lp1-bnymft_ncsr.htm - Generated by SEC Publisher for SEC Filing

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)

	John Pak, Esq. 200 Park Avenue New York, New York 10166
	(Name and address of agent for service)

Registrant's telephone number, including area code:				(212) 922-6000

Date of fiscal year end:		8/31
Date of reporting period:		8/31/13

BNY Mellon Large Cap Stock Fund

BNY Mellon Large Cap Market Opportunities Fund

BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund

BNY Mellon Income Stock Fund

BNY Mellon Mid Cap Multi-Strategy Fund

BNY Mellon Small Cap Multi-Strategy Fund

BNY Mellon Focused Equity Opportunities Fund

BNY Mellon Small/Mid Cap Fund

BNY Mellon International Fund

BNY Mellon Emerging Markets Fund

BNY Mellon International Appreciation Fund

BNY Mellon International Equity Income Fund

BNY Mellon Asset Allocation Fund

FUND PERFORMANCE


Average Annual Total Returns as of 8/31/13
	1 Year		5 Years		10 Years
Class M shares	15.16	%	5.01	%	5.62	%
Investor shares	14.87	%	4.74	%	5.36	%
Standard & Poor’s 500
Composite Stock Price Index	18.70	%	7.31	%	7.12	%

† Source: Lipper Inc.

Past performance is not predictive of future performance.The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder

would pay on fund distributions or the redemption of fund shares.

The above graph compares a $10,000 investment made in Class M shares and Investor shares of BNY Mellon Large Cap Stock Fund on 8/31/03 to a $10,000

investment made in the Standard & Poor’s 500 Composite Stock Price Index (the “Index”) on that date.All dividends and capital gain distributions are reinvested.

The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares.The Index is a widely

accepted, unmanaged index of U.S. stock market performance. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest

directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section

of the prospectus and elsewhere in this report.

The Funds 5

FUND PERFORMANCE


Average Annual Total Returns as of 8/31/13
	Inception			From
	Date	1 Year		Inception
Class M shares	7/30/10	17.64	%	12.54	%
Investor shares	7/30/10	17.29	%	12.55	%
Standard & Poor’s 500
Composite Stock Price Index	7/31/10	18.70	%	16.10	%

† Source: Lipper Inc.

Past performance is not predictive of future performance.The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder

would pay on fund distributions or the redemption of fund shares.

The above graph compares a $10,000 investment made in Class M shares and Investor shares of BNY Mellon Large Cap Market Opportunities Fund on 7/30/10

(inception date) to a $10,000 investment made in the Standard & Poor’s 500 Composite Stock Price Index (the “Index”) on that date.All dividends and capital

gain distributions are reinvested.

The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares.The Index is a widely

accepted, unmanaged index of U.S. stock market performance. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest

directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section

of the prospectus and elsewhere in this report.

FUND PERFORMANCE


Average Annual Total Returns as of 8/31/13
	1 Year		5 Years		10 Years
Class M shares	24.01	%	7.82	%	7.52	%
Investor shares	23.84	%	7.57	%	7.24	%
Russell 1000 Value Index	23.10	%	6.69	%	7.61	%

† Source: Lipper Inc.

Past performance is not predictive of future performance.The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder

would pay on fund distributions or the redemption of fund shares.

The above graph compares a $10,000 investment made in Class M shares and Investor shares of BNY Mellon Income Stock Fund on 8/31/03 to a $10,000

investment made in the Russell 1000 Value Index (the “Russell Index”) on that date.All dividends and capital gain distributions are reinvested.

Effective 3/15/11, the fund changed its benchmark from the Russell Index to the Dow Jones U.S. Select Dividend Index (the “Dow Jones Index”) to better reflect

the fund’s sector weightings and risk characteristics. The Dow Jones Index was first calculated on 11/3/03.Accordingly, the fund will continue to report the

performance of the Russell Index until the Dow Jones Index has been calculated for a 10-year period. Performance information for the fund versus the Dow Jones

Index is included in the graph and table on the next page.

The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares.The Russell Index is an

unmanaged index which measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 Index companies with

lower price-to-book ratios and lower expected growth values. Unlike a mutual fund, the Russell Index is not subject to charges, fees and other expenses. Investors cannot

invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights

section of the prospectus and elsewhere in this report.


Average Annual Total Returns as of 8/31/13
	Inception					From
	Date	1 Year		5 Years		Inception
Class M shares	10/31/03	24.01	%	7.82	%	7.21	%
Investor shares	10/31/03	23.84	%	7.57	%	6.95	%
Dow Jones U.S. Select Dividend Index	11/3/03	17.72	%	8.76	%	7.09	%

† Source: Lipper Inc.

Past performance is not predictive of future performance.The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder

would pay on fund distributions or the redemption of fund shares.

The above graph compares a $10,000 investment made in Class M shares and Investor shares of BNY Mellon Income Stock Fund on 11/3/03 (inception date of

Dow Jones Index) to a $10,000 investment made in the Dow Jones U.S. Select Dividend Index (the “Dow Jones Index”) on that date.All dividends and capital

gain distributions are reinvested.

Effective 3/15/11, the fund changed its benchmark from the Russell 1000 Value Index (the “Russell Index”) to the Dow Jones Index to better reflect the fund’s

sector weightings and risk characteristics. The Dow Jones Index was first calculated on 11/3/03. Accordingly, the fund will continue to report the performance of

the Russell Index until the Dow Jones Index has been calculated for a 10-year period.

The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares.The Dow Jones Index is an

unmanaged index which represents the country’s leading stocks by dividend yield. Unlike a mutual fund, the Dow Jones Index is not subject to charges, fees and other

expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in

the Financial Highlights section of the prospectus and elsewhere in this report.

The Funds 15

FUND PERFORMANCE


Average Annual Total Returns as of 8/31/13
	1 Year		5 Years		10 Years
Class M shares	24.74	%	6.64	%	9.01	%
Investor shares	24.46	%	6.38	%	8.73	%
Russell Midcap Index	24.91	%	9.08	%	10.14	%
Russell Midcap Value Index	25.37	%	8.87	%	10.37	%
Russell Midcap Growth Index	23.97	%	9.14	%	9.42	%

† Source: Lipper Inc.

Past performance is not predictive of future performance.The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder

would pay on fund distributions or the redemption of fund shares.

The above graph compares a $10,000 investment made in Class M shares and Investor shares of BNY Mellon Mid Cap Multi-Strategy Fund on 8/31/03 to a

$10,000 investment made in each of the (1) the Russell Midcap Index, (2) the Russell Midcap Value Index and (3) the Russell Midcap Growth Index on that date.

All dividends and capital gain distributions are reinvested.

The fund changed its investment strategy on August 20, 2012. Prior to that date, the fund generally had a single primary portfolio manager and investment

strategy — selecting stocks of mid cap domestic companies through a disciplined investment process that combined computer modeling techniques, fundamental

analysis and risk management. Different investment strategies may lead to different performance results. The fund’s performance for periods prior to August 20,

2012, reflects the fund’s investment strategy in effect prior to that date.

The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares.The Russell Midcap Index

is a widely accepted, unmanaged index of medium-cap stock market performance.The Russell Midcap Value Index is a widely accepted, unmanaged index of medium-

cap stock market performance and measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values.The

Russell Midcap Growth Index measures the performance of those companies among the 800 smallest companies in the Russell 1000 Index with higher price-to-book

ratios and higher forecasted growth values.The Russell 1000 Index measures the performance of the largest 1,000 publicly traded U.S. companies. Unlike a mutual

fund, the indices are not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance,

including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.

FUND PERFORMANCE


Average Annual Total Returns as of 8/31/13
	1 Year		5 Years		10 Years
Class M shares	28.51	%	6.21	%	6.85	%
Investor shares	28.10	%	6.06	%	6.64	%
Russell 2000 Index	26.27	%	7.98	%	8.76	%
Russell 2000 Value Index	24.38	%	6.88	%	8.55	%
Russell 2000 Growth Index	28.14	%	9.01	%	8.84	%

† Source: Lipper Inc.

Past performance is not predictive of future performance.The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder

would pay on fund distributions or the redemption of fund shares.

The above graph compares a $10,000 investment made in Class M shares and Investor shares of BNY Mellon Small Cap Multi-Strategy Fund on 8/31/03 to a

$10,000 investment made in each of the (1) the Russell 2000 Index, (2) the Russell 2000 Value Index and (3) the Russell 2000 Growth Index on that date.All

dividends and capital gain distributions are reinvested.

The fund changed its investment strategy on August 20, 2012. Prior to that date, the fund generally had a single primary portfolio manager and investment

strategy — selecting stocks of small cap domestic companies through a disciplined investment process that combined computer modeling techniques, fundamental

analysis and risk management. Different investment strategies may lead to different performance results. The fund’s performance for periods prior to August 20,

2012, reflects the fund’s investment strategy in effect prior to that date.

The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares.The Russell 2000 Index is

an unmanaged index and is composed of the 2,000 smallest companies in the Russell 3000 Index.The Russell 3000 Index measures the performance of the largest

3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.The Russell 2000 Value Index is an unmanaged index which measures

the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.The Russell 2000 Growth Index is an

unmanaged index which measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. Unlike a

mutual fund, the indices are not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund

performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.

The Funds 21

FUND PERFORMANCE


Average Annual Total Returns as of 8/31/13
	Inception			From
	Date	1 Year		Inception
Class M shares	9/30/09	17.54	%	11.86	%
Investor shares	9/30/09	17.12	%	11.59	%
Standard & Poor’s 500
Composite Stock Price Index	9/30/09	18.70	%	14.13	%

† Source: Lipper Inc.

Past performance is not predictive of future performance.The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder

would pay on fund distributions or the redemption of fund shares.

The above graph compares a $10,000 investment made in Class M shares and Investor shares of BNY Mellon Focused Equity Opportunities Fund on 9/30/09

(inception date) to a $10,000 investment made in the Standard & Poor’s 500 Composite Stock Price Index (the “Index “) on that date.All dividends and capital

gain distributions are reinvested.

The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares.The Index is a widely

accepted, unmanaged index of U.S. stock market performance. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot

invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights

section of the prospectus and elsewhere in this report.

FUND PERFORMANCE


Average Annual Total Returns as of 8/31/13
	Inception			From
	Date	1 Year		Inception
Class M shares	9/30/09	18.07	%	12.33	%
Investor shares	9/30/09	17.65	%	12.01	%
Russell 2500 Index	9/30/09	25.96	%	16.55	%

† Source: Lipper Inc.

Past performance is not predictive of future performance.The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder

would pay on fund distributions or the redemption of fund shares.

The above graph compares a $10,000 investment made in Class M shares and Investor shares of BNY Mellon Small/MidCap Fund on 9/30/09 (inception date)

to a $10,000 investment made in the Russell 2500 Index (the “Index”) on that date.All dividends and capital gain distributions are reinvested.

The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares.The Index is an

unmanaged index designed to track the performance of small- to mid-cap U.S. stocks. Unlike a mutual fund, the Index is not subject to charges, fees and other

expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained

in the Financial Highlights section of the prospectus and elsewhere in this report.

The Funds 27

FUND PERFORMANCE


Average Annual Total Returns as of 8/31/13
	1 Year		5 Years		10 Years
Class M shares	23.74	%	2.09	%	6.22	%
Investor shares	23.36	%	1.83	%	5.90	%
Morgan Stanley Capital International
Europe, Australasia, Far East Index	18.66	%	1.62	%	7.57	%

† Source: Lipper Inc.

Past performance is not predictive of future performance.The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder

would pay on fund distributions or the redemption of fund shares.

The above graph compares a $10,000 investment made in Class M shares and Investor shares of BNY Mellon International Fund on 8/31/03 to a $10,000

investment made in the Morgan Stanley Capital International Europe,Australasia, Far East Index (the “Index”) on that date.All dividends and capital gain

distributions are reinvested.

The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares.The Index is an unmanaged

index composed of a sample of companies representative of the market structure of European and Pacific Basin countries. Unlike a mutual fund, the Index is not subject

to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if

applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.

FUND PERFORMANCE


Average Annual Total Returns as of 8/31/13
	1 Year		5 Years		10 Years
Class M shares	0.09	%	1.03	%	10.52	%
Investor shares	–0.19	%	0.75	%	10.24	%
Morgan Stanley Capital International
Emerging Markets Index	0.54	%	1.88	%	12.17	%

† Source: Lipper Inc.

Past performance is not predictive of future performance.The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder

would pay on fund distributions or the redemption of fund shares.

The above graph compares a $10,000 investment made in Class M shares and Investor shares of BNY Mellon Emerging Markets Fund on 8/31/03 to a

$10,000 investment made in the Morgan Stanley Capital International Emerging Markets Index (the “Index”) on that date. All dividends and capital gain

distributions are reinvested.

The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares.The Index is a market

capitalization-weighted index composed of companies representative of the market structure of select designated emerging market countries in Europe, Latin America and

the Pacific Basin.The Index excludes closed markets and those shares in otherwise free markets, which are not purchasable by foreigners.The Index includes gross

dividends reinvested and does not take into account charges, fees and other expenses.These factors can contribute to the Index potentially outperforming the fund. Unlike

a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund

performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.

The Funds 33

FUND PERFORMANCE


Average Annual Total Returns as of 8/31/13
	1 Year		5 Years		10 Years
Class M shares	18.39	%	1.24	%	6.56	%
Investor shares	18.13	%	0.99	%	6.30	%
Morgan Stanley Capital International
Europe, Australasia, Far East Index	18.66	%	1.62	%	7.57	%

† Source: Lipper Inc.

Past performance is not predictive of future performance.The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder

would pay on fund distributions or the redemption of fund shares.

The above graph compares a $10,000 investment made in Class M shares and Investor shares of BNY Mellon International Appreciation Fund on 8/31/03 to a

$10,000 investment made in the Morgan Stanley Capital International Europe,Australasia, Far East Index (the “Index”) on that date.All dividends and capital

gain distributions are reinvested.

As of the close of business on September 12, 2008, substantially all of the assets of another investment company advised by an affiliate of the fund’s investment

adviser, BNY Hamilton International Equity Fund (the “predecessor fund”), a series of BNY Hamilton Funds, Inc., were transferred to BNY Mellon International

Appreciation Fund in a tax-free reorganization and the fund commenced operations.The performance figures for the fund’s Class M shares represent the performance

of the predecessor fund’s Institutional shares prior to the commencement of operations for BNY Mellon International Appreciation Fund and the performance of BNY

Mellon International Appreciation Fund’s Class M shares thereafter.The performance figures for Investor shares represent the performance of the predecessor fund’s

Class A shares prior to the commencement of operations for BNY Mellon International Appreciation Fund and the performance of BNY Mellon International

Appreciation Fund’s Investor shares thereafter. Investor shares are subject to a Shareholder Services Plan.

The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares.The Index is an

unmanaged index composed of a sample of companies representative of the market structure of European and Pacific Basin countries. Unlike a mutual fund, the Index

is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense

reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.

FUND PERFORMANCE


Actual Aggregate Total Returns as of 8/31/13
	Inception			From
	Date	1 Year		Inception
Class M shares	12/15/11	11.96	%	17.87	%
Investor shares	12/15/11	11.56	%	17.25	%
Morgan Stanley Capital International
All Country World Index Ex-U.S.	11/30/11	12.98	%^††	18.87	%

† Source: Lipper Inc.

Past performance is not predictive of future performance.The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder

would pay on fund distributions or the redemption of fund shares.

The above graph compares a $10,000 investment made in Class M shares and Investor shares of BNY Mellon International Equity Income Fund on 12/15/11

(inception date) to a $10,000 investment made in the Morgan Stanley Capital International All Country World Index ex USA (the “Index”) on that date.All

dividends and capital gain distributions are reinvested.

The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares.The Index captures large

and mid cap representation across 23 of 24 Developed Markets (DM) countries (excluding the US) and 21 Emerging Markets (EM) countries. Unlike a mutual

fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance,

including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.

^†For comparative purposes, the value of the Index on 11/30/11 is used as the beginning value on 12/15/11.

The Funds 39

FUND PERFORMANCE


Average Annual Total Returns as of 8/31/13
	1 Year		5 Years		10 Years
Class M shares	9.20	%	4.97	%	6.11	%
Investor shares	8.86	%	4.72	%	5.83	%
Standard & Poor’s 500
Composite Stock Price Index	18.70	%	7.31	%	7.12	%
Barclays U.S. Aggregate Bond Index	–2.47	%	4.93	%	4.77	%

† Source: Lipper Inc.

Past performance is not predictive of future performance.The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder

would pay on fund distributions or the redemption of fund shares.

The above graph compares a $10,000 investment made in Class M shares and Investor shares of BNY Mellon Asset Allocation Fund on 8/31/03 to a $10,000

investment made in two different indices: (1) the Standard & Poor’s 500 Composite Stock Price Index (the “S&P 500 Index”) and (2) the Barclays U.S.Aggregate

Bond Index (the “Barclays Index”) on that date.All dividends and capital gain distributions are reinvested.

The fund changed its investment strategy on September 15, 2011. Prior to that date, the fund invested in individual securities and BNY Mellon funds only and its

target allocation was 60% of its assets invested in equity securities (directly and through underlying funds) and 40% of its assets invested in bonds and money market

instruments (directly), with a range of 15% above or below such target amount. Different investment strategies may lead to different performance results.The fund’s

performance for periods prior to September 15, 2011, reflects the fund’s investment strategy in effect prior to that date.

The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares.The S&P 500 Index is a

widely accepted, unmanaged index of U.S. stock market performance.The Barclays Index is a widely accepted, unmanaged index of corporate, government and

government agency debt instruments, mortgage-backed securities and asset-backed securities with an average maturity of 1-10 years. Unlike a mutual fund, the indices

are not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense

reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.

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 March 1, 2013 to August 31, 2013. 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 August 31, 2013


		Class M Shares		Investor Shares
BNY Mellon Large Cap Stock Fund
Expenses paid per $1,000^†	$	4.18	$	5.53
Ending value (after expenses)	$	1,073.40	$	1,071.00
Annualized expense ratio (%)		.80		1.06
BNY Mellon Large Cap Market
Opportunities Fund
Expenses paid per $1,000^†	$	4.06	$	5.54
Ending value (after expenses)	$	1,093.90	$	1,091.80
Annualized expense ratio (%)		.77		1.05
BNY Mellon Tax-Sensitive
Large Cap Multi-Strategy Fund
Expenses paid per $1,000^†	$	4.00	$	5.46
Ending value (after expenses)	$	1,085.60	$	1,084.40
Annualized expense ratio (%)		.76		1.04
BNY Mellon Income Stock Fund
Expenses paid per $1,000^†	$	4.30	$	5.67
Ending value (after expenses)	$	1,104.00	$	1,103.20
Annualized expense ratio (%)		.81		1.07
BNY Mellon Mid Cap Multi-Strategy Fund
Expenses paid per $1,000^†	$	4.77	$	6.14
Ending value (after expenses)	$	1,100.70	$	1,099.30
Annualized expense ratio (%)		.90		1.16
BNY Mellon Small Cap Multi-Strategy Fund
Expenses paid per $1,000^†	$	5.68	$	7.03
Ending value (after expenses)	$	1,147.50	$	1,146.00
Annualized expense ratio (%)		1.05		1.30
BNY Mellon Focused
Equity Opportunities Fund
Expenses paid per $1,000^†	$	4.56	$	6.03
Ending value (after expenses)	$	1,102.00	$	1,100.00
Annualized expense ratio (%)		.86		1.14

The Funds 43

DISCUSSION OF FUND PERFORMANCE (continued)


Expenses and Value of a $1,000 Investment (continued)
assuming actual returns for the six months ended August 31, 2013

		Class M Shares		Investor Shares
BNY Mellon Small/Mid Cap Fund
Expenses paid per $1,000^†	$	4.78	$	6.09
Ending value (after expenses)	$	1,084.10	$	1,082.10
Annualized expense ratio (%)		.91		1.16
BNY Mellon International Fund
Expenses paid per $1,000^†	$	5.38	$	6.68
Ending value (after expenses)	$	1,073.20	$	1,071.60
Annualized expense ratio (%)		1.03		1.28
BNY Mellon Emerging Markets Fund
Expenses paid per $1,000^†	$	6.67	$	7.85
Ending value (after expenses)	$	888.80	$	887.70
Annualized expense ratio (%)		1.40		1.65
BNY Mellon International Appreciation Fund
Expenses paid per $1,000^†	$	4.27	$	5.60
Ending value (after expenses)	$	1,041.20	$	1,039.90
Annualized expense ratio (%)		.83		1.09
BNY Mellon International Equity Income Fund
Expenses paid per $1,000^†	$	5.67	$	7.02
Ending value (after expenses)	$	991.90	$	989.60
Annualized expense ratio (%)		1.13		1.40
BNY Mellon Asset Allocation Fund
Expenses paid per $1,000^†	$	1.28	$	2.55
Ending value (after expenses)	$	1,024.50	$	1,022.00
Annualized expense ratio (%)		.25		.50

^†Expenses are equal to each fund’s annualized expense ratios as shown above, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the

one-half year period).

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 each fund with those of other funds. All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.

Expenses and Value of a $1,000 Investment
assuming a hypothetical 5% annualized return for the six months ended August 31, 2013


		Class M Shares		Investor Shares
BNY Mellon Large Cap Stock Fund
Expenses paid per $1,000^†	$	4.08	$	5.40
Ending value (after expenses)	$	1,021.17	$	1,019.86
Annualized expense ratio (%)		.80		1.06
BNY Mellon Large Cap Market
Opportunities Fund
Expenses paid per $1,000^†	$	3.92	$	5.35
Ending value (after expenses)	$	1,021.32	$	1,019.91
Annualized expense ratio (%)		.77		1.05
BNY Mellon Tax-Sensitive
Large Cap Multi-Strategy Fund
Expenses paid per $1,000^†	$	3.87	$	5.30
Ending value (after expenses)	$	1,021.37	$	1,019.96
Annualized expense ratio (%)		.76		1.04
BNY Mellon Income Stock Fund
Expenses paid per $1,000^†	$	4.13	$	5.45
Ending value (after expenses)	$	1,021.12	$	1,019.81
Annualized expense ratio (%)		.81		1.07
BNY Mellon Mid Cap Multi-Strategy Fund
Expenses paid per $1,000^†	$	4.58	$	5.90
Ending value (after expenses)	$	1,020.67	$	1,019.36
Annualized expense ratio (%)		.90		1.16
BNY Mellon Small Cap Multi-Strategy Fund
Expenses paid per $1,000^†	$	5.35	$	6.61
Ending value (after expenses)	$	1,019.91	$	1,018.65
Annualized expense ratio (%)		1.05		1.30
BNY Mellon Focused
Equity Opportunities Fund
Expenses paid per $1,000^†	$	4.38	$	5.80
Ending value (after expenses)	$	1,020.87	$	1,019.46
Annualized expense ratio (%)		.86		1.14

The Funds 45

DISCUSSION OF FUND PERFORMANCE (continued)


Expenses and Value of a $1,000 Investment (continued)
assuming a hypothetical 5% annualized return for the six months ended August 31, 2013

		Class M Shares		Investor Shares
BNY Mellon Small/Mid Cap Fund
Expenses paid per $1,000^†	$	4.63	$	5.90
Ending value (after expenses)	$	1,020.62	$	1,019.36
Annualized expense ratio (%)		.91		1.16
BNY Mellon International Fund
Expenses paid per $1,000^†	$	5.24	$	6.51
Ending value (after expenses)	$	1,020.01	$	1,018.75
Annualized expense ratio (%)		1.03		1.28
BNY Mellon Emerging Markets Fund
Expenses paid per $1,000^†	$	7.12	$	8.39
Ending value (after expenses)	$	1,018.15	$	1,016.89
Annualized expense ratio (%)		1.40		1.65
BNY Mellon International Appreciation Fund
Expenses paid per $1,000^†	$	4.23	$	5.55
Ending value (after expenses)	$	1,021.02	$	1,019.71
Annualized expense ratio (%)		.83		1.09
BNY Mellon International Equity Income Fund
Expenses paid per $1,000^†	$	5.75	$	7.12
Ending value (after expenses)	$	1,019.51	$	1,018.15
Annualized expense ratio (%)		1.13		1.40
BNY Mellon Asset Allocation Fund
Expenses paid per $1,000^†	$	1.28	$	2.55
Ending value (after expenses)	$	1,023.95	$	1,022.68
Annualized expense ratio (%)		.25		.50

^†Expenses are equal to each fund’s annualized expense ratios as shown above, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the

one-half year period).

STATEMENT OF INVESTMENTS (continued)


ADR—American Depository Receipts
ETF—Exchange-Traded Fund
a	Non-income producing security.
b	Investment in real estate investment trust.
c	Investment in affiliated money market mutual fund.


Portfolio Summary (Unaudited) ^†

	Value (%)		Value (%)
Diversified Financials	10.1	Insurance	2.7
Food, Beverage & Tobacco	9.7	Banks	2.4
Pharmaceuticals, Biotech & Life Sciences	9.7	Materials	2.3
Software & Services	9.4	Commercial & Professional Services	2.0
Energy	9.1	Semiconductors & Semiconductor Equipment	1.8
Technology Hardware & Equipment	8.6	Consumer Durables & Apparel	1.7
Media	7.1	Transportation	1.7
Health Care Equipment & Services	4.2	Telecommunication Services	1.5
Capital Goods	4.1	Exchange-Traded Funds	1.0
Food & Staples Retailing	3.3	Real Estate	.9
Utilities	3.2
Retailing	3.0		99.5

^†Based on net assets.

See notes to financial statements.

STATEMENT OF INVESTMENTS (continued)


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


Portfolio Summary (Unaudited) ^†

	Value (%)		Value (%)
Mutual Funds: Domestic	49.5	Money Market Investment	1.4
Software & Services	8.6	Household & Personal Products	1.2
Capital Goods	6.4	Insurance	1.1
Energy	5.8	Banks	1.0
Pharmaceuticals, Biotech & Life Sciences	4.5	Consumer Durables & Apparel	.9
Retailing	3.0	Media	.9
Health Care Equipment & Services	2.6	Transportation	.9
Food, Beverage & Tobacco	2.3	Automobiles & Components	.8
Materials	2.2	Food & Staples Retailing	.5
Technology Hardware & Equipment	2.2	Semiconductors & Semiconductor Equipment	.4
Consumer Services	1.9
Diversified Financials	1.7		99.8

^†Based on net assets.

See notes to financial statements.

STATEMENT OF INVESTMENTS (continued)


ADR—American Depository Receipts
ETF—Exchange Traded Fund
^a	Non-income producing security.
b	Investment in real estate investment trust.
c	Investment in affiliated mutual fund.
^d	Investment in affiliated money market mutual fund.


Portfolio Summary (Unaudited) ^†

	Value (%)		Value (%)
Mutual Funds: Domestic	36.0	Consumer Services	1.6
Software & Services	7.4	Household & Personal Products	1.5
Energy	6.7	Utilities	1.3
Capital Goods	6.2	Food & Staples Retailing	1.1
Pharmaceuticals, Biotech & Life Sciences	5.5	Transportation	1.1
Technology Hardware & Equipment	3.9	Exchange-Traded Funds	1.0
Retailing	3.3	Telecommunication Services	1.0
Diversified Financials	3.2	Consumer Durables & Apparel	.9
Food, Beverage & Tobacco	3.2	Semiconductors & Semiconductor Equipment	.9
Health Care Equipment & Services	2.9	Automobiles & Components	.8
Materials	2.7	Real Estate	.8
Insurance	2.2	Money Market Investment	.7
Banks	2.0	Commercial & Professional Services	.2
Media	1.8		99.9

^†Based on net assets.

See notes to financial statements.

STATEMENT OF INVESTMENTS (continued)

ADR—American Depository Receipts

a Investment in affiliated money market mutual fund.


Portfolio Summary (Unaudited) ^†

	Value (%)		Value (%)
Utilities	11.7	Telecommunication Services	4.1
Food, Beverage & Tobacco	10.3	Health Care Equipment & Services	3.4
Media	7.8	Retailing	3.4
Capital Goods	7.7	Automobiles & Components	2.8
Energy	7.5	Commercial & Professional Services	1.7
Materials	7.3	Insurance	1.6
Banks	6.8	Money Market Investment	1.4
Pharmaceuticals, Biotech & Life Sciences	6.3	Consumer Durables & Apparel	1.1
Diversified Financials	5.2	Consumer Services	1.0
Semiconductors & Semiconductor Equipment	4.7
Technology Hardware & Equipment	4.1		99.9

^†Based on net assets.

See notes to financial statements.

STATEMENT OF INVESTMENTS (continued)


ETF—Exchange Traded Funds
a	Non-income producing security.
b	Investment in real estate investment trust.
c	Investment in affiliated money market mutual fund.

Portfolio Summary (Unaudited) ^†


	Value (%)		Value (%)
Capital Goods	10.1	Automobiles & Components	2.7
Software & Services	8.3	Commercial & Professional Services	2.7
Health Care Equipment & Services	7.3	Food, Beverage & Tobacco	2.2
Diversified Financials	7.0	Semiconductors & Semiconductor Equipment	2.1
Retailing	6.6	Media	1.8
Technology Hardware & Equipment	6.5	Money Market Investment	1.6
Energy	6.3	Transportation	1.6
Pharmaceuticals, Biotech & Life Sciences	5.0	Consumer Services	1.4
Banks	4.6	Exchange-Traded Funds	1.1
Materials	4.6	Household & Personal Products	.9
Consumer Durables & Apparel	4.3	Food & Staples Retailing	.6
Real Estate	4.0	Telecommunication Services	.5
Insurance	3.2
Utilities	2.9		99.9

^†Based on net assets.

See notes to financial statements.

ADR—American Depository Receipts

ETF—Exchange Traded Funds

a Non-income producing security.

b Security, or portion thereof, on loan.At August 31, 2013, the value of the fund’s securities on loan was $18,551,679 and the value of the collateral held by the fund was

$19,981,865.

c Investment in real estate investment trust.

^dInvestment in affiliated money market mutual fund.

Portfolio Summary (Unaudited) ^†


	Value (%)		Value (%)
Software & Services	11.8	Energy	3.2
Banks	10.6	Transportation	2.7
Money Market Investments	8.1	Diversified Financials	2.4
Technology Hardware & Equipment	7.4	Real Estate	2.2
Capital Goods	7.3	Media	1.9
Health Care Equipment & Services	6.8	Consumer Services	1.8
Pharmaceuticals, Biotech & Life Sciences	5.7	Exchange-Traded Funds	1.7
Retailing	5.6	Food & Staples Retailing	1.2
Commercial & Professional Services	5.5	Food, Beverage & Tobacco	1.1
Consumer Durables & Apparel	4.9	Insurance	1.1
Semiconductors & Semiconductor Equipment	4.6	Utilities	1.1
Automobiles & Components	3.9	Household & Personal Products	.4
Materials	3.9		106.9

^†Based on net assets.

See notes to financial statements.

The Funds 73

ADR—American Depository Receipts

a Security, or portion thereof, on loan.At August 31, 2013, the value of the fund’s securities on loan was $949,799 and the value of the collateral held by the fund was $972,077,

consisting of cash collateral of $686,688 and U.S. Government and Agency securities valued at $285,389.

b Non-income producing security.

c Investment in affiliated money market mutual fund.

Portfolio Summary (Unaudited) ^†


	Value (%)		Value (%)
Software & Services	17.1	Media	3.5
Pharmaceuticals, Biotech & Life Sciences	14.1	Automobiles & Components	3.0
Energy	14.0	Technology Hardware & Equipment	2.8
Capital Goods	10.0	Consumer Services	2.7
Food, Beverage & Tobacco	7.6	Household & Personal Products	2.7
Diversified Financials	6.8	Materials	2.7
Insurance	4.5	Money Market Investments	.9
Banks	3.9
Retailing	3.6		99.9

^†Based on net assets.

See notes to financial statements.

The Funds 75

STATEMENT OF INVESTMENTS (continued)

ETF—Exchange Traded Funds

a Non-income producing security.

b Security, or portion thereof, on loan.At August 31, 2013, the value of the fund’s securities on loan was $35,891,826 and the value of the collateral held by the fund was

$37,289,322.

c Investment in real estate investment trust.

^dInvestment in affiliated money market mutual fund.

Portfolio Summary (Unaudited) ^†


	Value (%)		Value (%)
Capital Goods	10.5	Utilities	4.7
Health Care Equipment & Services	8.5	Retailing	4.4
Money Market Investments	8.4	Commercial & Professional Services	3.1
Insurance	6.7	Semiconductors & Semiconductor Equipment	2.8
Materials	6.5	Consumer Services	2.2
Technology Hardware & Equipment	6.4	Exchange-Traded Funds	2.0
Pharmaceuticals, Biotech & Life Sciences	6.3	Transportation	2.0
Software & Services	6.3	Diversified Financials	1.8
Real Estate	6.2	Consumer Durables & Apparel	.8
Automobiles & Components	6.0	Food & Staples Retailing	.6
Energy	6.0
Banks	5.9		108.1

^†Based on net assets.

See notes to financial statements.

ADR—American Depository Receipts

ADS—American Depository Shares

ETF—Exchange-Traded Funds

GDR—Global Depository Receipts

a Non-income producing security.

b Securities exempt from registration pursuant to Rule 144A under the Securities Act of 1933.These securities may be resold in transactions exempt from registration, normally to

qualified institutional buyers.At August 31, 2013, these securities were valued at $7,942,164 or .4% of net assets.

c The valuation of this security has been determined in good faith by management under the direction of the Board of Directors.At August 31, 2013, the value of this security

amounted to $11,960,741 or .6% of net assets.

^dInvestment in affiliated money market mutual fund.

Portfolio Summary (Unaudited) ^†


	Value (%)		Value (%)
Financial	27.2	Consumer Staples	4.9
Information Technology	15.0	Utilities	3.3
Energy	13.0	Health Care	2.5
Consumer Discretionary	8.9	Exchange-Traded Funds	.5
Industrial	7.8	Money Market Investment	.2
Materials	7.8
Telecommunication Services	7.2		98.3

^†Based on net assets.

See notes to financial statements.

The Funds 85

STATEMENT OF INVESTMENTS (continued)

ADR—American Depository Receipts

a Non-income producing security.

b Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933.This security may be resold in transactions exempt from registration, normally to

qualified institutional buyers.At August 31, 2013, this security was valued at $1,327,920 or 1.3% of net assets.

c Held by or on behalf of a counterparty for open financial futures contracts.

^dInvestment in affiliated money market mutual fund.

Portfolio Summary (Unaudited) ^†


	Value (%)		Value (%)
Banks	12.9	Technology Hardware & Equipment	2.0
Capital Goods	9.2	Short-Term/Money Market Investments	1.9
Pharmaceuticals, Biotech & Life Sciences	9.2	Software & Services	1.8
Materials	8.3	Transportation	1.8
Food, Beverage & Tobacco	7.7	Food & Staples Retailing	1.7
Energy	7.3	Household & Personal Products	1.7
Automobiles & Components	5.3	Media	1.7
Telecommunication Services	4.9	Commercial & Professional Services	1.5
Insurance	4.8	Retailing	1.2
Real Estate	3.5	Consumer Services	1.1
Utilities	3.4	Health Care Equipment & Services	1.0
Diversified Financials	3.3	Semiconductors & Semiconductor Equipment	.2
Consumer Durables & Apparel	2.1		99.5

^†Based on net assets.

See notes to financial statements.

STATEMENT OF INVESTMENTS

August 31, 2013


BNY Mellon Asset Allocation Fund
	Coupon	Maturity	Principal
Bonds and Notes—15.7%	Rate (%)	Date	Amount ($)		Value ($)
Asset-Backed Ctfs./Auto Receivables—.2%
Americredit Automobile Receivables Trust, Ser. 2013-2, Cl. A3	0.65	12/8/17	375,000		373,241
AmeriCredit Automobile Receivables Trust, Ser. 2011-3, Cl. A3	1.17	1/8/16	270,392		270,704
Nissan Auto Receivables Owner Trust, Ser. 2010-A, Cl. A4	1.31	9/15/16	354,509		355,552
					999,497
Casinos—.2%
Agua Caliente Band of Cahuilla Indians, Sr. Scd. Notes	6.08	10/1/16	204,000	^a	197,539
Agua Caliente Band of Cahuilla Indians, Sr. Scd. Notes	6.44	10/1/16	174,000	^a	166,570
Seminole Indian Tribe of Florida, Sr. Scd. Notes	5.80	10/1/13	265,000	^a	265,331
Seminole Indian Tribe of Florida, Scd. Notes	7.75	10/1/17	105,000	^a	111,956
					741,396
Commercial Mortgage Pass-Through Ctfs.—.3%
UBS Commercial Mortgage Trust, Ser. 2012-C1, Cl. A3	3.40	5/10/45	155,000		151,383
WFRBS Commercial Mortgage Trust, Ser. 2011-C5, Cl. A2	2.68	11/15/44	80,000		82,315
WF-RBS Commerical Mortgage Trust, Ser. 2013-C13, Cl. A4	3.00	5/15/45	890,000		827,446
					1,061,144
Consumer Discretionary—.6%
Amazon.com, Sr. Unscd. Notes	2.50	11/29/22	345,000		312,248
Comcast, Gtd. Notes	3.13	7/15/22	615,000		596,440
Johnson Controls, Sr. Unscd. Notes	3.75	12/1/21	440,000		437,694
News America, Gtd. Notes	6.15	3/1/37	265,000		288,298
Time Warner Cable, Gtd. Notes	4.13	2/15/21	565,000		537,807
Time Warner, Gtd. Notes	4.00	1/15/22	350,000		351,120
					2,523,607
Consumer Staples—.3%
Anheuser-Busch InBev Worldwide, Gtd. Notes	2.50	7/15/22	305,000		280,957
ConAgra Foods, Sr. Unscd. Notes	3.20	1/25/23	150,000		140,409
PepsiCo, Sr. Unscd. Notes	4.50	1/15/20	375,000		409,292
Pernod-Ricard, Sr. Unscd. Notes	4.45	1/15/22	290,000	^a	296,613
Walgreen, Sr. Unscd. Notes	3.10	9/15/22	330,000		309,970
					1,437,241
Energy—.1%
BP Capital Markets, Gtd. Notes	3.88	3/10/15	290,000		304,073
Petrobras International Finance, Gtd. Notes	5.38	1/27/21	125,000		122,685
					426,758
Financial—2.4%
American International Group, Sr. Unscd. Notes	5.85	1/16/18	450,000		508,611
Bank of America, Sub. Notes	5.49	3/15/19	970,000		1,049,396
BBVA US Senior, Bank Gtd. Notes	3.25	5/16/14	370,000		373,298
Bear Stearns, Sub. Notes	5.55	1/22/17	395,000		434,744
BlackRock, Sr. Unscd. Notes	6.25	9/15/17	420,000		490,117
Boston Properties, Sr. Unscd. Notes	4.13	5/15/21	360,000		368,714

The Funds 95

STATEMENT OF INVESTMENTS (continued)


BNY Mellon Asset Allocation Fund (continued)
	Coupon	Maturity	Principal
Bonds and Notes (continued)	Rate (%)	Date	Amount ($)		Value ($)
Financial (continued)
Citigroup, Sub. Notes	5.00	9/15/14	415,000		431,327
Citigroup, Sr. Unscd. Notes	6.13	11/21/17	195,000		223,730
Ford Motor Credit, Sr. Unscd. Notes	3.00	6/12/17	320,000		322,695
General Electric Capital, Jr. Sub. Cap. Secs., Ser. C	5.25	6/29/49	270,000	^b	248,400
General Electric Capital, Sub. Notes	5.30	2/11/21	295,000		319,163
Goldman Sachs Group, Sub. Notes	6.75	10/1/37	445,000		460,625
HSBC Finance, Sub. Notes	6.68	1/15/21	582,000		658,074
Jefferies Group, Sr. Unscd. Notes	5.13	4/13/18	115,000		122,766
Jefferies Group, Sr. Unscd. Notes	8.50	7/15/19	335,000		407,572
MetLife, Sr. Unscd. Notes	7.72	2/15/19	345,000		431,438
Morgan Stanley, Sub. Notes	4.88	11/1/22	625,000		618,186
NYSE Euronext, Sr. Unscd. Notes	2.00	10/5/17	385,000		383,012
Prudential Financial, Sr. Unscd. Notes	4.75	9/17/15	395,000		425,168
Rabobank Nederland, Gtd. Notes	4.50	1/11/21	440,000		462,623
RBS Citizens Financial Group, Sub. Notes	4.15	9/28/22	445,000	^a	426,719
Simon Property Group, Sr. Unscd. Notes	5.65	2/1/20	450,000		503,850
TD Ameritrade Holding, Gtd. Notes	4.15	12/1/14	335,000		349,661
					10,019,889
Foreign/Governmental—.2%
Mexican Government, Sr. Unscd. Notes	5.63	1/15/17	315,000		351,540
Mexican Government, Sr. Unscd. Notes	6.63	3/3/15	185,000		200,263
Province of Ontario Canada, Sr. Unscd. Bonds	4.00	10/7/19	330,000		356,041
					907,844
Health Care—.2%
Amgen, Sr. Unscd. Notes	5.65	6/15/42	410,000		425,345
Thermo Fisher Scientific, Sr. Unscd. Notes	3.60	8/15/21	290,000		282,665
					708,010
Industrial—.2%
ABB Finance USA, Gtd. Notes	2.88	5/8/22	575,000		548,124
CRH America, Gtd. Notes	5.30	10/15/13	405,000		407,030
					955,154
Information Technology—.3%
Intel, Sr. Unscd. Notes	2.70	12/15/22	575,000		531,283
Oracle, Sr. Unscd. Notes	5.75	4/15/18	520,000		602,925
					1,134,208
Materials—.1%
Eastman Chemical, Sr. Unscd. Notes	3.60	8/15/22	365,000		353,996
Municipal Bonds—.9%
Chicago, GO	7.78	1/1/35	340,000		378,046
Florida Hurricane Catastrophe Fund Finance Corporation, Revenue	3.00	7/1/20	750,000		693,570
Illinois, GO	4.42	1/1/15	440,000		455,831
Los Angeles Community College District, GO (Build America Bonds)	6.75	8/1/49	655,000		812,010


BNY Mellon Asset Allocation Fund (continued)

	Coupon	Maturity	Principal
Bonds and Notes (continued)	Rate (%)	Date	Amount ($)		Value ($)
Municipal Bonds (continued)
Massachusetts, GO (Build America Bonds)	4.20	12/1/21	210,000		218,841
New York City Municipal Water Finance Authority,
Water and Sewer System Second General
Resolution Revenue (Build America Bonds)	6.28	6/15/42	320,000		354,563
Oakland Unified School District, GO (Build America Bonds)	9.50	8/1/34	180,000		204,844
Puerto Rico Commonwealth Government
Development Bank, Revenue Bonds	3.67	5/1/14	415,000		415,506
University of California Regents, Medical Center
Pooled Revenue (Build America Bonds)	5.44	5/15/23	135,000		148,794
					3,682,005
Telecommunication Services—.5%
AT&T, Sr. Unscd. Notes	4.45	5/15/21	450,000		477,223
Rogers Communications, Gtd. Notes	6.38	3/1/14	380,000		390,746
Telefonica Emisiones, Gtd. Notes	5.13	4/27/20	495,000		501,334
Verizon Communications, Sr. Unscd. Notes	5.50	2/15/18	550,000		621,399
					1,990,702
U.S. Government Agencies/Mortgage-Backed—4.6%
Federal Home Loan Mortgage Corp.:
2.50%, 7/1/28			751,549	^c	746,382
3.00%, 7/1/28—11/1/42			1,688,242	^c	1,668,198
3.50%, 6/1/43			1,118,101	^c	1,116,002
4.00%, 4/1/24			402,974	^c	424,036
4.50%, 5/1/39—11/1/41			2,775,405	^c	2,940,484
5.00%, 7/1/40			758,709	^c	815,968
5.50%, 12/1/37—12/1/38			832,990	^c	898,513
Federal National Mortgage Association:
2.50%, 3/1/28			406,114	^c	404,182
3.00%, 7/1/27—5/1/43			2,276,612	^c	2,247,614
3.32%, 4/1/41			276,835	^b,c	289,549
3.50%, 9/1/26—6/1/43			2,246,968	^c	2,294,852
4.00%, 2/1/41—11/1/42			1,608,153	^c	1,664,051
4.50%, 6/1/23—7/1/24			226,464	^c	240,697
5.00%, 12/1/21—2/1/41			1,380,928	^c	1,496,479
5.50%, 4/1/36—3/1/38			945,893	^c	1,031,158
6.00%, 4/1/33—10/1/38			749,762	^c	826,687
6.50%, 10/1/36			53,347	^c	58,620
					19,163,472
U.S. Government Securities—4.5%
U.S. Treasury Inflation Protected Securities:
Bonds, 2.38%, 1/15/27			752,564	^d,e	890,847
Notes 0.13%, 4/15/18			767,646	^d,e	783,299
Notes 0.13%, 1/15/23			642,328	^d	612,796
Notes, 0.63%, 7/15/21			616,390	^d	629,537
Notes, 1.38%, 7/15/18			595,518	^d,e	647,486
Notes, 1.38%, 1/15/20			502,070	^d,e	542,569
Notes, 2.38%, 1/15/17			752,564	^d,e	831,994

The Funds 97

STATEMENT OF INVESTMENTS (continued)


BNY Mellon Asset Allocation Fund (continued)

	Coupon	Maturity	Principal
Bonds and Notes (continued)	Rate (%)	Date	Amount ($)		Value ($)
U.S. Government Securities (continued)
U.S. Treasury Notes:
0.25%, 1/15/15			490,000		490,115
0.25%, 8/15/15			2,045,000	^e	2,039,448
0.25%, 9/15/15			770,000	^e	767,594
0.25%, 12/15/15			715,000	^e	711,062
0.25%, 4/15/16			530,000		524,969
0.38%, 4/15/15			865,000	^e	866,030
0.38%, 2/15/16			255,000		253,904
0.38%, 3/15/16			345,000		343,194
0.50%, 6/15/16			465,000	^e	462,657
0.63%, 7/15/16			245,000		244,301
0.63%, 8/15/16			405,000		403,465
0.63%, 9/30/17			515,000	^e	501,542
0.63%, 4/30/18			315,000	^e	302,708
0.75%, 10/31/17			650,000		635,070
0.88%, 12/31/16			475,000		473,961
0.88%, 1/31/18			250,000		244,297
1.00%, 5/31/18			675,000	^e	658,995
1.25%, 4/30/19			590,000		571,770
1.25%, 10/31/19			25,000		23,953
1.38%, 2/28/19			220,000	^e	215,445
1.50%, 6/30/16			500,000	^e	510,996
1.50%, 7/31/16			510,000	^e	520,997
1.75%, 7/31/15			750,000		769,526
1.75%, 5/15/23			975,000	^e	891,821
2.25%, 7/31/18			180,000		185,801
					18,552,149
Utilities—.1%
Boston Gas,
Sr. Unscd. Notes	4.49	2/15/42	250,000	^a	238,668
Hydro-Quebec,
Gov’t Gtd. Notes	2.00	6/30/16	280,000		287,645
					526,313
Total Bonds and Notes
(cost $64,519,078)					65,183,385

ADR—American Depository Receipts

ETF—Exchange Traded Funds

GO—General Obligation

a Securities exempt from registration pursuant to Rule 144A under the Securities Act of 1933.These securities may be resold in transactions exempt from registration, normally to

qualified institutional buyers.At August 31, 2013, these securities were valued at $1,703,396 or .4% of net assets.

b Variable rate security—interest rate subject to periodic change.

c The Federal Housing Finance Agency (“FHFA”) placed Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA

as the conservator.As such, the FHFA oversees the continuing affairs of these companies.

^dPrincipal amount for accrual purposes is periodically adjusted based on changes in the Consumer Price Index.

e Security, or portion thereof, on loan.At August 31, 2013, the value of the fund’s securities on loan was $10,834,234 and the value of the collateral held by the fund was

$11,139,404, consisting of U.S. Government and Agency securities.

f Non-income producing security.

g Investment in real estate investment trust.

^hInvestment in affiliated mutual fund.

i Investment in affiliated money market mutual fund.

Portfolio Summary (Unaudited) ^†


	Value (%)		Value (%)
Mutual Funds: Domestic	40.6	Municipal Bonds	.9
Mutual Funds: Foreign	23.2	Commercial Mortgage-Backed	.3
Common Stocks	19.2	Asset-Backed	.2
U.S. Government Agencies/Mortgage-Backed	9.1	Exchange-Traded Funds	.2
Corporate Bonds	5.0	Foreign/Governmental	.2
Money Market Investment	1.1		100.0

^†Based on net assets.

See notes to financial statements.

The Funds 101

STATEMENTS OF ASSETS AND LIABILITIES

August 31, 2013


	BNY Mellon	BNY Mellon	BNY Mellon	BNY Mellon
	Large Cap	Large Cap Market	Tax-Sensitive Large Cap	Income
	Stock Fund	Opportunities Fund	Multi-Strategy Fund	Stock Fund
Assets ($):
Investments in securities—
See Statement of Investments:^†
Unaffiliated issuers	749,201,842	105,670,859	404,281,879	969,393,554
Affiliated issuers	—	110,144,757	234,257,167	13,968,966
Cash	—	253,854	117,500	298,613
Receivable for investment securities sold	11,530,499	—	—	—
Dividends receivable	1,416,264	267,751	961,922	2,390,942
Receivable for shares of
Beneficial Interest subscribed	2,500	109,872	220,651	1,506,935
Prepaid expenses	18,267	15,744	17,746	17,771
	762,169,372	216,462,837	639,856,865	987,576,781
Liabilities ($):
Due to The Dreyfus Corporation
and affiliates—Note 4(b)	467,580	114,927	343,270	547,916
Due to Administrator—Note 4(a)	81,973	15,453	52,360	99,014
Cash overdraft due to Custodian	1,006,752	—	—	—
Payable for investment securities purchased	7,567,701	—	—	2,327,124
Payable for shares of
Beneficial Interest redeemed	214,891	61,922	83,706	239,061
Interest payable—Note 3	347	—	—	—
Outstanding options written, at value
(premiums received $145,548 for
BNY Mellon Income Stock Fund)—See
statement of Options Written—Note 5	—	—	—	10,440
Accrued expenses	53,086	51,343	96,146	100,219
	9,392,330	243,645	575,482	3,323,774
Net Assets ($)	752,777,042	216,219,192	639,281,383	984,253,007

102


	BNY Mellon	BNY Mellon	BNY Mellon	BNY Mellon
	Large Cap	Large Cap Market	Tax-Sensitive Large Cap	Income
	Stock Fund	Opportunities Fund	Multi-Strategy Fund	Stock Fund
Composition of Net Assets ($):
Paid-in capital	444,315,144	176,399,833	564,724,269	833,114,720
Accumulated undistributed investment income—net	154,239	783,030	3,549,629	175,655
Accumulated net realized gain (loss) on investments	116,826,932	13,656,418	19,763,786	21,650,429
Accumulated net unrealized appreciation
(depreciation) on investments	191,480,727	25,379,911	51,243,699	—
Accumulated net unrealized appreciation (depreciation)
on investment and options transactions	—	—	—	129,312,203
Net Assets ($)	752,777,042	216,219,192	639,281,383	984,253,007
Net Asset Value Per Share
Class M Shares
Net Assets ($)	732,611,598	216,116,456	638,085,256	981,444,391
Shares Outstanding	73,506,064	15,213,122	44,161,259	116,960,480
Net Asset Value Per Share ($)	9.97	14.21	14.45	8.39
Investor Shares
Net Assets ($)	20,165,444	102,736	1,196,127	2,808,616
Shares Outstanding	2,022,448	7,194	81,676	332,196
Net Asset Value Per Share ($)	9.97	14.28	14.64	8.45
^†Investments at cost ($):
Unaffiliated issuers	557,721,115	80,289,944	352,426,469	840,216,459
Affiliated issuers	—	110,145,761	234,868,878	13,968,966

See notes to financial statements.

The Funds 103

STATEMENTS OF ASSETS AND LIABILITIES (continued)


	BNY Mellon	BNY Mellon	BNY Mellon
	Mid Cap	Small Cap	Focused Equity	BNY Mellon
	Multi-Strategy Fund	Multi-Strategy Fund	Opportunities Fund	Small/Mid Cap Fund
Assets ($):
Investments in securities—
See Statement of Investments^†
(including securities on loan)^††—Note 2(c):
Unaffiliated issuers	1,575,967,219	304,055,428	534,325,799	462,976,895
Affiliated issuers	24,835,543	25,037,460	5,192,000	38,936,685
Cash	303,527	195,748	685,737	90,000
Receivable for investment securities sold	5,113,842	1,130,691	—	—
Dividends receivable	1,635,822	—	—	—
Receivable for shares of
Beneficial Interest subscribed	846,453	116,128	535,026	70,866
Dividends and securities lending
income receivable	—	103,296	1,093,504	360,054
Prepaid expenses	39,189	18,829	5,167	5,311
	1,608,741,595	330,657,580	541,837,233	502,439,811
Liabilities ($):
Due to The Dreyfus Corporation
and affiliates—Note 4(b)	1,108,873	268,173	346,858	330,423
Due to Administrator—Note 4(a)	172,779	33,383	57,502	50,891
Payable for investment securities purchased	4,771,215	2,279,263	—	—
Payable for shares of
Beneficial Interest redeemed	418,115	158,588	690,453	241,162
Liability for securities on loan—Note 2(c)	—	19,981,865	686,688	37,289,322
Interest payable—Note 3	—	—	—	34
Accrued expenses	69,690	49,065	57,784	57,972
	6,540,672	22,770,337	1,839,285	37,969,804
Net Assets ($)	1,602,200,923	307,887,243	539,997,948	464,470,007

104


	BNY Mellon	BNY Mellon		BNY Mellon
	Mid Cap	Small Cap		Focused Equity	BNY Mellon
	Multi-Strategy Fund	Multi-Strategy Fund		Opportunities Fund	Small/Mid Cap Fund
Composition of Net Assets ($):
Paid-in capital	1,271,150,531	302,157,935		408,162,417	387,538,834
Accumulated undistributed (distribution in
excess of) investment income—net	4,972,064	(423,571	)	3,758,775	437,489
Accumulated net realized
gain (loss) on investments	58,709,124	(38,706,191	)	26,835,202	19,697,750
Accumulated net unrealized appreciation
(depreciation) on investments	267,369,204	44,859,070		101,241,554	56,795,934
Net Assets ($)	1,602,200,923	307,887,243		539,997,948	464,470,007
Net Asset Value Per Share
Class M Shares
Net Assets ($)	1,572,562,027	299,415,071		539,019,344	464,031,159
Shares Outstanding	117,998,213	20,264,798		35,376,423	30,746,920
Net Asset Value Per Share ($)	13.33	14.78		15.24	15.09
Investor Shares
Net Assets ($)	29,638,896	8,472,172		978,604	438,848
Shares Outstanding	2,250,582	589,945		64,469	29,213
Net Asset Value Per Share ($)	13.17	14.36		15.18	15.02
^†Investments at cost ($):
Unaffiliated issuers	1,308,598,015	259,196,358		433,084,245	406,180,961
Affiliated issuers	24,835,543	25,037,460		5,192,000	38,936,685
^††Value of securities on loan ($)	—	18,551,679		949,799	35,891,826

See notes to financial statements.

The Funds 105

STATEMENTS OF ASSETS AND LIABILITIES (continued)


		BNY Mellon	BNY Mellon	BNY Mellon	BNY Mellon
	BNY Mellon	Emerging	International	International	Asset Allocation
	International Fund	Markets Fund	Appreciation Fund	Equity Income Fund	Fund
Assets ($):
Investments in securities—
See Statement of Investments^†
(including securities on loan)^††—Note 2(c):
Unaffiliated issuers	511,447,384	1,806,924,588	100,897,740	159,942,056	164,444,339
Affiliated issuers	8,318,742	3,563,342	1,761,341	3,045,924	251,658,294
Cash	344,712	1,236,135	16,298	443,528	—
Cash denominated in foreign currencies^†††	2,054,691	14,205,713	—	699,941	—
Dividends receivable	2,404,863	6,472,086	328,672	1,240,203	—
Receivable for investment securities sold	1,184,319	22,794,537	—	—	—
Receivable for shares of
Beneficial Interest subscribed	86,500	1,393,805	—	82,007	43,900
Unrealized appreciation on forward foreign
currency exchange contracts—Note 5	—	2,088	—	—	—
Dividends, interest and securities
lending income receivable	—	—	—	—	556,243
Prepaid expenses and other assets	849,446	22,916	310,906	4,133	17,099
	526,690,657	1,856,615,210	103,314,957	165,457,792	416,719,875
Liabilities ($):
Due to The Dreyfus Corporation
and affiliates—Note 4(b)	518,368	2,604,533	57,749	167,481	81,630
Due to Administrator—Note 4(a)	57,070	197,243	11,241	17,633	15,498
Cash overdraft due to Custodian	—	—	—	—	404,930
Payable for investment securities purchased	1,161,554	9,957,032	—	—	—
Payable for shares of
Beneficial Interest redeemed	513,262	2,117,230	21,771	43,172	23,626
Unrealized depreciation on forward foreign
currency exchange contracts—Note 5	332	66,888	—	—	—
Interest payable—Note 3	—	894	—	—	—
Payable for futures variation margin—Note 5	—	—	24,699	—	—
Accrued expenses	43,715	53,293	65,394	46,148	41,358
	2,294,301	14,997,113	180,854	274,434	567,042
Net Assets ($)	524,396,356	1,841,618,097	103,134,103	165,183,358	416,152,833

106


				BNY Mellon		BNY Mellon		BNY Mellon		BNY Mellon
		BNY Mellon		Emerging		International		International		Asset Allocation
		International Fund		Markets Fund		Appreciation Fund		Equity Income Fund		Fund
Composition of Net Assets ($):
Paid-in capital		1,168,190,480		2,139,192,099		170,154,828		161,639,941		356,694,740
Accumulated undistributed
investment income—net		9,338,567		21,173,888		1,827,550		2,236,471		672,651
Accumulated net realized
gain (loss) on investments		(628,742,508	)	(250,819,847	)	(42,475,998	)	(7,309,461	)	7,579,133
Accumulated net unrealized appreciation
(depreciation) on investments and
foreign currency transactions		(24,390,183	)	(67,928,043	)	—		8,616,407		—
Accumulated net unrealized appreciation
(depreciation) on investments [including
($82,792) net unrealized (depreciation)
on financial futures for BNY Mellon
International Appreciation Fund]		—		—		(26,372,277	)	—		51,206,309
Net Assets ($)		524,396,356		1,841,618,097		103,134,103		165,183,358		416,152,833
Net Asset Value Per Share
Class M Shares
Net Assets ($)		519,964,048		1,830,754,312		98,361,422		165,132,249		411,214,089
Shares Outstanding		46,686,323		201,005,356		7,943,105		11,953,410		35,214,953
Net Asset Value Per Share ($)		11.14		9.11		12.38		13.81		11.68
Investor Shares
Net Assets ($)		4,432,308		10,863,785		4,772,681		51,109		4,938,744
Shares Outstanding		374,913		1,164,353		389,803		3,679		420,527
Net Asset Value Per Share ($)		11.82		9.33		12.24		13.89		11.74
†	Investments at cost ($):
	Unaffiliated issuers	535,795,909		1,874,664,920		127,187,225		151,307,557		145,132,548
	Affiliated issuers	8,318,742		3,563,342		1,761,341		3,045,924		219,763,776
††	Value of securities on loan ($)	—		—		—		—		10,834,234
†††	Cash denominated in
	foreign currencies (cost) ($)	2,065,708		14,249,002		—		712,093		—

See notes to financial statements.

The Funds 107

STATEMENTS OF OPERATIONS

Year Ended August 31, 2013


	BNY Mellon		BNY Mellon		BNY Mellon		BNY Mellon
	Large Cap		Large Cap Market		Tax-Sensitive Large Cap		Income
	Stock Fund		Opportunities Fund		Multi-Strategy Fund		Stock Fund
Investment Income ($):
Income:
Cash dividends (net of $244,021, $12,063, $26,185 and
$245,727 foreign taxes withheld at source for BNY Mellon
Large Cap Stock Fund, BNY Mellon Large Cap Market
Opportunities Fund, BNY Mellon Tax-Sensitive Large Cap
Multi-Strategy Fund and BNY Mellon Income
Stock Fund, respectively):
Unaffiliated issuers	17,384,468		2,681,162		7,132,550		26,284,553
Affiliated issuers	1,004		172,456		370,153		11,846
Income from securities lending—Note 2(c)	61,123		—		—		562,825
Total Income	17,446,595		2,853,618		7,502,703		26,859,224
Expenses:
Investment advisory fees—Note 4(a)	5,586,679		1,112,489		2,678,782		4,543,075
Administration fees—Note 4(a)	1,062,574		187,956		458,066		864,152
Custodian fees—Note 4(b)	69,793		27,189		45,749		54,819
Professional fees	57,959		51,167		44,010		62,746
Trustees’ fees and expenses—Note 4(c)	50,692		11,051		27,608		38,769
Shareholder servicing costs—Note 4(b)	33,300		124		1,645		4,988
Registration fees	30,025		33,557		90,733		73,903
Interest expense—Note 3	9,552		—		2,276		135
Prospectus and shareholders’ reports	9,075		4,876		5,273		6,899
Loan commitment fees—Note 3	7,768		1,451		2,980		6,747
Miscellaneous	27,767		18,567		20,365		34,836
Total Expenses	6,945,184		1,448,427		3,377,487		5,691,069
Less—reduction in expenses due to
undertaking—Note 4(a)	—		—		(77	)	—
Less—reduction in fees due to
earnings credits—Note 4(b)	(9	)	(1	)	(1	)	(5	)
Net Expenses	6,945,175		1,448,426		3,377,409		5,691,064
Investment Income—Net	10,501,420		1,405,192		4,125,294		21,168,160
Realized and Unrealized Gain (Loss)
on Investments—Note 5 ($):
Net realized gain (loss) on investments:
Unaffiliated issuers	121,918,119		14,565,931		19,606,143		25,207,553
Affiliated issuers	—		4,257,180		5,935,895		—
Net realized gain (loss) on financial futures	1,141,265		(1,286,824	)	(2,658,151	)	(113,759	)
Net realized gain (loss) on options transactions	—		—		—		477,040
Net Realized Gain (Loss)	123,059,384		17,536,287		22,883,887		25,570,834
Net unrealized appreciation (depreciation) on investments:
Unaffiliated issuers	(10,138,306	)	12,292,051		38,106,213		91,945,140
Affiliated issuers	—		(1,531,858	)	(1,775,458	)	—
Net unrealized appreciation (depreciation)
on options transactions	—		—		—		135,108
Net Unrealized Appreciation (Depreciation)	(10,138,306	)	10,760,193		36,330,755		92,080,248
Net Realized and Unrealized Gain (Loss) on Investments	112,921,078		28,296,480		59,214,642		117,651,082
Net Increase in Net Assets Resulting from Operations	123,422,498		29,701,672		63,339,936		138,819,242

See notes to financial statements.

108


	BNY Mellon		BNY Mellon		BNY Mellon
	Mid Cap		Small Cap		Focused Equity		BNY Mellon
	Multi-Strategy Fund		Multi-Strategy Fund		Opportunities Fund		Small/Mid Cap Fund
Investment Income ($):
Income:
Cash dividends (net of $71,070 and $90,387
foreign taxes withheld at source for
BNY Mellon Mid Cap Multi-Strategy Fund and
BNY Mellon Focused Equity Opportunities Fund):
Unaffiliated issuers	20,576,946		2,857,695		9,742,909		7,815,757
Affiliated issuers	40,707		4,235		3,723		2,141
Income from securities lending—Note 2(c)	441,810		196,570		5,918		591,485
Interest	927		—		—		—
Total Income	21,060,390		3,058,500		9,752,550		8,409,383
Expenses:
Investment advisory fees—Note 4(a)	10,470,475		2,285,623		3,437,574		3,602,029
Administration fees—Note 4(a)	1,725,985		332,445		607,141		593,765
Professional fees	204,023		49,642		52,461		68,765
Custodian fees—Note 4(b)	131,406		78,118		39,174		46,154
Trustees’ fees and expenses—Note 4(c)	91,730		13,954		35,689		25,007
Prospectus and shareholders’ reports	81,335		8,516		8,691		7,897
Shareholder servicing costs—Note 4(b)	65,614		18,089		1,096		1,841
Registration fees	32,848		31,517		28,610		28,449
Loan commitment fees—Note 3	10,265		1,826		4,165		3,116
Interest expense—Note 3	—		—		82		6,579
Miscellaneous	39,257		26,068		19,842		21,661
Total Expenses	12,852,938		2,845,798		4,234,525		4,405,263
Less—reduction in fees due to
earnings credits—Note 4(b)	(162	)	(49	)	(2	)	(3	)
Net Expenses	12,852,776		2,845,749		4,234,523		4,405,260
Investment Income—Net	8,207,614		212,751		5,518,027		4,004,123
Realized and Unrealized Gain (Loss)
on Investments—Note 5 ($):
Net realized gain (loss) on investments	118,809,988		40,450,262		43,676,106		59,865,850
Net realized gain (loss) on financial futures	13,155,107		170,463		765,209		—
Net Realized Gain (Loss)	131,965,095		40,620,725		44,441,315		59,865,850
Net unrealized appreciation
(depreciation) on investments	160,206,921		26,641,935		28,992,705		13,695,989
Net unrealized appreciation
(depreciation) on financial futures	167,924		11,374		—		—
Net Unrealized Appreciation (Depreciation)	160,374,845		26,653,309		28,992,705		13,695,989
Net Realized and Unrealized
Gain (Loss) on Investments	292,339,940		67,274,034		73,434,020		73,561,839
Net Increase in Net Assets
Resulting from Operations	300,547,554		67,486,785		78,952,047		77,565,962

See notes to financial statements.

The Funds 109

STATEMENTS OF OPERATIONS (continued)


			BNY Mellon		BNY Mellon		BNY Mellon		BNY Mellon
	BNY Mellon		Emerging		International		International		Asset Allocation
	International Fund		Markets Fund		Appreciation Fund		Equity Income Fund		Fund
Investment Income ($):
Income:
Cash dividends (net of $1,370,664,
$6,901,959, $249,346, $633,659 and
$19,691 foreign taxes withheld at source
for BNY Mellon International Fund,
BNY Mellon Emerging Markets Fund,
BNY Mellon International Appreciation
Fund, BNY Mellon International Equity
Income Fund and BNY Mellon Asset
Allocation Fund, respectively):
Unaffiliated issuers	15,234,238		55,942,323		3,496,748		7,435,962		2,059,902
Affiliated issuers	4,223		21,039		997		2,175		3,897,671
Interest	8,585		416		195		160		1,989,009
Income from securities lending—Note 2(c)	—		—		—		—		7,900
Total Income	15,247,046		55,963,778		3,497,940		7,438,297		7,954,482
Expenses:
Investment advisory fees—Note 4(a)	4,590,418		24,809,201		564,493		1,104,360		1,161,127
Administration fees—Note 4(a)	667,645		2,666,690		139,573		160,619		176,345
Custodian fees—Note 4(b)	224,094		1,900,146		12,019		74,263		16,009
Professional fees	53,515		132,074		39,092		59,229		51,619
Trustees’ fees and expenses—Note 4(c)	32,606		135,740		8,186		7,673		25,961
Registration fees	29,683		28,421		29,063		49,021		29,951
Shareholder servicing costs—Note 4(b)	10,437		38,572		11,208		155		12,665
Prospectus and shareholders’ reports	7,187		7,903		12,546		9,680		38
Loan commitment fees—Note 3	4,773		18,332		818		659		3,152
Interest expense—Note 3	3,801		7,148		88		432		—
ADR fees	—		—		95,458		—		—
Miscellaneous	53,246		629,080		31,761		29,471		38,519
Total Expenses	5,677,405		30,373,307		944,305		1,495,562		1,515,386
Less—reduction in expenses
due to undertaking—Note 4(a)	—		—		—		—		(480,444	)
Less—reduction in fees due to
earnings credits—Note 4(b)	(9	)	(24	)	(20	)	(2	)	(2	)
Net Expenses	5,677,396		30,373,283		944,285		1,495,560		1,034,940
Investment Income—Net	9,569,650		25,590,495		2,553,655		5,942,737		6,919,542

110


		BNY Mellon		BNY Mellon		BNY Mellon		BNY Mellon
	BNY Mellon	Emerging		International		International		Asset Allocation
	International Fund	Markets Fund		Appreciation Fund		Equity Income Fund		Fund

Realized and Unrealized Gain (Loss)
on Investments—Note 5 ($):
Net realized gain (loss) on investments
and foreign currency transactions	38,386,939	(33,952,783	)	(3,534,829	)	(5,722,276	)	—
Net realized gain (loss) on forward
foreign currency exchange contracts	65,990	(1,029,858	)	32,961		(102,719	)	—
Net realized gain (loss) on financial futures	—	—		371,385		—		—
Net realized gain (loss) on investments:
Unaffiliated issuers	—	—		—		—		4,349,505
Affiliated issuers	—	—		—		—		2,530,193
Capital gain distributions:
Unaffiliated issuers	—	—		—		—		361,572
Affiliated issuers	—	—		—		—		2,476,173
Net Realized Gain (Loss)	38,452,929	(34,982,641	)	(3,130,483	)	(5,824,995	)	9,717,443
Net unrealized appreciation (depreciation)
on investments and foreign
currency transactions	67,363,737	23,340,900		20,482,232		10,065,227		—
Net unrealized appreciation (depreciation)
on forward foreign currency
exchange contracts	16,409	(19,926	)	(18,881	)	—		—
Net unrealized appreciation
(depreciation) on financial futures	—	—		(56,228	)	—		—
Net unrealized appreciation
(depreciation) on investments:
Unaffiliated issuers	—	—		—		—		1,666,868
Affiliated issuers	—	—		—		—		17,530,727
Net Unrealized Appreciation (Depreciation)	67,380,146	23,320,974		20,407,123		10,065,227		19,197,595
Net Realized and Unrealized
Gain (Loss) on Investments	105,833,075	(11,661,667	)	17,276,640		4,240,232		28,915,038
Net Increase in Net Assets
Resulting from Operations	115,402,725	13,928,828		19,830,295		10,182,969		35,834,580

See notes to financial statements.

The Funds 111

STATEMENTS OF CHANGES IN NET ASSETS


					BNY Mellon Large Cap
	BNY Mellon Large Cap Stock Fund				Market Opportunities Fund
	Year Ended August 31,				Year Ended August 31,
	2013		2012		2013		2012
Operations ($):
Investment income—net	10,501,420		9,616,967		1,405,192		736,707
Net realized gain (loss) on investments	123,059,384		64,410,207		17,536,287		(3,284,871	)
Net unrealized appreciation (depreciation) on investments	(10,138,306	)	54,209,338		10,760,193		17,095,144
Net Increase (Decrease) in Net Assets
Resulting from Operations	123,422,498		128,236,512		29,701,672		14,546,980
Dividends to Shareholders from ($):
Investment income—net:
Class M Shares	(10,402,918	)	(9,461,194	)	(1,053,761	)	(385,167	)
Investor Shares	(132,786	)	(90,719	)	(178	)	—
Net realized gain on investments:
Class M Shares	(41,986,273	)	—		—		—
Investor Shares	(546,696	)	—		—		—
Total Dividends	(53,068,673	)	(9,551,913	)	(1,053,939	)	(385,167	)
Beneficial Interest Transactions ($):
Net proceeds from shares sold:
Class M Shares	77,759,660		58,258,330		70,144,183		66,139,968
Investor Shares	14,649,638		8,552,499		98,998		308,238
Dividends reinvested:
Class M Shares	30,201,050		1,226,758		133,186		50,769
Investor Shares	557,896		74,959		100		—
Cost of shares redeemed:
Class M Shares	(416,800,568	)	(297,872,740	)	(35,261,770	)	(45,901,357	)
Investor Shares	(8,136,515	)	(10,755,874	)	(28,772	)	(279,204	)
Increase (Decrease) in Net Assets from
Beneficial Interest Transactions	(301,768,839	)	(240,516,068	)	35,085,925		20,318,414
Total Increase (Decrease) in Net Assets	(231,415,014	)	(121,831,469	)	63,733,658		34,480,227
Net Assets ($):
Beginning of Period	984,192,056		1,106,023,525		152,485,534		118,005,307
End of Period	752,777,042		984,192,056		216,219,192		152,485,534
Undistributed investment income—net	154,239		188,523		783,030		431,777
Capital Share Transactions (Shares):
Class M Shares
Shares sold	8,219,711		6,758,013		5,322,811		5,853,905
Shares issued for dividends reinvested	3,394,443		144,190		10,655		4,701
Shares redeemed	(44,138,261	)	(35,109,525	)	(2,658,868	)	(4,049,515	)
Net Increase (Decrease) in Shares Outstanding	(32,524,107	)	(28,207,322	)	2,674,598		1,809,091
Investor Shares
Shares sold	1,467,244		1,002,451		7,053		27,572
Shares issued for dividends reinvested	61,989		8,769		8		—
Shares redeemed	(852,776	)	(1,259,168	)	(2,151	)	(26,288	)
Net Increase (Decrease) in Shares Outstanding	676,457		(247,948	)	4,910		1,284

See notes to financial statements.

112


	BNY Mellon Tax-Sensitive
	Large Cap Multi-Strategy Fund				BNY Mellon Income Stock Fund
	Year Ended August 31,				Year Ended August 31,
	2013		2012		2013		2012
Operations ($):
Investment income—net	4,125,294		781,061		21,168,160		12,540,050
Net realized gain (loss) on investments	22,883,887		(2,567,846	)	25,570,834		10,895,373
Net unrealized appreciation (depreciation) on investments	36,330,755		13,822,380		92,080,248		31,353,852
Net Increase (Decrease) in Net Assets
Resulting from Operations	63,339,936		12,035,595		138,819,242		54,789,275
Dividends to Shareholders from ($):
Investment income—net:
Class M Shares	(1,087,759	)	(415,070	)	(21,080,259	)	(12,444,436	)
Investor Shares	—		—		(53,777	)	(39,030	)
Net realized gain on investments:
Class M Shares	—		—		(473,022	)	—
Investor Shares	—		—		(1,451	)	—
Total Dividends	(1,087,759	)	(415,070	)	(21,608,509	)	(12,483,466	)
Beneficial Interest Transactions ($):
Net proceeds from shares sold:
Class M Shares	495,682,964		57,619,035		413,807,788		371,580,235
Investor Shares	3,026,866		104,518		4,038,516		1,672,126
Dividends reinvested:
Class M Shares	83,182		36,517		4,266,679		2,028,416
Investor Shares	—		—		46,170		36,246
Cost of shares redeemed:
Class M Shares	(43,118,721	)	(21,350,864	)	(95,126,887	)	(78,969,231	)
Investor Shares	(1,907,243	)	(105,044	)	(2,828,774	)	(1,656,281	)
Increase (Decrease) in Net Assets from
Beneficial Interest Transactions	453,767,048		36,304,162		324,203,492		294,691,511
Total Increase (Decrease) in Net Assets	516,019,225		47,924,687		441,414,225		336,997,320
Net Assets ($):
Beginning of Period	123,262,158		75,337,471		542,838,782		205,841,462
End of Period	639,281,383		123,262,158		984,253,007		542,838,782
Undistributed investment income—net	3,549,629		528,869		175,655		141,531
Capital Share Transactions (Shares):
Class M Shares
Shares sold	37,436,918		4,930,627		51,216,956		56,409,960
Shares issued for dividends reinvested	6,504		3,314		554,014		303,189
Shares redeemed	(3,140,007	)	(1,837,974	)	(12,338,735	)	(11,796,291	)
Net Increase (Decrease) in Shares Outstanding	34,303,415		3,095,967		39,432,235		44,916,858
Investor Shares
Shares sold	224,259		8,893		512,596		245,187
Shares issued for dividends reinvested	—		—		5,965		5,440
Shares redeemed	(143,583	)	(8,893	)	(361,839	)	(241,961	)
Net Increase (Decrease) in Shares Outstanding	80,676		—		156,722		8,666

See notes to financial statements.

The Funds 113

STATEMENTS OF CHANGES IN NET ASSETS (continued)


	BNY Mellon Mid Cap Multi-Strategy Fund				BNY Mellon Small Cap Multi-Strategy Fund
	Year Ended August 31,				Year Ended August 31,
	2013		2012	^a	2013		2012
Operations ($):
Investment income (loss)—net	8,207,614		1,092,299		212,751		(39,965	)
Net realized gain (loss) on investments	131,965,095		24,838,862		40,620,725		(3,176,973	)
Net unrealized appreciation (depreciation) on investments	160,374,845		39,555,770		26,653,309		31,452,582
Net Increase (Decrease) in Net Assets
Resulting from Operations	300,547,554		65,486,931		67,486,785		28,235,644
Dividends to Shareholders from ($):
Investment income—net:
Class M Shares	(2,758,781	)	(4,780,233	)	(580,713	)	(8,801,501	)
Investor Shares	—		(42,885	)	—		(192,431	)
Net realized gain on investments:
Class M Shares	(97,703,444	)	(35,311,699	)	—		—
Investor Shares	(2,035,528	)	(818,540	)	—		—
Dreyfus Premier Shares	—		(12,100	)	—		—
Total Dividends	(102,497,753	)	(40,965,457	)	(580,713	)	(8,993,932	)
Beneficial Interest Transactions ($):
Net proceeds from shares sold:
Class M Shares	335,912,212		153,113,475		45,917,357		13,590,917
Investor Shares	9,448,413		12,230,890		2,962,065		2,583,340
Dreyfus Premier Shares	—		99		—		—
Dividends reinvested:
Class M Shares	57,479,998		22,249,585		129,939		1,724,380
Investor Shares	1,690,809		724,845		—		174,027
Dreyfus Premier Shares	—		5,005		—		—
Cost of shares redeemed:
Class M Shares	(203,744,439	)	(291,866,833	)	(44,862,742	)	(152,356,466	)
Investor Shares	(10,243,456	)	(16,185,413	)	(2,514,418	)	(4,545,765	)
Dreyfus Premier Shares	—		(461,467	)	—		—
Increase (Decrease) in Net Assets from
Beneficial Interest Transactions	190,543,537		(120,189,814	)	1,632,201		(138,829,567	)
Total Increase (Decrease) in Net Assets	388,593,338		(95,668,340	)	68,538,273		(119,587,855	)
Net Assets ($):
Beginning of Period	1,213,607,585		1,309,275,925		239,348,970		358,936,825
End of Period	1,602,200,923		1,213,607,585		307,887,243		239,348,970
Undistributed (distribution in excess of)
investment income—net	4,972,064		774,591		(423,571	)	125,135

114


	BNY Mellon Mid Cap Multi-Strategy Fund				BNY Mellon Small Cap Multi-Strategy Fund
	Year Ended August 31,				Year Ended August 31,
	2013		2012	^a	2013		2012
Capital Share Transactions:
Class M Shares
Shares sold	27,543,848		13,367,721		3,557,454		1,249,465
Shares issued for dividends reinvested	5,234,972		2,065,885		11,192		163,673
Shares redeemed	(16,777,547	)	(25,688,434	)	(3,510,292	)	(13,781,151	)
Net Increase (Decrease) in Shares Outstanding	16,001,273		(10,254,828	)	58,354		(12,368,013	)
Investor Shares^b
Shares sold	765,173		1,084,492		223,795		242,974
Shares issued for dividends reinvested	155,548		67,933		—		16,964
Shares redeemed	(864,387	)	(1,447,462	)	(204,693	)	(434,403	)
Net Increase (Decrease) in Shares Outstanding	56,334		(295,037	)	19,102		(174,465	)
Dreyfus Premier Shares^b
Shares sold	—		10		—		—
Shares issued for dividends reinvested	—		504		—		—
Shares redeemed	—		(41,920	)	—		—
Net Increase (Decrease) in Shares Outstanding	—		(41,406	)	—		—

a Effective March 13, 2012, BNY Mellon Mid Cap Multi-Strategy Fund no longer offers Premier shares.

b During the period ended August 31, 2012, 32,858 Dreyfus Premier shares of BNY Mellon Mid Cap Multi-Strategy Fund representing $366,736 were automatically converted

to 30,526 Investor shares.

See notes to financial statements.

The Funds 115

STATEMENTS OF CHANGES IN NET ASSETS (continued)


	BNY Mellon Focused Equity
	Opportunities Fund				BNY Mellon Small/Mid Cap Fund
	Year Ended August 31,				Year Ended August 31,
	2013		2012		2013		2012
Operations ($):
Investment income—net	5,518,027		2,679,907		4,004,123		1,977,680
Net realized gain (loss) on investments	44,441,315		(16,790,167	)	59,865,850		(23,204,523	)
Net unrealized appreciation (depreciation) on investments	28,992,705		48,921,471		13,695,989		17,072,191
Net Increase (Decrease) in Net Assets
Resulting from Operations	78,952,047		34,811,211		77,565,962		(4,154,652	)
Dividends to Shareholders from ($):
Investment income—net:
Class M Shares	(4,210,323	)	(648,379	)	(7,566,379	)	(6,813,784	)
Investor Shares	(1,896	)	(353	)	(10,362	)	(5,491	)
Net realized gain on investments:
Class M Shares	—		(904,880	)	—		—
Investor Shares	—		(934	)	—		—
Total Dividends	(4,212,219	)	(1,554,546	)	(7,576,741	)	(6,819,275	)
Beneficial Interest Transactions ($):
Net proceeds from shares sold:
Class M Shares	178,147,579		124,858,793		56,761,726		184,345,178
Investor Shares	1,593,152		1,463,419		1,655,396		2,054,420
Dividends reinvested:
Class M Shares	769,049		762,262		1,058,234		1,101,837
Investor Shares	1,861		948		10,104		4,161
Cost of shares redeemed:
Class M Shares	(182,464,987	)	(115,962,387	)	(190,139,885	)	(158,527,610	)
Investor Shares	(894,288	)	(1,315,616	)	(2,305,372	)	(1,582,412	)
Increase (Decrease) in Net Assets from
Beneficial Interest Transactions	(2,847,634	)	9,807,419		(132,959,797	)	27,395,574
Total Increase (Decrease) in Net Assets	71,892,194		43,064,084		(62,970,576	)	16,421,647
Net Assets ($):
Beginning of Period	468,105,754		425,041,670		527,440,583		511,018,936
End of Period	539,997,948		468,105,754		464,470,007		527,440,583
Undistributed investment income—net	3,758,775		2,452,967		437,489		4,468,734
Capital Share Transactions (Shares):
Class M Shares
Shares sold	12,698,505		10,196,685		4,110,875		14,058,726
Shares issued for dividends reinvested	58,483		69,296		81,907		93,773
Shares redeemed	(13,143,120	)	(9,790,498	)	(13,975,928	)	(12,466,688	)
Net Increase (Decrease) in Shares Outstanding	(386,132	)	475,483		(9,783,146	)	1,685,811
Investor Shares
Shares sold	111,122		121,170		119,537		158,468
Shares issued for dividends reinvested	142		86		784		355
Shares redeemed	(62,345	)	(107,834	)	(165,048	)	(123,527	)
Net Increase (Decrease) in Shares Outstanding	48,919		13,422		(44,727	)	35,296

See notes to financial statements.

116


	BNY Mellon International Fund				BNY Mellon Emerging Markets Fund
	Year Ended August 31,				Year Ended August 31,
	2013		2012		2013		2012
Operations ($):
Investment income—net	9,569,650		16,504,119		25,590,495		26,139,973
Net realized gain (loss) on investments	38,452,929		(59,810,635	)	(34,982,641	)	(186,152,134	)
Net unrealized appreciation (depreciation) on investments	67,380,146		6,905,880		23,320,974		(94,824,770	)
Net Increase (Decrease) in Net Assets
Resulting from Operations	115,402,725		(36,400,636	)	13,928,828		(254,836,931	)
Dividends to Shareholders from ($):
Investment income—net:
Class M Shares	(16,766,463	)	(26,606,906	)	(21,707,909	)	(23,405,669	)
Investor Shares	(109,039	)	(220,200	)	(115,068	)	(211,928	)
Net realized gain on investments:
Class M Shares	—		—		—		(65,641,307	)
Investor Shares	—		—		—		(697,390	)
Total Dividends	(16,875,502	)	(26,827,106	)	(21,822,977	)	(89,956,294	)
Beneficial Interest Transactions ($):
Net proceeds from shares sold:
Class M Shares	46,553,758		112,895,726		426,526,076		664,128,793
Investor Shares	3,227,291		6,282,213		12,387,403		21,398,624
Dividends reinvested:
Class M Shares	3,256,938		5,380,959		4,437,020		46,472,969
Investor Shares	93,855		187,542		86,532		601,542
Cost of shares redeemed:
Class M Shares	(177,223,174	)	(385,294,395	)	(730,431,847	)	(582,928,145	)
Investor Shares	(3,756,896	)	(8,113,921	)	(18,129,975	)	(24,504,155	)
Increase (Decrease) in Net Assets from
Beneficial Interest Transactions	(127,848,228	)	(268,661,876	)	(305,124,791	)	125,169,628
Total Increase (Decrease) in Net Assets	(29,321,005	)	(331,889,618	)	(313,018,940	)	(219,623,597	)
Net Assets ($):
Beginning of Period	553,717,361		885,606,979		2,154,637,037		2,374,260,634
End of Period	524,396,356		553,717,361		1,841,618,097		2,154,637,037
Undistributed investment income—net	9,338,567		16,050,808		21,173,888		18,723,861
Capital Share Transactions (Shares):
Class M Shares
Shares sold	4,373,736		12,130,857		43,117,963		69,114,145
Shares issued for dividends reinvested	326,020		626,421		438,441		5,299,084
Shares redeemed	(17,177,788	)	(42,094,378	)	(75,161,840	)	(62,578,705	)
Net Increase (Decrease) in Shares Outstanding	(12,478,032	)	(29,337,100	)	(31,605,436	)	11,834,524
Investor Shares
Shares sold	288,218		640,603		1,237,791		2,148,836
Shares issued for dividends reinvested	8,829		20,590		8,328		66,838
Shares redeemed	(340,516	)	(828,547	)	(1,816,084	)	(2,499,990	)
Net Increase (Decrease) in Shares Outstanding	(43,469	)	(167,354	)	(569,965	)	(284,316	)

See notes to financial statements.

The Funds 117

STATEMENTS OF CHANGES IN NET ASSETS (continued)


	BNY Mellon				BNY Mellon International
	International Appreciation Fund				Equity Income Fund
	Year Ended August 31,				Year Ended August 31,
	2013		2012		2013		2012	^a
Operations ($):
Investment income—net	2,553,655		4,108,206		5,942,737		3,015,416
Net realized gain (loss) on investments	(3,130,483	)	(22,862,234	)	(5,824,995	)	(1,753,710	)
Net unrealized appreciation (depreciation) on investments	20,407,123		14,620,021		10,065,227		(1,448,820	)
Net Increase (Decrease) in Net Assets
Resulting from Operations	19,830,295		(4,134,007	)	10,182,969		(187,114	)
Dividends to Shareholders from ($):
Investment income—net:
Class M Shares	(3,637,873	)	(6,416,671	)	(4,924,144	)	(1,534,538	)
Investor Shares	(133,114	)	(134,033	)	(1,414	)	(183	)
Total Dividends	(3,770,987	)	(6,550,704	)	(4,925,558	)	(1,534,721	)
Beneficial Interest Transactions ($):
Net proceeds from shares sold:
Class M Shares	1,777,503		7,950,174		108,163,369		94,866,096
Investor Shares	843,940		1,043,469		320,785		26,541
Dividends reinvested:
Class M Shares	169,947		283,334		1,337,922		319,558
Investor Shares	131,579		115,340		1,043		—
Cost of shares redeemed:
Class M Shares	(38,790,868	)	(76,113,808	)	(30,656,835	)	(12,431,214	)
Investor Shares	(818,947	)	(973,159	)	(284,973	)	(14,510	)
Increase (Decrease) in Net Assets from
Beneficial Interest Transactions	(36,686,846	)	(67,694,650	)	78,881,311		82,766,471
Total Increase (Decrease) in Net Assets	(20,627,538	)	(78,379,361	)	84,138,722		81,044,636
Net Assets ($):
Beginning of Period	123,761,641		202,141,002		81,044,636		—
End of Period	103,134,103		123,761,641		165,183,358		81,044,636
Undistributed investment income—net	1,827,550		2,992,014		2,236,471		1,320,137
Capital Share Transactions (Shares):
Class M Shares
Shares sold	149,651		754,028		7,738,685		7,274,226
Shares issued for dividends reinvested	14,727		29,331		97,599		27,863
Shares redeemed	(3,308,031	)	(7,218,048	)	(2,181,574	)	(1,003,389	)
Net Increase (Decrease) in Shares Outstanding	(3,143,653	)	(6,434,689	)	5,654,710		6,298,700
Investor Shares
Shares sold	72,626		101,517		24,109		1,994
Shares issued for dividends reinvested	11,512		12,052		74		—
Shares redeemed	(71,746	)	(95,438	)	(21,304	)	(1,194	)
Net Increase (Decrease) in Shares Outstanding	12,392		18,131		2,879		800

a From December 15, 2011 (commencement of operations) to August 31, 2012.

See notes to financial statements.

118


	BNY Mellon Asset Allocation Fund
			Year Ended August 31,
	2013		2012
Operations ($):
Investment income—net	6,919,542		6,046,631
Net realized gain (loss) on investments	9,717,443		1,837,150
Net unrealized appreciation (depreciation) on investments	19,197,595		13,518,865
Net Increase (Decrease) in Net Assets
Resulting from Operations	35,834,580		21,402,646
Dividends to Shareholders from ($):
Investment income—net:
Class M Shares	(9,168,546	)	(7,223,957	)
Investor Shares	(102,392	)	(77,321	)
Net realized gain on investments:
Class M Shares	(939,855	)	(1,683,683	)
Investor Shares	(11,962	)	(19,091	)
Total Dividends	(10,222,755	)	(9,004,052	)
Beneficial Interest Transactions ($):
Net proceeds from shares sold:
Class M Shares	36,319,448		59,173,349
Investor Shares	1,672,893		1,700,033
Dividends reinvested:
Class M Shares	1,363,476		1,782,388
Investor Shares	103,441		85,945
Cost of shares redeemed:
Class M Shares	(44,707,793	)	(45,887,130	)
Investor Shares	(2,248,956	)	(1,140,312	)
Increase (Decrease) in Net Assets from
Beneficial Interest Transactions	(7,497,491	)	15,714,273
Total Increase (Decrease) in Net Assets	18,114,334		28,112,867
Net Assets ($):
Beginning of Period	398,038,499		369,925,632
End of Period	416,152,833		398,038,499
Undistributed investment income—net	672,651		1,629,201
Capital Share Transactions (Shares):
Class M Shares
Shares sold	3,154,967		5,570,116
Shares issued for dividends reinvested	121,436		173,015
Shares redeemed	(3,896,907	)	(4,314,255	)
Net Increase (Decrease) in Shares Outstanding	(620,504	)	1,428,876
Investor Shares
Shares sold	143,907		160,057
Shares issued for dividends reinvested	9,131		8,184
Shares redeemed	(194,197	)	(105,598	)
Net Increase (Decrease) in Shares Outstanding	(41,159	)	62,643

See notes to financial statements.

The Funds 119

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 each period, assuming you had reinvested all dividends and distributions.These figures have been derived from each fund’s financial statements.


					Class M Shares
					Year Ended August 31,
BNY Mellon Large Cap Stock Fund	2013		2012		2011		2010		2009
Per Share Data ($):
Net asset value, beginning of period	9.17		8.14		7.16		6.77		8.77
Investment Operations:
Investment income—net^a	.12		.08		.09		.06		.09
Net realized and unrealized
gain (loss) on investments	1.21		1.03		.98		.39		(1.91	)
Total from Investment Operations	1.33		1.11		1.07		.45		(1.82	)
Distributions:
Dividends from investment income—net	(.12	)	(.08	)	(.09	)	(.06	)	(.09	)
Dividends from net realized gain on investments	(.41	)	—		—		—		(.09	)
Total Distributions	(.53	)	(.08	)	(.09	)	(.06	)	(.18	)
Net asset value, end of period	9.97		9.17		8.14		7.16		6.77
Total Return (%)	15.16		13.73		14.86		6.62		(20.39	)
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	.80		.81		.80		.80		.81
Ratio of net expenses to average net assets	.80		.81		.80		.80		.81
Ratio of net investment income
to average net assets	1.23		.95		.98		.81		1.51
Portfolio Turnover Rate	50.96		76.82		86.71		71.61		109.39
Net Assets, end of period ($ x 1,000)	732,612		971,849		1,093,037		1,178,235		1,449,565

a Based on average shares outstanding at each month end.

See notes to financial statements.

120


					Investor Shares
					Year Ended August 31,
BNY Mellon Large Cap Stock Fund	2013		2012		2011		2010		2009
Per Share Data ($):
Net asset value, beginning of period	9.17		8.15		7.16		6.78		8.78
Investment Operations:
Investment income—net^a	.09		.06		.06		.04		.08
Net realized and unrealized
gain (loss) on investments	1.21		1.02		1.00		.38		(1.91	)
Total from Investment Operations	1.30		1.08		1.06		.42		(1.83	)
Distributions:
Dividends from investment income—net	(.09	)	(.06	)	(.07	)	(.04	)	(.08	)
Dividends from net realized gain on investments	(.41	)	—		—		—		(.09	)
Total Distributions	(.50	)	(.06	)	(.07	)	(.04	)	(.17	)
Net asset value, end of period	9.97		9.17		8.15		7.16		6.78
Total Return (%)	14.87		13.33		14.78		6.21		(20.56	)
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	1.06		1.06		1.05		1.05		1.06
Ratio of net expenses to average net assets	1.06		1.06		1.05		1.05		1.06
Ratio of net investment income
to average net assets	.99		.71		.68		.56		1.25
Portfolio Turnover Rate	50.96		76.82		86.71		71.61		109.39
Net Assets, end of period ($ x 1,000)	20,165		12,344		12,986		7,473		8,274

a Based on average shares outstanding at each month end.

See notes to financial statements.

The Funds 121

FINANCIAL HIGHLIGHTS (continued)


			Class M Shares
			Year Ended August 31,
BNY Mellon Large Cap Market Opportunities Fund	2013		2012		2011		2010	^a
Per Share Data ($):
Net asset value, beginning of period	12.16		11.00		9.48		10.00
Investment Operations:
Investment income—net^b	.10		.06		.02		.00	^c
Net realized and unrealized
gain (loss) on investments	2.03		1.13		1.55		(.52	)
Total from Investment Operations	2.13		1.19		1.57		(.52	)
Distributions:
Dividends from investment income—net	(.08	)	(.03	)	(.02	)	—
Dividends from net realized gain on investments	—		—		(.03	)	—
Total Distributions	(.08	)	(.03	)	(.05	)	—
Net asset value, end of period	14.21		12.16		11.00		9.48
Total Return (%)	17.64		10.89		16.48		(5.20	)^d
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets^e	.79		.78		.94		15.54	^f
Ratio of net expenses to average net assets^e	.79		.78		.75		.98	^f
Ratio of net investment income
to average net assets^e	.76		.55		.21		.48	^f
Portfolio Turnover Rate	78.41		43.61		22.06		2.12	^d
Net Assets, end of period ($ x 1,000)	216,116		152,458		117,994		5,074


a	From July 30, 2010 (commencement of operations) to August 31, 2010.
b	Based on average shares outstanding at each month end.
c	Amount represents less than $.01 per share.
^d	Not annualized.
e	Amount does not include the activity of the underlying funds.
f	Annualized.
See notes to financial statements.

122


			Investor Shares
			Year Ended August 31,
BNY Mellon Large Cap Market Opportunities Fund	2013		2012	2011		2010	^a
Per Share Data ($):
Net asset value, beginning of period	12.25		10.98	9.48		10.00
Investment Operations:
Investment income—net^b	.07		.13	.00	^c	.00	^c
Net realized and unrealized
gain (loss) on investments	2.04		1.14	1.54		(.52	)
Total from Investment Operations	2.11		1.27	1.54		(.52	)
Distributions:
Dividends from investment income—net	(.08	)	—	(.01	)	—
Dividends from net realized gain on investments	—		—	(.03	)	—
Total Distributions	(.08	)	—	(.04	)	—
Net asset value, end of period	14.28		12.25	10.98		9.48
Total Return (%)	17.29		11.57	16.16		(5.20	)^d
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets^e	1.05		1.02	1.24		9.38	^f
Ratio of net expenses to average net assets^e	1.05		1.02	1.00		1.23	^f
Ratio of net investment income
to average net assets^e	.48		.95	.03		.16	^f
Portfolio Turnover Rate	78.41		43.61	22.06		2.12	^d
Net Assets, end of period ($ x 1,000)	103		28	11		9


a	From July 30, 2010 (commencement of operations) to August 31, 2010.
b	Based on average shares outstanding at each month end.
c	Amount represents less than $.01 per share.
^d	Not annualized.
e	Amount does not include the activity of the underlying funds.
f	Annualized.
See notes to financial statements.

The Funds 123

FINANCIAL HIGHLIGHTS (continued)


			Class M Shares
			Year Ended August 31,
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund	2013		2012		2011		2010	^a
Per Share Data ($):
Net asset value, beginning of period	12.50		11.14		9.52		10.00
Investment Operations:
Investment income—net^b	.13		.09		.06		.01
Net realized and unrealized
gain (loss) on investments	1.93		1.32		1.61		(.49	)
Total from Investment Operations	2.06		1.41		1.67		(.48	)
Distributions:
Dividends from investment income—net	(.11	)	(.05	)	(.02	)	—
Dividends from net realized gain on investments	—		—		(.03	)	—
Total Distributions	(.11	)	(.05	)	(.05	)	—
Net asset value, end of period	14.45		12.50		11.14		9.52
Total Return (%)	16.60		12.75		17.54		(4.80	)^c
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets^d	.79		.87		1.28		8.12	^e
Ratio of net expenses to average net assets^d	.79		.87		.88		.99	^e
Ratio of net investment income
to average net assets^d	.97		.78		.51		.91	^e
Portfolio Turnover Rate	82.04		32.62		29.24		1.53	^c
Net Assets, end of period ($ x 1,000)	638,085		123,250		75,326		10,337


a	From July 30, 2010 (commencement of operations) to August 31, 2010.
b	Based on average shares outstanding at each month end.
c	Not annualized.
^d	Amount does not include the activity of the underlying funds.
e	Annualized.
See notes to financial statements.

124


		Investor Shares
		Year Ended August 31,
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund	2013	2012	2011		2010	^a
Per Share Data ($):
Net asset value, beginning of period	12.41	11.04	9.52		10.00
Investment Operations:
Investment income—net^b	.13	.06	.03		.01
Net realized and unrealized
gain (loss) on investments	2.10	1.31	1.54		(.49	)
Total from Investment Operations	2.23	1.37	1.57		(.48	)
Distributions:
Dividends from investment income—net	—	—	(.02	)	—
Dividends from net realized gain on investments	—	—	(.03	)	—
Total Distributions	—	—	(.05	)	—
Net asset value, end of period	14.64	12.41	11.04		9.52
Total Return (%)	17.97	12.51	16.31		(4.80	)^c
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets^d	1.05	1.11	1.77		5.88	^e
Ratio of net expenses to average net assets^d	1.03	1.11	1.13		1.24	^e
Ratio of net investment income
to average net assets^d	.89	.46	.26		.65	^e
Portfolio Turnover Rate	82.04	32.62	29.24		1.53	^c
Net Assets, end of period ($ x 1,000)	1,196	12	11		10


a	From July 30, 2010 (commencement of operations) to August 31, 2010.
b	Based on average shares outstanding at each month end.
c	Not annualized.
^d	Amount does not include the activity of the underlying funds.
e	Annualized.
See notes to financial statements.

The Funds 125

FINANCIAL HIGHLIGHTS (continued)


					Class M Shares
					Year Ended August 31,
BNY Mellon Income Stock Fund	2013		2012		2011		2010		2009
Per Share Data ($):
Net asset value, beginning of period	6.99		6.28		5.49		5.39		7.22
Investment Operations:
Investment income—net^a	.24		.21		.17		.09		.12
Net realized and unrealized
gain (loss) on investments	1.41		.70		.79		.10		(1.35	)
Total from Investment Operations	1.65		.91		.96		.19		(1.23	)
Distributions:
Dividends from investment income—net	(.24	)	(.20	)	(.17	)	(.09	)	(.13	)
Dividends from net realized gain on investments	(.01	)	—		—		—		(.47	)
Total Distributions	(.25	)	(.20	)	(.17	)	(.09	)	(.60	)
Net asset value, end of period	8.39		6.99		6.28		5.49		5.39
Total Return (%)	24.01		14.80		17.41		3.44		(15.73	)
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	.81		.82		.86		.86		.87
Ratio of net expenses to average net assets	.81		.82		.86		.86		.87
Ratio of net investment income
to average net assets	3.03		3.17		2.71		1.55		2.47
Portfolio Turnover Rate	41.79		35.60		72.27		66.78		65.88
Net Assets, end of period ($ x 1,000)	981,444		541,604		204,785		90,645		126,763

a Based on average shares outstanding at each month end.

See notes to financial statements.

126


					Investor Shares
					Year Ended August 31,
BNY Mellon Income Stock Fund	2013		2012		2011		2010		2009
Per Share Data ($):
Net asset value, beginning of period	7.04		6.33		5.54		5.44		7.27
Investment Operations:
Investment income—net^a	.22		.19		.15		.08		.11
Net realized and unrealized
gain (loss) on investments	1.43		.71		.80		.10		(1.35	)
Total from Investment Operations	1.65		.90		.95		.18		(1.24	)
Distributions:
Dividends from investment income—net	(.23	)	(.19	)	(.16	)	(.08	)	(.12	)
Dividends from net realized gain on investments	(.01	)	—		—		—		(.47	)
Total Distributions	(.24	)	(.19	)	(.16	)	(.08	)	(.59	)
Net asset value, end of period	8.45		7.04		6.33		5.54		5.44
Total Return (%)	23.84		14.45		17.02		3.19		(15.84	)
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	1.06		1.06		1.12		1.11		1.12
Ratio of net expenses to average net assets	1.06		1.06		1.12		1.11		1.12
Ratio of net investment income
to average net assets	2.80		2.91		2.32		1.29		2.19
Portfolio Turnover Rate	41.79		35.60		72.27		66.78		65.88
Net Assets, end of period ($ x 1,000)	2,809		1,235		1,056		988		1,045

a Based on average shares outstanding at each month end.

See notes to financial statements.

The Funds 127

FINANCIAL HIGHLIGHTS (continued)


					Class M Shares
					Year Ended August 31,
BNY Mellon Mid Cap Multi-Strategy Fund	2013		2012		2011		2010		2009
Per Share Data ($):
Net asset value, beginning of period	11.65		11.41		9.31		8.64		11.11
Investment Operations:
Investment income (loss)—net^a	.07		.01		(.00	)^b	.05		.07
Net realized and unrealized
gain (loss) on investments	2.60		.60		2.10		.68		(2.46	)
Total from Investment Operations	2.67		.61		2.10		.73		(2.39	)
Distributions:
Dividends from investment income—net	(.03	)	(.04	)	(.00	)^b	(.06	)	(.06	)
Dividends from net realized gain on investments	(.96	)	(.33	)	—		—		(.02	)
Total Distributions	(.99	)	(.37	)	(.00	)^b	(.06	)	(.08	)
Net asset value, end of period	13.33		11.65		11.41		9.31		8.64
Total Return (%)	24.74		5.66		22.59		8.49		(21.33	)
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	.92		.90		.90		.90		.92
Ratio of net expenses to average net assets	.92		.90		.90		.90		.92
Ratio of net investment income
(loss) to average net assets	.59		.09		(.01	)	.53		.86
Portfolio Turnover Rate	106.59		156.98		132.20		123.41		147.50
Net Assets, end of period ($ x 1,000)	1,572,562		1,188,324		1,280,742		1,162,906		1,185,376


a	Based on average shares outstanding at each month end.
b	Amount represents less than $.01 per share.
See notes to financial statements.

128


					Investor Shares
					Year Ended August 31,
BNY Mellon Mid Cap Multi-Strategy Fund	2013		2012		2011		2010		2009
Per Share Data ($):
Net asset value, beginning of period	11.52		11.29		9.24		8.57		11.00
Investment Operations:
Investment income (loss)—net^a	.04		(.02	)	(.03	)	.03		.05
Net realized and unrealized
gain (loss) on investments	2.57		.60		2.08		.68		(2.43	)
Total from Investment Operations	2.61		.58		2.05		.71		(2.38	)
Distributions:
Dividends from investment income—net	—		(.02	)	—		(.04	)	(.03	)
Dividends from net realized gain on investments	(.96	)	(.33	)	—		—		(.02	)
Total Distributions	(.96	)	(.35	)	—		(.04	)	(.05	)
Net asset value, end of period	13.17		11.52		11.29		9.24		8.57
Total Return (%)	24.46		5.36		22.19		8.30		(21.51	)
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	1.17		1.15		1.15		1.15		1.17
Ratio of net expenses to average net assets	1.17		1.15		1.15		1.15		1.17
Ratio of net investment income
(loss) to average net assets	.37		(.16	)	(.26	)	.27		.63
Portfolio Turnover Rate	106.59		156.98		132.20		123.41		147.50
Net Assets, end of period ($ x 1,000)	29,639		25,283		28,098		20,733		19,785

a Based on average shares outstanding at each month end.

See notes to financial statements.

The Funds 129

FINANCIAL HIGHLIGHTS (continued)


					Class M Shares
					Year Ended August 31,
BNY Mellon Small Cap Multi-Strategy Fund	2013		2012		2011		2010		2009
Per Share Data ($):
Net asset value, beginning of period	11.53		10.78		8.94		8.57		11.44
Investment Operations:
Investment income (loss)—net^a	.01		(.00	)^b	(.02	)	.00	^b	.07
Net realized and unrealized
gain (loss) on investments	3.27		1.05		1.86		.38		(2.85	)
Total from Investment Operations	3.28		1.05		1.84		.38		(2.78	)
Distributions:
Dividends from investment income—net	(.03	)	(.30	)	—		(.01	)	(.08	)
Dividends from net realized gain on investments	—		—		—		—		(.01	)
Total Distributions	(.03	)	(.30	)	—		(.01	)	(.09	)
Net asset value, end of period	14.78		11.53		10.78		8.94		8.57
Total Return (%)	28.51		10.05		20.58		4.45		(24.11	)
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	1.05		1.04		1.01		1.00		1.03
Ratio of net expenses to average net assets	1.05		1.04		1.01		.98		.99
Ratio of net investment income
(loss) to average net assets	.09		(.01	)	(.16	)	.01		.88
Portfolio Turnover Rate	128.11		148.75		161.05		183.41		159.78
Net Assets, end of period ($ x 1,000)	299,415		232,952		351,122		412,824		610,567


a	Based on average shares outstanding at each month end.
b	Amount represents less than $.01 per share.
See notes to financial statements.

130


					Investor Shares
					Year Ended August 31,
BNY Mellon Small Cap Multi-Strategy Fund	2013		2012		2011		2010		2009
Per Share Data ($):
Net asset value, beginning of period	11.21		10.49		8.72		8.36		11.11
Investment Operations:
Investment income (loss)—net^a	(.02	)	(.03	)	(.04	)	(.02	)	.05
Net realized and unrealized
gain (loss) on investments	3.17		1.03		1.81		.38		(2.72	)
Total from Investment Operations	3.15		1.00		1.77		.36		(2.67	)
Distributions:
Dividends from investment income—net	—		(.28	)	—		—		(.07	)
Dividends from net realized gain on investments	—		—		—		—		(.01	)
Total Distributions	—		(.28	)	—		—		(.08	)
Net asset value, end of period	14.36		11.21		10.49		8.72		8.36
Total Return (%)	28.10		9.76		20.30		4.31		(23.92	)
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	1.30		1.29		1.26		1.25		1.28
Ratio of net expenses to average net assets	1.30		1.29		1.26		1.23		1.23
Ratio of net investment income
(loss) to average net assets	(.16	)	(.26	)	(.39	)	(.24	)	.61
Portfolio Turnover Rate	128.11		148.75		161.05		183.41		159.78
Net Assets, end of period ($ x 1,000)	8,472		6,397		7,815		6,022		6,277

a Based on average shares outstanding at each month end.

See notes to financial statements.

The Funds 131

FINANCIAL HIGHLIGHTS (continued)


			Class M Shares
			Year Ended August 31,
BNY Mellon Focused Equity Opportunities Fund	2013		2012		2011		2010	^a
Per Share Data ($):
Net asset value, beginning of period	13.08		12.04		10.09		10.00
Investment Operations:
Investment income—net^b	.16		.08		.04		.06
Net realized and unrealized
gain (loss) on investments	2.12		1.01		1.96		.04
Total from Investment Operations	2.28		1.09		2.00		.10
Distributions:
Dividends from investment income—net	(.12	)	(.02	)	(.05	)	(.01	)
Dividends from net realized gain on investments	—		(.03	)	—		(.00	)^c
Total Distributions	(.12	)	(.05	)	(.05	)	(.01	)
Net asset value, end of period	15.24		13.08		12.04		10.09
Total Return (%)	17.54		9.07		19.82		1.01	^d
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	.86		.87		.87		.98	^e
Ratio of net expenses to average net assets	.86		.87		.87		.89	^e
Ratio of net investment income
to average net assets	1.12		.62		.29		.59	^e
Portfolio Turnover Rate	77.03		59.71		58.98		64.75	^d
Net Assets, end of period ($ x 1,000)	539,019		467,903		425,016		238,332


a	From September 30, 2009 (commencement of operations) to August 31, 2010.
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.

132


			Investor Shares
			Year Ended August 31,
BNY Mellon Focused Equity Opportunities Fund	2013		2012		2011		2010	^a
Per Share Data ($):
Net asset value, beginning of period	13.05		12.04		10.07		10.00
Investment Operations:
Investment income—net^b	.12		.06		.00	^c	.02
Net realized and unrealized
gain (loss) on investments	2.10		.99		1.99		.06
Total from Investment Operations	2.22		1.05		1.99		.08
Distributions:
Dividends from investment income—net	(.09	)	(.01	)	(.02	)	(.01	)
Dividends from net realized gain on investments	—		(.03	)	—		(.00	)^c
Total Distributions	(.09	)	(.04	)	(.02	)	(.01	)
Net asset value, end of period	15.18		13.05		12.04		10.07
Total Return (%)	17.12		8.73		19.80		.75	^d
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	1.13		1.13		1.12		1.53	^e
Ratio of net expenses to average net assets	1.13		1.13		1.12		1.14	^e
Ratio of net investment income
to average net assets	.90		.52		.00	^f	.23	^e
Portfolio Turnover Rate	77.03		59.71		58.98		64.75	^d
Net Assets, end of period ($ x 1,000)	979		203		26		13


a	From September 30, 2009 (commencement of operations) to August 31, 2010.
b	Based on average shares outstanding at each month end.
c	Amount represents less than $.01 per share.
^d	Not annualized.
e	Annualized.
f	Amount represents less than .01%.
See notes to financial statements.

The Funds 133

FINANCIAL HIGHLIGHTS (continued)


			Class M Shares
			Year Ended August 31,
BNY Mellon Small/Mid Cap Fund	2013		2012		2011		2010	^a
Per Share Data ($):
Net asset value, beginning of period	12.99		13.14		10.92		10.00
Investment Operations:
Investment income—net^b	.12		.05		.04		.01
Net realized and unrealized
gain (loss) on investments	2.19		(.02	)	2.31		.95
Total from Investment Operations	2.31		.03		2.35		.96
Distributions:
Dividends from investment income—net	(.21	)	(.18	)	(.04	)	(.01	)
Dividends from net realized gain on investments	—		—		(.09	)	(.03	)
Total Distributions	(.21	)	(.18	)	(.13	)	(.04	)
Net asset value, end of period	15.09		12.99		13.14		10.92
Total Return (%)	18.07		.34		21.41		9.65	^c
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	.92		.92		.92		1.07	^d
Ratio of net expenses to average net assets	.92		.92		.92		.92	^d
Ratio of net investment income
to average net assets	.83		.38		.29		.06	^d
Portfolio Turnover Rate	169.30		149.30		107.81		109.25	^c
Net Assets, end of period ($ x 1,000)	464,031		526,484		510,512		222,034


a	From September 30, 2009 (commencement of operations) to August 31, 2010.
b	Based on average shares outstanding at each month end.
c	Not annualized.
^dAnnualized.
See notes to financial statements.

134


			Investor Shares
			Year Ended August 31,
BNY Mellon Small/Mid Cap Fund	2013		2012		2011		2010	^a
Per Share Data ($):
Net asset value, beginning of period	12.94		13.11		10.89		10.00
Investment Operations:
Investment income—net^b	.09		.00	^c	.01		.01
Net realized and unrealized
gain (loss) on investments	2.17		(.01	)	2.30		.92
Total from Investment Operations	2.26		(.01	)	2.31		.93
Distributions:
Dividends from investment income—net	(.18	)	(.16	)	—		(.01	)
Dividends from net realized gain on investments	—		—		(.09	)	(.03	)
Total Distributions	(.18	)	(.16	)	(.09	)	(.04	)
Net asset value, end of period	15.02		12.94		13.11		10.89
Total Return (%)	17.65		.08		21.14		9.34	^d
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	1.17		1.17		1.20		2.35	^e
Ratio of net expenses to average net assets	1.17		1.17		1.20		1.20	^e
Ratio of net investment income
to average net assets	.64		.04		.06		.08	^e
Portfolio Turnover Rate	169.30		149.30		107.81		109.25	^d
Net Assets, end of period ($ x 1,000)	439		957		507		16


a	From September 30, 2009 (commencement of operations) to August 31, 2010.
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 135

FINANCIAL HIGHLIGHTS (continued)


					Class M Shares
					Year Ended August 31,
BNY Mellon International Fund	2013		2012		2011		2010		2009
Per Share Data ($):
Net asset value, beginning of period	9.29		9.94		9.38		10.12		12.11
Investment Operations:
Investment income—net^a	.19		.22		.22		.18		.22
Net realized and unrealized
gain (loss) on investments	1.98		(.54	)	.55		(.67	)	(1.54	)
Total from Investment Operations	2.17		(.32	)	.77		(.49	)	(1.32	)
Distributions:
Dividends from investment income—net	(.32	)	(.33	)	(.21	)	(.25	)	(.41	)
Dividends from net realized gain on investments	—		—		—		—		(.26	)
Total Distributions	(.32	)	(.33	)	(.21	)	(.25	)	(.67	)
Net asset value, end of period	11.14		9.29		9.94		9.38		10.12
Total Return (%)	23.74		(2.98	)	8.05		(5.07	)	(9.95	)
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	1.05		1.04		1.02		1.09		1.14
Ratio of net expenses to average net assets	1.05		1.04		1.02		1.09		1.03
Ratio of net investment income
to average net assets	1.77		2.35		2.07		1.79		2.52
Portfolio Turnover Rate	55.78		44.62		57.38		67.16		102.83
Net Assets, end of period ($ x 1,000)	519,964		549,601		879,450		996,647		1,247,441

a Based on average shares outstanding at each month end.

See notes to financial statements.

136


					Investor Shares
					Year Ended August 31,
BNY Mellon International Fund	2013		2012		2011		2010		2009
Per Share Data ($):
Net asset value, beginning of period	9.84		10.51		9.92		10.69		12.70
Investment Operations:
Investment income—net^a	.17		.18		.21		.16		.20
Net realized and unrealized
gain (loss) on investments	2.10		(.54	)	.56		(.70	)	(1.60	)
Total from Investment Operations	2.27		(.36	)	.77		(.54	)	(1.40	)
Distributions:
Dividends from investment income—net	(.29	)	(.31	)	(.18	)	(.23	)	(.35	)
Dividends from net realized gain on investments	—		—		—		—		(.26	)
Total Distributions	(.29	)	(.31	)	(.18	)	(.23	)	(.61	)
Net asset value, end of period	11.82		9.84		10.51		9.92		10.69
Total Return (%)	23.36		(3.20	)	7.67		(5.26	)	(10.11	)
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	1.30		1.29		1.27		1.34		1.38
Ratio of net expenses to average net assets	1.30		1.29		1.27		1.34		1.28
Ratio of net investment income
to average net assets	1.51		1.85		1.79		1.46		2.27
Portfolio Turnover Rate	55.78		44.62		57.38		67.16		102.83
Net Assets, end of period ($ x 1,000)	4,432		4,116		6,157		4,319		5,099

a Based on average shares outstanding at each month end.

See notes to financial statements.

The Funds 137

FINANCIAL HIGHLIGHTS (continued)


					Class M Shares
					Year Ended August 31,
BNY Mellon Emerging Markets Fund	2013		2012		2011		2010		2009
Per Share Data ($):
Net asset value, beginning of period	9.19		10.65		10.02		8.71		16.89
Investment Operations:
Investment income—net^a	.12		.12		.14		.08		.14
Net realized and unrealized
gain (loss) on investments	(.10	)	(1.16	)	.54		1.31		(3.58	)
Total from Investment Operations	.02		(1.04	)	.68		1.39		(3.44	)
Distributions:
Dividends from investment income—net	(.10	)	(.11	)	(.05	)	(.08	)	(.42	)
Dividends from net realized gain on investments	—		(.31	)	—		—		(4.32	)
Total Distributions	(.10	)	(.42	)	(.05	)	(.08	)	(4.74	)
Net asset value, end of period	9.11		9.19		10.65		10.02		8.71
Total Return (%)	.09		(9.55	)	6.77		15.92		(6.07	)
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	1.41		1.40		1.41		1.54		1.64
Ratio of net expenses to average net assets	1.41		1.40		1.41		1.54		1.64
Ratio of net investment income
to average net assets	1.19		1.21		1.20		.85		1.76
Portfolio Turnover Rate	53.25		67.21		77.45		76.34		119.72
Net Assets, end of period ($ x 1,000)	1,830,754		2,138,311		2,352,233		1,796,274		1,097,296

a Based on average shares outstanding at each month end.

See notes to financial statements.

138


					Investor Shares
					Year Ended August 31,
BNY Mellon Emerging Markets Fund	2013		2012		2011		2010		2009
Per Share Data ($):
Net asset value, beginning of period	9.41		10.91		10.27		8.94		17.05
Investment Operations:
Investment income—net^a	.09		.09		.13		.06		.11
Net realized and unrealized
gain (loss) on investments	(.10	)	(1.19	)	.55		1.33		(3.55	)
Total from Investment Operations	(.01	)	(1.10	)	.68		1.39		(3.44	)
Distributions:
Dividends from investment income—net	(.07	)	(.09	)	(.04	)	(.06	)	(.35	)
Dividends from net realized gain on investments	—		(.31	)	—		—		(4.32	)
Total Distributions	(.07	)	(.40	)	(.04	)	(.06	)	(4.67	)
Net asset value, end of period	9.33		9.41		10.91		10.27		8.94
Total Return (%)	(.19	)	(9.86	)	6.59		15.56		(6.32	)
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	1.65		1.65		1.67		1.77		1.91
Ratio of net expenses to average net assets	1.65		1.65		1.67		1.77		1.91
Ratio of net investment income
to average net assets	.90		.87		1.10		.54		1.32
Portfolio Turnover Rate	53.25		67.21		77.45		76.34		119.72
Net Assets, end of period ($ x 1,000)	10,864		16,326		22,027		7,091		4,476

a Based on average shares outstanding at each month end.

See notes to financial statements.

The Funds 139

FINANCIAL HIGHLIGHTS (continued)


							Class M Shares
BNY Mellon International			Year Ended August 31,						Eight Months Ended		Year Ended
Appreciation Fund^†	2013		2012		2011		2010		August 31, 2009^a		December 31, 2008
Per Share Data ($):
Net asset value, beginning of period	10.80		11.31		10.54		11.35		9.40		16.58
Investment Operations:
Investment income—net^b	.27		.28		.36		.26		.23		.45
Net realized and unrealized
gain (loss) on investments	1.69		(.39	)	.68		(.73	)	1.73		(7.17	)
Total from Investment Operations	1.96		(.11	)	1.04		(.47	)	1.96		(6.72	)
Distributions:
Dividends from investment income—net	(.38	)	(.40	)	(.27	)	(.34	)	(.01	)	(.46	)
Net asset value, end of period	12.38		10.80		11.31		10.54		11.35		9.40
Total Return (%)	18.39		(.55	)	9.75		(4.35	)	20.93	^c	(41.12	)
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	.83		.83		.70		.68		.70	^d	.70
Ratio of net expenses to average net assets	.83		.83		.70		.66		.66	^d	.67
Ratio of net investment income
to average net assets	2.27		2.66		2.94		2.29		3.80	^d	3.32
Portfolio Turnover Rate	1.24		1.49		9.39		2.71		2.63	^c	10.62
Net Assets, end of period ($ x 1,000)	98,361		119,730		198,122		218,067		256,140		267,393

^†Represents information for Institutional shares of the fund’s predecessor, BNY Hamilton International Equity Fund, through September 12, 2008.

a The fund had changed its fiscal year end from December 31 to August 31.

b Based on average shares outstanding at each month end.

c Not annualized.

^dAnnualized.

See notes to financial statements.

140


							Investor Shares
BNY Mellon International			Year Ended August 31,						Eight Months Ended		Year Ended
Appreciation Fund^†	2013		2012		2011		2010		August 31, 2009^a		December 31, 2008
Per Share Data ($):
Net asset value, beginning of period	10.68		11.19		10.43		11.24		9.31		16.37
Investment Operations:
Investment income—net^b	.25		.27		.33		.23		.22		.40
Net realized and unrealized
gain (loss) on investments	1.66		(.41	)	.67		(.72	)	1.71		(7.06	)
Total from Investment Operations	1.91		(.14	)	1.00		(.49	)	1.93		(6.66	)
Distributions:
Dividends from investment income—net	(.35	)	(.37	)	(.24	)	(.32	)	—		(.40	)
Net asset value, end of period	12.24		10.68		11.19		10.43		11.24		9.31
Total Return (%)	18.13		(.85	)	9.50		(4.60	)	20.73	^c	(41.21	)
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	1.08		1.09		.95		.93		.95	^d	.95
Ratio of net expenses to average net assets	1.08		1.09		.95		.90		.91	^d	.92
Ratio of net investment income
to average net assets	2.08		2.52		2.75		2.08		3.56	^d	3.02
Portfolio Turnover Rate	1.24		1.49		9.39		2.71		2.63	^c	10.62
Net Assets, end of period ($ x 1,000)	4,773		4,032		4,019		3,462		4,171		3,179

^†Represents information for Class A shares of the fund’s predecessor, BNY Hamilton International Equity Fund, through September 12, 2008.

a The fund had changed its fiscal year end from December 31 to August 31.

b Based on average shares outstanding at each month end.

c Not annualized.

^dAnnualized.

See notes to financial statements.

The Funds 141

FINANCIAL HIGHLIGHTS (continued)


	Class M Shares
	Year Ended August 31,
BNY Mellon International Equity Income Fund	2013		2012	^a
Per Share Data ($):
Net asset value, beginning of period	12.87		12.50
Investment Operations:
Investment income—net^b	.64		.65
Net realized and unrealized
gain (loss) on investments	.87		(.02	)
Total from Investment Operations	1.51		.63
Distributions:
Dividends from investment income—net	(.57	)	(.26	)
Net asset value, end of period	13.81		12.87
Total Return (%)	11.96		5.28	^c
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	1.15		1.62	^d
Ratio of net expenses to average net assets	1.15		1.20	^d
Ratio of net investment income
to average net assets	4.57		7.38	^d
Portfolio Turnover Rate	74.80		95.27	^c
Net Assets, end of period ($ x 1,000)	165,132		81,034


a	From December 15, 2011 (commencement of operations) to August 31, 2012.
b	Based on average shares outstanding at each month end.
c	Not annualized.
^dAnnualized.
See notes to financial statements.

142


	Investor Shares
	Year Ended August 31,
BNY Mellon International Equity Income Fund	2013		2012	^a
Per Share Data ($):
Net asset value, beginning of period	12.88		12.50
Investment Operations:
Investment income—net^b	.98		.65
Net realized and unrealized
gain (loss) on investments	.49		(.04	)
Total from Investment Operations	1.47		.61
Distributions:
Dividends from investment income—net	(.46	)	(.23	)
Net asset value, end of period	13.89		12.88
Total Return (%)	11.56		5.10	^c
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	1.42		2.10	^d
Ratio of net expenses to average net assets	1.42		1.45	^d
Ratio of net investment income
to average net assets	5.34		7.14	^d
Portfolio Turnover Rate	74.80		95.27	^c
Net Assets, end of period ($ x 1,000)	51		10


a	From December 15, 2011 (commencement of operations) to August 31, 2012.
b	Based on average shares outstanding at each month end.
c	Not annualized.
^dAnnualized.
See notes to financial statements.

The Funds 143

FINANCIAL HIGHLIGHTS (continued)


					Class M Shares
					Year Ended August 31,
BNY Mellon Asset Allocation Fund	2013		2012		2011		2010		2009
Per Share Data ($):
Net asset value, beginning of period	10.97		10.63		9.85		9.44		10.93
Investment Operations:
Investment income—net^a	.19		.17		.16		.19		.24
Net realized and unrealized
gain (loss) on investments	.81		.43		.83		.46		(1.01	)
Total from Investment Operations	1.00		.60		.99		.65		(.77	)
Distributions:
Dividends from investment income—net	(.26	)	(.21	)	(.21	)	(.24	)	(.27	)
Dividends from net realized gain on investments	(.03	)	(.05	)	—		—		(.45	)
Total Distributions	(.29	)	(.26	)	(.21	)	(.24	)	(.72	)
Net asset value, end of period	11.68		10.97		10.63		9.85		9.44
Total Return (%)	9.20		5.72		10.00		6.84		(6.08	)
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets^b	.37		.37		.53		.57		.60
Ratio of net expenses to average net assets^b	.25		.27		.53		.57		.60
Ratio of net investment income
to average net assets^b	1.69		1.59		1.49		1.78		2.81
Portfolio Turnover Rate	27.39	^c	81.55		71.08		69.81		78.44	^c
Net Assets, end of period ($ x 1,000)	411,214		392,948		365,661		335,138		301,643

a Based on average shares outstanding at each month end.

b Amount does not include the activity of the underlying funds.

c The portfolio turnover rates excluding mortgage dollar roll transactions for the periods ended August 31, 2013 and 2009 were 27.03% and 77.77%, respectively.

See notes to financial statements.

144


					Investor Shares
					Year Ended August 31,
BNY Mellon Asset Allocation Fund	2013		2012		2011		2010		2009
Per Share Data ($):
Net asset value, beginning of period	11.03		10.69		9.90		9.50		10.98
Investment Operations:
Investment income—net^a	.17		.14		.14		.17		.23
Net realized and unrealized
gain (loss) on investments	.80		.43		.83		.44		(1.01	)
Total from Investment Operations	.97		.57		.97		.61		(.78	)
Distributions:
Dividends from investment income—net	(.23	)	(.18	)	(.18	)	(.21	)	(.25	)
Dividends from net realized gain on investments	(.03	)	(.05	)	—		—		(.45	)
Total Distributions	(.26	)	(.23	)	(.18	)	(.21	)	(.70	)
Net asset value, end of period	11.74		11.03		10.69		9.90		9.50
Total Return (%)	8.86		5.44		9.77		6.44		(6.11	)
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets^b	.62		.62		.78		.82		.85
Ratio of net expenses to average net assets^b	.50		.53		.78		.82		.85
Ratio of net investment income
to average net assets^b	1.45		1.28		1.23		1.54		2.57
Portfolio Turnover Rate	27.39	^c	81.55		71.08		69.81		78.44	^c
Net Assets, end of period ($ x 1,000)	4,939		5,091		4,265		4,015		4,412

a Based on average shares outstanding at each month end.

b Amount does not include the activity of the underlying funds.

c The portfolio turnover rates excluding mortgage dollar roll transactions for the periods ended August 31, 2013 and 2009 were 27.03% and 77.77%, respectively.

See notes to financial statements.

The Funds 145

Table 1—Fair Value Measurements


	Investments in Securities
		Level 1—		Level 2—Other	Level 3—Significant
	Unadjusted			Significant		Unobservable
		Quoted Prices	Observable Inputs			Inputs
	Assets ($)	Liabilities ($)	Assets ($)	Liabilities ($)	Assets ($)	Liabilities ($)	Total ($)
BNY Mellon Large Cap
Stock Fund
Equity Securities—
Domestic
Common Stocks^†	730,051,068	—	—	—	—	—	730,051,068
Equity Securities—Foreign
Common Stocks^†	11,596,690	—	—	—	—	—	11,596,690
Exchange-Traded Funds	7,554,084	—	—	—	—	—	7,554,084
BNY Mellon Large Cap
Market Opportunities Fund
Equity Securities—
Domestic
Common Stocks^†	99,834,296	—	—	—	—	—	99,834,296
Equity Securities—Foreign
Common Stocks^†	5,836,563	—	—	—	—	—	5,836,563
Mutual Funds	110,144,757	—	—	—	—	—	110,144,757
BNY Mellon
Tax-Sensitive Large Cap
Multi-Strategy Fund
Equity Securities—
Domestic
Common Stocks^†	389,215,760	—	—	—	—	—	389,215,760
Equity Securities—Foreign
Common Stocks^†	8,749,229	—	—	—	—	—	8,749,229
Exchange-Traded Funds	6,316,890	—	—	—	—	—	6,316,890
Mutual Funds	234,257,167	—	—	—	—	—	234,257,167
BNY Mellon
Income Stock Fund
Equity Securities—
Domestic
Common Stocks^†	905,915,159	—	—	—	—	—	905,915,159
Equity Securities—Foreign
Common Stocks^†	44,345,283	—	—	—	—	—	44,345,283
Mutual Funds	13,968,966	—	—	—	—	—	13,968,966
Preferred Stocks^†	19,133,112	—	—	—	—	—	19,133,112
Other Financial
Instruments:
Options Written	—	(10,440)	—	—	—	—	(10,440	)

The Funds 149

NOTES TO FINANCIAL STATEMENTS (continued)

Table 1—Fair Value Measurements (continued)


	Investments in Securities
		Level 1—		Level 2—Other	Level 3— Significant
	Unadjusted			Significant		Unobservable
		Quoted Prices	Observable Inputs			Inputs
	Assets ($)	Liabilities ($)	Assets ($)	Liabilities ($)	Assets ($)	Liabilities ($)	Total ($)
BNY Mellon Mid Cap
Multi-Strategy Fund
Equity Securities—
Domestic
Common Stocks^†	1,539,377,009	—	—	—	—	—	1,539,377,009
Equity Securities—
Foreign
Common Stocks^†	19,595,426	—	—	—	—	—	19,595,426
Exchange-Traded Funds	16,994,784	—	—	—	—	—	16,994,784
Mutual Funds	24,835,543	—	—	—	—	—	24,835,543
BNY Mellon Small Cap
Multi-Strategy Fund
Equity Securities—Domestic
Common Stocks^†	294,608,230	—	—	—	—	—	294,608,230
Equity Securities—Foreign
Common Stocks^†	4,162,530	—	—	—	—	—	4,162,530
Exchange-Traded Funds	5,284,668	—	—	—	—	—	5,284,668
Mutual Funds	25,037,460	—	—	—	—	—	25,037,460
BNY Mellon Focused
Equity Opportunities Fund
Equity Securities—Domestic
Common Stocks^†	474,105,738	—	—	—	—	—	474,105,738
Equity Securities—Foreign
Common Stocks^†	60,220,061	—	—	—	—	—	60,220,061
Mutual Funds	5,192,000	—	—	—	—	—	5,192,000
BNY Mellon
Small/Mid Cap Fund
Equity Securities—Domestic
Common Stocks^†	445,614,358	—	—	—	—	—	445,614,358
Equity Securities—Foreign
Common Stocks^†	7,866,589	—	—	—	—	—	7,866,589
Exchange-Traded Funds	9,495,948	—	—	—	—	—	9,495,948
Mutual Funds	38,936,685	—	—	—	—	—	38,936,685
BNY Mellon
International Fund
Equity Securities—Foreign
Common Stocks^†	507,477,669	—	—	—	—	—	507,477,669
Exchange-Traded Funds	3,969,715	—	—	—	—	—	3,969,715
Mutual Funds	8,318,742	—	—	—	—	—	8,318,742
Other Financial
Instruments:
Forward Foreign
Currency Exchange
Contracts^††	—	—	—	(332)	—	—	(332	)

150

Table 1—Fair Value Measurements (continued)


	Investments in Securities
		Level 1—		Level 2—Other	Level 3— Significant
	Unadjusted			Significant		Unobservable
		Quoted Prices	Observable Inputs			Inputs
	Assets ($)	Liabilities ($)	Assets ($)	Liabilities ($)	Assets ($)	Liabilities ($)	Total ($)
BNY Mellon
Emerging Markets Fund
Equity Securities—Foreign
Common Stocks^†	1,725,196,170	—	11,960,741	—	—	—	1,737,156,911
Exchange-Traded Funds	8,455,994	—	—	—	—	—	8,455,994
Mutual Funds	3,563,342	—	—	—	—	—	3,563,342
Preferred Stocks^†	61,311,683	—	—	—	—	—	61,311,683
Other Financial
Instruments:
Forward Foreign
Currency Exchange
Contracts^††	—	—	2,088	(66,888)	—	—	(64,800	)
BNY Mellon International
Appreciation Fund
Equity Securities—Foreign
Common Stocks^†	100,707,747	—	—	—	—	—	100,707,747
Mutual Funds	1,761,341	—	—	—	—	—	1,761,341
U.S. Treasury	—	—	189,993	—	—	—	189,993
Other Financial Instruments:
Financial Futures^††	—	(82,792)	—	—	—	—	(82,792	)
BNY Mellon International
Equity Income Fund
Equity Securities—Foreign
Common Stocks^†	156,358,585	—	—	—	—	—	156,358,585
Exchange-Traded Funds	2,425,970	—	—	—	—	—	2,425,970
Mutual Funds	3,045,924	—	—	—	—	—	3,045,924
Preferred Stocks^†	1,157,501	—	—	—	—	—	1,157,501
BNY Mellon
Asset Allocation Fund
Asset—Backed	—	—	999,497	—	—	—	999,497
Commercial
Mortgage—Backed	—	—	1,061,144	—	—	—	1,061,144
Corporate Bonds^†	—	—	20,817,274	—	—	—	20,817,274
Equity Securities—Domestic
Common Stocks^†	78,773,778	—	—	—	—	—	78,773,778
Equity Securities—Foreign
Common Stocks^†	1,251,438	—	—	—	—	—	1,251,438
Exchange-Traded Funds	656,237	—	—	—	—	—	656,237
Foreign Government	—	—	907,844	—	—	—	907,844
Municipal Bonds	—	—	3,682,005	—	—	—	3,682,005
Mutual Funds	270,237,795	—	—	—	—	—	270,237,795
U.S. Government
Agencies/
Mortgage—Backed	—	—	19,163,472	—	—	—	19,163,472
U.S. Treasury	—	—	18,552,149	—	—	—	18,552,149

^†See Statement of Investments for additional detailed categorizations.

^††Amount shown represents unrealized appreciation (depreciation) at period end.

The Funds 151

Table 3—Affiliated Investment Companies


					Net Unrealized
Affiliated	Value			Net Realized	Appreciation		Value	Net	Dividends/
Investment Companies	8/31/2012 ($)	Purchases ($)^†	Sales ($)	Gain (Loss) ($)	(Depreciation) ($)		8/31/2013 ($)	Assets (%)	Distributions ($)
BNY Mellon Large Cap
Stock Fund
Dreyfus Institutional
Preferred Plus Money
Market Fund	89,911	77,995,952	78,085,863	—	—		—	—	—
Dreyfus Institutional Cash
Advantage Fund	17,903,427	158,736,621	176,640,048	—	—		—	—	—
Total	17,993,338	236,732,573	254,725,911	—	—		—	—	—
BNY Mellon
Large Cap Market
Opportunities Fund
BNY Mellon Income
Stock Fund, CI. M	—	30,539,073	—	—	(698,325	)	29,840,748	13.8	39,073
BNY Mellon U.S. Core
Equity 130/30
Fund, CI. M	15,541,034	2,281,942	20,532,922	4,257,180	(1,547,234	)	—	—	76,942
Dreyfus Institutional
Preferred Plus
Money Market Fund	3,619,171	51,747,014	52,362,130	—	—		3,004,055	1.4	—
Dreyfus Research
Growth Fund, Cl. I	8,922,714	28,413,539	—	—	1,560,550		38,896,803	18.0	53,280
Dreyfus Strategic
Value Fund, Cl. I	—	39,250,000	—	—	(846,849	)	38,403,151	17.7	—
Total	28,082,919	152,231,568	72,895,052	4,257,180	(1,531,858) 110,144,757			50.9	169,295
BNY Mellon
Tax-Sensitive
Large Cap
Multi-Strategy Fund
BNY Mellon Income
Stock Fund, Cl. M	—	78,099,995	—	—	(1,731,379	)	76,368,616	12.0	99,995
BNY Mellon U.S. Core
Equity 130/30
Fund, CI. M	9,212,362	31,604,667	45,584,057	5,935,895	(1,168,867	)	—	—	44,667
Dreyfus Institutional
Preferred Plus
Money Market Fund	1,942,377	2,099,337,464	2,096,926,815	—	—		4,353,026	.7	—
Dreyfus Research
Growth Fund, Cl. I	6,198,317	68,212,420	—	—	2,848,968		77,259,705	12.1	151,342
Dreyfus Strategic
Value, Cl. I	—	78,000,000	—	—	(1,724,180	)	76,275,820	11.9	—
Total	17,353,056	2,355,254,546	2,142,510,872	5,935,895	(1,775,458) 234,257,167			36.7	296,004
BNY Mellon Income
Stock Fund
Dreyfus Institutional
Preferred Plus
Money Market Fund	6,406,257	303,174,794	295,612,085	—	—		13,968,966	1.4	—
Dreyfus Institutional Cash
Advantage Fund	71,135,350	260,003,618	331,138,968	—	—		—	—	—
Total	77,541,607	563,178,412	626,751,053	—	—		13,968,966	1.4	—

The Funds 153

NOTES TO FINANCIAL STATEMENTS (continued)

Table 3—Affiliated Investment Companies (continued)


					Net Unrealized
Affiliated	Value			Net Realized	Appreciation	Value	Net	Dividends/
Investment Companies	8/31/2012 ($)	Purchases ($)^†	Sales ($)	Gain (Loss) ($)	(Depreciation) ($)	8/31/2013 ($)	Assets (%)	Distributions ($)
BNY Mellon Mid Cap
Multi-Strategy Fund
Dreyfus Institutional
Preferred Plus
Money Market Fund	202,961,050	807,207,082	985,332,589	—	—	24,835,543	1.6	—
Dreyfus Institutional Cash
Advantage Fund	37,136,636	320,699,655	357,836,291	—	—	—	—	—
Total	240,097,686	1,127,906,737	1,343,168,880	—	—	24,835,543	1.6	—
BNY Mellon Small Cap
Multi-Strategy Fund
Dreyfus Institutional
Preferred Plus
Money Market Fund	12,351,731	75,197,701	82,493,837	—	—	5,055,595	1.6	—
Dreyfus Institutional Cash
Advantage Fund	17,350,832	178,789,959	176,158,926	—	—	19,981,865	6.5	—
Total	29,702,563	253,987,660	258,652,763	—	—	25,037,460	8.1	—
BNY Mellon Focused
Equity Opportunities Fund
Dreyfus Institutional
Preferred Plus
Money Market Fund	1,074,547	144,650,351	141,219,586	—	—	4,505,312	.8	—
Dreyfus Institutional Cash
Advantage Fund	—	51,731,778	51,045,090	—	—	686,688	.1	—
Total	1,074,547	196,382,129	192,264,676	—	—	5,192,000	.9	—
BNY Mellon
Small/Mid Cap Fund
Dreyfus Institutional
Preferred Plus
Money Market Fund	2,287,790	140,585,984	141,226,411	—	—	1,647,363	.4	—
Dreyfus Institutional Cash
Advantage Fund	49,509,775	271,229,106	283,449,559	—	—	37,289,322	8.0	—
Total	51,797,565	411,815,090	424,675,970	—	—	38,936,685	8.4	—
BNY Mellon
International Fund
Dreyfus Institutional
Preferred Plus
Money Market Fund	175,101	112,439,291	104,295,650	—	—	8,318,742	1.6	—
BNY Mellon
Emerging Markets Fund
Dreyfus Institutional
Preferred Plus
Money Market Fund	6,816,020	426,964,861	430,217,539	—	—	3,563,342	.2	—
BNY Mellon International
Appreciation Fund
Dreyfus Institutional
Preferred Plus
Money Market Fund	1,396,388	28,089,922	27,724,969	—	—	1,761,341	1.7	—
BNY Mellon International
Equity Income Fund
Dreyfus Institutional
Preferred Plus
Money Market Fund	1,160,763	86,691,088	84,805,927	—	—	3,045,924	1.9	—

154

Table 3—Affiliated Investment Companies (continued)


						Net Unrealized
Affiliated	Value			Net Realized		Appreciation		Value	Net	Dividends/
Investment Companies	8/31/2012 ($)	Purchases ($)^†	Sales ($)	Gain (Loss) ($)		(Depreciation) ($)		8/31/2013 ($)	Assets (%)	Distributions ($)

BNY Mellon
Asset Allocation Fund
BNY Mellon Emerging
Markets Fund, CI. M	34,919,996	1,606,162	1,693,000	(271,496	)	(204,123	)	34,357,539	8.3	386,161
BNY Mellon Focused
Equity Opportunities
Fund, CI. M	26,623,065	236,107	—	—		4,433,995		31,293,167	7.5	236,107
BNY Mellon Income
Stock Fund, CI. M	—	18,083,363	—	—		1,704,573		19,787,936	4.7	225,363
BNY Mellon Intermediate
Bond Fund, CI. M	13,770,808	334,108	—	—		(559,760	)	13,545,156	3.2	334,109
BNY Mellon International
Fund, CI. M	8,208,635	281,692	—	—		1,667,085		10,157,412	2.4	281,691
BNY Mellon Mid Cap
Multi-Strategy
Fund, CI. M	18,232,902	2,403,188	401,000	(66,592	)	2,920,882		23,089,380	5.5	1,550,188
BNY Mellon Short-Term
U.S. Government
Securities Fund, CI. M	15,004,958	113,170	6,335,000	(73,416	)	(96,588	)	8,613,124	2.1	113,170
BNY Mellon Small/Mid
Cap Fund, CI. M	8,434,294	990,714	—	—		1,351,937		10,776,945	2.6	137,715
BNY Mellon
U.S. Core Equity
130/30 Fund, CI. M	11,731,343	56,457	12,770,519	2,489,254		(1,506,535	)	—	—	56,456
Dreyfus Emerging
Markets Debt Local
Currency Fund, CI. I	4,720,739	145,810	966,000	58,911		(286,255	)	3,673,205	0.9	145,810
Dreyfus Global Real Estate
Securities Fund, CI. I	8,596,005	500,017	—	—		(73,495	)	9,022,527	2.2	500,017
Dreyfus High Yield
Fund, CI. I	12,392,832	787,878	1,407,000	48,406		96,668		11,918,784	2.9	790,112
Dreyfus
Inflation Adjusted
Securities Fund, CI. I	11,532,917	662,927	2,132,000	(170,008	)	(1,264,738	)	8,629,098	2.1	662,463
Dreyfus Institutional
Cash Advantage Fund	—	2,706,206	2,706,206	—		—		—	—	—
Dreyfus Institutional
Preferred Plus
Money Market Fund	6,438,816	49,726,180	51,621,612	—		—		4,543,384	1.1	—
Dreyfus Select Managers
Small Cap Growth
Fund, CI. I	7,755,778	1,279,001	1,003,000	10,196		1,982,118		10,024,093	2.4	—
Dreyfus Select Managers
Small Cap Value
Fund, CI. I	9,952,273	1,412,383	—	—		2,135,234		13,499,890	3.2	559,383
Dreyfus U.S. Equity
Fund, CI. I	19,269,275	196,262	4,522,000	387,200		2,679,054		18,009,791	4.3	196,261
Dreyfus/Newton
International
Equity Fund, CI. I	4,089,966	65,906	—	—		669,798		4,825,670	1.2	65,906
Global Stock Fund, CI. I	14,605,058	127,520	840,000	117,738		1,880,877		15,891,193	3.8	127,520
Total	236,279,660	81,715,051	86,397,337	2,530,193		17,530,727		251,658,294	60.4	6,368,432


^†	Includes reinvested dividends/distributions.

The Funds 155

Table 4—Components of Accumulated Earnings


	Undistributed	Accumulated		Undistributed	Unrealized		Capital (Losses)
	Ordinary	Capital		Capital	Appreciation		Realized After
	Income ($)	(Losses) ($)		Gains ($)	(Depreciation) ($)		October 31, 2012 ($)^†
BNY Mellon Large Cap Stock Fund	16,835,511	—		101,799,357	189,827,030		—
BNY Mellon Large Cap
Market Opportunities Fund	1,244,552	—		13,245,335	25,329,472		—
BNY Mellon Tax-Sensitive
Large Cap Multi-Strategy Fund	21,230,178	—		2,258,220	51,068,716		—
BNY Mellon Income Stock Fund	9,911,382	—		13,834,530	127,392,375		—
BNY Mellon Mid Cap Multi-Strategy Fund	47,088,019	—		21,092,633	262,869,740		—
BNY Mellon Small Cap Multi-Strategy Fund	—	(37,538,302	)	—	43,746,433		(478,823)	^††
BNY Mellon Focused
Equity Opportunities Fund	3,758,775	—		28,571,381	99,505,375		—
BNY Mellon Small/Mid Cap Fund	673,863	—		20,063,040	56,194,270		—
BNY Mellon International Fund	9,484,794	(619,503,091	)	—	(33,775,827	)	—
BNY Mellon Emerging Markets Fund	21,198,132	(215,265,865	)	—	(103,506,269	)	—
BNY Mellon International Appreciation Fund	1,877,000	(42,071,264	)	—	(26,826,461	)	—
BNY Mellon International Equity Income Fund	2,242,837	(6,634,757	)	—	7,935,337		—
BNY Mellon Asset Allocation Fund	1,006,846	—		7,994,082	50,457,165		—

^†These losses were deferred for tax purposes to the first day of the following fiscal year.

^††Late year ordinary losses deferred for tax purposes to the first day of the following fiscal year.

Table 5—Capital Loss Carryover


					Post-Enactment	Post-Enactment
					Short-Term	Long-Term
	2017 ($)	^†	2018 ($)	^†	Losses ($)^††	Losses ($)^†††	Total ($)
BNY Mellon Small Cap Multi-Strategy Fund	—		37,538,302		—	—	37,538,302
BNY Mellon International Fund	108,136,812		462,294,170		—	49,072,109	619,503,091
BNY Mellon Emerging Markets Fund	—		—		85,813,368	129,452,497	215,265,865
BNY Mellon International Appreciation Fund	15,657,135		—		699,913	25,714,216	42,071,264
BNY Mellon International Equity Income Fund	—		—		5,550,002	1,084,755	6,634,757


†	If not applied, the carryovers expire in the above fiscal years.
††	Post-enactment short-term losses which can be carried forward for an unlimited period.
^†††Post-enactment long-term losses which can be carried forward for an unlimited period.

The Funds 157

NOTES TO FINANCIAL STATEMENTS (continued)

Table 6—Tax Character of Distributions Paid


			Long-Term
	Ordinary Income ($)		Capital Gains ($)
	2013	2012	2013	2012
BNY Mellon Large Cap Stock Fund	11,137,684	9,551,913	41,930,989	—
BNY Mellon Large Cap Market Opportunities Fund	1,053,939	385,167	—	—
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund	1,087,759	415,070	—	—
BNY Mellon Income Stock Fund	21,134,036	12,483,466	474,473	—
BNY Mellon Mid Cap Multi-Strategy Fund	27,846,244	4,817,548	74,651,509	36,147,909
BNY Mellon Small Cap Multi-Strategy Fund	580,713	8,993,932	—	—
BNY Mellon Focused Equity Opportunities Fund	4,212,219	650,631	—	903,915
BNY Mellon Small/Mid Cap Fund	7,576,741	6,819,275	—	—
BNY Mellon International Fund	16,875,502	26,827,106	—	—
BNY Mellon Emerging Markets Fund	21,822,977	23,631,029	—	66,325,265
BNY Mellon International Appreciation Fund	3,770,987	6,550,704	—	—
BNY Mellon International Equity Income Fund	4,925,558	1,534,721	—	—
BNY Mellon Asset Allocation Fund	9,449,181	7,301,278	773,574	1,702,774

Table 7—Return of Capital Statement of Position


	Accumulated		Accumulated
	Undistributed		Net Realized		Paid-in
	Investment Income—Net ($)		Gain (Loss) ($)		Capital ($)
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund	(16,775	)	16,775		—
BNY Mellon Mid Cap Multi-Strategy Fund	(1,251,360	)	1,251,360		—
BNY Mellon Small Cap Multi-Strategy Fund	(180,744	)	181,265		(521	)
BNY Mellon Small/Mid Cap Fund	(458,627	)	458,627		—
BNY Mellon International Fund	593,611		(593,611	)	—
BNY Mellon Emerging Markets Fund	(1,317,491	)	1,317,491		—
BNY Mellon International Appreciation Fund	52,868		(52,868	)	—
BNY Mellon International Equity Income Fund	(100,845	)	100,845		—
BNY Mellon Asset Allocation Fund	1,394,846		(1,394,846	)	—

158

Table 10—Cash Management Agreement Fees


	The Bank of	The Bank of		Dreyfus Transfer, Inc.
New York Mellon		New York Mellon		Cash Management	Dreyfus Transfer, Inc.
Cash Management Fees ($)		Earnings Credits ($)		Fees ($)	Earnings Credits ($)
BNY Mellon Large Cap Stock Fund	38	—		71	(9	)
BNY Mellon Large Cap
Market Opportunities Fund	3	—		6	(1	)
BNY Mellon Tax-Sensitive
Large Cap Multi-Strategy Fund	4	—		10	(1	)
BNY Mellon Income Stock Fund	21	—		42	(5	)
BNY Mellon Mid Cap Multi-Strategy Fund	692	(5	)	1,234	(157	)
BNY Mellon Small Cap Multi-Strategy Fund	209	(1	)	393	(48	)
BNY Mellon Focused Equity Opportunities Fund	8	—		15	(2	)
BNY Mellon Small/Mid Cap Fund	12	—		23	(3	)
BNY Mellon International Fund	39	—		71	(9	)
BNY Mellon Emerging Markets Fund	101	(1	)	172	(23	)
BNY Mellon International Appreciation Fund	87	—		165	(20	)
BNY Mellon International Equity Income Fund	7	—		14	(2	)
BNY Mellon Asset Allocation Fund	10	—		19	(2	)

Table 11—Due to The Dreyfus Corporation and Affiliates


	Investment	Shareholder		Chief
	Advisory	Services	Custodian	Compliance	Less Expense
	Fees ($)	Plan Fees ($)	Fees ($)	Officer Fees ($)	Reimbursement ($)
BNY Mellon Large Cap Stock Fund	429,350	4,346	27,712	6,172	—
BNY Mellon Large Cap Market Opportunities Fund	96,351	23	12,381	6,172	—
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund	315,343	310	21,445	6,172	—
BNY Mellon Income Stock Fund	518,601	583	22,560	6,172	—
BNY Mellon Mid Cap Multi-Strategy Fund	1,044,180	6,255	52,266	6,172	—
BNY Mellon Small Cap Multi-Strategy Fund	228,646	1,803	31,552	6,172	—
BNY Mellon Focused Equity Opportunities Fund	324,344	161	16,181	6,172	—
BNY Mellon Small/Mid Cap Fund	307,560	118	16,573	6,172	—
BNY Mellon International Fund	390,883	927	120,386	6,172	—
BNY Mellon Emerging Markets Fund	1,827,775	2,369	768,217	6,172	—
BNY Mellon International Appreciation Fund	45,290	1,044	5,243	6,172	—
BNY Mellon International Equity Income Fund	120,784	12	40,513	6,172	—
BNY Mellon Asset Allocation Fund	102,327	1,071	8,825	6,172	(36,765	)

The Funds 163

NOTES TO FINANCIAL STATEMENTS (continued)

Table 12—Purchases and Sales


	Purchases ($)	Sales ($)
BNY Mellon Large Cap Stock Fund	433,571,957	779,819,483
BNY Mellon Large Cap Market Opportunities Fund	175,669,146	140,985,404
BNY Mellon Tax-Sensitive Large Cap Multi-Strategy Fund	800,484,154	349,152,680
BNY Mellon Income Stock Fund	602,465,702	287,113,870
BNY Mellon Mid Cap Multi-Strategy Fund	1,744,970,063	1,440,239,042
BNY Mellon Small Cap Multi-Strategy Fund	345,492,444	338,281,555
BNY Mellon Focused Equity Opportunities Fund	372,469,456	377,577,276
BNY Mellon Small/Mid Cap Fund	807,738,251	940,907,159
BNY Mellon International Fund	294,273,093	436,820,533
BNY Mellon Emerging Markets Fund	1,119,361,712	1,434,689,572
BNY Mellon International Appreciation Fund	1,378,215	39,314,010
BNY Mellon International Equity Income Fund	171,268,062	93,632,740
BNY Mellon Asset Allocation Fund
Transactions without Mortgage Dollar Rolls	109,349,133	114,801,257
Mortgage Dollar Rolls transactions	1,444,866	1,447,693
	110,793,999	116,248,950

164

Table 13—Derivatives and Hedging
Fair value of derivative instruments for BNY Mellon International Appreciation Fund as of August 31, 2013 is shown below:


	Derivative		Derivative
	Assets ($)		Liabilities ($)
Equity risk	—	Equity risk¹	(82,792	)
Gross fair value of derivatives contracts	—		(82,792	)

Statement of Assets and Liabilities location:

¹Includes cumulative appreciation (depreciation) on financial futures as reported in the Statement of Financial Futures, but only the unpaid variation margin is reported in

the Statement of Assets and Liabilities.

The effect of derivative instruments in the Statement of Operations for BNY Mellon International Appreciation Fund during the period ended August 31, 2013 is shown below:


Statement of Operations location:
²	Net realized gain (loss) on financial futures.
³	Net realized gain (loss) on forward foreign currency exchange contracts.
⁴	Net unrealized appreciation (depreciation) on financial futures.
⁵	Net unrealized appreciation (depreciation) on forward foreign currency exchange contracts.

The Funds 165

Table 15—Forward Foreign Currency Exchange Contracts


BNY Mellon International Fund
	Foreign
	Currency			Unrealized
Forward Foreign Currency Exchange Contracts	Amounts	Cost ($)	Value ($)	(Depreciation)	($)

Purchases:
Australian Dollar, Expiring 9/3/2013^a	159,569	142,356	142,024	(332	)

Counterparty:

a Barclays Bank

Table 15—Forward Foreign Currency Exchange Contracts (continued)


BNY Mellon Emerging Markets Fund
	Foreign			Unrealized
	Currency			Appreciation
Forward Foreign Currency Exchange Contracts	Amounts	Cost ($)	Value ($)	(Depreciation)	($)
Purchases:
Brazilian Real, Expiring 9/3/2013^a	69,392	28,937	29,083	146
Malaysian Ringgit, Expiring 9/3/2013^b	2,002,441	611,806	609,617	(2,189	)
South Korean Won, Expiring 9/3/2013^b	890,761,572	809,048	802,452	(6,596	)
Thai Baht, Expiring 9/4/2013^b	40,388,168	1,259,375	1,254,681	(4,694	)
Sales;		Proceeds ($)
Czech Koruna, Expiring 9/3/2013^a	3,645,393	187,424	187,180	244
Euro, Expiring 9/3/2013^a	1,622,693	2,146,271	2,144,632	1,639
Hong Kong Dollar, Expiring 9/3/2013^c	9,874,679	1,273,221	1,273,421	(200	)
Indian Rupee, Expiring 9/3/2013^d	87,293,722	1,307,869	1,321,231	(13,362	)
Indonesian Rupiah, Expiring:
9/3/2013^b	3,429,304,149	296,909	314,039	(17,130	)
9/4/2013^b	1,494,082,237	127,699	136,821	(9,122	)
South African Rand, Expiring 9/3/2013^e	53,233,199	5,163,976	5,177,571	(13,595	)
South Korean Won, Expiring 9/3/2013^b	1,556,356,767	1,402,119	1,402,060	59
Gross Unrealized Appreciation				2,088
Gross Unrealized Depreciation				(66,888	)


Counterparties:
a	Citigroup
b	HSBC
c	Morgan Stanley Capital Services
^d	Deutsche Bank
e	UBS

The Funds 167

NOTES TO FINANCIAL STATEMENTS (continued)

Table 16—Average Market Value of Derivatives


	Average
	Market Value ($)
BNY Mellon Income Stock Fund
Equity options contracts	45,210
BNY Mellon Mid Cap Multi-Strategy Fund
Equity financial futures	15,157,402
BNY Mellon International Fund
Forward contracts	3,720,043
BNY Mellon Emerging Markets Fund
Forward contracts	9,022,067
BNY Mellon International Appreciation Fund
Equity financial futures	1,642,020
Forward contracts	477,750
BNY Mellon International Equity Income Fund
Forward contracts	1,727,052

Table 17—Accumulated Net Unrealized Appreciation (Depreciation)


	Cost of	Gross	Gross
	Investments ($)	Appreciation ($)	Depreciation ($)	Net ($)
BNY Mellon Large Cap Stock Fund	559,374,812	193,535,925	3,708,895	189,827,030
BNY Mellon Large Cap Market Opportunities Fund	190,486,144	27,444,032	2,114,560	25,329,472
BNY Mellon Tax-Sensitive
Large Cap Multi-Strategy Fund	587,470,330	56,499,450	5,430,734	51,068,716
BNY Mellon Income Stock Fund	856,105,253	138,030,480	10,773,213	127,257,267
BNY Mellon Mid Cap Multi-Strategy Fund	1,337,933,022	278,825,513	15,955,773	262,869,740
BNY Mellon Small Cap Multi-Strategy Fund	285,346,455	49,906,725	6,160,292	43,746,433
BNY Mellon Focused Equity Opportunities Fund	440,012,424	104,936,549	5,431,174	99,505,375
BNY Mellon Small/Mid Cap Fund	445,719,310	67,293,345	11,099,075	56,194,270
BNY Mellon International Fund	553,500,295	40,695,652	74,429,821	(33,734,169	)
BNY Mellon Emerging Markets Fund	1,913,806,488	210,001,512	313,320,070	(103,318,558	)
BNY Mellon International Appreciation Fund	129,485,542	13,346,801	40,173,262	(26,826,461	)
BNY Mellon International Equity Income Fund	155,034,551	15,960,358	8,006,929	7,953,429
BNY Mellon Asset Allocation Fund	365,645,468	54,525,866	4,068,701	50,457,165

168

FUND PERFORMANCE

Average Annual Total Returns as of 8/31/13


	1 Year		5 Years		10 Years
Class M shares	–2.41	%	4.82	%	4.54	%
Investor shares	–2.74	%	4.56	%	4.26	%
Barclays U.S. Aggregate Bond Index	–2.47	%	4.93	%	4.77	%

† Source: Lipper Inc.

Past performance is not predictive of future performance.The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder

would pay on fund distributions or the redemption of fund shares.

The above graph compares a $10,000 investment made in Class M shares and Investor shares of BNY Mellon Bond Fund on 8/31/03 to a $10,000 investment

made in the Barclays U.S.Aggregate Bond Index (the “Index”) on that date.All dividends and capital gain distributions are reinvested.

The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares. The Index is a widely

accepted, unmanaged index of corporate, government and government agency debt instruments, mortgage-backed securities, and asset-backed securities with an

average maturity of 1-10 years. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index.

Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus

and elsewhere in this report.

The Funds 5

FUND PERFORMANCE

Average Annual Total Returns as of 8/31/13


	1 Year		5 Years		10 Years
Class M shares	–1.64	%	3.94	%	3.87	%
Investor shares	–1.91	%	3.67	%	3.57	%
Barclays Intermediate
Government/Credit Bond Index	–1.06	%	4.35	%	4.27	%

† Source: Lipper Inc.

Past performance is not predictive of future performance.The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder

would pay on fund distributions or the redemption of fund shares.

The above graph compares a $10,000 investment made in Class M shares and Investor shares of BNY Mellon Intermediate Bond Fund on 8/31/03 to a $10,000

investment made in the Barclays Intermediate Government/Credit Bond Index (the “Index”) on that date.All dividends and capital gain distributions are reinvested.

The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares.The Index 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. Unlike a mutual fund, the Index is not subject to charges, fees and other

expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in

the Financial Highlights section of the prospectus and elsewhere in this report.

FUND PERFORMANCE

Average Annual Total Returns as of 8/31/13



	Inception Date	1 Year		From Inception
Class M shares	3/2/12	0.02	%	2.92	%
Investor shares	3/2/12	–0.24	%	2.68	%
Barclays U.S. Intermediate Credit Bond Index	2/29/12	–0.14	%	2.27	%^††

† Source: Lipper Inc.

Past performance is not predictive of future performance.The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder

would pay on fund distributions or the redemption of fund shares.

The above graph compares a $10,000 investment made in Class M shares and Investor shares of BNY Mellon Corporate Bond Fund on 3/2/12 (inception date) to

a $10,000 investment made in the Barclays U.S. Intermediate Credit Index (the “Index”) on that date.All dividends and capital gain distributions are reinvested.

The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares.The Index is an unmanaged

index that consists of dollar denominated, investment grade, publicly issued securities with a maturity of between one and ten years and that are issued by both

corporate issuers and non-corporate issuers. Unlike a mutual fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any

index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the

prospectus and elsewhere in this report.

^††For comparative purposes, the value of the Index as of 02/29/12 is used as the beginning value on 3/2/12.

The Funds 11

FUND PERFORMANCE

Average Annual Total Returns as of 8/31/13


	1 Year		5 Years		10 Years
Class M shares	–0.49	%	1.41	%	2.36	%
Investor shares	–0.84	%	1.12	%	2.06	%
Barclays 1-3 Year U.S. Government Index	0.16	%	1.91	%	2.76	%

† Source: Lipper Inc.

Past performance is not predictive of future performance.The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder

would pay on fund distributions or the redemption of fund shares.

The above graph compares a $10,000 investment made in Class M shares and Investor shares of BNY Mellon Short-Term U. S. Government Securities Fund

on 8/31/03 to a $10,000 investment made in the Barclays 1-3 Year U. S. Government Index (the “Index”) on that date. All dividends and capital gain

distributions are reinvested.

The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares.The Index 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. Unlike a mutual

fund, the Index is not subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance,

including expense reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.

UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited)

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

Review your fund’s expenses

The table below shows the expenses you would have paid on a $1,000 investment in each class of each BNY Mellon fixed income fund from March 1, 2013 to August 31, 2013. 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 August 31, 2013


	Class M Shares	Investor Shares

BNY Mellon Bond Fund
Expenses paid per $1,000^†	$2.73	$3.96
Ending value (after expenses)	$967.50	$965.50
Annualized expense ratio (%)	.55	.80

BNY Mellon Intermediate Bond Fund
Expenses paid per $1,000^†	$2.84	$4.08
Ending value (after expenses)	$976.80	$975.40
Annualized expense ratio (%)	.57	.82

BNY Mellon Corporate Bond Fund
Expenses paid per $1,000^†	$2.84	$4.23
Ending value (after expenses)	$974.40	$973.10
Annualized expense ratio (%)	.57	.85

BNY Mellon Short-Term U.S. Government Securities Fund
Expenses paid per $1,000^†	$2.67	$3.92
Ending value (after expenses)	$996.60	$994.40
Annualized expense ratio (%)	.53	.78

^†Expenses are equal to each fund’s annualized expense ratios as shown above, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the

one-half year period).

The Funds 15

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

Using the SEC’s method to compare expenses

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

Expenses and Value of a $1,000 Investment
assuming a hypothetical 5% annualized return for the six months ended August 31, 2013


	Class M Shares		Investor Shares

BNY Mellon Bond Fund
Expenses paid per $1,000^†		$2.80		$4.08
Ending value (after expenses)		$1,022.43	$	1,021.17
Annualized expense ratio (%)		.55		.80

BNY Mellon Intermediate Bond Fund
Expenses paid per $1,000^†		$2.91		$4.18
Ending value (after expenses)		$1,022.33	$	1,021.07
Annualized expense ratio (%)		.57		.82

BNY Mellon Corporate Bond Fund
Expenses paid per $1,000^†		$2.91		$4.33
Ending value (after expenses)		$1,022.33	$	1,020.92
Annualized expense ratio (%)		.57		.85

BNY Mellon Short-Term U.S. Government Securities Fund
Expenses paid per $1,000^†		$2.70		$3.97
Ending value (after expenses)		$1,022.53	$	1,021.27
Annualized expense ratio (%)		.53		.78

^†Expenses are equal to each fund’s annualized expense ratios as shown above, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the

one-half year period).

STATEMENT OF INVESTMENTS

August 31, 2013


BNY Mellon Bond Fund
	Coupon	Maturity	Principal
Bonds and Notes—99.1%	Rate (%)	Date	Amount ($)		Value ($)
Asset-Backed Ctfs./Auto Receivables—1.0%
AmeriCredit Automobile Receivables Trust, Ser. 2013-2, Cl. A3	0.65	12/8/17	7,160,000		7,126,412
AmeriCredit Automobile Receivables Trust, Ser. 2011-3, Cl. A3	1.17	1/8/16	836,264		837,228
Nissan Auto Receivables Owner Trust, Ser. 2010-A, Cl. A4	1.31	9/15/16	3,904,520		3,916,015
					11,879,655
Casinos—.7%
Agua Caliente Band of Cahuilla Indians, Sr. Scd. Notes	6.08	10/1/16	1,351,000	^a	1,308,214
Agua Caliente Band of Cahuilla Indians, Scd. Notes	6.35	10/1/15	1,097,000	^a	1,080,359
Agua Caliente Band of Cahuilla Indians, Sr. Scd. Notes	6.44	10/1/16	1,608,000	^a	1,539,338
Seminole Indian Tribe of Florida, Sr. Scd. Notes	5.80	10/1/13	3,296,000	^a	3,300,120
Seminole Indian Tribe of Florida, Scd. Notes	7.75	10/1/17	1,130,000	^a	1,204,863
					8,432,894
Commercial Mortgage Pass-Through Ctfs.—1.8%
Commercial Mortgage Asset Trust, Ser. 1999-C1, Cl. D	7.35	1/17/32	2,260,000	^b	2,268,991
UBS Commercial Mortgage Trust, Ser. 2012-C1, Cl. A3	3.40	5/10/45	8,670,000		8,467,686
WFRBS Commercial Mortgage Trust, Ser. 2011-C5, Cl. A2	2.68	11/15/44	1,110,000		1,142,118
WF-RBS Commerical Mortgage Trust, Ser. 2013-C13, Cl. A4	3.00	5/15/45	9,045,000		8,409,268
					20,288,063
Consumer Discretionary—4.6%
Amazon.com, Sr. Unscd. Notes	2.50	11/29/22	6,675,000		6,041,322
Comcast, Gtd. Notes	3.13	7/15/22	11,887,000		11,528,262
Johnson Controls, Sr. Unscd. Notes	3.75	12/1/21	8,110,000		8,067,504
News America, Gtd. Notes	6.15	3/1/37	5,054,000		5,498,333
Time Warner Cable, Gtd. Notes	4.13	2/15/21	10,550,000		10,042,228
Time Warner, Gtd. Notes	4.00	1/15/22	6,125,000		6,144,600
Walgreen, Sr. Unscd. Notes	3.10	9/15/22	6,735,000		6,326,212
					53,648,461
Consumer Staples—1.9%
Anheuser-Busch InBev Worldwide, Gtd. Notes	2.50	7/15/22	6,160,000		5,674,401
ConAgra Foods, Sr. Unscd. Notes	3.20	1/25/23	2,795,000		2,616,293
PepsiCo, Sr. Unscd. Notes	4.50	1/15/20	7,040,000		7,683,766
Pernod-Ricard, Sr. Unscd. Notes	4.45	1/15/22	5,610,000	^a	5,737,930
					21,712,390
Energy—.7%
BP Capital Markets, Gtd. Notes	3.88	3/10/15	5,565,000		5,835,064
Petrobras International Finance, Gtd. Notes	5.38	1/27/21	2,500,000		2,453,707
					8,288,771

The Funds 17

STATEMENT OF INVESTMENTS (continued)


BNY Mellon Bond Fund (continued)
	Coupon	Maturity	Principal
Bonds and Notes (continued)	Rate (%)	Date	Amount ($)		Value ($)
Financial—16.5%
American International Group, Sr. Unscd. Notes	5.85	1/16/18	8,300,000		9,381,042
Bank of America, Sub. Notes	5.49	3/15/19	19,975,000		21,609,994
BBVA US Senior, Bank Gtd. Notes	3.25	5/16/14	6,655,000		6,714,316
Bear Stearns, Sub. Notes	5.55	1/22/17	5,681,000		6,252,605
BlackRock, Sr. Unscd. Notes	6.25	9/15/17	7,860,000		9,172,196
Boston Properties, Sr. Unscd. Notes	4.13	5/15/21	7,185,000		7,358,913
Citigroup, Sub. Notes	5.00	9/15/14	6,815,000		7,083,116
Citigroup, Sr. Unscd. Notes	6.13	11/21/17	3,135,000		3,596,898
Ford Motor Credit, Sr. Unscd. Notes	3.00	6/12/17	6,225,000		6,277,421
General Electric Capital,
Jr. Sub. Cap. Secs., Ser. C	5.25	6/29/49	4,930,000	^b	4,535,600
General Electric Capital, Sub. Notes	5.30	2/11/21	8,285,000		8,963,608
Goldman Sachs Group, Sub. Notes	6.75	10/1/37	8,270,000		8,560,376
HSBC Finance, Sub. Notes	6.68	1/15/21	10,510,000		11,883,773
Jefferies Group, Sr. Unscd. Notes	5.13	4/13/18	4,055,000		4,328,854
Jefferies Group, Sr. Unscd. Notes	8.50	7/15/19	5,163,000		6,281,481
MetLife, Sr. Unscd. Notes	7.72	2/15/19	6,865,000		8,584,998
Morgan Stanley, Sub. Notes	4.88	11/1/22	11,490,000		11,364,736
NYSE Euronext, Sr. Unscd. Notes	2.00	10/5/17	7,340,000		7,302,104
Prudential Financial, Sr. Unscd. Notes	4.75	9/17/15	7,135,000		7,679,943
Rabobank Nederland, Gtd. Notes	4.50	1/11/21	8,060,000		8,474,413
RBS Citizens Financial Group, Sub. Notes	4.15	9/28/22	8,555,000	^a	8,203,561
Simon Property Group, Sr. Unscd. Notes	5.65	2/1/20	8,782,000		9,832,916
TD Ameritrade Holding, Gtd. Notes	4.15	12/1/14	6,630,000		6,920,162
					190,363,026
Foreign/Governmental—1.3%
Mexican Government, Sr. Unscd. Notes	5.63	1/15/17	5,975,000		6,668,100
Mexican Government, Sr. Unscd. Notes	6.63	3/3/15	1,480,000		1,602,100
Province of Ontario Canada, Sr. Unscd. Bonds	4.00	10/7/19	6,500,000		7,012,928
					15,283,128
Health Care—1.2%
Amgen, Sr. Unscd. Notes	5.65	6/15/42	7,955,000		8,252,732
Thermo Fisher Scientific, Sr. Unscd. Notes	3.60	8/15/21	5,500,000		5,360,894
					13,613,626
Industrial—.9%
ABB Finance USA, Gtd. Notes	2.88	5/8/22	11,060,000		10,543,045
Information Technology—1.9%
Intel, Sr. Unscd. Notes	2.70	12/15/22	10,900,000		10,071,273


BNY Mellon Bond Fund (continued)
	Coupon	Maturity	Principal
Bonds and Notes (continued)	Rate (%)	Date	Amount ($)		Value ($)
Information Technology (continued)
Oracle, Sr. Unscd. Notes	5.75	4/15/18	10,410,000		12,070,093
					22,141,366
Materials—1.2%
CRH America, Gtd. Notes	5.30	10/15/13	7,100,000		7,135,592
Eastman Chemical, Sr. Unscd. Notes	3.60	8/15/22	7,075,000		6,861,696
					13,997,288
Municipal Bonds—5.8%
Chicago, GO	7.78	1/1/35	6,460,000		7,182,874
Florida Hurricane Catastrophe Fund
Finance Corporation, Revenue Bonds	3.00	7/1/20	14,000,000		12,946,640
Illinois, GO	4.42	1/1/15	4,935,000		5,112,561
Los Angeles Community College District,
GO (Build America Bonds)	6.75	8/1/49	13,725,000		17,015,020
Massachusetts, GO (Build America Bonds)	4.20	12/1/21	3,985,000		4,152,768
New York City Municipal Water Finance Authority,
Water and Sewer System Second General
Resolution Revenue (Build America Bonds)	6.28	6/15/42	5,430,000		6,016,494
Oakland Unified School District, GO (Build America Bonds)	9.50	8/1/34	3,550,000		4,039,971
Puerto Rico Commonwealth Government
Development Bank, Revenue Bonds	3.67	5/1/14	8,010,000		8,019,772
University of California Regents, Medical Center
Pooled Revenue (Build America Bonds)	5.44	5/15/23	2,715,000		2,992,419
					67,478,519
Telecommunications—3.2%
AT&T, Sr. Unscd. Notes	4.45	5/15/21	7,980,000		8,462,750
Rogers Communications, Gtd. Notes	6.38	3/1/14	6,810,000		7,002,580
Telefonica Emisiones, Gtd. Notes	5.13	4/27/20	9,395,000		9,515,218
Verizon Communications, Sr. Unscd. Notes	5.50	2/15/18	10,755,000		12,151,182
					37,131,730
U.S. Government Agencies/
Mortgage-Backed—29.3%
Federal Home Loan Mortgage Corp.:
2.50%, 7/1/28			13,372,193	^c	13,280,257
3.00%, 7/1/28—11/1/42			27,885,961	^c	27,615,862
3.50%, 6/1/43			18,914,123	^c	18,878,611
4.00%, 4/1/24			7,327,315	^c	7,710,303
4.50%, 5/1/39—11/1/41			51,307,946	^c	54,344,119
5.00%, 12/1/39—7/1/40			14,068,154	^c	15,211,684
5.50%, 12/1/37—12/1/38			11,030,998	^c	11,887,549
6.00%, 5/1/38			2,045,966	^c	2,227,266

The Funds 19

STATEMENT OF INVESTMENTS (continued)


BNY Mellon Bond Fund (continued)

	Coupon	Maturity	Principal
Bonds and Notes (continued)	Rate (%)	Date	Amount ($)		Value ($)
U.S. Government Agencies/
Mortgage-Backed (continued)
Federal National Mortgage Association:
2.50%, 3/1/28			7,232,694	^c	7,198,285
3.00%, 7/1/27—5/1/43			40,984,622	^c	40,464,042
3.32%, 4/1/41			6,330,166	^b,c	6,620,885
3.50%, 9/1/26—6/1/43			40,632,922	^c	41,506,094
4.00%, 2/1/41—11/1/42			28,674,062	^c	29,673,379
4.50%, 3/1/23—7/1/24			4,347,483	^c	4,622,466
5.00%, 12/1/21—2/1/41			15,595,434	^c	16,862,218
5.50%, 2/1/38—5/1/38			13,415,254	^c	14,600,930
6.00%, 4/1/33—10/1/38			10,820,973	^c	11,949,508
REMIC, Ser. 2011-8, Cl. PV, 4.00%, 1/25/30			3,777,000	^c	3,902,738
Government National Mortgage Association I;
5.00%, 11/15/34—3/15/36			8,852,458		9,624,280
					338,180,476
U.S. Government Securities—26.6%
U.S. Treasury Inflation Protected Securities:
Bonds, 2.38%, 1/15/27			14,605,521	^d,e	17,289,285
Notes, 0.13%, 4/15/18			11,807,601	^d,e	12,048,370
Notes, 0.13%, 1/15/23			12,204,230	^d	11,643,116
Notes, 0.63%, 7/15/21			8,722,699	^d,e	8,908,737
Notes, 1.38%, 7/15/18			13,512,845	^d,e	14,692,057
Notes, 1.38%, 1/15/20			10,802,599	^d,e	11,673,979
Notes, 2.38%, 1/15/17			15,172,838	^d,e	16,774,285
U.S. Treasury Notes:
0.25%, 1/15/15			10,180,000	^e	10,182,382
0.25%, 8/15/15			41,950,000	^e	41,836,106
0.25%, 9/15/15			22,000,000	^e	21,931,250
0.25%, 12/15/15			14,250,000	^e	14,171,511
0.25%, 4/15/16			12,000,000		11,886,096
0.38%, 4/15/15			15,500,000	^e	15,518,460
0.38%, 3/15/16			27,500,000		27,356,065
0.50%, 6/15/16			7,750,000	^e	7,710,948
0.63%, 8/15/16			2,000,000		1,992,422
0.63%, 9/30/17			4,530,000	^e	4,411,618
0.88%, 12/31/16			5,250,000		5,238,513
1.00%, 5/31/18			2,520,000	^e	2,460,248
1.50%, 7/31/16			12,995,000	^e	13,275,198
1.75%, 7/31/15			14,560,000	^e	14,939,070
1.75%, 5/15/23			23,795,000		21,765,001
					307,704,717
Utilities—.5%
Hydro-Quebec, Gov’t Gtd. Notes	2.00	6/30/16	5,130,000		5,270,070
Total Bonds and Notes
(cost $1,130,872,208)					1,145,957,225


BNY Mellon Bond Fund (continued)

Other Investment—.6%	Shares		Value ($)
Registered Investment Company;
Dreyfus Institutional Preferred Plus Money Market Fund
(cost $7,366,145)	7,366,145	^f	7,366,145
Total Investments (cost $1,138,238,353)	99.7	%	1,153,323,370
Cash and Receivables (Net)	.3	%	3,096,103
Net Assets	100.0	%	1,156,419,473

GO—General Obligation

REMIC—Real Estate Mortgage Investment Conduit

a Securities exempt from registration pursuant to Rule 144A under the Securities Act of 1933.These securities may be resold in transactions exempt from registration, normally to

qualified institutional buyers.At August 31, 2013, these securities were valued at $22,374,385 or 1.9% of net assets.

b Variable rate security—interest rate subject to periodic change.

c The Federal Housing Finance Agency (“FHFA”) placed Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA

as the conservator.As such, the FHFA oversees the continuing affairs of these companies.

^dPrincipal amount for accrual purposes is periodically adjusted based on changes in the Consumer Price Index.

e Security, or portion thereof, on loan.At August 31, 2013, the value of the fund’s securities on loan was $178,891,253 and the value of the collateral held by the fund was

$183,854,301, consisting of U.S. Government and Agency securities.

f Investment in affiliated money market mutual fund.


Portfolio Summary (Unaudited)^†

	Value (%)		Value (%)
U.S. Government Agencies/Mortgage-Backed	55.9	Foreign/Governmental	1.3
Corporate Bonds	33.3	Asset-Backed	1.0
Municipal Bonds	5.8	Money Market Investment	.6
Commercial Mortgage-Backed	1.8		99.7

^†Based on net assets.

See notes to financial statements.

The Funds 21

STATEMENT OF INVESTMENTS

August 31, 2013


BNY Mellon Intermediate Bond Fund
	Coupon	Maturity	Principal
Bonds and Notes—99.5%	Rate (%)	Date	Amount ($)		Value ($)
Casinos—.6%
Agua Caliente Band of Cahuilla Indians, Sr. Scd. Notes	6.08	10/1/16	1,007,000	^a	975,108
Agua Caliente Band of Cahuilla Indians, Scd. Notes	6.35	10/1/15	539,000	^a	530,823
Agua Caliente Band of Cahuilla Indians, Sr. Scd. Notes	6.44	10/1/16	1,228,000	^a	1,175,564
Seminole Indian Tribe of Florida, Sr. Scd. Notes	5.80	10/1/13	2,255,000	^a	2,257,819
Seminole Indian Tribe of Florida, Scd. Notes	7.75	10/1/17	765,000	^a	815,681
					5,754,995
Consumer Discretionary—5.6%
Daimler Finance North America, Gtd. Notes	6.50	11/15/13	4,385,000		4,434,371
Grupo Televisa, Sr. Unscd. Notes	6.00	5/15/18	6,010,000		6,740,756
Johnson Controls, Sr. Unscd. Notes	5.50	1/15/16	6,075,000		6,646,694
NBCUniversal Media, Gtd. Notes	4.38	4/1/21	7,050,000		7,551,974
Stanford University, Unscd. Bonds	4.75	5/1/19	5,000,000		5,645,310
Time Warner Cable, Gtd. Notes	4.13	2/15/21	7,500,000		7,139,025
Time Warner, Gtd. Notes	4.00	1/15/22	7,400,000		7,423,680
Wal-Mart Stores, Sr. Unscd. Notes	3.63	7/8/20	7,920,000		8,306,860
					53,888,670
Consumer Staples—4.9%
Anheuser-Busch InBev Worldwide, Gtd. Notes	1.38	7/15/17	3,430,000		3,394,517
ConAgra Foods, Sr. Unscd. Notes	3.20	1/25/23	4,887,000		4,574,535
Diageo Capital, Gtd. Notes	1.50	5/11/17	5,300,000		5,256,174
Dr. Pepper Snapple Group, Gtd. Notes	2.60	1/15/19	6,145,000		6,147,188
Kroger, Sr. Unscd. Notes	2.20	1/15/17	4,230,000		4,266,606
McDonald’s, Sr. Unscd. Notes	5.80	10/15/17	4,460,000		5,153,726
Mondelez International, Sr. Unscd. Notes	4.13	2/9/16	6,930,000		7,378,898
Pernod-Ricard, Sr. Unscd. Notes	4.45	1/15/22	4,520,000	^a	4,623,074
Walgreen, Sr. Unscd. Notes	1.80	9/15/17	6,010,000		5,970,033
					46,764,751
Energy—1.6%
BP Capital Markets, Gtd. Notes	3.20	3/11/16	6,250,000		6,565,087
Occidental Petroleum, Sr. Unscd. Notes	4.13	6/1/16	3,005,000		3,242,644
Petrobras International Finance, Gtd. Notes	3.88	1/27/16	5,000,000		5,155,955
					14,963,686
Financial—16.6%
American Express Credit, Sr. Unscd. Notes	2.75	9/15/15	5,010,000		5,194,954
American International Group, Sr. Unscd. Notes	5.85	1/16/18	5,925,000		6,696,707
Bank of America, Sub. Notes	5.49	3/15/19	10,965,000		11,862,507
BBVA US Senior, Bank Gtd. Notes	3.25	5/16/14	5,000,000		5,044,565
Bear Stearns, Sub. Notes	5.55	1/22/17	121,000		133,175
Caterpillar Financial Services, Sr. Unscd. Notes	6.13	2/17/14	4,975,000		5,106,539
Citigroup, Sub. Notes	5.00	9/15/14	7,780,000		8,086,081
Citigroup, Sr. Unscd. Notes	6.13	11/21/17	3,590,000		4,118,936


BNY Mellon Intermediate Bond Fund (continued)
	Coupon	Maturity	Principal
Bonds and Notes (continued)	Rate (%)	Date	Amount ($)		Value ($)
Financial (continued)
Ford Motor Credit, Sr. Unscd. Notes	3.00	6/12/17	5,035,000		5,077,400
General Electric Capital, Sr. Unscd. Notes	1.88	9/16/13	7,675,000		7,678,845
General Electric Capital, Jr. Sub. Cap. Secs., Ser. C	5.25	6/29/49	3,550,000	^b	3,266,000
Goldman Sachs Group, Sr. Unscd. Notes	3.30	5/3/15	7,780,000		8,055,871
HSBC Finance, Sub. Notes	6.68	1/15/21	9,502,000		10,744,016
Jefferies Group, Sr. Unscd. Notes	8.50	7/15/19	8,835,000		10,748,961
John Deere Capital, Sr. Unscd. Notes	1.25	12/2/14	3,000,000		3,030,486
JPMorgan Chase & Co., Sub. Notes	3.38	5/1/23	7,895,000		7,185,492
MetLife, Sr. Unscd. Notes	6.75	6/1/16	4,450,000		5,098,872
Morgan Stanley, Sub. Notes	4.88	11/1/22	7,610,000		7,527,036
NYSE Euronext, Sr. Unscd. Notes	2.00	10/5/17	5,800,000		5,770,055
Private Export Funding, Gov’t Gtd. Notes, Ser. Z	4.38	3/15/19	1,065,000		1,189,142
Prudential Financial, Sr. Unscd. Notes	4.75	9/17/15	4,735,000		5,096,640
Rabobank Nederland, Bank Gtd. Notes	3.38	1/19/17	5,825,000		6,138,962
Royal Bank of Canada, Covered Bonds	1.20	9/19/18	3,330,000		3,257,276
Royal Bank of Scotland Group, Sr. Unscd. Notes	2.55	9/18/15	5,920,000		6,038,376
Simon Property Group, Sr. Unscd. Notes	4.20	2/1/15	6,682,000		6,946,895
TD Ameritrade Holding, Gtd. Notes	4.15	12/1/14	3,650,000		3,809,742
Wachovia, Sub. Notes	5.25	8/1/14	6,210,000		6,469,553
					159,373,084
Foreign/Governmental—1.5%
Mexican Government, Sr. Unscd. Notes	6.63	3/3/15	1,064,000		1,151,780
Province of Nova Scotia Canada, Sr. Unscd. Bonds	5.13	1/26/17	5,430,000		6,106,252
Province of Ontario Canada, Sr. Unscd. Bonds	4.00	10/7/19	6,515,000		7,029,112
					14,287,144
Health Care—3.1%
Amgen, Sr. Unscd. Notes	5.70	2/1/19	2,905,000		3,322,838
AstraZeneca, Sr. Unscd. Notes	5.90	9/15/17	6,090,000		7,044,626
GlaxoSmithKline Capital, Gtd. Bonds	5.65	5/15/18	5,853,000		6,753,695
Pfizer, Sr. Unscd. Notes	6.20	3/15/19	4,050,000		4,850,924
Thermo Fisher Scientific,
Sr. Unscd. Notes	3.20	3/1/16	7,090,000		7,360,143
					29,332,226
Industrial—.8%
ABB Finance USA, Gtd. Notes	1.63	5/8/17	5,065,000		5,033,126
United Technologies, Sr. Unscd. Notes	6.13	2/1/19	1,860,000		2,203,795
					7,236,921
Information Technology—3.3%
Adobe Systems, Sr. Unscd. Notes	4.75	2/1/20	4,504,000		4,839,377
Apple, Sr. Unscd. Notes	1.00	5/3/18	5,915,000		5,657,443
EMC, Sr. Unscd. Notes	1.88	6/1/18	5,710,000		5,646,539

The Funds 23

STATEMENT OF INVESTMENTS (continued)


BNY Mellon Intermediate Bond Fund (continued)
	Coupon	Maturity	Principal
Bonds and Notes (continued)	Rate (%)	Date	Amount ($)		Value ($)
Information Technology (continued)
Intel, Sr. Unscd. Notes	1.35	12/15/17	7,930,000		7,773,200
Oracle, Sr. Unscd. Notes	5.75	4/15/18	7,000,000		8,116,297
					32,032,856
Materials—1.2%
CRH America, Gtd. Notes	5.30	10/15/13	4,784,000		4,807,982
Dow Chemical, Sr. Unscd. Notes	4.25	11/15/20	6,545,000		6,833,726
					11,641,708
Municipal Bonds—5.1%
California, GO (Various Purpose)	5.95	4/1/16	3,255,000		3,604,815
Florida Hurricane Catastrophe Fund
Finance Corporation, Revenue	3.00	7/1/20	11,000,000		10,172,360
Illinois, GO	4.42	1/1/15	4,750,000		4,920,905
Massachusetts, GO (Build America Bonds)	4.20	12/1/21	9,625,000		10,030,213
North Texas Tollway Authority,
Special Projects System Revenue, BAN	2.44	9/1/13	9,020,000		9,020,541
Puerto Rico Commonwealth Government
Development Bank, Revenue Bonds	3.67	5/1/14	5,830,000		5,837,113
University of California Regents,
General Revenue	1.80	7/1/19	5,675,000		5,463,720
					49,049,667
Telecommunication Services—2.6%
AT&T, Sr. Unscd. Notes	4.45	5/15/21	6,960,000		7,381,045
Rogers Communications, Gtd. Notes	6.38	3/1/14	4,934,000		5,073,529
Telefonica Emisiones, Gtd. Notes	3.99	2/16/16	6,635,000		6,868,081
Verizon Communications, Sr. Unscd. Notes	8.75	11/1/18	4,244,000		5,428,793
					24,751,448
U.S. Government Agencies—.7%
Federal National Mortgage Association, Notes	0.52	2/22/16	705,000	^c	702,083
Federal National Mortgage Association, Notes	0.75	12/19/14	1,000,000	^c	1,006,380
Federal National Mortgage Association, Notes	3.00	9/16/14	4,895,000	c	5,040,993
					6,749,456

STATEMENT OF INVESTMENTS (continued)


BNY Mellon Intermediate Bond Fund (continued)
	Coupon	Maturity	Principal
Bonds and Notes (continued)	Rate (%)	Date	Amount ($)		Value ($)
Utilities—.7%
Duke Energy Carolinas, First Mortgage Bonds	1.75	12/15/16	3,010,000		3,066,790
Hydro-Quebec, Gov’t Gtd. Notes	2.00	6/30/16	3,655,000		3,754,796
					6,821,586
Total Bonds and Notes
(cost $943,046,608)					952,964,297

Other Investment—.9%			Shares		Value ($)
Registered Investment Company;
Dreyfus Institutional Preferred Plus Money Market Fund
(cost $7,922,597)			7,922,597	^f	7,922,597
Total Investments (cost $950,969,205)			100.4	%	960,886,894
Liabilities, Less Cash and Receivables			(.4	%)	(3,394,400	)
Net Assets			100.0	%	957,492,494

BAN—Bond Anticipation Notes

GO—General Obligation

REMIC—Real Estate Mortgage Investment Conduit

a Securities exempt from registration pursuant to Rule 144A under the Securities Act of 1933.These securities may be resold in transactions exempt from registration, normally to

qualified institutional buyers.At August 31, 2013, these securities were valued at $10,378,069 or 1.1% of net assets.

b Variable rate security—interest rate subject to periodic change.

c The Federal Housing Finance Agency (“FHFA”) placed Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA

as the conservator.As such, the FHFA oversees the continuing affairs of these companies.

^dPrincipal amount for accrual purposes is periodically adjusted based on changes in the Consumer Price Index.

e Security, or portion thereof, on loan.At August 31, 2013, the value of the fund’s securities on loan was $206,001,317 and the value of the collateral held by the fund was

$212,186,162, consisting of U.S. Government and Agency securities.

f Investment in affiliated money market mutual fund.


Portfolio Summary (Unaudited)^†

	Value (%)		Value (%)
U.S. Government Agencies/Mortgage-Backed	51.9	Foreign/Governmental	1.5
Corporate Bonds	41.0	Money Market Investment	.9
Municipal Bonds	5.1		100.4

^†Based on net assets.

See notes to financial statements.

STATEMENT OF INVESTMENTS

August 31, 2013


BNY Mellon Corporate Bond Fund
	Coupon	Maturity	Principal
Bonds and Notes—98.4%	Rate (%)	Date	Amount ($)		Value ($)
Automobiles & Components—1.3%
Johnson Controls, Sr. Unscd. Notes	3.75	12/1/21	4,150,000		4,128,254
Volkswagen International Finance, Gtd. Notes	1.15	11/20/15	3,000,000	^a	3,013,461
					7,141,715
Banks—13.7%
American Express Centurion Bank, Sr. Unscd. Notes	0.71	11/13/15	2,375,000	^b	2,377,033
Bank of America, Sr. Unscd. Notes	3.88	3/22/17	1,000,000		1,055,008
Bank of America, Sub. Notes	5.49	3/15/19	4,450,000		4,814,241
Barclays Bank, Sr. Unscd. Notes	2.75	2/23/15	4,500,000		4,615,798
BBVA US Senior, Bank Gtd. Notes	3.25	5/16/14	5,250,000		5,296,793
Citigroup, Sr. Unscd. Notes	6.13	11/21/17	5,000,000		5,736,680
Goldman Sachs Group, Sub. Notes	5.63	1/15/17	2,000,000		2,179,794
Goldman Sachs Group, Sr. Unscd. Notes	6.15	4/1/18	3,800,000		4,300,388
Morgan Stanley, Sub. Notes	4.88	11/1/22	6,000,000		5,934,588
Rabobank Nederland, Bank Gtd. Notes	3.38	1/19/17	5,000,000		5,269,495
RBS Citizens Financial Group, Sub. Notes	4.15	9/28/22	6,000,000	^a	5,753,520
Royal Bank of Scotland Group, Sr. Unscd. Notes	2.55	9/18/15	3,200,000		3,263,987
Santander Issuances, Bank Gtd. Notes	5.91	6/20/16	5,750,000	^a	6,070,672
Santander US Debt, Bank Gtd. Notes	2.99	10/7/13	5,000,000	^a	5,009,465
Societe Generale, Bank Gtd. Notes	2.75	10/12/17	6,000,000	^c	6,102,102
Wachovia, Sub. Notes	5.25	8/1/14	1,860,000		1,937,741
Wells Fargo & Co., Sub. Notes	5.13	9/15/16	1,000,000		1,100,920
Westpac Banking, Sub. Notes	4.63	6/1/18	4,750,000		5,083,640
					75,901,865
Capital Goods—4.4%
ABB Finance USA, Gtd. Notes	2.88	5/8/22	2,000,000		1,906,518
CRH America, Gtd. Notes	4.13	1/15/16	250,000		262,592
CRH America, Gtd. Notes	6.00	9/30/16	5,500,000		6,186,455
GATX, Sr. Unscd. Notes	4.75	6/15/22	3,000,000		3,037,596
GATX, Sr. Unscd. Notes	8.75	5/15/14	2,255,000		2,369,901
Textron, Sr. Unscd. Notes	4.63	9/21/16	4,500,000		4,849,731
Valmont Industries, Gtd. Notes	6.63	4/20/20	5,000,000		5,610,400
					24,223,193
Casinos—.2%
Seminole Indian Tribe of Florida, Scd. Notes	7.75	10/1/17	1,000,000	^a	1,066,250
Commercial & Professional Services—1.1%
Republic Services, Gtd. Notes	3.55	6/1/22	3,000,000		2,913,183
Waste Management, Gtd. Notes	4.75	6/30/20	2,750,000		2,954,375
					5,867,558

The Funds 27

STATEMENT OF INVESTMENTS (continued)


BNY Mellon Corporate Bond Fund (continued)
	Coupon	Maturity	Principal
Bonds and Notes (continued)	Rate (%)	Date	Amount ($)		Value ($)
Consumer Durables & Apparel—1.4%
Mattel, Sr. Unscd. Notes	1.70	3/15/18	2,000,000		1,949,306
NVR, Sr. Unscd. Notes	3.95	9/15/22	6,100,000		5,855,835
					7,805,141
Consumer Services—1.8%
Brinker International, Sr. Unscd. Notes	2.60	5/15/18	1,400,000		1,372,455
George Washington University, Unscd. Notes	1.83	9/15/17	3,000,000		2,915,583
International Game Technology, Sr. Unscd. Notes	7.50	6/15/19	5,100,000		5,814,000
					10,102,038
Diversified Financials—12.0%
American Express, Sr. Unscd. Notes	7.00	3/19/18	3,250,000		3,895,040
Bear Stearns, Sub. Notes	5.55	1/22/17	4,800,000		5,282,962
Blackstone Holdings Finance, Gtd. Notes	4.75	2/15/23	3,000,000	^a	3,124,122
Blackstone Holdings Finance, Gtd. Notes	6.63	8/15/19	2,000,000	^a	2,347,694
Carlyle Holdings Finance, Gtd. Notes	3.88	2/1/23	5,736,000	^a	5,570,861
Caterpillar Financial Services,
Sr. Unscd. Notes, Ser. G	1.25	11/6/17	3,355,000		3,274,228
Ford Motor Credit, Sr. Unscd. Notes	4.25	2/3/17	5,500,000		5,773,625
General Electric Capital, Jr. Sub. Cap. Secs., Ser. C	5.25	6/29/49	6,250,000	^b	5,750,000
HSBC Finance, Sub. Notes	6.68	1/15/21	5,500,000		6,218,911
Hyundai Capital America, Unscd. Notes	1.88	8/9/16	3,000,000	^a	2,999,430
Jefferies Group, Sr. Unscd. Notes	6.88	4/15/21	2,000,000		2,233,230
Jefferies Group, Sr. Unscd. Notes	8.50	7/15/19	3,450,000		4,197,387
John Deere Capital, Sr. Unscd. Notes	2.80	9/18/17	4,000,000		4,145,136
MassMutual Global Funding II, Sr. Scd. Notes	2.00	4/5/17	600,000	^a	596,856
Moody’s, Sr. Unscd. Notes	4.50	9/1/22	5,000,000		4,954,750
NYSE Euronext, Sr. Unscd. Notes	2.00	10/5/17	4,500,000		4,476,767
TD Ameritrade Holding, Gtd. Notes	4.15	12/1/14	1,750,000		1,826,589
					66,667,588
Energy—5.1%
Devon Energy, Sr. Unscd. Notes	1.88	5/15/17	3,250,000		3,208,975
Petrobras International Finance, Gtd. Notes	5.38	1/27/21	5,250,000		5,152,786
Pioneer Natural Resources, Sr. Unscd. Notes	3.95	7/15/22	5,500,000		5,441,365
Rowan Companies, Gtd. Notes	5.00	9/1/17	1,050,000		1,134,444
Rowan Companies, Gtd. Notes	7.88	8/1/19	3,000,000		3,605,487
Schlumberger Investment, Gtd. Notes	1.25	8/1/17	3,000,000	^a	2,916,057
Sunoco Logistics Partners Operations, Gtd. Notes	3.45	1/15/23	5,000,000		4,629,785
Weatherford International, Gtd. Notes	5.13	9/15/20	2,252,000		2,339,524
					28,428,423
Food & Staples Retailing—.7%
Walgreen, Sr. Unscd. Notes	3.10	9/15/22	4,225,000		3,968,559


BNY Mellon Corporate Bond Fund (continued)
	Coupon	Maturity	Principal
Bonds and Notes (continued)	Rate (%)	Date	Amount ($)		Value ($)
Food, Beverage & Tobacco—4.9%
Anheuser-Busch InBev Finance, Gtd. Notes	1.25	1/17/18	5,000,000		4,863,885
Anheuser-Busch InBev Worldwide, Gtd. Notes	1.38	7/15/17	1,000,000		989,655
Campbell Soup, Sr. Unscd. Notes	0.57	8/1/14	400,000	^b	400,752
ConAgra Foods, Sr. Unscd. Notes	3.20	1/25/23	4,000,000		3,744,248
Flowers Foods, Sr. Unscd. Notes	4.38	4/1/22	2,850,000		2,751,202
General Mills, Sr. Unscd. Notes	0.56	1/29/16	2,000,000	^b	1,998,930
Kraft Foods Group, Sr. Unscd. Notes	1.63	6/4/15	3,500,000		3,551,307
Kroger, Sr. Unscd. Notes	3.40	4/15/22	3,500,000		3,391,861
Pernod-Ricard, Sr. Unscd. Notes	4.45	1/15/22	1,000,000	^a	1,022,804
Pernod-Ricard, Sr. Unscd. Bonds	5.75	4/7/21	4,000,000	^a	4,455,756
					27,170,400
Foreign/Governmental—1.9%
Petroleos Mexicanos, Gtd. Notes, Ser. WI	2.29	7/18/18	5,000,000		5,087,500
Spanish Government, Sr. Unscd. Notes	4.00	3/6/18	5,500,000	^a	5,452,700
					10,540,200
Health Care Equipment & Services—2.3%
Dignity Health, Unscd. Notes	3.13	11/1/22	5,000,000		4,564,690
UnitedHealth Group, Sr. Unscd. Notes	1.40	10/15/17	3,000,000		2,928,990
WellPoint, Sr. Unscd. Notes	1.25	9/10/15	5,000,000		5,028,010
					12,521,690
Insurance—3.6%
American International Group, Sr. Unscd. Notes	5.85	1/16/18	4,750,000		5,368,668
Fidelity National Financial, Sr. Unscd. Notes	5.50	9/1/22	5,075,000		5,285,191
MetLife, Sr. Unscd. Notes	1.76	12/15/17	4,685,000	^b	4,620,647
Prudential Financial, Sr. Unscd. Notes	4.75	9/17/15	4,250,000		4,574,598
					19,849,104
Materials—2.1%
Allegheny Technologies, Sr. Unscd. Notes	5.88	8/15/23	3,000,000		2,913,990
Dow Chemical, Sr. Unscd. Notes	4.13	11/15/21	5,000,000		5,091,880
Eastman Chemical, Sr. Unscd. Notes	3.60	8/15/22	3,000,000		2,909,553
Vale Overseas, Gtd. Notes	4.38	1/11/22	600,000		561,332
					11,476,755
Media—5.5%
British Sky Broadcasting Group, Gtd. Notes	3.13	11/26/22	3,500,000	^a	3,210,984
Comcast, Gtd. Notes	3.13	7/15/22	4,250,000		4,121,739
Grupo Televisa, Sr. Unscd. Notes	6.00	5/15/18	5,982,000		6,709,351
News America, Gtd. Notes	4.50	2/15/21	3,250,000		3,403,953
Thomson Reuters, Sr. Unscd. Notes	0.88	5/23/16	3,000,000		2,981,055
Time Warner Cable, Gtd. Notes	4.13	2/15/21	5,500,000		5,235,285

The Funds 29

STATEMENT OF INVESTMENTS (continued)


BNY Mellon Corporate Bond Fund (continued)
	Coupon	Maturity	Principal
Bonds and Notes (continued)	Rate (%)	Date	Amount ($)		Value ($)
Media (continued)
Time Warner, Gtd. Notes	4.00	1/15/22	5,000,000		5,016,000
					30,678,367
Municipal Bonds—7.5%
Connecticut, GO	2.55	10/15/22	3,035,000		2,841,337
Florida Hurricane Catastrophe Fund
Finance Corporation, Revenue	3.00	7/1/20	7,500,000		6,935,700
Illinois, GO	4.42	1/1/15	5,000,000		5,179,900
JobsOhio Beverage System,
Statewide Senior Lien Liquor Profits Revenue	1.82	1/1/18	5,000,000		4,887,600
New Jersey Economic Development Authority,
School Facilities Construction Revenue	1.06	3/1/16	4,500,000		4,463,685
New Jersey Transportation Trust Fund
Authority, (Transportation System)	1.76	12/15/18	5,000,000		4,779,200
Oakland Unified School District, GO (Build America Bonds)	9.50	8/1/34	2,500,000		2,845,050
Puerto Rico Commonwealth Government
Development Bank, Revenue Bonds	3.67	5/1/14	4,560,000		4,565,563
University of California Regents, General Revenue	1.80	7/1/19	2,905,000		2,796,847
West Contra Costa Unified School District,
GO (Build America Bonds)	8.46	8/1/34	2,250,000		2,625,075
					41,919,957
Pharmaceuticals, Biotech & Life Sciences—2.3%
AbbVie, Sr. Unscd. Notes	1.75	11/6/17	5,000,000		4,933,885
Amgen, Sr. Unscd. Notes	3.88	11/15/21	3,500,000		3,519,225
AstraZeneca, Sr. Unscd. Notes	5.90	9/15/17	1,750,000		2,024,318
Teva Pharmaceutical Finance IV, Gtd. Notes	2.25	3/18/20	2,320,000		2,185,129
					12,662,557
Real Estate—7.8%
Boston Properties, Sr. Unscd. Notes	3.70	11/15/18	4,990,000		5,214,211
Camden Property Trust, Sr. Unscd. Notes	5.00	6/15/15	1,170,000		1,246,913
Corporate Office Properties, Gtd. Notes	3.60	5/15/23	4,000,000	^a	3,667,900
CubeSmart, Gtd. Notes	4.80	7/15/22	5,255,000		5,406,512
Essex Portfolio, Gtd. Notes	3.25	5/1/23	2,000,000		1,818,468
First Industrial, Sr. Unscd. Notes	5.95	5/15/17	1,500,000		1,583,472
First Industrial, Sr. Unscd. Notes	6.42	6/1/14	1,720,000		1,775,805
Liberty Property, Sr. Unscd. Notes	5.50	12/15/16	2,000,000		2,205,440
Liberty Property, Sr. Unscd. Notes	6.63	10/1/17	2,500,000		2,854,935
ProLogis, Gtd. Notes	2.75	2/15/19	3,000,000		2,977,083
Realty Income, Sr. Unscd. Notes	4.65	8/1/23	3,000,000		3,040,908
UDR, Gtd. Notes, Ser. 1	4.63	1/10/22	2,250,000		2,311,295
WEA Finance, Gtd. Notes	7.13	4/15/18	5,500,000	^a	6,526,669
Weingarten Realty Investors, Sr. Unscd. Notes	3.50	4/15/23	3,000,000		2,762,535
					43,392,146


BNY Mellon Corporate Bond Fund (continued)
	Coupon	Maturity	Principal
Bonds and Notes (continued)	Rate (%)	Date	Amount ($)		Value ($)
Retailing—.9%
Staples, Sr. Unscd. Notes	4.38	1/12/23	5,500,000	^c	5,295,466
Semiconductors & Semiconductor Equipment—.5%
Intel, Sr. Unscd. Notes	1.35	12/15/17	3,000,000		2,940,681
Software & Services—6.5%
Adobe Systems, Sr. Unscd. Notes	4.75	2/1/20	5,000,000		5,372,310
Broadridge Financial Solutions, Sr. Unscd. Notes	3.95	9/1/20	3,000,000		3,006,453
CA, Sr. Unscd. Notes	2.88	8/15/18	3,000,000		2,987,979
eBay, Sr. Unscd. Notes	1.35	7/15/17	2,000,000		1,973,750
Fidelity National Information Services, Gtd. Notes	3.50	4/15/23	3,250,000		2,945,381
Fiserv, Gtd. Notes	3.50	10/1/22	5,500,000		5,162,696
IBM, Sr. Unscd. Notes	0.55	2/6/15	2,000,000		2,002,022
Oracle, Sr. Unscd. Notes	5.75	4/15/18	2,000,000		2,318,942
Symantec, Sr. Unscd. Notes	2.75	6/15/17	4,500,000		4,540,608
Symantec, Sr. Unscd. Notes	4.20	9/15/20	1,830,000		1,879,975
Total System Services, Sr. Unscd. Notes	2.38	6/1/18	4,000,000		3,874,280
					36,064,396
Technology Hardware & Equipment—3.3%
Arrow Electronics, Sr. Unscd. Notes	3.00	3/1/18	6,500,000		6,491,179
Avnet, Sr. Unscd. Notes	4.88	12/1/22	5,500,000		5,447,563
Jabil Circuit, Sr. Unscd. Notes	5.63	12/15/20	4,000,000		4,160,000
NetApp, Sr. Unscd. Notes	2.00	12/15/17	1,000,000		975,742
Seagate, Gtd. Notes	7.00	11/1/21	1,000,000		1,087,500
Xerox, Sr. Unscd. Notes	1.67	9/13/13	250,000	^b	250,090
					18,412,074
Telecommunication Services—5.2%
America Movil, Gtd. Notes	5.63	11/15/17	4,500,000		5,134,549
AT&T, Sr. Unscd. Notes	1.70	6/1/17	1,750,000		1,740,385
AT&T, Sr. Unscd. Notes	4.45	5/15/21	2,000,000		2,120,990
British Telecommunications, Sr. Unscd. Notes	2.00	6/22/15	3,000,000		3,052,107
CenturyLink, Sr. Unscd. Notes, Ser. T	5.80	3/15/22	2,000,000		1,900,000
Telefonica Emisiones, Gtd. Notes	5.13	4/27/20	6,000,000		6,076,776
Verizon Communications, Sr. Unscd. Notes	6.35	4/1/19	4,000,000		4,671,060
Vivendi, Sr. Unscd. Notes	3.45	1/12/18	4,000,000	^a	4,033,448
					28,729,315
Transportation—.4%
ERAC USA Finance, Gtd. Notes	1.40	4/15/16	2,000,000	^a	1,985,666
Utilities—2.0%
CMS Energy, Sr. Unscd. Notes	4.25	9/30/15	1,400,000		1,478,196
CMS Energy, Sr. Unscd. Notes	5.05	3/15/22	1,500,000		1,615,746
Dominion Resources, Sr. Unscd. Notes	2.25	9/1/15	2,050,000		2,102,857
Duke Energy, Sr. Unscd. Notes	1.63	8/15/17	2,000,000		1,978,998

The Funds 31

STATEMENT OF INVESTMENTS (continued)


BNY Mellon Corporate Bond Fund (continued)
	Coupon	Maturity	Principal
Bonds and Notes (continued)	Rate (%)	Date	Amount ($)		Value ($)
Utilities (continued)
Georgia Power, Sr. Unscd. Notes	0.75	8/10/15	2,500,000		2,499,595
Northeast Utilities, Sr. Unscd. Notes	1.02	9/20/13	300,000	^b	300,092
PSEG Power, Gtd. Notes	2.75	9/15/16	1,000,000		1,036,516
					11,012,000
Total Bonds and Notes
(cost $555,975,749)					545,823,104

Other Investment—.6%			Shares		Value ($)
Registered Investment Company;
Dreyfus Institutional Preferred Plus Money Market Fund
(cost $3,067,808)			3,067,808	^d	3,067,808

Investment of Cash Collateral for
Securities Loaned—1.9%
Registered Investment Company;
Dreyfus Institutional Cash Advantage Fund
(cost $10,674,810)			10,674,810	^d	10,674,810

Total Investments (cost $569,718,367)			100.9	%	559,565,722
Liabilities, Less Cash and Receivables			(0.9	%)	(4,837,953	)
Net Assets			100.0	%	554,727,769

GO—General Obligation

a Securities exempt from registration pursuant to Rule 144A under the Securities Act of 1933.These securities may be resold in transactions exempt from registration, normally to

qualified institutional buyers.At August 31, 2013, these securities were valued at $68,824,315 or 12.4% of net assets.

b Variable rate security—interest rate subject to periodic change.

c Security, or portion thereof, on loan.At August 31, 2013, the value of the fund’s securities on loan was $10,356,768 and the value of the collateral held by the fund was $10,674,810.

^dInvestment in affiliated money market mutual fund.


Portfolio Summary (Unaudited)^†

	Value (%)		Value (%)
Corporate Bonds	89.0	Foreign/Governmental	1.9
Municipal Bonds	7.5
Money Market Investments	2.5		100.9

^†Based on net assets.

See notes to financial statements.

STATEMENT OF INVESTMENTS

August 31, 2013


BNY Mellon Short-Term U.S. Government Securities Fund

	Coupon	Maturity	Principal
Bonds and Notes—97.0%	Rate (%)	Date	Amount ($)		Value ($)
Commercial Mortgage Pass-Through Ctfs.—1.5%
Citigroup/Deutsche Bank Commercial
Mortgage Trust, Ser. 2005-CD1, Cl. A3	5.39	7/15/44	1,194,941	^a	1,207,309
JP Morgan Chase Commercial Mortgage
Securities Trust, Ser. 2005-LDP1, Cl. A2	4.63	3/15/46	288,804		290,412
JP Morgan Chase Commericial Mortgage
Securities Trust, Ser. 2013-FL3, Cl. A2	0.88	4/15/28	2,000,000	^a,b	1,997,646
Morgan Stanley Capital I Trust, Ser. 2006-HQ8, Cl. AAB	5.60	3/12/44	818,838	^a	819,103
					4,314,470
Municipal Bonds—5.6%
California, GO (Various Purpose)	1.05	2/1/16	1,000,000		1,003,050
Florida Hurricane Catastrophe Fund
Finance Corporation, Revenue	1.30	7/1/16	2,745,000		2,718,730
Grand Parkway Transportation Corporation,
Grand Parkway System Subordinate Tier Toll
Revenue (Toll Equity Loan Agreement Supported)	1.00	2/15/14	500,000		500,180
Illinois, GO	4.42	1/1/15	1,700,000		1,761,166
Nassau County Interim Finance Authority,
Sales Tax Secured Revenue	0.86	11/15/15	2,500,000		2,493,250
New York City, GO	5.13	12/1/15	1,100,000		1,197,966
Regional Transportation Authority of Illinois,
GO Working Cash Notes	1.06	6/1/14	3,000,000		3,004,740
University of California Regents, General Revenue	0.77	7/1/14	3,000,000	^a	3,000,930
					15,680,012
U.S. Government Agencies—10.9%
Federal Farm Credit Bank, Bonds	0.50	6/23/15	3,500,000		3,507,312
Federal Home Loan Mortgage Corp., Notes	0.50	9/14/15	3,250,000	^c	3,248,242
Federal Home Loan Mortgage Corp., Notes	0.63	8/21/15	2,750,000	^c	2,755,893
Federal Home Loan Mortgage Corp., Notes	0.75	10/5/16	3,000,000	^c	2,985,438
Federal National Mortgage Association, Notes, Ser. 0002	0.70	1/30/18	2,500,000	^a,c	2,441,160
Federal National Mortgage Association, Notes	0.48	1/29/16	6,600,000	^c	6,574,003
Federal National Mortgage Association, Notes	0.50	11/22/17	2,500,000	^c	2,454,898
Federal National Mortgage Association, Notes	0.52	2/22/16	4,700,000	^c	4,680,552
Federal National Mortgage Association, Notes	0.65	2/27/17	2,000,000	^c	1,963,644
					30,611,142
U.S. Government Agencies/Mortgage-Backed—33.7%
Federal Home Loan Mortgage Corp.:
REMIC, Ser. 3565, Cl. XA, 4.00%, 8/15/22			857,286	^c	875,980
REMIC, Ser. 3689, Cl. AB, 2.00%, 12/15/27			291,937	^c	294,130
REMIC, Ser. 4079, Cl. WA, 2.00%, 8/15/40			4,465,064	^c	4,385,248
REMIC, Ser. 2627, Cl. KW, 3.14%, 11/15/17			147,764	^c	148,207
REMIC, Ser. 2675, Cl. CK, 4.00%, 9/15/18			240,767	^c	254,575
REMIC, Ser. 3653, Cl. DL, 4.00%, 7/15/22			457,638	^c	463,761
REMIC, Ser. 3986, Cl. P, 4.00%, 3/15/39			1,531,865	^c	1,567,116

The Funds 33

GO—General Obligation

REMIC—Real Estate Mortagage Investment Conduit

a Variable rate security—interest rate subject to periodic change.

b Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933.This security may be resold in transactions exempt from registration, normally to

qualified institutional buyers.At August 31, 2013, this security was valued at $1,997,646 or .7% of net assets.

c The Federal Housing Finance Agency (“FHFA”) placed Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA

as the conservator.As such, the FHFA oversees the continuing affairs of these companies.

^dSecurity, or portion thereof, on loan.At August 31, 2013, the value of the fund’s securities on loan was $53,591,745 and the value of the collateral held by the fund was

$55,488,545, consisting of U.S. Government & Agency securities.

e Investment in affiliated money market mutual fund.


Portfolio Summary (Unaudited)^†

	Value (%)		Value (%)
U.S. Government & Agencies/Mortgage-Backed	89.9	Money Market Investment	.6
Municipal Bonds	5.6
Commercial Mortgage-Backed	1.5		97.6

^†Based on net assets.

See notes to financial statements.

The Funds 35

STATEMENTS OF ASSETS AND LIABILITIES

August 31, 2013


						BNY Mellon
		BNY Mellon		BNY Mellon		Short-Term
	BNY Mellon	Intermediate		Corporate		U.S. Government
	Bond Fund	Bond Fund		Bond Fund		Securities Fund
Assets ($):
Investments in securities—
See Statement of Investments^†
(including securities on loan)^††—Note 2(b):
Unaffiliated issuers	1,145,957,225	952,964,297		545,823,104		271,788,370
Affiliated issuers	7,366,145	7,922,597		13,742,618		1,587,311
Cash	—	—		—		4,710,051
Dividends, interest and securities lending income receivable	7,003,350	6,497,917		5,762,540		537,285
Receivable for shares of Beneficial Interest subscribed	299,117	311,338		1,168,135		870,891
Receivable for investment securities sold	—	3,017,965		—		3,742,666
Prepaid expenses	19,704	21,417		9,682		16,587
	1,160,645,541	970,735,531		566,506,079		283,253,161
Liabilities ($):
Due to The Dreyfus Corporation and affiliates—Note 4(b)	440,505	365,967		210,499		97,276
Due to Administrator—Note 4(a)	123,309	101,309		58,444		28,755
Cash overdraft due to Custodian	2,170,621	1,189,737		552,881		—
Payable for shares of Beneficial Interest redeemed	1,418,826	1,206,427		200,926		175,190
Payable for investment securities purchased	—	10,285,795		—		2,826,608
Liability for securities on loan—Note 2(b)	—	—		10,674,810		—
Accrued expenses	72,807	93,802		80,750		39,752
	4,226,068	13,243,037		11,778,310		3,167,581
Net Assets ($)	1,156,419,473	957,492,494		554,727,769		280,085,580
Composition of Net Assets ($):
Paid-in capital	1,134,090,721	949,061,385		567,955,857		295,098,795
Accumulated investment income—net	654,694	132,194		477,272		61,578
Accumulated net realized gain (loss) on investments	6,589,041	(1,618,774	)	(3,552,715	)	(14,229,372	)
Accumulated net unrealized appreciation
(depreciation) on investments	15,085,017	9,917,689		(10,152,645	)	(845,421	)
Net Assets ($)	1,156,419,473	957,492,494		554,727,769		280,085,580
Net Asset Value Per Share
Class M Shares
Net Assets ($)	1,148,032,143	949,095,419		554,152,382		279,191,614
Shares Outstanding	89,082,656	74,564,296		44,360,301		23,201,297
Net Asset Value Per Share ($)	12.89	12.73		12.49		12.03
Investor Shares
Net Assets ($)	8,387,330	8,397,075		575,387		893,966
Shares Outstanding	652,149	659,498		46,059		74,411
Net Asset Value Per Share ($)	12.86	12.73		12.49		12.01
^†Investments at cost ($):
Unaffiliated issuers	1,130,872,208	943,046,608		555,975,749		272,633,791
Affiliated issuers	7,366,145	7,922,597		13,742,618		1,587,311
^††Value of securities on loan ($)	178,891,253	206,001,317		10,356,768		53,591,745

See notes to financial statements.

STATEMENTS OF OPERATIONS

Year Ended August 31, 2013


							BNY Mellon
			BNY Mellon		BNY Mellon		Short-Term
	BNY Mellon		Intermediate		Corporate		U.S. Government
	Bond Fund		Bond Fund		Bond Fund		Securities Fund
Investment Income ($):
Income:
Interest	37,218,005		22,382,157		13,817,088		1,071,823
Income from securities lending—Note 2(b)	124,168		158,892		59,297		51,604
Cash dividends;
Affiliated issuers	29,758		9,944		8,166		4,983
Total Income	37,371,931		22,550,993		13,884,551		1,128,410
Expenses:
Investment advisory fee—Note 4(a)	5,071,438		3,869,382		1,920,684		987,830
Administration fee—Note 4(a)	1,567,360		1,196,208		593,581		348,915
Trustees’ fees and expenses—Note 4(c)	97,714		61,885		33,792		13,586
Custodian fees—Note 4(b)	82,151		69,783		36,689		23,485
Professional fees	73,762		122,456		57,335		40,552
Registration fees	30,633		36,226		94,050		29,964
Shareholder servicing costs—Note 4(b)	25,271		16,906		869		2,324
Loan commitment fees—Note 3	13,774		8,675		2,604		3,150
Prospectus and shareholders’ reports	5,802		6,674		7,488		7,504
Miscellaneous	52,730		51,367		46,960		36,942
Total Expenses	7,020,635		5,439,562		2,794,052		1,494,252
Less—reduction in fees
due to earnings credits—Note 4(b)	(22	)	(15	)	(2	)	(4	)
Net Expenses	7,020,613		5,439,547		2,794,050		1,494,248
Investment Income (Loss)—Net	30,351,318		17,111,446		11,090,501		(365,838	)
Realized and Unrealized Gain (Loss)
on Investments—Note 5 ($):
Net realized gain (loss) on investments	15,818,003		11,874,965		1,662,231		378,855
Net unrealized appreciation (depreciation) on investments	(75,665,848	)	(45,403,973	)	(17,491,893	)	(1,336,409	)
Net Realized and Unrealized Gain (Loss) on Investments	(59,847,845	)	(33,529,008	)	(15,829,662	)	(957,554	)
Net (Decrease) in Net Assets Resulting from Operations	(29,496,527	)	(16,417,562	)	(4,739,161	)	(1,323,392	)

See notes to financial statements.

The Funds 37

STATEMENTS OF CHANGES IN NET ASSETS


	BNY Mellon Bond Fund				BNY Mellon Intermediate Bond Fund
	Year Ended August 31,				Year Ended August 31,
	2013		2012		2013		2012
Operations ($):
Investment income—net	30,351,318		37,583,808		17,111,446		21,837,339
Net realized gain (loss) on investments	15,818,003		20,816,573		11,874,965		9,517,595
Net unrealized appreciation (depreciation) on investments	(75,665,848	)	21,012,734		(45,403,973	)	8,478,802
Net Increase (Decrease) in Net Assets
Resulting from Operations	(29,496,527	)	79,413,115		(16,417,562	)	39,833,736
Dividends to Shareholders from ($):
Investment income—net:
Class M Shares	(36,591,932	)	(43,014,121	)	(21,686,175	)	(27,226,012	)
Investor Shares	(263,362	)	(288,668	)	(135,126	)	(114,080	)
Net realized gain on investments:
Class M Shares	(10,432,257	)	(2,808,023	)	(1,640,163	)	(60,140	)
Investor Shares	(81,840	)	(18,581	)	(8,152	)	(260	)
Total Dividends	(47,369,391	)	(46,129,393	)	(23,469,616	)	(27,400,492	)
Beneficial Interest Transactions ($):
Net proceeds from shares sold:
Class M Shares	177,159,834		206,008,402		205,882,674		176,135,350
Investor Shares	9,156,676		11,350,777		8,031,994		7,416,300
Net assets received in connection
with reorganization—Note 1	—		—		41,803,155		—
Dividends reinvested:
Class M Shares	11,754,220		7,167,581		4,613,966		4,791,137
Investor Shares	316,118		243,191		130,516		106,927
Cost of shares redeemed:
Class M Shares	(291,087,372	)	(273,348,411	)	(218,287,829	)	(215,758,016	)
Investor Shares	(9,725,407	)	(13,669,368	)	(7,584,448	)	(6,832,189	)
Increase (Decrease) in Net Assets from
Beneficial Interest Transactions	(102,425,931	)	(62,247,828	)	34,590,028		(34,140,491	)
Total Increase (Decrease) in Net Assets	(179,291,849	)	(28,964,106	)	(5,297,150	)	(21,707,247	)
Net Assets ($):
Beginning of Period	1,335,711,322		1,364,675,428		962,789,644		984,496,891
End of Period	1,156,419,473		1,335,711,322		957,492,494		962,789,644
Undistributed investment income—net	654,694		1,019,133		132,194		184,015
Capital Share Transactions (Shares):
Class M Shares
Shares sold	13,126,571		15,291,765		15,694,611		13,417,074
Shares received in connection
with reorganization—Note 1	—		—		2,936,786		—
Shares issued for dividends reinvested	871,263		534,095		352,062		365,506
Shares redeemed	(21,635,993	)	(20,296,590	)	(16,647,387	)	(16,437,359	)
Net Increase (Decrease) in Shares Outstanding	(7,638,159	)	(4,470,730	)	2,336,072		(2,654,779	)
Investor Shares
Shares sold	679,405		845,985		616,052		564,496
Shares received in connection
with reorganization—Note 1	—		—		238,458		—
Shares issued for dividends reinvested	23,525		18,109		9,989		8,081
Shares redeemed	(725,716	)	(1,019,276	)	(582,853	)	(520,154	)
Net Increase (Decrease) in Shares Outstanding	(22,786	)	(155,182	)	281,646		52,423

See notes to financial statements.


	BNY Mellon				BNY Mellon Short-Term
	Corporate Bond Fund				U.S. Government Securities Fund
	Year Ended August 31,				Year Ended August 31,
	2013		2012	^a	2013		2012
Operations ($):
Investment income (loss)—net	11,090,501		1,714,638		(365,838	)	(9,542	)
Net realized gain (loss) on investments	1,662,231		640,915		378,855		1,164,338
Net unrealized appreciation (depreciation) on investments	(17,491,893	)	7,339,248		(1,336,409	)	(1,044,804	)
Net Increase (Decrease) in Net Assets
Resulting from Operations	(4,739,161	)	9,694,801		(1,323,392	)	109,992
Dividends to Shareholders from ($):
Investment income—net:
Class M Shares	(14,502,105	)	(2,227,253	)	(3,007,148	)	(2,267,874	)
Investor Shares	(9,627	)	(169	)	(7,068	)	(8,604	)
Net realized gain on investments:
Class M Shares	(1,451,053	)	—		—		—
Investor Shares	(504	)	—		—		—
Total Dividends	(15,963,289	)	(2,227,422	)	(3,014,216	)	(2,276,478	)
Beneficial Interest Transactions ($):
Net proceeds from shares sold:
Class M Shares	349,530,512		321,812,668		142,068,306		135,465,998
Investor Shares	1,150,432		40,000		1,686,738		2,846,663
Dividends reinvested:
Class M Shares	3,805,589		392,006		622,803		449,790
Investor Shares	9,126		70		6,982		8,308
Cost of shares redeemed:
Class M Shares	(90,737,308	)	(17,440,215	)	(161,931,227	)	(180,982,763	)
Investor Shares	(600,040	)	—		(1,929,155	)	(2,869,079	)
Increase (Decrease) in Net Assets from
Beneficial Interest Transactions	263,158,311		304,804,529		(19,475,553	)	(45,081,083	)
Total Increase (Decrease) in Net Assets	242,455,861		312,271,908		(23,813,161	)	(47,247,569	)
Net Assets ($):
Beginning of Period	312,271,908		—		303,898,741		351,146,310
End of Period	554,727,769		312,271,908		280,085,580		303,898,741
Undistributed investment income—net	477,272		91,992		61,578		81,455
Capital Share Transactions (Shares):
Class M Shares
Shares sold	26,939,469		25,542,828		11,707,053		11,065,111
Shares issued for dividends reinvested	295,195		30,735		51,361		36,763
Shares redeemed	(7,056,632	)	(1,391,294	)	(13,330,341	)	(14,785,231	)
Net Increase (Decrease) in Shares Outstanding	20,178,032		24,182,269		(1,571,927	)	(3,683,357	)
Investor Shares
Shares sold	89,203		3,129		139,586		232,479
Shares issued for dividends reinvested	711		6		576		665
Shares redeemed	(46,990	)	—		(159,351	)	(234,861	)
Net Increase (Decrease) in Shares Outstanding	42,924		3,135		(19,189	)	(1,717	)

a From March 2, 2012 (commencement of operations) to August 31, 2012.

See notes to financial statements.

The Funds 39

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
					Year Ended August 31,
BNY Mellon Bond Fund	2013		2012		2011		2010		2009
Per Share Data ($):
Net asset value, beginning of period	13.71		13.38		13.36		12.90		12.38
Investment Operations:
Investment income—net^a	.32		.38		.39		.43		.52
Net realized and unrealized
gain (loss) on investments	(.64	)	.42		.14		.56		.56
Total from Investment Operations	(.32	)	.80		.53		.99		1.08
Distributions:
Dividends from investment income—net	(.39	)	(.44	)	(.49	)	(.53	)	(.56	)
Dividends from net realized gain on investments	(.11	)	(.03	)	(.02	)	—		—
Total Distributions	(.50	)	(.47	)	(.51	)	(.53	)	(.56	)
Net asset value, end of period	12.89		13.71		13.38		13.36		12.90
Total Return (%)	(2.41	)	6.05		4.06		7.84		8.95
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	.55		.55		.55		.55		.56
Ratio of net expenses to average net assets	.55		.55		.55		.55		.56
Ratio of net investment income
to average net assets	2.40		2.80		2.98		3.29		4.15
Portfolio Turnover Rate	66.14	^b	76.43		86.75	^b	99.66		62.19
Net Assets, end of period ($ x 1,000)	1,148,032		1,326,472		1,353,593		1,455,913		1,340,824

a Based on average shares outstanding at each month end.

b The portfolio turnover rates excluding mortgage dollar roll transactions for the period ended August 31, 2013 and 2011 were 65.03% and 79.13%, respectively.

See notes to financial statements.


					Investor Shares
					Year Ended August 31,
BNY Mellon Bond Fund	2013		2012		2011		2010		2009
Per Share Data ($):
Net asset value, beginning of period	13.69		13.35		13.34		12.88		12.36
Investment Operations:
Investment income—net^a	.29		.34		.35		.39		.50
Net realized and unrealized
gain (loss) on investments	(.65	)	.43		.13		.57		.54
Total from Investment Operations	(.36	)	.77		.48		.96		1.04
Distributions:
Dividends from investment income—net	(.36	)	(.40	)	(.45	)	(.50	)	(.52	)
Dividends from net realized gain on investments	(.11	)	(.03	)	(.02	)	—		—
Total Distributions	(.47	)	(.43	)	(.47	)	(.50	)	(.52	)
Net asset value, end of period	12.86		13.69		13.35		13.34		12.88
Total Return (%)	(2.74	)	5.87		3.72		7.60		8.74
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	.80		.80		.80		.81		.81
Ratio of net expenses to average net assets	.80		.80		.80		.81		.81
Ratio of net investment income
to average net assets	2.16		2.55		2.73		3.03		3.88
Portfolio Turnover Rate	66.14	^b	76.43		86.75	^b	99.66		62.19
Net Assets, end of period ($ x 1,000)	8,387		9,240		11,083		12,971		6,696

a Based on average shares outstanding at each month end.

b The portfolio turnover rates excluding mortgage dollar roll transactions for the period ended August 31, 2013 and 2011 were 65.03% and 79.13%, respectively.

See notes to financial statements.

The Funds 41

FINANCIAL HIGHLIGHTS (continued)


					Class M Shares
					Year Ended August 31,
BNY Mellon Intermediate Bond Fund	2013		2012		2011		2010		2009
Per Share Data ($):
Net asset value, beginning of period	13.26		13.09		13.15		12.81		12.37
Investment Operations:
Investment income—net^a	.23		.29		.32		.35		.46
Net realized and unrealized
gain (loss) on investments	(.44	)	.25		.04		.47		.50
Total from Investment Operations	(.21	)	.54		.36		.82		.96
Distributions:
Dividends from investment income—net	(.30	)	(.37	)	(.42	)	(.48	)	(.52	)
Dividends from net realized gain on investments	(.02	)	(.00	)^b	—		—		—
Total Distributions	(.32	)	(.37	)	(.42	)	(.48	)	(.52	)
Net asset value, end of period	12.73		13.26		13.09		13.15		12.81
Total Return (%)	(1.64	)	4.18		2.84		6.52		8.07
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	.56		.55		.55		.55		.56
Ratio of net expenses to average net assets	.56		.55		.55		.55		.56
Ratio of net investment income
to average net assets	1.77		2.23		2.42		2.72		3.75
Portfolio Turnover Rate	44.76		39.00		45.15		44.58		53.05
Net Assets, end of period ($ x 1,000)	949,095		957,778		980,237		988,555		856,808


a	Based on average shares outstanding at each month end.
b	Amount represents less than $.01 per share.
See notes to financial statements.


					Investor Shares
					Year Ended August 31,
BNY Mellon Intermediate Bond Fund	2013		2012		2011		2010		2009
Per Share Data ($):
Net asset value, beginning of period	13.26		13.09		13.15		12.81		12.36
Investment Operations:
Investment income—net^a	.20		.26		.29		.31		.43
Net realized and unrealized
gain (loss) on investments	(.45	)	.24		.04		.48		.51
Total from Investment Operations	(.25	)	.50		.33		.79		.94
Distributions:
Dividends from investment income—net	(.26	)	(.33	)	(.39	)	(.45	)	(.49	)
Dividends from net realized gain on investments	(.02	)	(.00	)^b	—		—		—
Total Distributions	(.28	)	(.33	)	(.39	)	(.45	)	(.49	)
Net asset value, end of period	12.73		13.26		13.09		13.15		12.81
Total Return (%)	(1.91	)	3.91		2.57		6.26		7.78
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	.82		.81		.80		.81		.81
Ratio of net expenses to average net assets	.82		.81		.80		.81		.81
Ratio of net investment income
to average net assets	1.51		1.98		2.18		2.44		3.48
Portfolio Turnover Rate	44.76		39.00		45.15		44.58		53.05
Net Assets, end of period ($ x 1,000)	8,397		5,012		4,260		4,768		2,740


a	Based on average shares outstanding at each month end.
b	Amount represents less than $.01 per share.
See notes to financial statements.

The Funds 43

FINANCIAL HIGHLIGHTS (continued)


	Class M Shares
	Year Ended		Period Ended
BNY Mellon Corporate Bond Fund	August 31, 2013		August 31, 2012^a
Per Share Data ($):
Net asset value, beginning of period	12.91		12.50
Investment Operations:
Investment income—net^b	.30		.12
Net realized and unrealized
gain (loss) on investments	(.29	)	.43
Total from Investment Operations	.01		.55
Distributions:
Dividends from investment income—net	(.39	)	(.14	)
Dividends from net realized gain on investments	(.04	)	—
Total Distributions	(.43	)	(.14	)
Net asset value, end of period	12.49		12.91
Total Return (%)	.02		4.40	^c
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	.58		.70	^d
Ratio of net expenses to average net assets	.58		.60	^d
Ratio of net investment income
to average net assets	2.31		2.25	^d
Portfolio Turnover Rate	36.99		34.08	^c
Net Assets, end of period ($ x 1,000)	554,152		312,231


a	From March 2, 2012 (commencement of operations) to August 31, 2012.
b	Based on average shares outstanding at each month end.
c	Not annualized.
^d	Annualized.
See notes to financial statements.


	Investor Shares
	Year Ended		Period Ended
BNY Mellon Corporate Bond Fund	August 31, 2013		August 31, 2012^a
Per Share Data ($):
Net asset value, beginning of period	12.91		12.50
Investment Operations:
Investment income—net^b	.26		.07
Net realized and unrealized
gain (loss) on investments	(.29	)	.46
Total from Investment Operations	(.03	)	.53
Distributions:
Dividends from investment income—net	(.35	)	(.12	)
Dividends from net realized gain on investments	(.04	)	—
Total Distributions	(.39	)	(.12	)
Net asset value, end of period	12.49		12.91
Total Return (%)	(.24	)	4.29	^c
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	.85		1.12	^d
Ratio of net expenses to average net assets	.85		.85	^d
Ratio of net investment income
to average net assets	2.05		1.67	^d
Portfolio Turnover Rate	36.99		34.08	^c
Net Assets, end of period ($ x 1,000)	575		40


a	From March 2, 2012 (commencement of operations) to August 31, 2012.
b	Based on average shares outstanding at each month end.
c	Not annualized.
^d	Annualized.
See notes to financial statements.

The Funds 45

FINANCIAL HIGHLIGHTS (continued)


					Class M Shares
					Year Ended August 31,
BNY Mellon Short-Term U.S. Government Securities Fund	2013		2012		2011		2010		2009
Per Share Data ($):
Net asset value, beginning of period	12.22		12.30		12.40		12.39		12.19
Investment Operations:
Investment income (loss)—net^a	(.02	)	(.00	)^b	.07		.13		.29
Net realized and unrealized
gain (loss) on investments	(.04	)	.01		.02		.11		.30
Total from Investment Operations	(.06	)	.01		.09		.24		.59
Distributions:
Dividends from investment income—net	(.13	)	(.09	)	(.19	)	(.23	)	(.39	)
Net asset value, end of period	12.03		12.22		12.30		12.40		12.39
Total Return (%)	(.49	)	.07		.71		1.96		4.90
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	.53		.52		.52		.53		.56
Ratio of net expenses to average net assets	.53		.52		.52		.53		.56
Ratio of net investment income
(loss) to average net assets	(.13	)	(.00	)^c	.56		1.07		2.32
Portfolio Turnover Rate	125.01		152.13		143.65		59.58		117.43
Net Assets, end of period ($ x 1,000)	279,192		302,756		349,975		304,707		177,005


a	Based on average shares outstanding at each month end.
b	Amount represents less than $.01 per share.
c	Amount represents less than .01%.
See notes to financial statements.


					Investor Shares
				Year Ended August 31,
BNY Mellon Short-Term U.S. Government Securities Fund	2013		2012		2011		2010		2009
Per Share Data ($):
Net asset value, beginning of period	12.21		12.29		12.40		12.39		12.20
Investment Operations:
Investment income (loss)—net^a	(.05	)	(.04	)	.04		.11		.23
Net realized and unrealized
gain (loss) on investments	(.05	)	.02		.00	^b	.10		.32
Total from Investment Operations	(.10	)	(.02	)	.04		.21		.55
Distributions:
Dividends from investment income—net	(.10	)	(.06	)	(.15	)	(.20	)	(.36	)
Net asset value, end of period	12.01		12.21		12.29		12.40		12.39
Total Return (%)	(.84	)	(.15	)	.34		1.73		4.63
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets	.78		.78		.78		.78		.82
Ratio of net expenses to average net assets	.78		.78		.78		.78		.82
Ratio of net investment income
(loss) to average net assets	(.40	)	(.29	)	.34		.84		1.93
Portfolio Turnover Rate	125.01		152.13		143.65		59.58		117.43
Net Assets, end of period ($ x 1,000)	894		1,142		1,171		987		837


a	Based on average shares outstanding at each month end.
b	Amount represents less than $.01 per share.
See notes to financial statements.

The Funds 47


Table 1—Fair Value Measurements

		Investments in Securities

	Level 1—Unadjusted		Level 2—Other Significant		Level 3—Significant
	Quoted Prices		Observable Inputs		Unobservable Inputs
	Assets ($)	Liabilities ($)	Assets ($)	Liabilities ($)	Assets ($)	Liabilities ($)	Total ($)
BNY Mellon Bond Fund
Asset-Backed	—	—	11,879,655	—	—	—	11,879,655
Commercial
Mortgage-Backed	—	—	20,288,063	—	—	—	20,288,063
Corporate Bonds^†	—	—	385,142,667	—	—	—	385,142,667
Foreign Government	—	—	15,283,128	—	—	—	15,283,128
Municipal Bonds	—	—	67,478,519	—	—	—	67,478,519
Mutual Funds	7,366,145	—	—	—	—	—	7,366,145
U.S. Government
Agencies/
Mortgage-Backed	—	—	338,180,476	—	—	—	338,180,476
U.S. Treasury	—	—	307,704,717	—	—	—	307,704,717
BNY Mellon
Intermediate Bond Fund
Corporate Bonds^†	—	—	392,561,931	—	—	—	392,561,931
Foreign Government	—	—	14,287,144	—	—	—	14,287,144
Municipal Bonds	—	—	49,049,667	—	—	—	49,049,667
Mutual Funds	7,922,597	—	—	—	—	—	7,922,597
U.S. Government
Agencies/
Mortgage-Backed	—	—	8,078,556	—	—	—	8,078,556
U.S. Treasury	—	—	488,986,999	—	—	—	488,986,999
BNY Mellon
Corporate Bond Fund
Corporate Bonds^†	—	—	493,362,947	—	—	—	493,362,947
Municipal Bonds	—	—	41,919,957	—	—	—	41,919,957
Foreign Government	—	—	10,540,200	—	—	—	10,540,200
Mutual Funds	13,742,618	—	—	—	—	—	13,742,618
BNY Mellon Short-Term
U.S. Government
Securities Fund
Commercial
Mortgage-Backed	—	—	4,314,470	—	—	—	4,314,470
Municipal Bonds	—	—	15,680,012	—	—	—	15,680,012
Mutual Funds	1,587,311	—	—	—	—	—	1,587,311
U.S. Government
Agencies/
Mortgage-Backed	—	—	124,933,449	—	—	—	124,933,449
U.S. Treasury	—	—	126,860,439	—	—	—	126,860,439


^†	See Statements of Investments for additional detailed categorizations.

The Funds 51

NOTES TO FINANCIAL STATEMENTS (continued)


Table 3—Affiliated Investment Companies

	Value			Value	Net
	8/31/2012 ($)	Purchases ($)	Sales ($)	8/31/2013 ($)	Assets (%)
BNY Mellon Bond Fund
Dreyfus Institutional Preferred
Plus Money Market Fund	19,144,189	435,167,338	446,945,382	7,366,145	.6
Dreyfus Institutional Cash Advantage Fund	10,261,300	39,646,158	49,907,458	—	—
Total	29,405,489	474,813,496	496,852,840	7,366,145	.6
BNY Mellon Intermediate Bond Fund
Dreyfus Institutional Preferred
Plus Money Market Fund	6,814,149	187,251,389	186,142,941	7,922,597	.9
Dreyfus Institutional Cash Advantage Fund	6,403,950	36,002,906	42,406,856	—	—
Total	13,218,099	223,254,295	228,549,797	7,922,597	.9
BNY Mellon Corporate Bond Fund
Dreyfus Institutional Preferred
Plus Money Market Fund	10,709,490	195,025,236	202,666,918	3,067,808	.6
Dreyfus Institutional Cash Advantage Fund	4,547,500	113,581,573	107,454,263	10,674,810	1.9
Total	15,256,990	308,606,809	310,121,181	13,742,618	2.5
BNY Mellon Short-Term
U.S. Government Securities Fund
Dreyfus Institutional Preferred
Plus Money Market Fund	2,433,767	203,817,641	204,664,097	1,587,311	.6
Dreyfus Institutional Cash Advantage Fund	—	10,891,189	10,891,189	—	—
Total	2,433,767	214,708,830	215,555,286	1,587,311	.6

Table 4—Components of Accumulated Earnings


	Undistributed	Accumulated		Undistributed	Unrealized		Capital (Losses)
	Ordinary	Capital		Capital	Appreciation		Realized After
	Income ($)	(Losses) ($)		Gains ($)	(Depreciation) ($)		October 31, 2012 ($)^†
BNY Mellon Bond Fund	654,694	—		9,303,290	12,370,768		—
BNY Mellon Intermediate Bond Fund	132,194	—		6,409,757	2,870,693		(981,535	)
BNY Mellon Corporate Bond Fund	613,864	—		—	(13,841,953	)	—
BNY Mellon Short-Term
U.S. Government Securities Fund	61,578	(13,798,166	)	—	(1,276,627	)	—


^†	These losses were deferred for tax purposes to the first day of the following fiscal year.


Table 5—Capital Loss Carryover


					Post-Enactment	Post-Enactment
		Expiring in fiscal year			Short-Term	Long-Term
	2014 ($)^†	2015 ($)^†	2018 ($)^†	2019 ($)^†	Losses ($)^††	Losses ($)^†††	Total ($)
BNY Mellon Short-Term
U.S. Government Securities Fund	2,822,720	4,701,996	28,529	64,834	4,273,825	1,906,262	13,798,166


†	If not applied, the carryover expires in the above year.
††	Post-enactment short-term losses that can be carried forward for an unlimited period.
^†††Post-enactment long-term losses that can be carried forward for an unlimited period.

The Funds 53

NOTES TO FINANCIAL STATEMENTS (continued)


Table 6—Tax Character of Distributions Paid

	Ordinary Income ($)		Long-Term Capital Gains ($)
	2013	2012	2013	2012
BNY Mellon Bond Fund	36,855,294	43,302,789	10,514,097	2,826,604
BNY Mellon Intermediate Bond Fund	22,268,904	27,343,037	1,200,712	57,455
BNY Mellon Corporate Bond Fund	15,963,289	2,227,422	—	—
BNY Mellon Short-Term
U.S. Government Securities Fund	3,014,216	2,276,478	—	—


Table 7—Return of Capital Statement of Position

	Accumulated
	Undistributed	Accumulated
	Investment	Net Realized
	Income—Net ($)	Gain (Loss) ($)
BNY Mellon Bond Fund	6,139,537	(6,139,537	)
BNY Mellon Intermediate Bond Fund	4,658,034	(4,658,034	)
BNY Mellon Corporate Bond Fund	3,806,511	(3,806,511	)
BNY Mellon Short-Term U.S. Government Securities Fund	3,360,177	(3,360,177	)

NOTES TO FINANCIAL STATEMENTS (continued)

Table 10—Cash Management Agreement Fees


				The Bank of New York	The Bank of
	Dreyfus Transfer, Inc.	Dreyfus Transfer, Inc.		Mellon Cash	New York Mellon
	Cash Management Fees ($)	Earnings Credits ($)		Management Fees ($)	Earnings Credits ($)
BNY Mellon Bond Fund	177	(21	)	94	(1	)
BNY Mellon Intermediate Bond Fund	123	(15	)	56	—
BNY Mellon Corporate Bond Fund	15	(2	)	7	—
BNY Mellon Short-Term
U.S. Government Securities Fund	28	(4	)	15	—

Table 11—Due to The Dreyfus Corporation and Affiliates


	Investment		Shareholder	Chief
	Advisory	Custodian	Services	Compliance
	Fees ($)	Fees ($)	Plan Fees ($)	Officer Fees ($)
BNY Mellon Bond Fund	397,446	35,000	1,887	6,172
BNY Mellon Intermediate Bond Fund	326,890	30,900	2,005	6,172
BNY Mellon Corporate Bond Fund	188,374	15,852	101	6,172
BNY Mellon Short-Term
U.S. Government Securities Fund	81,097	9,795	212	6,172


Table 12—Purchases and Sales

	Purchases ($)	Sales ($)
BNY Mellon Intermediate Bond Fund	427,909,750	428,192,398
BNY Mellon Corporate Bond Fund	438,718,923	171,867,675
BNY Mellon Short-Term U.S. Government Securities Fund	350,182,995	374,533,138
BNY Mellon Bond Fund:
Transactions without mortgage dollar rolls	809,431,863	908,965,629
Mortgage dollar rolls transactions	13,799,282	13,826,785
Total	823,231,145	922,792,414


Table 13—Accumulated Net Unrealized Appreciation (Depreciation)

	Cost of	Gross	Gross
	Investments ($)	Appreciation ($)	Depreciation ($)		Net ($)
BNY Mellon Bond Fund	1,140,952,602	35,439,383	(23,068,615	)	12,370,768
BNY Mellon Intermediate Bond Fund	958,016,201	21,259,894	(18,389,201	)	2,870,693
BNY Mellon Corporate Bond Fund	573,407,675	3,206,292	(17,048,245	)	(13,841,953	)
BNY Mellon Short-Term U.S. Government Securities Fund	274,652,308	271,142	(1,547,769	)	(1,276,627	)

The Funds 57

BNY Mellon National Intermediate Municipal Bond Fund

BNY Mellon National Short-Term Municipal Bond Fund

BNY Mellon Pennsylvania Intermediate Municipal Bond Fund

BNY Mellon Massachusetts Intermediate Municipal Bond Fund

BNY Mellon New York Intermediate Tax-Exempt Bond Fund

BNY Mellon Municipal Opportunities Fund

DISCUSSION OF FUND PERFORMANCE (continued)

FUND PERFORMANCE

Average Annual Total Returns as of 8/31/13

	1 Year		5 Years		10 Years
Class M shares	–2.43	%	4.36	%	4.09	%
Investor shares	–2.68	%	4.11	%	3.84	%
S&P Municipal Bond Intermediate Index	–2.26	%	4.87	%	4.66	%

† Source: Lipper Inc.

Past performance is not predictive of future performance.The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder

would pay on fund distributions or the redemption of fund shares.

The above graph compares a $10,000 investment made in Class M shares and Investor shares of BNY Mellon National Intermediate Municipal Bond Fund on

8/31/03 to a $10,000 investment made in the S&P Municipal Bond Intermediate Index on that date.All dividends and capital gain distributions are reinvested.

Effective 7/1/2013, the fund changed its benchmark from the S&P Municipal Bond Intermediate Index to the S&P Municipal Bond Investment Grade Intermediate

Index because the new benchmark index is more reflective of the credit quality of the fund’s portfolio holdings.The S&P Municipal Bond Investment Grade

Intermediate Index was launched on 3/19/13.Accordingly, the fund will continue to report the performance of the S&P Municipal Bond Intermediate Index until the

S&P Municipal Bond Investment Grade Intermediate Index has been calculated for a 10-year period. Performance information for the fund versus the S&P Municipal

Bond Investment Grade Intermediate Index is included in the graph and table on the next page.

The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares.The S&P Municipal Bond

Intermediate Index is comprised of bonds in the S&P Municipal Bond Index with a minimum maturity of 3 years and a maximum maturity of up to, but not

including 15 years as measured from the date on which the Index is rebalanced. Unlike a mutual fund, the S&P Municipal Bond Intermediate Index is not subject to

charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if

applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.

The Funds 5

FUND PERFORMANCE

Average Annual Total Returns as of 8/31/13


	Inception	From
	Date	Inception
Class M shares	3/31/13	–3.74%
Investor shares	3/31/13	–3.78%
S&P Municipal Bond Investment
Grade Intermediate Index	3/31/13	–3.90%

†† Source: Bloomberg L.P.

Past performance is not predictive of future performance.The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder

would pay on fund distributions or the redemption of fund shares.

The above graph compares a $10,000 investment made in Class M shares and Investor shares of BNY Mellon National Intermediate Municipal Bond Fund on

3/31/13 to a $10,000 investment made in the S&P Municipal Bond Investment Grade Intermediate Index on that date.All dividends and capital gain

distributions are reinvested.

Effective 7/1/2013, the fund changed its benchmark from the S&P Municipal Bond Intermediate Index to the S&P Municipal Bond Investment Grade Intermediate

Index because the new benchmark index is more reflective of the credit quality of the fund’s portfolio holdings.The S&P Municipal Bond Investment Grade

Intermediate Index was launched on 3/19/13.Accordingly, the fund will continue to report the performance of the S&P Municipal Bond Intermediate Index until the

S&P Municipal Bond Investment Grade Intermediate Index has been calculated for a 10-year period.

The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares.The S&P Municipal Bond

Investment Grade Intermediate Index is comprised of bonds in the S&P Municipal Bond Index that are rated at least BBB- by Standard & Poor’s Ratings Services,

Baa3 by Moody’s Investor Services, Inc. or BBB- by Fitch Ratings with a minimum maturity of 3 years and a maximum maturity of up to, but not including, 15

years as measured from the date on which the Index is rebalanced. Unlike a mutual fund, the S&P Municipal Bond Investment Grade Intermediate Index is not

subject to charges, fees and other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense

reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.

FUND PERFORMANCE

Average Annual Total Returns as of 8/31/13


	1 Year		5 Years		10 Years
Class M shares	–0.27	%	1.83	%	2.17	%
Investor shares	–0.52	%	1.58	%	1.92	%
S&P Municipal Bond Short Index	0.56	%	2.46	%	2.81	%

^†Source: Lipper Inc.

Past performance is not predictive of future performance.The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder

would pay on fund distributions or the redemption of fund shares.

The above graph compares a $10,000 investment made in Class M shares and Investor shares of BNY Mellon National Short-Term Municipal Bond Fund on

8/31/03 to a $10,000 investment made in the S&P Municipal Bond Short Index on that date.All dividends and capital gain distributions are reinvested.

Effective 7/1/2013, the fund changed its benchmark from the S&P Municipal Bond Short Index to the S&P Municipal Bond Investment Grade Short Index

because the new benchmark index is more reflective of the credit quality of the fund’s portfolio holdings.The S&P Municipal Bond Investment Grade Short Index was

launched on 3/19/13.Accordingly, the fund will continue to report the performance of the S&P Municipal Bond Short Index until the S&P Municipal Bond

Investment Grade Short Index has been calculated for a 10-year period. Performance information for the fund versus the S&P Municipal Bond Investment Grade

Short Index is included in the graph and table on the next page.

The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares.The S&P Municipal Bond

Short Index is comprised of bonds in the S&P Municipal Bond Index with a minimum maturity of 6 months and a maximum maturity of up to, but not including 4

years as measured from the date on which the Index is rebalanced. Unlike a mutual fund, the S&P Municipal Bond Short Index is not subject to charges, fees and

other expenses. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if applicable, is

contained in the Financial Highlights section of the prospectus and elsewhere in this report.

The Funds 9

FUND PERFORMANCE

Average Annual Total Returns as of 8/31/13


	Inception	From
	Date	Inception
Class M shares	3/31/13	–0.66	%
Investor shares	3/31/13	–0.76	%
S&P Municipal Bond Investment
Grade Short Index	3/31/13	–0.08	%

†† Source: Bloomberg L.P.

Past performance is not predictive of future performance.The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder

would pay on fund distributions or the redemption of fund shares.

The above graph compares a $10,000 investment made in Class M shares and Investor shares of BNY Mellon National Short-Term Municipal Bond Fund on

3/31/13 to a $10,000 investment made in the S&P Municipal Bond Investment Grade Short Index on that date. All dividends and capital gain distributions

are reinvested.

Effective 7/1/2013, the fund changed its benchmark from the S&P Municipal Bond Short Index to the S&P Municipal Bond Investment Grade Short Index

because the new benchmark index is more reflective of the credit quality of the fund’s portfolio holdings.The S&P Municipal Bond Investment Grade Short Index was

launched on 3/19/13.Accordingly, the fund will continue to report the performance of the S&P Municipal Bond Short Index until the S&P Municipal Bond

Investment Grade Short Index has been calculated for a 10-year period.

The fund’s performance shown in the line graph above takes into account all applicable fees and expenses for Class M and Investor shares.The S&P Municipal Bond

Investment Grade Short Index is comprised of bonds in the S&P Municipal Bond Index that are rated at least BBB- by S&P, Baa3 by Moody’s or BBB- by Fitch

with a minimum maturity of 6 months and a maximum maturity of up to, but not including, 4 years as measured from the date on which the Index is rebalanced.

Unlike a mutual fund, the S&P Municipal Bond Investment Grade Short Index is not subject to charges, fees and other expenses. Investors cannot invest directly in

any index. Further information relating to fund performance, including expense reimbursements, if applicable, is contained in the Financial Highlights section of the

prospectus and elsewhere in this report.

FUND PERFORMANCE

Average Annual Total Returns as of 8/31/13


	1 Year		5 Years		10 Years
Class M shares	–3.47	%	3.60	%	3.45	%
Investor shares	–3.71	%	3.38	%	3.20	%
S&P Municipal Bond Intermediate Index	–2.26	%	4.87	%	4.66	%

^†Source: Lipper Inc.

Past performance is not predictive of future performance.The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder

would pay on fund distributions or the redemption of fund shares.

The above graph compares a $10,000 investment made in Class M shares and Investor shares of BNY Mellon Pennsylvania Intermediate Municipal Bond Fund on

8/31/03 to a $10,000 investment made in the S&P Municipal Bond Intermediate Index on that date.All dividends and capital gain distributions are reinvested.

Effective 7/1/2013, the fund changed its benchmark from the S&P Municipal Bond Intermediate Index to the S&P Municipal Bond Investment Grade Intermediate

Index because the new benchmark index is more reflective of the credit quality of the fund’s portfolio holdings.The S&P Municipal Bond Investment Grade

Intermediate Index was launched on 3/19/13.Accordingly, the fund will continue to report the performance of the S&P Municipal Bond Intermediate Index until the

S&P Municipal Bond Investment Grade Intermediate Index has been calculated for a 10-year period. Performance information for the fund versus the S&P Municipal

Bond Investment Grade Intermediate Index is included in the graph and table on the next page.

The fund invests primarily in Pennsylvania investment-grade municipal bonds.The fund’s performance shown in the line graph above takes into account all applicable

fees and expenses for Class M and Investor shares.The S&P Municipal Bond Intermediate Index is comprised of bonds in the S&P Municipal Bond Index with a

minimum maturity of 3 years and a maximum maturity of up to, but not including 15 years as measured from the date on which the Index is rebalanced. Unlike a

mutual fund, the S&P Municipal Bond Intermediate Index is are not subject to charges, fees and other expenses and is not limited to investments principally in

Pennsylvania municipal obligations. Investors cannot invest directly in any index. Further information relating to fund performance, including expense reimbursements, if

applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.

The Funds 13

FUND PERFORMANCE

Average Annual Total Returns as of 8/31/13


	Inception	From
	Date	Inception
Class M shares	3/31/13	–4.47	%
Investor shares	3/31/13	–4.36	%
S&P Municipal Bond Investment
Grade Intermediate Index	3/31/13	–3.90	%

†† Source: Bloomberg L.P.

Past performance is not predictive of future performance.The fund’s performance shown in the graph and table does not reflect the deduction of taxes that a shareholder

would pay on fund distributions or the redemption of fund shares.

The above graph compares a $10,000 investment made in Class M shares and Investor shares of BNY Mellon Pennsylvania Intermediate Municipal Bond Fund on

3/31/13 to a $10,000 investment made in the S&P Municipal Bond Investment Grade Intermediate Index on that date.All dividends and capital gain

distributions are reinvested.

Effective 7/1/2013, the fund changed its benchmark from the S&P Municipal Bond Intermediate Index to the S&P Municipal Bond Investment Grade Intermediate

Index because the new benchmark index is more reflective of the credit quality of the fund’s portfolio holdings.The S&P Municipal Bond Investment Grade

Intermediate Index was launched on 3/19/13.Accordingly, the fund will continue to report the performance of the S&P Municipal Bond Intermediate Index until the

S&P Municipal Bond Investment Grade Intermediate Index has been calculated for a 10-year period.

The fund invests primarily in Pennsylvania investment-grade municipal bonds.The fund’s performance shown in the line graph above takes into account all applicable

fees and expenses for Class M and Investor shares.The S&P Municipal Bond Investment Grade Intermediate Index is comprised of bonds in the S&P Municipal

Bond Index that are rated at least BBB- by Standard & Poor’s Ratings Services, Baa3 by Moody’s Investor Services, Inc. or BBB- by Fitch Ratings with a

minimum maturity of 3 years and a maximum maturity of up to, but not including, 15 years as measured from the date on which the Index is rebalanced. Unlike a

mutual fund, the S&P Municipal Bond Investment Grade Intermediate Index is are not subject to charges, fees and other expenses and is not limited to investments

principally in Pennsylvania municipal obligations. Investors cannot invest directly in any index. Further information relating to fund performance, including expense

reimbursements, if applicable, is contained in the Financial Highlights section of the prospectus and elsewhere in this report.

FUND PERFORMANCE

Average Annual Total Returns as of 8/31/13


	1 Year		5 Years		10 Years
Class M shares	–3.11	%	3.79	%	3.80	%
Investor shares	–3.35	%	3.53	%	3.54	%
S&P Municipal Bond Intermediate Index	–2.26	%	4.87	%	4.66	%

^†Source: Lipper Inc.

Past performance is not predictive of future performance.

The above graph compares a $10,000 investment made in Class M shares and Investor shares of BNY Mellon Massachusetts Intermediate Municipal Bond Fund on