, Bonds    5.00    12/11/09    6,460,000        6,762,457 
Federal Home Loan Banks, Bonds    5.13    9/10/10    7,315,000        7,776,891 
Federal Home Loan Banks, Bonds    5.25    11/3/09    7,500,000        7,639,785 
Federal Home Loan Mortgage Corp., Notes    5.25    9/3/10    8,355,000        8,445,384 
Federal Home Loan Mortgage Corp., Notes    5.38    1/9/14    7,655,000        7,776,156 
Federal Home Loan Mortgage Corp., Notes    5.40    2/2/12    7,900,000        8,094,435 
Federal Home Loan Mortgage Corp., Notes    5.40    3/2/12    6,635,000        6,731,387 
Federal Home Loan Mortgage Corp., Notes    5.75    5/23/11    8,475,000        8,515,222 

The Funds 17

STATEMENT OF INVESTMENTS (Unaudited) (continued)

BNY Mellon Intermediate Bond Fund (continued)             
 
    Coupon    Maturity    Principal     
Bonds and Notes (continued)    Rate (%)    Date    Amount ($)    Value ($) 
U.S. Government Agencies (continued)                 
Federal National Mortgage Association, Notes    4.75    3/12/10    20,270,000    21,223,582 
Federal National Mortgage Association, Notes    5.10    9/10/09    8,065,000    8,166,603 
Federal National Mortgage Association, Notes    5.25    3/5/14    11,855,000    12,395,268 
Federal National Mortgage Association, Notes    5.75    6/9/11    6,175,000    6,219,034 
                174,781,868 
U.S. Government Agencies/Mortgage-Backed—.3%             
Federal Home Loan Mortgage Corp:                 
3.50%, 5/1/08            595,735    592,208 
6.86%, 11/1/32            246,244 c    251,131 
REMIC, Ser. 2134, Cl. PM,                 
5.50%, 3/15/14            1,243,154    1,289,055 
                2,132,394 
U.S. Government Securities—34.9%                 
U.S. Treasury Inflation Protected                 
Securities, Notes, 2.38%, 1/15/17            14,477,406 b,d    16,159,275 
U.S. Treasury Notes:                 
3.50%, 2/15/18            1,500,000 b    1,496,720 
4.00%, 2/15/14            30,275,000 b    32,346,960 
4.13%, 8/15/10            27,500,000 b    29,079,105 
4.25%, 1/15/11            32,750,000 b    34,970,876 
4.25%, 11/15/13            17,555,000 b    19,010,152 
4.50%, 5/15/10            4,000,000 b    4,249,376 
4.50%, 11/15/15            20,505,000 b    22,304,006 
4.50%, 5/15/17            1,625,000 b    1,751,066 
4.63%, 8/31/11            13,240,000 b    14,386,094 
4.63%, 2/29/12            19,860,000 b    21,684,657 
4.63%, 11/15/16            4,760,000 b    5,190,632 
4.75%, 2/15/10            9,470,000 b    10,039,687 
4.75%, 8/15/17            8,220,000 b    9,013,748 
4.88%, 8/15/16            19,085,000 b    21,157,516 
5.13%, 5/15/16            11,830,000 b    13,329,086 
6.00%, 8/15/09            30,290,000 b    32,228,106 
                288,397,062 
Total Bonds and Notes                 
(cost $779,909,293)                811,342,216 

18

BNY Mellon Intermediate Bond Fund (continued)         
 
Other Investment—1.0%    Shares    Value ($) 
Registered Investment Company;         
Dreyfus Institutional Preferred Plus Money Market Fund         
(cost $8,373,000)    8,373,000 e    8,373,000 
 
Investment of Cash Collateral for Securities Loaned—34.9%         
Registered Investment Company;         
Dreyfus Institutional Cash Advantage Plus Fund         
(cost $288,543,304)    288,543,304 e    288,543,304 
Total Investments (cost $1,076,825,597)    133.9%    1,108,258,520 
Liabilities, Less Cash and Receivables    (33.9%)    (280,673,602) 
Net Assets    100.0%    827,584,918 

a Securities exempt from registration under Rule 144A of the Securities Act of 1933.These securities may be resold in transactions exempt from registration, normally to qualified 
institutional buyers. At February 29, 2008, these securities amounted to $12,491,207 or 1.5% of net assets. 
b All or a portion of these securities are on loan. At February 29, 2008, the total market value of the fund’s securities on loan is $290,034,338 and the total market value of the 
collateral held by the fund is $293,745,775, consisting of cash collateral of $288,543,304, U.S. Government and Agency securities valued at $4,927,323, and Letters of Credit 
valued at $275,148. 
c Variable rate security—interest rate subject to periodic change. 
d Principal amount for accrual purposes is periodically adjusted based on changes in the Consumer Price Index. 
e Investment in affiliated money market mutual fund. 

Portfolio Summary (Unaudited) †         
 
    Value (%)        Value (%) 
U.S. Government & Agencies    56.3    Asset/Mortgage-Backed    7.1 
Money Market Investments    35.9    Foreign/Governmental    3.0 
Corporate Bonds    31.6        133.9 

† Based on net assets. 
See notes to financial statements. 

The Funds 19

STATEMENT OF INVESTMENTS 
February 29, 2008 (Unaudited) 

BNY Mellon Short-Term U.S. Government Securities Fund         
    Coupon    Maturity    Principal     
Bonds and Notes—97.9%    Rate (%)    Date    Amount ($)    Value ($) 
U.S. Government Agencies—45.2%                 
Federal Farm Credit Banks, Bonds    3.00    3/3/11    4,195,000    4,219,478 
Federal Farm Credit Banks, Bonds    3.75    12/6/10    3,525,000    3,623,104 
Federal Farm Credit Banks, Bonds    4.25    10/10/08    1,577,000    1,593,842 
Federal Farm Credit Banks, Bonds    4.63    11/19/10    1,325,000    1,341,869 
Federal Farm Credit Banks, Bonds    4.75    5/7/10    1,440,000    1,511,292 
Federal Farm Credit Banks, Bonds    5.25    8/3/09    1,995,000    2,078,772 
Federal Farm Credit Banks, Bonds    5.25    9/13/10    1,490,000    1,584,995 
Federal Home Loan Bank, Unscd. Bonds    2.38    4/30/10    1,885,000    1,880,589 
Federal Home Loan Banks, Bonds    4.38    10/22/10    4,060,000    4,243,516 
Federal Home Loan Banks, Bonds    5.00    10/16/09    1,300,000    1,318,305 
Federal Home Loan Banks, Bonds    5.20    9/10/10    1,550,000    1,569,677 
Federal Home Loan Banks, Bonds    5.25    11/3/09    1,250,000    1,273,298 
Federal Home Loan Banks, Bonds    5.45    6/12/09    2,500,000    2,521,327 
Federal Home Loan Mortgage Corp., Notes    4.13    11/30/09    3,560,000    3,671,353 
Federal Home Loan Mortgage Corp., Notes    5.00    10/1/10    4,030,000    4,080,536 
Federal Home Loan Mortgage Corp., Notes    5.40    7/16/09    2,270,000    2,295,569 
Federal Home Loan Mortgage Corp., Notes    5.55    6/25/10    2,010,000    2,027,690 
Federal National Mortgage Association, Notes    3.88    12/10/09    3,400,000    3,493,044 
Federal National Mortgage Association, Notes    5.00    10/15/10    4,265,000    4,322,138 
Federal National Mortgage Association, Notes    5.20    11/20/09    2,165,000    2,175,370 
Federal National Mortgage Association, Notes    5.33    1/29/10    3,360,000    3,396,127 
Federal National Mortgage Association, Notes    5.50    7/9/10    5,835,000    5,964,088 
                60,185,979 
U.S. Government Agencies/Mortgage-Backed—7.1%             
Federal Home Loan Mortgage Corp.:                 
3.50%, 5/1/08—9/1/08            2,551,007    2,536,827 
4.00%, 7/1/08—3/1/10            1,736,791    1,733,204 
4.50%, 5/1/08            40,049    39,948 
5.00%, 3/1/08—4/1/09            105,252    106,079 
6.87%, 11/1/32            61,561 a    62,783 
REMIC, Ser. 2638, Cl. NC, 3.00%, 5/15/22            517,297    516,153 
REMIC, Ser. 2495, Cl. UC, 5.00%, 7/15/32            112,383    114,975 
REMIC, Ser. 1648, Cl. E, 6.00%, 9/15/23            1,704,831    1,740,506 
REMIC, Ser. 1961, Cl. H, 6.50%, 5/15/12            247,799    252,767 
Federal National Mortgage Association.:                 
4.50%, 1/1/10            206,083    207,283 
5.50%, 6/1/09            44,701    45,402 
6.89%, 5/1/32            35,255 a    35,896 
6.94%, 3/1/32            22,959 a    23,266 
7.09%, 3/1/32            16,515 a    17,066 
7.13%, 6/1/32            136,054 a    139,023 
7.29%, 6/1/32            205,083 a    210,052 
7.31%, 4/1/32            8,302 a    8,486 
REMIC, Ser. 2003-128, Cl. NB, 4.00%, 11/25/11        68,040    67,884 
REMIC, Ser. 1994-86, Cl. PJ, 6.00%, 6/25/09        719,706    725,549 
Whole Loan, Ser. 2003-W19, Cl. 1A4, 4.78%, 11/25/33        618,012    621,112 

20

BNY Mellon Short-Term U.S. Government Securities Fund (continued)     
 
    Principal     
Bonds and Notes (continued)    Amount ($)    Value ($) 
U.S. Government Agencies/Mortgage-Backed (continued)     
Government National Mortgage Association I         
6.00%, 12/15/08—4/15/09    221,488    225,196 
        9,429,457 
U.S. Government Securities—45.6%         
U.S. Treasury Notes:         
3.50%, 2/15/10    6,750,000 b    6,992,581 
3.63%, 1/15/10    3,500,000 b    3,629,885 
4.13%, 8/15/10    5,250,000 b    5,551,465 
4.25%, 1/15/11    4,500,000 b    4,805,159 
4.38%, 12/15/10    9,000,000 b    9,627,192 
4.50%, 5/15/10    3,160,000 b    3,357,007 
4.50%, 11/15/10    4,000,000 b    4,286,876 
4.63%, 8/31/11    3,975,000 b    4,319,088 
5.75%, 8/15/10    9,000,000 b    9,870,471 
6.50%, 2/15/10    7,620,000 b    8,327,235 
        60,766,959 
Total Bonds and Notes         
(cost $126,707,587)        130,382,395 
 
Other Investment—1.2%    Shares    Value ($) 
Registered Investment Company;         
Dreyfus Institutional Preferred         
Plus Money Market Fund (cost $1,544,000)    1,544,000 c    1,544,000 
 
Investment of Cash Collateral for Securities Loaned—42.4%     
Registered Investment Company;         
Dreyfus Institutional Cash Advantage Plus Fund         
(cost $56,452,200)    56,452,200 c    56,452,200 
 
Total Investments (cost $184,703,787)    141.5%    188,378,595 
Liabilities, Less Cash and Receivables    (41.5%)    (55,231,329) 
Net Assets    100.0%    133,147,266 

a Variable rate security—interest rate subject to periodic change. 
b All or a portion of these securities are on loan. At February 29, 2008, the total market value of the fund’s securities on loan is $55,978,338 and the total market value of the 
collateral held by the fund is $56,851,151, consisting of cash collateral of $56,452,200 and U.S. Government and agency securities valued at $389,951. 
c Investment in affiliated money market mutual fund. 

Portfolio Summary (Unaudited) †     
 
    Value (%) 
U.S. Government & Agencies    97.9 
Money Market Investments    43.6 
    141.5 

† Based on net assets. 
See notes to financial statements. 

The Funds 21

STATEMENT OF ASSETS AND LIABILITIES 
February 29, 2008 (Unaudited) 

            BNY Mellon 
    BNY Mellon    BNY Mellon    Short-Term 
    Bond    Intermediate    U.S. Government 
    Fund    Bond Fund    Securities Fund 
Assets ($):             
Investments in securities—             
See Statement of Investments †—Note 2(c)             
(including securities loaned) ††—Note 2(b):             
Unaffiliated issuers    991,079,474    811,342,216    130,382,395 
Affiliated issuers    211,505,565    296,916,304    57,996,200 
Dividend and interest receivable    8,903,746    9,007,954    1,040,826 
Receivable for investment securities sold    4,734,520    7,220,617    5,712,071 
Receivable for shares of Beneficial Interest subscribed    503,622    450,000    631,500 
Prepaid expenses    18,108    20,840    10,785 
    1,216,745,035    1,124,957,931    195,773,777 
Liabilities ($):             
Due to The Dreyfus Corporation and affiliates—Note 4(b)    348,279    277,577    46,955 
Due to Administrator—Note 4(a)    100,783    83,641    13,413 
Cash overdraft due to Custodian    1,402,289    1,017,357    19,684 
Liability for securities on loan—Note 2(b)    205,108,565    288,543,304    56,452,200 
Payable for investment securities purchased    13,611,186    7,054,740    6,064,011 
Payable for shares of Beneficial Interest redeemed    433,827    362,804    10,779 
Accrued expenses    28,759    33,590    19,469 
    221,033,688    297,373,013    62,626,511 
Net Assets ($)    995,711,347    827,584,918    133,147,266 
Composition of Net Assets ($):             
Paid-in capital    990,643,444    819,490,517    139,396,618 
Accumulated undistributed (distributions             
in excess of) investment income—net    238,036    (431,918)    (227,785) 
Accumulated net realized gain (loss) on investments    (21,554,354)    (22,906,604)    (9,696,375) 
Accumulated net unrealized appreciation             
(depreciation) on investments    26,384,221    31,432,923    3,674,808 
Net Assets ($)    995,711,347    827,584,918    133,147,266 
Net Asset Value Per Share             
Class M Shares             
Net Assets ($)    991,664,191    826,229,542    132,966,140 
Shares Outstanding    78,330,965    65,035,335    10,734,008 
Net Asset Value Per Share ($)    12.66    12.70    12.39 
Investor Shares             
Net Assets ($)    4,047,156    1,355,376    181,126 
Shares Outstanding    320,340    106,702    14,622 
Net Asset Value Per Share ($)    12.63    12.70    12.39 
† Investments at cost ($):             
Unaffiliated issuers    964,695,253    779,909,293    126,707,587 
Affiliated issuers    211,505,565    296,916,304    57,996,200 
†† Value of securities loaned ($)    212,649,636    290,034,338    55,978,338 

See notes to financial statements.

22

STATEMENT OF OPERATIONS 
Six Months Ended February 29, 2008 (Unaudited) 

            BNY Mellon 
    BNY Mellon    BNY Mellon    Short-Term 
    Bond    Intermediate    U.S. Government 
    Fund    Bond Fund    Securities Fund 
Investment Income ($):             
Income:             
Interest    25,016,019    18,447,341    2,846,006 
Dividends;             
Affiliated Issuers    263,666    255,850    42,281 
Income from securities lending    498,990    715,199    128,098 
Total Income    25,778,675    19,418,390    3,016,385 
Expenses:             
Investment advisory fee—Note 4(a)    1,931,398    1,549,113    227,815 
Administration fee—Note 4(a)    614,735    493,103    82,864 
Custodian fees—Note 4(b)    37,453    24,741    5,806 
Trustees’ fees and expenses—Note 4(c)    15,348    15,564    2,247 
Registration fees    12,654    14,602    11,346 
Professional fees    11,769    9,315    16,126 
Prospectus and shareholders’ reports    5,067    9,013    4,052 
Shareholder servicing costs—Note 4(b)    2,853    2,553    334 
Miscellaneous    17,624    15,396    9,289 
Total Expenses    2,648,901    2,133,400    359,879 
Less—reduction in fees due to earnings credit—Note 2(b)    (266)    (92)    (43) 
Net Expenses    2,648,635    2,133,308    359,836 
Investment Income—Net    23,130,040    17,285,082    2,656,549 
Realized and Unrealized Gain (Loss) on Investments—Note 5 ($):         
Net realized gain (loss) on investments    5,118,010    3,100,052    867,253 
Net unrealized appreciation (depreciation) on investments    27,875,925    29,735,867    3,313,745 
Net Realized and Unrealized Gain (Loss) on Investments    32,993,935    32,835,919    4,180,998 
Net Increase in Net Assets Resulting from Operations    56,123,975    50,121,001    6,837,547 

See notes to financial statements.

The Funds 23

STATEMENT OF CHANGES IN NET ASSETS

    BNY Mellon Bond Fund    BNY Mellon Intermediate Bond Fund 
    Six Months Ended        Six Months Ended     
    February 29, 2008    Year Ended    February 29, 2008    Year Ended 
    (Unaudited)    August 31, 2007    (Unaudited)    August 31, 2007 
Operations ($):                 
Investment income—net    23,130,040    42,539,452    17,285,082    30,017,411 
Net realized gain (loss) on investments    5,118,010    (5,725,505)    3,100,052    (1,245,819) 
Net unrealized appreciation (depreciation) on investments    27,875,925    8,185,985    29,735,867    6,587,764 
Net Increase (Decrease) in Net Assets                 
Resulting from Operations    56,123,975    44,999,932    50,121,001    35,359,356 
Dividends to Shareholders from ($):                 
Investment income—net:                 
Class M Shares    (23,235,442)    (44,179,220)    (17,740,235)    (32,341,234) 
Investor Shares    (100,275)    (167,461)    (33,461)    (47,297) 
Total Dividends    (23,335,717)    (44,346,681)    (17,773,696)    (32,388,531) 
Beneficial Interest Transactions ($):                 
Net proceeds from shares sold:                 
Class M Shares    90,298,158    224,083,407    112,156,447    189,209,805 
Investor Shares    2,299,134    2,299,966    2,233,435    1,671,176 
Dividends reinvested:                 
Class M Shares    2,997,658    5,188,901    3,189,951    4,878,898 
Investor Shares    74,625    122,579    32,571    38,542 
Cost of shares redeemed:                 
Class M Shares    (78,693,071)    (171,502,626)    (46,473,385)    (128,112,462) 
Investor Shares    (3,091,248)    (1,121,092)    (2,896,355)    (463,190) 
Increase (Decrease) in Net Assets from                 
Beneficial Interest Transactions    13,885,256    59,071,135    68,242,664    67,222,769 
Total Increase (Decrease) in Net Assets    46,673,514    59,724,386    100,589,969    70,193,594 
Net Assets ($):                 
Beginning of Period    949,037,833    889,313,447    726,994,949    656,801,355 
End of Period    995,711,347    949,037,833    827,584,918    726,994,949 
Undistributed (distributions in                 
excess of) investment income—net    238,036    443,713    (431,918)    56,696 
Capital Share Transactions (Shares):                 
Class M Shares                 
Shares sold    7,247,206    18,282,293    9,036,417    15,561,595 
Shares issued for dividends reinvested    240,366    423,129    256,222    401,273 
Shares redeemed    (6,325,396)    (13,973,760)    (3,732,239)    (10,519,626) 
Net Increase (Decrease) in Shares Outstanding    1,162,176    4,731,662    5,560,400    5,443,242 
Investor Shares                 
Shares sold    185,948    188,124    180,195    137,241 
Shares issued for dividends reinvested    6,003    10,011    2,622    3,173 
Shares redeemed    (249,951)    (91,617)    (234,564)    (38,058) 
Net Increase (Decrease) in Shares Outstanding    (58,000)    106,518    (51,747)    102,356 

See notes to financial statements.

24

    BNY Mellon Short-Term 
    U.S. Government Securities Fund 
    Six Months Ended     
    February 29, 2008    Year Ended 
    (Unaudited)    August 31, 2007 
Operations ($):         
Investment income—net    2,656,549    5,383,065 
Net realized gain (loss) on investments    867,253    (332,872) 
Net unrealized appreciation (depreciation) on investments    3,313,745    1,219,315 
Net Increase (Decrease) in Net Assets         
Resulting from Operations    6,837,547    6,269,508 
Dividends to Shareholders from ($):         
Investment income—net:         
Class M Shares    (2,914,927)    (5,930,702) 
Investor Shares    (4,595)    (4,699) 
Total Dividends    (2,919,522)    (5,935,401) 
Beneficial Interest Transactions ($):         
Net proceeds from shares sold:         
Class M Shares    13,583,746    49,065,963 
Investor Shares    306,549    104,867 
Dividends reinvested:         
Class M Shares    549,033    868,612 
Investor Shares    4,429    4,167 
Cost of shares redeemed:         
Class M Shares    (13,706,811)    (53,525,145) 
Investor Shares    (275,283)    (250,641) 
Increase (Decrease) in Net Assets from         
Beneficial Interest Transactions    461,663    (3,732,177) 
Total Increase (Decrease) in Net Assets    4,379,688    (3,398,070) 
Net Assets ($):         
Beginning of Period    128,767,578    132,165,648 
End of Period    133,147,266    128,767,578 
Undistributed (distributions in         
excess of) investment income—net    (227,785)    35,188 
Capital Share Transactions (Shares):         
Class M Shares         
Shares sold    1,115,626    4,089,237 
Shares issued for dividends reinvested    45,056    72,506 
Shares redeemed    (1,124,875)    (4,461,016) 
Net Increase (Decrease) in Shares Outstanding    35,807    (299,273) 
Investor Shares         
Shares sold    25,275    8,753 
Shares issued for dividends reinvested    364    348 
Shares redeemed    (22,634)    (20,894) 
Net Increase (Decrease) in Shares Outstanding    3,005    (11,793) 

See notes to financial statements.

The Funds 25

FINANCIAL HIGHLIGHTS

The following tables describe the performance for each share class of each BNY Mellon fixed income fund for the fiscal periods indicated.All information (except portfolio turnover rate) reflects financial results for a single fund share.Total return shows how much your investment in each fund would have increased (or decreased) during the period, assuming you had reinvested all dividends and distributions.These figures have been derived from each fund’s financial statements.

            Class M Shares         
    Six Months Ended                     
    February 29, 2008        Year Ended August 31,     
BNY Mellon Bond Fund    (Unaudited)    2007    2006    2005    2004    2003a 
Per Share Data ($):                         
Net asset value, beginning of period    12.24    12.23    12.66    12.79    12.92    12.95 
Investment Operations:                         
Investment income—net b    .30    .57    .52    .48    .49    .56 
Net realized and unrealized                         
gain (loss) on investments    .42    .04    (.38)    (.07)    .21    .06 
Total from Investment Operations    .72    .61    .14    .41    .70    .62 
Distributions:                         
Dividends from investment income—net    (.30)    (.60)    (.57)    (.54)    (.56)    (.62) 
Dividends from net realized gain on investments    —    —    —    —    (.27)    (.03) 
Total Distributions    (.30)    (.60)    (.57)    (.54)    (.83)    (.65) 
Net asset value, end of period    12.66    12.24    12.23    12.66    12.79    12.92 
Total Return (%)    5.94c    5.06    1.20    3.30    5.63    4.73 
Ratios/Supplemental Data (%):                         
Ratio of total expenses to average net assets    .55d    .56    .56    .56    .56    .57 
Ratio of net expenses to average net assets    .55d,e    .56e    .56e    .56    .56e    .55 
Ratio of net investment income                         
to average net assets    4.79d    4.67    4.27    3.81    3.79    4.30 
Portfolio Turnover Rate    30.28c    134.49    104.53f    151.34f    133.00f    134.12 
Net Assets, end of period ($ x 1,000)    991,664    944,416    885,994    839,804    819,664    846,464 

a Effective December 16, 2002, MPAM shares were redesignated as Class M shares. 
b Based on average shares outstanding at each month end. 
c Not annualized. 
d Annualized. 
e The difference for the period represents less than .01%. 
f The portfolio turnover rates excluding mortgage dollar roll transactions for the periods ended August 31, 2006, 2005 and 2004, were 101.12%, 104.24% and 106.10%, 
respectively. 
See notes to financial statements. 

26

            Investor Shares             
    Six Months Ended                     
    February 29, 2008        Year Ended August 31,     
BNY Mellon Bond Fund    (Unaudited)    2007    2006    2005    2004    2003 
Per Share Data ($):                         
Net asset value, beginning of period    12.21    12.21    12.63    12.77    12.90    12.94 
Investment Operations:                         
Investment income—net a    .28    .53    .49    .45    .50    .54 
Net realized and unrealized                         
gain (loss) on investments    .42    .04    (.37)    (.08)    .17    .04 
Total from Investment Operations    .70    .57    .12    .37    .67    .58 
Distributions:                         
Dividends from investment income—net    (.28)    (.57)    (.54)    (.51)    (.53)    (.59) 
Dividends from net realized gain on investments    —    —    —    —    (.27)    (.03) 
Total Distributions    (.28)    (.57)    (.54)    (.51)    (.80)    (.62) 
Net asset value, end of period    12.63    12.21    12.21    12.63    12.77    12.90 
Total Return (%)    5.82b    4.82    1.01    2.98    5.29    4.48 
Ratios/Supplemental Data (%):                         
Ratio of total expenses to average net assets    .82c    .81    .80    .81    .81    .82 
Ratio of net expenses to average net assets    .82c,d    .81d    .80d    .81    .81d    .80 
Ratio of net investment income                         
to average net assets    4.51c    4.42    4.02    3.56    3.52    4.11 
Portfolio Turnover Rate    30.28b    134.49    104.53e    151.34e    133.00e    134.12 
Net Assets, end of period ($ x 1,000)    4,047    4,621    3,319    2,704    3,068    3,861 

a Based on average shares outstanding at each month end. 
b Not annualized. 
c Annualized. 
d The difference for the period represents less than .01%. 
e The portfolio turnover rates excluding mortgage dollar roll transactions for the periods ended August 31, 2006, 2005 and 2004, were 101.12%, 104.24% and 106.10%, 
respectively. 
See notes to financial statements. 

The Funds 27

FINANCIAL HIGHLIGHTS (continued)

            Class M Shares         
    Six Months Ended                     
    February 29, 2008        Year Ended August 31,     
BNY Mellon Intermediate Bond Fund    (Unaudited)    2007    2006    2005    2004    2003a 
Per Share Data ($):                         
Net asset value, beginning of period    12.19    12.14    12.47    12.77    12.97    13.04 
Investment Operations:                         
Investment income—net b    .28    .53    .46    .41    .42    .51 
Net realized and unrealized                         
gain (loss) on investments    .51    .09    (.26)    (.22)    .14    .11 
Total from Investment Operations    .79    .62    .20    .19    .56    .62 
Distributions:                         
Dividends from investment income—net    (.28)    (.57)    (.53)    (.49)    (.52)    (.59) 
Dividends from net realized gain on investments    —    —    —    —    (.24)    (.10) 
Total Distributions    (.28)    (.57)    (.53)    (.49)    (.76)    (.69) 
Net asset value, end of period    12.70    12.19    12.14    12.47    12.77    12.97 
Total Return (%)    6.57c    5.22    1.69    1.53    4.45    4.77 
Ratios/Supplemental Data (%):                         
Ratio of total expenses to average net assets    .55d    .56    .56    .57    .57    .57 
Ratio of net expenses to average net assets    .55d,e    .56    .56    .57    .57e    .56 
Ratio of net investment income                         
to average net assets    4.46d    4.36    3.79    3.23    3.26    3.88 
Portfolio Turnover Rate    24.97c    84.24    86.50    112.51f    109.19    104.98 
Net Assets, end of period ($ x 1,000)    826,230    725,064    656,120    569,233    524,590    467,627 

a Effective December 16, 2002, MPAM shares were redesignated as Class M shares. 
b Based on average shares outstanding at each month end. 
c Not annualized. 
d Annualized. 
e The difference for the period represents less than .01%. 
f The portfolio turnover rate excluding mortgage dollar roll transactions for the period ended August 31, 2005 was 111.52%. 
See notes to financial statements. 

28

            Investor Shares             
    Six Months Ended                     
    February 29, 2008        Year Ended August 31,     
BNY Mellon Intermediate Bond Fund    (Unaudited)    2007    2006    2005    2004    2003 
Per Share Data ($):                         
Net asset value, beginning of period    12.19    12.14    12.47    12.77    13.02    13.08 
Investment Operations:                         
Investment income—net a    .27    .48    .43    .37    .55    .48 
Net realized and unrealized                         
gain (loss) on investments    .50    .11    (.26)    (.21)    (.07)b    .12 
Total from Investment Operations    .77    .59    .17    .16    .48    .60 
Distributions:                         
Dividends from investment income—net    (.26)    (.54)    (.50)    (.46)    (.49)    (.56) 
Dividends from net realized gain on investments    —    —    —    —    (.24)    (.10) 
Total Distributions    (.26)    (.54)    (.50)    (.46)    (.73)    (.66) 
Net asset value, end of period    12.70    12.19    12.14    12.47    12.77    13.02 
Total Return (%)    6.41c    4.96    1.43    1.30    3.88    4.51 
Ratios/Supplemental Data (%):                         
Ratio of total expenses to average net assets    .80d    .81    .81    .81    .82    .81 
Ratio of net expenses to average net assets    .80d,e    .81    .81    .81    .82e    .81e 
Ratio of net investment income                         
to average net assets    4.22d    4.10    3.55    3.00    3.01    3.57 
Portfolio Turnover Rate    24.97c    84.24    86.50    112.51f    109.19    104.98 
Net Assets, end of period ($ x 1,000)    1,355    1,931    681    547    455    305 

a Based on average shares outstanding at each month end. 
b In addition to the net realized and unrealized gain on investments as shown in the Statement of Operations, this amount includes a decrease in net asset value per share resulting 
from the timing of issuances and redemptions of shares in relation to fluctuating market values for the fund’s investments. 
c Not annualized. 
d Annualized. 
e The difference for the period represents less than .01%. 
f The portfolio turnover rate excluding mortgage dollar roll transactions for the period ended August 31, 2005 was 111.52%. 
See notes to financial statements. 

The Funds 29

FINANCIAL HIGHLIGHTS (continued)

            Class M Shares         
    Six Months Ended                     
BNY Mellon Short-Term    February 29, 2008        Year Ended August 31,     
U.S. Government Securities Fund    (Unaudited)    2007    2006    2005    2004    2003a 
Per Share Data ($):                         
Net asset value, beginning of period    12.02    11.99    12.14    12.47    12.70    12.94 
Investment Operations:                         
Investment income—net b    .25    .56    .39    .28    .25    .34 
Net realized and unrealized                         
gain (loss) on investments    .39    .03    (.06)    (.16)    (.01)    (.11) 
Total from Investment Operations    .64    .59    .33    .12    .24    .23 
Distributions:                         
Dividends from investment income—net    (.27)    (.56)    (.48)    (.45)    (.45)    (.44) 
Dividends from net realized gain on investments    —    —    —    —    (.02)    (.03) 
Total Distributions    (.27)    (.56)    (.48)    (.45)    (.47)    (.47) 
Net asset value, end of period    12.39    12.02    11.99    12.14    12.47    12.70 
Total Return (%)    5.40c    5.05    2.78    1.00    1.97    1.68 
Ratios/Supplemental Data (%):                         
Ratio of total expenses to average net assets    .55d    .55    .54    .55    .55    .56 
Ratio of net expenses to average net assets    .55d,e    .55    .54    .55e    .55e    .55 
Ratio of net investment income                         
to average net assets    4.08d    4.65    3.24    2.25    1.97    2.68 
Portfolio Turnover Rate    61.28c    127.30    85.97    69.11    44.76    88.05 
Net Assets, end of period ($ x 1,000)    132,966    128,628    131,885    161,963    176,301    139,971 

a Effective December 16, 2002, MPAM shares were redesignated as Class M shares.
b Based on average shares outstanding at each month end.
c Not annualized.
d Annualized.
e The difference for the period represents less than .01%.
See notes to financial statements.

30

            Investor Shares             
    Six Months Ended                     
BNY Mellon Short-Term    February 29, 2008        Year Ended August 31,         
U.S. Government Securities Fund    (Unaudited)    2007    2006    2005    2004    2003 
Per Share Data ($):                         
Net asset value, beginning of period    12.02    12.00    12.14    12.47    12.73    12.93 
Investment Operations:                         
Investment income—net a    .24    .49    .41    .23    .37    .30 
Net realized and unrealized                         
gain (loss) on investments    .39    .06    (.10)    (.14)    (.19)    (.06) 
Total from Investment Operations    .63    .55    .31    .09    .18    .24 
Distributions:                         
Dividends from investment income—net    (.26)    (.53)    (.45)    (.42)    (.42)    (.41) 
Dividends from net realized gain on investments    —    —    —    —    (.02)    (.03) 
Total Distributions    (.26)    (.53)    (.45)    (.42)    (.44)    (.44) 
Net asset value, end of period    12.39    12.02    12.00    12.14    12.47    12.73 
Total Return (%)    5.26b    4.67    2.62    .78    1.46    1.78 
Ratios/Supplemental Data (%):                         
Ratio of total expenses to average net assets    .80c    .80    .77    .81    .78    .83 
Ratio of net expenses to average net assets    .80c,d    .80    .77    .81d    .78d    .80 
Ratio of net investment income                         
to average net assets    3.85c    4.51    3.25    1.99    1.74    2.38 
Portfolio Turnover Rate    61.28b    127.30    85.97    69.11    44.76    88.05 
Net Assets, end of period ($ x 1,000)    181    140    281    20    11    1 

a    Based on average shares outstanding at each month end. 
b    Not annualized. 
c    Annualized. 
d    The difference for the period represents less than .01%. 

See notes to financial statements.

The Funds 31

NOTES TO FINANCIAL STATEMENTS (Unaudited)

NOTE 1—General:

BNY Mellon Funds Trust (the “Trust”) was organized as a Massachusetts business trust which is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company and operates as a series company currently comprised of seventeen series including the following diversified fixed income funds: BNY Mellon Bond Fund, BNY Mellon Intermediate Bond Fund and BNY Mellon Short-Term U.S. Government Securities Fund (each, a “fund” and collectively, the “funds”). Effective March 31, 2008, the Trust changed its name from “Mellon Funds Trust” to its current name and each fund added “BNY” to the beginning of its name. BNY Mellon Bond Fund’s and BNY Mellon Intermediate Bond Fund’s investment objective is to seek total return (consisting of capital appreciation and current income). BNY Mellon Short-Term U.S. Government Securities Fund’s investment objective is to seek to provide as high a level of current income as is consistent with the preservation of capital.

Mellon Fund Advisers, a division of the Dreyfus Corporation (the “Manager” or “Dreyfus) serves as each fund’s investment adviser (“Investment Adviser”). Mellon Bank, N.A. (“Mellon Bank”), an affiliate of Dreyfus, serves as administrator for the funds pursuant to an Administration Agreement with the Trust (the “Administration Agreement”). Mellon Bank has entered into a Sub-Administration Agreement with Dreyfus pursuant to which Mellon Bank pays Dreyfus for performing certain administrative services. Dreyfus and Mellon Bank are wholly-owned subsidiaries of The Bank of New York Mellon Corporation (“BNY Mellon”). MBSC Securities Corporation (the Distributor”), a wholly-owned subsidiary of Dreyfus, is the Distributor of each fund’s shares, which are sold without a sales charge.

The Trust is authorized to issue an unlimited number of shares of beneficial interest, par value $.001 per share, in each of the Class M and Investor class shares of each fund. Each class of shares has similar rights and privileges, except with respect to the expenses borne by and

the shareholder services offered to each class and the shareholder services plan applicable to the Investor shares, the allocation of certain transfer agency costs and certain voting rights. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated daily for each class of shares based upon relative proportion of net assets of each class.

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 that are applicable to all series are allocated among them on a pro rata basis.

The funds’ financial statements are prepared in accordance with U.S. generally accepted accounting principles, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

NOTE 2—Significant Accounting Policies:

(a) Portfolio valuation: Investments in securities excluding short-term investments (other than U.S. Treasury Bills), are valued each business day by an independent pricing service (the “Service”) approved by the Trust’s Board. Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Other investments (which constitute a majority of the portfolio securities) are valued as determined by the Service, based on methods which include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. Restricted securities, as well as securities or other assets for which recent market quotations are not readily available, that are not valued by a pricing service approved by the Trust’s Board, or are

32

determined by the fund not to reflect accurately fair value, are valued at fair value as determined in good faith under the direction of the Trust’s Board.The factors that may be considered when fair valuing a security include fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. Short-term investments, excluding U.S.Treasury Bills, are carried at amortized cost, which approximates value. Registered open-end investment companies that are not traded on an exchange are valued at their net asset value.

The Financial Accounting Standards Board (“FASB”) released Statement of Financial Accounting Standards No. 157 “Fair Value Measurements” (“FAS 157”). FAS 157 establishes an authoritative definition of fair value, sets out a framework for measuring fair value, and requires additional disclosures about fair-value measure-ments.The application of FAS 157 is required for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. Management does not believe that the application of this standard will have a material impact on the financial statements of the funds.

(b) Securities transactions and investment income:Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date and interest income, including where applicable, accretion of discount and amortization of premium on investments is recognized on the accrual basis.

The funds have an arrangement with the custodian and cash management banks whereby the funds may receive earnings credits when positive cash balances are maintained, which are used to offset custody and cash management fees. For financial reporting purposes, the funds include net earnings credits as an expense offset in the Statement of Operations.

Pursuant to a securities lending agreement with Mellon Bank, the funds may lend securities to certain qualified institutions. It is the funds’ policy, that at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by Dreyfus, U.S. Government and Agency securities or Letters of Credit.The funds are entitled to receive all income on securities loaned, in addition to income earned as a result of the lending transaction.Although each security loaned is fully collateralized, the funds bear the risk of delay in recovery of, or loss of rights in, the securities loaned should a borrower fail to return the securities in a timely manner.

Table 1 summarizes the amount Mellon Bank earned from each fund from lending fund portfolio securities, pursuant to the securities lending agreement during the period ended February 29, 2008.

Table 1.     
BNY Mellon Bond Fund    $268,687 
BNY Mellon Intermediate Bond Fund    385,107 
BNY Mellon Short-Term U.S.     
Government Securities Fund    68,976 

(c) Affiliated issuers: Investments in other investment companies advised by Dreyfus are defined as “affiliated” in the Act.

(d) Concentration of Risk: The funds invest primarily in debt securities. Failure of an issuer of the debt securities to make timely interest or principal payments, or a decline or the perception of a decline in the credit quality of a debt security, can cause the debt security’s price to fall, potentially lowering the fund’s share price. In addition, the value of the debt securities may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in outlook for

The Funds 33

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

corporate earnings, changes in interest or currency rates or adverse investor sentiment. They may also decline because of factors that affect a particular industry.

(e) Dividends to shareholders: Dividends payable to shareholders are recorded by the funds on the ex-dividend date. The funds declare and pay dividends from investment income-net monthly. With respect to each series, dividends from net realized capital gains, if any, are normally declared and paid annually, but the funds may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the “Code”). To the extent that net realized capital gains can be offset by capital loss carryovers of that fund, it is the policy of the fund not to distribute such gains. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles.

(f) Federal income taxes: It is the policy of each fund to continue to qualify as a regulated investment company, if such qualification is in the best interests of its shareholders, by complying with the applicable provisions of the Code, and to make distributions of taxable income sufficient to relieve it from substantially all federal income and excise taxes. For federal income tax purposes, each series is treated as a single entity for the purpose of determining such qualification.

During the current year, the funds adopted FASB Interpretation No. 48 “Accounting for Uncertainty in Income Taxes” (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements.

FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the funds tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority.Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year.The adoption of FIN 48 had no impact on the operations of the fund for the period ended February 29, 2008.

Each of the tax years in the three-year period ended August 31, 2007, remains subject to examination by the Internal Revenue Service and state taxing authorities.

Table 2 summarizes each fund’s unused capital loss carryover available for federal income tax purposes to be applied against future net securities profits, if any, realized subsequent to August 31, 2007.

Table 3 summarizes each fund’s tax characters of distributions paid to shareholders during the fiscal year ended August 31, 2007. The tax character of current year distributions will be determined at the end of the current fiscal year.

    Ordinary 
Table 3.    Income 
BNY Mellon Bond Fund    $44,346,681 
BNY Mellon Intermediate Bond Fund    32,388,531 
BNY Mellon Short-Term U.S.     
Government Securities Fund    5,935,401 

NOTE 3—Bank Line of Credit:

The funds participate with other Dreyfus-managed funds in a $100 million unsecured line of credit primarily to be utilized for temporary or emergency purposes, including

Table 2.                     
 
Expiring in fiscal    2012 ($)†    2013 ($)†    2014 ($)†    2015 ($)†    Total ($) 
BNY Mellon Bond Fund    1,596,239    136,060    1,275,059    15,167,648    18,175,006 
BNY Mellon Intermediate Bond Fund    1,813,775    892,928    4,073,519    14,278,037    21,058,259 
BNY Mellon Short-Term U.S. Government Securities Fund    182,342    1,852,740    2,969,151    4,701,997    9,706,230 

† If not applied, the carryovers expire in the above years.

34

the financing of redemptions. Interest is charged to the funds based on prevailing market rates in effect at the time of borrowing. During the period ended February 29, 2008, the funds did not borrow under the line of credit.

NOTE 4—Investment Advisory Fee, Administration
Fee and Other Transactions With Affiliates:

(a) Fees payable by the funds pursuant to the provisions of an Investment Advisory Agreement with the Investment Adviser are payable monthly, computed on the average daily value of each fund’s net assets at the following annual rates: .40% of the BNY Mellon Bond Fund, .40% of the BNY Mellon Intermediate Bond Fund and .35% of the BNY Mellon Short-Term U.S. Government Securities Fund.

Pursuant to the Administration Agreement with Mellon, 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% 

Mellon Bank has entered into a Sub-Administration Agreement with Dreyfus pursuant to which Mellon Bank pays Dreyfus for performing certain administrative services.

(b) The funds have adopted a Shareholder Services Plan with respect to its Investor shares pursuant to which each fund pays the Distributor for the provision of certain services to holders of Investor shares a fee at an annual rate of .25% of the value of the average daily net assets attributable to Investor shares. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding a fund, and providing reports and other information, and services related to the maintenance of such shareholder accounts. The Shareholder Services Plan allows the Distributor to make payments from the shareholder services fees it collects from each

fund to compensate service agents (certain banks, securities brokers or dealers and other financial institutions) in respect of these services.

Table 4 summarizes the amounts Investor shares of each fund were charged during the period ended February 29, 2008, pursuant to the Shareholder Services Plan. Additional fees included in shareholder servicing costs in the Statement of Operations includes fees paid to the transfer agent.

Table 4.     
BNY Mellon Bond Fund    $5,563 
BNY Mellon Intermediate Bond Fund    2,108 
BNY Mellon Short-Term U.S.     
Government Securities Fund    262 

The funds compensate The Bank of New York, a subsidiary of BNY Mellon and a Dreyfus affiliate,under a cash management agreement for performing cash management services related to fund subscriptions and redemptions.

Table 5 summarizes the amount each fund was charged during the period ended February 29, 2008, pursuant to the cash management agreement.

Table 5.     
BNY Mellon Bond Fund    $53 
BNY Mellon Intermediate Bond Fund    18 
BNY Mellon Short-Term U.S.     
Government Securities Fund    9 

The funds compensate Mellon Bank under a cash management agreement for performing cash management services related to fund subscriptions and redemptions.

Table 6 summarizes the amount each fund was charged during the period ended February 29, 2008, pursuant to the cash management agreement.

Table 6.     
BNY Mellon Bond Fund    $178 
BNY Mellon Intermediate Bond Fund    74 
BNY Mellon Short-Term U.S.     
Government Securities Fund    34 

The Funds 35

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

The funds compensate Mellon Bank under a custody agreement for providing custodial services for the funds.

Table 7 summarizes the amount each fund was charged during the period ended February 29, 2008, pursuant to the custody agreement.

Table 7.     
BNY Mellon Bond Fund    $37,453 
BNY Mellon Intermediate Bond Fund    24,741 
BNY Mellon Short-Term U.S.     
Government Securities Fund    5,806 

During the period ended February 29, 2008, each fund was charged $2,411 for services performed by the Chief Compliance Officer.

Table 8 summarizes the components of “Due to The Dreyfus Corporation and affiliates” in the Statement of Assets and Liabilities for each fund.

(c) Each trustee who is not an “affiliated person” as defined in the Act receives from the Trust an annual fee

of $48,000 and an attendance fee of $5,000 for each in-person meeting attended and $500 for telephone meetings and is reimbursed for travel and out-of-pocket expenses.The Chairman of the Trust’s Board receives an additional annual fee of $10,000 and the Chairman of the Trust’s Audit Committee receives an additional annual fee of $8,000.

NOTE 5—Securities Transactions:

Table 9 summarizes each fund’s aggregate amount of purchases and sales of investment securities (including paydowns) excluding short-term securities, during the period ended February 29, 2008.

Table 10 summarizes accumulated net unrealized appreciation on investments for each fund at February 29, 2008.

At February 29, 2008, the cost of investments for each fund for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments).

Table 8.                 
 
    Investment    Chief    Shareholder     
    Advisory    Compliance    Services    Custodian 
    Fees ($)    Officer Fees ($)    Plan Fees ($)    Fees ($) 
BNY Mellon Bond Fund    314,633    4,419    785    28,442 
BNY Mellon Intermediate Bond Fund    261,118    4,419    285    11,755 
BNY Mellon Short-Term U.S. Government Securities Fund    38,545    4,419    27    3,964 

Table 9.         
 
    Purchases ($)    Sales ($) 
BNY Mellon Bond Fund    315,115,017    289,495,929 
BNY Mellon Intermediate Bond Fund    255,182,425    183,845,098 
BNY Mellon Short-Term U.S. Government Securities Fund    79,879,925    78,483,767 

Table 10.             
 
    Gross    Gross     
    Appreciation ($)    (Depreciation) ($)    Net ($) 
BNY Mellon Bond Fund    32,074,201    5,689,980    26,384,221 
BNY Mellon Intermediate Bond Fund    32,154,458    721,535    31,432,923 
BNY Mellon Short-Term U.S.             
Government Securities Fund    3,753,220    78,412    3,674,808 

36

NOTES

For More Information

BNY Mellon Funds Trust    Custodian 
c/o The Dreyfus Corporation     
200 Park Avenue    Mellon Bank, N.A. 
New York, NY 10166    One Mellon Bank Center 
    Pittsburgh, PA 15258 
Investment Adviser     
    Transfer Agent & 
Mellon Fund Advisers, a division of    Dividend Disbursing Agent 
The Dreyfus Corporation     
200 Park Avenue    Dreyfus Transfer, Inc. 
New York, NY 10166    200 Park Avenue 
    New York, NY 10166 
Administrator     
    Distributor 
Mellon Bank, N.A.     
One Mellon Bank Center    MBSC Securities Corporation 
Pittsburgh, PA 15258    200 Park Avenue 
    New York, NY 10166 
Sub-Administrator     
 
The Dreyfus Corporation     
200 Park Avenue     
New York, NY 10166     

Ticker Symbols:         
BNY Mellon Bond Fund    Class M: MPBFX    Investor: MIBDX 
BNY Mellon Intermediate Bond Fund    Class M: MPIBX    Investor: MIIDX 
BNY Mellon Short-Term U.S. Government Securities Bond Fund    Class M: MPSUX    Investor: MISTX 

Telephone Wealth Management (WM) Clients, please contact your Account Officer or call 1-888-281-7350.
Brokerage Clients of BNY Mellon Wealth Advisors (BNYMWA), please contact your financial representative
or call 1-800-830-0549, Option 2. Individual Account holders, please call Dreyfus at 1-800-645-6561.

Mail WM Clients, write to your Account Officer, c/o Mellon Bank, N.A., 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 55268, Boston, MA 02205–8502

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The fund’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-202-551-8090.

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 12-month period ended June 30, 2007, is available at http://www.dreyfus.com and on the SEC’s website at http://www.sec.gov. The description of the policies and procedures is also available without charge, upon request, by calling 1-800-645-6561.

MFTSA0208-TB

©2008 MBSC Securities Corporation

Item 2.    Code of Ethics. 
    Not applicable. 
Item 3.    Audit Committee Financial Expert. 
    Not applicable. 
Item 4.    Principal Accountant Fees and Services. 
    Not applicable. 
Item 5.    Audit Committee of Listed Registrants. 
    Not applicable. 
Item 6.    Schedule of Investments. 
    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. 

The Registrant has a Nominating Committee (the "Committee"), which is responsible for selecting and nominating persons for election or appointment by the Registrant's Board as Board members. The Committee has adopted a Nominating Committee Charter (the "Charter"). Pursuant to the Charter, the Committee will consider recommendations for nominees from shareholders submitted to the Secretary of the Registrant, c/o The Dreyfus Corporation Legal Department, 200 Park Avenue, 8th Floor East, New York, New York 10166. A nomination submission must include information regarding the recommended nominee as specified in the Charter. This information includes all information relating to a recommended nominee that is required to be disclosed in solicitations or proxy statements for the election of Board members, as well as information sufficient to evaluate the factors to be considered by the Committee, including character and integrity, business and professional experience, and whether the person has the ability to apply sound and independent business judgment and would act in the interests of the Registrant and its shareholders.

Nomination submissions are required to be accompanied by a written consent of the individual to stand for election if nominated by the Board and to serve if elected by the shareholders, and such additional information must be provided regarding the recommended nominee as reasonably requested by the Committee.

Item 11. Controls and Procedures.

(a) The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes to the Registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12.    Exhibits. 

(a)(1)
  		  Not applicable.
 
(a)(2)
  		  Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) 
under the Investment Company Act of 1940.
 
(a)(3)
  		  Not applicable.
 
(b)    Certification of principal executive and principal financial officers as required by Rule 30a-2(b) 
under the Investment Company Act of 1940. 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

By:    /s/Christopher E. Sheldon 
    Christopher E. Sheldon 
    President 
 
Date:    April 25, 2008 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:    /s/Christopher E. Sheldon 
    Christopher E. Sheldon 
    President 
 
Date:    April 25, 2008 
 
By:    /s/James Windels 
    James Windels 
    Treasurer 
 
Date:    April 25, 2008 

EXHIBIT INDEX

(a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940. (EX-99.CERT)

(b) Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940. (EX-99.906CERT)